## Association for the Study of Animal Behaviour Limited 

(A Charitable Company Limited by Guarantee) 

ANNUAL REPORT AND FINANCIAL STATEMENTS 

for the year ended 31 December 2020 

Company Registration Number. 01182908 Charity Registration Numbers. 268494 and SC037584 



## Association for the Study of Animal Behaviour Limited DIRECTORS AND ADVISORS 

DIRECTORS AND TRUSTEES 

Prof S D Healy Prof M J G Gage Prof P Stockley Prof D J Hosken 

REGISTERED OFFICE 

c/o Prof Gage School of Biological Sciences University of East Anglia Norwich Research Park Norwich NR4 7TJ 

AUDITORS 

RSM UK Audit LLP Chartered Accountants Rivermead House 7 Lewis Court Grove Park Leicester Leicestershire LE19 1SD 

BANKERS 

Santander UK Plc Bootle Merseyside L30 4GB Lloyds Bank Plc 32 Oxford Street London W1A 2LD 

INVESTMENT ADVISORS 

Brewin Dolphin 12 Smithfield Street London EC1A 9BD 

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## Association for the Study of Animal Behaviour Limited ANNUAL REPORT OF THE DIRECTORS AND TRUSTEES 

The Directors have pleasure in submitting the Annual Report and Consolidated Financial Statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice; Accounting and Reporting by Cha rities (FRS102) and Companies Act 2006. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

The company is a charitable company limited by guarantee and is governed under the Memora ndum a nd Articles of Association. The Charity is registered with the Charity Commission under registration number 268494 and registered with the Office of the Scottish Regulator under registration number SC037584. 

Association for the Study of Animal Behaviour Limited (ASAB) is run by a Council elected by the membership at the Annual General Meeting. Council consists of President, Secretary, Treasurer, Executive Editor of the Journal and about eight other Council members. With the exception of the Executive Editor, Secretary and Treasurer, members serve on the Council for three years. There is a Grants Committee, Ethical Committee, Education Committee, Media and Policy Committee and a European Officer who liaises with other European societies. Council meets three times a year, immediately before the conferences. Most of the other committees also meet three times a year, although work load rather tha n a set timetable often drive the frequency of their meetings. The AGM is held during the summer conference. 

ASAB has four Directors and Trustees: the President, Executive Editor, Treasurer, and Secretary, who all have been regular council members for a minimum three year term prior to appointment. This ensures familiarity with the mission and the day-to-day running of the Charity. They also receive specific in-house training if needs arise before taking on their respective roles. Directors and Trustees also receive documentation and updates from the Charity Commission to enable them to carry out their responsibilities. 

ASAB continues to underpin much of the research, publication, conference activity and education in its field of academic endeavour. Full details are reported verbally yearly at the Annual General Meeting, the text of these reports is published in the September newsletter (and therefore also on the Internet). 

ASAB relies on Council and other members to manage the academic and much of the practical activity of the Association. Conferences are also organised and run by members. Without this generous donation of time and effort ASAB could not function. 

## RISK MANAGEMENT 

The Directors and Trustees have considered the major risks to which the company is exposed and are satisfied that systems are in place to mitigate these risks going forward. All new ventures (for example, European partnerships, Accreditation Committee) will be thoroughly assessed for risk. 

There are four major financial risks to the charity, in decreasing order of potential impact and importance: 

1. Declining income from the journal Animal Behaviour could occur as a result of reduced popularity, reputation and market share. This risk is mitigated by: (i) a contract signed with a world leading scientific publishing company (currently Elsevier); (ii) a publishing contract which currently has a minimum journa l income profitshare agreement, and (iii) a five-year contract turnaround which allows ASAB to change publishers and seek improved financial deals if it was financially sensible to do so. The charity mitigates risk against declining journal competitiveness and world-leading reputation by commissioning an internationally excellent editorial board, and maintaining a close working relationship with the relevant Elsevier publishing team to maximise profile, sales and profit. 

2. Declining income from investment portfolios. This universal risk is mitigated by holding an appropria te level of capital funds in a risk-balanced investment portfolio, and commissioning the leading wealth management company Brewin Dolphin’s charity experts to maximise investment return. 

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Association for the Study of Animal Behaviour Limited ANNUAL REPORT OF THE DIRECTORS AND TRUSTEES (continued) 

RISK MANAGEMENT (continued) 

3. Membership numbers and income falls. This risk is mitigated by working to maintain the reputation of ASAB as a leading animal behaviour society, and providing excellent opportunities for members to attend internationally-relevant scientific meetings, publish in a world class journal, and bid for grant funding. 

Although we mitigate each risk specifically, the overall grant spend activity of the charity can be modified each year should any of the three main funding streams decline significantly. The charity has responsibility to fund editorial assistant and education officer roles, so retains a cash deposit portfolio outside of share investments of _about £400,000_ , which can be used to buffer unexpected shortfalls in income. 

4. Outbreak of Covid-19: On 11 March 2020, the outbreak of the coronavirus, COVID-19, was declared by the World Health Organisation to be a pandemic.  This outbreak is expected to have an impact on the financial position of the charitable group. The trustees anticipate an impact on the valuation of the charity’s investment portfolio as a result of the downturn in global stock markets. Notwithstanding these uncertainties, the trustees are satisfied the charitable group has adequate resources to deal with the impa ct of the outbreak as it unfolds. 

## OBJECTIVES AND ACTIVITIES 

The object of ASAB and its subsidiary undertaking is the advancement of the science of Animal Behaviour, the furtherance of education therein; and the promotion of study and research in animal behaviour and related subjects and the publication of the results of all such study and research and certification of clinical animal behaviourists. 

There are nine main ways in which the Association seeks to further these objectives: 

## **Publication of an Academic Journal** 

ASAB owns what is regarded as the leading scientific journal in its field - Animal Behaviour. The journal is published by Elsevier, appears monthly, has a print run of several thousand, and is held in almost all major international higher education institutional libraries. It is available to Internet subscribers through the Elsevier “Science Direct” system. 

## **Research and Travel Grants** 

ASAB actively supports research into animal behaviour by offering members and officers financial support through its own system of research grants. All grants are paid to the institution hosting the research, and recipients must be qualified to fulfil ASAB’s charitable aim to a dvance the science of animal behaviour. Research grants are available to members following competitive peer review by a Grants Committee. Grants are also made to the a ctive officers and editors of ASAB via their employing institution, with the condition that these are only spent on animal behaviour research, and any publication output from the research should be considered for submission to support the journal Animal Behaviour. ASAB also sponsors workshops on topical areas of research and makes grants to support travel by members to ASAB and other behavioura l conferences. All applications for funding through the Grants Committee are peer reviewed so tha t only high quality research in animal behaviour is supported, and all officers and editors receiving grants are experienced and qualified animal behaviour researchers. Vacation Scholarships are available for undergraduates (who need not be ASAB members) who wish to carry out research into animal behaviour between university terms, and hosted by ASAB members in leading anima l behaviour research groups. 

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Association for the Study of Animal Behaviour Limited ANNUAL REPORT OF THE DIRECTORS AND TRUSTEES (continued) 

## OBJECTIVES AND ACTIVITIES (continued) 

## **Conferences** 

ASAB promotes the study of animal behaviour by holding three conferences a year. At Easter a general meeting is held at a university in the UK and younger postgraduate members are particularly encouraged to present short papers and posters, and participate in a one-day workshop run by senior members to provide generic research skills. In December each year the traditional venue is London Zoo. The summer meeting alternates between the traditional single society meeting (in odd years) and a joint meeting with other European Animal Behaviour societies, the Joint European Conference on Behavioural Biology (ECBB) (in even years). 

## **Members Newsletter** 

Published three times a year and also more widely available via the Internet, it contains deta ils of meetings, news, views and contact details for Internet resources. The newsletter is sent out as a pdf attachment via e-mail to the majority of ASAB members. 

## **Ethics** 

ASAB cares about animals. It has an Ethical Committee to promote the ethical treatment and conservation of the animals we study. 

## **Teaching Animal Behaviour** 

ASAB encourages the teaching of animal behaviour in schools. It has an Education Committee and Education Officer, publishes a regular newsletter for teachers, organises workshops and produces educational books and videos suitable for use in schools. ASAB has also published books and videos suitable for use in undergraduate teaching. 

## **Accreditation** 

In 1998, ASAB examined the need for a professional framework for people working in applications of animal behaviour, along the lines of the Board of Professional Certification run by the Animal Behavior Society for the USA and Canada. The ASAB working party recommended that a Certification scheme for the UK would be helpful to allow both pet-owners and professionals, such as veterinary surgeons, to select behaviourists with proper qualifications and skills. In July 2002 ASAB approved the establishment of an Accreditation Committee to set up and run a Certification Scheme for Clinical Animal Behaviourists. £2,649 wa s donated by ASAB to help establish the Accreditation Committee. This committee consists of ASAB members, and also representatives of the Royal College of Veterinary Surgeons, the British Psychological Society and the International Society for Applied Ethology. Currently certification is offered for Clinical Animal Behaviourists working with the behaviour disorders of dogs, cats and other animals. Currently-active practitioners with extensive clinical experience are invited to apply for full certification. Applicants need to demonstrate that they possess appropriate skills, knowledge and abilities, including an Honours or higher degree in a relevant subject, appropriate specialist courses, and at least three years of regular clinical experience. 

## **Media and Policy** 

The Media and Policy Committee is a committee dedicated to public affairs. Its aim is to facilitate communication between scientists, the media, policy makers and the wider public who have an interest in animal-based research. An annual Young Science Writer Award is awarded with the winning article published in New Scientist, a leading popular science journal. A council member is the secretary of this committee. 

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Association for the Study of Animal Behaviour Limited ANNUAL REPORT OF THE DIRECTORS AND TRUSTEES (continued) 

## OBJECTIVES AND ACTIVITIES (continued) 

## **Links** 

ASAB collaborates with a number of other academic societies with interests in animal behaviour, including the Animal Behaviour Society (ABS) of the USA, and participates in the biannual Joint European Conference on Behavioural Biology (ECBB). ASAB shares the profits of the journal with the ABS. 

Further information on all these topics and membership is available from the ASAB homepage http://asab.nottingham.ac.uk. ASAB is a member of the Committee for European Societies of Behavioural Ecology, which promotes communication and interaction within behavioural ecology across Europe. The chair of this committee is the ASAB European Secretary. ASAB is also a member of the Bioscience Federation, The European Coalition for Biomedical Research (ECBR), and the Institute of Biology. 

## GRANT-MAKING POLICY 

The Company provides grants to members to facilitate meeting its objectives. These include grants, primarily to students, to attend ASAB conferences and other conferences relevant to the study of a nimal behaviour. Research grants are also available to members to allow research into current issues of interest in animal behaviour. A grants secretary and grants committee oversee these applications, selects successful applicants, and monitors the activities of grant holders. Grants are also made available to officers and editors, who are all experienced animal behaviour researchers, and paid to their employing institution on the condition that funds are used to support animal behaviour research. 

## FINANCIAL REVIEW 

The total consolidated funds of the Association as at 31 December 2020 were £3,846,672 (2019: £3,181,786) which includes £5,001 (2019: £nil) of restricted reserves. This is an increase of 21% on the 2019 figure. The net income for the year, before adjusting for net gains on investment assets was £146,305 (2019: £8,285 net expenditure). 

The Association’s main source of income is journal income which increased to £615,913 (2019: £587,108). Membership subscription and sundry increased to £43,232 (2019: £29,809) while dividend income decreased to £27,945 (2019: £29,645). Expenditure on grants decreased to £88,220 (2019: £177,123). Other major expenditure categories have altered on 2019 as follows: education expenses £24,516 (2019: £27,667), meetings £4,010 (2019: £10,153) and sundry expenses £15,219 (2019: £13,299). 

ASAB’s financial plan is to balance income and expenditure. 

## DIRECTORS 

The directors of the Association who are also trustees, who have acted since 1 January 2020 are as follows: 

Prof M J G Gage Prof S D Healy Prof P Monaghan (resigned 1 December 2020) Prof P Stockley Prof D J Hosken (appointed 1 January 2021) 

## MEMBERS’ LIABILITY 

Every member of the Company undertakes to contribute to the assets of the Company in the event of the same being wound up whilst he/she is a member or within one year after he/she ceases to be a member, for payment of the debts and liabilities of the Company, contracted before he/she ceases to be a member, a nd of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £10. 

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Association for the Study of Animal Behaviour Limited ANNUAL REPORT OF THE DIRECTORS AND TRUSTEES (continued) 

## INVESTMENT POLICY AND PERFORMANCE 

The Company generates income via investments to facilitate our objectives. The Company employs a professional stockbroker (Brewin Dolphin) specialising in investment portfolios for charities to manage the funds. The stockbroker is aware of the wishes of our Company regarding the type of investments our members would approve of. The Treasurer meets with the stockbroker yearly to review investment performance and discuss potential changes. 

## RESERVES POLICY 

At 31 December 2020, the Group held £793,591 (2019: £635,511) of free reserves. The charity ma intains liquid cash reserves of at least £400,000 to mitigate against major declines in journal income and/or investment income. This reserve value allows two years of charity activity to proceed (specifically, future conferences we are committed to and continual employment of the Editorial assistants and Education officer), in the unlikely event that all income streams cease. The two year window will allow any major reorganisations to take place, and for the charity to plan and continue its activities into the longer term future. 

## FUTURE ACTIVITIES AND EXPECTATIONS 

Our current plan for the future is to focus effort on our nine core activities: (1) publication of a leading academic journal ( _Animal Behaviour_ ), (2) promoting knowledge gain through research and travel grants, (3) supporting three academic conferences per year, (4) circulating a members’ newsletter, (5) upholding appropriate ethical standards within animal behaviour research, (6) promoting and facilitating the teaching of animal behaviour,  (7) nurturing an accreditation system for clinical animal behaviourists, (8) media and policy promotion, and (9) encouraging links with societies that harness similar aims. 

## PUBLIC BENEFIT 

By producing a journal, supporting animal behaviour education at primary and tertiary levels in schools, making grants of a charitable nature, lobbying and informing policy makers about animal welfare, and promoting education and awareness regarding animal ethics the directors confirm that they have complied with the Public Benefit Guidance set out by the Charities Act 2011. 

## STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS 

The directors who were in office on the date of approval of these financial sta tements have confirmed, a s far as they are aware, that there is no relevant audit information of which the charitable company’s auditors are unaware. Additionally the directors have confirmed that they have taken all the necessary steps that they ought to have taken as directors, in order to make themselves aware of all relevant audit informa tion and to establish that the auditor is aware of that information. 

## AUDITOR 

A resolution proposing that RSM UK Audit LLP be re-appointed as auditors of the company will be put to the Annual General Meeting. 

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## Association for the Study of Animal Behaviour Limited ANNUAL REPORT OF THE DIRECTORS AND TRUSTEES (continued) 

SMALL COMPANY EXEMPTIONS 

This report is prepared in accordance with the provisions applicable to companies entitled to the small company’s exemption. 

On behalf of the Board 

Prof M J G Gage Director 

> Date: 17th September 2021 

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## Association for the Study of Animal Behaviour Limited DIRECTORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS 

The trustees (who are also directors of Association for the Study of Animal Behaviour Limited for the purposes of company law) are responsible for preparing the Annual Report of the Directors and Trustees 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 year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to: 

- a. select suitable accounting policies and then apply them consistently; 

- b. observe the methods and principles in the Charities SORP; 

- c. make judgements and estimates that are reasonable and prudent; 

- d. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- e. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure tha t the fina ncial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations (2006) (as amended). They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the corporate and financia l information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

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## INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED 

## **Opinion on financial statements** 

We have audited the financial statements of Association for the Study of Animal Behaviour Limited (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2020 which comprise the Group and Parent Charitable Company Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group and Parent Charitable Company Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law a nd United Kingdom Accounting Standards, including FRS 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: 

- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as a t 31 December 2020; and of the group’s and the parent charitable company’s incoming resources a nd application of resources, including their income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 

## **Basis for opinion** 

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 151 of the Charities Act 2011, and under the Companies Act 2006 and report in accordance with regulations made under those Acts. 

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are releva nt to our audit of the financial statements in the UK, including the FRC’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 group’s or parent 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. 

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## INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED (continued) 

## **Other information** 

The other information comprises the information included in the Annual Report of the Directors and Trustees other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report of the Directors and Trustees. 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. 

## **Opinions on other matter 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 Directors’ Report, prepared for the purposes of company law and included within the Annual Report of the Directors and Trustees, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report included within the Annual Report of the Directors and Trustees has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Annual Report of the Directors and Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion: 

- sufficient, adequate and proper accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company 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 exemptions in preparing the Directors’ Report included within the Annual Report of the Directors and Trustees, and from the requirements to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Directors’ Responsibilities set out on page 8 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. 

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## INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED (continued) 

## **Responsibilities of trustees (continued)** 

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent 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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s 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 auditor’s 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. 

## **The extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the a udit. 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material missta tement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of la ws and regulations and for the prevention and detection of fraud. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team: 

- obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operate in and how the group and parent charitable company are complying with the legal and regulatory framework; 

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; 

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 

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## INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED (continued) 

## **The extent to which the audit was considered capable of detecting irregularities, including fraud (continued)** 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005, the parent charitable company’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Annual Report of the Directors and Trustees, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with loca l ta x authorities and evaluating advice received from external advisors. 

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to the General Data Protection Regulation (GDPR). We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these law a nd regulations and reviewed minutes of the Board of Trustees’ meetings. 

The group audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud.  Audit procedures performed included but were not imited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates. 

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

## **Use of our report** 

This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011. Our audit work has been undertaken so that we might state to the members and the charitable company’s trustees those ma tters we are required to state to them in an auditor’s 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, its members as a body, and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Gareth Jones (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants Rivermead House 7 Lewis Court Grove Park Leicester Leicestershire LE19 1SD …………….. 21/09/2021 

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

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## Association for the Study of Animal Behaviour Limited 

GROUP STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure account) for the year ended 31 December 2020 

|_Notes_<br>**Income from:**<br>Legacies<br>Charitable activities<br>8<br>Other trading activities<br>4<br>Investments<br>5<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>6<br>Charitable activities<br>7<br>**Total**<br>Net gains on investments<br>14<br>**Net income being net movement in**<br>**funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>20<br>**Total funds carried forward**<br>20|Unrestricted<br>funds<br>£<br>-<br>615,913<br>59,606<br>28,269<br>703,788<br>54,454<br>508,030<br>562,484<br>518,581<br>659,885<br>3,181,786<br>3,841,671|Restricted<br>funds<br>£<br>5,001<br>-<br>-<br>-<br>5,001<br>-<br>-<br>-<br>-<br>5,001<br>-<br>5,001|2020<br>£<br>5,001<br>615,913<br>59,606<br>28,269<br>708,789<br>54,454<br>508,030<br>562,484<br>518,581<br>664,886<br>3,181,786<br>3,846,672|2019<br>£<br>-<br>587,108<br>40,928<br>31,170<br>659,206<br>64,390<br>603,101<br>667,491<br>345,681<br>337,396<br>2,844,390<br>3,181,786|
|---|---|---|---|---|



All the income and expenditure for the year arises from the group’s continuing operations. 

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## Association for the Study of Animal Behaviour Limited 

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure account) for the year ended 31 December 2020 

|_Notes_<br>**Income from:**<br>Legacies<br>Charitable activities<br>8<br>Other trading activities<br>4<br>Investments<br>5<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>6<br>Charitable activities<br>7<br>**Total**<br>Net gains on investments<br>14<br>**Net income being net movement in**<br>**funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>20<br>**Total funds carried forward**<br>20|Unrestricted<br>funds<br>£<br>-<br>615,913<br>43,232<br>28,269<br>687,414<br>52,057<br>498,475<br>550,532<br>518,581<br>655,463<br>3,178,112<br>3,833,575|Restricted<br>funds<br>£<br>5,001<br>-<br>-<br>-<br>5,001<br>-<br>-<br>-<br>-<br>5,001<br>-<br>5,001|2020<br>£<br>5,001<br>615,913<br>43,232<br>28,269<br>692,415<br>52,057<br>498,475<br>550,532<br>518,581<br>660,464<br>3,178,112<br>3,838,576|2019<br>£<br>-<br>587,108<br>29,809<br>31,170<br>648,087<br>62,183<br>593,565<br>655,748<br>345,681<br>338,020<br>2,840,092<br>3,178,112|
|---|---|---|---|---|



All the income and expenditure for the year arises from the charity’s continuing operations. 

_Page_ 14 



## Association for the Study of Animal Behaviour Limited BALANCE SHEETS 31 December 2020 Company Registration No. 01182908 any Registration No. 01182908 Registration No. 01182908 

Company Registration No. 01182908 

|_Notes_<br>**Fixed assets:**<br>Investments<br>14<br>_Total fixed assets_<br>**Current assets:**<br>Debtors<br>15<br>Cash at bank and in hand<br>_Total current assets_<br>**Liabilities:**<br>Creditors: Amounts falling due<br>within one year<br>16<br>_Net current assets_<br>**_Total net assets_**<br>**The funds of the charity:**<br>Restricted funds<br>20<br>Unrestricted funds: (includes<br>revaluation reserve of £893,172<br>(2019: £497,883))<br>20<br>**Total charity funds**|<br>Group<br>2020<br>£<br>3,048,080<br>3,048,080<br>264,255<br>937,728<br>1,201,983<br>(403,391)<br>798,592<br>3,846,672<br>5,001<br>3,841,671<br>3,846,672|Charity<br>2020<br>£<br>3,048,081<br>3,048,081<br>263,689<br>925,079<br>1,188,768<br>(398,273)<br>790,495<br>3,838,576<br>5,001<br>3,833,575<br>3,838,576|Group<br>2019<br>£<br>2,546,275<br>2,546,275<br>231,982<br>765,431<br>997,413<br>(361,902)<br>635,511<br>3,181,786<br>-<br>3,181,786<br>3,181,786|Charity<br>2019<br>£<br>2,546,276<br>2,546,276<br>237,830<br>751,187<br>989,017<br>(357,181)<br>631,836<br>3,178,112<br>-<br>3,178,112<br>3,178,112|
|---|---|---|---|---|



The financial statements on pages 13 to 32 were approved by the board of directors and authorised for issue on _____________________, and are signed on its behalf by: 17th September 2021 


Prof M J G Gage - Director 

_Page_ 15 



## Association for the Study of Animal Behaviour Limited STATEMENTS OF CASHFLOWS 31 December 2020 

|_Notes_<br>**Cash flows from/(to) operating activities:**<br>**Net cash from/(to) operating activities**<br>18<br>**Cash flows from investing activities:**<br>Dividends and interest from investments<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>19<br>**Cash and cash equivalents at the end of**<br>**the reporting period**<br>19|Group<br>2020<br>£<br>127,252<br>28,269<br>929,299<br>(879,633)<br>77,935<br>205,187<br>809,431<br>1,014,618|Charity<br>2020<br>£<br>128,847<br>28,269<br>929,299<br>(879,633)<br>77,935<br>206,782<br>795,187<br>1,001,969|Group<br>2019<br>£<br>(81,965)<br>31,170<br>532,001<br>(532,614)<br>30,557<br>(51,408)<br>860,839<br>809,431|Charity<br>2019<br>£<br>(84,446)<br>31,170<br>532,001<br>(532,614)<br>30,557<br>(53,889)<br>849,076<br>795,187|
|---|---|---|---|---|



_Page_ 16 



Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

## 1 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT 

Estimates and judgements 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. There are no critical accounting estimates and areas of judgement to note. 

## 2 ACCOUNTING POLICIES 

## _Accounting convention_ 

The financial statements have been prepared in accordance with the Statement of Recommended Pra ctice “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102) (Charities SORP (FRS102), the FRS 102 “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” including the amendments issued in December 2017 (“FRS 102”), the Charities Act 2011, the Charity and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (amended), the requirements of the Companies Act 2006 and UK Genera lly Accepted Accounting Practice as it applies from 1 January 2015. 

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 

Association for the Study of Animal Behaviour Limited 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 notes. 

## _Going concern_ 

At the time of approving the financial statements, the trustees have a rea sonable expectation that the group and charitable company have adequate resources to continue in operational existence for the foreseea ble future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

Following the uncertainty presented by COVID-19, the trustees have reassessed the going concern assumption and confirm that it remains appropriate based on the strong cash and net asset position which enables it to sustain its business and meet its liabilities as they fall due despite the COVID-19 situation. 

The trustees confirm that the group and charitable company have sufficient cash to sustain its business for at least 12 months from the date of the signing of the audit report thus supporting the assertion to prepa re the accounts on a going concern basis, despite uncertainty surrounding the COVID-19 situation. 

## _Group financial statements_ 

These financial statements comprise the results of the Association for the Study of Animal Behaviour Limited and its wholly owned trading subsidiary ASAB (Accreditation) Limited, consolidated on a line by line basis. 

## _Income_ 

All income is recognised once the Group has entitlement to the resources, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. 

- Income from charitable activities includes income recognised as earned from the sale of Journals which represents the net royalty receivable from Elsevier. 

_Page_ 17 



Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

## 2 ACCOUNTING POLICIES (continued) 

_Income (continued)_ 

- Income derived from commercial trading activities is recognised earned and grants as receivable. 

- Members subscriptions represent subscriptions in respect of the accounting year and arrears received during the year. Subscriptions in advance relating to the subsequent year are excluded from income and carried forward as deferred income. 

- Investment income is recognised on a receivable basis. 

- Legacy income is recognised where there is entitlement, probable receipt and the amount can be measured reliably. 

- Any legacy entitlement is taken as the earlier of the date on which either: the Group is made aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Group that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the Group has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Group or the Group is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. 

## _Funds_ 

Unrestricted funds consist of funds which the Group may use for general purposes at the Trustees’ discretion. 

Restricted funds consist of funds which are to be used in accordance with specific restrictions imposed by donors. 

## _Expenditure and irrecoverable VAT_ 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third pa rty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Charitable activity costs comprise the making of grants to individuals and institutions in furtherance of its charitable activities and costs relating to production and distribution of the charity’s journal and are accounted for on an accruals basis, and support costs relating to these activities. 

- Fundraising costs are those incurred in seeking new and supporting current members of the Group management of the group’s investments and support costs relating to these activities. 

- Support costs include central functions and governance acts which are allocated to activities on a basis consistent with the use of resources. 

As Association for the Study of Animal Behaviour Limited is unable to reclaim all of the Value Added Ta x (VAT) that it incurs, all expenditure in these financial statements in relation to its activities is shown inclusive of any VAT which cannot be recovered. 

_Page_ 18 



## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS 

for the year ended 31 December 2020 

## 2 ACCOUNTING POLICIES _(continued)_ 

## _Grants for Research and Travel_ 

Grants payable are payments made to third parties in the furtherance of the charitable objects of the group. 

Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant, or when the trustees have agreed to pay the grant without condition. 

## _Investments_ 

All listed investments are stated at their fair value as at the balance sheet date. Any realised and unrealised gains and losses from disposals and revaluations are shown in the consolidated and charity’s Statement of Financial Activities. 

The charity’s investment in its subsidiary company represents the cost of acquisition of the whole of the ordinary share capital of ASAB (Accreditation) Limited. 

## _Financial instruments_ 

The Group only has financial assets and liabilities of a kind that qualify as basic financial instruments and are not considered to be of financial nature. Such financial instruments are initially recognised a t tra nsaction value and subsequently measured at their settlement value with exception of investments. The investment on the recognised stock exchange is valued at fair value through the Statement of Financial Activities. 

## _Debtors_ 

Trade and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Other debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. 

## _Cash at bank and in hand_ 

Cash at bank and in hand includes cash and monies on short term deposits at the bank, other short-term liquid investments with original maturities of three months or less. 

## _Creditors_ 

Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## _Pension contributions_ 

The charity operates a defined contribution pension scheme. The contributions are charged to the Statement of Financial Activities in the year in which they become payable. 

## _Taxation_ 

Association for the Study of Animal Behaviour Limited is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

_Page_ 19 



Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

## 3 LEGAL STATUS OF THE CHARITABLE COMPANY 

Association for the Study of Animal Behaviour Limited is a charitable company (Company number 01182908) and is also registered as a charity at the Charity Commission in England and Wales (Charity Commission number 268494) as well as the Office of the Scottish Regulator (Charity Regulator number SC037584). The charitable company is limited by guarantee and as such has no issued share ca pita l. The liability of its members in the event of the company being wound up is limited to a sum not exceeding £10 each. 

The registered office and principal place of business is c/o Prof Gage, School of Biological Sciences, University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ. 

The group consists of Association for the Study of Animal Behaviour Limited and its one subsidia ry. The Group’s principal objective is the advancement of the science of Animal Behaviour, the furtherance of education therein; and the promotion of study and research in animal behaviour and related subjects a nd the publication of the results of all such study and research and certification of clinical animal behaviourists. 

|4<br>OTHER TRADING ACTIVITIES<br>Group<br>2020<br>£<br>Charity<br>2020<br>£<br>Group<br>2019<br>£<br>Subscriptions and sundry income<br>43,232<br>43,232<br>29,809<br>Application fee income – Accreditation<br>16,374<br>-<br>11,119<br>59,606<br>43,232<br>40,928<br>All income from trading activities was unrestricted in the current and prior year.<br>5<br>INVESTMENT INCOME<br>2020<br>£<br>GROUP AND CHARITY<br>Dividends – quoted investments<br>27,945<br>Interest on cash deposits<br>324<br>28,269|Charity<br>2019<br>£<br>29,809<br>-<br>29,809<br>2019<br>£<br>29,645<br>1,525<br>31,170|
|---|---|



All investment income was unrestricted in the current and prior year. 

_Page_ 20 



## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

|6<br>RAISING FUNDS<br>MEMBERS’ SUPPORT COSTS<br>Education expenses<br>Meeting expenses<br>Membership secretary’s expenses<br>Share of governance costs<br>INVESTMENT MANAGEMENT<br>COSTS<br>Investment management fees<br>Share of governance costs<br>TOTAL<br>All costs of raising funds were unrestricted<br>7<br>CHARITABLE ACTIVITIES<br>Journal (see note 8)<br>Grants (see note 9)|Group<br>2020<br>£<br>Charity<br>2020<br>£<br>24,516<br>24,516<br>4,010<br>4,010<br>1,725<br>1,725<br>4,682<br>2,725<br>34,933<br>32,976<br>17,300<br>17,300<br>2,221<br>1,781<br>19,521<br>19,081<br>54,454<br>52,057<br>in the current and prior year.<br>Group<br>2020<br>£<br>Charity<br>2020<br>£<br>419,810<br>410,255<br>88,220<br>88,220<br>508,030<br>498,475|Group<br>2019<br>£<br>27,667<br>10,153<br>1,700<br>4,479<br>43,999<br>16,980<br>3,411<br>20,391<br>64,390<br> <br>Group<br>2019<br>£<br>425,978<br>177,123<br>603,101|Charity<br>2019<br>£<br>27,667<br>10,153<br>1,700<br>2,778<br>42,298<br>16,980<br>2,905<br>19,885<br>62,183<br>Charity<br>2019<br>£<br>416,442<br>177,123<br>593,565|
|---|---|---|---|



All charitable activities expenditure was unrestricted in the current and prior year. 

_Page_ 21 



## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

|8<br>SURPLUS ON JOURNAL ACCOUNT<br>GROUP<br>JOURNAL INCOME<br>Non-member subscriptions<br>Electronic licence<br>REVENUE FROM<br>Permission/other fees<br>GROSS INCOME<br>JOURNAL EXPENDITURE<br>Production and distribution<br>Elsevier:<br>Profit share<br>INCOME PER SOFA (page 12)<br>ABS profit share<br>Editorial expenses<br>Share of governance costs<br>EXPENDITURE (see note 7)<br>NET SURPLUS ON JOURNAL|2020<br>£<br>£<br>35,161<br>931,474<br>45,600<br>1,012,235<br>64,677<br>331,645<br>(396,322)<br>615,913<br>312,593<br>58,837<br>48,380<br>419,810<br>196,103|2019<br>£<br>£<br>42,007<br>908,273<br>25,673<br>975,953<br>72,710<br>316,135<br>(388,845)<br>587,108<br>300,165<br>61,556<br>64,257<br>425,978<br>161,130|
|---|---|---|



_Page_ 22 



## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS 

for the year ended 31 December 2020 

|8<br>SURPLUS ON JOURNAL ACCOUNT<br>(continued)<br>CHARITY<br>JOURNAL INCOME<br>Non-member subscriptions<br>Electronic licence<br>REVENUE FROM<br>Permission/other fees<br>GROSS INCOME<br>JOURNAL EXPENDITURE<br>Production and distribution<br>Elsevier:<br>Profit share<br>INCOME PER SOFA (page 13)<br>ABS profit share<br>Editorial expenses<br>Share of governance costs<br>EXPENDITURE (see note 7)<br>NET SURPLUS ON JOURNAL|2020<br>£<br>£<br>35,161<br>931,474<br>45,600<br>1,012,235<br>64,677<br>331,645<br>(396,322)<br>615,913<br>312,593<br>58,837<br>38,825<br>410,255<br>205,658|2019<br>£<br>£<br>42,007<br>908,273<br>25,673<br>975,953<br>72,710<br>316,135<br>(388,845)<br>587,108<br>300,165<br>61,556<br>54,721<br>416,442<br>170,666|
|---|---|---|



All journal income and expenditure was unrestricted in the current and prior year. 

_Page_ 23 



## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS 

for the year ended 31 December 2020 

## 9 GRANTS 

## GROUP AND CHARITY 

The charity undertakes its charitable activities through grant making and awarding grants to a number of individuals and institutions in furtherance of its charitable activities. 

|||2020|||2019|
|---|---|---|---|---|---|
|Recipients of grants:|No. of||£|No. of|£|
||grants|||grants||
|University of Liverpool|1||3,000|2|5,000|
|University of St Andrews|3||8,100|3|8,500|
|University of East Anglia|-||-|1|3,000|
|University of Bristol|-||-|2|4,500|
|University of Exeter|1||8,799|2|8,928|
|Universitat Bern|1||1,500|1|1,500|
|University of Compenhagen|1||1,500|-|-|
|University of Karlova|1||1,500|-|-|
|University of Oxford|-||-|2|7,445|
|University of Leicester|1||1,500|-|-|
|University of Birmingham|1||1,500|-|-|
|Durham University|-||-|1|1,500|
|Stockhom University|1||5,095|-|-|
|The University of Lincoln|1||1,500|2|7,500|
|Aberystwyth University|1||1,000|1|1,500|
|University of Gottingen|-||-|1|1,520|
|Helsinki Institute of Life Sciences|-||-|1|1,530|
|Manchester Metroplitan University|1||1,500|-|-|
|Mumby University|1||1,000|-|-|
|Nijmegen University|1||6,830|-|-|
|University of Roehampton|1||1,500|2|11,445|
|Kyoto Womens University|2||3,000|-|-|
|Stellenbosch University|1||7,040|-|-|
|University College of Dublin|1||1,530|-|-|
|University of Glasgow|1||3,000|1|3,000|
|University Francios Rabelais de Tours|-||-|1|1,530|
|Institute of Zoology|1||9,440|-|-|
|Bournemouth University|-||-|1|1,500|
|Queens University Belfast|2||3,000|1|1,500|
|Massey University|1||1,530|1|1,530|
|The Open University|1||1,000|1|1,500|
|Anglia Ruskin University|1||1,500|1|1,500|
|Florida University|-||-|1|4,659|
|Plymouth University|-||-|1|6,926|
|University of Cape Town|-||-|1|7,472|
|University of Jyvaskala|-||-|1|2,258|
|University of Konstanz|-||-|2|2,520|
|University of Leeds|1||1,500|1|1,500|
|University of Swansea|-||-|1|9,324|
|University of Vienna|1||1,500|1|1,530|
|University of West Scotland|1||2,100|1|2,400|
|Wageningen University|-||-|1|9,767|
|University of Monash|1||1,500|1|1,530|
|University of Porto|1||1,500|1|1,500|
|Maquarie University|-||-|1|9,788|
|E Ringler|-||-|1|1,000|



_Page_ 24 



## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS 

for the year ended 31 December 2020 

## 9 GRANTS (continued) 

## GROUP AND CHARITY (continued) 

|Recipients of grants:<br>Travel grants<br>Laptop grant<br>Childcare grants<br>10<br>GOVERNANCE COSTS<br>Audit fees<br>Accountancy and professional fees<br>Bank charges<br>Insurance<br>Sundry expenses<br>Council meeting expenses<br>Wages and salaries<br>Waiver of intercompany loan|<br>No. of<br>grants<br>12<br>1<br>-<br>46<br>Group<br>2020<br>£<br>14,350<br>9,028<br>1,175<br>1,638<br>15,219<br>9,994<br>3,879<br>-<br>55,283|2020<br>£<br>1,766<br>1,490<br>-<br>88,220<br>Charity<br>2020<br>£<br>14,350<br>7,815<br>1,091<br>591<br>3,640<br>9,994<br>-<br>5,850<br>43,331|<br>No. of<br>grants<br>77<br>-<br>2<br>122<br>Group<br>2019<br>£<br>14,300<br>8,413<br>1,566<br>1,312<br>13,299<br>29,849<br>3,409<br>-<br>72,148|2019<br>£<br>38,321<br>-<br>700<br>177,123<br>Charity<br>2019<br>£<br>14,300<br>7,500<br>1,477<br>585<br>6,693<br>29,849<br>-<br>-<br>60,404|
|---|---|---|---|---|



All governance costs have been allocated on a basis consistent with the income allocation. 

## 11 ANALYSIS OF STAFF COSTS AND NUMBERS 

## GROUP AND CHARITY 

The Association has two salaried posts. No employees are paid over £60,000 per annum. The group made pension contributions on behalf of employees of £4,705 (2019: £4,313) during the year. At the year end there were £Nil pension contributions outstanding (2019: £Nil). The assets of the scheme are invested and managed independently of the finances of the Association. 

Employees are not employed directly by the charity. Staff costs totalling £54,007 (2019: £54,064) relate to costs recharged from Nottingham University. 

_Page_ 25 



Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

11         ANALYSIS OF STAFF COSTS AND NUMBERS _(continued)_ 

## GROUP 

The Association’s subsidiary has one employee (2019: one) who is employed directly by the group. 

||Group|Charity|Group|Charity|
|---|---|---|---|---|
||2020|2020|2019|2019|
||£|£|£|£|
|Wages and salaries|3,879|-|3,409|-|



## 12 TRUSTEES’ REMUNERATION AND EXPENSES AND COST OF KEY MANAGEMENT PERSONNEL 

The key management of the group are the trustees and none of the trustees received any remuneration in the period. 

Three trustees (2019: four) were reimbursed expenses for travel, subsistence and computer expenses during the year of £5,141 (2019: £12,045). 

## 13 AUDITOR’S REMUNERATION 

Fees payable to RSM UK Audit LLP and its associates in respect of both audit and non-audit services are as follows; 

|Audit services – statutory audit of parent<br>charitable company and consolidated<br>accounts<br>Other services:<br>Audit services – statutory audit of<br>associates of the charitable company<br>Taxation compliance services<br>Other services|Group<br>2020<br>£<br>13,950<br>400<br>1,200<br>7,815<br>23,365|Charity<br>2020<br>£<br>13,950<br>400<br>-<br>7,815<br>22,165|Group<br>2019<br>£<br>13,550<br>400<br>1,200<br>7,250<br>22,400|Charity<br>2019<br>£<br>13,550<br>-<br>-<br>7,250<br>20,800|
|---|---|---|---|---|



_Page_ 26 



## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

|14|INVESTMENTS (GROUP AND||||||||
|---|---|---|---|---|---|---|---|---|
||CHARITY)|Group|||Charity|Group||Charity|
|||2020|||2020|2019||2019|
||||£||£||£|£|
||UK investments listed on a|792,833|||792,833|714,502||714,502|
||recognised stock exchange||||||||
||Overseas investments listed on a|2,178,357||2,178,357||1,787,773||1,787,773|
||recognised stock exchange||||||||
||Investment in subsidiary undertaking||-||1||-|1|
|||2,971,190||2,971,191||2,502,275||2,502,276|
||Cash held by investors|76,890|||76,890|44,000||44,000|
|||3,048,080|||3,048,081|2,546,275||2,546,276|
||There are four (2019: four) holdings over 5% by Market|||Value of the portfolio at the year end:|||||
|||||||2020||2019|
|||||||%||%|
||Royal London Asset Management|||||-||5.4|
||Morgan Stanley Investment Funds|||||6.6||6.3|
||Rathbone UT Management Global|||||6.2||5.7|
||Skyline Umbrella Arbrook|||||-||6.1|
||Carne Global Fund|||||5.9||-|
||Allianz Global Investors|||||5.5||-|
||Investments are held to provide investment returns.||||||||
||RECONCILIATION OF OPENING AND|CLOSING|FAIR|||2020||2019|
||VALUES|||||£||£|
||Fair value as at the beginning of the year|||||2,502,275||2,155,981|
||Additions|||||879,633||532,614|
||Proceeds|||||(929,299)||(532,001)|
||Gains for the year|||||518,581||345,681|
||Fair value as at end of year|||||2,971,190||2,502,275|
||Historical cost of investments|||||2,078,018||2,004,392|
||SUBSIDIARY UNDERTAKING (CHARITY)|||||Cost||Cost|
|||||||2020||2019|
|||||||£||£|
||Investment in subsidiary undertaking|||||1||1|



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Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

## 14 INVESTMENTS (GROUP AND CHARITY) _(continued)_ 

The Association owns 100% of the ordinary share capital of its subsidiary undertaking, ASAB (Accreditation) Limited, which is incorporated in England and Wales (Company number 04909730). The registered office of the subsidiary is Joseph Banks Laboratories, University of Lincoln, Beevor Street, Lincoln LN6 7DL. The subsidiary is used for non-primary purpose trading activities, namely the certification of Clinical Animal Behaviourists. The audited financial statements for ASAB (Accreditation) Limited for the year ended 31 December 2020 and 31 December 2019 show the following: 

|PROFIT AND LOSS ACCOUNT<br>Turnover<br>Administrative expenses<br>Profit/(loss) for the financial year<br>BALANCE SHEET<br>Current assets<br>Current liabilities<br>Net assets<br>Capital and reserves<br>15<br>DEBTORS<br>Trade debtors<br>Other debtors<br>Amounts owed by group undertakings<br>Prepayments and accrued income|Group<br>2020<br>£<br>500<br>259,148<br>-<br>4,607<br>264,255|Charity<br>2020<br>£<br>-<br>259,082<br>-<br>4,607<br>263,689|2020<br>£<br>16,374<br>(11,952)<br>4,422<br>2020<br>£<br>13,215<br>(5,118)<br>8,097<br>8,097<br>Group<br>2019<br>£<br>-<br>224,518<br>-<br>7,464<br>231,982|2019<br>£<br>11,119<br>(11,744)<br>(625)<br>2019<br>£<br>14,246<br>(10,571)<br>3,675<br>3,675<br>Charity<br>2019<br>£<br>-<br>224,516<br>5,850<br>7,464<br>237,830|
|---|---|---|---|---|



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## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS 

for the year ended 31 December 2020 

|16<br>CREDITORS: Amounts falling due<br>within one year<br>Group<br>2020<br>£<br>Other tax and social security<br>37,231<br>Other creditors<br>326,072<br>Accruals and deferred income<br>40,088<br>403,391<br>Other tax and social security relates to VAT payable.<br>DEFERRED INCOME<br>Group<br>2020<br>£<br>Deferred income at 1 January<br>3,008<br>Released in the year<br>(3,008)<br>Resources deferred in the year<br>3,830<br>Deferred income at 31 December<br>3,830|Charity<br>2020<br>£<br>37,231<br>326,072<br>34,970<br>398,273<br>Charity<br>2020<br>£<br>-<br>-<br>-<br>-|Group<br>2019<br>£<br>27,882<br>304,069<br>29,951<br>361,902<br>Group<br>2019<br>£<br>-<br>-<br>3,008<br>3,008|Charity<br>2019<br>£<br>27,882<br>304,069<br>25,230<br>357,181<br>Charity<br>2019<br>£<br>-<br>-<br>-<br>-|
|---|---|---|---|



Deferred income relates to fees received in advance for work carried out in 2021. 

17 FINANCIAL INSTRUMENTS 

The Charity has the following financial instruments measured at fair value through income and expenditure at 31 December: 

||Group|Charity|Group|Charity|
|---|---|---|---|---|
||2020|2020|2019|2019|
||£|£|£|£|
|**Carrying amount of financial assets**|||||
|Financial assets measured at fair value|||||
|through income and expenditure|3,048,080|3,048,080|2,546,275|2,546,275|



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## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

|18<br>RECONCILIATION OF NET<br>INCOME TO NET CASHFLOW<br>FROM/(TO) OPERATING<br>ACTIVITIES<br>Group<br>2020<br>£<br>Net income for the reporting period<br>664,886<br>**Adjustments for:**<br>Dividends and interest receivable from<br>investments<br>(28,269)<br>Gains on investments<br>(518,581)<br>Increase in debtors<br>(32,273)<br>Increase/(decrease) in creditors<br>41,489<br>Net cash from/(to) operating activities<br>127,252<br>19<br>ANALYSIS OF CASH AND CASH<br>EQUIVALENTS<br>Group<br>2020<br>£<br>Cash at bank and in hand<br>937,728<br>Cash held at investors<br>76,890<br>1,014,618<br>20<br>ANALYSIS OF MOVEMENT IN FUNDS<br>UNRESTRICTED FUNDS<br>GROUP<br>At 1 January<br>Surplus in the year<br>At 31 December<br>CHARITY<br>At 1 January<br>Surplus in the year<br>At 31 December|Charity<br>2020<br>£<br>660,464<br>(28,269)<br>(518,581)<br>(25,859)<br>41,092<br>128,847<br>Charity<br>2020<br>£<br>925,079<br>76,890<br>1,001,969|Group<br>2019<br>£<br>337,396<br>(31,170)<br>(345,681)<br>(31,213)<br>(11,297)<br>(81,965)<br>Group<br>2019<br>£<br>765,431<br>44,000<br>809,431<br>2020<br>£<br>3,181,786<br>659,885<br>3,841,671<br>2020<br>£<br>3,178,112<br>655,463<br>3,833,575|Charity<br>2019<br>£<br>338,020<br>(31,170)<br>(345,681)<br>(33,661)<br>(11,954)<br>(84,446)<br>Charity<br>2019<br>£<br>751,187<br>44,000<br>795,187<br>2019<br>£<br>2,844,390<br>337,396<br>3,181,786<br>2019<br>£<br>2,840,092<br>338,020<br>3,178,112|
|---|---|---|---|



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## Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

|20<br>ANALYSIS OF MOVEMENT IN FUNDS_(continued)_<br>RESTRICTED FUNDS<br>GROUP AND CHARITY<br>At 1 January<br>Surplus in the year<br>At 31 December|2020<br>£<br>-<br>5,001<br>5,001|2019<br>£<br>-<br>-<br>-|
|---|---|---|



The restricted funds relate to a legacy received for the promotion of DVDs in the United Kingdom and overseas. 

|21<br>ANALYSIS OF NET ASSETS<br>BETWEEN FUNDS<br>GROUP<br>Investments<br>Net current assets<br>CHARITY<br>Investments<br>Net current assets|Unrestricted<br>funds<br>£<br>3,048,080<br>793,591<br>3,841,671<br>Unrestricted<br>funds<br>£<br>3,048,081<br>785,494<br>3,833,575|Restricted<br>funds<br>£<br>-<br>5,001<br>5,001<br>Restricted<br>funds<br>£<br>-<br>5,001<br>5,001|Total<br>£<br>3,048,080<br>798,592<br>3,846,672<br>Total<br>£<br>3,048,081<br>790,495<br>3,838,576|
|---|---|---|---|



All funds were unrestricted in the prior year. 

22 RELATED PARTY TRANSACTIONS 

During the year the charity paid the audit and accountancy fees relating to the subsidiary company ASAB (Accreditation) Limited. 

During the year the amounts of £5,850 (2019: £nil) owing to the charity by ASAB (Accreditation) Limited were waived, leaving a balance of £nil (2019: £5,850) owing to the charity at 31 December 2020. 

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Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 

## 22 RELATED PARTY TRANSACTIONS _(continued)_ 

Grants have been made to the employers of the following directors and Trustees during the year in support of their research. 

||2020|2019|
|---|---|---|
||£|£|
|Prof M J G Gage|-|3,000|
|Prof P Monaghan|3,000|3,000|
|Prof S D Healey|8,100|8,500|
|Prof P Stockley|3,000|5,000|



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