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2024-12-31-accounts

Charity registration number 268494

Company registration number 01182908 (England and Wales)

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor A Radford
Professor M Siva-Jothy
Professor M Bateson (Appointed 1 January 2024)
Dr E Frasnelli (Appointed 1 July 2024)
Charity number 268494
Company number 01182908
Registered office 50 Crimicar Lane
Fulwood
Sheffield
South Yorkshire
United Kingdom
S10 4FB
Auditor Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers Santander
Bridle Road
Bootle
Merseyside
United Kingdom
L30 4GB
Investment advisors Brewin Dolphin
12 Smithfield Street
London
United Kingdom
EC1A 9BD

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 24

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees (who are also directors of Association for the Study of Animal Behaviour Limited for the purposes of company law) have pleasure in submitting the Annual Report for the year ended 31 December 2024. 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 financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The object of the Charity 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.

There are eight main ways in which the Charity 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.

Provision of Grants

ASAB provides a number of grants to support research, teaching, ASAB conference attendance and interdisciplinary workshops by its members. Research Grants actively support novel research in animal behaviour. Education Grants allow primary and secondary teachers to develop new teaching resources on animal behaviour. Travel Grants, Childcare Grants and Accessibility Grants are all available to support attendance by members at Society conferences. ASAB also sponsors interdisciplinary workshops on topical areas of research. 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.

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.

Applications for the above grant types are made through the Grants Committee, which competitively peer-reviews them so that only high-quality research in animal behaviour is supported.

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. All officers and editors receiving grants are experienced and qualified animal behaviour researchers.

Outputs from any ASAB-funded research must be considered for submission to the journal Animal Behaviour.

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 the winter, a themed meeting is organised; in recent years the venue has been Edinburgh. The summer meeting alternates between the traditional single society meeting and a joint meeting with other European animal behaviour societies, generating the joint European Conference on Behavioural Biology (ECBB).

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 via e-mail to ASAB members.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Risk Management

The trustees have considered the major risks to which the Charity is exposed and are satisfied those systems are in place to mitigate these risks going forward. All new ventures (for example European and global partnerships) will be thoroughly assessed for risk.

There are three 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 journal income profit share agreement, and (iii) a five-year contract turnaround which allows the Charity 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 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.

  3. Membership numbers and income falls. This risk is mitigated by working to maintain the reputation of the Charity 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 a range of 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 managing editor, 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.

Ethics

ASAB cares about animals. It has an Ethical Committee to promote the ethical treatment and conservation of the animals we study, and publishes an updated ‘Guidelines for the ethical treatment of nonhuman animals in behavioural research and teaching’ every January in the society journal (Animal Behaviour).

Teaching Animal Behaviour

ASAB encourages the teaching of animal behaviour in schools and universities. 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.

Equality, Diversity, Inclusivity and Accessibility

ASAB has an active committee focusing on issue of Equality, Diversity, Inclusivity and Accessibility (EDIA). The role of the EDIA Committee is to provide leadership for ASAB and its members, to encourage learning, discussion and understanding about EDIA, and provide support and opportunities to underrepresented groups (including women and underrepresented minorities).

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.org. 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 Royal Society of Biology and the Institute of Biology.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Accreditation

The Charity's subsidiary ASAB (Accreditation) Limited, ceased offering accreditation and trading from 31 December 2022. Therefore, the service of certification of Clinical Animal Behaviourists, accreditation of University and College courses that provide for clinical Animal Behaviourists, and provision of advice on companion animal welfare, is now carried out by another unrelated company.

During the year, the trustees assisted the directors of ASAB (Accreditation) Limited, in placing into a member's voluntary liquidation on 23 October 2023 and the company was been placed into liquidation on 28 July 2024.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Financial review

The total funds of the Charity as at 31 December 2024 were unrestricted funds of £3,847,998 (2023 - £3,676,160). This is a increase of 4.7% on the 2023 figure. The net expenditure for the year, before adjusting for net gains/losses on investment assets was £83,251 (2023 - net expenditure of £67,180).

The Charity's main source of income is journal income which decreased slightly to £571,836 (2023 – £586,575). Membership subscription and sundry income decreased to £39,271 (2023 - £42,651) while investment income increased to £63,564 (2023 - £59,466). Expenditure on grants decreased to £221,060 (2023 - £238,057). Expenditure on raising funds increased to £146,298 (2023 - £95,192) and support and governance costs decreased to £41,126 (2023 - £69,003).

The Charity financial plan is to balance income and expenditure.

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.

Investment policy and performance

The Charity generates income via investments to facilitate our objectives. The Charity 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 Charity 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 2024, the Charity held £801,238 (2023 - £868,927) of free reserves, which is made up of total funds less the amount held in investments. 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 the 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.

Plans for future periods

Our current plan for the future is to focus effort on our eight core activities: (1) publication of a leading academic journal (Animal Behaviour), (2) promoting knowledge gain through the provision of a range of 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) media and policy promotion, and (8) encouraging links with societies that harness similar aims.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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, EDIA 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 at the Winter meeting.

The Charity has four trustees: The President, Executive Editor, Treasurer and Secretary, who are generally regular members of council for a minimum three-year term prior to appointment and are considered the key management personnel of The Charity. 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. Trustees also receive documentation and updates from the Charity Commission to enable them to carry out their responsibilities.

The Charity 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 AGM, the text of these reports is published in the Spring newsletter (and therefore also on our website: www.asab.org).

The Charity 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 the Charity could not function. The key management personnel of the Charity do not receive any remuneration for this role.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Professor A Radford Professor M Siva-Jothy Professor M Bateson (Appointed 1 January 2024) Dr E Frasnelli (Appointed 1 July 2024)

Auditor

Azets Audit Services were appointed as auditor to the company and a resolution proposing that they be reappointed will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

.............................. Professor M Siva-Jothy Trustee

Date: ............................................. 25th September 2025

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees, who are also the directors of Association for the Study of Animal Behaviour Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

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

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES 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 ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services

.........................26 September 2025

Chartered Accountants Statutory Auditor

Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

**Unrestricted ** Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Charitable activities 3 571,836 586,575
Other trading activities 4 39,271 42,651
Investments 5 63,564 59,466
Total income 674,671 688,692
Expenditure on:
Raising funds 6 146,298 95,192
Charitable activities 7 611,624 660,680
Total expenditure 757,922 755,872
Net gains/(losses) on investments 14 255,089 182,344
Net income for the year/
Net movement in funds 171,838 115,164
Fund balances at 1 January 2024 3,676,160 3,560,996
Fund balances at 31 December 2024 3,847,998 3,676,160

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2024
£
£
3,046,760
154,433
1,121,422
1,275,855
(474,617)
801,238
3,847,998
3,847,998
3,847,998		 2023
£
£
2,807,233
171,479
1,067,980
1,239,459
(370,532)
868,927
3,676,160
3,676,160
3,676,160		 2023
£
£
2,807,233
171,479
1,067,980
1,239,459
(370,532)
868,927
3,676,160
3,676,160
3,676,160
3,676,160
3,676,160
3,676,160

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

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

24th Sept 2025

The financial statements were approved by the Trustees on .........................

..............................

Professor M Siva-Jothy Trustee

Company registration number 01182908

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(25,683)
Investing activities
Purchase of investments
(1,020,548)
Proceeds from disposal of investments
1,005,397
Investment income received
63,564
Net cash generated from investing
activities
48,413
Net cash used in financing activities
-
Net increase/(decrease) in cash and cash
equivalents
22,730
Cash and cash equivalents at beginning of year
1,166,172
Cash and cash equivalents at end of year
1,188,902
Relating to:
Cash at bank and in hand
1,121,422
Short term deposits included in current asset
investments
67,480		 2023
£
£
(632,014)
(803,060)
830,938
59,466
87,344
-
(544,670)
1,710,842
1,166,172
1,067,980
98,192

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Association for the Study of Animal Behaviour Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 Crimicar Lane, Fulwood, Sheffield, South Yorkshire, S10 4FB, United Kingdom.The liability of its members in the event of the company being wound up is limited to a sum not exceeding £10 each.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

Income derived from other trading activities is recognised as 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.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

As Association for the Study of Animal Behaviour Limited is unable to reclaim all of the Vaue 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.

Grants payable are payments made to third parties in the furtherance of the chritable objects of the Charity.

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.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Total 2023 £ 586,575
Open access / Copyrights 2023 £ 126,991
Electronic licence 2023 £ 442,789
Printed income 2023 £ 16,795
Total 2024 £ 571,836
Open access / Copyrights 2024 £ 146,698
Electronic licence 2024 £ 413,874
Printed income 2024 £ 11,264
Charitable activities Journal income
3

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Subscriptions and sundry income 39,271 42,651

5 Investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 61,417 55,745
Interest receivable 2,147 3,721
63,564 59,466

6 Raising funds

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Education expenses 59,248 20,987
Memberships secretary's expenses 1,900 1,900
Meeting expenses 59,278 42,962
Support costs 7,258 12,012
Fundraising and publicity 127,684 77,861
Trading costs
Investment management fees 18,614 17,331
146,298 95,192

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Charitable activities
Journal expenditure
Editorial expenditure
Grant funding of activities (see note 9)
Share of support costs (see note 10)
Share of governance costs (see note 10)
Surplus on journal account
£
Journal income
Printed income
Electronic licence
Revenue from
Open access/copyrights
Gross income
Journal expenditure
Production and distribution
Elsevier profit share
Income per SOFA
ABS profit share
Editorial expenses
Share of support costs
Expenditure
Net surplus on journal

8 Surplus on journal account

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

Grants payable Grants payable 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. No of
Grants
No of
Grants		 Grants
2024
Grants
2023		 Grants to institutions:
£
£		 University of Liverpool
-
-
4
9,000		 University of St Andrews
3
11,259
3
5,500		 Anglia Ruskin University
1
1,500
1
1,500		 University of Bristol
4
21,164
5
24,726		 University of Exeter
6
12,000
6
15,000		 University of Oxford
1
7,554
2
13,021		 University of Birmingham
-
-
1
1,500		 The University of Lincoln
2
7,500
3
9,000		 Manchester Metropolitan University
1
1,500
1
1,500		 University of Georgia
-
-
2
4,996		 Wageningen University and Research
-
-
2
3,000		 University of Western Australia
-
-
1
9,910		 University of Tokyo
-
-
1
1,500		 University of Sheffield
2
15,200
2
12,000		 University of Salford
1
1,500
1
1,500		 University of Potsdam
-
-
1
4,455		 University of Cambridge
1
1,500
1
1,500		 University of Edinburgh
-
-
1
1,500		 University of Plymouth
1
3,000
1
1,500		 University of Melbourne
-
-
1
1,500		 University of Kent
1
1,500
2
3,000		 The Hawk Conservancy Trust
-
-
1
2,000		 University of Hong Kong
-
-
1
4,200		 Carried forward to next page
24
85,177
44
133,308
9
(Continued) 133,308 6,955 1,500 12,600 3,000 1,490 7,200 8,994 4,200 2,000 - - - - - - - - - - 36,201 23,763 1,258 (4,412) 238,057
44 1 1 3 2 1 3 1 1 1 - - - - - - - - - - 88 48 3 - 197
85,177 - - 18,196 - - 6,100 - - - 3,803 4,510 9,995 2,000 1,500 6,000 3,000 5,000 3,000 1,500 25,938 44,566 775 - 221,060
24 - - 2 - - 2 - - - 1 1 1 1 1 3 1 2 1 1 65 77 2 - 185
Grants payable Grants payable Brought forward from previous page Stockholm University University of Dublin Centre National de la Recerch Charles University Brunel University Brunel University Swansea University The University of Uruguay The University of Uruguay Ashoka University Ashoka University University of Helsinki International Foundation for Research and Education University of Padua University of Sussex Queen Mary University Seoul National University University of Amsterdam University of Trento Newcastle University Newcastle University Lausanne University Lausanne University Indian Institute of Science Student conference grants Overseas student grants Childcare grant Returned grant
9

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10
Support costs
Support
costs
Governance
costs
£
£
Loss on disposal of
investments
1
-
Bank charges
3,632
-
Insurance
854
-
Sundry expenses
7,130
-
Audit fees
-
12,000
Accountancy and
professional fees
-
5,664
Council meeting
expenses
-
19,103
11,617
36,767
Analysed between
Fundraising
7,258
-
Charitable activities
4,359
36,767
11,617
36,767		 2024
Support
costs
Governance
costs
£
£
£
1
-
-
3,632
2,967
-
854
662
-
7,130
18,038
-
12,000
-
25,700
5,664
-
12,450
19,103
-
21,198
48,384
21,667
59,348
7,258
12,012
-
41,126
9,655
59,348
48,384
21,667
59,348		 2023
£
-
2,967
662
18,038
25,700
12,450
21,198
81,015
12,012
69,003
81,015

Governance costs includes payments to the auditors of £12,000 (2023 - £25,700) for audit fees.

11 Auditor's remuneration

Fees payable to the charity's auditor and associates:
Audit of the charity's annual accounts
Non-audit services
Taxation compliance services
All other non-audit services
Total non-audit fees		 2024
£
12,000
1,500
4,164
5,664		 2023
£
25,700
1,350
11,100
12,450

12 Trustees

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

3 trustees (2023 - 5) were reimbursed expenses for travel, subsistence and computer expenses during the year of £3,137 (2023 - £6,720)

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

The Charity has no employees. Staff costs totalling £64,567 (2023 - £59,836) have been recharged from Nottingham University along with pension contributions of £4,705 (2023 - £4,705)

There were no employees whose annual remuneration was more than £60,000.

14 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Gain/(loss) on sale of investments 255,089 182,344

15 Taxation

The charity 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.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Fixed asset investments

Listed
investments
Cash in
portfolio
Other
investments
£
Cost or valuation
At 1 January 2024
2,709,040
98,192
1
Additions
1,020,548
(1,020,548)
-
Valuation changes
255,089
-
-
Investment management fees
(29)
(18,236)
-
Income
-
2,704
-
Disposals
(1,005,368)
1,005,368
(1)
At 31 December 2024
2,979,280
67,480
-
Carrying amount
At 31 December 2024
2,979,280
67,480
-
At 31 December 2023
2,709,040
98,192
1
2024
Other investments comprise:
Notes
£
Investments in subsidiaries
20
-
2024
£
Investments at fair value comprise:
UK Investments listed on stock exchange
768,576
Overseas investments listed on stock exchange
2,210,704
Investment in subsidiary undertaking
-
Cash held by investors
67,480
3,046,760
There are four (2023 - six) holdings over 5% by Market Value of the portfolio at the year end:
2024
%
Artemis Fund Managers Limited
8.83
Morgan Stanley Investment Fund
6.51
MAN Funds PLC
6.10
Aravis Funds
5.49
Robeco Capital Growth
2.98
Schroder Global Energy
2.00
AXA Fixed Interest
1.93
Ishares USD Tips
1.22		 Total
£
2,807,233
-
255,089
(18,265)
2,704
(1)
3,046,760
3,046,760
2,807,233
2023
£
1
2023
£
610,496
2,098,544
1
98,192
2,807,233
2023
%
5.10
5.50
-
-
5.50
6.70
7.00
6.90

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Debtors

Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2024
£
146,205
8,228
154,433		 2023
£
163,890
7,589
171,479

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
140,507
-
281,346
52,764
474,617		 2023
£
14,568
780
289,013
66,171
370,532

19 Related party transactions

During the current and prior year, the charity paid the accountancy and tax compliance fees relating to the subsidiary company ASAB (Accreditation) Limited which has been put into voluntary liquidation during the year.

Grants have been made to the employers of the following Trustees during the year as part of ASAB's research programme:

Prof M Siva-Jothy - £6,000 Prof M Bateson - £3.000 Dr E Frasnelli - £3,000 Prof A Radford - £6,000

20 Subsidiaries

At the 2023 year end, the Charity owned 100% of the ordinary share capital of its subsidiary undertaking, ASAB (Accreditation) Limited, incorporated in England and Wales (Company number: 04909730).

On 23 October 2023, the company was placed into a member's voluntary liquidation by the Directors. ASAB (Accreditation) Limited was dissolved on 28 July 2024.

ASSOCIATION FOR THE STUDY OF ANIMAL BEHAVIOUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Cash generated from operations 2024 2023 2023
£ £
Surplus for the year 171,838 115,164
Adjustments for:
Investment income recognised in statement of financial activities (63,564) (59,466)
Gain on disposal of investments (255,089) (182,344)
Depreciation and impairment of tangible fixed assets 1 -
Movements in working capital:
Decrease/(increase) in debtors 17,046 (41,038)
Increase/(decrease) in creditors 104,085 (464,330)
Cash absorbed by operations (25,683) (632,014)
22 Analysis of changes in net funds
The charity had no debt during the year.