2022-12-31-accounts - The Journal Of Horticultural Science And Biotechnology

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Reports and Financial Statements

The Journal of Horticultural Science and Biotechnology

Year Ended 31 December 2022

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

CONTENTS
	Page
Year Ended 31 December 2022
Board of Trustees etc.	1
Trustees' Report	2
Independent Examiner's Report	3
Balance Sheet	4
Income and Expenditure Statement	5
Statement of Financial Activities	6
Notes to the Financial Statements	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 amen 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 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

G Seymour 22 Troutbeck Crescent Bramcote Nottingham NG9 3BP

INDEPENDENT EXAMINER

T Lamley CIMA 112 Leicester Road Bedworth Warks

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

nded in

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

BOARD OF TRUSTEES

The Board met on Thursday 5th May 2022, in the Enghlefield Room at the School of Agriculture, 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

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 continued to handle papers assigned to him before the handover.

Volume 97 was published in 2022 on schedule. It contained 6 issues, 68 original articles, including 14 reviews and 3 editorials in a total of 798 pages. At the time of preparing this report (early March 2023) two issues of Volume 98 have been published and issue 3 is being prepared. The number of new submissions in the year was 448, of which approximately 14% were reviews. There are currently around 30 accepted papers in the backlog, which is sufficient to fill the issues 3 (May), 4 (July), and 5 (September) 2023. I would expect that the papers under review would generate enough acceptances for at least 2 further issues and therefore to readily complete Volume 98.

The total number of manuscripts handled by the Editorial Office in 2022, when revisions were included was approx 620. This included five papers from 2021 and manuscripts accepted after proof-reading. The total number of papers is less that received in 2020 and 2021. The somewhat lower submission numbers for 2022 likely reflecting effects of the pandemic where most research conducted before COVID, was then written up during the pandemic and submitted in 2020 and in 2021. The numbers now appear back to the level of submissions in 2019 with more than 94 in the first 2 months of the year.

4. FINANCIAL RESULTS

Publication income is based on a royalty agreed between the Journal and the publishers Taylor and Francis. Income for 2022 is £ 84,161 (2021 £ 83,304). The royalty income is slightly better than 2021 , however, it should be viewed against a background of the restrictions relating to Coronavirus are still having an effect 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 £ 105,888 ( 2021 £ 100,917) The third and final tranche of the special research award of £10,000 was made. The total award being £30,000 which was paid over three years.

RESERVES

5 In view of the current royalty arrangements with Taylor and Francis the Board has agreed it will monitor 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 Manage 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

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 2022, 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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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: T Lamley CIMA Address: 112 Leicester Road Bedworth

Date: May 2023

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

BALANCE SHEET

AS AT 31 DECEMBER 2022

Note Fixed assets Investments 3 Current assets Debtors 4 Cash at bank Deposit account Creditors: amounts falling due within one yea 5 Net current assets Total assets less current liabilities Unrestricted Funds: Reserves 6 Investment Revaluation Reserve 7 Approved by the Board of Trustees	2022 £ 674,362 40,994 12,993 60,767 114,754 (7,895) 106,859 781,221 £ 702,668 78,553 781,221	2021 £ 696,178 39,965 7,000 90,735
		137,700 (7,799)
		129,901
		826,079
		£ 660,371 165,708
		826,079

..................................................................... Chairman Prof G R Dixon

..................................................................... Secretary/Treasurer

R Preedy

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

INCOME AND EXPENDITURE STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2022

Note Royalties receivable Volume 97-96 Editorial contribution Total surplus on Journal Other expenses 2 Operating Proft/ (Loss) Investment income Deposit interest (gross) Surplus /(Defcit) carried to Reserves 6	2022 £ 84,161 5,555 89,716 (62,791) 26,925 15,339 33 42,297	2021 £ 83,304 5,555
		88,859 (49,710)
		39,149 12,046 12
		51,207

The Income and Expenditure Statement is derived from the Statement of Financial Activities on p together with the notes to the accounts on pages 7 to 10.

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note £ Incoming Resources Royalties receivable Volume 97-96 84,161 Editorial Contribution 5,555 Investment income (gross) Investment income Deposit interest Total Incoming Resources Resources Expended Direct charitable expenses: Editor's remuneration and NI 26,356 Stationery /sundry items / IT equipt 827 Management and administration: Secretary/ Treasurer's remuneration and NI 15,115 Postage, telephone etc 16 Audit and accountancy 800 Insurance 516 Recruitment Advert for Senior Editor 0 I T Software and consumables 1,168 Travel and meetings 4,449 Investment Manager fee 1,109 Special Research Award 10,000 Marketing/Social Media 2,435 Total Resources Expended 2 Net Incoming Resources For The Yea 6 Other Recognised Gains and Losses Gain/( Diminution) on investments 7 Net Movement In Funds Funds Balances Brought Forward at 1 January 2022 Funds Balances Carried Forward at 31 December 2022	2022 £ 89,716 15,339 33 105,088 27,183 35,608 62,791 42,297 (87,155) (44,858) 826,079 781,221	£ 83,304 5,555 16,364 1,464 14,345 0 850 501 999 404 1,377 1,071 10,000 2,335	2021 £ 88,859 12,046 12
			100,917
			17,828 31,882
			49,710
			51,207 70,592
			121,799 704,280
			826,079

There were no other gains or losses in the year other than those reported above.

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2022

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 Year Ended 31 December 2022

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 irregulariti

Basis of Accounting

The financial statements are prepared under the historical cost convention as modified the inclusion of investments at market value, and in accordance with applicable accoun standards. In preparing the financial statements the charity follows best practice as lai in the Statement of Recommended Practice "Accounting and Reporting by Charities" (S 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 publish 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

Investments

Investments are included at market value.

Investment Income

Investment income is transfered direct to the Journals Investment Portfolio on a quarte by Rathbones.

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022

2 OTHER EXPENSES

Editor's remuneration and NI Secretary/Treasurer's remuneration and NI Stationery, printing and photocopying (inc diaries) 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	2022 £ 26,356 15,115 827 16 - 800 1,168 516 4,449 1,109 10,000 2,435 62,791	2021 £ 16,364 14,345 693 - 999 850 1,175 501 1,377 1,071 10,000 2,335
		49,710

Other expenses can be split between direct charitable expenditure of £ 27,183 and management and administration of £35,608 (2021 £17,828 and £31,882).

Employee information

The Charity employed three employees during the year to deal with all the administrative and ed 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 £3517 for expenses incurred by all of trustees, including all business meetings by trustees (2021 £1,133).

Related party transactions

There were no related party transactions in 2022

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2022

3 INVESTMENTS Listed at Market value Year Ended 31 December 2022 4 DEBTORS AND PREPAYMENTS Sundry debtors 5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors and accruals	2022 £ 674,362 674,362 2022 £ 40,993 40,993 2022 £ 7,895 7,895	2021 £ 696,178
		696,178
		2021 £ 39,965
		39,965
		2021 £ 7,799
		7,799

THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2022

6 RESERVES Year Ended 31 December 2022 Surplus / (Defcit ) for the year Balance at 31 December 2022 7 INVESTMENT REVALUATION RESERVE Balance at 1 January 2022 Gain/Diminution in Valuation Balance at 31 December 2022	2022 £ 660,371 42,297 702,668 2022 £ 165,708 (87,155) 78,553	2021 £ 609,164 51,207
		660,371
		2021 £ 95,116 70,592
		165,708

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).