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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 00899518 (England and Wales)
REGISTERED CHARITY NUMBER: 261047

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

LABORATORY ANIMALS LIMITED
(A COMPANY LIMITED BY GUARANTEE)

Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

LABORATORY ANIMALS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS OF THE FINANCIAL STATEMENTS

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 20 
LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31December2020.Thetrusteeshaveadoptedthe provisions
ofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).

LaboratoryAnimalsLimitedisacompanylimitedbyguaranteeandhasnosharecapital.Thecompanywas incorporated
under the companies Act 1948. Each member has guaranteed to pay £5 in the event of winding up the company.

OBJECTIVES AND ACTIVITIES

Objectives and aims

TheMemorandumandArticlesofAssociationobligesthecompanytoapplyallitsresourcestotheadvancementof public
educationinlaboratoryanimalscience,technologyandwelfare.Theprincipalobjectivesofthecompanyareto achieve
theseaimsbypublicationoftheJournal,"LaboratoryAnimals",andbyfundingarangeofinitiativesinthefield of
laboratory animal science, especially focused on "train the trainer" initiatives.

-1-

LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

Significant activities

Theprincipalobjectivesofthecompanyhavebeenachievedin2020bypublishingthejournal"Laboratory Animals"
("LAJ"or"Journal")andbycontinuingtoprovidegrantstoattendtrainingcourses,tofundspeakersat scientific
meetings,andtoprovidefinancialassistanceforworkshops,trainingcoursesandforotherinitiativesthatarerelevant in
thefieldofLaboratoryAnimalScience,medicine,technologyandwelfare.AsaresultoftheCovid-19pandemic, the
AnnualGeneralMeetingandallmeetingsoftheTrustees,ExecutiveCommittee(EC)andEditorialBoardwere held
virtually(viaZoom).TheTrusteesheldtwosuchmeetings,andtheEC,whichoverseestheday-to-dayoperationof the
company,metonthreeoccasions.AsubgroupoftheEC(Chairman,Hon.Sec.andHon.Treasurer),heldthree meetings,
twoofwhichwereattendedbyourSeniorPublishingEditor.Thepurposeofthesemeetingswasprimarilyfor discussions
on the renewal of the contract with SAGE, the publisher of the Journal.

Aswasinstitutedin2016,thepublicationfrequencyoftheJournalhascontinuedat6issuesayear.Aswellas Original
Articles,theJournalincludedtwoWorkingGroupreports,fourReviewarticles,ShortReportsandCaseReports. The
News,NotesandComments(NNC)sectionhascontinuedtoattractmaterialsuchasreportsfrom Subscribing
Associations(SAs)onconferences,announcementsregardingfutureconferencesandevents,Editors'newsand updates
andreportsontopicalissuessuchastheimpactofCovid-19oneducationandtraining.OneSpecialIssue (Severity
Assessmentinanimalbasedresearch)waspublishedinFebruary.TheJournalcontinuestopublishtranslations of
abstracts in French, German and Spanish.

TheJournalcontinuedtooperatewithoneEditor-in-Chief(EiC)andtwodeputy-editors.InDecember2020,the EiC
retiredfromthisposition.Thedecisionwastakenthatfoureditorsbeappointed,andthatalleditorsshouldbeequal (i.e.
noEiC),butonebeassignedtoreporttotheTrustees.Oneofthecurrenteditors(PJ)wouldremaininposition, and
wouldserveastheliaisonwiththeTrustees(CouncilofManagement"CoM").Asaresultofcontactswithinthe editorial
BoardandanannouncementintheJuneissueoftheJournal,fouradditionaleditorshavebeenappointed,twoof whom
begantoreceivearticlesinNovember2020,andtheremainingtwotobegininFebruary2021.In2020,the Journal
maintaineditsefficientpublicationrecord,withthetimetofirstandfinaldecisiononsubmittedmanuscripts remaining
relatively stable. The impact factor of the journal increased to 1.495 (2017:1.45; 2018:1.117).

DuetotheCovidpandemic,no"live"conferencesrelevanttoLaboratoryAnimalsLimited("LAL")wereheldin2020, so
therewerenoopportunitiestodisplaytheLALExhibitionBoothorotherpromotionalmaterials.LAL,however,had a
virtualstandattheannualAALASConference,whichwasheldvirtuallyfromOctoberuntilDecember2020.LAL also
sponsoredthevirtualExpoBioteriosconferenceinOctober,withourlogofeaturingthroughouttheprogramme.A free
linktotheJournalwasalsoavailableatbothevents,andwasactivated36times.Therewasaslightreductioninvisits to
theLALwebsitein2020ascomparedto2019,sotheEC/CoMwillbelookingatwaysofattractingmoreinterestin the
website.

LALcontinuedtoworkwithSAGEunderthecontractthatwassignedearlyin2017,andwhichendedattheendof 2020.
Throughout2020LALhasbeeninclosecommunicationwithSAGEregardingthetermsofthenewcontract.SAGE had
indicatedin2019that,goingforward,publicationofthejournalatthelow,specialratesofferedtoour Subscribing
Associationscouldnotbesustainedduetoincreasingpublicationcosts,particularlyforpaperandpostage. SAGE
presentedLALwithanumberofoptionsforimprovingtheprofitabilityoftheJournalunderthenextcontract. These
included(1)reducedroyaltiesforLALwithnoincreaseinsubscriptionrates,(2)nochangeinroyaltieswithan increase
insubscriptionrates,or(3)movingtoon-linepublicationwithnochangeinroyaltiesandareducedsubscription rate.
TheTrusteesexaminedalloptionscloselyandtookthedecisiontomovetoon-lineonlypublication,effectiveIssue 55/1,
February2021.Sincethisformatcouldleadtoafallinadvertisingincome,theon-lineonlypublicationwouldinclude a
"flippable",cover-to-coverformat,whichwouldbemoreattractivetoadvertisers.Thisformatwastrialledforthree issues
in2020(August54/4,October54/5andDecember54/6),andfeedbackfromSubscribingAssociationswasgenerally very
positive.Themovetoon-lineonlywasapprovedbytheCoMattheJulymeeting,andwasformallyannounced to
Subscribing Associations in August 2020.

In2020,theJournalsubscriptionratesforalltake-upbandsintheslidingscaleremainedthesameasin2019. Because
ofimpendingplanstomovetoanon-lineonlyformatin2021,thesubscriptionratesfor2020foreach Subscribing
Associationwerenotrecalculated,soallAssociationsremainedwithinthesameband.Asaresultof cost-savings
associatedwithpublishingon-lineonly,theAssociationsubscriptionratesfor2021havebeensetata25% reduction
comparedtothe2020rates.Additionally,theslidingscaleofsubscriptionrateshasbeeneliminated,suchthat all
AssociationswillreceivetheJournalatthesamerate,irrespectiveofuptakebymembers.Ourintentionwiththe new
ratesistoallowLALtocontinuetofundgrantsinthefieldofLaboratoryAnimalScience,whileofferinga high-quality
JournaltoourSubscribingAssociationsataveryfavourablerate.SubscriptionnumbersfromourAssociations remained
relatively stable (2020: total 1,692; 2019: total 1,686).

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LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

TheglobalPlanSOpenAccessinitiativeiscontinuingtobemonitoredbybothLALandSAGEPublishing. Its
implementation,scheduledtostartin2021willhaveasignificantimpactonthepublishinglandscapeofscholarly journals
in general, hence also on LAJ and its generation of funds for its charitable purposes.

AsaresultoftheCovidpandemic,thereweresignificantlyfewergrantapplicationsthannormallyreceived.However LAL
continueditscharitableworkbyawardingindividualgrantstoapplicantsfromRussia,CubaandtheUK.Supportwas also
providedfortheSECALannualmeeting(heldvirtually),fordevelopmentofavirtualplatformfororganizingacourse in
laboratoryanimalscienceforSpanish/Portuguesespeakingpeople,andformakinganvideoinSpanishretheuse of
animals in research (see Table).

Grants awarded in 2020*:

Number Purposes Country Individual/
Institutional		 Amount
BA459 Training school in experimental design Ethiopia Individual €925
BA461 Attend a course in the Autonoma University of Cuba Individual €3,808
Barcelona on project evaluation
BA462 Attend a course organised by FELASA Russia Individual €550
BA465 Development of online platform to organise a LAS Columbia/ Expobioterios €2,500
scientific congress for Spanish/Portuguese speaking Chile
people (Expobioterios)
BA466 SECAL LAS informative video in Spanish Spain SECAL** €2,000
BA469 Publication of open access scientific report in Nature UK Individual £1,668 
*Because of course postponements, not all grants awarded in 2020 have been paid to the applicants.

**Sociedad Espanola para las Ciencias del Animal de Laboratorio (Spanish Society for Laboratory Animal Science)

Public Benefit Statement

Thecharity'strusteesconfirmthattheyhavecompliedwiththedutyinsection17(5)oftheCharitiesAct2011to have
regardtotheCharityCommission'sgeneralguidanceonpublicbenefit,'CharitiesandPublicBenefit'.The charitable
purposesofLaboratoryAnimalsaresetoutinitsconstitutionandtheobjectsinclude'theadvancementof public
educationinlaboratoryanimalscience,technologyandwelfare'.Thetrusteesensurethattheobjectsare achieved
throughthefundingofarangeofinitiativesinthefieldoflaboratoryanimalsscienceandthepublicationofthe Journal,
"Laboratory Animals".

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The extent of the Charitable Payments made is detailed in Note 5 to the financial statements.

Investments

Investmentsundertakenbythedirectorsmustsafeguardtheassetsofthecompanyandareinaccordance with
guidelineslaiddownbythecharitycommission.Therearenospecificenvironmentalorethicalobjectivestaken into
account.TheinvestmentportfolioismanagedunderanInvestmentManagementServiceAgreementwithCoutts& Co
andhasaninvestmentprofileforlongtermgrowthwithmediumrisks.Investmentsarereviewedannuallyby the
trustees. As part of this review we have consolidated cash savings to Coutts to streamline management of our portfolio.

-3-

LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

Reserves policy

Thecompanyheldreservesof£1,382,758(2019:£1,271,195)asat31stDecember2020.Theprincipalfunding sources
ofthecompanyarethesalesofthejournalandhandbooks,revenuefromadvertisersandinterestfrom investments.
Thecompanyhasapolicyofholdingreserveswhichareatleastdoublethetotalresourcesexpendedinanyoneyear so
that: -

- The production costs of the journal could be underwritten as necessary

- The company's activities in support of longer-term charitable projects could be supported if required.

The directors have agreed to review the company's reserves policies on an ongoing basis.

Investment Portfolio

TheinvestmentportfolioismanagedunderanInvestmentManagementServiceagreementwithCoutts&Co.The market
valueoftheportfolioasperthereportfromCouttsdated31stDecember2020was£1,092,746againstamarketvalue of
£1,038,255asat31stDecember2019;realisedlossduring2020were£41,164(2019:gainof£13,275)and unrealised
gains for 2020 were £77,933 (2019: £116,524).

Thecompany'sresultsfortheyearanditsfinancialpositionattheendoftheyeararefullydisclosedinthe attached
financialstatements.Thenetincomefortheyear,beforetheunrealisedinvestmentgainof£77,933(2019: £116,524)
andtherealisedinvestmentlossof£41,164(2019:gainof£13,275)wasasurplusof£74,794(2019:£12,104). The
directorsadvisethattheoverallsurplusfortheyearof£111,563(2019:£141,903)willincreasethegeneralfundat the
endoftheyearandthatthebalanceof£1,382,758willbecarriedforward.Grantstotalling£12,522(2019: £57,866)
were made during the year.

TheMemorandumandArticlesofAssociationobligesthecompanytoapplyallitsresourcestotheadvancementof public
educationinlaboratoryanimalscience,technologyandwelfare.Theprincipalobjectivesofthecompanyareto achieve
theseaimsbypublicationofthejournal,"LaboratoryAnimals",andbyfundingarangeofinitiativesinthefield of
laboratory animal science especially focused on "train the trainer" initiatives.

Themainsourceofincomecontinuestocomefromtheproductionofthejournal,thesuccessofthispublication has
enabled the ongoing commitment to the funding of institutional and individual grants.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

ThecompanyisgovernedbyitsMemorandumandArticlesofAssociationincorporated2ndMarch1967and amended
28th November 1969, 22nd June 1988 and 14th June 2004.

Directors and Management

TheaffairsofthecompanyareregulatedbyitsMemorandumandArticlesofAssociation.Amemberofthe company
mustfirstbeamemberofalaboratoryanimalscienceassociationwhichhasbeenapprovedbythedirectors. The
company'sdirectorsareelectedbythemembersatanannualgeneralmeetingandserveontheCouncilof Management
(BoardofDirectors).Asthecompanyisaregisteredcharity,thesedirectorsalsoserveascharitytrustees.They receive
informationontheirresponsibilitiesfromtheadvisorymaterialavailablefromtheCompaniesHouseand Charity
Commission websites but the company has no policy for giving formal training to new trustees.

TheExecutiveCommitteeiselectedbytheCouncilofManagementandisresponsibletotheCouncilofManagement for
theday-to-daymanagementofthecompany.TheCouncilofManagementmeettwiceayearandthe Executive
Committeeholdformalmeetingsorteleconferencesatleastfourtimesayear.Thedirectorsofthecompany are
volunteerswhoarenotpaidfortheirservicesbutarereimbursedfortravelandotheroutofpocketexpenses. The
managementofthecompanynecessitatesactivitieswhichcantakeaconsiderableamountofvolunteer's time,
particularlyforofficersanddirectorsengagedonspecificprojects.However,professionaloffice administration,
bookkeeping,publishing,advertisingmanagementandwebsitemaintenanceanddevelopmentarefundedon a
commercialbasis.ResponsibilitiesofSagePublicationsLtd(previouslytheRoyalSocietyofMedicinePressLtd)include all
aspects of production and distribution of the journal, co-ordination of the editorial process and collection of subscriptions.

Theelectionofdirectorsfromapprovedlaboratoryanimalscienceassociationssometimesresultsindirectorshaving an
interest in associations or institutions to whom grants are awarded.

-4-

LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

00899518 (England and Wales)

Registered Charity number
261047

Registered office
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY
Trustees
P Rooymans
B Zevnik
L Antunes
N Ezov
C Gilbert
J Gregory
J Guillen
J Helppi
K Applebee
M Berard
A Ritchie
P Nowlan (resigned 11/12/20)
J Orellana
S Wells
J B Prins
P Riederer
M Ritskes-Hoitinga
E Weir
M Wilkinson
Company Secretary
E Weir
Auditors
Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

Bankers

Coutts & Co
440 Strand
London
WC2R 0QS

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Thetrustees(whoarealsothedirectorsofLaboratoryAnimalsLimitedforthepurposesofcompanylaw)are responsible
forpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawand United
KingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice)includingFinancial Reporting
Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

-5-

LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueandfair view
ofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationofresources,including the
incomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthosefinancialstatements,the trustees
are required to

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany time
thefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomply with
theCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors,  Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompaniesAct2006relating to
small companies.

Approved by order of the board of trustees on 10 June 2021 and signed on its behalf by:

E Weir - Trustee

-6-

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

Opinion

WehaveauditedthefinancialstatementsofLaboratoryAnimalsLimited(the'charitablecompany')fortheyear ended
31December2020whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotestothe financial
statements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathas been
appliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
AcceptedAccountingPractice),includingFinancialReportingStandard102'TheFinancialReportingStandard applicable
in the UK and Republic of Ireland'.

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewiththe ethical
requirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC'sEthical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethatthe audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccounting in
the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsor conditions
that,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedin the
Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,in doing
so,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorour knowledge
obtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistencies or
apparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementin the
financialstatementsthemselves.If,basedontheworkwehaveperformed,weconcludethatthereisa material
misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

Matters on which we are required to report by exception

Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedinthecourse of
the audit, we have not identified material misstatements in the Report of the Trustees.

WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreportto you
if, in our opinion:

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancialstatements and
forbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermineis necessary
toenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraud or
error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations,or have
no realistic alternative but to do so.

-8-

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

Our responsibilities for the audit of the financial statements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefrom fraud
orerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedto influence
the economic decisions of users taken on the basis of these financial statements.

Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignproceduresin line
withourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities,includingfraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Audit approach to identifying and assessing potential risks related to irregularities

Ourproceduresforidentifyingandassessingrisksofmaterialmisstatementinrespectofirregularities,including fraud
and non-compliance with laws and regulations, included the following:

-Enquiringofmanagement,includingobtainingandreviewingsupportingdocumentation,concerningthe company's
policies and procedures relating to:

-Discussingamongtheengagementteamregardinghowandwherefraudmightoccurinthefinancialstatements and
any potential indicators of fraud.

-Obtaininganunderstandingofthelegalandregulatoryframeworksthatthecompanyoperatesin,focusingon those
lawsandregulationsthathadadirecteffectonthefinancialstatementsorthathadafundamentaleffecton the
operations of the company.

The key laws and regulations we considered to have a direct effect on the financial statements included the and
CharitiesSORP(FRS102)'AccountingandReportingbyCharities:StatementofRecommendedPracticeand the
CompaniesAct2006andweassessedtheextentofcompliancewiththeselawsandregulationsaspartofour procedures
on the related financial statement items.

Thekeylawsandregulationsweconsideredtohavehadafundamentaleffectontheoperationsofthecompanywas the
Charities Act 2011.

Audit approach in response to identified risks

Our procedures to respond to risks identified included the following:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the entity is in
compliance with such laws and regulations.

- Inspecting correspondence, if any, with the relevant licensing or regulatory authorities.

-Reviewingthefinancialstatementdisclosuresandtesttosupportingdocumentationtoassesscompliancewith reporting
requirements.

- Reviewing meeting minutes where available for any indication of non-compliance.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entriesandotheradjustments;assessingwhetherthejudgementsmadeinmakingaccountingestimatesareindicative of
apotentialbias;andevaluatingthebusinessrationaleofanysignificanttransactionsthatareunusualoroutside the
normalcourseofbusiness.Wealsocommunicatedrelevantidentifiedlawsandregulationsandpotentialfraudrisksto all
engagementteammembersandremainedalerttoanyindicationsoffraudornon-compliancewithlawsand regulations
throughout the audit.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

-Performinganalyticalprocedurestoidentifyanyunusualorunexpectedrelationshipsthatmayindicaterisksof material
misstatement due to fraud.

Through these procedures, we have not become aware of any actual or suspected non-compliance.

Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynothavedetectedsome material
misstatementsinthefinancialstatements.Thisisparticularlytrueforthoselawsandregulationsfarremoved from
transactions reflected in the financial statements. As with any audit, there remained a higher risk of

non-detectionofirregularitiesthatresultfromfraud,duetoanimpliedintentbehindthis,thanfromthosethat result
fromerror.Asstatedintheauditstandards,wearenotresponsibleforpreventingnon-complianceandcannot be
expected to detection-compliance with all laws and regulations.

AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancial Reporting
Council'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportofthe Independent
Auditors.

Use of our report

Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter3ofPart16 of
theCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitable company's
membersthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothe fullest
extentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharitablecompanyand the
charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Chapman (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

28 June 2021

-10-

LABORATORY ANIMALS LIMITED

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

Notes
INCOME AND ENDOWMENTS FROM
Other trading activities
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
Other trading activities
4
Charitable activities
5
Expenditure on charitable activities
Support Costs
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2020
Unrestricted
fund
£
277,889
16,468
294,357
171,945
171,945
41,737
5,881
219,563
36,769
111,563
1,271,195
1,382,758		 2019
Total
funds
£
289,356
23,216
312,572
188,188
188,188
106,761
5,519
300,468
129,799
141,903
1,129,292
1,271,195 
The notes form part of these financial statements

-11-

LABORATORY ANIMALS LIMITED (REGISTERED NUMBER: 00899518)

BALANCE SHEET

31 DECEMBER 2020

Notes
FIXED ASSETS
Investments
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS		 2020
Unrestricted
fund
£
1,092,746
1,132
76,468
259,222
336,822
(46,810)
290,012
1,382,758
1,382,758
1,382,758
1,382,758		 2019
Total
funds
£
1,038,255
1,536
79,469
243,174
324,179
(91,239)
232,940
1,271,195
1,271,195
1,271,195
1,271,195		 
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon10June2021and were
signed on its behalf by:

E Weir - Trustee

J Gregory - Trustee

The notes form part of these financial statements

-12-

LABORATORY ANIMALS LIMITED

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',andthe Companies
Act2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconventionasmodifiedby the
revaluation of certain assets, in particular fixed asset investments which are held at market value.

The presentation currency is £ sterling.

LaboratoryAnimalsLimitedwasincorporatedinEnglandandWales,undertheCompaniesAct.The registered
companynumberis00899518.LaboratoryAnimalsLimitedisalsoaregisteredcharitywiththe Charities
Commission, registered charity number 261047.

Thetrusteesconsiderthattherearenomaterialuncertaintiesaboutthecharity'sabilitytocontinueasa going
concern due to the net asset position and the continued net income.

Incoming resources

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.

Incomegeneratedfromjournalsubscriptionsandthesaleofhandbooksarerecognised,netofVAT,when the
income and period to which it relates has been communicated, in writing by the publisher.

Advertisingincomeisrecognised,netofVAT,whentheincomeandperiodtowhichitrelateshas been
communicated,inwritingbytheserviceprovider.Thesestatementsarereceivedasabi-monthly income
statement.

Interestonfundsheldondepositisincludeduponnotificationoftheinterestpaidorpayablebythe Bank.
Dividendsarerecognisedoncethedividendhasbeendeclaredandnotificationhasbeenreceivedofthe dividend
due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio.

Resources expended

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Fixtures & Fittings     - 25% on cost

Stocks

Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsoleteand slow
moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

-13-

LABORATORY ANIMALS LIMITED

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

1. ACCOUNTING POLICIES - continued

Fund accounting

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.

Foreign currencies

Foreigncurrencytransactionsaretranslatedintosterlingattheratesofexchangerulingatthedateson which
thetransactionsoccur.Allmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslated into
sterlingattheratesofexchangeatthebalancesheetdate.Gainsandlossesarisingfromforeign currency
translations are taken to the Statement of Financial Activities (SOFA) for the year.

Investments

Investmentsaremeasuredatfairvalue.Fairvalueisdeemedtobethemarketprice,recognisedfrom the
relevant stock market, as at the year end.

Revaluationsaretherealisedandunrealisedmovementoftheinvestments'marketvalue.Realisablegains and
lossesarerecognisedontheinvestmentsdisposedofduringtheyear,whilstunrealisedgainsandlosses are
recognised on the investments that the charity continues to hold as at the year end.

Debtors and creditors receivable / payable within one year

Debtorsandcreditorswithnostatedinterestrateandreceivablesorpayableswithinoneyeararerecorded at
transactionprice.AnylossesarisingfromimpairmentarerecognisedintheStatementofFinancialActivities in
charitable activities.

2. OTHER TRADING ACTIVITIES

Subscriptions
Pay per view and aggregators
Sale of Handbooks
Journal advertising
Online Licensing and Consortia
INVESTMENT INCOME
Dividends - UK
Interest received - UK Fixed		 2020
£
156,012
719
1,772
64,564
54,822
277,889
2020
£
16,156
312
16,468		 2019
£
157,157
2,234
598
77,782
51,585		 2019
£
157,157
2,234
598
77,782
51,585
289,356
2019
£
22,293
923
23,216

3. INVESTMENT INCOME

-14-

LABORATORY ANIMALS LIMITED

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

4. OTHER TRADING ACTIVITIES

Opening stock
Purchases
Closing stock
Sage publishing costs
Exhibition costs
Foreign Exchange differences		 2020
£
1,536
31,806
(1,132)
137,510
2,761
(536)
171,945		 2019
£
1,673
38,536
(1,536)
137,134
11,868
513
188,188

5. CHARITABLE ACTIVITIES COSTS

Expenditure on charitable activities
6.
GRANTS PAYABLE
Expenditure on charitable activities
The total grants paid to institutions during the year was
Grants Payable
The total grants paid to individuals during the year was a
Grants Payable
Activity/Project
Training/education
Total		 Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
12,522
29,215
2020
£
12,522
as follows:
2020
£
5,969
s follows:
2020
£
6,553		 Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
12,522
29,215
2020
£
12,522
as follows:
2020
£
5,969
s follows:
2020
£
6,553		 Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
12,522
29,215
2020
£
12,522
as follows:
2020
£
5,969
s follows:
2020
£
6,553		 Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
12,522
29,215
2020
£
12,522
as follows:
2020
£
5,969
s follows:
2020
£
6,553		 Totals
£
41,737
2019
£
57,866
2019
£
53,705
2019
£
4,161
Grants to
institutions £		 Grants to
individuals £		 Total £
5,969 6,553 12,522
5,969 6,553 12,522 
See the Report of the Trustees for details of material grants to institutions.

-15-

LABORATORY ANIMALS LIMITED

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

7. SUPPORT COSTS

8.

SUPPORT COSTS
Governance
Costs
£
Expenditure on charitable activities 29,215
Support costs, included in the above, are as follows:
Governance costs
2020 2019
Expenditure
on
charitable Total
activities activities
£ £
Auditors' remuneration 5,100 4,950
Auditors' remuneration for non audit work 2,600 2,900
Meeting expenses 5,667 25,447
Insurance - 916
Office expenses 5,934 5,540
Professional fees 1,154 107
Secretariat fees 8,760 8,760
Depreciation of tangible fixed assets - 275
29,215 48,895
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2020 2019
£ £
Auditors' remuneration 5,100 4,950
Auditors' remuneration for non audit work 2,600 2,900
Depreciation - owned assets - 275

9. TRUSTEES' REMUNERATION AND BENEFITS

No trustees were remunerated by the company during the year.

Trustees' expenses

Duringtheyearofficeexpenseswerereimbursedto1trustee(2019:19)inrelationtotheirattendance at
meetings. The office expenditures reimbursed to trustees during the year totalled £10 (2019: £10,790).

-16-

LABORATORY ANIMALS LIMITED

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

10. TANGIBLE FIXED ASSETS

COST
At 1 January 2020 and 31 December 2020
DEPRECIATION
At 1 January 2020 and 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
11.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
There were no investment assets outside the UK.
12.
STOCKS
Stocks of Handbooks
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade Debtors
Prepayments and accrued income		 2020
£
1,132
2020
£
12,961
63,507
76,468		 Fixtures
and
fittings
£
2,900
2,900
-
-
Listed
investments
£
1,038,255
608,845
(632,287)
77,933
1,092,746
1,092,746
1,038,255
2019
£
1,536
2019
£
79,469
-
79,469		 
-17-

LABORATORY ANIMALS LIMITED

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
VAT
Grants payable
Accrued expenses
Accrued grants payable		 2020
£
6,728
13,309
3,490
16,093
7,190
46,810		 2019
£
13,472
23,616
31,112
17,124
5,915
91,239

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
TOTAL FUNDS		 follows:
Incoming
resources
£
294,357
294,357		 At 1/1/20
£
1,271,195
1,271,195
Resources
expended
£
(219,563)
(219,563)		 Net
movement
in funds
£
111,563
111,563
Gains and
losses
£
36,769
36,769		 At
31/12/20
£
1,382,758		 At
31/12/20
£
1,382,758
1,382,758
Movemen
in funds
£
111,563
111,563
111,563

Comparatives for movement in funds

Net
movement At
At 1/1/19 in funds 31/12/19
£ £ £
Unrestricted funds
General fund 1,129,292 141,903 1,271,195
TOTAL FUNDS 1,129,292 141,903 1,271,195 
-18-

LABORATORY ANIMALS LIMITED

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

15. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
312,572
(300,468)
129,799
141,903
312,572
(300,468)
129,799
141,903		 
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 At 1/1/19
£
1,129,292
1,129,292		 Net
movement
in funds
£
253,466
253,466		 At
31/12/20
£
1,382,758
1,382,758		 
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheabove are
as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
606,929
(520,031)
166,568
253,466
606,929
(520,031)
166,568
253,466

16. RELATED PARTY DISCLOSURES

Otherthantrusteesexpensesdetailedinnote9,therearenootherrelatedpartytransactionsfortheyear ended
31 December 2020.

-19-

LABORATORY ANIMALS LIMITED

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

17. ULTIMATE CONTROLLING PARTY

The trustees consider that there is no ultimate controlling party.

18. LIABILITY OF MEMBERS

Thecompanyislimitedbyguaranteeanddoesnothavesharecapital.Inaccordancewiththe company's
MemorandumofAssociation,intheeventofthecompanybeingwoundup,allpersonswhoweremembersin the
yearpriortothecompanybeingwoundupareliabletocontributesuchamountasmayberequiredtocover the
costs arising, up to a maximum of £5 per member.

-20-