## **Reports and Financial Statements**
**The Journal of Horticultural Science and Biotechnology**
**Year Ended 31 December 2021**
**THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
|Board of Trustees etc.
Trustees' Report
Independent Examiner's Report
Balance Sheet
Income and Expenditure Statement
Statement of Financial Activities
Notes to the Financial Statements|**CONTENTS**
**Page**
1
2
3
4
5
6
7 - 10|
|---|---|
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **CHARITY REGISTRATION NUMBER**
211855
## **GOVERNING DOCUMENT**
The charity is governed by its Constitution adopted in October 1993 and amended in September 1997, May 2004 , May 2008 and May 2021.
## **BOARD OF TRUSTEES**
G R Dixon, BSc PhD FCIHort CBiol FRSB (Chairman) R H Collier PhD (Deputy Chairperson)
R J Bogers, PhD W J Davies CBE PhD D Gray, OBE MA PhD DSc FCIHort ( Resigned May 2021) P Gregory BSc PhD Hon Dr (Debrecen) FIHort CBiol FRSB FRASE P Hadley BSc PhD P R Mills, BSc PhD MBA J R Pitt, LLB
## **INVESTMENT MANAGERS**
Rathbones Investment Management 8 Finsbury Circus London EC2 7AZ
## **EDITOR**
Prof. B Thomas 44 Church Street Hampton Lucy Warwickshire CV35 8BE
## **INDEPENDENT EXAMINER**
A R Worrall, FCMA 6 The Shrubberies Coventry CV4 7EF
## **PUBLISHERS**
Taylor & Francis 4 Park Square Milton Park Abingdon OX14 4RN
## **BANKERS**
Lloyds Bank Plc 41/43 South Street, Worthing West Sussex BN11 3AU
## **SECRETARY/TREASURER**
R Preedy
## **REGISTERED OFFICE**
21 Mantilla Drive Styvechale Grange Coventry CV3 6NJ
**1**
**THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
**1.**
## **BOARD OF TRUSTEES**
The Board met virtually on Thursday 6th May 2021, because of the governments travel restrictions due to Covid 19 the meeting was conducted using Microsoft Teams software, arranged by the University of Reading.
## **2. CHARITABLE OBJECTIVES AND PUBLIC BENEFIT**
To advance research into the science and practice of agriculture with particular reference to horticulture and assist in the dissemination of the results of the said research work by the publication of a Journal. Journal to be called "The Journal of Horticultural Science and Biotechnology", which shall be available to members of the general public. The trustees have taken account of the Charity Commission 's general guidance on public benefit when setting ours aims and objectives and in planning our future activities
**3. PUBLICATION**
JHSB 2021 Publication report Volume 96 was published in 2021 on schedule. It contained 6 issues, 79 original articles, including 12 reviews in a total of 817 pages. At the time of preparing this report (Late Feb 2022) one issues of Volume 97 has been published in hard copy and issue 2 is in production. The number of new submissions in the year was 619, of which approximately 10% were reviews. There are currently 51 accepted papers in the backlog, which is sufficient to fill the issues 2 (March), 3 (May), 4 (July), and 5 (September) 2022. I would expect that the papers under review would generate enough acceptances for at least 1 further issue to complete Volume 97. The total number of manuscripts handled by the Editorial Office in 2021, when revisions were included was approx 730. This is less that received in 2020, which appeared to be anomalous and linked to the pandemic. The numbers are now back to the level of submissions in 2019. Brian Thomas stepped down as Senior Editor at the end of 2021 when Graham Seymour took over responsibility, including for all new submissions. Brian Thomas continues to handle papers assigned to him before the handover. There are currently about 10 such papers in review.
**4. FINANCIAL RESULTS**
Publication income is based on a royalty agreed between the Journal and the publishers Taylor and Francis. Income for 2021 is £ 83,304 (2020 £ 92,170). The royalty income is considerably less this year, however it should be viewed against a background of the restrictions that Coronavirus has inflicted globally. When the Taylor and Francis contribution to the editorial costs are taken in consideration along with investment income, bank deposit interest and miscellaneous income the total income for the year is £ 100,917 ( 2020 £ 105,829). The second tranche of the special research award of £10,000 was made. The total award being £30,000 spread over three years.
## **RESERVES**
- **5** The Board's policy was to aim to hold a reserve of more than double the total annual expenditure. In the light of the royalty arrangements the Board has agreed it will monitor the position on an annual basis.
## **INVESTMENTS**
- **6** Investments are made at the Board's discretion. They are reviewed annually with advice from the Investment Managers who also monitor the portfolio throughout the year.
The independently examined accounts for the year form part of this report.
**Prof G R Dixon Chairman of Trustees**
**Mr R Preedy Secretary/Treasurer**
**2**
## **Independent Examiner’s Report to the Trustees of the Journal of Horticultural Science and Biotechnology**
I report to the trustees on my examination of the accounts of the Trust for the year ended 31 December 2021, which are set out on pages 4 to 10.
## **Responsibilities and basis of report**
As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act ").
I report in respect of my examination of the Trust's account carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content
of accounts set out in the Charities (Accounts and Reports) Regulation 2008 other than any
requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Name: A.R.Worrall FCMA Address: 6 The Shrubberies Coventry CV4 7EF
Date: May 2022
3
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2021**
|**Note**
**Fixed assets**
Investments
**3**
**Current assets**
Debtors
**4**
Cash at bank
Deposit account
**Creditors: amounts falling due within one year**
**5**
**Net current assets**
**Total assets less current liabilities**
**Unrestricted Funds:**
**Reserves**
**6**
**Investment Revaluation Reserve**
**7**
**Approved by the Board of Trustees**|**2021**
**£**
696,178
39,965
7,000
90,735
137,700
(7,799)
129,901
826,079
**£**
660,371
165,708
826,079|**2020**
**£**
513,540
50,604
3,884
145,723
200,211
(9,471)
190,740
704,280
**£**
609,164
95,116
704,280|
|---|---|---|
............................................................................ **Chairman Prof G R Dixon**
............................................................................ **Secretary/Treasurer R Preedy**
**4**
**THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **INCOME AND EXPENDITURE STATEMENT**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Note**
Royalties receivable Volume 96-95
Editorial contribution
**Total surplus on Journal**
Other expenses
**2**
Operating Profit/ (Loss)
Investment income
Deposit interest (gross)
**Surplus /(Deficit) carried to Reserves**
**6**|**2121**
**£**
83,304
5,555
88,859
(49,710)
39,149
12,046
12
51,207|**2020**
**£**
92,170
5,555
97,725
(45,120)
52,605
8,031
73
60,709|
|---|---|---|
The Income and Expenditure Statement is derived from the Statement of Financial Activities on page 6 together with the notes to the accounts on pages 7 to 10.
**5**
**THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Note**
**Incoming Resources**
Royalties receivable Volume 96-95
Editorial Contribution
**Investment income (gross)**
Investment income
Deposit interest
**Total Incoming Resources**
**Resources Expended**
Direct charitable expenses:
Editor's remuneration and NI
Stationery /sundry items / IT equipt
Management and administration:
Secretary/ Treasurer's remuneration and NI
Postage, telephone etc
Audit and accountancy
Insurance
Recruitment Advert for Senior Editor
I T Software and consumables
Travel and meetings
Investment Manager fee
Special Research Award
Marketing/Social Media
**Total Resources Expended**
**2**
**Net Incoming Resources For The Year**
**6**
**Other Recognised Gains and Losses**
Gain/( Diminution) on investments
**7**
**Net Movement In Funds**
Funds Balances Brought Forward at 1 January 2021
**Funds Balances Carried Forward at 31 December**|**£**
83,304
5,555
16,364
1,464
14,345
0
850
501
999
404
1,377
1,071
10,000
2,335
**2021**|**2021**
**£**
88,859
12,046
12
100,917
17,828
31,882
49,710
51,207
70,592
121,799
704,280
826,079|**£**
92,170
5,555
14,725
639
13,725
8
825
501
0
426
1,632
739
10,000
1,900|**2020**
**£**
97,725
8,031
73
105,829
15,364
29,756
45,120
60,709
30,441
91,150
613,130
704,280|
|---|---|---|---|---|
**There were no other gains or losses in the year other than those reported above.**
**6**
**THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES AND TRUSTEES RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS**
## **Trustees Responsibilities**
The Charities Act requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's activities during the year and of its financial position at the end of the year.
In preparing the accounts the trustees have:
- selected suitable accounting policies and applied them consistently;
- made judgements and estimates that are reasonable and prudent;
- followed applicable accounting standards;
- prepared the accounts on a going concern basis.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the charity's assets, and hence for taking reasonable steps for the prevention and detection of error, fraud, and other irregularities.
## **Basis of Accounting**
The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value, and in accordance with applicable accounting standards. In preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice.
## **Publication Income**
Publication income is based on royalties paid by Taylor & Francis (the Journals publisher's) as set out in the publishing agreement dated 1st July 2015.
## **Production Costs**
The production costs of each volume are charged fully in the year to which the volume relates.
## **Investments**
Investments are included at market value.
## **Investment Income**
Investment income is transfered direct to the Journals Investment Portfolio on a quarterly basis, by Rathbones.
**7**
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **31 DECEMBER 2021**
|**2 OTHER EXPENSES**
Editor's remuneration and NI
Secretary/Treasurer's remuneration and NI
Stationery, printing and photocopying
Postage, telephone etc
Recruitment Advert for Senior Editor
Audit and accountancy
IT consumables
Insurance
Travel and meetings
Investment Manager fee
Special Research Award
Marketing/Social Media|**2021**
**£**
16,364
14,345
693
-
999
850
1,175
501
1,377
1,071
10,000
2,335
49,710|**2020**
**£**
14,725
13,725
639
8
-
825
426
501
1,632
739
10,000
1,900
45,120|
|---|---|---|
Other expenses can be split between direct charitable expenditure of £ 17,828 and management and administration of £31,882 (2020 £15,364 and £29,756).
## **Employee information**
The Charity employed three employees during the year to deal with all the administrative and editorial duties of the Charity. There were no members of staff paid more than £60,000 within the year.
## **Trustee remuneration and expenses**
Trustee remuneration paid during the year was nil.
Included within travel and meeting expenses is the sum of £1,133 for expenses incurred by all of the trustees, including all business meetings by trustees (2020 £1,311).
## **Related party transactions**
There were no related party transactions in 2021
**8**
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021**
## **3 INVESTMENTS**
|**Listed at Market value**
Investment Management portfolio
**4**
**DEBTORS AND PREPAYMENTS**
Sundry debtors
**5**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Sundry creditors and accruals|**2021**
**£**
696,178
696,178
**2021**
**£**
39,965
39,965
**2021**
**£**
7,799
7,799|**2020**
**£**
513,540
513,540
**2020**
**£**
50,604
50,604
**2020**
**£**
9,471
9,471|
|---|---|---|
**9**
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **31 DECEMBER 2021**
## **6 RESERVES**
|Balance at 1 January 2021
Surplus / (Deficit ) for the year
Balance at 31 December 2021
**7**
**INVESTMENT REVALUATION RESERVE**
Balance at 1 January 2021
Gain/Diminution in Valuation
Balance at 31 December 2021|**2021**
**£**
609,164
51,207
660,371
**2021**
**£**
95,116
70,592
165,708|**2020**
**£**
548,455
60,709
609,164
**2020**
**£**
64,675
30,441
95,116|
|---|---|---|
## **8 STATUS**
The Journal of Horticultural Science and Biotechnology is a registered charity (No. 211855).
## **9 TAXATION**
The Journal of Horticultural Science and Biotechnology is exempt from Income Tax, Capital Gains Tax and Corporation Tax but is required to be registered for Value Added Tax (No. 203 9712 80).
**10**