## **Reports and Financial Statements**
**The Journal of Horticultural Science and Biotechnology**
**Year Ended 31 December 2024**
**THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
|**CONTENTS**||
|---|---|
||**Page**|
|Year Ended 31 December 2024||
|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 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 OBE 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 30 Gresham Street London EC2V 7QN
## **EDITOR**
G Seymour 22 Troutbeck Crescent Bramcote Nottingham NG9 3BP
## **INDEPENDENT EXAMINER**
T Lamley CIMA 112 Leicester Road Bedworth Warks
## **DEPUTY EDITOR**
J Hammond 90 Lower Henley Road Caversham Reading RG4 5LE
## **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
**1**
**THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
**1.**
## **BOARD OF TRUSTEES**
The Board met on Thursday 8th May 2024, at Riseholme Hall, University of Lincoln Riseholme Park Lincoln LN2 2LG
## **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 99 has published on schedule. It contained 61 original articles, including 11 reviews and one Editorial. The number of submissions was 579 not including revisions and resubmissions. Volume 100 is also publishing on schedule. Issues one and two have been published and I have recently selected the 10 articles and an Editorial on the Vol 98 prize for issue three (May 2025) which leaves 23 accepted papers in the backlog and around 40 papers in various stages of assessment within the system, which should be sufficient to fill the three remaining issues of Volume 100 and at least one issue of volume 101.
Dr Hammond (Deputy Editor) and I appointed two new AEs in 2024: (1) Luke Bell, Dip.Mgmt, FHEA, BSc, MSc, PhD, Department of Crop Science, University of Reading, UK.
- (2) ANA FITA, BSc, PhD, Universitat Politècnica de València, Spain.
**4.**
## **FINANCIAL RESULTS**
Publication income is based on a royalty agreed between the Journal and the publishers Taylor and Francis. Income for 2024 is £ 87,830 (2023 £ 86,701). The royalty income is slightly better than 2023 , 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 £ 115,723 ( 2023 £ 112,547). This resulted in a welcome increase of £3,176 in the Journals total income for 2024.
## **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**
**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 2024, 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: T Lamley CIMA Address: 112 Leicester Road Bedworth
Date: May 2025
3
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2024**
|**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**|**2024**
**£**
836,177
57,396
4,522
80,360
142,278
(14,110)
128,168
964,345
**£**
814,514
149,831
964,345|**2023**
**£**
762,769
56,041
1,214
59,454
116,709
(10,481)
106,228
868,997
**£**
771,643
97,354
868,997|
|---|---|---|
............................................................................ **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 2024**
|**Note**
Royalties receivable Volume 99-98
Editorial contribution
**Total surplus on Journal**
Other expenses
**2**
Operating Profit/ (Loss)
Investment income
Deposit interest (gross)
**Surplus /(Deficit) carried to Reserves**
**6**|**2024**
**£**
87,830
6,055
93,885
(72,852)
21,033
20,932
906
42,871|**2023**
**£**
86,701
5,555
92,256
(43,572)
48,684
19,605
686
68,975|
|---|---|---|
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 2024**
|**Note**
**Incoming Resources**
Royalties receivable Volume 99-98
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
Printing & stationary
Audit and accountancy
Insurance
Travel grants
I T Software and consumables
Travel and meetings
Investment Manager fee
Reading Conference
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 2024
**Funds Balances Carried Forward at 31 December**|**£**
87,830
6,055
-
26,996
721
16,897
14
0
850
498
0
943
5,381
1,748
16,076
2,728
**2024**|**2024**
**£**
93,885
20,932
906
115,723
27,717
45,135
72,852
42,871
52,477
95,348
868,997
964,345|**£**
86,701
5,555
16,182
664
16,044
12
176
825
492
1,036
888
3,479
1,209
0
2,565|**2023**
**£**
92,256
19,605
686
112,547
16,846
26,726
43,572
68,975
18,801
87,776
781,221
868,997|
|---|---|---|---|---|
**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 2024**
## **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 2024
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.
**7**
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **31 DECEMBER 2024**
## **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
Reading Conference
Marketing/Social Media|**2024**
**£**
26,996
16,897
721
14
-
850
943
498
5,381
1,748
16,076
2,728
72,852|**2023**
**£**
16,182
16,044
840
12
1,036
825
888
492
3,479
1,209
-
2,565
43,572|
|---|---|---|
Other expenses can be split between direct charitable expenditure of £ 27,717 and management and administration of £45,135 (2023 £26,726 and £16,846).
## **Employee information**
The Charity employed four 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 £4,156 for expenses incurred by all of the trustees, including all business meetings by trustees (2023 £3,125).
## **Related party transactions**
There were no related party transactions in 2024
**8**
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **31 DECEMBER 2024**
|**3**
**INVESTMENTS**
**Listed at Market value**
Year Ended 31 December 2024
**4**
**DEBTORS AND PREPAYMENTS**
Sundry debtors
**5**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Sundry creditors and accruals|**2024**
**£**
836,177
836,177
**2024**
**£**
57,396
57,396
**2024**
**£**
14,110
14,110|**2023**
**£**
762,769
762,769
**2023**
**£**
56,041
56,041
**2023**
**£**
10,481
10,481|
|---|---|---|
**9**
## **THE JOURNAL OF HORTICULTURAL SCIENCE AND BIOTECHNOLOGY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **31 DECEMBER 2024**
## **6 RESERVES**
|Balance 1st January
Surplus / (Deficit ) for the year
Balance at 31 December
**7**
**INVESTMENT REVALUATION RESERVE**
Balance at 1 January
Gain/Diminution in Valuation
Balance at 31 December|**2024**
**£**
771,643
42,871
814,514
**2024**
**£**
97,354
52,477
149,831|**2023**
**£**
702,668
68,975
771,643
**2023**
**£**
78,553
18,801
97,354|
|---|---|---|
## **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**