Registered number: 05914196 Charity number: 1119654 

FUNGAL BIOLOGY LIMITED UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

. ) Protecting your future. 



FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 

SS 

## CONTENTS 

||Page|
|---|---|
|Reference and administrative details of the Charity, its Trustees and advisers|1|
|Trustees’ report|2-4|
|Independentexaminer's report|5-6|
|Statement offinancial activities|7|
|Balance sheet|8-9|
|Notestothefinancialstatements|10-17|





FUNGAL BIOLOGY LIMITED 

(A company limited by guarantee) 

## REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 

Trustees Professor G M Gadd (resigned 1 January 2024) Professor Janet Quinn (appointed 1 January 2024) Professor Paul S. Dyer (appointed 1 January 2024) 

Company registered number 05914196 Charity registered number 1119654 Registered office 1 Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT 

Company secretary Professor P. S. Dyer 

Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Royal Bank of Scotland 15 Foregate Street Chester CH1 1HD 

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FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 

## mm 

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## TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 

a| 

The Trustees present their annual report together with the financial statements of the Charity for the period from 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. 

## Objectives and activities 

## a. Policies and objectives 

The objective of the Charity is to provide administrative and logistical support to the British Mycological Society and its members. 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’. 

## b. Activities undertaken to achieve objectives 

The activities of the Charity during the year was the provision of administrative and logistical support to the British Mycological Society and its members. 

## c. Main activities undertaken to further the Charity's purposes for the public benefit 

The Charity provides support to the British Mycological Society, which inturn provides educational public benefit by promoting mycology in all its aspects 

## Achievements and performance 

## a. Main achievements of the Charity 

During the year the Charity provided administrative and logistical support to the British Mycological Society at a cost of £49,753 (2023: £56,049). Charges are made ona full cost recovery basis with Fungal Biology only retaining £1 of unrestricted reserves at each balance sheet date. 

## Financial review 

## a. Going concern 

The Trustees have decided to close Fungal Biology Limited in the next twelve months and will transfer its operations to its sister charity, the British Mycological Society (BMS). 

## a 

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FUNGAL BIOLOGY LIMITED 

(A company limited by guarantee) 

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## b. Reserves policy 

The policy of the Charity is to not hold any reserves of its own. Expenses incurred by the charity are recharged to the British Mycological Society at cost. Closing reserves at December 2024 amounted to £1 (2023: £1). 

## c. Principal risks and uncertainties 

There are no significant risks or uncertainties. The Charity is supported by its sister charity British Mycological Society, which has substantial unrestricted reserves. 

## Structure, governance and management 

## a. Constitution 

Fungal Biology Limited is registered in England and Wales as a charitable company limited by guarantee and was set up by a Memorandum of Association. 

## b. Methods of appointment or election of Trustees 

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. 

## Plans for future periods 

The Trustees have taken the decision to close Fungal Biology Limited and transfer operations to its sister charity, BMS. 

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er FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 


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——— eee<br>TRUSTEES' REPORT (CONTINUED)<br>FOR THE YEAR ENDED 31 DECEMBER 2024<br>**----- End of picture text -----**<br>


## a 

## Statement of Trustees’ responsibilities 

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

- e select suitable accounting policies and then apply them consistently; e observe the methods and principles of the Charities SORP (FRS 102); 

- e make judgments and accounting estimates that are reasonable and prudent; 

- ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- ) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

## Professor Janet Quinn 

Date: 22/09/2025 

## a 

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FUNGAL BIOLOGY LIMITED<br>**----- End of picture text -----**<br>


(A company limited by guarantee) 

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 

## Independent Examiner's Report to the Trustees of Fungal Biology Limited (‘the Charity’) 

| report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024. 

## Responsibilities and Basis of Report 

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act'). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

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FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 

## el INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## Independent Examiner's Statement 

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Bookkeeping services from a separate WR Partners office have been provided to the Charity during the year. The bookkeeping service is independent of the independent examiner's work. | confirm that the FRC's Revised Ethical Standard has been appropriately applied. 

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the Charity's Trustees those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. 


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## FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 


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Unrestricted Total Total<br>funds funds funds<br>2024 2024 2023<br>Note £ £ £<br>Income from:<br>Other trading activities 3 49,753 49,753 56,049<br>Total income 49,753 49,753 56,049<br>Expenditure on:<br>Charitable activities 4 49,753 49,753 56,049<br>Total expenditure 49,753 49,753 56,049<br>Net movement in funds - - -<br>Reconciliation of funds:<br>Total funds brought forward 1 1 1<br>Total funds carried forward 1 1 1<br>**----- End of picture text -----**<br>


The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 17 form part of these financial statements. 

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## FUNGAL BIOLOGY LIMITED 

(A company limited by guarantee) REGISTERED NUMBER: 05914196 

## mm Rca 


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mm Rca EE EE<br>BALANCE SHEET<br>AS AT 31 DECEMBER 2024<br>2024 2023<br>Note £ £<br>Fixed assets<br>Current assets<br>Debtors i) 1,774 -<br>Cash at bank and in hand 2,085 5,895<br>3,859 5,895<br>Current liabilities<br>Creditors: amounts falling due within one<br>year 10 (3,858) (5,894)<br>Net current assets 1 1<br>Total assets less current liabilities 1 1<br>Net assets 1 1<br>Total net assets 1 1<br>**----- End of picture text -----**<br>


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## FUNGAL BIOLOGY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05914196 

## BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 

|||2024|2023|
|---|---|---|---|
||Note|£|£|
|Charity funds||||
|Restricted funds|11|-|-|
|Unrestricted funds|11|1|1|
|Totalfunds||1|1|



The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. 

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. 

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

Professor Janet Quinn ~ 

Date: 22/09/2025 

The notes on pages 10 to 17 form part of these financial statements. 

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te FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 


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lO SS<br>NOTES TO THE FINANCIAL STATEMENTS<br>FOR THE YEAR ENDED 31 DECEMBER 2024<br>**----- End of picture text -----**<br>


## erere 

## 1. General information 

Fungal Biology Limited is a charitable company, limited by guarantee. The members of the Company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £10 per member. The Company's registered office and principal place of business is at 1 Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT 

## 2. Accounting policies 

## 2.1 Basis of preparation of financial statements 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Fungal Biology Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## 2.2 Going concern 

Post year end the Trustees have approved a decision to transfer the activities of Fungal Biology Limited to its sister charity BMS and to close down Fungal Biology Limited. Therefore, the accounts have been prepared on a basis other than going concern. No adjustments have arisen as a result of ceasing to apply the going concern basis. 

- 2.3 Income 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## 2.4 Expenditure 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

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FUNGAL BIOLOGY LIMITED 

(A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## 2. Accounting policies (continued) 

## 2.5 Debtors 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

- 2.6 Cash at bank and in hand 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## 2.7 Liabilities and provisions 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, itis probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it 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 the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 

## 2.8 Financial instruments 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## 2.9 Pensions 

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 

The Charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the compant pays a fixed contribution into a seperate entity. Once the contributions have been paid the Charity has no further payment obligations. 

The contributions are recognised as an expense in the statement of finacial activities when they fall due. Amounts paid are shown in creditors as a liability on the balance sheet. The assets of the plan are held seperately from the charity in independently administered funds. 

## 2.10 Fund accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

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FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 


**----- Start of picture text -----**<br>
el<br>**----- End of picture text -----**<br>


## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ——————EEeee 3. Income from other trading activities 


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Unrestricted Total Total<br>funds funds funds<br>2024 2024 2023<br>£ £ £<br>Intercompany charges 49,753 49,753 56,049<br>Total 2023 56,049 56,049<br>4. Analysis of expenditure on charitable activities<br>Summary by fund type<br>Unrestricted<br>funds Total Total<br>2024 2024 2023<br>£ £ £<br>Direct costs 49,753 49,753 56,049<br>Total 2023 56,049 56,049<br>5. Analysis of expenditure by activities<br>Activities<br>undertaken Support Total Total<br>directly costs funds funds<br>2024 2024 2024 2023<br>£ £ £ £<br>Direct costs 44,911 4,842 49,753 56,049<br>Total 2023 51,889 4,160 56,049<br>**----- End of picture text -----**<br>


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FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## 5. Analysis of expenditure by activities (continued) 

## Analysis of direct costs 

||Activities|Total<br>funds|Total<br>funds|
|---|---|---|---|
||2024|2024|2023|
||£|£|£|
|Staff costs|42,166|42,166|48,319|
|Bank charges|86|86|172|
|Internet and computer|1,034|1,034|1,452|
|Storage charge|751|751|1,946|
|Advertising and recruitment|874|874|-|
||44,911|44,911|51,889|
|Total2023|51,889|51,889||
|Analysis ofsupport costs||||
||Activities|Total<br>funds|Total<br>funds|
||2024|2024|2023|
||£|£|£|
|Sundryexpense|654|654|8|
|Governance costs|4,188|4,188|4,152|
||4,842|4,842|4,160|
|Total2023|4,160|4,160||



## 6. Independent examiner's remuneration 

The independent examiner's remuneration amounts to an independent examiner fee of £1,020 (2023 - £936), and non-audit accountancy services of £3,168 (2023 - £3,216). 

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FUNGAL BIOLOGY LIMITED<br>**----- End of picture text -----**<br>


(A company limited by guarantee) 


**----- Start of picture text -----**<br>
EE TTT<br>**----- End of picture text -----**<br>


## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## 7. Staff costs 

## Wages and salaries 

Contribution to defined contribution pension schemes 


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2024 2023<br>£ £<br>41,260 47,036<br>906 1,283<br>42,166 48,319<br>**----- End of picture text -----**<br>


The average number of persons employed by the Charity during the year was as follows: 


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2024 2023<br>No. No.<br>Employees 2 2<br>**----- End of picture text -----**<br>


No employee received remuneration amounting to more than £60,000 in either year. 

## 8. Trustees’ remuneration and expenses 

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). 

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL). 

## 9. Debtors 


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2024 2023<br>£ £<br>Due within one year<br>Amounts owed by group undertakings 1,774 -<br>1,774 -<br>**----- End of picture text -----**<br>


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## FUNGAL BIOLOGY LIMITED 

(A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## 10. Creditors: Amounts falling due within one year 


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2024 2023<br>£ £<br>Amounts owed to group undertakings - 1,628<br>Other taxation and social security 353 706<br>Pension creditor 175 262<br>Accruals and deferred income 3,330 3,298<br>3,858 5,894<br>**----- End of picture text -----**<br>


## 11. Statement of funds 

Statement of funds - current year 


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Balance at<br>Balance at 1 31<br>January December<br>2024 Income Expenditure 2024<br>£ £ £ £<br>Unrestricted funds<br>General Funds 1 49,753 (49,753) 1<br>Statement of funds funds - prior year year<br>Balance at<br>Balance at 31<br>1 January December<br>2023 Income Expenditure 2023<br>£ £ £ £<br>Unrestricted funds<br>General Funds 1 56,049 (56,049) 1<br>**----- End of picture text -----**<br>


## Statement of funds funds - prior year year 

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FUNGAL BIOLOGY LIMITED (A company limited by guarantee) 

AA 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## 12. Analysis of net assets between funds 

## Analysis of net assets between funds - current period 

||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2024|2024|
||£|£|
|Current assets|3,859|3,859|
|Creditors due within one year|(3,858)|(3,858)|
|Total|1|1|
|Analysis of net assets between funds - prior period|||
||Unrestricted|Total|
||funds|funds|
||2023|2023|
||£|£|
|Current assets|5,895|5,895|
|Creditors due within one year|(5,894)|(5,894)|
|Total|4|1|



## 13. Pension commitments 

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £906 (2023: £1,282). The sum of £175 was payable to the fund at the balance sheet date and is included in creditors. 

## 14. _Members' liability 

Each member of the Charity undertakes to contribute to the assets of the Charity in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member. 

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FUNGAL BIOLOGY LIMITED 

(A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## 15. Related party transactions 

The Charity supplies administrative support solely to the British Mycological Society (BMS). The Trustees are also Trustees of BMS. During the year ended 31 December 2024, this support was charged out in the sum of £49,753 (2023: £56,049). At 31 December 2024, BMS owes the Charity £1,774 (2023 the Charity owed BMS £1,628). 

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