**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.
- 1 -
## **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.
- 2 -
## **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.
- 3 -
## **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
- 4 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
- 5 -
## **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:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 6 -
## **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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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.
- 7 -
## **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.
- 8 -
## **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.
- 9 -
## **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**
- 10 -
## **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|
|---|---|
- 11 -
**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.
- 12 -
**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.
- 13 -
**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.
- 14 -
||**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|
- 16 -
## **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.
- 17 -
|**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)
- 20 -
## **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.
- 21 -
## **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|
|---|---|
- 22 -
## **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.
- 23 -
## **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.||||
- 24 -