Reports and Financial Statements
The Journal of Horticultural Science and Biotechnology
Year Ended 31 December 2023
THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
| CONTENTS | |
|---|---|
| Page | |
| Year Ended 31 December 2023 | |
| 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 T Lawson BSc PhD CBio1 FRSB S Pearson, BSc PhD FRSB FIAgE HonFRAgS
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
DEPUTY EDITOR
J Hammond ( With effect from 1st January 2024)
BANKERS
Lloyds Bank Plc 41/43 South Street, Worthing West Sussex BN11 3AU
PUBLISHERS
Taylor & Francis 4 Park Square Milton Park Abingdon OX14 4RN
REGISTERED OFFICE
21 Mantilla Drive Styvechale Grange Coventry CV3 6NJ
SECRETARY/TREASURER
R Preedy
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Ided in
THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
1. BOARD OF TRUSTEES
The Board met on Thursday 11th May 2023, at Rathbones Investment Management, Finsbury Circus, London EC2 7AZ
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
Volume 98 was published in 2023 on schedule. It contained 6 issues, 60 original articles, including 13 reviews, two of which were commissioned minireviews in a total of 826 pages. At the time of preparing this report (late Feb 2024) two issues of Volume 99 have been published. Issue 3 will be prepared in early March. The number of new submissions in the year was 495, of which approximately 15% were reviews. There are currently around 26 accepted papers in the backlog, which is sufficient to almost fill issues 3 (May), 4 (July), and 5 (September) 2024. I would expect that the papers under review would generate enough acceptances for at least 2 further issues and therefore to readily complete Volume 99. The total number of manuscripts handled by the Editorial Office in 2023, when revisions were included was 635.The total number of new submissions was greater than 2022 which was 438. The somewhat higher submission numbers for 2023 suggest that the submission numbers are returning gradually to those prior to COVID.
4. FINANCIAL RESULTS
Publication income is based on a royalty agreed between the Journal and the publishers Taylor and Francis. Income for 2023 is £ 86,701 (2022 £ 84,161). The royalty income is slightly better than 2022 , 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 £ 112,547 ( 2022 £ 105,088). This resulted in a welcome increase of £7,459 in the Journals total income for 2023.
RESERVES
- 5 In view of the current royalty arrangements with Taylor and Francis 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
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THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
BALANCE SHEET
AS AT 31 DECEMBER 2023
| 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 |
2023 £ 762,769 56,041 1,214 59,454 116,709 (10,481) 106,228 868,997 £ 771,643 97,354 868,997 |
2022 £ 674,362 40,994 12,993 60,767 |
|---|---|---|
| 114,754 (7,895) |
||
| 106,859 | ||
| 781,221 | ||
| £ 702,668 78,553 |
||
| 781,221 |
Approved by the Board of Trustees
..................................................................... Chairman
Prof G R Dixon
..................................................................... Secretary/Treasurer
R Preedy
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THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
INCOME AND EXPENDITURE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Royalties receivable Volume 98-97 Editorial contribution Total surplus on Journal Other expenses 2 Operating Proft/ (Loss) Investment income Deposit interest (gross) Surplus /(Defcit) carried to Reserves 6 |
2023 £ 86,701 5,555 92,256 (43,572) 48,684 19,605 686 68,975 |
2022 £ 84,161 5,555 |
|---|---|---|
| 89,716 (62,791) |
||
| 26,925 15,339 33 |
||
| 42,297 |
The Income and Expenditure Statement is derived from the Statement of Financial Activities on together with the notes to the accounts on pages 7 to 10.
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THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note £ Incoming Resources Royalties receivable Volume 98-97 86,701 Editorial Contribution 5,555 - Investment income (gross) Investment income Deposit interest Total Incoming Resources Resources Expended Direct charitable expenses: Editor's remuneration and NI 16,182 Stationery /sundry items / IT equipt 664 Management and administration: Secretary/ Treasurer's remuneration and NI 16,044 Postage, telephone etc 12 Printing & stationary 176 Audit and accountancy 825 Insurance 492 Travel grants 1,036 I T Software and consumables 888 Travel and meetings 3,479 Investment Manager fee 1,209 Special Research Award 0 Marketing/Social Media 2,565 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 2023 Funds Balances Carried Forward at 31 December 2023 |
2023 £ 92,256 19,605 686 112,547 16,846 26,726 43,572 68,975 18,801 87,776 781,221 868,997 |
£ 84,161 5,555 26,356 827 15,115 16 0 800 516 0 1,168 4,449 1,109 10,000 2,435 |
2022 £ 89,716 15,339 33 |
|---|---|---|---|
| 105,088 | |||
| 27,183 35,608 |
|||
| 62,791 | |||
| 42,297 (87,155) |
|||
| (44,858) 826,079 |
|||
| 781,221 |
There were no other gains or losses in the year other than those reported above.
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THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2023
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 2023
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 4th July 2022.
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.
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THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023
2 OTHER EXPENSES
| Editor's remuneration and NI Secretary/Treasurer's remuneration and NI Stationery, printing and photocopying (inc diaries) Postage, telephone etc Travel grants Audit and accountancy IT consumables Insurance Travel and meetings Investment Manager fee Special Research Award Marketing/Social Media |
2023 £ 16,182 16,044 840 12 1,036 825 888 492 3,479 1,209 - 2,565 43,572 |
2022 £ 26,356 15,115 827 16 - 800 1,168 516 4,449 1,109 10,000 2,435 |
|---|---|---|
| 62,791 |
Other expenses can be split between direct charitable expenditure of £ 16,846 and management and administration of £26,726 (2022 £27,183 and £35,608).
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 £3,125 for expenses incurred by all of trustees, including all business meetings by trustees (2022 £3,517).
Related party transactions
There were no related party transactions in 2023
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THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2023
| 3 INVESTMENTS Listed at Market value Year Ended 31 December 2023 4 DEBTORS AND PREPAYMENTS Sundry debtors 5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors and accruals |
2023 £ 762,769 762,769 2023 £ 56,041 56,041 2023 £ 10,481 10,481 |
2022 £ 674,362 |
|---|---|---|
| 674,362 | ||
| 2022 £ 40,993 |
||
| 40,993 | ||
| 2022 £ 7,895 |
||
| 7,895 |
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THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2023
6 RESERVES
| Year Ended 31 December 2023 Surplus / (Defcit ) for the year Balance at 31 December 2023 7 INVESTMENT REVALUATION RESERVE Balance at 1 January 2023 Gain/Diminution in Valuation Balance at 31 December 2023 |
2023 £ 702,668 68,975 771,643 2023 £ 78,553 18,801 97,354 |
2022 £ 660,371 42,297 |
|---|---|---|
| 702,668 | ||
| 2022 £ 165,708 (87,155) |
||
| 78,553 |
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).
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