Registsrnd nurnber: 05914196 Charity number. 1119654 FUNGAL BIOLOGY LIMITED UNAUDITED TRUSTEE8' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 WR Partners Protecting your future.
FUNGAL BIOLOGY LIMITED IA cornpany Ilmlted by guarJnt••) CONTENTS Pa R8fer•nce and administAtiv• d•t•ils of th• Charity, its Trust••s and adviseys rrustg0s' report Indgpgndent 8xamln•rf$ 1oPOrt Stat•rnont of flnan¢lal actl¥ltl¢s Balanco shget Note8 to the flnanclal 8tatements 10-17
FUNGAL BIOLOGY LIMITED (A company limltgd by gugrnntee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Truslees Professor G M Gadd (resigned 1 January 20241 Professor N Magan {deGeased 20 April 2023} Profe580r Jan81 Quinn {appolnted 1 January 2024} Professor Paul S. Dyer {aprx)inted 1 January 2024) comnY rngistsr•d number 05914196 Charlty reglstered nUmr 1119654 ReglBtered offlce CIO Royal Souety Biology 1 Naorji Str991 London WC1N 2JU Company Secretary Professor P. S. Dyer Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Busne88 Park Shrewsbury Shropshire SY2 6LG Bankevs Royal Bank of Scodand 15 Foregate Street Chester CH1 1HD Page 1
FUNGAL BIOLOGY LIMITED (A company Ilmlted by guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together th the financi818ts1ements of the Charty for the peri¢xl from 1 January 2023 to 31 December 2023. The Annual report seNes the purposes of both a Trustees, report and a direclors, report under company law. The Trustee3 wnfim that the Annual report and financial slalements of the charitsble company comply with tha currant statutory r8quirements, the requirements of the charitable company's goveming document aThJ the provisions of the Ststement of Recommended Practice ISORP} applicae to tharities prepariro their accounts in accordarKe wlh Ihe Financial ReportirKJ Standard 8pplicaLle in the UK and Republlc of Ireland (FRS102} leffectNe 1 January 20191. sin the Charity qualifs as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Acl 20C6 IStrategi¢ Report and Directors, Reporti Regulations 2013 has bn omitte¢J. Objgdlvos and actlvlues Polici93 and obj8ctiVe8 Th6 objective of the Charlty 1$ to provlde admlnlstralve and ID3iStical support to the British Mycological Society and its members. In s8thng objectwes and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commisslon relatiThJ to public benefit, induding the guidance 'Public benefrt.. running 8 charity IPB2}'. b. Actlvltles undertaken lo achl•Ye obJgCtIvo3 The activities of the Charfly during th8 year was the provision of administrative and loglslical support to the British mOI0g1Cal Society and its membeTS. c. Maln actlvltles undertaken to fvrth•r thg Charlty'¥ purpos•s ft>r the publlc benèfft The Charity provides supp)rt to the British Mycokngical knety. thich intum provides educatSon81 public benefft by promotlng mycology in all its aspects Achlevements and perfomianc• a. Maln achhvements of the Charlty During the year the Charity provided admini$lratNe and kjgistieal SLtpport to the Britlsh Mycobgical kniety at cost of £56,049 {2022'. £49,130). Charges are made on a ftjll cost re¢overy basis th Fungal BS010gy onty retaining £1 of unrestricted re8erve8 al each ba18nce 8heet date. Flnan¢lal revlow a. Golng concern After maklng approprlate enqulries, the Trustees have a reaSonae expectation that the Charity has adequate resources to ntinUe in operational existence for the IC*eseea@ future. For this reason, th8y continue to adopt Ihg going concern basis in preparing the finanual statements. Further details regarding Ihe adoption of the going oncem basis can be found In the aecounting policie8. Pag8 2
FUNGAL BIOLOGY LIMITED IA company Ilmlted by guarnntee) TRUSTEES. REPORT (CONnNUED FOR THE YEAR ENDED 31 DECEMBER 2023 b. RerS poIIcy The polrcy of the ChaTTty is to not hold any Te3erves of ils own. Expenses Irrred by th8 charfty are rharged lo the Brittsh MycolLhJlco1 Soclety et cost. clon9 reserves al December 2023 amounted to £1 {2022.. £1). c. Princlpal rlsks and un¢•rtalnU•s Th9rg are ro sbnlficanl rf5ks or uncertaintles. The Charfty15 SUPPOrtgd by Its sister charty Brltish Myo)logic81 Scciety, which has substantial unrestricted reserves. Structure. govwnance and management Constltutlon Fungal Biology Limited is registereil in England and Wales as a tharitable company limited by guarant99 and was set up by a Memorandum ofAssoclalion. b. M•thods of appolntmont or eloctlon of Tru8ts08 The management of the Charity 18 Ihe re8pon8lbilty of the Trustee8 are elected and CO&ePted under tem8 of the Memorandum ofA8sociation. Plans for fu1• periods The Charmy plans to contlnue to provlde admlnlstratlve and loglstlcal 8UPPOrt to the Brollsh Mycologieal So•. Page 3
FUNGAL BIOLOGY LlhlTED (A Company limit•d by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ststsm•nt of Tru$tsos' r•sponslbllStl•s The Trustees (who are also Ihg di18Ctors of the Chority for the purp¢)se$ of company lawl are resp¢Y1b1& for preparing the Trusta&s' report and Ihe financial statemants in accordance with applica8 law and Unitgd Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustses to propare ffinanaI slatements for each financtal . Under company law, the Trustees musl not approve the Ilnancl81 stslemenls unless they are satisfied that they give a true and fair vlew of thè stsle of affalfs ol the Charrty and of its incoming resources an(1 application of resources, induding Ils income and expenditure, for that peri¢d. In PParIng these ffinanckql statements, the Trustees are required lo.. select suitsble accounting polictes and then apply them consi&enYy: observe the methods and prinuples of the Charities SORP IFRS 1021., make judgments ond accounllng estlmates that ar9 raasonabla and prudent., slate whether applicatAe UK ACcting Standards IFRS 102) have been follov•pd. Su.8(1 to any material departures ijisclosed and explained in the fingncial stgtements., prèpare the flnan¢ial ststements on thè gcing concern basis unless A Is Inapproprkte to presume that the Charity will continu8 in busin85S. The Trustees aTe responsible for keeping adequate owunling records that •re SLrffiryenl lo show and explain the Charity's transactions and disclose with reasonable accurocy at any lime the fin8ncial postion of the Charity and enable them lo ensure that the finanoal slalements compty with the Companies Act 2006. They are also reSk%)nble for safe9uarding the assets of the Chaity and hence for tsking rgasonable steps for the prevention 8nd dele(on of fraud and other irregularities. Approved by order of the membefs of the board of Trustees and signed on their behalf by.. ProfossorJanot Qulnn Date.. 12 Sèptember 2024 Page 4
FUNGAL BIOLOGY LIMITED (A company Ilmlted by gu¥rants• INDEPENDENT EXAMINER% REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs Report to the Trustees of Fungal Biology Llmlted (Ihe Charlty. I report to the tharlty Trustees on my examlnatbn of the unt8 of the Charity for the ended 31 December 2023. Responsibiliti•s and 8asis ol Roport As thè Trusteès of the Charity (and its directors fpr thè purpo8è$ of company lawl you ar8 responslble foi the preparation of the accounts in accordance with the roquirements of the Companies Act 20C6 (lhe 2006 AcV}. Havlng sallsfied myself that the accounts of the Charfty a not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinatton of the Charitys aCunIS rried out under section 145 of the chare$ Act 2011 {'Ihe 2011 Act'l. In carrying out my examinalon I have followed the Directions given ty the Charity Commis&on under section 145{5llb} of the 2011 Act. Pago 5
FUNGAL BIOLOGY LIMITED {A company Ilmltod by guarantee) INDEPENDENT EXAMINER'S REPORT ICONTIMUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs Statement I have c4)mpleted my examir$0n. I confirm Ihal no matters have come to my attention in connedion wilh the examination giving me cause to believe= acttnting records bsere not kept In respect of the Charlty as requlred by section 386 of the 2006 AL1: or the a¢counts do not accord wth those record8," or the accounts do not eomply svilh the accounting requlrements of sectlon 396 of the 2006 Act other than any requirement that the 8ccoufbt5 give a 'lrue and fairt view whh is not a matter considered as part of an independent ex8mlnatlon,' or the accounts have not been pr9pared In accordance with the methods and prinoples of the Stalemeftt of Recommended Practi for accounting and repgrting by tharities lapplicable to charitie3 preparing their accounts in accordance with the Financial Reporting Standard applicalle in Ihe UK and Republie of Ireland {FRS 10211. I have no concems and have come across no other matters in conneclion wilh the examinats'on lo whith attèntion shrId be drawn in thls report in order to enable a prOr understandiThJ of Ihe accounts to be reached. Bookkgeping sgrvicgs from 3 separat8 WR Partner5 office have been provided lo the Charity during the year. The bookkeeping service is independent of the indepèndent ex8mineffs work. I confim thal the FRC'S Revised Ethical Standard has been appropriately applied. Thi5 report is made solely to the Charty's Trustees. as a body. in ¥wordance Part 4 of the Charities (Accounts and Reports) Regulation$ 2008. My work has b88n und8rtak8n so that I might stale to the Charity's Trustees those matters l am required to stste to them in an Independent examiners report and for no other purpose. To the fullest extent pemitted by law. I do not accepl or assume responsibility lo anyone other than the Chaflty and the Ch8rity8 Trustees a8 a bc*Jy. for my work or for this Teport. Signed: 4 -. Jane Tweedle Bsc FCA DChA WR Partners Belmont House Page 6
FUNGAL BIOLOGY LlhlTED IA company Ilrnlted by guarnntse) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 310ECEMBER 2023 Unrostrfctgd fund$ 2023 Total funds 2023 Total fiinds 2022 Nots Incomefrom: Other tradlng aLXlvltles 56.049 49, 13Q Totsl Incom• 56,049 56,049 49, 130 Expendlture on: Charitable actIVe5 S6.049 56,049 49, 130 Total oxpendtture 66.049 56.049 49,130 Net movement In funds Reconciliation of funds: Total funds brought forward Total funds carrlèd foNMrd The Stslement of Finandal Actlvtties includes all gains and108ge8 recognised in the year. The notes on wes 10 10 17 fom part ofthese financial ststements. Page 7
FUNGAL BIOLOGY LIMITED (A company Ilmlted by guarantsel REGISTERED NUMBER: 06914196 BALANCE SHE AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Currgnt assets Debtors Cash at b8nk and in hand 4, 736 777 5,895 6,896 5.513 Creditors: amounts fallirrfJ due wthin one year 10 15,894) (5,512) Not Current a$s0ts Total assets less current Ilabllltles Net a8set8 Total net assets Page 8
FUNGAL BIOLOGY LIMITED (A MPanY Ilmlted by guardnte•) REGISTERED NLIM8ER: 06914196 BALANCE SHEET (CONnNUEDI AS AT 31 DECEM8ER 2023 2023 2022 Note Ch•rlty funds Restrictad funds Unrestricted fund8 Total funds The Charfty was entitled to exemption from under $e¢tion 477 of the Companies Act 2006. The members have not required ts company to obtain an aL¥Jit for the year in question in accordan¢x wilh S8clion 476 of Companies Act 2006. Thg Trugtees aCkn8(l9e thelr responsIbS1188 for complylng wllh the requlrements of the Act ¥th respect to 8ccounlin9 re¢cids and preparation of financi81 $¢atements. The financial statements have teen prep9red in oCc(Kdar9 with the piovisions 8ppIKable to entllle8 subject to the small compani8s regime. The finandal st8lements were approved and authorfsed for Issue by the Trustees and slgned on their beh91f ty. Proféssor Janet Qulnn Dale: 12 September 2024 The notes on ge$ 10 to 17 fo part of these financial Statements. Pagè g
FUNGAL BIOLOGY LIMITED (A company Ilmltgd by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 G8ngral Informatlon Fungal Biology Limited is 8 charitable company, limited by guarantee. The members of ts Company are the Trustees named on page 1. In th8 event of th8 Company being wound up. the liabilty in respect of the guarantee is Ilmlled to £10 per member. The Companls registered officg and prindpal ace of buslness 18 al 1 Naorji Street, London. WC1X OGB. Accountlng pollcSeB 2.1 Basls of ptèp•ratlon of Ilnanclal ststements The financial statements have been prepared in aCcordar with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stslemenl of R8commendad Practice opplicalJe to charities preparing their accounts in accordance swth the Finanual Reporting Standard appliCae in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), the Financial Rewrting Standard appIlble in the UK and Republ of Ireland IFRS 102) and the Companies Act 20C6. Fungal BltY Limlled meets the definib.on of a putlic benellt enb.ty under FRS 102. Assets and liabilities are inilialty recognised al historical cost OT transac*ion value unless otherwise ststed in the relevant accounting pollcg. 2.2 Income Al Income Is recognised once the ch8ty has entlllemenl to the income. 11 Is probable ihal the InMe will be received and thè amount of income receivable can be measured reliably. 2.3 Expenditurn Expenditure is recognised once there is a legal or constructive obligation to transler economic benefit to a third paty, it 18 PTobable that a transfer of economic benefits will be required in Settlement and the amount of the obllgab.on can be measured feliably. Expenditure Is dasslfied by acovlty. The costs of each activity are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable lo a &ngle actiwty are allocated directly to that activity. Shared cost5 which CL)ntribule lo more than one activity 8nd supwrt costs which are not attdbutable to a singlè activlty are apporboned behveen those 8Ctlvitles on a b8sls conslstent wlth the use of resources. Central staff costs are allocated on the basi$ of tirne spent, and depreciation tharges allocated on the portion of th8 a55et's use. Expenditure on charitable activities is incurred on directty undertaking the aclivih'es whth further the Charitvs objectives, as well as any associated support costs. AJI expendlture Is Induslve of Irrecoverab VAT. 2A Debtovs Trade and other dgbtors are recognised at the $9tt1gmgnt amgunt after any trade diswunt ¢)ffgred. Prepawnents are valued at the amount prepaKI net of any trade discounts dug. 2.5 Cash at bank and In hand Cash at bank in hand includès ca$h and short-tem highly liquid Investhients with a short maturity of thr88 months or18ss frcffl the date of acquisition or opening of the dep)51t or Similar account. Page 10
FUNGAL BIOLOGY LIMITED IA company Ilmlted ty guarantee NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng polScles Icontlnuod) 2.6 Llabilities and provlslons Liabilities are recognlsed when there 18 an obllgatbon at the Balance sheet d8te as 8 resum of a past event, it is probable that 8 transfer ol economic benefrt wll be required In setuemenl. and amount of the sewement can be estimated reliably. Liabilitle8 are recognised at the amount that the Charty an11paleS it will pay to settle the dgbl or the omounl ri has received as advanced payments for the goods or services It must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where Ihe effed of the lime value of money is material. the provision is based on the present value of those amounts, discounted 8t the pre-tax dlscount rate that reflects the risk5 $peryfi¢ to the liakn'llty. The unwinding of the discount Is rewgnised in the Statement of )Inanual activities as a finance cost. 2.7 Finaft¢i81 Instrumonts The Charty onty h85 financial assets and financial liabilrties of a kind that qualify as bas financial Instruments. Baslc Itnanryal instruments are inilially recognised al transaction value and subsequenuy measured at their 8elUemenl value wlth the exception of bank loans which are subsequent mea$ured at amortised cost ur the 8ffective interest melhcd. 2.8 Pen8lon8 The Charity operate$ a defined wntribution pension herne and the pension charge represents the amount8 payable by the Charity lo the fijnd in resp8ct of th8 year. The Charity operates a defined contribution plan for ts employees. A defined contribution plan 15 a non plan under vthith the compant pays a fixed conlribulion into a 8eperale entrty. on the ontribLrtions have been paid the Charty has rm) further payment oblbgatio. The contribull0 are recognlsed as an 84xn8e In the statement of finad818th'vities when they fall due. Amounts paid are shown in credTtors as a liability on the balance sheet. The assets of the plan are held seperately from the chatlty in indepgndgnuy adminislgred funds. 2.9 Fund accounting General funds are unrestricted funds which are available for use al thg discfetion of the Trustees in fvrtheran¢e of the general objectives of the Charity and wthich have not ken designatsd foi other purposes. Page11
FUNGAL BIOLOGY LIPATED IA Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incom• from other tradlng actlvltl•s Unrnstriet•d fund¥ 2023 Total funds 2023 Total funds 2022 Intercompany charges 56,049 56.049 49.130 Tot812022 49, 130 49,130 Analys1$ of ?xpgndfturo on charltable actlvltles Sumrnary ty fund type Unre$trlct•d funds 2023 Total 2023 Total 2022 t)irect costs 56.049 49,130 Total 2022 49,130 49,130 Analysb of *xndIre by actlvltlos Actmtles undertaken dlrgctty 2023 Support 05ts 2023 Totsl funds 2023 Tot81 runds 2022 Direct costs 51,889 4,160 86.049 49,130 Total 2022 45,061 4,069 49.130 Page 12
FUNGAL BIOLOGY LIMITED IA CoMnY Ilmltsd by guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of oxpendllur• by activitim Icontinuod Analys1• of dlrect costs Total funds 2023 Total fvnés 2022 Actlvltles 2023 Staff costs Printing and statlonery Bank charges Inlèmet and computer storage charge Advertising and recruitment 48,319 48,319 40.536 326 178 1, 127 1,821 1,073 172 172 1.462 1,946 1,452 51,889 51,889 45.061 Total 2022 45.061 45,061 Analysls of support eosts Total funds 2023 Tot funds 2022 Acllvltles 2023 Sundry exp8nsa Govemance L))sts 25 4,152 4.162 4,180 4160 4,069 Total 2tr22 4,069 Independent examine*s remun•rntlon The independent examinerfs remuneration amount$ to an Independent examiner fe8 of £936 12022 - £8 Page 13
FUNGAL BIOLOGY LIMITED {A company Ilmlted by guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 2022 Wages and salaries ConlritArtion to defined contribution pension xhemes 47.036 1,283 39,568 48.319 40,536 The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Employpes No employee recelved remuneralion amounting to more than £60,OTrJ in either year. Tru$t••s' rnmuneratlon and exp8ns88 During the year, no Trustees received ony remuneration or other benefits (2022- £NIL). Durlng the year ended 31 December 2023, no Trustee expenses have been incurred f2022- £NIU. Debtors 2023 2022 Due within one year Amounts owed by 9roup undertakings 4, 736 4, 736 Page 14
FUNGAL BIOLOGY UMITED (A ¢ompany limit•d by guarnntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Credltows: Amounts falling due within one year 2023 2022 Amounts owed to group undertaklrKJS Other t8X8tion and seoal securrty Penslon uedilor other creditors Accruals and deferred income 1,628 706 262 295 233 7,748 3,236 3.298 5.894 5.512 11. Ststement of fvnds 8tstsment ol funds - Current yur Balanc• at 31 00mber 2023 Balan¢0 at 1 January 2023 Income Expenditurn Unrnstrl¢tsd fund¥ General Funds 66.049 166,049) Ststsment of funds - prlor y•ar 31 D8cember 2022 l January 2022 In¢Y)me Expenditu Unrestrtcted funds General FLmds 49,130 (49. 130) Pa98 15
FUNGAL BIOLOGY UMITED IA company Ilmlted by guarnnleo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 12. Analysls ot net ass•ts bth••n fvnd$ Analysi& of net assats betw88n funds - currnnt year Unrnstrtt8d funds 2023 Total funds 2023 Current assets 5,895 {5,894) 5.896 {5.8941 CredRors due wlthln ong yBar Total Anatysis of not assèts botwèon funds- prfoi yoar Total fvnds 2022 fvnds 2022 Current assets Creditors due within cffte year 5.513 (5,512) 5.513 (5.512) Totsl 13. Penslon commltments The Chanty oper*es a defined contribution p8nsion scheme. The assets of Ihe scheme are held sep8ralety from those of the group In an independently odmlnlslgr8d fiJnd. Th8 pension cost charge represents contributions payable by the group lo the fund and amounted lo £1,28312022'. £968). The sum of £262 was Payab to the fur at the balance sheet dale and is included in creditors. 1 Membor8' Ilablllty Each member of the Charty undgrtakes to contllbutg to the a$¥et5 of the Charity in the event of it being wound up while helshe is a member, or wrthin one year after hel$he ¢ease$ to bè a member, sueh amount as may required. not exceeding £10 for Ihe debts and liatilities ¢ontracted before he18he Se$ to be a member. Page 16
FUNGAL BIOLOGY LIMITED IA company Ilmlled by guarantee) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1& Related party Transactlons The Charity supplies administrative suH)ort solely to the British Mycc4ogical Soaety {BMSI. The Trustee are also Trustèes of BMS. Durlng the year ended 31 December 2023, this support was charged in the sum of £56,049 {2022.' £49,130). At 31 December 2023. the Charty owed BMS £1,628 (2022 BMS owed the Charlty £4.736). Page 17