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
Refe￿nce 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. ￿ve￿Ag 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 J￿Y 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 Phyto10g￿t 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 0￿19ationS that were agreed in 2013. furthei updated in 2018 to include refeien¢e lo the
pUblicat￿n
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 In￿Me 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 pu￿1$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, in￿me, 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. rese￿e5 (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 Str*egi¢ 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 PhylD1og￿tS 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 PhytOlog￿I 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 FOundat￿n 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 responSi￿e 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 ￿sponsibl1￿1es 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 fina￿la1 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 kTr0￿edge 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 r￿thIng 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￿ ￿Spon￿ble 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 S￿nth¢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 aVaila￿e on the Financial Reporting Council's websste at.. https'.l/
ww.frc.org.uklaudrtorsr8sponsibilities. This descripb.on fom)s part of our a￿lItOr'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 s￿￿eMentS.
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 d￿reasO 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$. The registered office Is The New Phytologisl Foundation Central Office, Fumess Main. B floor. Office
B089, Furness Cdlege. Lancaster Universlty. Lancaster. Lancashire. LA14YG.
1.1 Accounting conventlon
The financial statements have been prepared in accordance vAth the Companies Act 2006 and "A¢¢ounting
and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021" las amended for accounting perK>ds commencing from 1 January 20191. The charity is a Public
Benefrt Entty as defined by FRS 102.
The financial statements are prepared in 51erling. which is the fijnctional currency of the charity. Monetsry
amounts in these financial statements are ro￿r￿e￿ lo the nearest £.
The finan￿al statements have been prepared under the historical cost ￿n¥entrOn, Imodified to include the
revaluation of freehold pioperties and to indude investment properties and certain financial in51rumenls 81 fair
valuel. The principal accounting poli¢ie$ 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 diSCret￿n of the trustees in furtherance of their charitable
objectives.
Restricted funds are subject lo Sp￿IfiC 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 r￿1 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¢lL￿e 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 balan￿s. 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 inte￿51. 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 pe￿tsd 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 diffe￿nceS 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-