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2020-12-31-accounts

Registered number: 00078001 Charity number: 237771

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 8
Independent auditors' report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 27

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Professor Hugh Gordon Dickinson, Principal
Professor Roderick Hunt
Doctor Michael Barson Jackson
Company registered
number
00078001
Charity registered
number
237771
Registered office
1 Emperor Way
Exeter Business Park
Exeter
EX1 3QS
Company secretary
Professor Roderick Hunt
Chief executive officer
The Company Secretary and Treasurer is delegated by the trustees to conduct
most of the day to day affairs of the Company.
Independent auditors
Bishop Fleming LLP
Chartered Accountants
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
Bankers
National Westminster Bank plc
Exeter Business Centre
Vantage Point
Pynes Hill
Exeter
EX2 5FD
Bank of Scotland plc
8 Lochside Avenue
Edinburgh
EH12 9DJ
Santander UK plc
Bridle Road
Bootle
GIR 0AA
Solicitors
Ashfords LLP
Ashfords House
Grenadier Road
Exeter
EX1 3LH

Page 1

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the audited financial statements of the Annals of Botany Company for the 1 January 2020 to 31 December 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The Annals of Botany Company aims to deliver public benefit by supporting the publication of original plant science in the serial publications Annals of Botany, AoB PLANTS and in silico Plants, and in the weblog BotanyOne and the newsletter The Week in Botany. Scientific research papers are at the heart of science itself. They are the principal method of communication of results and ideas, both among scientists and to the world more generally. The contents of the Company’s journals cover all areas of plant science, include those applying molecular, analytical, mathematical, and statistical techniques to examine topical questions at any level of biological organization ranging from cell to community, from tissue culture to crop production, and from microclimate to ecosystem. The journals’ scope extends to all flowering and non flowering taxa, and to taxonomic and evolutionary questions particularly when these are addressed using molecular tools.

The Company pays close regard to the Charity Commission’s general guidance on public benefit when interpreting its aims and objectives and in planning future activities which will contribute to them.

Publication in the Annals of Botany is available in hard copy and online, both free of charge, to any author submitting what is in the judgement of the Editors an original and substantial manuscript of general interest. Published papers are personally accessible free of charge to any reader worldwide after a maximum of two years from publication and are accessible immediately to all paying subscribers and users of public libraries

Publication in AoB PLANTS is available in online format only to any author submitting what is in the judgement of the Editors an original and substantial manuscript of at least specialist interest. All published papers in AoB PLANTS are ‘open access’, that is, they are immediately accessible online and free of charge to any reader worldwide. The journal is sustained by article processing charges which are levied upon its authors. A scheme exists to waive or reduce these charges in certain cases of hardship.

Publication in in silico Plants is available in online format only to any author submitting what is in the judgement of the Editors an original and substantial manuscript of general interest within the field of computational plant science. All published papers in in silico Plants are ‘open access’, that is, they are immediately accessible online and free of charge to any reader worldwide. The journal is sustained by article processing charges which are levied upon its authors. A scheme exists to waive or reduce these charges in certain cases of hardship.

Publication and commenting within the medium of BotanyOne is moderated by an Academic Editor and freelance specialists appointed by the Company. Acceptable posts are immediately accessible online and free of charge to any reader worldwide. Items appearing within the newsletter The Week in Botany are selected by an Editor from material culled mechanically from the world’s plant science literature.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities (continued)

b. Strategies for achieving objectives

c. Activities undertaken to achieve objectives

The Members of the Annals of Botany Company, up to a maximum of ten, sustain and monitor the performance of an organization designed expressly to achieve its main objectives. This organization comprises a three person Company Executive, four Chief or Academic Editors, three Managing Editors, one or more Editorial Assistants, ten specialist or advisory Editors, more than forty Subject Editors and (over any six month period) more than five hundred International Review Board members. Both the Company and its journals maintain informative web pages with the addresses annalsofbotanycompany.com, academic.oup.com/aob, academic.oup.com/aobpla, academic.oup.com/insilicoplants, and aobblog.com. The three members of the Company's Executive (the Charitable Trustees) manage the Company's affairs without remuneration in the intervals between the Company’s full meetings. In 2020, the Chief Editor of Annals of Botany, and the Special Duties Editor within Annals of Botany, receive a part time salary which is paid by the Company through a UK payroll agency. The Chief Editors oversee their respective Editorial Offices and control all editorial affairs. The Managing Editor and the Editorial Assistant serving in the Annals of Botany Editorial Office are employed by the University of Oxford using funds supplied by the Company. Staff of AoB PLANTS and in silico Plants are US nationals with offices in the USA. The Editor of the weblog BotanyOne is employed by the University of Oxford using funds supplied by the Company. Four Regional Editors provide an international presence for Annals of Botany and promote liaison in important overseas territories. They each receive a flat rate honorarium from the Company. Four Sectional Editors within in silico Plants also receive a flat rate honorarium. Forty six Subject Editors, across both Annals of Botany and AoB PLANTS, recommend decisions on submitted manuscripts to their Chief Editors after arranging for peer review. Certain of these Editors receive a small honorarium per manuscript handled. More than five hundred International Review Board members (in each six month period) conduct peer reviews of the submitted manuscripts. They work without payment.

d. Grant-making policies

The Trustees are empowered by Company's Memorandum of Association to make grants and donations to botanical scientists and organizations with a view to forwarding botanical science, to assist in relevant research or allow suitable individuals to attend relevant conferences, particularly when they also either present a paper to the journal or will present one as a result of their attendance. However, support for freely distributed products such as BotanyOne and The Week in Botany are now seen as offering greater and more general benefit to plant science than the awarding of single grants, which are being reduced in number and value.

Page 3

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

a. Key performance indicators

The Trustees pay special regard to seven KPIs.

(1) Level of revenue.

(2) Level of expenditure.

(3) Number of articles published.

(4) Reach of titles.

(5) Impact of titles.

(6) Level of Grants Fund.

(7) Level of freely distributed benefit.

b. Review of activities

In the calendar year 2020 the journal Annals of Botany appeared for the 134th year in unbroken succession. Seven issues within Volume 125 and seven within Volume 126 were published. The total number of edited pages in 2020 was 2,372 (2,508 in 2019). One Special (or Focus) Issue appeared (three in 2019), dealing with Functional-Structural Plant Growth Modelling. One example of a less exhaustive ‘Highlight Issue’ (containing smaller collections of special topic papers) appeared in 2020, ‘Bryophytes’ (one in 2019). Twelve ‘Review’ articles appeared (ten in 2019); five ‘Viewpoints’ were published (six in 2019), seven ‘Research in Context’ articles (four in 2019), and three ‘Technical Articles’ (one in 2019). Seventeen examples of ‘Commentary’ articles discussing selected recent articles from the journal appeared in 2020 (13 in 2019). As usual, original research articles comprised the bulk of the journal, with 153 being published in 2020 (175 in 2019). The total number of pages published was 12% below target (10% below target in 2019). The practice of including a different full colour illustration on the outside cover each month was continued, together with a full colour ContentSnapshot preview of every article. The publication of the journal remained in the hands of Oxford University Press.

AoB PLANTS, also with Oxford University Press, maintained its high quality of production and level of service to authors. The journal published 69 articles across 849 pages (77 and 884 in 2019) and continued to levy Article Processing Charges, with four exemptions being awarded (one in 2019). In 2020 its revenue decreased 9% below that of the previous year (18% increase in 2019).

The Company’s latest open access, online only journal, in silico Plants, appeared for its first complete year in 2020. It deals with all aspects of computational plant science and Oxford University Press is again the publisher. Volume 2 was issued in 2020 and by the end of the year had accumulated 11 articles and 229 edited pages (together with the partially completed Volume 1). Income increased to £10k from £1k in 2019.

The weblog BotanyOne continued to grow in variety and prestige. The electronic newsletter, The Week in Botany continues to be sent out weekly to plant scientists on a free subscription basis. The Company’s own web presence at annalsofbotanycompany.co.uk has been maintained and continues to develop further.

Some grants and donations were distributed in support of individual activities within botanical science, but the Company’s view is now that its support for freely distributed products such as BotanyOne and The Week in Botany offers greater and more general benefit to plant science than does the awarding of single grants. These two free titles together consumed £58k of expenditure in 2020 (£48k in 2019). What grants and donations are now made, as such, are awarded only to activities that are directly helpful to the Company's own titles. These awards are itemised in a Note to the Accounts, which shows that the total value awarded in 2020 was £2k (£2k in 2019).

Page 4

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance (continued)

c. Investment policy and performance

A portion of The Annals of Botany Company’s designated Grants Fund is invested with Canaccord Genuity Wealth Management who are instructed to seek a reasonable return, and some capital growth, on a broadly ethical portfolio of UK and Worldwide equities and other stocks. At end 2020 the market value of the portfolio (after management charges of £28k) totalled £2,100k, up from £1,994k at end 2019, a gain of £134k.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

A formal Financial Policy governs the reserves of the Annals of Botany Company. The Policy was established by the Company on 17 July 1998 and has been updated three times since. The Policy governs all the financial activities of the Company in such a way as to achieve prudent and permanent delivery of the Company’s objectives. In outline, after the operating expenses of the Company have been met, all remaining reserves, which totalled £3,441k in 2020 (£3,228k in 2019), are divided into two Designated Funds. The first is a Production Reserve, held on secure deposit and designed as a bridge to support the continued production of the journals in the event of greatest foreseeable financial emergency, namely to finance one year’s production of the journals on premium terms should the Company's usual sources of income and of production both fail completely. The Company invests its Production Reserve in bank deposits and bonds. The value of this reserve in 2020 was £477k (£432k in 2019). The second Designated Fund is a Grants Fund, which totalled £2,623k in 2020 (£2,526k in 2019). This is held as a mixture of deposits (£564k in 2020, £534k in 2019) and equity based investments (£2,100k in 2020, £1,992k in 2019).

c. Principal risks and uncertainties

The Company maintains a detailed Risk Register which is reviewed and updated annually. There is also a section headed ‘Risk Management’ in this Report. Risks are classified within the categories of Governance and Management, Operational, Financial, External, and Compliance. Likelihood of occurrence and severity of impact are estimated for each topic within these categories and appropriate control processes are identified. The only topics for which retained risks are currently rated ‘medium’ rather than ‘low’ are loss of customer satisfaction, loss of business to competition, compromise or failure of IT, dependency (by statute) on limited income sources.

d. Principal funding

The Annals of Botany Company obtains income from four main sources: (i) A share of the journal's annual net profit as accounted under contract by the publisher, (ii) interest gained on cash deposits, (iii) gains made on the equities portfolio, (iv) recoverable input VAT. All income is dealt with according to the principles of the Company's Financial Policy.

Page 5

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 13 July 1903. The company is constituted under a Memorandum of Association dated 13 July 1903 and is a registered charity number 237771. The principal object of the company is ‘To promote the science of botany … [by means of] the publication known as the Annals of Botany [and other publications], … to make grants for the prosecution of botanical research and botanical travel; and … to employ such other means as [are] … conducive to the promotion of botanical science.’ (From Memorandum of Association 1903, paragraph 3A amended 1948).

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Trustees are recruited exclusively from among the (maximum ten) members of The Annals of Botany Company. Trustees are appointed or reappointed annually by the members of the Company at the AGM.

c. Policies adopted for the induction and training of Trustees

Induction and training is provided by the outgoing or surviving Trustees.

d. Organisational structure and decision making

The three Trustees are Directors of The Annals of Botany Company and comprise the Company’s Executive. They receive no remuneration for their services either as Trustees or as Directors and are charged by the Company to manage all of its affairs in the intervals between AGMs. The Company engages part-time Chief Editors and an honorary Editorial Board to edit the Company's three principal products, the journals known as Annals of Botany, AoB PLANTS and in silico Plants, together with the weblog Botany One (an interactive online commentary for plant scientists) and the newsletter The Week In Botany. The Chief Editors are assisted by fulltime, part-time, and certain casual or freelance staff as required. A commercial publisher publishes the three formal journals on behalf of the Company and the Company retains ownership of all titles.

The Company’s Trustees have complied with the duty in Section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission on public benefit.

e. Risk management

A formal Risk Management Register is maintained by The Annals of Botany Company and is reviewed annually at the AGM. The one distant but very major risk, that the publishers become in some way unable to produce the journals and that the annual income derived from the current publisher is no longer available, is safeguarded by the Company's Financial Policy (q.v.). In that eventuality, the Company would use its Production Reserve to support the costs of one year’s production by a replacement publisher who would need to be engaged on premium emergency terms. The Company maintains Public Liability and Trustee Indemnity insurances.

Page 6

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Plans for future periods

Future developments

The Annals of Botany Company plans to achieve similar or greater attainments annually over an indefinite period, in particular, to sustain and develop the future of its three published titles and to continue with the delivery of public benefit in support of botanical science more generally.

Information on fundraising practices

The Charity does not undertake any fundraising activities.

Coronavirus outbreak

Because the entire activity of the Charity is conducted electronically, whether in the form of inputs, processing or outputs, the impact of the Coronavirus outbreak on the Charity is expected to be minimal so long as there remains plant science research to report.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 7

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Auditors

The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 17 June 2021 and signed on their behalf by:

Professor Roderick Hunt

Page 8

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNALS OF BOTANY COMPANY

Opinion

We have audited the financial statements of Annals of Botany Company (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 9

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNALS OF BOTANY COMPANY (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNALS OF BOTANY COMPANY (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We identified and obtained an understanding of the laws and regulations that are of significance to the Charity by discussions with Trustees and by updating our understanding of the sector in which the Charity operated in. Laws and regulations that are of direct significance to the Charity and of which non compliance could result in material misstatement are the Charities Act, Companies Act, Charities SORP and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

Page 11

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANNALS OF BOTANY COMPANY (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Borton FCA DChA (Senior statutory auditor)

for and on behalf of Bishop Fleming LLP

Chartered Accountants Statutory Auditors

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS

15 July 2021

Page 12

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
Total expenditure
Net income before net (losses)/gains on
investments
Net (losses)/gains on investments
Net movement in funds before other recognised
gains
Other recognised gains:
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
508,664
31,323
539,987
28,155
403,145
431,300
108,687
(15,388)
93,299
119,670
212,969
3,228,037
212,969
3,441,006		 Total
funds
2020
£
508,664
31,323
539,987
28,155
403,145
431,300
108,687
(15,388)
93,299
119,670
212,969
3,228,037
212,969
3,441,006		 Total
funds
2019
£
447,957
47,311
495,268
23,152
368,224
391,376
103,892
26,292
130,184
266,483
396,667
2,831,370
396,667
3,228,037

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 27 form part of these financial statements.

Page 13

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:00078001

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total net assets
Charity funds
Unrestricted funds
15
Total funds		 535,410
888,043
1,423,453
(82,543)		 2020
£
2,100,096
2,100,096
1,340,910
3,441,006
3,441,006
3,441,006		 458,923
884,141
1,343,064
(106,853)		 2019
£
1,991,826
1,991,826
1,236,211
3,228,037
3,228,037
3,228,037

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 15 July 2021 and signed on their behalf by:

Professor Roderick Hunt

The notes on pages 15 to 27 form part of these financial statements.

Page 14

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

Annals of Botany Company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 13 July 1903. The charities registered number is 23771 and the registered office is 1 Emperor Way, Exeter Business Park, Exeter, EX2 3QS.

2. Accounting policies

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Annals of Botany Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 INCOME

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.3 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 15

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.5 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 LIABILITIES

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.9 FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 PENSIONS

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.11 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 16

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management do not consider there to be estimates or assumptions that pose a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year.

4. Income from charitable activities

Unrestricted
funds
2020
£
AoB journal
482,078
AoB Plants journal
26,586
Total 2020
508,664
Total 2019
447,957		 Total
funds
2020
£
482,078
26,586
508,664
447,957		 Total
funds
2019
£
447,957
-
447,957

5. Investment income

Unrestricted
funds
2020
£
Dividend income
24,970
Bank and other interest
6,353
31,323
Total 2019
47,311		 Total
funds
2020
£
24,970
6,353
31,323
47,311		 Total
funds
2019
£
39,059
8,252
47,311

Page 17

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Investment management costs

Unrestricted
funds
2020
£
Portfolio management fee
28,155
Total 2019
23,152		 Total
funds
2020
£
28,155
23,152		 Total
funds
2019
£
23,152

7. Analysis of grants

Grants, AoB journal
Grants, ISP journal
Total 2019		 Grants to
Individuals
2020
£
-
1,922
1,922
1,789		 Total
funds
2020
£
-
1,922
1,922
1,789		 Total
funds
2019
£
1,789
-
1,789

8. Analysis of expenditure by activities

AoB journal
AoB Plants journal
AoB Blog
ISP journal
Goverance costs
Total 2019		 Activities
undertaken
directly
2020
£
185,362
34,224
54,444
66,707
-
340,737
270,160		 Grant
funding of
activities
2020
£
-
-
-
1,922
-
1,922
1,789		 Support
costs
2020
£
21,544
-
3,388
1,000
34,554
60,486
96,274		 Total
funds
2020
£
206,906
34,224
57,832
69,629
34,554
403,145
368,223		 Total
funds
2019
£
176,732
52,030
47,586
78,204
13,671
368,224

Page 18

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Chief and
additional
editorial
wages and
salaries
Chief editor fees
Chief editor
office
Section editors
Managing editor
Managing editor
office
Handling editors
honoraria
Manuscript
handling fees
Blog writer
Payroll fees
Computer and
sundry
expenses
Total 2019		 AoB journal
2020
£
25,149
6,478
8,242
-
46,933
-
47,442
49,690
-
1,196
232
185,362
157,901		 AoB
PLANTS
journal
2020
£
-
13,274
-
15,260
-
-
-
5,485
-
-
205
34,224
14,350		 AoB Blog
2020
£
-
2,602
-
-
43,723
-
512
-
7,540
-
67
54,444
32,500		 ISP journal
2020
£
-
-
-
16,000
50,000
-
-
-
-
-
707
66,707
65,409		 Total
funds
2020
£
25,149
22,354
8,242
31,260
140,656
-
47,954
55,175
7,540
1,196
1,211
340,737
270,160		 Total
funds
2019
£
25,507
19,538
55,828
16,395
86,484
5,730
41,800
16,174
1,917
787
-
270,160

Page 19

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities (continued)

Analysis of support costs

AoB journal
2020
£
Lecturer attendance fees
-
External travel and meeting costs
-
Company office costs
8,610
Internal travel and meeting costs
1,733
Journal promotion
11,201
Accountancy and other finance related
costs
-
21,544
Total 2019
17,042
Lecturer attendance fees
External travel and meeting costs
Company office costs
Internal travel and meeting costs
Journal promotion
Accountancy and other finance related costs
Total 2019		 AoB
PLANTS
journal
2020
£
-
-
-
-
-
-
-
37,680
Goverance
costs
2020
£
-
-
20,121
-
-
14,433
34,554
13,671		 AoB Blog
2020
£
-
-
2,324
1,064
-
-
3,388
15,086
Total
funds
2020
£
-
-
31,055
2,797
12,201
14,433
60,486
96,274		 ISP journal
2020
£
-
-
-
-
1,000
-
1,000
12,795
Total
funds
2019
£
3,368
45,915
22,267
11,053
-
13,671
96,274

Page 20

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. Auditors' remuneration

Fees payable to the company's auditor for the audit of the company's
annual accounts
Fees payable to the company's auditor in respect of:
All non-audit services not included above
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2020
£
4,800
8,600
2020
£
23,917
887
345
25,149		 2019
£
4,420
3,458
2019
£
21,961
915
2,631
25,507

10. Staff costs

The average number of persons employed by the company during the year was as follows:

2020 2019
No. No.
2 2

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel comprise the trustees who received no remuneration benefits during the year.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).

During the year ended 31 December 2020, expenses totalling £3,058 were reimbursed or paid directly to 2 Trustees (2019 - £6,521 to 3 Trustees). These amounts relate to reimbursements of travel and expenditure incurred on behalf of the charity.

Page 21

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Fixed asset investments

Cost or valuation
At 1 January 2020
Additions
Disposals
Revaluations
Net movement
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
HISTORICAL COST		 Listed
investments
£
1,923,313
286,199
(258,424)
119,669
-
2,070,757
2,070,757
1,923,313		 Cash
dealing
account
£
68,512
-
-
-
(39,173)
29,339
29,339
68,512		 Total
£
1,991,825
286,199
(258,424)
119,669
(39,173)
2,100,096
2,100,096
1,991,825

The historic cost of investments reflected in the balance sheet valuation as above was £1,325,163 (2019: £1,317,989).

13. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2020
£
507,906
22,693
4,811
535,410		 2019
£
447,832
7,805
3,286
458,923

Page 22

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension contribution
Accruals and deferred income		 2020
£
5,221
1,489
68
75,765
82,543		 2019
£
32,636
653
68
73,496
106,853

Page 23

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Production
Reserve
Promotions
Fund for
Botanical
Science
General funds
General Funds
Total
Unrestricted
funds		 Balance at 1
January
2020
£
432,000
2,525,877
2,957,877
270,160
3,228,037		 Income
£
-
-
-
539,987
539,987		 Expenditure
£
-
-
-
(431,300)
(431,300)		 Transfers
in/out
£
45,000
(6,890)
38,110
(38,110)
-		 Gains/
(Losses)
£
-
104,282
104,282
-
104,282		 Balance at
31
December
2020
£
477,000
2,623,269
3,100,269
340,737
3,441,006

Production Reserve

Production reserve is a designated fund which has been earmarked by the Trustees to provide finance for one year's production of the journal on premium terms in the event of an emergency.

Promotions Fund for eBotanical Science

The Promotions Fund for Botanical Science is to generate income for the purpose of supporting botanical science more generally by means of grants, donations and promotional activity on behalf of the Company's publications.

Page 24

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Statement of funds (continued) Statement of funds - prior year

Unrestricted
funds
Designated
funds
Production
Reserve
Promotions
Fund for
Botanical
Science
General funds
General Funds
Total
Unrestricted
funds		 Balance at
1 January
2019
£
426,000
2,165,722
2,591,722
239,647
2,831,369		 Income
£
-
-
-
495,268
495,268		 Expenditure
£
-
-
-
(391,375)
(391,375)		 Transfers
in/out
£
6,000
67,380
73,380
(73,380)
-		 Gains/
(Losses)
£
-
292,775
292,775
-
292,775		 Balance at
31
December
2019
£
432,000
2,525,877
2,957,877
270,160
3,228,037

16. Summary of funds

Summary of funds - current year

Designated
funds
General funds		 Balance at 1
January
2020
£
2,957,877
270,160
3,228,037		 Income
£
-
539,987
539,987		 Expenditure
£
-
(431,300)
(431,300)		 Transfers
in/out
£
38,110
(38,110)
-		 Gains/
(Losses)
£
104,282
-
104,282		 Balance at
31
December
2020
£
3,100,269
340,737
3,441,006

Page 25

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. Summary of funds (continued)

Summary of funds - prior year

Designated
funds
General funds		 Balance at
1 January
2019
£
2,591,722
239,647
2,831,369		 Income
£
-
495,268
495,268		 Expenditure
£
-
(391,375)
(391,375)		 Transfers
in/out
£
73,380
(73,380)
-		 Gains/
(Losses)
£
292,775
-
292,775		 Balance at
31
December
2019
£
2,957,877
270,160
3,228,037

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2020
£
Fixed asset investments
2,100,096
Current assets
1,423,453
Creditors due within one year
(82,543)
Total
3,441,006
Analysis of net assets between funds - prior period
Unrestricted
funds
2019
£
Fixed asset investments
1,991,826
Current assets
1,343,064
Creditors due within one year
(106,853)
Total
3,228,037		 Total
funds
2020
£
2,100,096
1,423,453
(82,543)
3,441,006
Total
funds
2019
£
1,991,826
1,343,064
(106,853)
3,228,037

Page 26

ANNALS OF BOTANY COMPANY (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Operating lease commitments

At 31 December 2020 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2020
£
19,476
1,623
21,099		 2019
£
19,476
1,623
21,099

19. Grants and donations

ISP, Plant Molecular Biology Gordon Research Conference
AoB Lecturer, Arizona
Biophysics of Phosynthesis, Rome
ISP, Plant Molecular Biology Arabidopis Research Conference
ISP, Botany Virtual Conference
ISP, Contribution to AgMIP Advances Part 1 : Modelling		 2020
£
478
-
-
386
672
386
1,922		 2019
£
776
388
208
-
-
-
1,372

Page 27