``` 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). ``` ``` -2- ``` ``` 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 ``` - `select suitable accounting policies and then apply them consistently;` - `observe the methods and principles in the Charity SORP;` - `make judgements and estimates that are reasonable and prudent;` - `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.` ``` 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: ``` - `there is no relevant audit information of which the charitable company's auditors are unaware; and` - `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.` ## **`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'. ``` - `In our opinion the financial statements:` - `give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;` - `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and` - `have been prepared in accordance with the requirements of the Companies Act 2006.` ## **`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: ``` - `the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and` - `the Report of the Trustees has been prepared in accordance with applicable legal requirements.` ``` -7- ``` ## **`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: ``` - `adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or` - `the financial statements are not in agreement with the accounting records and returns; or` - `certain disclosures of trustees' remuneration specified by law are not made; or` - - `we have not received all the information and explanations we require for our audit; or` - `the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.` ## **`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: ``` - `identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;` - `detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and` - `the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.` ``` -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. ``` ``` -9- ``` ## **`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- ```