•J Charfty rngl8lxatlon number 1154867 Cofflp¥ny rnglstratlon numb•r 08789102 (England and W•lH) THE NEW PHYTOLOGIST FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 •AEAFSC3N* 0510912025 COMPANIES HOUSE A22
205
THE NEW PHYfoLOGIST FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru8t••8 Prof K Llndsoy . Ch8lmian Prof L Dolan Prof M H8frfson PmfAM Helherington (rn8ignod 1 Juary 2025) Prof FU Norby ProfA Osboum Mr L Rr)ss - Trwdurer Prof S HisGock Pfof P Atklnson MS M M8US Prof D Sanders Prof M Ok (appOInt 1 January 2025) Ch•rfty numb•r 1154867 Company numb•r 08789102 R•glBtored offlco The New Phytolog18t Foundetlon Central Offl Fumgss Main. B floor. Offi B089 Fvm688 Collego. Lancaster Univarslty L8nca8ler Lancoshlre IA14YG Audltor RlvoTrlde Aetx)unt8ncy Lanstar Llmlted Surte 2. 2 Mannin Way Lancastsr Business Pa Calon Road Lanc88tèr LA13SU Bank•r8 Barclays Bank PLC 38 Mathet Stro•t Lancastel LA14HR Accountanl• JAFell&Co 40 Ho9hton Straet Southport PR9 OPQ
THE NEW PHYfoLOGIST FOUNDATION CONTENTS Pag• TNstea8' r8port Independent audttofs report ststornent of financi81 activities 8ol¥nce sheet 10 Statement of flow8 11 Nol68 to the financial 8tslements 12-20
THE NEW PHYfoLOGIST FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 R8 nd Th8 New Phytolog18t Foundollon romglns an Inwporated charltablo company (compJny nurnr 08789102, charfty reglstration number 1154867). Charitable objectlves. organlsab'0n816twctyre and procedures c¥Jhtlnue as descrlbed In the Report for 2023. RecnJllm8nt nlment oln•w T te• New Twstees are appointed as requlred by the 8XiSting Board of Trustsog. Prior io appolntment. new Truslo6S must have been edttors of New Phytoloqlst Found8tion journa18, or hava dlrect 8xperlence of SCIen publishirvd, academlc research ¢h8dty iln•ncènaw. They wlll therefore, upon appolntment, have a good wong undoTrtanding ol the oporational structuro of the Foundatlon. Any further inducliw and training Is provided by tho 6xl8llng 808r(l of Trustees as requlred. nls8llonal Stnictu Thè Trustees arè faspoll5ible for revlewiThg and 8pprovlng budgets and delegale responslbilty for achleving buclgel8 to the rolovant mana98rial staff in tho loumal offi. The Board makes strategic deckslon• about new charrtoble and business Inlll8tlves and ensures they are finan¢lally and legally sound. Genernl Tho TNslee3 met trwice In 2024. on 10 May and 28 November at Ihe offices of Brewln Dolphln, Manchesler, UK and tho Surgeon's Quarter. Edlnburgh, UK, respècknly. Th8 meetings were chalr8d by Professor Kelth Llnd$&y. During 2024 lh• Trnstees 8Uthorf8ed charitable expend118 01 £1,819,748 (2023 - £1.7SO,120) Indudlng grants for tho promotion of plant sclenc£ r88earch and scholarship, the sponsorship of sclentffic and educatlonal meetings and toward8 SUPPOrt for wldenlng 885 to Its publicallon8. In (x>nnectlon wlth the 18tter 8Ctlvlty, th8 Foundatlon's houmal New Ph010915£ WAS made avallablè to over 5,000 institvttons through ihè Wiley- B18thell Ilcensed salg$ programm8 and 8 further 4.514 Ilbrnrtes In low4nrne ¢ountrtes have access thffjugh Philanthroplc inits'atives. A proportlon of Joumel content Was made ac&8ssible free of charge on publlcallon and all Joumal ccntent Is frBo to a¢$S 12 months aftei publlcatlon. Plants, People, Pl8not l• freoly a¢cesslble to all readers wlthout tho need for a subscrbpllon. Joumals Ngw PhlogIst Impact Factor for 2023 w88 8.3, ClteSu)re was 17.6. and Joum81 Cltstlon IndItOr w88 2.13, mainlaining Ihg joum21's position among leadirwJ ScIlarlY publicatlons In the Plant Sclences C8tsgory of tho Journal Cilali¢)n Report@. New Phfvlogtst* high roputstion holped to attr8Ct a record numt)8r of paper8 to the joumal. A total of 815 8rt1cles. wvedng over 10.000 pages wére publl8hed. 2024 $8W the volume year of Plants, People, Pl8n8t. the Foundation'6 Op8n Acc888 onllne Journal Income Wlley reported tctal rovgnue to New Ph>tsloglst in 2024 of £2.393,982 {£2.313.807 In 2023). Total rovenue lo Plants. People, Planel waB £229,933 (147,463 In 2023). In¢>)me to the FourKlats'on, baled on the fjnandal 8gemeTht with Wilay. am¢)uni8 to £2.034,343 (2023: £1.929,006). Nat incorne generated by inveBtments was £51,036 (2023 - £40.840) and Intsrest recelvable wa8 £27,426, a total of £78,462, c¢mpared wlth £57,964 In 2023.
THE NEW PHYfoLOGIST FOUNDATION
TRUSTEES. REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Ex
The annu81 mo01Sng of the Naw Phytologlsl Edltorn wa8 held in Dublin. Ireland on 12 and 13 Aprfl
2024.The Edilors ol Plants. People. Planetrnet on 6 Dernber 2024 In Manchester, UK.
The fth Next Generation Scientists Symposium vms held on M June 2024 at Duke Unlversity,
Durham. NC USA. In total 120 In-p8mn delegatas attended the ovent. induding 30 speakers, mentors
and panel d18CU888nts.
The 46th N8w PhQlogIst Symposlum: Stomats took place In Kalleng. Chlna on 21-24 Oclober 2024. 0r 300
delegates attended. induding 27 speakers.
The 451h New Pwloglst 8ympo8lum'. Ej}Ca18nd 8volutton8ry consequancag of plant-lun9al Inva81on8 took
pl•¢• at tho Universlty of CampinN Brazil, on 229 June 2024. A total of 91 dol•9at•3 Partlclpated. Includlng 28
speak6r¥.
The Foundatbon t¥Jntrlbuted £169,093 to meeting cost8, inctuding registration, aciJ)mmodatlon ci1818, and travel
grants partldpants.
Two New PhOI09t Workshops (NPW) took place In 2024:
32nd NPW: 'Fedèr8tlng research In red alga8 In the omlc era., 28AO October 2024 in Reltrain. Gemany.
'Innovations in planl biology frorn Indla,, 16-20 October 2024 In 8engaluru, IndlB,
Cosls of the Central Offica at Lancaster Unlversity In 2024 amountad to £919,495 compared vAlh £928,145 In
2023. Costs In support of the New PhJtslog18t Edltor-In
THE NEW PHYfoLOGIST FOUNDATION TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 To 8ppolnt an Executlve Edltor, and Managing EditOf8 to work with the Edltorfel Boards and Editorial OffiGes of Its lown815 to e3tabllsh an ethlcal and sustainable publishing str81egy, to ensure adequata system$ of finandal ca)ntrol 8nd rfsk management. and to proNryde appropriate human and flnandal To appolnt the Treasurer, th8 Chair of the Board of Trust, and to malntsln mèmb8rnhip of the Board representlng emlnent p18nt sdentists and olhgrs with appropriata charltable, publlshlng and academic éxperfence. to rellect thè ortglns and actlvlty of thg Foundation's loumals. The Trn6tees have th• rnsults of 2024 and are 88118ft8d that th68e o'oCt1¥08 have been fulty met. Rlsk Mw Tho Trustees actlvely feviow on a wular basls the major ii8ks that tho chartty fac. The m8ln source of ftnancial risk to tha New Phsrtologlst Found8tion relates to publishlng inc¥)me derfved fr¢m the Joumjb N8W Phytologlsl and Plan16, People. Planet. The maln rl8k8 Idenlffiad aro: Tho uncertalrn fvture of acad8mlc publlshlng, prfmarlly Ihe implicatiori8 of the ongolng tr8nsltlon to Open Acc4ss publlshlng for hs4orfd loumals, such as New Phogtst. and the associated Imp8Ct on trBdltlonal Bubscripbon revenues. Whllg New ph091$1 benefits from XrnnSflatIonal agreements. implemented and managed by tho conlrncled publlshei, Wll8y, In(x>m8 Is less predictable Ihan In earfler p•rfodi •8 authors, InstituOon8 and fvnder5 navigate toward8 new publlshlng models. There 18 further uncrtalnty wlth resp9(a to the level of Open Accw8 In(x•me for fully Open Acce88 louma19, such 88 Plants, People, Planet, Sn cornparlson lo loumals publlsh8d und8r the tradltional 8ub8crlptlon model, where subscrfpllon arrangement8. and, consequontly, Income, may be 88llmated with greater certainty. The rgstnction8 on fundlng for unlverslty Ilbrarl88, which may cause subscrlptlon cantxllatSons. Subscllption Bttiition 18 als9 a rfsk duo to Incre8slng Open Acc*ss uptske. The Trustees bolieve thal maintsining r888Ne8 al approprfate levels, CMbined with an annual revlew of 811 the o)ntrols over key Ilrnancial 6yStems, wlll ensurn that 8uffid&nl resour¢e8 8re avallable in the ovenl ol adverse condltlonj. Thè Tnte&S have al80 &Stablished systems to mltigate the signfficant rSsk8. The Trust88s' reseNes policy Is to hold total reserves to meet 1-2 yea¢s expendlture whlch, based on the 2024 accounts. is a minlmum of £1.837,156. At the end of 2024. reserves (cash at bank plus Investments) stood at approxirnately £4.359,085. AJI funds are unrestrfctecl. The Trustee8 have given due )nSIdeIlOn to current leve18 of reserves and arn sallsfled that cuffent reser4è thlg are approprialg, partklarfY In Ilght of the transltlon from sUbsCrfpn to Open Acce53 ino)me models referred lo above. F ture develo The Foundatlon h8s madè significant investsnenl in fvtyre slrateglc plannlng, for èxample. bolh joumals have inltlated 'Task & Finl8h' groups with th8 sole objeclive of IdentTfylng strateglc projects to 800 these IhTough to completlon. Ex8mples indude the launch of Now Phfvloqisfs Transfornutlve Plant Blolechnology s8clion. and continuad elTorts to develop re80urces and support for researchorn ocross the geogr8phlcal spread ol the joumHI's r8ad8rnhlp. At Plants. People. Pl8net, new article types have been dev8loped and will be launched in 2025. Atxoss the Foundalon's events programme. symposia and workshops Bre due to tske place In In 202>26. and thg TTU8t8as 11 ¢ontinue ¢onslder the events programm& beyond thls Ihroughoul 2025. Tho Inlematlonal Open Access landscape. and uptske of Open AC5& al Now Phytobgls£ 59 a key f8Ctor In futur8 4JeveEopments, and a koy fo9 of the Trustees. Polenlal new inltiatives end publl8hlng veniures are 81so being purnued.
THE NEW PHYfoLOGIST FOUNDATION TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Profossor Allstair H8th8rtngton stepped down as Edltor-In-Chi8f of Naw PhOlOgISt 8t th8 and of 2024. Profes80r Maaiia Oplk was 8ppolnled In Autumn 2024. to ensure a sufficlent handover perlod. Wlley ¢Ufrently holds the contract to publish New Phytologtst on behalf of the New Ph>tsioglst Foundation. however, th18 18 due lo explrè at the end of 2025. Consequently, In 2024 8 Request for Propwls {RfP) pro£$8 was Inltlated wlth o vlew to SecUng and 8gre8lng a new contrad before the end of the yaar. A numb8r of prop05a15 were recelved and o)nsldered. and Wlky reappointed with contra¢t negotlations expect8d to conclude in aulumn 2025. Ka rfamnce Indlcalors The Foundatlon consldets a numb8r of Key pèrfornance Indlc4torn (KPIS), Includlng readershlp, dlatlons, 8ubmlsslon lovels aeross both Joumals, subscrfpllon and opon access incomè. A¢rnss tho events programrne, the Trustees ca)nsld8r delegate 8ppIIc8tlon and reglstratlon numbers, feedback and loumal oul(ximes as cwcial KPIS. in The Twstees are satisfied that the New Phytologlsl Foundatlon remains a golng conceTn. The rationale for th18 declslon IG based upon 3 thorough examination of resep488 and Income expected In 2025, Funds are available to ver all entlclpated cnsts for at leasl 12 monihs followlng the slgnature of these flnandal slalamants. Cashllow forecasts and predlcted revenua streams have been o)n8idernd and a8 such the Trustses are cnnfident Ihat the Foundat5on Is In a good posltlon to meet Ilabllille8 85 they fall dug over the comlng 12 rnonths. 8tat•m•n¢ of Tru•tq••' R••pon•lbllltl•• The Trustees, who arè also the directors of The Nèw Phytologlst FOUnd8On lor the purpose of company law, are r6¥ponslble lor prepgrlng Tnjstees, Report and the financial stat8ments In 8ccordanc with appllcable law and United Klngdom Ac(xJunllng Stsndards IUnll8d Klngdom Gen8r811y Accepted Accoununp Practlce). Company Law requlres t Trustees to prepare finanal slatements for each finan(xal year which glve a tnJ8 and 18lr vlew of tho State of affairs of the charity and of trte In(mIng resources and appllcatl¢)n of f•SOU9. Induding the Inu)me arKI oxpendltsjro, of the charltabl• company lor Ihot yèar. In preparing thèse fd)ancl81 statements, the Trusiees are required to: 8elect SUble acuntIng polle3 and then apply Ihem conBlstonlly', observe Ihe m8trMids and prlnctples In the Chgrftles SORP., make judgements and estimates ttHt are reasonable 8nd prudent: and prnpare the financial slalemgnts on 8 going (x)ncem basls unless It Is Inapproprialo to pr8sumè that Iho charity will o)ntlnue In operation. The Tw5tees are responsible fDr kEeping adequate accxunting recnrds that dlsclose wilh re&wnable acaracy at any tlme the financial position of Ihe Gharity and en8bl8 them to ensure that the financlal stslem8nts c4)mply with the Comp8nlpJS Act 2006. They are also re5pon6ible for safegu8rdlng Ihe assèts of thè tharty and her for taking feasonable steps for the preventlon and detection of fraud and other ifregul8rllies.
THE NEW PHYfoLOGIST FOUNDATION TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 statém•nt of DIBelo#ur8 ol Inforniatlon to Audltors The Tru$teos of the charlty who held offl(% at tho date of thls 8nnu81 report o)nfinn that: So faw as they are aware. there is no relevant audlt Infomiation, inlomi8llon needed by the charitys auditors in (x)nnection wrth preparing their repor( of which the ¢harWs audllors unaware: and Thay havè taken all the steps that they ought to have tsken 08 T1888 In order to make themsofvès 8ware of any relevant audlt Infomi8tlon and to establlsh that tho charfty'8 auditors are awar• of that InfonnBtlon. Approval Thos report was appn)ved by th8 BoArd of Truste•s on .10 May 2025 ond slgnod on Its behalf by Prol Kellh Llnd8ey Chalrman New PhOlOgISt Foundatlon
THE NEW PHYfoLOGIST FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NEW PHYfoLOGIST FOUNDATION Oplnlon We have audlted the financial ststements of The New Phytologigt Foundation (tho 'ch8riV) for th8 year ended 31 December 2024 wh1( comprise thg statemgnt of financlal advlties. the b81ance shooc the statement of Ca8h fiows and the notes to the financlal Statements, including a summary al slgniflc8nt aruntn9 pollcios. The flnancial reporting framework that has been appllad in their preparatlon ts 8ppllcable law and Unlted Klngdom AUntIng Stsndard8, Indudlng Flnand81 Reporting Stsndgrd 102 Th& Fln8ncl81 Reportlng St8ndan]I appllcabla In the UK and Republlc of1rn18nd (Unlted Klngd(yffl Generally Accepted Acc¢untlng Prnctle81 In our oplnlon, th• fln8nclal stst8ménts: glvo a Iwe and falr view of the 6tale of the chgrltablo companV8 affalrs as at 31 O•¢•mbor 2024 and of ts incorning resources and 8ppllcalon of resources. ftK the year then ended: hava b88n proparfy prBpared In acuJrd8nee wlth Unhed Klngdom Generally Aecopted Aeeounllrg Praclle4: and have b8en prepared in a¢xud8nce w6th the requlrements of the Charities Act 2011. B••l• for oplnlon We cenducted our audlt In accordance wllh Intematk•nal SIArtdards on Audltlng (UK) ¢ISAs IUK)) anLI appllcab18 law. Our responslbililie8 undor thos8 standards ar8 further deserlbed In the Auditors rpsponslbftlttffjs l(V the 8udit ol Ihe Iln8ncl•l 81818ment8 section of our r8POrt. We are Independent of the chaflty In accordan¢o wllh the ethlcal requirements that are rèlevant to our audit of the financlal ststements In the UK. includlng the FRC'8 Elhlcal Stsndard, and we have fvtfilled our other elhical respDTr5ibiliti03 in acLy)rdan( wlth these requironwnt8. Wo bolieve that Ihe audll •vld•nca wè have oblaNied18 8ufflclonl and appmpdat• to provlde a ba818 for our oplnion. Conclu81on8 rolotlng to golno ¢oncern Wa havo nothing to rnport Sn respect ol thè followlng matters In rnlatlon to whlch th• ISA8 (UK) réqulrè u& ta report lo you vlhere: the Tmstees. use ol tha golng con(m basi$ of ac¢ountln9 In the preparatlon of the financial 8tstements Is not appropriate; or Ihe trustees have not dlscbsed In the financlal statomenl# any Identlfied material uncertaintiès that may cast signifttsnt doubt about the charfty's 8bility to continue to adopt the golng nCern basls of aLxounting for a perlod of at lea8t twelve months from date when the fln8nd818t8temenl8 are authoflsgd lor i65U8. othr Inforniatlon The other Inforniallon eomprl801 tho infomigtion Includéd In the annual report other than the Ibnanclal 8tstem•ntA and our auditorfs report thereon. Tho trustee8 are responslblo for the other InfoTmalion containod within the annual report. Our oplnlon on the fin8ncial statoments do8s not cover Ihe oth8r information and we do not •xprfjss any fomi of assurnnce concluslon thereon. Our responsibility Is to r88d the other Informatlon ond. In doing so, wnsider whether the other Infomiation is matertally inconsistent wlth the flnandal ststeménts or our knowledge obtained in the ujurse of the audrl, or otheTwlse appears to be materlally mlsstated. If we idenllty such malerlal in(x)nsislenaes or apparent m8ter+al mlsstalemenls, we are requlred to deternilne whether thls 91ves rlse lo 8 material misstatement In Ihe fin8nc181 statements th8mselv05. If. ba88d on the work we have performed, we (x>ndude that there is a materfal mlssl8lernent of thls other infomation. we are requireo to report that fact. We have nothlng to report in thls regard. M•ttrn on whl¢h aro rnquirnd to r•port by exceptlon We have nothlng to report In respect of the followlng matters in relation to the Charttle8 (Ao)))ts 8nd Reports) Regulatlons 2008 requlre us to report to you If, In our oplnlon.. the infoTmallon glven In the fin8nclal statements 5s in(¥Jnsi6tent in ary materfal retspect wlth the Tru8to98' report; or sulficient a¢countino rerdS have not been kopt; or finan(aal $la1gments not In agreement wlth the accounlng rncord8'. or we have not received all tho infomiatlon and eXplanaon$ we require for our audlt.
THE NEW PHYfoLOGIST FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NEW PHYfoLOGIST FOUNDATION Ro8pon81bllltl•8 of tru8to•0 As explained more fvlly in mo statemont of Twst•08' re8pon8lblllOeg. tho trustées, who are also the directors of tho Charity for the purpose cl exjmpany law. Are resp(x)sible for the preparation of the ftnanrjal statements and ft)r b8ing satisfied that they glve 8 true and falr vlew. and lor such inlamal control as the Irustees deternlne is necessary to enabl8 Ihe preparatlon of flnandal statonents that are fro8 from materfal mlsststernenl, whelher due to fraud or effor. In preparlng the finandal $18t8ments, the trusteob aro respon81ble lor 88s8881ng the chariVs obility to continuo as a going concern. dlsdoslng, as appll(xble, matters related to going concern and using the going u)nc8rn basis of accountlng unle8s the INslees either Intend to Ilquldate the charitsble rJ)rnpany or to cease operallons, or have no realistic altemativo but to do 80. Audltorf8 re8ponAlbllltleB for audlt of thè Ilnanclal •tatèmenl8 We have been appointed as auditor under section 144 of the Charllles Acl 2011 and rewl In accA)rd8nc wlth the Act and rnlevant regulatlons made or havlng effoct th8r8undèr. Our obiactsvas arg lo obtain reasonabla 88SUfance about whether the flnanclal statements a$ a whole are free from malorial mlsstatement. whgther duo to fraud or error, and to i98ue an audiloVs report that Indudes our Oplnlon. Reasonable assuranc4 15 a high lovel of 0$8uranc8, but 18 not a guarantee that an audtt conducted In acrdanCe with ISAS (UK) wlll 81ways daloci a material ml8ststem6nt vthen It exl8ts. Mlsstatefflents can arfse from fraud or error and are (x)nsldered rnat8ri81 rf, indtvidually or In fv 8ggreg8te, they ¢xJuld reasonably bp pected to Influen the e(x)nomlc declslon8 of user5 taken on tho basls of these finan¢lal Ststemgnts. Irregularfties, Includlng fraud, are instances of n¢JnaJmpli8nce wlth 18w8 and r8gulallon8. We design procedures In Ilne th our responsibilities, outlined above. to dètect m8tsrlal mlsstslements in respect of iegUlaritIes, Includlng fraud. The extant to whlc our proc•dur•8 aro eapabl• of delacllng IrregularltJ88, Indudlng fraud li dotalled below.. Review of trustees. mlnutes and revlew of nomlnol po$lings fty legal and pmfes$lon81 fees ensured we idontified any regulatory mplIanCe I$$u85 and laws that tharity must follow In the year and lo Ihe date of Bigning the flnanclal 8tstements. The 88sessment of fraud w46 nSided 88 low due lo no &h handled and the good (ntrOl6 in place wilhln the ory8nlsats'on. A revlew ol loumal entrles 8nO ¢on8ld8ratlon of their appfoprlateneg8 was carrled out throughout tha audlt. Durfng the audlt we 8peak to managemenl, tssi the Bysterns and 8peak to Varfous member8 of the flnan¢e functlon lo understand the entity Ms proc*sses and the naturn of trade to assl$t In detemlnlng If the financlal statements are true and fair. Challgnging assurnplions made by rnan8gement In maklng Ihelr slgnlncant accounttng eslimate8. Reviewing financial statemont disdo8ureg and leslng to supportlng douJmanl81ion to as8OSS eompllance wlth applicablo laws arKI r8gulallon$. A further descripllon of our responsibilities is available on th• Financial Reportlng Councll's w8bsite at: https:IlvthY.Irc.org.uklaudllordresponsibllltle8. Th16 desuiption forms part of our audltorf$ rnport.
THE NEW PHYfoLOGIST FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NEW PHYTOLOGIST FOUNDATION Use ol our roport Th18 report is mado Solely to the thaflty'$ trustees, as a body, In accordance wlth part 4 of the Charftle8 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 Ihat we mlght stat6 to the charitys trustees those Matte we are required to state to them In an auditors report and lor no other PUTP058. To the fullest extent permltted by law, we do not ac£opt or assume re8ponsibllity to anyon8 other than charity and the charity's trustee$ 88 a body. for our 8udlt work. for thls report, or for the oplnlons we h8v8 formed. Lynd••y Nlchol•on FCA RIv0rn1d• AOUntsrY Laneter Llmi¢¢d Chartered Accountants Statutory Audltor Sulte 2, 2 Mannln Way LanG88ter 8u61ness Park C8ton Road Lancaster LA13SU Rlverslde AountancY L8ncaster Llmlted Is eligible for appointment 88 8ud11 of the ch8dty by virtue of its ellglblllty for appolntrnent 89 audltor ol a company under of 80Ction 1212 of the Companles Act 2000
THE NEW PHYfoLOGIST FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UnreBtrlcted UnrMtrf¢t¢d funds fundB 2D24 2023 Not•8 Incomè from: Ch8ntablg 8clivltie& Investments 2,112,319 1,971,905 78.462 57.984 Total Incom• 2,190.781 2.029,889 Invgstmonl man8gament 17,410 19,575 Journal Expenditu Sympo$l8 Expendilure 1,650.653 169.093 1,634,850 115,470 Tot•1 charit•bl• •xp•ndltur• 1.819,746 1,750,120 Total •xpendltur• 1,837.156 1.769.695 Op•railonal 8urplu• 353,625 280,174 Net galnsloosses) on Inve$inKnts 10 223,3S6 155.909 Not Incom6 for the yearl Net movoment In fund8 576,981 418,083 Fund balances al 1 January 2024 4,083,136 3,667.053 Fund balances at 31 D•c•mbor 2024 4,660,117 4,083,136 The siatsment offinanclal actmtles Indudes all gaIr and losses recognisod in Ihe year. All Income and expendliure dwiv8 from conllnuing acuvltbes. The slalemenl of financial activitios 8180 complles wlth the r8qu[renfits for an incA)rn• and oxpendlture account under the Companl8s AGt 2006.
THE NEW PHYfoLOGIST FOUNDATION BALANCE 8HEET AS AT 31 DECEPA8ER 2024 1541h30 cth In hml 1,55l898 ni? 1749.403 1,704 10rf4TJ) (1Um) 1 M3,130 1.$41.71 4.IW.117 4.083.1 4,880.117 481130 4,eeii.117 4,083.130 lo, for th• yw •ndl 31 D•c•nb•r 2024. alwJh an audl l¥• bmn ranl•d rArt und•r ••dlon 144 I•2011. th• Iffl mOm•. Iho IlrAMIAI •tthmorf• TA•rn by Tn*l•88 on 10 Moy 21 cl1•n
THE NEW PHYfoLOGIST FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes C••h flo frorn operntlng *ctlvltl•• Cash generated Irorr&l{absorbed ty) operalions 18 861.919 {96.459) Inve•llng actlvltl Purchase of Investments Proceeds on dlspos81 of invostrnents Cash rnovernent In Inveslment porifolio 1897,907) 890,472 (33.988) (995,197) 856.455 107.407 Net c•8h u80d In InVlIng actlvltles (41.401) (31,335) N•t cash In Ilnanclng •ctlvltl•• N•t Incr•88•1{d•cr•a$•) In caBh and ca8h •qulval•nt8 820,518 (127.794) Cash and ¢88h equiv8lents at beglnnlng of year 732,380 860.173 Ca•h and 8h oqulval•nt• •t •nd ol yur 1,552.898 732,380
THE NEW PHYfoLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounung pollcles Charlty Infomiallon The New Phytologist Foundation Is a private cornpany limited by guarantee Incx)rporated In England and Wales. Tha re9iStered offic8 is The New Phsrtologisl Foundation Central OffiL%, Fumess M6in. B floor, Ofi B089, Furness College, Lancaster Universlty, Lancaster, Lancashlre, LA14YG. 1.1 Accountlng conventlon The finondal statements have bé8n prepared In alrdance wlth tha Companlas Act 2006 and 'Accountlng and Reportlng by Ch8Tldes: Statement of Re¢ommended Practlce appllcabl8 to tharltles preparfng their accounts in acu)rdanc8 Wth the Fln8nclal Repon0 Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for acrnunb'ng perfods commendng Irom l January 2019). The Gharity Is a Publlc Ben8flt Entlty 88 dofined by FRS 102. The finandol st8tement8 are prepared In st8rfirwJ, which Is the fun¢tlond cuffency of Ihe chaty. Mongtary amounts In these finandal statements are rounded to Ihe noare$t £. The financial statements have been prepared under the hlslorical cost convgntion, [mOdifd to Include the revaluatlon ol freehold propertles and to Include Inve8lment prop8rt18s and c4rtsin financial In$tnJments at f81r valuel. The Pflndpal accounting polic108 adopted •re 8•t out b810w. 1.2 Golng cone•m At the tirne of approvlng the flnandal 8tal8m8nts, the trust888 hav8 a re880nable exp¢ctatlon Ihot the charfty has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. Thus the tmstee8 conlinup to adopt the golng concem b831s of accountlng In preparing the financial ststements. 1.3 Charltsbl• lund• Unrestricted funds are av811able for use at the dlseretion of the trustees in furtherBnce of thelr charitable obleGtivos. Restrlcted funds are subject to specmlc exJNJitlons by donors as to how they may be used. Thè purposes and U8e8 Qf tho reslrkted funds are set out In the notes to the financial Statements. Endowment funds are subject to spéeific ccndltlorts by dorlors thal the capltal Must be maintainod by the 1.4 Incomlng resoureo8 Income Is regnised when the charlty is legally enlitled to It after any perfonnance c(Jndltsons have been met, Ihe arnounts rA Th b8 measured rellably, and il is probable that Incomo wlll be recelved. Cash donatlons are re¢ogni6ed ¢)n rnrgipt. Oiher donatlons are recognised On the charity has been nolified of the don8llon, unl888 perforniance conditson6 require deferral of the amount. Inv)rno recov8rabl8 In relatlon to donaonS received under Glft Aid or deeds of rxjvenant Is reanISed at the tlme of the donalion. Legacies are recognised on receipt or oth8Th¥i8e If the charity has ljeen notiried of an impendlng dl$lrlbution, Ihe amount Is known, and fec8Ipi is expected. If the orn¢)unt Is not known, the logacy 18 Ireated a ¢onlingent assel.
THE NEW PHYfoLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢eountlng poll¢le# (Contlnuedl £xpendltur8 18 rncognl*l once Ihero 18 8 legal or con8lnJdive obllg8llon to tran8far ec4)nomk benefit to a thlrd party, It Is probable that a transfgr of economic benefits will b8 r8qulred In settlement, and th& amount of tho obllgatlon can be rneasured rellably, Expendilura 18 cla88lfied by actlvlty. The ¢o$ts of each advlty aro mode up ol the total of direct costs and shared costs. induding support Costs Involved In und8rtaking each acllvlty. Diroct (xjsls albulab1& to a sSngle Bctivlty arè allocated dirgcuy to that activity. Shared rnsts whlch (xmtribut6 lo more than on8 adivity and 8UPFM)rt Itssts wfilch are not attributsble to 8 Single activity are apportioned belween Ihose actsvits'es on a basis ¢on$i8tent with the us8 of rèsourc88. Centsal stsff costs are allocated on Ihe b8818 of Um8 spent. and d8preclation ch8rg83 ar8 alloc8ted on the portk>n of the assetr8 Use. l.S Flxèd asset In•trn0ts Flxed asset Investments are Inltlalty measured at tran8acilon prfca •xcludlng tr8n8action co8t8. and are 8ubsequenlly me88ured 01 lalr value at eAch repornng date. Changes In lalr volue are recognlsed In net InoY)Mel(expendlrn} for the year. Trdnsacth)n costs are 8xpen38d as incurred. 1.6 •nd ¢••h •qulval•nt• Cash and cash equlvalents Includ8 cash In hand. deposits h8ld at call wlth bonk8, Other short-temi Ilquld Invostments ¥%lth origlnal maturfe$ of Ihree months or less, 8nd bank ovardrafts. Bank overdrafts are shown within bomwlngs In ¢urnnt118bllltle$. 1.7 Flmnclal Instrumontss The charlty has olected to apply the provisions of Section 11 'Baslc Flnanclal InStrumts. and Seclion 12 'Other Flnanclel Inslrurnents Issues. of FRS 102 to all of Its fina11 Instruments. Finandal Instruments rnciJgn18ed In th8 balance Shoot ¥then th? charlty becxxn08 paty to the conlradual pmvisions of the Instrument. Flnanci81 as80ts •nd li•bllilo5 aro offg•t. wlth tha not •rnounts pres•nt•d in Iho financl•l italém•nts. when there Is a legalty onforceable right to sel off Ihg recognlsed amounts and thero Is an Intention to 80tt1g on a not b8918 or lo realise the as8et and settle the liabilty simultaneously. B•8k ffti•n¢l•l •A8•ts Ba8lc fin8nc181 assets, whlch Include debtors and rash and bank balances, are Inllially measured at trdnsadlon prtce Including transactlon costs and are subsaquently carrled at arnortlsed $1 uslng the effectfve Interest method unless the 8rr8ngement constitutes a financing transactk)n. where the transaction Is measured al Ihe present Value ol the future reIpts dlstx)unted at a market ral• of IntorosL Flnandal assets dassified as racaivablo within one yoar are not amortlsed. 8asl¢ flnanelal Ilabllltles Ba8lc fln8ndal liabilltles, Inejuding eredltors and bank loans are iniilally fecognlsed at tran8aclion prfce unless the arranggment constitijtes 8 fln8nclng Iransacllon. where the debt Instfument Is rneasure(l at the present value of tho future payrnents dlso)unted at a market rate of Intsrest. Fin8nclal118billlles dasslfied as payable wlthin one year are not arnortlsed. Debt 1n3lrunts are Butsequendy ¢orrfed at 8rn0rt13ed co81, uslng the offoctive intwosl rats Method. Trade creditorn are obligations lo pay for goDds or servtc8s Ih8t have been acquired in the ordinary course of oper8tlons from supplieT5. Amounts payable arn classiffied as current Ilablliti8s if paymant is due wthin one year or less. If not, they 8re pr6seDled as non<urrent liabSllties. Tr8d8 credltors are re(x¥nlsgd inlllally at tr8ngactlon prlce 8nd subsequently measured at amortised cost uslng the effedlve Inte81 method.
THE NEW PHYfoLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AoUntIng poll¢h8 (Contlnued) D•r•wnltion of fln•nd•l114bllltl•s Flnandal liabilities are dorecognlsed when Ihe ch8rlVs CltraCt?1 obllgatlons explre or aro dlecharged or cancelled. 1.8 Employ•e b•nèllts The cost of any unused hollday entltlement18 racognised In the pwiod In whlch the employe8'5 ¥•NiS arn recelved. Torrnlnatson b8n8fits are rec4)gnised immediately a$ an expense when the chantyls demon8tr8bly commlttéd to tennlnate the eMplOent of an employee or to provlde ternilna benellts. Crftlc•l •¢¢ountlno Mtlm•ts• and Judg•m•nl• In Iha application ol th¢ charftys ocmuntlr¥J polldes, thè trustee5 ar8 required to maka JudMnts, estlrnat•$ and assumptne aboth th8 carying amount of assets 8nd Ilabllltlas that are not readlly apparent from other Sources. The estlmales and associated assumpllons ern based on hlstorlcal oxporfonc• and olher factor8 that are consldered to be relevant. A¢al results may differ from these estlmates. The esllmate$ ond underfylng 888umptlon6 are revlewed on an ongolng bo51$. Revlslons to auntIng e8tirnates are re(xJgnlsed In the pertod in whlch tho eBlimata 18 rn¥lsed where the rnvislon affects only that perK)d, or in the pertod of the revlslon and future perlod6 where the rev181on affeds both currant and future poriads. Ch•rtthbl• al¥ltIeS Jgurn•l Incom• 2024 8ympoi Incom• Tot•1 2024 Journal Inrom• SYMP1• In¢om• 2024 Wiley JSTOR 2.034,343 12.040 65.936 2.100.279 1.929,008 12,040 11.554 31,345 1.960.351 11,554 2,046.383 65.936 2.112,319 1,940.560 31,345 1.971,905 Inv•sknont• 2024 2023 Dividends received Intorost recelv8ble 51,036 27,426 40.840 17.124 78,462 57,964
THE NEW PHYfoLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 R•l•lng fund$ Unrostrfct•d Unre8trlct•d fvnd8 fund• 2024 2023 Inv88trnent managemgnt fe8S 17.410 19.575 17.410 19,575
THE NEW PHYTOLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ch•rfthbl• activltl•8 Journol Symposla Exp•nditura Expondlturn 2024 2D24 Total Journal Symposla 2024 Expendlture Exp•ndlture 2023 2023 Totsl 2023 Staff costs Lancaster rent Stslionery and pfinlng Telephone and communlcalion8 Qffice space Furniture. 8qulpmont and hardware MI8lIaneouS expon80$ Advertising Promolion and matheting Dgvolopmgnt Tr81nlng expenses Slaff travel Websits d8$tgn and moinlèn8n¢g Brlstol salarie5 and offic Editors and advisors busln8ss meetings Trustees meedngs Tansley review8 W0hop) Tansley gTrnts: prizes, awar(Is and sUPPOrt Contiibutlons to Irustees. and lt0. Instttullons Symp0818 expendlturg 815.592 14.580 815,592 14,580 605 753,846 12,147 880 753,846 12,147 2,041 2,041 2.539 471 2,539 471 4.474 6,753 2,216 29.566 6,314 2,687 4,777 4,474 6.753 2.218 29.566 6.314 2,687 5,014 3,899 493 66,722 42.655 1,715 8.989 5,014 3.899 493 66,722 42.655 1.715 8.989 29,890 26,734 29,890 26,734 14,873 14.873 108,798 16.336 10.520 37,776 108,798 16,336 10,520 37.776 110,474 18.119 9,362 29,635 110.474 16,119 9.362 29,635 37,173 37,173 53,801 53,801 459,739 459,739 169,093 484,795 484,795 115.470 169,093 11S,470 1.616.571 169.093 1.785.664 1.616.209 115,470 1,731.679 Share of support costs (see note 7 Share of govomanco CA (see note 7) 12.033 12,033 6.175 8.175 22.049 22.049 12.266 12,268 1,650.653 169.093 1,819,746 1,634.650 115.470 1.750,120
THE NEW PHYfoLOGIST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Gosts Support Governanc• Cogts Costs 2024 2023 8asl8 01 allocatlon Subsryiptions Bank tharges Currency converslon gainsl{losses) 1,516 6,744 3,773 1,516 8,744 3,773 238 Usa90 4,498 Usage 1,439 Usage Audit fees Accountancy Legal and prof08sional 3,500 3.289 15,260 3,500 3,289 15,260 3.500 Govèmance 3,423 Govamanc8 5.343 Govornan 12,033 22.049 34,082 18,441 Anatysed between Charftablo act7t[g$ 12,033 22,049 34,082 18.441 Gt)vern8nce eosts Indudes payments lo th8 audrtors of £3.50012023- £3,500) lor audlt lewd. In r•8PQGt of their duties a8 IAi8tees. the trustees rnceived no emolument8 In the porfod olhor than rnlmbursement of Ihe a)st6 InCUad. amountlng to £17.014 <2023 - £16,119). There were no other related paty tran¢tIons In the perkna (2023 - none). Employ• The Foundatlon provldes fvnds to employ. through tho Unlverslties of Lan¢xster and Br15tol, a slaff of 13 peTrons on av8r8ge (2023 - 12) . provlde assistance to the edktor5 in the perfomiance of theiw duties. Salary costs reimbursed lo the relevant unlversltles totslled £830,326 (2023 - £753,846 ). One employee eamed more than £80,000. Employrn•nt co•t• 2024 2023 Lancaster salaries Bristol salaries 815.592 14,734 753.846 830.328 753,848