Charity regl$tration number 1154867 Company registratlon number 08789102 (England and Wales) THE NEW PHYTOLOGIST FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE NEW PHYTOLOGIST FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Prof K Lindsey- Chairman Prof L Dolan MrARM Campbell (resigned 24 Nov 20231 Prof M Harnson ProfAM Hethefinglon Prof RJ Norby ProfA Osboum Mr L Ross - Treasurer Prof S Hiscock Prof P Atkinson Ms M Maus Prof D Sanders Charity number 1154867 Company nurnber 08789102 Registered office The New Phytologist Foundation Central Office Fumess Main. B floor. Office B089 Furness College. Lancaster University Lancaster Lancashire LA14YG Auditor Riverside Accountarw Lancaster Limrted Riverside Offices Second Floor 26 St Georges Ouay Lancaster LA1 1RD Bankers BaTdays Bank PLC 38 Market Street Lancaster LA1 4HR Accountants JAFell&Co 40 Hoghlon Street Southport PR9 OPQ
THE NEW PHYTOLOGIST FOUNDATION CONTENTS Page Trustees, report Independent auditorfs report Statement of financial actNities Balan sheet 10 Statement of cash flows 11 Notes lo the financial slalemenls 12-19
THE NEW PHYTOLOGIST FOUNDATION TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Refence and adminislTrlive delaHs The New Phytologist Foundation remains 8n incorporateil charitable company (company number 08789102, charity registration number 11548671. Charrtable objectives. organisational struclure and procedures continue a5 described In the Report for 2022. njitment A ointment Induction and Trainin ofnew Tnistees New Trustees are appointed as requifed by the existsng Board of Trustees. Prior to appoinlmenl. new Trustees musl have been editors of New Phytologist Foundation joumals. or have direct experience of science publishing. academi¢ research or charity financeAaw. They wll therefore. upon appointment. have a good working understanding of the operational structure of the Foundation. Any lurther induction and training is provided by the existing Board of Trustees as required. nisalAofial Slwclure The Trustees are Tespon5ible for revTewng and approving budgets and delegate responsibility for achieving budgets to the ielevant managerial staff in the joumal office. The Board makes strategic decisions about new charitable and business iniliatjves and ensures they afe finani?ally and legally sound. General The Trustees mel twce in 2023. on 5 May and 13 November al the Royal College of Physicians of Edinburgh. Edinburgh and the Royal Geographical Sou'ety in London, respectivety. The meeting5 We chaired by Professor Keith Lindsey. During 2023 the Trustees authorised Charitable expenditure of £1.750.12012022 - £1,462.070} including grants for the promotion of plant science research and scholarship. the sponsorship of scientific and educational meetings and towards sijpport for widening access to its publications. In connethon wrth the latter aclivily, the Foundats'on's journal New Phytologist was made available to over 9,000 inslilulions through the W*ley-Bla¢kwell licensed sales programme and a further 4,327 libraries irb low-income countries havè access through philanthropic initiatives. A proportion of journal content was made accessible free ol ¢harge on publication and all joumal content is free to acces5 12 months after publKalion. Pknts. People. Planet is freely accessible to all readers without the need lor a subscription. Joum New PhytologASts Impact Factor for 2022 was 9.4. Citescore was 17.6. and Joumal Cilalion Indi¢ator was 2.14, maintaining the joumal's position among leading scholarty publications in the Plant Sciences category of Clarivate's Journal Citation Report@. New Phytologists high repltslion helped lo attract a record number of research papers to the journal. A total of 801 artides. veAg over 10.044 were published. 2023 saw the fifth volume year of Plants. People. Planet. the Foundation's ftjlly Open Access online joumal. Plants, People, Planet published 6 issue5 in 2023. tonlaining 105 articles Covering over 1.000 pages, which attracted healthy readership. Plants. People. Planet's Impact Factor for 2022 was 5_1. Citescore was 8.5, and Journal Citation Indicator was 1.13. In Wiley reported total revenue to New Phytologist in 2023 of £2.313.807 1£1.961.955 in 2022}_ Income to the Foundation. based on the financial agreement with Wley. amounts to £1.929.006 12022 £1.587.1641. Net income generated by investments was £40.84012022- £33.9491 and interest receivable was £17,123, a total of £57,964 compared with £34.270 in 2022.
THE NEW PHYfoLOGIST FOUNDATION TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 enditure The annual meeling of the New Phytologisl Editors was held in Glasgow on 21 and 22 April 2023. The Editors of Plants. People. Planet did not meet in person in 2023. The fifth Nèx1 Generation Scientists Symposium was helll on >7 JY 2023 at the National University of Singapore. Singapore. In total, 98 in person delegates attended the event. alongside 31 speakers, mentors and panel dis¢u$sants. The Foundation contributed £115,470 to meeting costs. induding registration, accommodation costs, and travel grants for all participants. Three New Phytologist Workshops INPW) took ace in 2023.. 271n NPW." 'CooTdinating and Synlhesizing Trwcal Forest Root Trart Studies". Understanding belowground NPP. root responses to global change. and nutrient acqui51tion dynamics across tropical forests., March 2023. Barro Colorado Island. Panama. Postponed from 2020 due lo Co¥id. 31st NPW". 'The Life and Death Decisions of Plant Cells . June 2023.Dublin, Ireland. 'Tran5fomiatsve Plant Biotechnology,. September 2023. Nabonal Museum of Scotland. Edinburgh. UK. Costs of the Central Office al Lancaster University in 2023 amounted to £928.145 compared Mth £791,809 in 2022. Costs in support of the New Phyto10gt Edrtor-iTrChief, Professor Aistair Helherington, at Bristol University, came lo £33,418 foi 2022 and 2023. The value of Tansley grants and prizes awarded in 2023 was £53.801 compared with £28.651 in the previous year. The major Item of Charitable expenditure, £484.795. was in grants to support botanical research In the laboratories of those ¢tJrrently serving as Editors and CTrEdrtors ol New Phylologist and Planls, People, Planet. The corresponding figu lor 2022 was £448.571. Inv slments The total value of the Foundation's investments al 31 Oecember 2023 was £2.512.625 (Brewin Dolphin portfolio) compared with £2,217,975 in 2022. The Foundation does not wsh to directly profit from. or provide capital to. activities that are materially inconsistent with the research it promotes In the areas of plant. microbial and environmental sciences. To that end the majorty of the Foundation s assets are direct investments which readily allow implementation ot ethical investment polioes. ethical exdusions and the integration of ESG factors Into investment managernenl. For example, The Foundation does not invest in any company that derives more than 5.fi ol its Tevenues from tobacco. gambling. non-military firearms or high-lnleresl rale lending. nor does it allow investments in companies that decive more than 5°A of revenue from tar sands or themial coal due to the dimale change crises. Public Benefil The Trustees have Considered Ihe Charity Commission's guidance on public benefit. They confirmed the followng objectives and 019ationS that were agreed in 2013. furthei updated in 2018 to include refeien¢e lo the pUblicatn of joumal Plants. People. Planet. To promote plant science by.. Publishing learned joumals. including New Phytologist arKI Plant5. People, Planet. Funding education and training in the broad area of plant sciences. Supporting defined groups and making grants to organisations that fall wrthin the general remit of the Fovndalton. - Sponsonng symposia and other scientsfic meetings wrth relevant themes. To produce a policy on the expenditure of Foundalron lunds. and to distribute fvnds in a manner consislenl wrth the charitable aim of supporting plant science and the rules of the Charities Commission.
THE NEW PHYTOLOGIST FOUNDATION TRUSTEES. REPORT ICONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 To appoint an Executive Editor. and Managing Editors to work vAth the Edrtorial Boards and Edrtorial Offices of its journals to establish an ethical and sustainabfe publishing strategy. to ensure adequate systems ol hnancial control and risk management. and to provide appropriate human and financial resources. To appoint the Treasurer. the Chair of the Board of Truslees and to maintain membership of the Board representing eminent plant scientists and others wth appropriate chantable. publishing and academic experience. to reflect the orFgins and activity of the Foundation's joumals. The Trustees have reviewed the resu115 of 2023 and are satisfied that these objectives have been fully met. Risk Mana ment The Trustees actively review on a regular basis Ihe major risks thal the charity fa¢es_ The main source of finan¢ial risk lo the New Phytologisl Foundation relates to publishing InMe derive(l from the joumals New Phytologist and Planls. People. Planet. The main risks idents'fied are". The uncertain future of academic publishing. primarily the implications of the onyoing transition lo Open Access publishing for hybrid jOLsmals. such as New Phytologisl. and the assoc¢aled impact on traditional subscription revenves. lIe New Phyfologisl benefits from 'lransfom)alional agreements, implemented and Manag by the Contracted publisher. WThley. income is less predictsble than in eadier periods as authors. inslilulions and funders navigate towards new pu1$hing models. There is further uncertainty wrth respect to the level of Open Access income for fully Open Access journals, such as Plants People. Planet. in comparison to jouinals published under the traditional subscription model, whefe subscription arrangements. and. nseqUen11Y, inme, may ne estimated with greater certainty. The restrictions on funding for university libraries, which may cause subscripts'on cancellations. Subscription attritson is also a risk due lo inueasing Open Access uptake. The Trustee5 believe that maintaining reserves al appropriate levels, combined with an annual review of all the controls over key financial systems. will ensure that sufficient resources are available in the event of adverse conditions. The Trustee5 have also established systems lo mrtigate the significant risks. Reserves The Tru5tees' reserves policy is to hold total reserves lo meet one year's expenditure which. based on the 2023 aceount5, 15 around £1,750.000. Al the end of 2023. resee5 (cash at bank plu5 inveslmenlsl slooL# at aPPToximately £3.273.810. Ail funds are unreslncled. The Trustees have given due consideration lo current levels of ieserves and are satisfied that Curtenl reserve levels ale appropnate. particulady in light of the transition fiom subscription lo Open Access income models referred lo above. Fulu velo men The Foundation has made significant investment in future sttalegic plannin9. for example. both journals have initiated 'Task & Finish. groups with the sole objective of identfying Stregi¢ projeds and see these through lo completion. Initial tasks across both joumals have been ¢omplele¢J. such as the laun¢h of the New Phytologlst Now webinar series. the initiation of New PhylD1ogtS Transfomat¥e Plant Biotechnology section. and continued efforts to develop resources and support for researchers across the geographical spread ol the journal's readership. Addit'onal resources to support the New Phytologist Forum have been made available. with the creation of a new post- Assistant Forum EdrtOT. and a new program of outreach to authors based in China, based on Chinese-language social media activities. Al Plants. People. Planet. new article types have been developed, and new cohort of Editorial Advisor5 appoinled. Across the Foundation's events programme, symposia are due lo lake place In in 2024-25, and the Tiuslees will continue consider the events programme beyond this throughout 2024. The international Open Access 18nd5cape. and vplake of Open Access al New Phytologisl, is a key factor in future developments. and a key focus of the Twstees.
THE NEW PHYTOLOGIST FOUNDATION TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Professor Alistair Hetherington will step down as Edrtor-iTrChief of New PhytOlogI al the end of 2024. The Trustees have commenced a recruitment process 10 Secure a successor and thin a timeframe that will allow for an overlap in appointments to minimise impact on the ioumal. Wiley Currently holds the contract to publish New Phytologist on behall of the New Phytologisl Foundation. This contract is due lo expire at the end of 2025. the Trustees have authorised a Request for Proposals IRfPI process, with a view to securing and agreeing a new contract before the end of 2024. Ke erfornn8n indKalo The Foundation considers a number of Key perfcffmance in(licators IKPlsl. induding readership, citations, submission levels across both journals, subscnplion and open a$$ income. Across the events programme, the Truslees consider delegate applicatson and registration numbers. feeilba¢k and joumal outcomes as crucial KPIS. Goin Goncem The Trustees are satisfied that the New Phylologist Foundation remains a going concern. The ratsonale for this deci510n is based upon a IhofOU9h examination of reserves and Income expected in 2024. Funds are available lo cover all anliapaled costs for al least 12 months followng the &gnature of these financial statements. Cashflow forecas15 8nd predi¢led revenue streams have been considered and as SLtrch the Trustees are confident that the Foundaknon is In a good positi lo meet liabilities as they fall due over the coming 12 month5. Statement of Tru$tee$' Responslbi1Stle$ The Trustees. who are also the directors of The New Phytologist FOundatn for the purpose of company law. are responsible fof prepanng the Trustees, Report and the financial stslemenls in a¢cordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Geneially Accepteil Accounting Practice). Company Law requires the Trustees to prepare financial ststements for ea¢h financial year which give a true and fair view of the state of affaiTs of the charity and of the incoming resources and application of resources. Including the income and expenditure, of the ¢haritaNe company for that year. In preparing these financial slalemenls. the trustees are requi to.. seled 5uilable accountsng poliues an¢J then apply them consistently., observe the methods and principles in the Charities SORP", make judgements and estimates thal are reasonable and prudent". and prepare the financial ststements on a going concern basis unless il is inappropriate lo presume Ihal Ihe charsty wll continue In operatson. The Trustees are responsible for keepin9 adequate accounting records that disclose wth aSOnable accuracy at any lime the financial position of the charty and enable them lo ensure that the financial statements comply with the Companie5 Act 2006. They are also responSie for safeguarding the assets of the charrty and hence for taking reasonable steps for the prevenbon and deleth'on of fraud and other irregularities.
THE NEW PHYTOLOGIST FOUNDATION TRUSTEES, REPORT (CONTINUEDI(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Disclosure of Infomiation to Audito The Trustees of the charity held office * the dale of this annual report confinn that". So lar as they ale aware. there is no levant audrt infomalion. infomalion needed by ttte charity's auditors In connection wlh preparing their report. of which the ¢harty's auditors are unaware.. and They have taken all the steps that they ought lo have taken as Trustees in order lo make themselves aware of any relevant audrt information and to estsblish that the Charity's auditors are aware of that inlomialion. Approval This report was approved by the Board of Trustees on 10 May 2024 and signed on its behalf by Prof Keith Lindsey Chairman New Phylologisl Foundation
THE NEW PHYTOLOGIST FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NEW PHYTOLOGIST FOUNDATION Opinlon We have audited the financial statements of The New Phyiologist Found*ion {the 'charity'l for the year ended 31 December 2023 which comprise the ststement of financial activities. the balance sheet. the statement of cash flows and the notes to the financial statements. including a summary of signthcant a¢¢ounting policies. The fi'nancial reporting framework that h85 been applied In their preparatlon is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Staiidanl applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion. the financial slalements.. give a true and fair view of the slate of the chantable company's affairs as * 31 December 2023 and of ils incoming resources and applicalion of resources. for the year then ended. have been properly prepared In accordance with United Kingdom GenerallyAccepled A¢UntIng Pracli¢e". and have been prepared in accordance wth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wlh Intemational Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are furthei descTibed In the Audrtorfs sponsibl11es for the audit of the fifiancial statements section ol our report. We are independent of the charity in accordance wlh the ethical requirements that are relevant lo our audit of the financial statemenis in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these Tequiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going concern We have nothing to report In respect of the following matters in relation to which the ISAS IUKI require us to report to you where.. the Trustees, use of the going concem basis of accounling in the preparation of the financial statements is not appropriate". or the trLJStees have not disdosed in Ihe financial statements any identified material uncertainties that may ¢asl Sl9nificant doubt about the charrty s ability lo continue lo adopt the going concern basis of accout)ling for a period of at least Iwelve months from the dale when Ihe finala1 slalemenls are 8Uthori$ed for i55ue. Other infomiatlon The other informatson compfises the infomation included in the annual report other than the financial slalements and our audiloT'S report thereon. The Iruslees are responsible for the other information conlaine(I wthin the annual report. Our opinion on the financial slalemenls does not cover the other Infom)atson and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Infomiation and. in doing so. consider whether Ihe other infoimaty'on is matenally inconsistent wilh the financial statements or our kTr0edge obtained in the course of the audit, or otherwise appears to be malerialty misstated. If we identffy such material inconsistencies 01 apparent matenal misslalements, we are Tequired to determine whether this gives rise to a material misstatement in the financial statemen15 themselves. If. based on the Wofk we have perfomed. we conclude that there is a material misslalement of this other informalion. we are required to report that fact. We have rthIng lo rewrt in this regard. Matteys on which are required to report by ex¢eption We have nothing to report in Tespecl of the followng matters in relation to which the Charthes IAccounts and Reports) Regulations 2008 require us to report lo you rf. in our opinion". the infomiation given in the financial 5talemenls is inconsislent in any material respect wrth the Trustees. report". or sufficient accountr'ng records have not been kept. or the financial stalemenls are not in agreement wtb the ac¢ounling records," or we have not recebved all the infomialion and explanations we require for our audit.
THE NEW PHYTOLOGIST FOUNDATION INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE NEW PHYTOLOGIST FOUNDATION Responsibilitie5 of trustee5 As explained more fully In the stslemenl of Trustees. respons4bilrties. the trustees. who are also the directors of the chaiily for the purpose of company law. a responsible for the preparalron of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the ttuslees detemine Is necessary to enable the preparation ol financial statements that are free from malefial misslalemenl. whether due lo fraud or error. In preparing the finan¢ial slalements, the trustees a Sponble for assessing the ¢harty's ability lo continue as a going con¢em. disclosing, as applicable. matters related to going ¢on¢em and using the 90ing nCern basis of accounting unless the trustees eithèr intend to liquidate the ¢haritable Company or lo cease operations. or have no realistic alternative but to do so. Audstofs responsibillties for the audlt of the financial statèments We have been apwinted as auditor under section 144 of the Charib'es A¢t 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our obje¢twes are lo obtain asonable assurance about whether the financial slalements as a whole a free from material misslalemenl. whether due lo fraud 01 error. and to Fssue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit ¢ondu¢led in accordance with ISAS IUKI will always detect a material misstatement when il exists_ Misstatements can arise from fraud or error and are Considered material if, individually or in the aggregate. they Could reasonably be expected to influence the e¢onomi¢ decisions of users taken on the basis of these financial ststements. Irregularilies, induding fraud. are instances of non-compliance with laws and regLtlations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detectlng irregularities. induding fraud is detailed below.. Review of trustees, minutes and Teview of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws thal charity musl follow in the yea¥ and lo the dale of signing Ihe financial slalernents. The assessment of fraud was considered as low due to no cash handled and the good contro15 in place within the organisalion. A review of journal entn.es and consideration of their appioprialeness was carried out throughout the audit. During the audrt we speak lo management. test the systems and speak to various members of the finance function lo understand the entity ils processes and the nature of trade to assist in detemining if the financial slalemenls are true and fair. Challenging assumptions made by management in making their Snth¢ant accounting eslimales. Reviewing financial statement disclosures and testing lo supw)rting do¢umentatson lo assess compliance wf(h applicable laws and regulalions. A further description of our respongknlilies is aVailae on the Financial Reporting Council's websste at.. https'.l/ ww.frc.org.uklaudrtorsr8sponsibilities. This descripb.on fom)s part of our alItOr'S report.
THE NEW PHYTOLOGIST FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NEW PHYTOLOGIST FOUNDATION Use of our rèport This report is made solely to the charity's Iruslees. as a body. in acwrdance with part 4 of the Charities (Accoun15 and Reports) Regulations 2008. Our audrt work has been undertaken so that we might stste to the chanty's Iruslee5 Ih05e matters we are required to stale lo them in an audrtor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the Chanty and the charity's trustees as a body, for our audit work, for this Teport. or for the opinions we have fom)ed. Lyndsay Nicholson ACA Rlverslde Accountancy Lancaster Limited Chartered Accountants statutory Auditor 10 May 2024 Riverside Offices Second Floor 26 St Georges Quay Lancaster LA1 1RD Riverside Accountsncy Lancaster Limrted is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as audrtor of a company undei of section 1212 of the Companies Act 2006
THE NEW PHYTOLOGIST FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Unrestricted funds fund5 2023 2022 Notes Income from: Charitable activities Investments 1,971.905 57.964 1,599.530 34.270 Totsl Income 2,029.869 1,633,800 enditure on- Raisin lunés Inveslrnent management 19.575 18,271 Charitable activrties Journal Expenditure Symposia Expenditure 1.634.650 115.470 1,378,400 83,670 Total charitable expenditure 1,750,120 1,462,070 Total expenditure 1 769,695 1.478.341 Operational surplu5 260,174 155.459 Nel gainslllosse51 on investments 10 155,909 1402.2801 Net incomellexpenditurel fof the ytarl Net mov•m•nt in funds 416.083 1246.8211 Fund balances at 1 January 2023 3.667.053 3,913.874 Fund balances at 31 December 2023 4.083,136 3,667,053 The slalemenl of finanoal activitres includes all gains and losses recogntsed in the yeaT. All income and expenditure derive from continuing activities. The statement of financial aclivities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE NEW PHYTOLOGIST FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Inve51menls Current assets Debtors Cash al ban4¢ and in hand 11 2.541.430 2.354.187 13 973.046 732.380 595,679 860.173 1.705.426 1,455,852 Creditors.. amounts falling due wlthln one year 14 1163.7201 1142.9861 Net current assets 1.541.706 1,312,866 Total assets less current liabilltle$ 4.083,136 3,667.053 Income funds Unrestri¢led funds 4.083.136 3,667,053 4.083,136 3,667.053 The company is enlilled lo the exemption from the audit requirement contsined in section 477 of the Companies Act 20D6, for the year ended 31 December 2023. although an audit has been carried out undei section 144 01 the Charities Act 2011. The director5 acknovledge their responsibilities complying wth the requirement5 of the Companies Act 2006 with respect to accounting re¢oids and the preparation of financial seMentS. The trustees ackno%edge their re5ponsiknlilies for comptying th the requirements of the Companies Act 2006 with respect to accounting records and the preparation of ac¢ounts. The members have not required the company to obtain an audit of ils financial statements under the reguiremenls of the Companies Act 20C6. for the year in question in accordance wth seth'on 476. These financial slalements have been prepared In accordance wth the provisions applicable to MPanieS subject lo the small Companies regime. The financial slalements were approved by the Trustees on 10 May 2024 Prof Keith Lindsey hairman New Phylologlst Foundation Company Reglstratlon No. 08789102 70-
THE NEW PHYTOLOGIST FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activltles Cash 8b50rt)ed by operation5 15 {96,459} 163,1471 Investing activities Purchase of investments Proceeds on disposal of investments Cash movement in investment portfolio 1995.1971 856.455 107,407 1967,4281 1,007.244 157.1741 Net cash used in investing activities 131,3351 117.358} Net cash used in financing activities Nel dreasO In ¢a$h and cash equlvalents 1127.7941 180.5051 Cash and cash equivalents al beginning of year 860.173 940.876 Cash and cash equivalents at end of year 732,38CI 860,173 11
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountlng policies Charity information The New Phytologist Foundation is a private Company limrted by guarantee intorporated in England and Wale$. The registered office Is The New Phytologisl Foundation Central Office, Fumess Main. B floor. Office B089, Furness Cdlege. Lancaster Universlty. Lancaster. Lancashire. LA14YG. 1.1 Accounting conventlon The financial statements have been prepared in accordance vAth the Companies Act 2006 and "A¢¢ounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting perK>ds commencing from 1 January 20191. The charity is a Public Benefrt Entty as defined by FRS 102. The financial statements are prepared in 51erling. which is the fijnctional currency of the charity. Monetsry amounts in these financial statements are rore lo the nearest £. The finanal statements have been prepared under the historical cost n¥entrOn, Imodified to include the revaluation of freehold pioperties and to indude investment properties and certain financial in51rumenls 81 fair valuel. The principal accounting poli¢ie$ adopted afe set OLrt below. 1.2 Golng ¢oncern Al the lime of approving the financial statements, the Iru5tees have a reasonable expectatson that the charity has adequale resources lo continue In operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going concern basis of accounting in preparing the financ*al staternents. 1.3 Chaiitable funds Unrestri¢ted funds are available for use at the diSCretn of the trustees in furtherance of their charitable objectives. Restricted funds are subject lo SpIfiC conditions by donors as to how they may be used. The purposes and uses of the restricted lunds aTe sel out in the noles to the financial slalements. Endowment funds are subject to speafic condrtion5 by donors that the capital must be maintained by the charty. 1.4 Incomlng rèsources Income Is recognised when the chartty 1$ legally entilled to il after any perfomiance conditions have been mel. Ihe amounts can be measured reliably. and it is Pfobable that Income Mll received. Cash donations are recognised on Teceipt. Other donatsons are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant bs iecognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the charty has been notffied of an impending distribution, the amount is known, and receipt is expe¢ted. If the amount is r1 known. the le9a¢y Is treated as a contingent asset. 12-
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies (Continued) Expenditure Is recognised once there is a legal or construct¢ve obligation lo transfer economic benefit to third party, it Is probable that a transfer of economic benefits wll be required in setuement. and the amount of the obligatson can be measured reliably. Expenditure is classified by activrty. The costs of each activty are made up of Ihe total of direcl costs and shared Costs. including support costs involved in undertaking each activity. Direct costs attribLrtable lo a single activity are allocated directly to that activity. Shared costs whith contribLrte to more than one activity and support costs which are not attnbutable to a single actiwty are apportioned befvleen those activities on a basis consislenl with the use of resources. Central staff c051s are allocated on the basis of time Spent, and depreciation charges are allocated on the portFon of the asset's use. 1.5 Flxed a$$et Investments Fixed asset investments are initi'ally measured at transaction pri excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are wognised in net incomellexpenditurel for the year. Transaction cosls are expensed as incurred. 1.6 Cash and cash equivalents Cash and Cash equivalents In¢lLe cash in hand. deposits held at call wrth banks. other 5hort-lerm liquid investments th original malurilies of three months or less. and bank overdraft5. Bank ovefdrafts are shown within borrowings in current liabtlrties. 1.7 Financial instruments The Charity ha$ elected to apply the provisions of Section 11 -Basi¢ Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finan¢ial Instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liakn"litses are offset, with the net amounts presenled in the financial statements. when there is a legalty enforceable right to set off the recognised amounts and there is an intention to settle on a net ba51s or to reali5e the a55el and settle Ihe liability simultaneously. Basic financial assets Basic financial assets. which include debtor5 and cash and bank balans. are Initially measL¢red al transaction price Trnduding transaction wsts and are subsequently carried at amortised c051 using the effective interest method unless the arrangement ¢onslilutes a finanung transaction, where the Iran5aclion is measured al the p$eftt value of the fulufe ceiPtS dt5counleil al a market rale of inte51. Financial assets classffied as receivable wlhin one year are not amortise¢J. 8asl¢ financial li•bilitles Basic financial liabilities. including Creditors and bank loans afe inth'ally recognised al transaction price unless the arrangement constitutes a financing transactFon. the debt instrument is measured at the present value of the future payments discounted al a markel rate of interest. Financial liabilrties classified as payable within one year are not amortised. Debt instrumen15 are subsequently carried at arno"Sed cost. using the effective interest rate method. Trade creditors are obligabons lo pay for goods or seryices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment 15 due wthin one year or less. If not. they a presented as non-currenl liabilrties. Trade cieditois are recognised initially al transaction price and subseqyently measured at aM0'Sed cost using the effective Interest method. 13-
THE NEW PHYfoLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting p¢llcles (Continued) Derecognition oi financial liabilities Finan¢i81 liabiltlies are derecognised vthen the charity's contractual obligations expire or are discharged OT ean¢elled. 1.8 Employee benefits The cost of any unused holiday entrfement is recognised in the peri¢xI in which Ihe employee's services are received. Termination benefits are iecognised immediately as an expense when the Charity is demonstrably committed lo temiinale U)e employment of an employee or lo provide termination benefits. Crftlcal accounting estimates and judgements In the applicatson of the charity's accounts.ng Oicies. the Iwstees are required to make judgements, eslimales and assumptions aboul the carrying amount of assets and liabilities thal are not readily apparent from other sources. The estimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resums may drffer from these eslimates. The estimates and undertying assumptions a revsewed ¢)n an ongoing basis. Revisions to 8c¢ounling eslimales are recognised in the period in vthich the estimate is revised where the revision affects only that period. or in the penod of the revision and future periods where the revision affects both curtenl and future periods. Charitable acllvities Journal Incomt Symposia Income Total 2023 Journal In¢ome 2022 2023 2023 ley JSTOR 1.929.006 11.554 31,345 1,960,351 11,554 1.587,164 12.366 1.940.560 31,345 1,971,905 1,599,530 Investments 2023 2022 Dividends received Interest receivable 40.840 17.124 33.949 321 57,964 34,270 14-
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 RaS$lng funds Unrestricted Unrestricted funds funds 2023 2022 Investment management fees 19.575 16.271 19,575 16,271 15-
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable a¢tivltles Joumal Symposia Expenditure Expendtture 2023 2023 Total Journal Symposia 2023 Expenditure Expenditure 2022 2022 Total 2022 Staff costs Lancaster rent Stationery and printing Telephone and communications Office space Fumilure. equipment and hardware Miscellaneous expenses Advertising Prornotion and marketsng Development Training expenses Staff travel Website design and maintenance Bri5101 salanes Editors and advisors business meetings Trustees meetings Tansley review5 Workshops Tansley grants.. prizes, awards and support Contributions to Iruslees. and editors, institutions Symposia expenditure 753.846 12.147 660 753.846 12.147 673.048 3.913 490 673,048 3.913 490 2.539 471 2.539 471 1.694 2.424 1.694 2,424 S.014 3.899 493 66.722 42.655 1.715 6.989 5.014 3.899 493 66.722 42.655 1.715 6.989 4.041 3,363 1.897 35,092 27.377 2.918 7.183 4.041 3.363 1,897 35.092 27.377 2,918 7.183 14.873 14,873 14.634 33.418 14.634 33,418 110,474 16.719 9.362 29.635 110.474 16.119 9.362 29.635 42.110 13.734 4,714 16.051 42.110 13.734 4,714 16.051 $3.801 53.801 23,937 23,937 484.795 484.795 115.470 448.571 448,571 83.670 115.470 83.670 1,616,209 115,470 1.731.679 1.360.609 83.670 1,444,279 Share of support costs Isee note 71 Share of governan costs Isee note 71 6.175 6.175 8.386 8.386 12.266 12.266 9.405 9,405 1.634.650 115.470 1.750,120 1,378.400 83,670 1,462.070 16-
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023 2022 8asis of allocation Subscriptions Bank ¢harges Currency conversion gainslllossesl 238 4.498 1.439 238 4.498 1.439 1,729 Usage 3.167 Usage 3.490 Usage Audit fees Accountancy Legal and professional 3.500 3.423 5,343 3.500 3.423 5.343 3,500 Goveman¢e 3.357 Governance 2,548 Governance 6.175 12.266 18.441 17.791 Analysed between Charitable activittes 6.175 12.266 18.441 17.791 Governance costs indudes payments to the audilofs of £3.50012022_ £3.5001 for audrt fees. Trustees In respect of their duties a5 trustees. the trustees received no emdumenls in the petsd other than reimbursement of the costs incurred. amounting lo £16.11912022 - £13.734I. There were no other related party lransath.ons in the perio(J12022 - none). Employees The Foundation provide5 funds to employ. through the UntveTSlties of Lancaster and BTlStol, a staff of 12 persons on average12022 - 121 who provide as&stance to the editors in the performance of their duties. Salary costs reimbursed lo the relevant universities lotalled £753.84612022 - £706,466). One employee earned more than £60,000. Employment costs 2023 2022 Lancaster salaries BT15101 salaries 753,846 673,048 33,418 753,846 706,466 17-
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Net galnslllossesl on investments Unrestricted Unrestrlcted funds funds 2023 2022 Gainl{lossl on sale of inveslment5 155.909 1402.2801 11 Fixed asset investments Listed Unllsted investments investments Cash In portfolio Total Cost or valuatio At 1 January 2023 Additions Valuation changes GainllLossl on sale Cash movement Disposals 2.217,975 995,197 138.359 17,550 136,212 2,354.187 995,197 138,359 17.550 1107.4071 1856.4551 {107,407} 1856.4551 At 31 December 2023 2.512,626 28,805 2.541,431 Carrying amount Al 31 December 2023 2.512.626 28.805 2.541,431 At 31 December 2022 2.217.975 136.212 2,354.187 12 Flnancial instruments 2023 2022 Carrylng amount of financial as$èts Debt instruments ffleasured at amortised cost Equty in51iuments measured al cost less impairment 923,535 2,541,430 557,305 2.354,187 Carrying amount of flnancial liabilities Measured al amortised cost 163.720 142,986 18-
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 13 Debtors 2023 2022 Amounts falllng due wlthin one year: Wiley Jslor VAT repayment Other debtors Prepayments and accrued income 910.801 11,554 545,105 11.746 15.892 454 22.482 1.180 49.511 973,046 595.679 14 Creditors: amounts falling due within one year 2023 2022 Trade cretlilors Other credilors Accruals and deferred income 26,456 10,495 126.769 34.954 1.054 106.978 163,720 142.986 1S Cash g•n•rated from operations 2023 2022 SLtrpluslldeficitl for the year 418.083 1246.8211 Adjuslmenls for.. (Gainllloss on disposal of inve5tmertts Cash in lieu of Investments Timing diffenceS on investments Fair value lossesllgains} on investmen15 117.5501 133,492 171 1138.3591 268.475 Movements in working ca'tal: (Increase) in debtors Increase in Creditors 1377.3671 20,734 1297.2831 78,998 Cash absorbed by operation$ 196,4591 163,1471 19-