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 2021
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 D J Hosken Prof P Stockley Prof A Radford Prof M Siva-Jothy
REGISTERED OFFICE
50 Crimicar Lane Sheffield England S10 4FB
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 2021. 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.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The company is a charitable company limited by guarantee and is governed under the Memorandum and 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 twelve 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 workload rather than 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 are generally regular members of council 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 those 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:
- 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 journal 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.
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Association for the Study of Animal Behaviour Limited ANNUAL REPORT OF THE DIRECTORS AND TRUSTEES (continued)
RISK MANAGEMENT (continued)
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Declining income from investment portfolios. This universal risk is mitigated by holding an appropriate 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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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.
- 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 a continued 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 continued impact of the outbreak.
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 advance 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 active officers and editors of ASAB via their employing institution, with the condition that these are only spent on animal behaviour research and/or attendance at appropriate international conferences, 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 behavioural conferences. All applications for funding through the Grants Committee are peer reviewed so that 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 animal 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. In the spring a general meeting is held at a university in the UK and early career 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 the venue was 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 more widely available via the Internet, it contains details 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 was 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.
The Equality, Diversity, Inclusivity and Accessibility Committee
2021 saw the creation of a new Committee that will focus on issues of Equality, Diversity, Inclusivity and Accessibility. Kirsty Graham will lead this important new initiative.
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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 animal 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 2021 were £3,998,538 (2020: £3,846,672) which includes £Nil (2020: £5,001) of restricted reserves. This is an increase of 3.9% on the 2020 figure. The net income for the year, before adjusting for net gains on investment assets was £32,963 (2020: £146,305).
The Association’s main source of income is journal income which decreased to £568,188 (2020: £615,913). Membership subscription and sundry decreased to £28,137 (2020: £43,232) while dividend income decreased to £24,814 (2020: £27,945). Expenditure on grants increased to £151,748 (2020: £88,220). Other major expenditure categories have altered on 2020 as follows: education expenses £19,473 (2020: £24,516), meetings £3,377 (2020: £4,010) and sundry expenses £8,472 (2020: £15,219).
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 2021 are as follows:
Prof M J G Gage (deceased 15 January 2022) Prof S D Healy (resigned 21 March 2022) Prof P Stockley Prof D J Hosken (appointed 1 January 2021) Prof A Radford (appointed 21 March 2022) Prof M Siva-Jothy (appointed 21 March 2022)
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, and 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 2021, the Group held £851,317 (2020: £793,591) of free reserves. The charity maintains 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 Charity Commission.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
The directors who were in office on the date of approval of these financial statements have confirmed, as 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 information 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 Siva-Jothy Director
Date: 17th October 2022
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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:
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a. select suitable accounting policies and then apply them consistently;
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b. observe the methods and principles in the Charities SORP;
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c. make judgements and estimates that are reasonable and prudent;
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d. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 that the financial 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 financial 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
We have audited the financial statements of Association for the Study of Animal Behaviour Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2021 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 Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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:
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give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 December 2021; and of the group’s and the parent charitable company’s incoming resources and application of resources, including their income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 relevant 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.
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.
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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED
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 matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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
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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:
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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
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and 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 trustees’ 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.
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.
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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED
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 audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement 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 laws 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:
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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;
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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;
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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
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 Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.
The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to 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 and regulations and review minutes of the Board of Trustees’ meetings.
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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED
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 limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered outside the normal course of business, 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 matters 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
24/10/2022 ……………..
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 2021
| Notes Income from: Legacies Charitable activities 8 Other trading activities 4 Investments 5 Total Expenditure on: Raising funds 6 Charitable activities 7 Total Net gains on investments 14 Net income being net movement in funds Reconciliation of funds: Total funds brought forward 20 Total funds carried forward 20 |
Unrestricted funds £ - 568,188 39,279 24,855 632,322 49,746 544,612 594,358 118,903 156,867 3,841,671 3,998,538 |
Restricted funds £ - - - - - - 5,001 5,001 - (5,001) 5,001 - |
2021 £ - 568,188 39,279 24,855 632,322 49,746 549,613 599,359 118,903 151,866 3,846,672 3,998,538 |
2020 £ 5,001 615,913 59,606 28,269 708,789 54,454 508,030 562,484 518,581 664,886 3,181,786 3,846,672 |
|---|---|---|---|---|
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 2021
| Notes Income from: Legacies Charitable activities 8 Other trading activities 4 Investments 5 Total Expenditure on: Raising funds 6 Charitable activities 7 Total Net gains on investments 14 Net income being net movement in funds Reconciliation of funds: Total funds brought forward 20 Total funds carried forward 20 |
Unrestricted funds £ - 568,188 28,137 24,855 621,180 48,022 535,475 583,497 118,903 156,586 3,833,575 3,990,161 |
Restricted funds £ - - - - - - 5,001 5,001 - (5,001) 5,001 - |
2021 £ - 568,188 28,137 24,855 621,180 48,022 540,476 588,498 118,903 151,585 3,838,576 3,990,161 |
2020 £ 5,001 615,913 43,232 28,269 692,415 52,057 498,475 550,532 518,581 660,464 3,178,112 3,838,576 |
|---|---|---|---|---|
All the income and expenditure for the year arises from the charity’s continuing operations.
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Association for the Study of Animal Behaviour Limited BALANCE SHEETS 31 December 2021 Com an Re
| BALANCE SHEETS | ||||
|---|---|---|---|---|
| 31 December 2021 | CompanyRegistration No. 01182908 | |||
| Notes Fixed assets: Investments 14 Total fixed assets Current assets: Debtors 15 Cash at bank and in hand Total current assets Liabilities: Creditors: Amounts falling due within one year 16 Net current assets Total net assets The funds of the charity: Restricted funds 20 Unrestricted funds: (includes revaluation reserve of £865,853 (2020: £893,172)) 20 Total charity funds |
Group 2021 £ 3,147,221 3,147,221 206,897 1,005,601 1,212,498 (361,181) 851,317 3,998,538 - 3,998,538 3,998,538 |
Charity 2021 £ 3,147,222 3,147,222 206,693 994,774 1,201,467 (358,528) 842,939 3,990,161 - 3,990,161 3,990,161 |
Group 2020 £ 3,048,080 3,048,080 264,255 937,728 1,201,983 (403,391) 798,592 3,846,672 5,001 3,841,671 3,846,672 |
Charity 2020 £ 3,048,081 3,048,081 263,689 925,079 1,188,768 (398,273) 790,495 3,838,576 5,001 3,833,575 3,838,576 |
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 October 2022
Prof M Siva-Jothy – Director
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Association for the Study of Animal Behaviour Limited STATEMENTS OF CASHFLOWS 31 December 2021
| Notes Cash flows from operating activities: Net cash from operating activities 18 Cash flows from investing activities: Dividends and interest from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 19 Cash and cash equivalents at the end of the reporting period 19 |
Group 2021 £ 23,256 24,855 641,871 (577,623) 89,103 112,359 1,014,618 1,126,977 |
Charity 2021 £ 25,078 24,855 641,871 (577,623) 89,103 114,181 1,001,969 1,116,150 |
Group 2020 £ 127,252 28,269 929,299 (879,633) 77,935 205,187 809,431 1,014,618 |
Charity 2020 £ 128,847 28,269 929,299 (879,633) 77,935 206,782 795,187 1,001,969 |
|---|---|---|---|---|
Page 16
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
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 Practice “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 Generally 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 reasonable expectation that the group and charitable company have adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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 prepare the accounts on a going concern basis.
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 2021
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 party, 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 Tax (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 2021
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 at transaction 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 2021
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 capital. 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 50 Crimicar Lane, Sheffield, England, S10 4FB.
The group consists of Association for the Study of Animal Behaviour Limited and its one subsidiary. 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 and the publication of the results of all such study and research and certification of clinical animal behaviourists.
| 4 OTHER TRADING ACTIVITIES Subscriptions and sundry income Application fee income – Accreditation |
Group 2021 £ 28,137 11,142 39,279 |
Charity 2021 £ 28,137 - 28,137 |
Group 2020 £ 43,232 16,374 59,606 |
Charity 2020 £ 43,232 - 43,232 |
|---|---|---|---|---|
All income from trading activities was unrestricted in the current and prior year.
| 5 INVESTMENT INCOME GROUP AND CHARITY Dividends – quoted investments Interest on cash deposits |
2021 £ 24,814 41 24,855 |
2020 £ 27,945 324 28,269 |
|---|---|---|
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 2021
| 6 RAISING FUNDS MEMBERS’ SUPPORT COSTS Education expenses Meeting expenses Membership secretary’s expenses Share of governance costs INVESTMENT MANAGEMENT COSTS Investment management fees Share of governance costs TOTAL All costs of raising funds were unrestricted 7 CHARITABLE ACTIVITIES Journal (see note 8) Grants (see note 9) Workshop expense |
Group 2021 £ Charity 2021 £ 19,473 19,473 3,377 3,377 1,725 1,725 3,075 1,751 27,650 26,326 20,149 20,149 1,947 1,547 22,096 21,696 49,746 48,022 in the current and prior year. Group 2021 £ Charity 2021 £ 392,864 383,727 151,748 151,748 5,001 5,001 549,613 540,476 |
Group 2020 £ 24,516 4,010 1,725 4,682 34,933 17,300 2,221 19,521 54,454 Group 2020 £ 419,810 88,220 - 508,030 |
Charity 2020 £ 24,516 4,010 1,725 2,725 32,976 17,300 1,781 19,081 52,057 Charity 2020 £ 410,255 88,220 - 498,475 |
|---|---|---|---|
The amount of charitable expenditure relating to restricted funds are £5,001 (2020 - £Nil). All remaining costs are unrestricted
Page 21
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 8 SURPLUS ON JOURNAL ACCOUNT GROUP JOURNAL INCOME Non-member subscriptions Electronic licence REVENUE FROM Permission/other fees GROSS INCOME JOURNAL EXPENDITURE Production and distribution Elsevier: Profit share INCOME PER SOFA (page 13) ABS profit share Editorial expenses Share of governance costs EXPENDITURE (see note 7) NET SURPLUS ON JOURNAL |
2021 £ £ 24,906 845,441 73,959 944,306 70,170 305,948 (376,118) 568,188 288,846 59,513 44,505 392,864 175,324 |
2020 £ £ 35,161 931,474 45,600 1,012,235 64,677 331,645 (396,322) 615,913 312,593 58,837 48,380 419,810 196,103 |
|---|---|---|
Page 22
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 8 SURPLUS ON JOURNAL ACCOUNT (continued) CHARITY JOURNAL INCOME Non-member subscriptions Electronic licence REVENUE FROM Permission/other fees GROSS INCOME JOURNAL EXPENDITURE Production and distribution Elsevier: Profit share INCOME PER SOFA (page 14) ABS profit share Editorial expenses Share of governance costs EXPENDITURE (see note 7) NET SURPLUS ON JOURNAL |
2021 £ £ 24,906 845,441 73,959 944,306 70,170 305,948 (376,118) 568,188 288,846 59,513 35,368 383,727 184,461 |
2020 £ £ 35,161 931,474 45,600 1,012,235 64,677 331,645 (396,322) 615,913 312,593 58,837 38,825 410,255 205,658 |
|---|---|---|
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 2021
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.
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Recipients of grants: | No. of | £ | No. of | £ | ||
| grants | grants | |||||
| University of Liverpool | 4 | 8,225 | 1 | 3,000 | ||
| University of St Andrews | 3 | 20,412 | 3 | 8,100 | ||
| University of East Anglia | 1 | 1,500 | - | - | ||
| University of Bristol | 2 | 12,309 | - | - | ||
| University of Exeter | 2 | 10,500 | 1 | 8,799 | ||
| Universitat Bern | - | - | 1 | 1,500 | ||
| University of Compenhagen | - | - | 1 | 1,500 | ||
| University of Karlova | - | - | 1 | 1,500 | ||
| University of Oxford | 3 | 20,912 | - | - | ||
| University of Leicester | - | - | 1 | 1,500 | ||
| University of Birmingham | 1 | 1,500 | 1 | 1,500 | ||
| Stockhom University | - | - | 1 | 5,095 | ||
| The University of Lincoln | 1 | 6,000 | 1 | 1,500 | ||
| Aberystwyth University | - | - | 1 | 1,000 | ||
| Manchester Metroplitan University | 1 | 1,500 | 1 | 1,500 | ||
| Mumby University | - | - | 1 | 1,000 | ||
| Nijmegen University | - | - | 1 | 6,830 | ||
| University of Roehampton | - | - | 1 | 1,500 | ||
| Kyoto Womens University | - | - | 2 | 3,000 | ||
| Stellenbosch University | - | - | 1 | 7,040 | ||
| University College of Dublin | - | - | 1 | 1,530 | ||
| University of Glasgow | 1 | 4,500 | 1 | 3,000 | ||
| Institute of Zoology | - | - | 1 | 9,440 | ||
| Queens University Belfast | 2 | 3,000 | 2 | 3,000 | ||
| Massey University | - | - | 1 | 1,530 | ||
| The Open University | 1 | 500 | 1 | 1,000 | ||
| Anglia Ruskin University | - | - | 1 | 1,500 | ||
| University of Leeds | - | - | 1 | 1,500 | ||
| University of Vienna | 1 | 1,500 | 1 | 1,500 | ||
| University of West Scotland | 1 | 2,449 | 1 | 2,100 | ||
| University of Monash | 1 | 1,500 | 1 | 1,500 | ||
| University of Porto | 1 | 1,500 | 1 | 1,500 | ||
| University of Cambridge | 2 | 19,795 | - | - | ||
| University of Edinburgh | 1 | 2,083 | - | - | ||
| Northeastern University | 1 | 9,985 | - | - | ||
| University of Newcastle | 2 | 3,300 | - | - | ||
| Instituto Gulbenkian de Ciencia, | ||||||
| Portugal | 1 | 4,747 | - | - | ||
| University of Portsmouth | 1 | 803 | - | - | ||
| IISER, Sweden | 1 | 2,500 | - | - | ||
| Regensburg University | 1 | 3,950 | - | - | ||
| Stokholm University | 1 | 7,400 | - | - | ||
| Newcastle University | 1 | 2,000 | - | - | ||
| ETH Zurich | 1 | 1,500 | - | - | ||
| University Paul Sabatier | 1 | 1,500 | - | - | ||
| Bowling Park Primary School | 1 | 1,019 | - | - |
Page 24
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 9 GRANTS (continued) GROUP AND CHARITY (continued) Recipients of grants: Max Planck Institute for Ornithology University of Padova Travel grants Laptop grant Returned grant Uncashed grants written back 10 GOVERNANCE COSTS Audit fees Accountancy and professional fees Bank charges Insurance Sundry expenses Council meeting expenses Wages and salaries Waiver of intercompany loan |
No. of grants 1 1 1 - - - 44 Group 2021 £ 15,785 11,796 1,286 2,498 8,472 6,562 3,129 - 49,528 |
2021 £ 1,500 1,500 191 - (2,902) (6,930) 151,748 Charity 2021 £ 15,785 10,400 1,221 618 4,081 6,562 - - 38,667 |
No. of grants - - 12 1 - - 46 Group 2020 £ 14,350 9,028 1,175 1,638 15,219 9,994 3,879 - 55,283 |
2020 £ - - 1,766 1,490 - - 88,220 Charity 2020 £ 14,350 7,815 1,091 591 3,640 9,994 - 5,850 43,331 |
|---|---|---|---|---|
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 (2020: £4,705) during the year. At the year end there were £Nil pension contributions outstanding (2020: £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 £54,808 (2020: £54,007) 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 2021
11 ANALYSIS OF STAFF COSTS AND NUMBERS (continued)
GROUP
The Association’s subsidiary has one employee (2020: one) who is employed directly by the group.
| Group | Charity | Group | Charity | |
|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | |
| £ | £ | £ | £ | |
| Wages and salaries | 3,129 | - | 3,879 | - |
- 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.
One trustees (2020: three) were reimbursed expenses for travel, subsistence and computer expenses during the year of £1,030 (2020: £5,141).
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 charitable company and consolidated accounts Other services: Audit services – statutory audit of associates of the charitable company Taxation compliance services Other services |
Group 2021 £ 15,335 450 1,360 10,400 27,545 |
Charity 2021 £ 15,335 450 - 10,400 26,185 |
Group 2020 £ 13,950 400 1,200 7,815 23,365 |
Charity 2020 £ 13,950 400 - 7,815 22,165 |
|---|---|---|---|---|
Page 26
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
| 14 INVESTMENTS (GROUP AND CHARITY) UK investments listed on a recognised stock exchange Overseas investments listed on a recognised stock exchange Investment in subsidiary undertaking Cash held by investors |
Group 2021 £ 581,841 2,444,004 - 3,025,845 121,376 3,147,221 |
Charity 2021 £ 581,841 2,444,004 1 3,025,846 121,376 3,147,222 |
Group 2020 £ 792,833 2,178,357 - 2,971,190 76,890 3,048,080 |
Charity 2020 £ 792,833 2,178,357 1 2,971,191 76,890 3,048,081 |
|
|---|---|---|---|---|---|
| There are four (2020: four) holdings over 5% by Market Value of the portfolio at the | There are four (2020: four) holdings over 5% by Market Value of the portfolio at the | year end: |
|---|---|---|
| 2021 | 2020 | |
| % | % | |
| Morgan Stanley Investment Funds | 6.5 | 6.6 |
| Rathbone UT Management Global | 7.1 | 6.2 |
| Carne Global Fund | - | 5.9 |
| Allianz Global Investors | - | 5.5 |
| Fundsmith LLP | 5.2 | - |
| Xtrackers | 6.3 | - |
| Investments are held to provide investment returns. | ||
| RECONCILIATION OF OPENING AND CLOSING FAIR | 2021 | 2020 |
| VALUES | £ | £ |
| Fair value as at the beginning of the year | 2,971,190 | 2,502,275 |
| Additions | 577,623 | 879,633 |
| Proceeds | (641,871) | (929,299) |
| Gains for the year | 118,903 | 518,581 |
| Fair value as at end of year | 3,025,845 | 2,971,190 |
| Historical cost of investments | 2,159,992 | 2,078,018 |
| SUBSIDIARY UNDERTAKING (CHARITY) | Cost | Cost |
| 2021 | 2020 | |
| £ | £ | |
| Investment in subsidiary undertaking | 1 | 1 |
Page 27
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
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 2021 and 31 December 2020 show the following:
| PROFIT AND LOSS ACCOUNT Turnover Administrative expenses Profit for the financial year BALANCE SHEET Current assets Current liabilities Net assets Capital and reserves 15 DEBTORS Trade debtors Other debtors Prepayments and accrued income |
Group 2021 £ - 202,030 4,867 206,897 |
Charity 2021 £ - 201,826 4,867 206,693 |
2021 £ 11,142 (10,861) 281 2021 £ 11,031 (2,653) 8,378 8,378 Group 2020 £ 500 259,148 4,607 264,255 |
2020 £ 16,374 (11,952) 4,422 2020 £ 13,215 (5,118) 8,097 8,097 Charity 2020 £ - 259,082 4,607 263,689 |
|---|---|---|---|---|
Page 28
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 16 CREDITORS: Amounts falling due within one year Group 2021 £ Other tax and social security 25,079 Other creditors 288,846 Accruals and deferred income 47,256 361,181 Other tax and social security relates to VAT payable. DEFERRED INCOME Group 2021 £ Deferred income at 1 January 3,830 Released in the year (3,830) Resources deferred in the year 1,193 Deferred income at 31 December 1,193 |
Charity 2021 £ 25,079 288,846 44,603 358,528 Charity 2021 £ - - - - |
Group 2020 £ 37,231 326,072 40,088 403,391 Group 2020 £ 3,008 (3,008) 3,830 3,830 |
Charity 2020 £ 37,231 326,072 34,970 398,273 Charity 2020 £ - - - - |
|---|---|---|---|
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 | |
|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | |
| £ | £ | £ | £ | |
| Carrying amount of financial assets | ||||
| Financial assets measured at fair value | ||||
| through income and expenditure | 3,147,221 | 3,147,221 | 3,048,080 | 3,048,080 |
Page 29
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 18 RECONCILIATION OF NET INCOME TO NET CASHFLOW FROM OPERATING ACTIVITIES Group 2021 £ Net income for the reporting period 151,866 Adjustments for: Dividends and interest receivable from investments (24,855) Gains on investments (118,903) Decrease/(increase) in debtors 57,358 (Decrease)/increase in creditors (42,210) Net cash from operating activities 23,256 19 ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2021 £ Cash at bank and in hand 1,005,601 Cash held at investors 121,376 1,126,977 20 ANALYSIS OF MOVEMENT IN FUNDS UNRESTRICTED FUNDS GROUP At 1 January Surplus in the year At 31 December CHARITY At 1 January Surplus in the year At 31 December |
Charity 2021 £ 151,585 (24,855) (118,903) 56,996 (39,745) 25,078 Charity 2021 £ 994,774 121,376 1,116,150 |
Group 2020 £ 664,886 (28,269) (518,581) (32,273) 41,489 127,252 Group 2020 £ 937,728 76,890 1,014,618 2021 £ 3,841,671 156,867 3,998,538 2021 £ 3,833,575 156,586 3,990,161 |
Charity 2020 £ 660,464 (28,269) (518,581) (25,859) 41,092 128,847 Charity 2020 £ 925,079 76,890 1,001,969 2020 £ 3,181,786 659,885 3,841,671 2020 £ 3,178,112 655,463 3,833,575 |
|---|---|---|---|
Page 30
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 20 ANALYSIS OF MOVEMENT IN FUNDS_(continued)_ RESTRICTED FUNDS GROUP AND CHARITY At 1 January Defecits in the year At 31 December |
2021 £ 5,001 (5,001) - |
2020 £ - 5,001 5,001 |
|---|---|---|
The restricted funds relate to a legacy received for the promotion of DVDs in the United Kingdom and overseas.
| 21 ANALYSIS OF NET ASSETS BETWEEN FUNDS GROUP Investments Net current assets CHARITY Investments Net current assets |
Unrestricted funds 2021 £ 3,147,221 851,317 3,998,538 Unrestricted funds 2021 £ 3,147,222 842,939 3,990,161 |
Restricted funds 2021 £ - - - Restricted funds 2021 £ - - - |
Total 2021 £ 3,147,221 851,317 3,998,538 Total 2021 £ 3,147,222 842,939 3,990,161 |
|---|---|---|---|
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 ended 31 December 2020, the charity waived the balance of £5,850 owed by ASAB (Accreditation) Limited. At the 31 December 2021 the balance owed was £nil (2020 £nil).
Page 31
Association for the Study of Animal Behaviour Limited NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
22 RELATED PARTY TRANSACTIONS (continued)
Grants have been made to the employers of the following directors and Trustees during the year as part of ASAB's research programme:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Prof M J G Gage (Deceased 15 January 2022) | 1,500 | - |
| Prof S D Healey | 20,412 | 8,100 |
| Prof P Stockley | 8,225 | 3,000 |
| Prof DJ Hosken | 10,500 | - |
Page 32