THE COMPANY OF BIOLOGISTS LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ReBfstered number: 00514735 Charfty number: 277992 I1*C￿lpanyrf Biologists Trustees, Report and Flnanclal Staternent5 for the year ended 31 December 2021 Strateslc report Buslness revlew As a Cha￿ty, Tr Company of Blologists does not seek revenue Surplus for flnanclal 8aln or as a retum for shareholder5. cl￿panY'S ￿ncipal means of achie*ing ils Prtmary objective 15 ttr￿ pro&Jctlon of hith-quality scientific journals. The Company of Bloloslsts. lovrnals exernpllfy what can be achi￿ in tem5 of SCIL￿tIfiC quallty, production standards and overall value f￿ money. It is h¢¥ed that 5U5Lalnlng custcyner nurnbers VAII allow us to coyer t Inevltably largè eX￿nSeS a$S￿lated with rnaintaining hlgh-wality jwrnals. Sales The Company continued io expand its Read & Ajblish initiative durfng 2021. Read & ￿lblIsh agreen*nts C￿￿bfne access to our journals daling back to 1853 with un12miled Open kcess publishing for authgrs at particlpatin8 Instituti￿5. TW require a syeat deal of effort on ¢)ur parl to make them work effectlvely, tyjt ￿ believe that Open kcess is the future of wbllshing and that these agreements ¥￿1[ key to successful transition to a fully OFen-Acce55 wblishei. From 2022. in5titution5 VAII have the option to include Okbr fully Open Access journa15 in thèir Read & Fljblish agreemeTrt . Disease Pl￿e15 & Mechani￿5 and Biology Open. Trustee5 carnèd out I￿1r annual rewiewof the C(xnpaTry'sdtyJble dipping FK•licy, updating it to reftect the specific requI￿rnentS of cOAlition Plan S Open Acce$5 mandate. Double dipplng ariseswlx&re a publlther Seeks to Increase revenues by ieWn8 artlcle processing charges for wblication in hybrid journals, while not providing proportlonate decrease in 5ub¥ription costs. App16caticn of the new wllcy on 2022 pMclTh8 rewlted In a redLKiion In tPE prKe increase. htt 5.. 1 1www.biol IStS.c￿lIlbra The Company cofttinues to allow librarians to copy articles from jwrnals free of charge If u*d for educational purp￿5. Ovr journals also glve authors the option to pay a fee to make thelr article5 immedlately OFen Acce55 l.e. actesslble wlthoul sub5criplion under a c￿atiVe ComrnoDs licen￿. The Cc¥npAny particlpates Sn Stanford University's LOCKSS archlve programrne and CLOCKSS extended 'dark' archlve Se￿￿, deygned to creatè a free, ￿Mianent rep051tory of publisled materfal In the unlikely event that, at sorne point in the fulure, the Ccmpany 15 unable to carry out fts publlcation re5w)nsibilities. .hJblyJbscri tion51subscri cln -21 Sclentlflc workshops The C(Thpany's workshops are desi8red io pr(y4lde leading experts and early.tareef scientists a stsmulating eovlronrnent for cross fertil¥zation of inteydlsdplinary ideas. The programttes are carefully d￿elOred to champion novel tÉf hnlques and innovatic￿5 thal wll underpln irnportsnt scientific athan￿$. As a result of COVID-19 only one virtual workshop wa5 held thrlng 2021. Whilst aim 15 to run all the worksh)p5 In Ferg)n in 2022. the evol¥rin8 pandemlc rnay COntir￿ to impacL the Cc4npany'sabillty to hold physical ￿￿>r￿shOpS. Cornmunity The Cornpary has laUnC￿d a Trumter of comrnunity 51tes to support the biological c¢ynmunlty. Our well-established 'the N(Kle' is a communlty slte for developmen￿[ blologlsts (with it5 ovm yxial methal. l*)de has grown to reflect the Interests of the c¢)mmunity by featuring career5, re3earch, resources, scientific meetlngs, advocacy and public tyjtreach, and ha5 initiated community dlscussion kx•lnts. Powlar posts in 2021 ranged from practical athce for grant writing through to SciArt, and our rn05t irnpactful tweet related to P05tde Appreciation Week Imofe than 81 k impressions). The sile also Includes the Node Net%%r¢k, a global dsrectory of developmental and stern-cell biolo815t5 Wth alm of increasing equity and dI￿rsIty, for example. as organl*rs Ilne up speakers for conferences or members for c￿Mittee5. The CompK4ny ha5 engaged positlvely with preprint5 . emerong In Ilfe scierKÈs as a way to speed vp the communication of re*arch findings. Cornpany's community site 'preLights' prcwides preprint hishlithting comrnenting. We have a community of 1QJ+ early-career researchers contributing to the slte, covering a broad set of biolo8ical topics. Our rnost popular ￿5t5 Ir¢)m 2021 all feawred new technique5. The weLights tearn also engage with author5 of the odglnal prepmnts arKJ ar￿nd two-thlrds of ihe* author5 re¥%Jnd ￿th more I1*C￿MpanY Biologists Trustees, Report and Flnanclal Statement5 for the year ended 31 December 2021 Infomiation for preLI￿t5 slte. slte has a slgnSflcant Twitter pre5eKe. The need for rapld ctsnnKJnlcaUon of COVID-19 research meant that preprints have tr￿en more important than ever. Our new comrnunity 51te. Focalplane, rnarked Its first birthday in 2021. The site was iaurtled to brlng tOget￿r the rnlcfOSCOPy and imaging CL¥nmun5tles and this has been well recei¥fd. During 2021. F￿a[plane also hosted monthly V+Ebinars bdnglng tOget￿r the community to d13cuss emerglng themes In mlcroscopy. Popular articles included guideline5 for v4rilin8 microscopy methods and also our regular posts on the latest microxopy yeprints. Soclal rn?dla The Company hasa slgnlflcant social rredia presence, with Twitter feeds and FaCeb￿k pages for the j.￿rnalS and for the communSty sftes plus In5ta8ram to showcase I￿r Images and a T¥￿tter feed for c￿panY new5. The Ccmpany's YouTutre channel continued to provide acces5 to informative videtr51yie content includin8 ientlfic conient from louma15. interview5 With researchersand features from our ccfflm4Jnlty h*blnar5. Our Academic Editors-in-chief toget￿r to produce a video celebrating Open Access Week 2021 that ha5 received more than 3.6K ￿ews. Informarlon abtyjt our Read & ￿blIsh a8reemer*ts and In￿ryleW5 wlth auchors and Ilbrarlans who have Èe￿f7ted from these Open A(￿$5 agreerrents have been popular. The Company al￿ has a Wechat channel io grow cyjr presence in China. %•knere outFxJI of imFXYtant bi(Mnedical re5Èarch ha5 Sr0%￿ ¥ery significantly. We saw increases in follower5, article wews and aritle Sha￿ dudng 2021. Thr￿gh the channel wè have prO￿ded a series of wideos to help authors with journal publishing Ipolicle5 and prrKe55e51 and this should lead to more s(Kces5ful wtxnis51￿S to the journals. We have featured a wide range of research Stories. The most-read pleces are Interviews with Chinese researchers. Articles addre55in$ COVID-19 situation lor reSearC￿r5 have als0 Wn very popular. We also maintain a blologists.cn website for Chlna to act as a gaieway to information ab￿t tyjr journals, grants and meetings. To Support our activilies. V￿ appointed a working group of Chinese early-career re¥earC￿rs- txjth within CM"na and ￿rkIng intemationally- to SUFVOrt our developThent of thi5 cornmunity channel. Digital preserKe in 2021: 4,049 YOUTU￿ SUb￿￿ters119% Incleasel 30,719 Facebooks followers118% increase) 87.860 T￿tter followers118% increa*l 2,526 In5taErarn follob%ers184% Increase 1,484 Linkedln follower$135% Increase) 1,304 Wechat foll0v￿rS(39% IKreasel Performance agalnst 2021 objectlves The Company u5e5 a numter of flnancSal and non-fSnarKlal key perforrnance Indicatw to mmiior ￿rforrnance. Retwn to offlce A signlficant I￿rn￿er of empltyees contlnued to ¥t￿rk from horne during 2021, only Skeleton ￿aff attendlng the offfjces. The Compary is keen to embrace a Siyle of that will irnprove the health ar¥J ￿lI￿￿1ng of its aff whilst continuing to deliver a first-class servlce io all stakeholders and revised and expanded the fLe￿ble rking policy in 2021. Managers att￿ded mental health trainirva during tlp year, followed by 0￿-to-¢ne meet?ng5 wih evelopn*nt. 12% in Journal of Cell Sclence and 15% In the Journal of Experfmental Biology. The Cornpany contlnued to actlvely engage wlth Instltuelons that have slgthed Read & Publlsh a8reements to enwre thal= librarians are able to engage efferti¥ely with their researcI￿r$ ab￿¢ the OPFK•rtunitie5 tIEse agreements offer, vlth a varfety of ￿S￿jrceS available frc our library IKJb www.biolo8is1s.c¢)mllibrary-knblread.wblishl authors are aware of the routes t￿Y may vse to publlsh tI￿r papers on an Open kcess basls and ctynply their funder and institute mandate5. INSTITUTIONS SIGNING UP TO READ & PUBLISH INITIATIVE 300 200 100 North Amerlca Europe Asia Rest of World UK •2020 ll 2021 Transparent metrlcs TranSpa￿ftt metrlcs on loumal pub15shlThg are seen as lrnportant to develop trust, esFeclally arojnd Se￿CeS offered to authors land this is particularly relevant Lh? author is paying an ￿1cle Pr￿essing Fee for Open Access publKationl. ComFklry repre*ntatives were involved in conyjltat1￿S bets%een pub115her5, funders and Ilbrarian5 on which rne￿Cs W￿1￿ tr* u*ful and practical ta pr￿de. The Company selected a transparerKy Kherre that Is compliani wth cOALitlon Pian S Osxn Access principle5 to ensure that autlY)r5 can fulfil tlpir funder mandates. metrtcs have been pr(￿ded for all five of the CLYnpany'5 journa15 and includtr measure5 of speed to publication, acceptaKe rates, V5age Ireadershipl and citation as hell a5 a pricel cost break&)wn. A full example can be seen ￿re. h￿tt s 11 cob.$11verch3ir:comKdevlpage51trèns rent- mptrir.5 Plan S reqJlre5 tran5parenry arwnd costs associated with publishing left (using one of the Plan S templates) is a p￿chart showing costs comlng from dfffe￿Trt areas of wbllshlng activities. Plan S dlrect other wblI￿r5 to vlew examplesof transparent metrics on wr ￿￿bSIteS and we have also produced 'how to. v7¢kn to SUPPOrt other Wblis￿r5 in adopting transparent rnetric5. In addltlon, we are provlthng transparent comparatl¥t rnetrics for our Open Access artlcles compa¥ed w(th our n￿-O[￿-ACcess articles. t)urins the first 6 rnonths of wblicatirffj, Open Access articles see at least three tlmes higher usage Ireadershipl Cornpa￿ wth non-OA article5 (noting that our n0n-0ten-k￿sS article5 are free to read after 6 m(￿th51. OFen Acce55 articles also have a citation athantage and a boost io their altmeirics (online aL￿ntIOn Includlng social medlal. 8en•fits vloyn Access wbll%h•ry >3x 1.1-1.4x 1.2-1.gx Ilwcompanyot Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 Mlgrate the Journals to a onllnè hostlng platfonn The Ccrnpany committed to a 2021 rnigrati(￿ for Its loumal cthitent to a new online hos1in8 piaif(xm. Thls was based on a landscare ￿￿eW and full tenthr wocess. The new plalforrn (called Sllverchalrl Is more tynarnt. ￿e￿lOPIng features in tu￿ wth industry changes. and also prO￿deS us with cost sa￿1￿95. This was a very slgnlflcant project. Content htnt through testing to identlfy and Smplement ￿essary Th*tsdata updates. Features and fu￿tIOnalIty on the new 51te were a55e55ed in detall and custom1satl￿S requested where necessary. One specific atharKe is the abillty to wtrw articles Tn a 'splft screen. view, so that readers can view the data and scientifi'c fisvre5 alongside tte relevant portion of text. A partkular foojs was on planning the migration experlerte fer cAJr Ilbrary cu5tcrner base irKluding a ttrK*wgh communication plan with Frequently Asked (￿eSti(￿S and careful redi￿t5 of old URLS. We engaged IndeFendent Inth5try exrert5 for SFedalist yJpp)rt throjgh the rnlgration and launched rew site on 15 April 2021. Revlew the exlstlng manuscrlpt rracklng systern Any change to the mantsscrfpt tracking systern ￿Uld a ¢hanged expemence for our authors, Feer reMewers. AcadernTC Edltors and In-house Staff. We recrulted someone w7th experti¥e in this a￿a to our investi8aticfis. A user survey was used to gather InfOrrnati￿ on the v5er experiwce on cuNent system (called Benchpre551. identifwng paln Wnts and area5 in which to prlorfll* wtentlal Impro¥err*nts. detalled worthow drKument was created to identify the features and functimality that we ￿Uld require frcm ny new system, and tIE reportlng requlremenis that would need to be available to us. hkipplng was also carrled out bet￿en our current sysiem and the rnost obviw5 c¢)mpetilCf System Iwhlch would a19) complement Ot￿r publishin8 Sys￿S In u* at the C￿Pany1. The *lsion on ¥thelher ¢0 miwate to a new system has not yet teen ma(k. It W￿ld be a slgnlflcant woject and w¢Juld need to te carefully resOur￿d. In a¢Ythtlon. we are awa￿ of plans for Imwo¥emeTrt of our current system that we VAII rfftd to take into account. The journals After the increases seen Ojdng the flrst pandemlc IcKkdown, we hale seen wtjnlsslons and numbers of publlshed articles retufn to more nornial levels. Submltted articles Iprimary research) Published articles (primary research) 2020 lrnpact faclor5 IIFI were annthJKed In 2021 and 518Dificaat increases= Dev in¢rea*d fr¢Jn 5.611 to 6.868 JCS Increased frorn 4.573 to 5.285 JEB increased frcTh 3.014 to 3.312 DM41 irKrea5ed from 4.651 to 5.758 Bio iKreased from 2.029 to 2.422 However. some of the Increase could reflect changes to the IF calculation. "th an Increased fcru5 ￿ equity, t1iversity and Inclu￿On, the journals started collectin8 *If-￿lxIrted data on gender identity fr¢Nn authus at yjbmlsslon. The jovrnals a150 ￿lCorned Iretrosk*ctI￿l name changes to inclu¢* changes Ojring gender transitions. And the new publlshing platform allowed u5 to tetter pre*nt non-hffjglfclsed ames, for example us5ng ch11￿* character5. n*Companyrf Biologists Tru5tee5' Report and Flnanclal Staternents for the year ended 31 December 2021 The journal Development wbllshed a speclal Issue on "lrnasins d￿lOPMent, stem cells and regeneration" Showcasing techniques/approaches that allow reSearC￿r5 to capture and analyse t beauty and dynamlcs of development acros5 5cales- from individual molecules and cells to complete tissue5 and embryos. The flnal Issue of the year celebrated 25th anniversary of the jrAJmal's grwnd-breaking zebrafi5h ¥*ial Issue, ￿lch e￿ntIallY launched a new rnodel orgaDlyn for the study of de¥elofNnent and disease. DeVelO￿ent hosted a Jolnt online 5cienlific meeting ￿th ￿ster j￿Mal Disease Models & Mechanisms on "DeveIotrn￿tal Disorders.. From Mechanism to Treatment" bringing togetFer developrnental bloloosts, human genetlC15ts and cllnlcal researchers. meeting'5 aim wa5 to build tsidges to address ttre di5CLwnect between re*archer5 workn'ng on ènlmal models, 8enetlC15t5 trying to identlfy genomic lesions. and cliniclans hopin8 to tfeat affecLed paiients. The meetin8 included ￿tIent testlmony to the Mjman irnpact of these di￿rderS. The journal a150 ￿5¢ed onllne Y*blnars featurinBauthors of key paFers published ￿thIn Jtyjrnal and prL¥noting i5ibFlity of eariy-career re*archer5. Journal of Cell Science publi*d a speclal Isgje on "Cell Biolw of Host-Pathogen Interaction5" covering a wde range of pathogensfrom the wira51te causing rnalarla, ￿r￿SeS hljacklng ￿11 Th￿rnbrane5, fungal infeciion Cells, throu* to foodborne bacterla. The ]￿rnal expanded its Editorial 8oard to incI￿Je three evdutitsnary blologists. belnq earlief-caTeer re￿ar£￿r5. The journal'5 regular correspondent continued to prodLKe artKles hlghllghiing how t1￿ COVID-19 pandemic is Chan￿"n8 the landscape for re￿arCher% Journal of Experimental Biology publisl*d a special is5￿ on"Predicting Future: SFEcies Survival ir5 a Changing Wuld" revisitin8 thi5 irnPQrtant global topic. Spanning the animal kln8d(hn fTOrn syrnbTonts and reptiles to insect5 and megafaun6. the Collecti￿ di5CU55es current understanding of the physiological irnpact of the climate crisi5 and the lessons that 11 infom biodiversity rnaTra8ernent and C￿serVatiO[l in thè coming decade. j￿rnaL of ExFerIry￿nta1 Biology articles receiNt Signifi'cant meth'a attentlon, the top Storfes In 2021 telng 5prin8 mechanigm behlnd tlny strikes of larval maniis shrSmp, fresfv4ater methamphetamine pollution turning br¢)wn trout Into adth'cts, and grfaly bears easlly getting out of breath on steep sioFe5. Disease Mode15 & Mechanlsms, new Edltor-in-chief Prof. E. Ellsabeth Patton 5laried In January 2021 ￿th an incfeased focus on the rr*dical impact of translaticfftal researth. She apw)inted new Editors, each wilh a unique per4eciive on k)w basic science underpins our understanding of di*ase aetiology, and progre55 in diagnosis and treatment. Liz also co- authored an Editonal on models and mechanisms for CQVID-19 research. IX5easè Pltsjels & Ilechant5rn5 covered the story t*hlnd the 2021 Nobel PriTr for re*arch on receptor channels responsible for the wrception of touch and temperature and celebrated the IIX) anniversary of the discovery of inwlin Idurins D6aÈetes Awarene55 knthl with In￿￿w5 and Perspectives. OtFEr per5￿Ctive articles featured "Pkndeling tt* de*loprnental origin5 of pedlatric caKer to Impro¥e patient outc¢)mes" "Western lifestyle a5 a driver of dysbiosis in colorectal cancer" "Advancing lung organoids for COMD- 'IlreCA)mpany Biologists Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 19 re*arch"; and "A zebrnf5sh.centrf£ approach to antlepllepllc dru8 development". One of the most-read Re*arch Articiesof 2021 wa5"Hi8h-(k)sewtamln B1 therapy prevents the deVelOp￿nt of exteriryEntal fatty li*r drtven by osemutrition." Blology OFen accept5 articles that are scfenllfically sound land t￿refOre of interest to the CLNnmunltyl ￿tknut belng 'trendy' or 'insightful' the alm of reduclng the 'pain to publith, for author5. It ha5 attracted a significant numtrRr of articles and auihors confirm that it pro*ide5 an imwrtant sèrvice. We need to be careful about the scientific 5tandard5 on Lhese artkles, however, and journal has increased its aC￿Ptan￿ requI￿r￿n1$ rewlttng lft a lower acceptan￿ rate. The journal tontinues to focus on StsPlKJrt for early-career ￿searCherS, for example introducing 'Future Lcader, Re￿eW artleles. During 2021 ttrw have covered a wde range of toplcs Incluithn8 rnolecular mechafiism5 of neurodegeneration in Alzkelrner's disease., carih'ac myosin suF£r relaxation: the role of inlercellular cotnmunfcatlon In ￿art disease,. how anima15 Use colour and motl(M Lo disgui* and tegLAle', and kK)w research culiure in the biolowcal scien￿5 translates fr(￿ the bench to society at lar￿. The c￿panY'S two fully Open AC￿$5 Journals, Disease l•ode15 & K*chaniyAS and Biology o￿n, a￿ Ilsted in the DIrect￿Y of Open Access Journals IDOAJI and a￿ mernters of the OFen Access Schoiarty Publishers Association IOASPAI. Investments In 2020 the Company agreed a pollcy to progresslvely dfvest from ccfflpanles aCtI￿[Y extractlng fossll fuels. Actions taken during 202012021 re￿Ited in a reducticffi in f05511 fuel expowre at kx)rtfolio level from 3.1% to 0.8% ithout cornpromislng the exFected returns. The value of the FK•rtfolio increased in I1￿ wlth ex￿CtatIOnS of the Cunpany. The benchmark for the insestrnent Kk)rtfolio is der(ved from an accumulation of weighted cornposiies of underlying manager benchmarks, which v7ry frt￿ investment to investment, against a Stratesry'c Asset All(￿atIOn. For 2021 the annual rtfollo retum was 10.6%12020=12.5%I compared to a tenchrnark of 14.4%12020: 10.6%>. Grants The Compaty offered the scSentiflc ccffjrnunity the following grants Ojrlng 2021". Sclentlflc meetlroa grants 82 rneeting5, t￿fe￿CeS and workshops12020: 1661 beneflteo frtY7) fundlng that asslsted vAth the cost of runnlng events, or speakerliklegate travel. The pandernic conts'nued to impact on in person eNents and grantsawarded for 2021 event5 remained In pla where organi*rswere able to re-sC￿dU1e rneeting5 or con¥frt to ￿rtual. Whlle new appllcatlch7s for ￿rtUal Meetings were encc*Jraged. dernand for fundin8 rernained I￿. Travelling fellowshlps 86 12020.. 841 awards V+pre malk to graduate students and ￿$t-dOctOral researcher5 prLwi¢thng funding to un(*rtake £ollatrK*ratl¥e wislts to other lab(Yatorie5 to learn new techn5wes. 8 ￿th scientlflc ￿￿tIng 8rant5, Travelling Fello￿lp awardees were gfven the opmunity to transfer funding to a rescheduled ws(t, or altematNely to repurFX)se fundi[￿ to cover onllne coilatmtfjc￿, trainln8 or tke ¢kn10￿ent of onlire learning resour￿$. Dlsea5e Mode15 & Mechanlsms IDMMI conference travel gronts 39 12020: 101 awards We￿ Ma￿ to early-career Klentists and IndeFen￿l group leaders and Prlnclpal Investigatorswith no in¢*pendent fvndirnaenabling them to attend Mee￿ngs and relating to the areas of research covered by Dhthl. With tl* pandemlc contlnuing to impact on in-per50n meetings, applicattons to attend vlrtual and online sclentlflc rneetings, conferences, workshops and iralnlng *ere enC￿Jra9ed. Sustalnable Conferencing grant5 The Sustsinableconferencing initiat1￿ was launched durlng 2021, provldirlgtechnkal. logistical and flnancial Support to help biologists rnake thèir conferences more sustainable. The aim of the initiative is tts assist the Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 xientlfic community to nav6gate the cha￿5 in the event landsca￿, Identlfy new way5 of (C￿mUnicatiOn and facllitate dixus5ion. 23 award5 were made to oryanisers during 2021. The Company also pro￿ded funding to biological socletles. s￿rIes frC￿ a￿Tth5 are publist*d on the Cornpany'5 Y￿b51te htt s-//www.blol Ists.cornlstorie51. Scientlfic workshops The Cornpany'5 workshop wogram was. for a second year, Irnp￿ted by the pandemlc. only ￿r￿al rkshop taklng place during 2021.. Infiarnmagin8 and regeneration.. Paln or partnershlp7 The Company wll be running 9 workshops in 2022, I￿lUthD8 5 from 2020 and 2021 whsch have teen reschedtsled. Cancellation costs have were avoided by reschèduling exlstlftg venues. The CornpaThy ruled out *h*)rkshDps as a future optirffl, althouuh we Nwll remain flexible during the pandemlc. We ￿11 te lfy)king to accept applications and Khedule fully virtual events In the future, to run alon85i& ￿r ￿n-￿rSOn workshops. lrnplictt in alldecisionsis thewellbeing of colleasve5, organi*r5and delegatesand thiswill rernain wr priorfty8olng forward. 8rexlt The fmpact of Brexit on Company's ￿sIneSS has low and has not had a rnaterial financlal Impact. B2B sale5 to our library Customers In the EU has not tten affected. Prlncipal risks and uncertalntles The CLYnpany has a robjst managerrent of risk prLKess, designed to identify and prioritise rfsks io the achieven￿nt of ￿ Company's aims and objectlves, to evaluate like1lhc￿ of tho* risks belng reali5ed, impact Should tlpy be reallsed, and actions io manage them efficiently and effectlNtly. rall responslblLIty for rlsk management restswith the Tru5tee5. The task of Implementlng and rnainlalning thp Cornpany'5 risk policy is delegated to senior rnanagernent. I principal risks are Ideniffled on a thsk rew5ter which 15 revle%*d by Trustee5 on a rwarterly ba5i5. Company's rfsk apFetlte and tolerance Statement are ￿Vfj￿d annually. The prlnclpal rlsks and uncertaiTrties facln8 the Company Include.. Ongolng COVID-19 pandernK rnay ccfillnue to impact our bu51ness: The (￿O￿aVIrUS pandemlc, vthlch has resulied In imposition of lockdovms. resirlctlons and closures, remaln5 an ongoing rlsk which managwnent and the Twstee5 continue tg acli%Ely monitor and respond to. Significant downtum In revenue.. Librarie5 and academic Instlttstlons contlnue to face budget ¢hallenps and delays In slgning agreernent5 and retnilLing paY￿￿ntS continue thje to COVID-19. In addilion, Cornpany'5 reliance on yJbKrfpttons and pay-walled artKle5 threatens the Company's ability to generate Sufficient Inc¢Jne to contlnue hlgh-quality publication. To manage risk, Ihe Trustees continue to Iix)k ftsr opwtunltles to i%ersity tncome, Incluthng Read & Publish agreerrtnts. A push by cOAlitlon Plan S to force publlshers to fllp the current wbscription rnodel io an aUt￿r-PayS model within a SFecifitd timeframe ￿11 present major ¢hallen&*s ln the future. Currency risk.. The Cornpany'5 US Dollar publishins re¥*nue5 exceed levels of USD exFenthture and as a rèwlt the Company's flnarKial pjsition can be signlflcanily affected by the USD=GBP exchange rate. To rnaThage exp)sure to this risk, forward exchange contracl5 are used, ￿duC￿ng uncertslnty over future revenues. TechnoloBY osilience and change: The CL￿PanY is depndent on electronlc platforms and retwork5 to dellver Its services. The needs of the Ccrnpany'5 reatsr5 and authors also continue to evolve, re¢wiring regular revlew of the Cornpany's technology strategy and apwopthate SnvestrrEnt. To mitigate rlsk. IT dlsaster recovery pian5 and back-up delivery systems are in place, ￿￿ring business disruptlon is reduced in the event of a major technolo￿ or infrastnjcture failure, and Company InNtst5 ￿a￿llY In ￿ technology solut5ons and pyoducl offerins5. Cyter security breach: Fallure of our cyber security meawre5 c¢Jvld result In wauthorised ac￿55 ￿ rwr Sy5tern5. mi5apwopriaiion of our or c￿r users, data, deletion or mOth￿atIOn of stored informaticfi oi ot￿r interruption LO (¥Jr busi￿$5 optlOn5. The C¢ynpany has invested In technoiow.cal and phy￿(al controls, Includlng but not Ilrnited to infrastructure vJI￿rabI(1ty managernent, application scanning, pe￿tratIon testing, encryption and logging and monitorkng. We provide regular training to our staff to malntaln awareness of risks at all leve15 of ￿r ￿$lnesS and maintain Informati￿ security wlicies. We also have in place incident reSFK•nse plan5 lo reS￿d to th￿at5 and attacks. We use independent thlrd-party auditors to test, evaluate and ￿[p enhance tyjr wocedures and controls. IlwQ)mwyof Biologists Trustees, Report arKI Flnanclal Statements for the year ended 31 December 2021 BU￿￿eSS dlsruptlcffl due to key wppller fallure: The Ccfflpany 5eiectS 5uppllers vAth Ca￿ and estsbllshes contractual service levels ihat are closely m￿ltored. Where p055ible and practical multlple yjppliers are used. All key yjppliers are 5ubjKted LO ￿talLed re￿ewS to ensure the Company'5 supplier thaln is rO￿st and t J55ne55 ctsntinulty plan has been develoFed to reduce diyuption in event of a major failure by a 9Jpplier. Staff: The loss of knovAedge or skills and the OFeTational impact5 of 105ing key staff are malor rlsks. Thls Is particularly true of a small or8anIsati￿ wth a nurntr￿r of different actmties, vthlch irevitably leads to reliance on one or two key indivi(knals for some important functions. The C(ynEwny mitigate5 risk by ensurlng robjst recruitment pr(Kedures. sharfng Infommtion effecti¥tly and implementtng Strong HR policles. Llquidity and cash flow risk Is Consfjde￿ minlrnal at thi5 tirre, w¢th tlp majority of the Company's IrKome payable In a￿a￿e of the related costs. Plans for future periods It Is antlclpated that the trvJsine5s of the Company w511 ccfitlnue uninterrupted throughcwt pan¢JemK, Flnan¢lal wems and controls halt teen adjus￿ to accommodate the continuation of wor￿n8 frryn hryne afto rwnaln robJ5t. The Compaty conslders there to be M) to the ReseThts Pollcy. The C(ynpany plans to contlnue all ￿ acti￿11￿ outlined atrx)ve In the fortkcrning year. Ikfe 5pecifrally, in 2022 the Company will: With Ihe ald of the Chartty Governance Codp for Larger Chadlfes, undertake a Governance review. Undertake a revfiew of charitsble spend to ensure ihe grants currently offe￿d target areas mosl in need ￿thin the sclentific communlty. Contlnue to roll out Read & Publith agree￿Ents, exkNindng Into new terrIt￿leS, and exterimenling with new variation5 of the standard a￿eMent. Repyt on the hybrid Jtyjmals iransfomatl¥t status. as they alm to reach thelr ￿oWth target for 2022 set cOAlitioft Plan S. Develop plans for the Ctynpany's 2025 centenary ceiebratSon& Approved by board of TTU51ees on 6 May 2022 and SI8￿d cm Its behalf ty.. K A Richmond Company Secretsry Oated: 6 May 2022 Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 Trustees, report The Direc￿ of the charity are Its Trustee5 for the purpo* of Charity Law. The Trus￿$ prw*nt their rep¥t and audlted financial staternents for year ended 31 Detemèer 2021. Tr Trustees conflm that the Annual Re￿ri and Financial Statements of the Company comply ￿th the current 5tatutcry requ1￿mentS, the requirements of the Company's governlng d￿urnent and the prcthslons of the Staterneni of Recomrnended Practice ISORPI, applicable to chamties preparing their acctyjnts In accordance wlh the Financlal Reportin8 Standard appllcabie In the UK and Rewblic of Ireland IFRS 1021 leffective 1 January 20191. Objectives and activities The Company of Biologist5 Lirnited was established for the general advancement and prornollM of reseaKh and Ihe knowledge and study of blology In all its branche5 and the undertaking of all activitlÉ*5 conthcive t￿ret0. In pursult of its aims, the Compary actSvitie5 irKlude= Publlcatlcn and dI￿rnInatI￿ of hfgh-wality jouma15'. DeVelo￿ent, Journal of Cell Sclence, Journal of Expedmentsl Biology. Disease Plodels & Plechanisms and Bloiogy Oren. Distriixjtion of grants to IndMduals, 50Cièties and InstitUt￿n5, both within the UK and intematioTrally. fn support of biology wlthin the general area of the Company's j¢)urnals. Facilitating through the pr￿s1On of travelllng fellowshlp grants. [￿Collat￿)ratfjcn5 betmpeo unfverriiiesand opportunltles to learn new techniques. Organis3tion and skx)nsorship of scientifi'c thshops, pro￿dIng a platfom for collaboratlrn and netI￿rkIng* th emphasls on cr055-disciplinary EnteractI(￿S and the application ol new technologie5. Facilitaeing shathng of scientific knowledge thrtyjgh the free prOvisic￿ of educatlonal resources and the ¥)onsofshlp of public outreach lectures encouraging scientific debate. Hosting of community forum5, such a5 '1￿ Node,, the ccffimunity site for and by d￿lo￿ntaI blologlsts. 'preLighL5', the c¢Thmunity site for highlighiing and ccffimenling on preprlnts., and 'FocalPiane' a place to sha¢e Micro￿OPY news, event5 Ènd ￿SourCes. In orL*r to achleve the Cornpary'5 alms, the Trustees have IrA)ked at tN)th short.term and longer.temi strategies and implernented those that are considered to IR most apwopriate. In addition to those listed ￿thin 'Plans for future ￿rIods, within tke Strategsc Re[￿. the short term airn5 of Company Include: deci5ion5 on a kY)tentlal mlgration of the manuscript tracklng systern to wpport third party OA payrnent rnanagement and strearnline Read & Publish workflow5', ex￿erin￿l wLh preprlnt peer review and w)si-publlcatlon curation- ccfflplete pha￿ I for digitizatian of back Content lif approved for the centenary prograrnmel.. improve the cornm(mity provlslon of the FocalPlane slte. The lOn￿r term aim5 of the Company are to enyjre the Company is a leading pubilther In the Ilfe ￿lenceS. continuing to pubilsh intemationally recognised, quality life science re￿arCh. strive to achieve the Transformative Journal larget5 set by Plan S., develop a financial model with agreements and wL¥kflows that enable a smooth tran￿lIOn to O￿n *£ce55 and financlal S￿bIlItY fc￿ the future of the Journals- expand publishlng preSe￿e In Chlna to capture their significant growth in ￿l￿tIfiC ￿tPut-, increase and expand the breadth of reinvestment in science by way of grants and 5sY)rkthops' and rnove to ESG cornpliant In%tstmentS. The Company iscornmitted to ￿dest possible disseminalion of the research It publishe5 to the greatest number of people who can ￿nefIt frcm it, irrespective Df tt*ir abllity to pay, and to educatlonal and charitable inltlatlves that seek to bulld awa￿ne$S of the tremend￿5 ImpOrta￿e of developmenis In Ilfe scien￿$ in all our Il*s. Ail the article5 C¢Jnpany wblish are freely avaliable online afteT 6 months vlthout festriction and the Company'5 dlgltal archlve5 (going back as far as 1853 in the case of Jwrnal of Cell Science) make5 a Trhealth of classlc rnaterial freely available to e￿ryOne in ￿r￿tuity- As participants in the Unlted Nation's HINARI and OARE Initiatives, the Company rnakes all its online articles fr￿lY available Io users In develowng cwntries irnme¢thately on pUblicatic￿. A fee-free Read & Fljblish a8reemeTrt ￿th EIFL (Electronic Infomatlon for Llbfariesl also prO￿deS author5 in 30 <*veloping and tranltlon countries in Afrtca, Asla, Europe and Laiin ￿rIca the oppxtunity to b)th read and publith article5 in three trrybrid journa15 ai no Cost. The Company was an early adopter of contractual txinciple that authors shwld retain copyrighi In their own work5. Our contract with author5 leaves them free to di5semlnate thelr work in a varfety of ways, such as posting it on tlv'r own websltes, re-using it in tst￿r publicaticfis and Storing il in publlc IPMCI or institutional repositLYles Ilf required by tIEirfunder or Institutel soofferingunrestrScted access to rnarydlfferent c￿MunItIeS. IlJEQ)mpanyoX Biologists Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 Trustees a￿ carèful to enyjre that a slgnlflcant kYop)rtlon of charftable gMnR each year Is re*Ned for edtKati￿a1 inltiatlves that alm to brln8 blology to life for all. Much of the Cornpany'5 charitable gi￿n8 15 f¢xussed on helplng Y￿ng bloioglsts galn a wlder apprerlatlon of the work done by other biolo815ts and In other cojntries throu8h rnany travelling fellowshlps and travel grants offered each year. The Cornpary website features Stories from grant and travelllng fellowshlp Teclplents. A range of free educallonal malertals are a150 created. wch as Highlights and Classic Articles booklets, sthich provide an easlly understood 5urnmary of the imp)rtant breakthroughs descrited In full research artlcles for the be￿fI¢ of school student5 and Iniere51eil general rea(lers. Wlth Disease Ilode15 & hknhanlsms, the Company Is helplns to bring together academlc researc￿r5 and cllnrian5 a5 thE use of model organ1￿n$ begins to make real Inroad5 Into the study and pJ¢ential treatment of hurnan diseases. In 2021, a new Editor-lTh-Chlef a renèwed f(￿uS on the medlcal a5￿￿t$ of translational science. Publlc benefit The Trusteès haNe gI￿n careful Cc￿sIderatIOn to the Charlty Comm1551on'5 general 8uldan¢e on publlc beneflt and ronsl(kar that th? rpqijirpmpnts ha¥e beèn mèt. Examples of attlvttles that pr(wl&i dlrect publlc beneflt lftclude publlshln8 wbll£ly avallable journals, or8anlsln8 scientlfk meetln8s, provldlnq educaiional maierlals for OUt￿4¢h and offering a varlety of fundlng 8ran¢s vthlch are okon to all. Flnanclal revlew The Ccffjpany'5 revenue ¢ontlnued to be Impacted byCOVID- 19 In 2021. We also contlnued to generate 518nlflcanl COWD-19 related ¢ost Sa￿n8$. due to the cancellatlon of Tot41 IfK¢me travel and events and lower faclllty related exFense5. T)tal expthithtw• In ihe year io 31 Decemter 2021, the Cornpany's pub115hlTh8 In%vtmeni oaln5147S5•5 Incomè detrèased by S% on the prlor year from C7,275,(K12 G•ln1lk￿e5 on In5trwnaitS 120201 to 16,904,24312021I. The Company has a nurnber of Nrt rn0%￿ent PEr the Income streams, Includlns gjbscrlptlons which remalns our prlmary source of incorne, Read & Pub115h agreernents and artkle wo¢essln8 fees on the O￿n ￿CesS loumalg. Our double dlppln8 p)Iky ¢On¢in￿S to proportlonately rethjce yjbscmptlon prlces as the volurne of OFen Acce55 conieDt INcrtra*5. OY•ryl•w ZOZI ZOZQ Ch•rrf• .8% .65% .4% 0.0 0.1 7.8 8.2 Publlshlng expenditure decreased by 1% on prlor year from 14,784,547 to £4,714,901 vlth cost savln8s due to COVID-19. Company contlnues to strlve to pro￿de the prothJct5 and se￿ceS demanded of Its xlwitlft cornmunlty. Thls Included.. Contlnued In￿Stment lft technology to enable staff to ￿rk effeCtI￿lY and securely at h)me dudng i pandemlc. Investrnent In staff to effectl¥ely ac￿eve the 8oa15 of our Read & fvJbllsh Inltlatfve. Contlnued ¢knfl0k￿ent of the ￿ebsIte, ctynmuntatlon plafis and rewurces to wpport the Company's Read & Publlsh pr*)gfamme for Ilbrarlans, fttnders and researchers. Mlgratlon to a new Onl1r￿ hostlng ￿atforrn that 15 ￿tter P>￿tIO￿d to host the Company's Jwmal ¢￿tent f the future land ¥￿th $18niflcani Sa￿nKs1. Contlnued focus on equlty and dlverslty.. gatherfng self-reported data on gender Identlty fr¢￿ authors at 5uI)m1551on stages for more aecuraie monltorln8 and iranspareni rewtln8; enabllrva Ireu05pettfvel name change5 incluthn8 SUPWt for those chan8ln8 name durln8 a gender transltion. aTrJ the new pubilshlng platfomi a110%4Ed us to letter presenl n￿-￿n811t1Sed na￿￿5, for example Chlnese characters. Malntalnlng ihe necessary pollctes and processe5 . and prc8ress - to support Plan S compllanl O*n kcess publlshln8 ihrough thè Transfcfmaifve Jtyjmal r￿ble. Expenditure on chadtable actiwties irKluded 5tientlfic workshops £76,376 12020 C154,5101 and grant fundlr@ £533,OJ4 12020 £1,017,871 I. Further detalls of grants rnade In excess of c5,(￿ are given in the notes lo Ihe flnandal 5taternents. The Company achleved a iotal gjrplus of £7,843,283 cc¥Trpared to £8.It4J.292 In ZOZO after excepti¢xal item5 and mo*ment on flnancial instruments. The activities undertaken durlng 2021 camed out ￿thIn budget approved ty Trustees and all inccfi* ge￿rated by the Conpany has ￿en ynt on chadiable actfvities or retained in reserves. O¥erall, Company's flnancial p)sItI￿ remalns ￿althy. wlth rwrves readlly avaliable to fund future actlvftles. The Ccffipany will contlnue io focus on allocatlng res￿JrceS to dellver the Ccffjpany's strategy in a w5tainable and effective way. A breakd￿ of the Cornpany'5 wrce5 of In¢tyne and arèas of expendlture are Sho￿ In the follo%￿n8 chart&. Thecompany Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 Sourc•s ol Incom• Areas of •xp•ndltur• 9% Fljbllshlr 9% l*Jbilshi 9% Sa•ntffi¢ IAV•StTr*nt •￿*ntif ants 91 81% Inv95¢ry•nt f••$ InYestment5 The purpose of the Company'5 In¥tstmen¢s Is to PrO￿de security for Its ¢ontlnulng buslne55 actI￿ties. to provlde lor the development of future t￿sIneSS acllvltlesand to provlde In per￿t￿lLY fof Lhe dLhlENYITieiit of the Cornpany'5 charltable alms - the general athaKement and promotlon of research and kThovAed8e and study of blology In all Its branches. The Company ha5 ￿de p)wers to Invest 5urplu5 fur*Js at Its dlscretlon. RespryTrslbSltty for Investment 51ratew resides h￿th the Flnance and Inve5¢ments CommSttee, a8ree the Investment parameters ￿th the Company's dlscretlonary m•nagers, whlle monitorin8 performance in the context of lon8-Lern obJectlNts and extemal ben¢hrnarks. IrNe5tment polty Is to rnaxlmize the real valLte ol the portfollo over the lon8 term, yJbJect to an acceptable level of dsk and, frorn 2020. to dl%tst frorn companle5 Ktlvely extractlng fossll fuel5. Trustees adopt an Investrnent tlrr* hor120n of at least 10 year5, over whlch they alrn io achleve tt*lr oblectlv2s and exFect the p)rtfollo to remaln yjbstantially In¥ested. TfU5tees accept thai Investment performance obleciives may not be achlevable every year and, a5 a re5uIt. wlll revlew Investment performance over ¥elevaTht tlmefrarnes. Rlsk Is managed throu8h di¥ersiflcatlon of the portfollo befften dlfferent asset classe5 and 8wraphk markets. Rebalancln8, thereby malntalnlng the agreed level of rlsk ¥￿thIn portfollo, Is consldered at each quarterly revlew. The Trustees reco4nlse that the pollcy to dl*st from fossll fuels wlll rethKe the spread of Investrnents and Increase the rlsk of lower performance. The Company recelved In4estrnent Incoff* of £658,036 120ZO £473,328> vthth vR5 relnve5¢ed. Investment 8aln5 of 16,CI41,570 I2￿10 £6,611,103) and Investment managemenl Costs of 1506,765 12020 £294,829> contdtr*Jted lo value of the Cornpany's Investrnert5 Increa51n8 overall to C67,196,104 12020 £59,416,984), an Increase of £7.779,120 durln8 the flnanclal year. Reser4es pollcy The Trus￿$ r￿eW the need for, and the approwlaie level of. resetve5 on an annual basls, taklne Into aCCCAJf5t General l￿d I￿reSt￿Cted> all relevant Informatlon, Lo eD5ure our Ilnanclal Cha natedl slllence and 5U5talnablllly, I￿[u￿n8 protectlng Company a8aln5t rSsk5 Identlfled In the rfsk re8lster. The Jnnval revlew Includes an analy515 01 the Company'5 Income and eMwndlLure streams, the necÈsslty io match ary largeflnanclal comrnltrnent5wilh varlable Incomlns res￿rceS over the flnanclal period and the currentopwatlonal Ilquithly reqU1￿mentS. Trusiees alm to strike ihe approwlate balance between ensurln8 a sustalnable flnanclal [￿sItIOn and ￿￿n8 ttre Company's funds to fulfil Its charftable mlsslon. The general fund Is retalned lo pro￿de sufflclent rvAJrces io enable the Cornpany to contlnue to fund Its publlshln8 actlwtie5 and to fund the devel¢)￿ent of new project5. The 5¢raieglc reasons for the Company io retaln gereral fund at its Current level, rat￿r ihan to slrnply spend all of Its Incorne as It ari*5, are as set out below.. In the eveni of a matertal and 5UStained fall in publlthin8 IrKome, to PrO￿￿e gjfflclent re5efve5 to enable the Cornpany io make changes In Its or8anlsaiion and actI￿l￿5 nece55ary io iespond In an orderly and planned way. To ￿ able to rnake shwt- and methum-terrn expendlture commltments wtthout the rfsk of 5hort-ierrn fluctuati￿$ in income fclclng ￿￿￿tIC￿ in, or carteliatlon of, planred octfvlty. To plan for growth and yasp opportunltle5 a5 they arf5e. Ov•r¥l•w 2021 1020 Ch￿1* 31.0 28.9 41.1 35.5 16% Ilwcompany Biologists Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 The charfty rewve Is reta5ned asa deslgnatsd fsjnd In order that any Inc¢Nne 4t￿rated from Investments held by the Company may be used to make grants to sUp￿rt scientific event5. conference travel, travelllng fellowshlps. hostlng of sclentific hvrkshops and d￿@10￿ent of technolo￿ io support vfjrtual conferences. Currently the capiLal withsn the charity re*rve is retai[￿d in order that grant paY￿￿ntS In excess of C1rn may contInL￿ to be made annually from inve5tmenl irKoff* re￿7Ve￿. Fo¥ ￿ar enthd December 2021, the Company held total un￿tt￿cted funds of £n,184,88412020 £64,357,592>. of £27.850,4￿1202O £25,655,319) rewe*nt5 'free' reserves for 0￿rational pur[￿￿. The Finance and operati￿al Perfomiance Audit c￿￿Mietee and Board of Trustees have re￿ev￿ level tsf the re¥erves and belleve that approxirnately £25m is required In order to mltlgate finandal rtsks aswclated with operational and capital eX￿nditUre identified in the rfsk register whilst rnaintainin8 ongoin8 operaticit5 and charitable gfvlng. Consequenily. the current level of reserves are considered suffldent. The Tru5tee5 are satlsfled that the Cornpany'5 ayRts are available and adequate to fulfll objectlves of the Company. Structure, governance and management The Cornpary of Bloioglsts Llmlted Is a charity registered in En8larkJ and Wales and incorporated by gJarantee rm 31 ￿ernber 1952. It has no share capital and liability of each rneml*r is limi￿￿ to £10. Ail Trustees give t￿fjr ilrne freely and receive no remuTreration. Detai15 of the Trustees, *x￿nSeS are dlsclosed fn notes to the accounts. Internal contro15 are in pla￿ to ensure that any related party transactions involving Dlrector5 or their connected perg)ns are carried out on an arn'5-len8th basis and are W0￿rIY recorded and dlsclt>sed Whe￿ appropriate. There were no related party transacticffjs ￿th any TrUS￿eS durtng 2021. Board composltlon The ChairFerson Is elected by the memkers of Cunpany. appolntment 15 for 5 years, a rnaximurn of Iwo re-aFpJintn*nt ternis of 3 years. New Trustees are apwfnted ty the Trustee5 after a prcKes5 of selection wth thè Trv5tees belfig mlndful of any shortfall in knowledge or experErKe wthin their rank5. There were no new aH￿IntMentS during 2021. Trustees, Inductlon and tralnlng New Trustees rece￿ on apE￿Intment a Ilnk to the Cunpany'5 online tvard 0￿rationS manual, whlch provldes access to all key governarKe dcKumentS, the annual finarKial accounts. terms of refe￿￿e for the trthrd and Its subc(xnmittèes, logel￿r Ilnks to documents on Charity Commi￿70n and Companies House %*bsites. In additlon, Trustees are errouraged to attend external traininy courses. Trus￿$ are also encouraged to visit ttE CompaTry'5 premises to meet Mth Senlor Managers and galn an nderstandingof how the bu5ir*ss 0￿rates. This also gives newTnJstees an opportunity to di5CUSS the Company's bjslnesg plan and oblectfves ￿th senior mandgew￿lbt. At ap￿7ntrnent, Trustees are required to sign a Deed of Confidentlallty and declare any appllcable conflicts. On an ongoing basls the Trustees have In ptace a formal prcrethjre for idèntifying. as*sslng and rtvwng any sltuatlons where a Trustee has an interest that confllcts. or may F*)sslbly conflict, with the Intere5t5 of the Comp43ny. TF*se conflkts are I￿lUded on conflict reglster, vthlch is revIeV￿ at each Trustee rneeting. Management and organlsatlon Trustee5 are resk>xsSbie for the oNerall strategy and dlrectlon of the Ccffjpany aot1 meet quarterly. Comrnittees have teen establlshed by Tnjstees and a summary of ¢￿ir key respon&bilitie5 are set ￿Low. All Comrnlttees have wrfjt￿n Temis of Reference. I•Embershlp is not Ilmited to Trustees and may lrtlude S￿cIalIstS and senior staff. Agenda5 for committees a￿ prepared by thelr resFeCtive Chairs with support fr￿ ¢1 Compar¥y Secretary. Crafbts C¢XMfft SurtalnobHItyCcffo 12 Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 In adthtlon, each J￿rnal has an Group c0Th51stln8 of three Trustee5 vttK• take 5Fecial reyn51￿lIty t journal, ath5e ils Edilor-in-chief and act as a nucleus of an as*ssment cc¥nmlttee. The Trustees delegate day-t¢iday manag£¥nent and declslon making to its senicff management tearn but rnaintaTrn5 oversight of the Company's ￿rfOm)ante and reser¥es speclflc matters for Board apwoval, includin8 siwificant new buslness fjnlllatl*s. Through regular updates on buslress objeclNes, inltiatfve5 and progress. the Trus￿e$ rnonitor that rnanagernent is acting in accordance ￿th agreed strategy. Scientific content of the jOUTna15 and edltorial ￿11¢Y is the sole respy)nsibtiity of each loumal's Edltor-ln-chlef. The Edll¢Ns.In-Chlef are not ernpicyffts of the Company. Remuneratlon pollcy The aim of the remuneration wlicy is to rnaintain sustainable, fair leve15 of pay at ihe same lime as attracting and retainin8 tl* right people to dellver Company's chadtable objectlves. Remunerati¢￿ for all Stsff Is periodically benchnarked using proprietary pay 5urvw and external a¢fv15ers. The Trustees conslder staff to be central to CornpaThy's yxce55 and alm to be a 8ood employer ty maklng yjre ihe pay structure is fair and transparent. The Trustee5 conslder the Cornpany Secretsry and Filblis￿r a5 Cornprlsing key management ￿rsonneL of the Company, in char8e of directing and controllin8 Company and running and owatfng the Company a day- to-day basis. In settin8 aFpropriate leve15 of key rnanagement pay. the Trustees constder the skllls, expen.ence and comFetencies requlred and remuneyation level fty thts* roles In sertors where yjltable candIda￿S would be found. RernUTrerati￿ of the Company Secretary and Publisher is re￿e￿d on an annual basls slmultanewsly wlth the annual staff pay revtew and apFYoved by the Trustees. Editor5-in-Chief are apw)inted by the Trusiees and seThe an Inltlal tem of 5 years. %thlch may be extended on expiry. Edltors recelve a stlFend for their seTrice5. Trustees are ￿reMUneraled. Worklng throuth COVID-19 The welltrEing of our staff ha5 iwn a critical priortty throughout ihe pandLynic. Slnce March 2020, we have encouraged fle￿ble workin8 for staff needed lo care for others and moved ¢witkly to en9J￿ 311 staff had the technology t￿Y r*eded to work effectSvely from hthme. We supported the Creati￿ of safe horne workstations and also corKentrated ￿ wellress, with mana8er5 receiMng menthl health irainlrff4. No emplojtes ha%e been fvrloughed or made fedundani dudng the pandemlc. The Cornpany offices are currently manned by a skelelC￿ thff. but a full retum to offlce Is planned for Aprfl 2022. The Trustees ￿sh to record t￿lf app￿datIOn of efforts ol all S￿ff during another dFfficult year. f¢f t￿1r comrnltrrent and prgfe55ionali5m in enyjring an effectlve response that has all0￿e￿ ihe Company w ¢Jperate close to normal, and thelr enormtyJs contdbuiion io ￿ continued wccess of the Cornpany. Volunteers and fundraising The Charity understands it5 duty to protect the publlc, i￿lUding vulnerable people, from unreasonably intrusive or per51Stent fundralsing approac￿5, and undLt pretyjre io donaie. It does not currently fundraise from the wblic rx u¥e any internal fundraisers *X extemal fundratslng agencles for eIt￿r telephone or face to face campaigns and recelved no fundraising complaints during the year. The Charity is nol a ￿Ernt￿r of the FundraI￿n4 Regulator. Equallty, dlverslty and InclusSon Trustee5 are c(xnmitted to providing an erwlronment free from dI￿rimInatiOn. tr*tllylng, hara55menl or v(ctlmlsatlon and creaiing a culture of Inclusmty ¥there indivlthal dlffereKes and the contrll)utlons Of all xaff are ￿04n75ed and valued. The Company prO￿deS equality of oP￿rtUnity for all and wlll not tolerale di*rirnlnatlon on ihe gr￿nds of a8e, di5abilily, gender rea55ignnpnt. marriage and civil ￿rtnerShIp. pregnancy and maternity. ra￿. reli8ion or belief. sex or sexual orlentatlon. 13 Biologists Trustees, Re ort and Flnanclal Statements for the year ended 31 December 2021 The Ccfflpany15 pr¢xJd of Its IKluslve culture and alm5 tts malnthin and Improve our worklng envlronThEnt 50 thai eNeryone is included and able ¢0 glve thelr best. We ￿lId on current thlnknng and test practlce to enwre that dlverslty, equity and Incluslon afe embedded in eYerythin8 we do. The Trustees (c￿￿nutr to place a slgnlflcant fcKus t1￿ Ctsmpany's approach to InClU￿On and dlverslty and cornml551￿ed a suNey of all staff durin8 year. thè ￿$￿Il5 from whlch conflrmed incluslon scores were high. The Trustees understand that the Cornpany needs the cOntrltr￿t1OnS of people frorn a ￿de range of back8rwnds. wlth dlfferent exFerlences and ideas to achleve real Innovatlon for oui stakeh)Iders around the world. Our hrrkforce Is 79% female and 21% male, wlth an avera8e len8th of seThlce of 10 years. There are 80% female and 2¢Yk male manager5. At year tr￿. made up 44% of the rnember5 of the Board, Our *¥Jrklorce show5 weater dl¥tTslty In terms of sexjal orlentaiion compared ￿th UX populatlon estlmates. Eihnlclty data shcm the vast malorlty of rewndEnts IdentIf￿n8 as vknlte. Whlie thls Is probably slmllar to other sclence publlthers near Cambrtd8e, It Is ImFortant thai conslder dlverslty and Incluslon durln8 recrultment ind wlth respeci to company culture. tlvrln8 2021, %se contlnued to promote equlty, dlverslty and Incluslon In our journal content. One loumal put ￿t a call lor essays on the toplc of 'Eqylty, dlverslty and Incluslon In cell bloloffy, askln8 how Èqulty. dllerslty alld/or In¢luslon has shaFed the experlenos of people In the research ccfflmunlty. comrnlssioned Int¢￿tw$ wlth four LGBT• researc￿r5 atr￿Ji thelr experlences whlch vAlI te publlshed durtnq LGBT+ Awareress Week 2022. We contlnue to be act1* members of a ¢ross.wbilsher gri￿P wcfklng to pro8ress dlverslty and Incluslon Isyjes In publi5hln8. 71*Cnmpany Biologists Trustees, Report and Flnanclal Statements for the year ended 31 December 2021 Reference and admlnlstratlon Information Reglstered ¢h4rfty no". 277992 Reglstered company no: 514735 Re8fst*r•d offlce Bldder Bullding, Stallcfi Road, Hlston, cambn.dge CB24 9LF Audltor Prlce Balw LLP. Tennyx>n Housè, Cambrldge CB4 OWZ Le8al advlsors PeMin8ton5 Manches LLP. Clarendon Hou*, ClarenthD Road, C)mbrldge CB2 8FH K&L Gate5 LLP. 70 West Mathson Street, Sulte 31CI), Chicago, Illlnlos. 6W2.4207, USA Charles Russell Speechl￿5 LLP, 5 Fleet Place. London EC4M 7RD Bla￿* Morgan LLP. 4th Flfy)r, 6 New Street Square. London EC4A 3DJ RI(￿rt Rechtsanwaltsge*115chaft mbH. ColmantstraTre 15, 53115 Bonn, Germany Bankers Barclays Bank UK plc, lkntlock Hw5e, Staiion Road. Hlswn, Cambrldge CB24 9DE Investmèrt mana8trs Partners Capltal LLP, 5th FI￿r, 5 Young Street, Lonthjn W8 5EH Web pa8• htt :Ilwww Trustees Dlrectors of the charlly a￿ It5 Trustees for purp)se of Charlty Law. Trustees and offters Se￿n8 (hJrln8 the year were as follow5.. Appolnted under Arllcles 45lbl and 46 M Freeman C M Isacke S E Lowell L M Ma¢**sky R D St Johnston K store Appolnted undèr Artlele 45161 SJBTty J F 8urke A Downle Iretlred 10 January 20221 I S Farooql J A Langdale B S l+lunro G E N1155on PWJRlgby S J Royle H A Shlels P Vyas Irellred 31 December 20Z11 A M W1150 S•cretary K A RlchmoThJ K•y m4n48effent personntrl K A Rlchrnond, Company Secretary O C Ilailtm, P￿ts11$1￿¢ kay.rlchmond@blologlsis.ctjn clalre.rnoulton@bloloosts.com Trustees. responslbllltles statement The trust￿5 (who are also dlrector5 of The Company of Bldoglsts Llmlted for the wrFQ5es of ccAnpany lawl are respK•nslble for preparln4 thè Trustees, InThJal Report Ilncluthng the Strateglt Rep)rtl and the flnancial 5taten*nts In actordanct wlth appllcabie law and Unlted Kin8drxn AcC￿ntIng Standards (United Kln8dom Generally kcepied ountlng Practlcel. Company law requlres the trustees to Prepa￿ flnanclal statements for each flnanclal year. Under company law the trustees rnu5t not approve the financial statements unless they are 5atisfi.ed that tlw glve a true and fair view of the state of affairs of the charitsbte company and of the Incomlng re￿UrceS ant1 appilcaiion of resour￿5, Including the irKcrne and exFendlture, of the charltable company tor that Fedod. In P￿￿arIng these financlal Statements, trustees a￿ requI￿d to: select 5ultable accounting py)licles and then apply them con51sttrntly', ob¥efft the meth)ds and priKlples In Charitles SORP 2019 IFRS 1021; make jUL*ernents and estlmates that are rea￿nable and prudent. 15 Il*CA)mpanyof Trustee5' Report and Flnanclal Statements for the ear ended 31 December 2021 state ￿ther appllcable UK kc¢)untin8 5taDdards have trttn followed, subject to any materlal departures dlsclosed and explalned ITh flnarKlal state￿ents. prepare the flnanclal statementson the solng C￿Cern ba51s unless It15 Inapwopmate to preyJTh* that the charltable cc￿panY ¥thll contlnue In oteratlon. The trustees a￿ res￿)nsIble for keeplng adequate aCC￿ntIng records that dlsclo* wtth rea￿￿able accuracy at any tlme ihe flnaKial r*)sltlon of the Cxt, the Trusteesare also approvlnR the Strate8lc report In thelr capaclty asTru5tees of the charlty. Approved by l>)ard of Trustees on 6 May 2022 and $l￿d on Its behalf ty: K A Rlchmond Company Secretary 16 71 Independent Audltor's Report to the Members of The Company of Blolo8lsts Llmlted for the year ended 31 December 2021 Independent Audltor's report to the memb•rs of The Company of Blolo815ts Llmlted Oplnlon We have audlted the flnarKlal statements of The (￿lpIn¥ of Biolo815t5 Ltmlted (the 'charltabie company'l fu ttre year ended 31 Decernber 2021, whlch comwi5e the stat￿nt of Flnanclal ActI￿lIeS Incorporatin8 Income and Exwn¢thture Account, the BalaKe sheet, the StaterrEnt of Cash Flow5 and note5 to the flnanclal statements, Including slgnlftant acc¢xJntlng policies. The Ilnanclal ￿pOrtIng framework Ihat has been applled In ttelr preparatlon 15 appllcable law and Unlted Kin8(th Accounting Standards, Includinq Flnanclal Reportln8 Standard 102 The Flnanclol Reportlng StGnt*7rd dppllcable In the UK ond Rewbll¢ tsl Ireland Iunlied Kln8dorn Generally epted ACcc￿ntIng Practlcèl. In I￿r oplnlcffj the flnartlal 5tatemenl5: Ive a true and falr ￿eW of state of the charltable company'5 affalrs as at 31 ￿¢ernber 2021, and of Its Inc￿7￿9 resource5 and appll¢atlon of re9>Jrces, Includlng Its In£orne and exFendlture, for ￿ar then en¢*d: have been woperly prepared In accordarKe wlth UThlted KIngd￿ Conerally kcepted AcC￿JntIr@ Practlce; and ha* been pyepared In accordaKe vAth the reqUI￿n￿nIS of the Ccmpanles Act 2L￿6. Basls for oplnlon We conducted our audll In accordan¢e Intematlgnal Standards on Authtln8 IUKI IISAS IUKII and appll¢able law. Our resP0Tr51bllltles under those standards are furthèr descdbed In the Audltor's re5W51bllltles for the audlt of the flnanclal statement5 sectlon of our report. We are Independent of the charttable cornpany In accc¢dance ¥thth ethical requlrernents that are relevant to our audlt of the fInar￿la1 Statem￿1$ In the UK, incluthn8 t FRC'S Ethlcal Standard, and ￿ have fulflllèd our other ethlcal rewslbllltlès In accordaTrce ￿th these requlremenls. We telieve that the audlt e￿dence we have obtalned Is sufflclent and apwoprtate to provide basls for our oplnlon. Concluslons relatlng to 8oln8 concern In aty4ltfjng the flnanclal statement5, we have concluded thai the TnJ5tees' use of the 8oln8 COn￿M ba51s of acce￿ntIng lfi tl* preparatlon of flnanclal statements Is appropdate. Ba￿d on bw)rk we have Ferfomied, have not Identlfled any matetlal uncertalniies relatlng lo èvents or ¢ondltlons that. Indlvldually or collectlvely, may cast 518nlflcant ￿Ubt the charltable ¢ompany'5 ablllty to coniinue as a golng concem a perlod of at least 12 months from tl* flnanclal siaternents are auihorl*d for Isgje. (￿r re$￿sIbIlItIeS and tl* responslbllllle5 of the trustees vlth reS￿L ￿ ￿1n8 a￿ descrlbed In ¢ levant sectlon5 of thls rewt. Other Informatlon The othty Infomatlon c{xn￿Se5 the Infcfinallon Included In the T￿s￿eS, knnual Rewjrt, other than flnanclal statements and audltor's repjrt thereon. TIE Trustees are rew51ble for other infomatlon cOn￿l￿d vlthin annual report. Our oplnlon on the finandal staterrents dces not cover the other Information and, except to the extent OtheTh￿se expllcltly stated In our Tep¥t, we do not expressanyfonn of aSyjran￿ concluslon t￿re0Tr. Our resrx*nslbllity 15 to read other Informatlon and. In dolng so, C￿sider ¥thether the ot￿r Information Is materlally Inconslstent with ihe flnancial statements or our knowledge obtalntd In the audit or otg*rthse appears io be rnaterlally mlsstaied. If we ithnllfy such material Inconsist￿cles or apparent rnaterial rnlsstatemènts, are required to deterrnine bthether tIEre is a rnaterial MisS￿teMent in the flnancial stalen￿ntS or a ma￿rial rni55tatement of thè other Informalion. If, based on the ￿rk we have ￿rforrned, tonclude that there Is a material mlsstatemeTht of ihls other informatlon, ￿ are requlred to repxl thai facL We have nothin8 to rep)rt In thls re8ard. 17 71*Comwyof Biologists Independent Auditor's Report to the Alember5 of The Company of Blologists Llmlted for the year ended 31 Decernber 2021 Opinlon5 on other matters pre5crlbed by the Co￿￿leS Art 2CM)6 In our oplnlon. ba*d on ttro *Y>rk un¢knakni in of autht: the infcwmalion glTr•en in the Twstees. repyxi lincoryx¥atiTr4 the strategic rermrt and tl* Directors, reFQrtI fc the flnancial sEar for vthith the fina￿￿{ S￿leT￿lts are wepared Is Con￿stent the fina￿la1 slate￿I5. and the 5tratryc repjrt th"rector5' reFK)rt Incl￿ wlthln the TfUStees' rem have beèn wepared Sn accordarte vhth aFvlicable legal rewirements. Alatters OD whlch we are requlred to report tr4 exceptlon In the Iltht of ￿Jr kn¢74¥1ed4e and Un￿rs￿nding of ￿ clwitat4e ctsTrpany and its en￿ron1T￿nt obiained In the coursÉ* of the au(h"t. have ntst ithniifled rnaterial mi5StaieTrnts In strateqfjc rem crf the Director5, repyt IrKluded vAthtn Trustee5' rtwi. We have nothing w reFQrt in re¥xtof the follrywFng nHtter5 in relati￿ toyhthlch C(mpanie5kt2CQ6 requfjres us w reF￿rt LO if, in opinK￿. dewate and proFer acccrtjntlng rttcrfds Th)t twi kepL CK retwns athwate for our audit 14ive not been received frLNn branches not visited by u5" C the financial thtements are not in awernt with the xcwntin8 rec(Yd5 and retums. or certaln dIscl¢)YJ￿ of Trustees. ren￿￿ratkn ¥¢thf￿d law are not rnats; or have not recef¥td all the informatiryh arKI exrAa1aiic￿S reqjire fw our a￿￿1t. Responslbilltles of Trustees As explained more fully in Tru5tees' re5kM%)￿b1lit7eS statement Set out on page 15. the trustees Iwh) are a150 Ihe threctors of the ch￿1ta￿ CLNnpany for of company lawl are resFonslbie tIE preparation of the financial State￿￿nts and for te¥ng satisfied thal ￿ gwe a and fair ￿ew, antd strh interr01 control as the trustees de¢erni￿ Is necessary lo enable weparation of fInar￿la1 staterrents that are free frTrn maierfal misstatenEnt, Oje to frnjd or errrx. In prepariryJ the finartial siatefflen￿ the trustees are resp*￿ble assessing (￿7r[lable company's ablllty to contTnue a5 a goifig Ccffic￿n, disclosin8. as appi￿a￿le. matters related to going crA￿rn and using the ping concem ba*s of accwnting unle55 the trustees eitker intend to liwidate the charitable company or to cea operatlons. or ￿411￿￿ al￿rnatIve twt to do ¥0. Audltor's re5P(x)slbllltles for the audlt of the fina￿al statements Osjr objective5 are io obtain reawnatAe aswraTKe attht Wheth￿ the finarKial statt¥rents as a whole are free from matedal mlsstaterrent. whether Ojt to frajd or error. aml to isy* an auithior's reF*¥t thal includes our OPTnion. Reasonable aswrance is a high level of atyjfan￿ bJt is not a guarantee that an ￿thl conducted in aCcOrda￿e with ISA5 IUKI ￿1[ alwdy5 delect a material misstate￿￿t wlrn it exists. Mlsstaterrenis can an¥e fr fraud ￿ error and ar? ccfflsidered material ff, IENfvdually or in the awegate, tlw cwld ￿asonablY be exFected to Infi￿rKe the econLvnK deo"s1￿5 of users taken on basis of these finarKial staterrEnt Irregularities. irKluding fraud. are Instan￿ of rw.clynp11an￿ ￿th Laws and regjlations. We des¢w prLKedure5 In Ilne with wr re￿n￿bilitIes, ¢)rtli￿ at¢M, to (*tect material misstaien*nts in re¥Ject of irregularitie including fraud. Ttr* extent to vthich cw capable of detectirva irre8uiarlties tncludbng fraud 15 detalied belw. We gafj￿d an unthrstandlng of tlkb legaL and rewlaw fran￿)th ap[Alca￿e to the charitable CL•npany and how It OFerates and con￿th￿ ttr* risk of charitable c(Thp*)y c¢Mplw"Trg the ar4)licabiè laws and regulations. Incluthng fraud, and in particuLir t1￿￿e thai cwld have a material 1rnp￿t on the finarrial state[r￿nts. This included those rewlatlonsdirectly rela￿ to lheflnar￿la1 5tateft*nts. ln reiaticffj to ￿ charity, thlslncluthd da￿ pr0￿C￿on. health and safety, ernpits￿nl law and finanoal reF#xtin8. 18 ## **Independent Auditor’s Report to the Members of The Company of Biologists Limited for the year ended 31 December 2021** The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - Management override: We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions to identify large or unusual transactions. We reviewed key authorisation procedures and decision making processes for any unusual or one-off transactions. - Reviewing minutes of Trustee Board meetings, minutes of Audit Committee meetings and correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management including those responsible for the key regulations and a review of the risk management processes and procedures in place including a review of the risk register maintained by the charitable company. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members, for our audit work, for this report, or for the opinions we have formed. **Helena Wilkinson BSc FCA DChA (Senior Statutory Auditor) For and on behalf of Price Bailey LLP** Chartered Accountants Statutory Auditors Tennyson House Cambridge CB4 0WZ Date: 1 August 2022 19 Trustees. Re rt and Flmnclal Stat*m*nts for the ear ended 31 D•¢•mb•r 2021 STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating income and expendlture account) Gentril Fur eèkerlGr**fr Fw Irexrkted Imo om• ID¢¢ry*lrom: Chtht*JleictMtIM 6.901.64Z 6.901.642 6.901.642 6.901.642 1.272,914 7.2n,914 6J7.611 657.656 058.OJ6 I￿.0J6 473,371 473.J21 Jn 501.715 ChDrft•ble •ciMI S¢kniiiik a Ethx4tlwl GMIJ Gr•n¢s 1,O17ml SrknEII* Publtshlni 76,316 74.376 151.51• 4.7B4.547 Ilvt 6,015.951 4.Q91.510 167.lni 110.63? r r•cow￿￿￿1n￿Ii01￿l 14 17.n7 R•Eand1S￿c￿ DI 15.470,431 .511,011 TheTE 8•lnsor Ic4twothff lh￿ Ibm. Thtr blE￿Or￿ IL¥rn wrt uf FIr￿￿ 5t•t•TWts. Tru5tees' Re ort and Flnanclal Statements for the year ended 31 December 2021 BALANCE SHEET Re8lstered no 514735 - Charlty no 277992 2021 2021 2020 2020 notes Flx•d Asmtj Tansible as5rt5 Investm•)ts 13 14 3,15B.533 3,131.634 70,354,637 62,648,618 Curr•nt Ass•ti Deblor5 Cash at and In hand 75 471,419 872.8a6 Cr•ditori.' 1oIIAng du• wlthln ont ￿ar Journal wbKrlptlon5 In athance Pub115hln8 Income In advance Author fee5 In athance Yrade creéltor5 Other credltors Other taxatlon & soclal securlty costs 16 16 16 3,396,178 667,233 47,439 166,130 501,170 4,034,049 97.915 61.908 345,040 475,768 17 N•t curr•nt 14•t Au•ts 1,966,767 72.321,404 1,829,503 64.478,121 19 Thv I¢#￿$ ol Charlty R•strlrt•d Inm funds.. P Baker & P G￿lfrry W)odJl FuThd5 Irestrlctedl TotBI restrtcteo fund5 136,520 136,520 120,530 IZO.530 Unrwtrkt•(I In¢tyM It#￿$.. General Fund iunre5lrlctedl Charlty Reserve Ide518natedl Total unrestd¢ted lund5 31,Cth.023 41,175,661 72,184,884 28,886.953 35,470,638 64,357,591 19 71,3Z1,404 64.478.121 Approved by the Board and authw15ed for Issue on 6 May 2022 Matthew Freeman Chairman f4-a￿_ The attached rnte5 forni part of these Flnantlal Sta¢￿entS. 21 Trustees. Re rt and Flnanclal Statements for the ear ended 31 Decernber 2021 STATEMENT OF CASH FLOWS Iozl 2020 Ca5hfiv* frorn operatlrry actl¥ltSes CaShfl¢￿ from att*￿tIeS 1.886,301 12.843,1731 1,183,591 1,04E,75 21 Net Idttreatell IThCre￿ In cash and cash equlvalents In thp year 1956,8nl J,126,349 Cash apMI tash *(￿lents at 1 JaNary 21 9.364,382 6.140,D54 Charle in cash and tash etydvalents to forelln exthar4e Baln51 Ilr%ses} 87.Y81 1102,0211 Total cash and cash 0uiva￿Its at 31 December 8,495,192 9.3&4,382 FcIith￿r￿ a dw*nR 20ZO. heid vAthln fjnve5trn￿t pwttoilo has ro¥ teen I￿l￿ed ¥￿thIn ush ￿ c05h ew￿lents ￿thIn thecash flow Statement. Furtlvthx105we aTrJ an&y515 has a150 ￿een IKluled vAthln thp cash fl￿ 5tatermit to bptta- reflect the attxhEd notes f¢mi part of tl*se Flnar*¢al Statements. 22 Tru5tees' R ort and Flnanclal Statement5 for the ear ended 31 December 20Z1 NOTE5 TO THE FI￿￿￿AL5TATEw1NIS AtcothtlwPolldt5 The ￿ne1￿)I ¥cwntlr8 pcllc1¢5adWd, aTrJ Wscwce5 ofe5tlm&tknn u￿￿taIn￿l￿ LPé st4¢¢fiwnts •1 Ba$15 of tyewr•ii Twatt￿nIS hknt wepared In KcOrthCe￿th nnandal lepNJr8Standard 102. 'Tr* Flryirdal Reptrtyniststhrd I￿1¢41￿e In the Uniid K5n8(knm and Rtytiit ol lit￿n0' I'FRS 1011 ¥￿th the 5taiemeni of ReCoW￿￿7ded PTaCticeAccountln8 ￿c￿￿tt¢s, FPS 101, let1￿1￿ i Jwwry 10191 fwhw repry¢inorequlfernents of theComwnle5 Act Zr￿ and thEc￿MIlES kL 1011. Thecumwnyof 81olLN15ts ihp def1n1ii￿ ol • wbilc tyl¢llyunder FRS IOZ. ￿Sets and llablllt￿￿e Inltlallyrecc8Tr55ed 4t hlstorfcal c05t ty tran5Xilon value unlE55 Oth*TwlStstsied In rei*•n¢ •¢5 Charftabie aCtI￿ty lrtorré 6.K2.64Z T,272.914 In 2011 2020all Ihe frfjm ch4r1tat1eact1￿IIe5 W45 unrutrkied. TM 2010 ¢iMwari¢t¥w hi*be•n restated th 5hownKreclearly thE IncrThethWlbJtSrnol rt&knhlpand willtautyi Iqr•eiYWts. 1071 An exceptlonal Iteffl In ZflA rdaied 104 cwh rew%y heid IL Kaupihino, Slnllpr & ￿N￿, WIS OÈtiaf•d In Octcthr 2tt¢. Isa reyAt thEC¢nwny nwJE th of £694,561a¢ that (fjmo. fitym 2rth io d￿e. rec¢￿￿leS iotsillrrf £WS.62J 12020.. ÉtIJ4,0221 been rec1￿￿. In 1021 IQ20AI other Incorne unre5trlcted. Trustees. Re t and Flnanclal Statements for the ear ended 31 December 2021 NOTES TOThE FIN￿aAL STAT￿1115 6 An11￿115 gff•¥pw￿UMln C￿rIt￿b￿lc￿¢lll1I EdwatSon•l & Gr•ms Sk•t•iMbl• ¢r•nlS 2021 Tor•1 *thhlr¥ Tr￿ts J5talnaLrteythts 5ustalnabllltyC05ts Workstrwc05ts Pubilcaiim cost5 siaff costs 21J.416 283.416 21,957 2,IYJ 1.1 a64.vi 3,13B.995 994.617 164,912 1,961,no bBb,239 J,431 4J,146 76,376 Sekntlllc. 2010 TWI 2020.. Grants fy•nts tll¥hln• 865,175 e65.175 56,519 Vl4iksW cw bllt•llw cos 56.519 9ZF,815 2,870.111 986.511 53.326 ¥,d65 3.011,951 I,C05.4 54,191 IY,510 4.7B4.Y7 S,9￿,920 In 2Qll Wk1 IOIQ •ll •¥4eThlItLYeon<￿rItth￿e Ittl￿ti•lW1* Unrtttsk￿. 7 Glwpcrt ¢Q5t• 2021 Tot41 ToJi •wts •14l¥x4tlon Sw)rt ¢￿ty l>eprecllllon Pto rlii ios¢all hèad count, u Pro rata to5￿11 ¢¢unt lo￿li￿lY of Ailocatod iOXtlOty of use 141,560 ,715 10b,91) J6J,Yi J26,YS3 160.Z12 997,595 tthi(rf14 expense5 Sale5 aTrJ Mwkerir*exwrf•s 913,059 c￿paThysecreIlrt￿ICoits Tntstee meetlDI c0511 T￿￿tee lryJran￿costs 6Z.756 11.gJF 5,241 3,714 14,525 Z.568 87,773 994,617 l.ClJ5.4&8 custs¥e41(É•tvJ fL¥Jr charftalAe ￿tr￿lIes. Ctympaiysecreithai c05t5 1K1￿e anall(￿¢￿) of starrcosts. Trustees. R and Flnanclal Statements for the ear ended 31 December 2021 rrnTOTHE FINANC￿L STATEAWS 2021 Chorty 2011 O•k•rifJodfrey FL￿d the￿r.. kyani 5ocleiyTra%YlGrantS gJ5141r￿blIlty Grants Other liants 105,LIY) 2fk8,995 302.938 374,807 179,807 t4 ReoJrned fund5ofuncEiled wants 55 85 17 ants tolnthvlthats 183.552 IG,754 2Cé.943 to 185,368 1eDjrr￿ fU￿ortance11¢0 w4nts 301,534 865,175 Tra%d &Tra￿lIn8 Fdimhlp Grant5rnadE In exce5sof t5,(}￿ i￿￿￿Je.. ant Brftlsh 5rKiety ol D&*lop￿*￿t*l Bmfjsh ￿ety ot Cell ￿oi Jxrnai ol Btol(w Jxrnal of Ceil Sclence 19,( 15.t 21.825 51,629 52.512 43.019 57.763 P•Arinp Bldoglcal LabrKatory 81(A￿talAsS￿laI1On Unl%wsltyColleRe Lorthn ZEtsahsh ths*a$ei&￿jel5srdety. 15,Cts) £5,C¥y) 228,768 127,113 2020: Trasd & T1•￿11n¢ Feiity*shlPS Grants m*e In exce55 of (S.(th Iroufty scleni15t5. Crfant5 ￿Ere •tspmade th2Corrwnys ILwma15allti e¥h qrant fulfllied reSnfvce5 C(Anparrfs mlsslon. the ynErJl afvanternenta￿ prorniknn ol research and the knc*AeOR2 of sI￿ty of all Its bra￿he5. to the pfthe CCNID.19 pathilc, a SI￿1￿(3ninL4nbtr of yait athlutions kntre ca￿dIed￿rf￿ the yEar, ty furn1$ returned t￿ unable to Ul1115e Ltw ro terrn50f the Ag In 2010. w*yant5 hwe L*EDcath¢d I￿rd io the loilLwn8 >wr that the lund5 rnay b2u11115ed In furtherarKe of Ihelixryaryl5 aIn￿ I￿j ¢&Jecthts. InaddltlrAI to ¥lxThEy4ntsthtalled. trore ¥￿t6412010.. 1171 vants made of le55 iMn £5.CW LO Irtstltutlon5 arrthj wwld Iti surwior Blth. Ca5estudie5 of samè tsf theseirants hm used t*f(AJTr1 on I￿(L￿panIS wthie: hIt￿lI￿V*.b￿5l5.cl￿I 5thrycalry0ryl8rant-￿i￿1wts. In 2021 lhecoryanytnt1od￿ th25u5f*TrJ￿e Cr￿l*rentl￿*nlllitl￿y1lh the alrn to heipbl(thRlsts rnake I￿1r cmterwKes rnre #Jsialnatde. Th55 Irhw)1￿d ￿lIdin& and ￿n(hIn9a dedlcated web511e for biulaRlcal cfmiftfer￿ orynyI5, alrA4sldeolferlpi qrant5 lo￿t￿r4e CMIere￿e orw55eF5 10 5￿c￿lIsed rr and Inmyatiw soluiwns, and atiendee5 to 5Vritth to train. In 2021, 12 yants knwe awarded und2r thlsschwtE. ail undÈr £5.ri)). 1021 zo T¢iLIl T4tal &ithtlfl¢ Wor 2,156 56,519 knted one￿r￿4￿1$￿enlIiic wtykshO￿ thrfr420ZI 1202tr. 21 io thÈtt*ry chardr8iatha* of theCOWD.19pandwDk, ¥Ath furihÈr Shi)rk5hr4)sbe1n8 cancelled. These Wolksho￿ are run ￿nUallY￿￿O are Inta)ded to supwt cutdry rewrch In the are15 of (eli aTh1 oe¥￿e￿￿tal Bioiow. dI￿ase modeL% and nkKhanism5, Wlth ern[th￿s on cr¢15s.d15Elpilnary Interaciions and thEwJpllJ¢lwof tetlmioOe5. Ills hO￿d the rniRht •lsostyNt t¢ prthrfde forstraW¢ ￿￿11r￿ded%knrS by Pe5ear<* C￿￿l% rnaju chartt*5. 15 vdl as for rfftrnwt >T¥ints we from restTfcted furth In 2021 ¢Y2010. Bl Tru5tees' R and Flnanclal Statements for the ear ended 31 December 2021 NOTes TOTHE FIMANaAL STATEMEpirs 9 of 51all Casts 2021 Stall ¢os¢siKIth'. Salade5 Soclal SecudtyCOS15 FernlrAI CQ5t5 Z.34b,264 247.922 192,C•3 2,2CS,470 179.C I,nl,269 Z.620.7eo 352,960 197,012 The wèray of e￿￿ty#t$, an&iwd by func(ltyi ¥Y•s'. 2021 2010 Chthty athln15triti ChthtatrthKtiotle54Th4 wt4ishlrt• 1•anwr￿t lo￿￿4$trI1I￿ ol chthty 57 SJ 57 EmDluwent3 tr*ndlts In wa5 a5 lc1lrfft￿.' ol eiinlrv4 EID,C¢Jl to C7Q,C ernFIc￿￿eS eaminB £90,Cl)i 10 CICQ,CCQ of ern￿•￿e5 eamlrry ÉllX,wi 10 CIIQ,XQ The Key Oft￿ cTrwtry ctynfv theT￿￿, th¢CompanySecretary and thE PuilliP•. T￿￿lett ￿re ￿ ￿ld rvy r•c*W 4nyo1￿r ￿ne111 frcth dLrfry i￿￿r, ty the kYe(8dlrty >*•r, 2011 20 total to ¥wt'. Stifl costs al 5ecunty cuts ctyts 199.Y6 25,ICb) 19,99J 14,JJJ 19.¥1 141,6J9 lJ7.é31 IQ Tr￿1•￿. A•rnunw•tlon The Artlcles ￿ ￿￿￿11110￿ do w permlt tru¥we$ 10 Itscowny. expenxe5 totaisni In1 turr•d ty the Charlty thi behalf ot4 tIU5te#. 2021 Tr**1 ￿ Sub¥15*nce 3,157 Trustees, Re and Flnanclal Statements the ear ended 31 December 2021 +JTESTOTHE Fif4ANCIAL STAYEKIITS 11 A44tsd Pirty Tr•rfj•rtlv Trwtee5wYe a5soclaied Wlh the th¢ sw.. 111 ¢I￿N￿ll0n5￿th these Lry1$•t￿L￿CUraLarnB ler&th, on a ctyThwda1b]￿S. rect Rdatlorrfhlp Bray, S e,J D￿le. A FreefflaTr, M Fr<￿Tran, M l*l¢kt, CM Larwie, J Laryjllt, J 05DB, EW, C•mbrldqpUTrh*rslty, *¢xhwnkai ￿lety, 5DB IU&41 ASCB. B9CS, JSDB, SEB am Bltthernical Soclety Cambrld8e UnI￿r3*ty Bsc*, E Unlvw35tyol Chlwd B5CB, CRUK, INtitut•ofC4rK•r R•wKrh, Uf.R. Flljfj EAW, SEO Unlvw51ty ofOAfwd OSM, ISSCR UnlveTilly of EW, 85U. B*chern*￿ SKiety CRUK Ascts, BK8, EAW, IT Mana8er Head of Re*arth fyeup Lab Leader Lmll, S frlachesky, L Senlor ￿e￿r(b F h*rnbeF L4b LewJEr IWJnro, J S Ilr- Jnro, 8 S Isson, G Grwp LE•Oer thr Ical Aesewth Cwncll SE wo, esoB Babrahim Instltute Unlvtrsity of W4r¥Ack 5cJ •nd ASCB 8SDB, EA Wellc(¥nelCRC UK Gwthjn hslliute, CwtslL*• u￿lty Un￿￿￿$11¥ ol SDb, 8SCO, ISSCR Unl¥Yryliyol [￿nd￿l Unlver511yoI SEB Al8ty, P Chslr of TnMt• Lab L*4tt *mber l*mber St JuIn>t￿, R O St Johnston, RD Shld5, H SttKey, $￿ty, K bei Deparimtnt GrL¥Jp Le&e IWlsfAI, A Thetsmpany w￿4￿ded 5UPFWt t¢ Brlt15h 5oclety fv &loloqy lor t40,025 11010'.£97.5O).' Tr ￿t￿sh Srfi*ty lor Cdl Bld l35.rD)12020.. C131,500I, Tht triety of Exyrfrrentil B5￿0￿ ISEBI frK CQ IZ020.. É75,OCQ', Euroxan l*leCU￿ SlolEWl>8anlutkn IEIWI lor £2.fp)J (2020.. t70,(￿1,. ￿l¥￿[SIty ol EdlnbJrqh for 1012010,. £1.￿￿ I.. Unl¥tr511y lor 1012020.. (B.OWI.' Unl%*Sl¢yol QAfty4 lor 10 IZ020.. Eg.1501,' umb￿liV ol Dundee fly 10 12010.. 1).LWI,' The In5111uieol Research for [012020.. CI,KQl, Cancel Research UK for (012020.. CJ,CWI. ¢hEthdlcal Research Cwncil Iw El,5fLI12010.. 101 and the Unl%er511yoiwinyth rty (l.C¥)J11020.. É01. ¢Y thEyant (w￿[m￿lsfflldFtts retsted LwIIM¢ththr1rrft￿ wr, 137,WJ12020. t149,SQ)I w•souuI￿￿1rffja￿d vAthln cr•tht(rf% •t the yw ¢￿. Ourfrrf il*>*•r Ihecgryany D￿de 5lIPt￿l totalllnR12,80711020. EJ,1351 tos L NI15￿, ￿ vAf• olG ch•rfty. All occurred at •rrn5 lenith, C￿ 4 toni￿¢1￿ b&%ls. 12 N•t InEoM*I i•wlltur• I lor th•y••r ts St•t•d 4ft•r c￿ry 2021 zoio •) Fore*￿ cu￿￿KY losse51 Iylrsi 13,719 17,4751 147,013 cl lTrJeMty IrNJrarKe 3,924 3,774 dl Ath*tors' re￿￿r￿all0￿ ￿er￿CeS IJAg) lJ,B50 31 Trustees. R and Flnandal Statements for the ear ended 31 December 2021 IK)IES TO THE fWANU4L STATEWEMTS Frtrhdd & PAJIith FIx￿les, flltlrrt5 &ew1&￿Trt T+xal Cc&t ai Wnnlrry Of￿ar 3.474,17T 99.827 451,773 17,393 3.925.150 117.220 1156.2ZBI swL% at CL&i Cost at thl htar J,Y8,869 JJS.07J 3,886.942 ACcumU￿1￿j at twMln8 tsfyear dlSPD5al Sn 335,452 J56,864 1104.4%) 63,579 694,316 1107,4671 77.511 L41ed thwedaiicfi at thid ofwr 410,422 317,987 nB.409 *[ bJDk valuEat end Ol￿r 3.13B.447 io. 3.1￿.533 l*l byjk valu2èt ￿l￿nI￿oI ye¥ 3.13B.n5 9Z.* Twryt￿e A*J¥ssets areall thÈwpose50ffvnai prc**xtloi. 14 Inv45trn•nts UK usted Tiral 39.929.7Z7 Z.025. 11.763.466) 2,007,146 16,158,520 14.53Z,653 3,328.7J7 59,416,984 I6.￿1.151 1IZ.826,6231 .2J4.454 87,n2 *JYItlo75 ai c051 0S¥¥xal ai wln8 tr*t wreallsed Fryely exchank¢ 8ain h Ir•*rntrt Ih the year Z.341.Ke 87,n2 11.277,6HI ¥ket Dfitar 42.￿1.￿5 21,475,324 2,138,8n 67,196,104 ILtualccL4t at 33,218.8 10,260,661 2,138,875 35,618,144 At the ol the y￿. IKiudEd *ithln Inst51rrtht C45h thwewd5a b]iarfeol t1￿17,197 whlch was not derN)y¢ed ¢0 theIrThvt￿rtlrnfO1 L￿ttL l Januty 2022. Inbt5tTr￿ fees of E567.161 I￿0. C398,UIOI are reliecied In the m¥ket vabJe of the lunth at the I￿j ￿ rttwnlsed In full In the s￿lem￿L ￿ Finwlai 2020.. UK Llsied l0arketvalL￿at brylnnlnK of s ¢tyt swi at owilrrf brK&vai i unrea115ed lain 30,TJ2,146 14,955,243 8.045.574 18.2(0,91ZI 1,X6,Bll 141.379 51,928.76a .168.867 (952,3011 4,016,396 5,393.IQT 10Z,VZI1 3,189,J 1102.0211 3.18¥.J7• h [rK￿¢mÈTht In theyear arteivalue at eFb*cf ￿ar 39,929,n7 16,158,520 3,328.717 59.416.994 Actiaal a)5t aL thid 33,636,703 I],9￿,511 3,128,737 $0.913.951 Al the olthE Ific￿e￿ ¥Ath1￿ In%*5trrthr tssh %*sa of (3,U9.Wthch wasnot LWAteO to thÈln¥tstff*nt mlclhi undl 1 JaThJary 2021. Trustee5' Re and Flnanclal Statements fw the ear ended 31 December 2021 4)TESTOTHE FIN*j4aAL$TATE￿E11[s 14 Irrrtstments {conti. CfyTWny tsvlde tc IrTh￿isu1pIV5fvTh￿$ ét Its dI￿r￿rffl. nETtystees e5tst4l5t￿0 a FInar￿ In%t%trnent5 Crynmit whlch *￿t￿￿È￿ternal ad%rf5w4nd m*eSfjn%eSt￿Trl reccffjmendatl(Nb to 8oard ofTrwM. ThE￿eed Investment wLIcyi5 to ￿￿￿t￿lIE0￿all ithiR term reiurn ¥￿t￿turb￿Je bysu5taineO In¥tstrn&)I In equltle5 ￿1h 51WlS1ltafit exposure the Main 5twk rnarke1541 Ir* ￿￿Ert. Th15 5n¥y1%*5 PUTCtWE5 of unlts, partly Sn xi1￿Y man¥ed lurth whlch have IhEaim tsf ytllni Superior returits to othw Tnain p¥t of the mryarry'5 In%*$￿Ent￿n Index lutKJ5 IIKIL tr￿kst￿m markeLSndice5 of thÈ US, UK, &rope atwj, Loa tent, Japan, the Far Ea514nd QLIV EN*WTrah4arkets. AU Investments areG¥ried at their falr value. InhtSt￿t In flxed InLere5t S￿￿ties￿re all traded In quoted wNl¢ n￿rkets, tiiarfiy the Lonthjn StfKk Ex(hatw. H¢idlnR5 In comff•Jn Ir1¥￿try￿￿t lunds, unll iru5ts and 0￿￿.ended Investment cwpJn*5 afèai th2bld prte. ba515 of falr lor outsted lfThVt￿nt5I5 wulvaitht to markei value, u51n8 thE bld prke. A55eisale5 ¥tvJ purthases are re¢(4nlsrtar theda￿ of tr•YEJL¢QSt ltt*t Is iheSr v41￿￿. The rnaln form ol rlsk In relatloTr to In¥Y5tynents ts the %rAatiiityof ihe equfjty marktsano In¥t5t￿￿Trt ffljikeis due th ¥wldwidE eCt*￿TrIC c0ntht1N￿. ihpgttitude of In%e5trrfs tOTllVE5tynth¢ risk. and chany5 In CrKttMl￿eWlfje5 It￿¥￿thIn paitlcLtlarsecLLYS Subsector%. Thecharlty mana4e5 the>e In¥eStment rl*s ty reWniry expertthsor5 and DpEraiiry ￿ im*stmeni wAicy that a hlwl deyeeof erslfltallcnof h0idlfys￿￿Th In¥t%tfflent a5setcW5es tN4tare rwoied ￿ rKo4ni5eOStr*k eAchary. 15 D•bto 2011 2020 tmnone year Tr<￿edebt0rs Other debtor5 185,6)4 11,061 264,7J4 457,451 224,202 191,2JJ an,886 16 C*lerre& Incom• Oeferrcl relates LO IDWDJI 5thtrfptlon and read rKd¥ed wfv*Keofthe staricl the5LOsC￿p1l￿&￿arll Jar￿￿ryI. author fees recd%%d In thancevf artlcie5 beln8 pu￿15￿. Jwmal Subthptton Re¥J & ￿j￿1$h fjKfATie thN Fees Deferred Incr*nE at l JaThkiry2071 Amwnr r¢￿sed ￿fi￿￿e3rned frrl chJrf1￿e KIMtbes 97,915 197,9151 01,gJa 161,nl 4,193,872 14,193,8ni 14,034,049) Any￿( defwred In year Werred InccTheal 31 De¢tyYthr 2011 3,3%.In 3,396,178 667,233 47.43? 4.110.35Q 667.233 47,439 4,110,850 17 Othqrcrnthtols IncluLW wthin uedItO￿•S (285,204 QQItr. CIIS,43ZI of Y￿￿￿￿1th*&re cornmlLted •t theyear eThY,aTrJ ￿11 *lthli one In fU￿￿n4c0mMIt￿ntsdu[Tn8the GrwrcoThwnltn￿5 recfwlsed ai Start of the >*ar Np%¥ iranL c¢¥Ythiiments char8ed io t￿soFA In ye¥ Grants pald thÈyear Anwn¢¢fyanicthThmIt￿ts r£r￿Se￿ a5 at 31 Dtternber 1011 315,432 J01,534 1331.7621 285.104 ¥J Trustees. Re rt and Flnandal Statement5 for the ear ended 31 December 2021 IIOTESTO niE flNAMCLIL STATEKI4TS 18 Flnanc*l In5trurn•nts 2021 FInar￿1& Is5ets FlnaKlai assets m75ured ai lair ihrc4wh proht or ￿55 FlnaKI& 455er5 Umi are deDt n*wred 4[•m￿Sed cost 73,552,521 106,695 67,174.849 11,040,%71 7J,759,216 ¢0,134,281 Ffjnatrlal LlaNIItlt5 FIna￿a mew•J at faIrw41￿ thrrW woflt ￿ itys FInar￿al Ilabilitfe5 rnEW￿ 1% w7vriwJ ¢05t 1403671 I687.)￿)) 1810,Wl In7,%71 1810,PthI Flnardal assets measuredai ralrvaiue thrwh wolSLCf 1055cqrn￿￿IrHest￿nts. cash ar￿ yln50n eedva￿ve In5tsurnents IfcTr+7rd cmtrattsl. FIna￿la1 assets ￿asure4 aLa￿￿rtIsed c051cQry￿SeIr￿debtI￿arfother debiOT5. Flnard4 Ilabllltlesrneasured at falr Val￿ thr￿ woflt or IC6Scu￿Se 1055 on Ilorward coitractsi. FInar￿aL LIa￿LItI￿ measured ala￿05ed C¢xiCryl￿1radeCre4ii0fS. y￿￿c0￿￿1tted, allcrutsandDthercrethtcq% exc￿dI￿ 19 Anaty51541 fi•t A5%•ts b￿en Furrf fjenÈr Fur IUnresthcteOI Charfty aakerirx%*frey Funds IR&trfttedl Total FuThts I￿$r￿ted¥ Fur￿ ba￿nCeS at 31 December2ff41 4re reprexwted by. Tarylble f5xed a55ets IrfvtStw￿t5 Curreni a55ets Current Ilabllitle5 Imernal 3,158.531 3,158,532 67.1%,104 6,827.846 14th1.0791 67,C67,2 128,814 6,820,141 14,575.8751 IS,6￿,2?6 1285,2Jll 125,6C6,2261 Total NetNj￿ts 31,fxYI,QJ 41,175,8 136,520 n,321,403 gjrnmaryof FU￿ ba￿nCeS brrx4ht forward Fund bathrLe5 tarrled lorw¥d InCC￿ &￿n￿lUre GalrGand 105ses rknal Fund 28,B86,953 35,470.61B 6,gD4,243 657.658 14,714,gJ11 167.zni 6.163,740 31,L¥)4,023 41.175.862 Desiww¢ed fvTh1 estrlcted Funds 378 I￿,520 n.3ZS.404 Total Fund5 64.478.121 7.562.279 15.83f,0761 6.112.CQO Trustees. R rt and Flnanclal Statements for the ear ended 31 December 2021 NOTESTOTHE FIN￿rJAL5yAT￿t￿rs 19 Amlysts of Net #•LW•W F￿J5 IcqDtI. Z020- G&wrai Fund IUnre5tilctedl Charfty 0•kerl&￿fr F￿￿% IRe5trtciedl Resrqr£ Tothi Fu¥J5 Ioeslinatedl FurK1 bai4nce5 ai 31 December2010 Kverepresented by.. flxed assets InVE5[n￿[S CUrr￿t assets Current liabilllles IntE¢nal ba￿r J,231,634 59,304,158 112.826 59,416.984 &,￿.531 15,079,018> 6.WJ.827 14,76J,596 23,518,CQ8 113.515.CQ81 Tatil NeiAS*tts 2B,8B&,95J 15.470.61A 64,416.121 Knary dfund rnL￿er￿￿l5 Fun¢ ht forward FU￿ balance5 Exr*nthttsre •d1tysse G￿eral Fund 2fj,235,861 29.W,295 I￿,613 56,111,8Z9 7,275ml 471,469 1,859 7,748.330 14,n4,Y71 11,467,2101 160,6J7 6,497,084 11,998 6.669.719 28,886,953 35,470.638 110,530 64,475,IZI Oe51wated luNI Re5tr1CI* Funds Toui F￿d$ 16.Z51,7571 G￿ra1 FuTrJ C￿￿5*5 retsi￿rt wr￿uSe50n Jwrtk4 wthluc￿On. Tl* ChthlY￿Necryn￿51e$a d*Rrnted fund, e5tabifj￿ ty the f(* the SU￿￿￿trAc￿rI￿￿lcW. fu￿ makes avai￿Ne to thÈchartiy re5eY%p Ccnmpanys Inve5tmentsandt45h and Oiher atrwnts, Inco￿￿ fm Iscredlted tvthtsI￿d each year. Exp*￿It￿re from thefund tcrfn￿se5S￿e￿tlffc Brant$a￿ wofvsknop5. Thp Peter Bther knrfal Fu￿j ￿ Phlllp G￿rreY Funda￿ restdcted luTrtse5tabiished to Wl blolo4ical rtsearth. 20 PeTrsknCaSts Cwany(Kvatesa deflned Scr￿me. Tr assets of theschemp*e heLd separatelyfroyn ￿Cornpa￿]Tr￿Th IndewndEDiiyadrninlstered fur￿. The CDSts charye repr25entst(Mltrt￿tloTr5 payable ty to tund ar￿ to 1192.95811010.. £179,¢481. ContrfbJtlon50f U0,85& ¥￿ed￿ to the fu￿ 81 t￿￿ year end11020.. É19,823I. 21 t4ot•5 Stst&rn•ntafc•sh Plote 2021 2020 al Reconciliati￿ of nei Ific￿* to cath flty¥frorn ryeraDnga¢tMdes Npt Intfjmei iexpendSturel fur y￿r 7,75S,501 ,26B.313 7,155,501 0,2e4,313 L*yedatlrAI 1055 W Sale ol tar4lbie ffix￿ assets 141.560 48,761 401,456 1134,9271 147X¢J Z5,37B Chatye tredliN Char4e In Intame In afvance Inve5Lfneni manaRer fees (Gainsi on 7th￿t￿￿ntS inrffesi from Inhtstmts 30Z,336 151E.7551 294,879 SOFA SOFA SOFA X*,765 16,091,570) 1658,2131 1473.3281 Tr*¢cash by0￿3￿￿ètil￿tIe5 1.B86.301 35 Trustees, Re rt and Finandal Ststement5 for the ear ended 31 December 2021 HOTE5TO THE FlNANCIALSTAIE￿1ITs 21 *lOt•S TO thestaternrt alCashFkn3 Icmt. 1021 2020 bl C¥h flow5frorn pa￿Trts io KoJir2 tar*ltAe Ilmd 451ets Payff*it5 toacwlre l(Ne5tments Rectrpt5 from Salts ￿ In¥e5trr*nts In¥e5tment mar*r rosts tntere51 rKel%Tr1 In￿stmen1 recel (Z18.4381 18,16B,6671 9.981,101 116.561.1501 13.213,841 136.a671 5CfA 5CfA 30.433 442,895 658,0)O 11,843,173) 2,042.758 cl Anal￿$0[ In debt Cash now Al 31 De( 21 6,035.645 3.3zB.rJ7 120.m 11.Z7T.6441 6,356.417 Z.138,8n Cash heid In Inve5tTr*nt (￿follO J7,n2 T¢iai cash cash ewlvalents 9.361,38? 1956.8ni 87,n2 .1￿.192 20: ForeSy fxcharye ItiJanlQ At 31 r*c IQ 5.Y*,6 241.379 36,970 3.lag.379 6.035,645 3,32B.737 h hdd In InN*51rtwit [XYLf￿10 TfAal aid cash etylvaients 6.2rt).(64 3.226,J49 9.364.J82 22 C•pft•l (ornrnttnwrtts 2021 2Q20 CopMfjtmEnts ¢￿tracted Icf In these Land &