## **THE COMPANY OF BIOLOGISTS**
**(A company limited by guarantee)**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
**Registered number: 00514735 Charity number: 277992**
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
## **Strategic report**
## **Business review**
As a charity, The Company of Biologists (the Company) does not seek revenue surplus for financial gain or as a return for shareholders. The Company’s principal means of achieving its primary objective is the production of high-quality scientific journals.
The Company’s’ journals exemplify what can be achieved in terms of scientific quality, production standards and overall value for money. It is hoped that sustaining customer numbers will allow us to cover the inevitably large expenses associated with maintaining highquality journals.
## **Governance review**
The Trustees first reviewed the UK Charity Governance Code in 2024, resulting in several outcomes affecting the underlying governing documents of the Company. At the start of 2025 these changes were finalised with an internal reorganisation with the purpose of placing the Company in the best position to navigate the future. Given the completion of the Charity Governance Code (2025) in November 2025, during 2026 the Company will review the changes which have been made and identify areas where additional changes may be enacted to ensure continued good governance.
## **Investments**
In 2020, the Company agreed to pursue a policy of divestment from companies actively extracting fossil fuels with the aim to move to ESG-compliant investments. Actions taken since November 2020 have reduced fossil fuel exposure at the portfolio level from 3.1% to 0.7% (2024: 0.7%). All Global Equities trackers are ex-fossil fuels.
The value of the portfolio increased in line with the expectations of the Company. The benchmark for the investment portfolio is derived from an accumulation of weighted composites of underlying manager benchmarks, which vary from investment to investment, reviewed against a Strategic Asset Allocation. For 2025 the annual portfolio return was 11.1% (2024: 15.4%) compared to a benchmark of 14.9% (2024: 14.6%). Due to the decline in surplus available from the charitable activities to commit to charitable spending, in line with recommendations from the Investment Managers, withdrawals have begun from the portfolio in order for the Company to continue with its charitable programme.
## **Performance against objectives**
The Company uses a variety of financial and non-financial key performance indicators to monitor performance.
## **Publishing**
## **Read & Publish**
Due to the success of the Company’s Read & Publish initiative, with 1,067 agreements secured to date, it is beginning to feel that a plateau may have been reached, as the majority of our remaining customers prefer to stay with traditional subscriptions. The Read & Publish agreements require a great deal of effort on our part to make them work effectively, but we believe that our move towards Open Access aids the communication of science and supports authors wishing to comply with institutional or funder-led Open Access policies.
Of these institutions, 208 of them are supported by our agreement with EIFL (Electronic Information for Libraries) which enables researchers in 30 developing and transition economy
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
countries to publish Open Access articles in all of our journals without paying an article processing charge.
Read & Publish is still proving to be an appropriate sales model for us and our customers as not only do we continue to convert existing subscribers to new Read & Publish agreements, most of the agreements secured that are reaching the end of their agreement renew for further terms and Open Access publishing increases for those accounts who actively published in the past and for some who have never published before. However, as the publishing market continues to evolve rapidly, other sales models are reviewed annually to ensure we are offering what is felt to be the best model for us and our customers at the time.
The Company continues to actively engage with institutions that have signed Read & Publish agreements to ensure that:
- librarians can engage effectively with their researchers about the opportunities these agreements offer, with a variety of resources available from our library hub: www.biologists.com/library-hub/read-publish/
- authors are made aware of the routes they may use to publish their papers on an Open Access basis to comply with their funder and institute mandates.
Trustees carried out their annual review of the Company’s double dipping policy, with no changes to the calculation being made during the year. Double dipping arises where a publisher seeks to increase revenues by levying article processing charges for publication in hybrid journals, while not providing a proportionate decrease in subscription costs.
The Company participates in Stanford University’s LOCKSS archive programme and CLOCKSS extended ‘dark’ archive service, designed to create a free, permanent repository of published material in the unlikely event that, at some point in the future, the Company is unable to carry out its publication responsibilities.
## **Our Open Access journey**
Two of the Company’s journals, Disease Models & Mechanisms and Biology Open, have been fully Open Access for many years. The Company’s hybrid journals (Development, Journal of Cell Science and Journal of Experimental Biology) were the first in the world to be afforded Transformative Journal status by cOAlition S. During the ‘transformative’ phase which concluded on 31 December 2024, authors had three routes to publication: Free publication (not Open Access), Gold Open Access (author pays) and Read & Publish agreements (fee-free Gold Open Access publication). While the transitional period defined by cOAlition S has now ended, we continue to provide these options signalling our commitment to making Open Access the default author choice, while continuing to provide publishing options to support all our authors, regardless of funder mandate and economic situation.
Over recent years, we have seen significant Open Access growth in our hybrid journals, though this now shows signs of slowing.
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
## **Sustainable open access fees**
We review our open access author fees (APCs) annually against market rate and against our per article costs. Better covering costs helps position us for a more sustainable OA future, noting that many authors can publish OA without paying a fee through Read & Publish.
## **Commitment to transparency**
Transparent metrics on journal publishing are seen as important to develop trust, especially around the services offered to authors (and this is particularly relevant when the author is paying a fee for Open Access publication). Company representatives were involved in consultations between publishers, funders and librarians on which metrics would be useful and practical to provide. We have also produced ‘how to’ videos to support other publishers in adopting transparent metrics.
While the Plan S phase has now ended, we remain committed to providing transparency around our publishing processes and are actively working on making key metrics publicly available to authors, and on providing additional context around our costs and revenues. Whilst the planning for this started in 2025, it will not be launched until 2026.
## **Community**
The Company has a number of community sites to support the biological community.
Our well-established ‘the Node’ is a community site for developmental and stem cell biologists (with its own social media). The Node has grown to reflect the interests of the community by featuring careers, research, resources, scientific meetings, advocacy, and public outreach, and has initiated community discussion points. Popular posts in 2025 included image competitions, a guide to navigating scientific conferences and a piece about navigating a research career with a disability. The site includes the Node Network, a global directory of developmental and stem-cell biologists with the aim of increasing equity and diversity, for example as organisers line up speakers for conferences or members for committees.
The Company has engaged positively with preprints – emerging in the life sciences to speed up the communication of research findings. The need for rapid communication of COVID-19 research meant that preprints have become more important than ever in recent years. The Company’s community site ‘preLights’ provides preprint highlighting and commenting. We have a community of 100+ early-career researchers contributing to the site, covering a broad set of biological topics. The preLights team also engage with the authors of the original preprints and around two-thirds of these authors respond with more information for the preLights site. We recently added ‘postLights’ highlighting the journey from preprint to published paper. During 2025, we continued to focus on alternative formats for engaging with preprints, including organising writing sprints, producing podcasts and hosting webinars.
FocalPlane was launched to bring together the microscopy and imaging communities and this has been well received. The site includes the FocalPlane Network, a global directory with the aim of increasing equity and diversity. Following successful partnership and merger with, respectively, MicroscopyDB and MicroList, work in 2025 focussed on improving our search functionality and developing a cell biology corner. In addition, we introduced ‘JCS snapshots’ – short author-produced summaries of research papers published in JCS, hosted on YouTube and FocalPlane.
The Node, preLights and FocalPlane again recruited a group of early-career researchers as Correspondents/Ambassadors in 2025 to better represent the community. Together the community sites hosted early-career workshops on science writing, interviewing and writing reviews.
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
Over the course of our 100[th] anniversary year, all our journals published a number of articles focussing on how the Company has supported the scientific community over its history, through our grants, events and other activities.
Additionally, in March 2025 the Company held a scientific conference in Liverpool, coorganised with three societies; the British Society of Cell Biology, the British Society of Developmental Biology and the Society of Experimental Biology. This aptly named @ 100 conference was truly excellent and raised our visibility with the scientific community in a very significant way. 585 attendees from 27 countries attended, making it a truly global event.
## **Social media**
The Company has a significant social media presence, with X feeds and Facebook pages for the journals and for the community sites plus Instagram to showcase our images and an X feed and LinkedIn page for Company news. Over the last few years the Company has developed a Bluesky presence which has been well received by the community, and continues to host a Mastodon server (‘instance’) for biologists – this has brought together a large number of individuals and organisations (such as societies) to promote the discussion of biology.
The Company’s YouTube channel continued to provide access to informative video-style content including scientific content from the journals, interviews with researchers and features from our community webinars and 100 celebrations.
The Company also has a WeChat channel to grow our presence in China, where the output of important biomedical research has grown very significantly. Through the channel we have provided a series of videos to help authors with journal publishing (policies and processes) and have featured a wide range of research stories. The most-read pieces are interviews with Chinese researchers. We also maintain a biologists.cn website for China to act as a gateway to information about our journals, grants, and meetings. To support our activities, we have a working group of Chinese early-career researchers - both within China and working internationally – to support our development of this community channel.
Digital presence in 2025:
- 6,353 YouTube subscribers (6% increase)
- 33,282 Facebook followers (2% increase)
- 109,399 X followers (1% decrease)
- 27,300 Instagram followers (47% increase)
- 7,184 LinkedIn followers (80% increase)
- 2,111 WeChat followers (12% increase)
- 2,633 Mastodon followers (156% increase)
- 44,506 Bluesky followers (79% increase)
## **Publishing**
Following a few years of pandemic-related instability, submission and publication numbers are beginning to settle down, though are displaying field-specific differences across our journals. Across all our journals, we have seen an increase in likely papermill submissions, and have invested in technology solutions to triage out these papers at initial submission. For 2025, numbers of submitted and published articles have increased on most of our journals, with only Development showing a decline in both submissions and published content. We continue to prioritise the regrowth of quality submissions and resulting publications from our research communities.
During 2025, we integrated the STM Integrity Hub into our submission system, deployed a content intelligence platform (Hum) to better track engagement with our content, made
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
changes to our content access barriers to provide continued value for our library customers, and updated our policies to ensure continued compliance with funder mandates regarding Open Access.
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2024 impact factors (IF) were announced in 2025. Following changes to the IF calculation, this year’s numbers were more stable, though showed small decreases, with the exception for JCS which has a small increase – consistent with trends across the sector.
Development (Dev) from 3.7 to 3.6 Journal of Cell Science (JCS) from 3.3 to 3.6 Journal of Experimental Biology (JEB) from 2.8 to 2.6 Disease Models & Mechanisms (DMM) from 4 to 3.3 Biology Open (BiO) from 1.8 to 1.7
2025 marked the Company’s 100th anniversary, and we marked this by publishing a series of articles looking back at the history of the organisation and its activities (https://journals.biologists.com/journals/pages/celebrating_100_years). As part of our celebration of this anniversary, we also held focus groups and conducted surveys seeking to better understand what is important to our journal authors, reviewers and readers.
With an increased focus on equity, diversity and inclusion, the journals collect self-reported data on gender identity from authors at submission. Women make up ~ 30-35% of our submitting author pool - this is consistent with what is thought to be the representation of women among Principal Investigators. We detect no bias against publishing papers authored by women, but continue to monitor for potential gender disparities in all our publishing activities (e.g. reviewer invitations, authorship of commissioned articles). We are
also now able to report on race and ethnicity of our author and reviewer pools.
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
In 2025, we introduced the option for authors to publish additional language abstracts for their papers, increasing accessibility of journal content.
All back files (from content dating back to 1853) are fully digitized to improve the searchability of archived materials and we promoted the historical materials during the Company’s centenary in 2025 highlighting its importance. The journals are now indexed in BAIDU Scholar for China audience, including the full back archive.
Our journals have also invested further in publication integrity tools, joining the STM Integrity Hub (a cross-publisher initiative that helps to detect papermills and duplicate submissions) and integrating the ClearSkies Oversight tool (also a papermill detection tool) into our submission system.
The journal Development published a 2025 special issue on ‘Lifelong Development: the Maintenance, Regeneration and Plasticity of Tissues’. This issue highlighted how developmental processes continue to play crucial roles in organisms well into adulthood, in homeostasis, regeneration and ageing.
Highlights in the journal in 2025 included a Perspective that called for a rethinking of how the field views the importance of ‘mechanism’ in developmental biology, and a research article investigating genetic differences that might help to explain the difference in face shape between modern humans and Neanderthals. As part of our 100[th] anniversary celebrations, we also commissioned a noted science historian, Nick Hopwood, to trace the history behind the name change of the journal (from Journal of Embryology and Experimental Morphology to Development) in 1987.
Journal of Cell Science published two special issues during 2025. The first was on the ‘Cell Biology of Mitochondria’ and highlighted the increasingly diverse roles of this organelle, from dynamic metabolic wiring to cellular signalling. The second special issue was on ‘Cilia and Flagella: from Basic Biology to Disease’ and included an impressive 10 review-type articles and 24 research papers looking at diverse aspects of these crucial organelles.
The most-read article of the year was an essay entitled “Why would anyone want to be a scientist?” – written by Martin Schwartz, who has contributed several influential essays to the journal over the years. The journal also published interviews with two plenary speakers from our Biologists @ 100 conference – Jennifer Lippincott-Schwartz and Manu Prakash and looked back on some of the most notable scientists to have published in the journal in its over 100 year history.
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
Journal of Experimental Biology’s special issue ‘Integrating Biomechanics, Energetics and Ecology in Locomotion’ featured articles written by speakers at its 2024 Symposium of the same name, examining locomotion in animals at all scales (from plankton to whales) and in a wide range of habitats – land, air and sea. The journal’s second special issue, ‘The Integrative Biology of the Gut’ continued the new series of ‘Integrative Biology’ special issues initiated in 2024. The journal’s Symposium, Sensory perception in a changing world, formed part of the Biologists @ 100 conference and was attended not only by invited speakers, but also by a significant number of conference participants.
Content from Journal of Experimental Biology continues to feature regularly in the mainstream press; particularly popular content in 2025 included the identification of a new cell type in the python gut that helps them digest bone and an exploration of how caterpillars buzz to defend their territories. The journal also published an interview with Hans-Otto Portner, former chair of the Intergovernmental Panel on Climate Change and a plenary speaker at our Biologists @ 100 meeting.
Disease Models & Mechanisms’ 2025 Special Issue, ‘Infectious Disease: Evolution, Mechanism and Global Health’ was inspired by the journal’s 2023 meeting ‘Host-Pathogen Interactions through an Evolutionary Lens’ and featured, amongst other content, a powerful ‘Patient’s Voice’ interview with Zolelwa Sifumba, a clinician researcher and survivor of multi-drug resistant tuberculosis, as well as reviews exploring aspects of the COVID-19 pandemic.
As part of the Biologists @ 100 conference, DMM hosted a one-day programme on antimicrobial resistance. The journal also published a series of articles focusing on ‘forever chemicals’, for which there is increasing evidence of environmental contamination and toxicological hazards.
Biology Open remains committed to publishing articles that are scientifically sound (and therefore of value to the community) without necessarily being ‘trendy’ or ‘insightful’. In 2024, Biology Open launched an initiative, ‘Fast & Fair’, aimed at reducing the delays associated with peer reviews while maintaining high standards of rigour and integrity. In this trial, potential peer reviewers are recruited in advance and sign contracts committing to quick turnaround if invited to review a manuscript; in return, they are paid for completing quality review on time. Results of the first phase of this trial were published in early 2025 – demonstrating the feasibility of the process.
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
In 2025, the journal focussed on scaling Fast & Fair to all papers submitted to the journal. The initiative is proving a real success, with over 90% of eligible articles meeting the 7-working day turnaround time with no appreciable drop in quality of peer review. To demonstrate that rapid peer review can be achieved without compromising on rigour, Biology Open is now publishing the peer review reports alongside published papers.
As part of the 100[th] anniversary celebrations, Biology Open published an article catching up with authors of key papers, as well as a perspective on how the Company has embraced the preprint ecosystem over the past decade.
The Company’s two fully Open Access journals, Disease Models & Mechanisms and Biology Open, are listed in the Directory of Open Access Journals (DOAJ) and are members of the Open Access Scholarly Publishers Association (OASPA).
## **The Forest of Biologists**
The Company funds a significant bio-positive publishing initiative in partnership with the Woodland Trust, the UK’s largest woodland conservation charity focusing on the role that trees and woods play in tackling the threats of climate change and nature loss. The project was developed with the support of plant scientists and a group of early-career researchers.
A tree is now planted for every Research and Review-type article published in the journals. These trees are planted in the Young People’s Forest at Mead in Derbyshire, with a focus on education and environmental stewardship. With a wide range of UK deciduous trees, the planting aims to introduce and improve biodiversity (the site was previously an open cast mine).
In addition, to recognise the work of academic peer
reviewers on our journal content, we are helping to protect trees in Great Knott Wood, an area of ancient woodland in the Lake District National Park.
To help monitor progress, the Company hosts a website representing the trees being planted and protected for our communities. To date, over 3,800 trees for published articles, and over 11,700 trees for peer reviews, have been planted in the virtual forest.
## **Charitable funding**
## **Grants**
Historically the Company has used any surplus generated from the charitable activities for the benefit of biology and the biological community by offering a variety of grants. However, given increasing costs over the past few years, and the plateauing of the journal subscription market, the level of surpluses being made have reduced significantly. The Trustees have agreed that continuing to support the biological community is still a key objective of the Company and consequently the Charity Reserves will be utilised in order to ensure that charitable funding is maintained.
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
During 2025 the Company funded the following:
- **Scientific meeting grants**
382 meetings, conferences, and workshops (2024: 328) benefited from funding that assisted with the cost of running the events, including contributing to the expenses of plenary or keynote speakers, assistance with travel for early-career researchers, or to reduce/waive registration fees.
- **Travelling fellowships**
131 awards (2024: 122) were made to graduate students and post-doctoral researchers providing funding to undertake collaborative visits to other laboratories to learn new techniques.
- **Disease Models & Mechanisms (DMM) conference travel grants**
172 (2024: 157) awards were made to early-career scientists, independent group leaders and Principal Investigators with no independent funding, enabling them to attend meetings and courses relating to the areas of research covered by Disease Models & Mechanisms.
- **Sustainable Conferencing grants**
Sustainable Conferencing grants are aimed at assisting organisers of events with the cost of innovative ideas that will enable events to become more sustainable and to encourage the reduction of their environmental footprint. 77 awards (2024: 64) were made to organisers during 2025.
- **Development’s Pathway to Independence (PI) Programme**
Launched in 2023, the PI Programme aims to support researchers active in developmental biology, stem cells or regeneration as they transition from postdoc to principal investigator. The programme provides mentoring, training and networking opportunities and also helps to raise the profile of successful applicants. In 2025, 8 researchers (2024: 8) were accepted into this programme.
- **Research Partnership Kickstart Travel Grants**
Launched to celebrate the 100[th] anniversary of the Journal of Experimental Biology in 2023, these travel grants aim to support junior faculty to travel to another institution for up to seven days to initiate a new research collaboration and develop, write and submit a major grant application for collaborative research. 5 awards were made in 2025 (2024: 9).
## `o` **Early-Career Researcher (ECR) Visiting Fellowships**
Again, launched in celebration of the Journal of Experimental Biology’s centenary year, these fellowships provide funding to junior faculty staff to attract an early-career researcher to undertake a research project in their lab for up to three months. 2 awards were made during 2025 (2024: 3).
## `o`
## **JCS FocalPlane training grants**
Launched last year these grants are aimed at early-career researchers, working in an area covered by JCS, who would like to attend a microscopy training course. These training grants can be used to cover the registration fees, accommodation and/or travel costs
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
associated with attending such a course and are designed to support those who wouldn’t otherwise have sufficient funding to attend. In 2025 15 (2024: 12) awards were made.
The Company also provided funding to biological societies. Stories from awardees are published on the Company’s website: https://www.biologists.com/stories/.
## **Scientific Workshops**
The Company’s Workshops are designed to provide leading experts and early-career scientists with a stimulating environment for the cross fertilization of interdisciplinary ideas. The programmes are carefully developed to champion the novel techniques and innovations that will underpin important scientific advances.
The Company ran seven workshops in 2025:
- Immune Cell Interactions in Development, Homeostasis and Immunity
- Modelling Plant Stem Cells: Evolution, Development and Regeneration
- Mechanometabolism Unleashed: The Interface of Cell Mechanics and Metabolism
- Why Are Cells the Size They Are?
- Democratising Microscopy in Latin America: Imaging Across Scales and Regions
- Decoding Whole Genome Doubling: Insights From Evolution, Development and Disease
- • New Technologies for Studying and Reprogramming Development
All of the Workshops were a resounding success, delivering an amazing retreat for high-profile scientists and early-career researchers alike to discuss their research and forge new collaborations.
Feedback from attendees reinforces the value of these events:
- ∗ _It was an incredibly valuable and rewarding experience scientifically, truly my favourite meeting I've ever attended._
- ∗ _I have wanted to bring together the various large branches of vision research for decades and this conference finally made that happen._
- ∗ _I established new connections with whom I have collaborated since then. Some of the other PIs I met have since then taken my former students into their lab._
- ∗ _Other, large and more generic conferences allow for meetings, but these never allow for in depth discussion with proper time. This is extremely valuable, as it results in collaborations and lowers the barrier for future interactions._
The Global South Workshops continue to be extremely well received, and are considered a significant accomplishment as we aim to be more accessible to scientists that have traditionally not been well represented at our UK events and provide unique opportunities to local early-career researchers.
Seven workshops are planned for 2026, with the Company’s Global South workshop programme continuing in 2026 with a meeting in India.
More information on the Scientific Workshops can be found on our website https://www.biologists.com/workshops/
## **Principal risks and uncertainties**
The Company has a robust management of risk process, designed to identify and prioritise the risks to the achievement of the Company’s aims and objectives, to evaluate the likelihood of those risks being realised, the impact should they be realised, and actions to manage them efficiently and effectively.
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
Overall responsibility for risk management rests with the Trustees. The task of implementing and maintaining the Company’s risk policy is delegated to senior management.
All principal risks are identified on a risk register which is reviewed by Trustees on a quarterly basis. The Company’s risk appetite and tolerance statement are reviewed annually.
The principal risks and uncertainties facing the Company include:
- Economic and market conditions: The markets within which the Company operates have generally been more resilient in periods of economic downturn. The Company continuously monitors the economic and political developments to assess their impact on strategy which is designed to mitigate these risks.
- Significant downturn in revenue: Libraries and academic institutions continue to face significant budget challenges. In addition, the Company’s reliance on historical subscriptions and pay-walled articles threatens its ability to generate sufficient income to continue high-quality publication. To manage risk, the Trustees continue to look for opportunities to diversify income, including Read & Publish agreements and other possible publishing models.
- Currency risk: The Company’s US Dollar publishing revenues exceed levels of USD expenditure and as a result the Company’s financial position can be significantly affected by the USD:GBP exchange rate. To manage exposure to this risk, forward exchange contracts are used, reducing uncertainty over future revenues.
- Technology resilience and change: The Company is dependent on electronic platforms and networks to deliver its services. The needs of the Company’s readers and authors also continue to evolve, requiring regular review of the Company’s technology strategy and appropriate investment. The development and utilisation of AI within the publishing arena is gaining pace rapidly, and the Company needs to stay abreast of all developments. To mitigate risk, IT disaster recovery plans and back-up delivery systems are in place, ensuring business disruption is reduced in the event of a major technology or infrastructure failure, and the Company continues to invest heavily in new technology solutions and product offerings, together with training on new tools in the publishing market.
- Cyber security breach: Failure of our cyber security measures could result in unauthorised access to our systems, misappropriation of our or our users’ data, deletion or modification of stored information or other interruption to our business operations. The Company has invested in technological and physical controls, including but not limited to infrastructure vulnerability management, application scanning, penetration testing, encryption and logging and monitoring. We have engaged a Security Operations Centre who provide 24/7 coverage in the event of a cyber security breach. We provide regular training to our staff to maintain awareness of risks at all levels of our business and maintain up to date information security policies. We also have detailed incident response plans in place to respond to threats and attacks. We use independent third-party auditors to test, evaluate and help enhance our procedures and controls.
- Business disruption due to key supplier failure: The Company selects suppliers with care and establishes contractual service levels that are closely monitored. Where possible and practical, multiple suppliers are used. All key suppliers are subjected to detailed reviews to ensure the Company’s supply chain is robust and the business continuity plan has been developed to reduce disruption in the event of a major failure by a supplier.
- Staff: The loss of knowledge or skills and the operational impacts of losing key staff are major risks. This is particularly true of a small organisation with a number of different activities, which inevitably leads to reliance on one or two key individuals for some important functions. The Company mitigates risk by ensuring robust recruitment procedures, sharing information effectively and implementing strong HR policies.
11
IlwCoTnpanyof
Biologists
Trustees, Report and Financial Statements for the year ended 31 December 2025
Liquidity and cash flow risk is considered to be increasing due to the current economic
climate, and the sustainability uncertainty of certain publishing models. Although most of
the Company's income 15 payable in advance of the related costs, it is recognised that with
the possibility of income levels reducing due to customer imposed budget restrictions, and
costs continuing to increase with inflation, this level of risk requires careful monitoring. In
order to maintain the Company's charitable programme, withdrawals from the Charity
Reserve will ensure that there is sufficient liquidity to support it.
Plans for future perlods
The Company considered there was no need to revise the Reserves Policy during the year, but
this w711 be reviewed in detail during 2026.
The Cornpany plan5 to continue all the activities outlined above in the coming year. More
specifically, in 2026 the Company will:
Roll out the new 3-5 year stratlC plan which focuses on the current market conditions,
author experiences and continuing to support the biological community.
Appoint a new Editor in Chief for Journal of Cell Science.
Continue to actively market our Read & Publish agreements, expanding into new
territories, and attempting to convert subscription-heavy markets.
Explore alternative revenue streams including collaborations with new international
partners.
Approved by the Board of Trustee5 on 8 May 2026 and signed on its behalf by:
Bray
Chair
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
## **Trustees’ report**
The Directors of the charity are its Trustees for the purpose of Charity Law. The Trustees present their report and audited financial statements for the year ended 31 December 2025. The Trustees confirm that the Annual Report and Financial Statements of the Company comply with the current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 Company of Biologists (formerly known as The Company of Biologists Limited) was established for the general advancement and promotion of research and the knowledge and study of biology in all its branches and the undertaking of all activities conducive thereto.
In pursuit of its aims, the Company activities include:
- Publication and dissemination of high-quality journals: Development, Journal of Cell Science, Journal of Experimental Biology, Disease Models & Mechanisms and Biology Open.
- Distribution of grants to individuals, societies, and institutions, both within the UK and internationally, in support of biology within the general area of the Company’s journals.
- • Facilitating through the provision of travelling fellowship grants, new collaborations between universities and opportunities to learn new techniques.
- Organisation and sponsorship of scientific meetings and workshops, providing a platform for collaboration and networking, with emphasis on cross-disciplinary interactions and the application of new technologies.
- Facilitating the sharing of scientific knowledge through the free provision of educational resources and the sponsorship of public outreach lectures encouraging scientific debate.
- Hosting of community forums, such as ‘the Node’, the community site for and by developmental and stem cell biologists; ‘preLights’, the community site for highlighting and commenting on preprints; and ‘FocalPlane’, a place to share microscopy news, events, and resources.
To achieve the Company’s aims, the Trustees have looked at both short-term and longer-term strategies and implemented those considered to be most appropriate. In addition to those listed within ‘Plans for future periods’ within the Strategic Report, the short-term aims of the Company include reviewing, assessing and researching the development and use of AI in the publishing process; developing relationships with like-minded organisations in an attempt to facilitate spreading scientific knowledge further; and continuing to develop and collate new sustainability resources and information for sharing within the scientific community.
The longer term aims of the Company are to ensure the Company is a leading publisher in the life sciences, continuing to publish internationally recognised, quality life-science research; develop a financial model with agreements and workflows that enable a smooth transition to Open Access whilst maintaining financial stability for the future of the journals; increase and expand the breadth of reinvestment in science by way of grants and workshops.
The Company is committed to the widest possible dissemination of the research it publishes to the greatest number of people who can benefit from it, irrespective of their ability to pay,
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## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
and to educational and charitable initiatives that seek to build awareness of the tremendous importance of developments in life sciences in all our lives.
As participants in the United Nation’s HINARI and OARE initiatives, the Company makes all its online articles freely available to users in developing countries immediately on publication. A fee-free Read & Publish agreement with EIFL (Electronic Information for Libraries) also provides authors in 30 developing and transition countries in Africa, Asia, Europe, and Latin America the opportunity to both read and publish articles in the three hybrid journals and two fully Open Access journals at no cost.
The Company was an early adopter of the contractual principle that authors should retain copyright of their own works. Our contract with authors leaves them free to disseminate their work in a wide variety of ways, such as posting it on their own websites, re-using it in other publications and storing it in public (PMC) or institutional repositories (if required by their funder or institute), thus offering unrestricted access to many different communities.
Trustees are careful to ensure that a significant proportion of charitable giving each year is reserved for educational initiatives that aim to bring biology to life for all. Much of the Company’s charitable giving is focussed on helping young biologists gain a wider appreciation of the work done by other biologists and in other countries through the many travelling fellowships and travel grants offered each year. The Company website features stories from grant and travelling fellowship recipients.
## **Public benefit**
The Trustees have considered the Charity Commission’s general guidance on public benefit and consider that the requirements have been met.
In 2025, our activities delivered significant and measurable public benefit across the global biological sciences community. Through more than 1,000 Read & Publish agreements in 57 countries, thousands of researchers benefited from immediate Open Access publication ‑ routes, resulting in an estimated three fold increase in readership for Open Access articles ‑ compared with subscription only content.
Our 382 meeting grants and 131 travelling fellowships enabled early ‑ career researchers to develop new technical skills, form collaborations across borders and disciplines, and accelerate the progress of biological research; post ‑ award feedback indicated that over 75% of recipients gained new techniques or began new research partnerships as a direct result of funding.
Our scientific Workshops continued to foster interdisciplinary innovation, with participants ‑ reporting that the retreat style format directly contributed to new project ideas, grant applications, and publications.
Community platforms such as the Node, preLights and FocalPlane amplified scientific ‑ communication and knowledge sharing, reaching hundreds of thousands of users worldwide and supporting broader engagement, equity, and diversity across the life sciences. Together, these activities demonstrate how the Company’s publishing, funding and community programmes tangibly advance biological research, support the next generation of scientists ‑ and widen global access to high quality scientific knowledge.
14
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
## **Financial review**
In the year to 31 December 2025, the Company’s income from charitable activities increased slightly from the prior year from £6,951,266 (2024) to £7,011,258.
The Company has several income streams, including subscriptions, Read & Publish agreement income and article processing fees on the Open Access
journals. Our double dipping policy continues to proportionately reduce subscription prices as the volume of Open Access content increases.
Publishing expenditure increased by 9% on the prior year from £6,138,398 to £6,685,206, primarily due to the costs associated with celebration of the Company’s centenary. Not only were there a significant number of articles published under the 100 year banner, but there was also our @100 conference in March 2025, which included 3 scientific meetings which might not normally have all occurred in one year.
Expenditure on charitable activities including scientific workshops totalled £621,480 (2024: £570,976) and grant funding amounted to £1,783,555 (2024: £1,642,131). Further details of grants made in excess of £5,000 are given in the notes to the financial statements.
The Company achieved a surplus of £6,034,698 compared to a surplus of £8,432,566 in 2024 after exceptional items and movement on financial instruments. This gain was all due to the gain on the value of the Company’s investments over the course of the year.
The activities undertaken during 2025 were carried out within the budget approved by Trustees and all income generated by the Company’s activities and investment portfolio has been spent on charitable activities or retained in reserves. Overall, the Company’s financial position remains healthy, with reserves readily available to fund future activities, but it is acknowledged that as income levels begin to plateau or decline, actions will need to be taken to ensure reserves are not depleted too rapidly. The Company will continue to focus on allocating resources to deliver the Company’s strategy in a sustainable and effective way.
A breakdown of the Company’s sources of income and areas of expenditure for 2025 are shown in the following charts:
**----- Start of picture text -----**
Areas of expenditure
Sources of income 7% Publishing
Scientific
18%
17% Publishing workshops
6% Scientific
Investment 69% grants
83% income
Investment
fees
**----- End of picture text -----**
## **Investments**
The purpose of the Company's investments is to provide security for its continuing business activities, should the need arise, to provide for the development of future business activities and to provide in perpetuity for the achievement of the Company's charitable aims - the general advancement and promotion of research and knowledge and study of biology in all its branches.
15
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
It was agreed by the Trustees that from 2025 onwards, withdrawals will be permitted from the investment portfolio to support the charitable aims of the Company. This withdrawals will be calculated based on the closing valuation of the portfolio for the preceding financial period, and will allow for certainty in the longer term charitable commitments which are undertaken.
The Company has wide powers to invest surplus funds at its discretion. Responsibility for investment strategy resides with the Finance and Investments Committee, who agree the investment parameters with the Company’s discretionary managers, while monitoring performance in the context of long-term objectives and external benchmarks.
Investment policy is to maximise the real value of the portfolio over the long term, subject to an acceptable level of risk and, from 2020, to divest from companies actively extracting fossil fuels.
Trustees adopt an investment time horizon of at least 10 years, over which they aim to achieve their objectives and expect the portfolio to remain substantially invested. Trustees accept that investment performance objectives may not be achievable every year and, as a result, will review investment performance over relevant timeframes.
Risk is managed through diversification of the portfolio between different asset classes and geographic markets. Rebalancing, thereby maintaining the agreed level of risk within the portfolio, is considered at each quarterly review. The Trustees recognise that the policy to divest from fossil fuels will reduce the spread of investments and increase the risk of lower performance.
The Company received investment income of £1,417,009 (2024: £701,992) which was reinvested. Investment gains of £7,420,934 (2024: £9,834,040) and investment management costs of £679,769 (2024: £820,432) contributed to the value of the Company’s investments increasing overall to £80,960,021 (2024: £75,020,421), an increase of £5,939,600 during the financial year.
## **Reserves policy**
|**Reserves policy**|||||
|---|---|---|---|---|
|**Overview**|**2025**
**£m**|**2024**
**£m**|**Change**
**%**|The Trustees review the need for,
and
the
appropriate
level
of,|
|General fund(unrestricted)|34.8|34.5|1%|reserves
on
an
annual
basis,|
|Charityreserve(designated)|50.0|44.3|13%|considering all relevant information,|
|||||to ensure our financial resilience and|
sustainability, including protecting the Company against risks identified in the risk register. The annual review includes an analysis of the Company’s income and expenditure streams, the necessity to match any large financial commitments with variable incoming resources over the financial period and the current operational liquidity requirements.
Trustees aim to strike the appropriate balance between ensuring a sustainable financial position and using the Company’s funds to fulfil its charitable mission.
The general fund is retained to provide sufficient resources to enable the Company to continue to fund its publishing activities and to fund the development of new projects.
The strategic reasons for the Company to retain the general fund at its current level, rather than to simply spend all its income as it arises, are as set out below:
- In the event of a material and sustained fall in publishing income, to provide sufficient reserves to enable the Company to make changes in its organisation and activities necessary to respond in an orderly and planned way.
- To be able to make short- and medium-term expenditure commitments without the risk of short-term fluctuations in income forcing reduction in, or cancellation of, planned activity.
16
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
- To plan for growth and grasp opportunities as they arise.
The charity reserve is retained as a designated fund in order that any income generated from investments held by the Company may be used to make grants to support scientific events, conference travel, travelling fellowships, hosting of scientific meetings and workshops and development of technology to support virtual conferences. Currently the capital within the charity reserve is retained in order that grant payments and the continuation of the charitable Workshops and Meetings programme of more than £2m may continue to be made annually from the investment income and growth in the investment portfolio received.
For the year ended December 2025, the Company held total unrestricted funds of £84,816,211 (2024: £78,802,447) of which £31,841,695 (2024: £31,471,489) represents ‘free’ reserves for operational purposes.
The Finance and Operational Performance Audit Committee and Board of Trustees have reviewed the level of the reserves and believe that approximately £25m is required to mitigate financial risks associated with operational and capital expenditure identified in the risk register whilst maintaining ongoing operations and charitable giving. Consequently, the current level of reserves is considered sufficient.
The Trustees are satisfied that the Company’s assets are available and adequate to fulfil the objectives of the Company.
## **Structure, governance, and management**
The Company of Biologists is a charity registered in England and Wales and was incorporated by guarantee on 31 December 1952. It has no share capital, and the liability of each member is limited to £10.
All Trustees give their time freely and receive no remuneration. Details of the Trustees’ expenses are disclosed in notes to the accounts. Internal controls are in place to ensure that any related party transactions involving Directors, or their connected persons are carried out on an arm’s-length basis and are properly recorded and disclosed where appropriate. There were no related party transactions with any Trustees during 2025.
## **Board composition**
The Chair is elected by the existing Trustees of the Company. The appointment is for 5 years, with a maximum of one re-appointment term of 5 years. The Deputy Chair is elected by the existing Trustees of the Company. The appointment is for 3 years, with a maximum of two reappointment terms of 3 years.
New Trustees are appointed by the Trustees after a process of selection with the Trustees being mindful of any shortfall in knowledge or experience within their ranks. There were four new appointments during 2025.
## **Trustees’ induction and training**
New Trustees receive on appointment a link to the Company’s secure online board portal, which provides access to all key governance documents, the annual financial accounts, terms of reference for the Board and its subcommittees, together with links to documents on the Charity Commission and Companies House websites. In addition, Trustees are encouraged to attend external training courses.
Trustees are also encouraged to visit the Company's premises to meet with the Senior Management Team and gain an understanding of how the business operates. This also gives new Trustees an opportunity to discuss the Company’s business plan and objectives with senior management.
17
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
At appointment, Trustees are required to sign a Deed of Confidentiality and declare any applicable conflicts. On an ongoing basis the Trustees have in place a formal procedure for identifying, assessing, and reviewing any situations where a Trustee has an interest that conflicts, or may possibly conflict, with the interests of the Company. These conflicts are included on the conflict register, which is reviewed at the start of each Board and Committee meeting.
## **Management and organisation**
Trustees are responsible for the overall strategy and direction of the Company and meet quarterly.
Committees have been established by Trustees and a summary of their key responsibilities are set out below. All Committees have written Terms of Reference. Membership is not limited to Trustees and may include specialists and senior staff. Agendas for the committees are prepared by their respective Chairs with support from the CFO & Charity Director.
**Board Audit Committee Investments Committee Nominations Committee** Responsible for Responsible for advising Responsible for reviewing oversight of financial on investment policy and the composition of the reporting, risk strategy, and overseeing Board, recruitment of new management and the the performance of the Directors and succession effectiveness of Company's investment planning for the Board. external audit managers. processes.
In addition to the above, the Trustees also have the following sub committees: Grants Committee Sustainability Committee Workshops Committee CEO Evaluation Committee
Additionally each journal has an Advisory Group consisting of three Trustees who take special responsibility for the journal, advise its Editor-in-Chief and act as a nucleus of an assessment committee.
The Trustees delegate day-to-day management and decision making to its Senior Management Team but maintains oversight of the Company’s performance and reserve specific matters for Board approval, including significant new business initiatives. Through regular updates on business objectives, initiatives and progress, the Trustees monitor that management is acting in accordance with agreed strategy.
At the start of 2025 the internal reorganisation of the Company was completed, resulting in a new Senior Management Team. Going forward the CEO will be responsible for the overall direction of the organisation, implementing strategy and new approaches across all areas of the business, working closely with the CFO as the Senior Leadership Team. Together with the Sales & Marketing Director, the Technical Operations Director and the Publishing Director, they form the Senior Management Team, ensuring that strategic planning and decision-making captures the exceptional level of knowledge, experience and skills that is held within the organisation across all areas of Company activity.
18
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
Scientific content of the journals and editorial policy is the sole responsibility of each journal’s Editor-in-Chief. The Editors-in-Chief are not employees of the Company.
## **Remuneration policy**
The aim of the remuneration policy is to maintain sustainable, fair levels of pay at the same time as attracting and retaining the right people to deliver the Company’s charitable objectives.
Remuneration for all staff is periodically benchmarked using proprietary pay surveys and external advisers. The Trustees consider staff to be central to the Company’s success and aim to be a good employer by making sure the pay structure is fair and transparent.
For the year ended 31 December 2025 the Trustees considered the newly formed Senior Management Team as comprising the key management personnel of the Company, in charge of directing and controlling the Company and running and operating the Company on a dayto-day basis.
In setting appropriate levels of key management pay, the Trustees consider the skills, experience and competencies required and the remuneration level for those roles in sectors where suitable candidates would be found.
Remuneration of the key management personnel is reviewed on an annual basis simultaneously with the annual staff pay review and approved by the Trustees.
Editors-in-Chief are appointed by the Trustees and serve an initial term of 5 years, which may be extended on expiry. Editors receive a stipend for their services.
Trustees are unremunerated.
## **Volunteers and fundraising**
The Charity understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate. It does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year. The Charity is not a member of the Fundraising Regulator.
## **Equity, diversity and inclusion (EDI)**
Trustees are committed to providing an environment free from discrimination, bullying, harassment or victimisation and creating a culture of inclusivity where individual differences and the contributions of all staff are recognised and valued.
The Company provides equality of opportunity for all and will not tolerate discrimination on the grounds of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, or sexual orientation.
The Company is proud of its inclusive culture and aims to maintain and improve our working environment so that everyone is included and able to give their best. We build on current thinking and best practice to ensure that diversity, equity and inclusion are embedded in everything we do.
The Trustees continue to place a significant focus on the Company’s approach to inclusion and diversity and understand that the Company needs the contributions of people from a wide range of backgrounds, with different experiences and ideas to achieve real innovation for our stakeholders around the world.
Our workforce is 84% female (2024: 84%) and 16% male (2024: 16%), with managers being 100% female. At the year end women made up 46% of the Trustees (2024: 46%).
19
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
The Company is a member of the Disability Confident scheme, a government initiative designed to encourage employers to recruit and retain disabled people and those with health conditions, and holds Level 1 status. The idea of the scheme is to challenge attitudes and increase understanding of disability, enabling companies to draw from a wider pool of talent, secure high-quality, skilled staff and improve employee morale and commitment by demonstrating fair treatment. It also helps identify those employers who are committed to inclusion and diversity in the workplace.
As a founding signatory of the Joint commitment for action on inclusion and diversity in publishing, senior management recognises that disparities and biases exist in publishing, and are actively working towards ensuring the Company reflect the diversity of the community in all of the publishing activities. By partnering with other like-minded publishers to share knowledge and expertise, the aim is to develop more inclusive practices and policies to better serve and improve outcomes for under-represented members of the biological community.
The Company has also signed up to the Publishing Inclusion Pledge until December 2028, which affirms ...“our commitment to equity, inclusion and belonging as essential principles guiding the UK publishing sector. Across recruitment, professional development, leadership and partnerships, we will strive to ensure fair opportunities and an environment where everyone is respected, heard and supported. We recognise that diverse perspectives strengthen our industry, and we are committed to embedding these values into our practices and decisionmaking at every level.”
The Trustees believe that diversity, in areas including but not limited to geography, ethnicity, gender and career stage, is essential for a community to thrive. As such, the Company aims to engage a broad and diverse group of authors, reviewers, editors, staff, readers, grant awardees and meeting participants.
20
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
## **Reference and administration information**
**Registered charity no:** 277992 **Registered company no:** 514735 **Registered office** Bidder Building, Station Road, Histon, Cambridge CB24 9LF
**Statutory Auditor** Price Bailey LLP, Tennyson House, Cambridge Business Park, Cambridge CB4 0WZ **Legal advisors** Penningtons Manches LLP, B1, Brooklands, Clarendon Road, Cambridge CB2 8EE K&L Gates LLP, 70 West Madison Street, Suite 3100, Chicago, Illinois, 60602-4207, USA Charles Russell Speechlys LLP, 5 Fleet Place, London EC4M 7RD Rickert Rechtsanwaltsgesellschaft mbH, Colmantstraße 15, 53115 Bonn, Germany
**Bankers** Barclays Bank UK plc, 9-11 St Andrews Street, Cambridge CB2 3AA
**Investment managers** Partners Capital LLP, 5[th] Floor, 5 Young Street, London W8 5EH
**Web page** https://www.biologists.com
## **Trustees**
Directors of the charity are its Trustees for the purpose of charity law. The Trustees and officers serving during the year were as follows:
S J Bray C M Isacke S B Kelly J A Langdale S E Lowell L M Machesky (resigned 11 July 2025) P Mill (appointed 11 July 2025) B S Munro (resigned 11 July 2025) M A Peifer (appointed 11 July 2025) P W J Rigby S J Royle H A Shiels A G Smith R D St Johnston S Tait (appointed 11 July 2025) S Urbe (appointed 11 July 2025) A M Wilson (deceased 4 March 2026)
**Secretary**
C Ward
21
## **Trustees’ Report and Financial Statements for the year ended 31 December 2025**
## **Key management personnel**
K Brown, Publishing Director K McCormack, Technical Operations Director O C Moulton, CEO S Turner, Sales & Marketing Director C Ward, CFO/Charity Director
## **Trustees’ responsibilities statement**
The trustees (who are also directors of The Company of Biologists for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic 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. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 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 2019 (FRS 102);
- 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the Company’s auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
22
Iltvcompanyof
Biologists
Trustees, Report and Flnancial Statements for the year ended 31 December 2025
Audltors
The Auditors, Price Bailey LLP, will be proposed for re-appointment at the next annual
retirement meeting.
In approving the Trustees, report. the Trustees are also approving the Strategic report in their
capacity as Trustees of the charity.
Approved by the Board of Trustees on 8 May 2026 and signed on its behalf by".
ChaTr
23
## **Independent Auditor’s Report to the Members of The Company of Biologists for the year ended 31 December 2025**
**Independent Auditor’s report to the members of The Company of Biologists**
## **Opinion**
We have audited the financial statements of The Company of Biologists (the ‘charitable company’) for the year ended 31 December 2025, which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, 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 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 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 Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The Trustees are
24
## **Independent Auditor’s Report to the Members of The Company of Biologists for the year ended 31 December 2025**
responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ report (incorporating the strategic report and the Directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the Directors’ report included within the Trustees’ report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Directors’ report included within the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 22, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is
25
## **Independent Auditor’s Report to the Members of The Company of Biologists for the year ended 31 December 2025**
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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charitable company and how it operates and considered the risk of the charitable company not complying with the applicable laws and regulations, including fraud, and in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity, this included data protection, health and safety, employment law and financial reporting.
The risks were discussed with the audit team and we remained alert to any indications of noncompliance 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.
- 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. 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.
26
## **Independent Auditor’s Report to the Members of The Company of Biologists for the year ended 31 December 2025**
## **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.
**Shaun Jordan ACA (Senior Statutory Auditor) For and on behalf of Price Bailey LLP** Chartered Accountants Statutory Auditors Tennyson House Cambridge CB4 0WZ
Date: 12 August 2026
27
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account)**
|notes
**Income**
**Income from:**
Charitable activities
4
Investments
3|General
Fund
(unrestricted)
£
7,011,258
7,011,258
-
-|Charity
Reserve
(unrestricted
designated)
£
-
-
1,416,963
1,416,963|Baker/Godfrey
Fund
(restricted)
£
-
-
46
46|2025
Total
£
7,011,258
7,011,258
1,417,009
1,417,009|2024
£
6,951,266|
|---|---|---|---|---|---|
||||||6,951,266
701,992|
||||||701,992|
|**Total Income**|**7,011,258**|**1,416,963**|**46**|**8,428,267**|**7,653,258**|
|**Expenditure on:**
Raising funds
Investment Manager Fees
Charitable activities
Scientific & Educational Grants
5
Sustanability Grants
5
Scientific workshops
5
Publishing
5|-
-
-
-
6,685,206|679,769
1,559,045
224,510
621,480
-|-
-
-
-
-|679,769
1,559,045
224,510
621,480
6,685,206|820,432
1,473,677
168,454
570,976
6,138,398|
|**Total expenditure**|**6,685,206**|**3,084,804**|**-**|**9,770,010**|**9,171,937**|
|||||||
|**Net income/ (expenditure) before investment gains/ (losses)**|**326,052**|**(1,667,841)**|**46**|**(1,341,743)**|**(1,518,679)**|
|Net gains on investments
Net (losses)/ gains on forward currency contracts|-
(48,295)|7,400,046
-|20,888
-|7,420,934
(48,295)|9,834,040
20,300|
|**Net income for the year**|**277,757**|**5,732,205**|**20,934**|**6,030,896**|**8,335,661**|
|**Other recognised gains/(losses)**
Foreign exchange gains
13|-|3,802|-|3,802|96,905|
|**Net movement in funds for the year**|**277,757**|**5,736,007**|**20,934**|**6,034,698**|**8,432,566**|
|**Reconciliation of funds:**
**Fund balances at 1 January 2025**|**34,543,523**|**44,258,924**|**151,776**|**78,954,223**|**70,521,657**|
|**Fund Balances at 31 December 2025**|**34,821,280**|**49,994,931**|**172,710**|**84,988,921**|**78,954,223**|
All amounts relate to continuing activities.
There were no recognised gains or losses other than those included above. The attached notes form part of these Financial Statements.
28
Trustees. Report and FinancTal Statements for the year ended 31 December 2025
BALANCE SHEET
RegIsted no 514735 - Charity no 277992
2025
2025
2024
2024
notes
Fixed As5etS
Tangible a55et5
Inve5ttTrents
12
2,979.585
80 960 021
3,07Z,033
75 020 421
78.092,454
83,939,606
Ctsrnt As5et5
Oebtor5
Cash at bank and in hand
14
1,773,369
5 639 329
7 412 698
1,932,428
5 099 011
7 031 439
Creditor5.' trmoLlnts follins
due within one yeor
Incomè In advance
Trade credltors
other creditors & accruals
other taxaiion & soclal securlty costs
15
5,379,594
299,710
603,424
5,184.851
385,366
519,746
16
6 363 383
6 169 670
Net current ossets
Net knsets
1,049,315
84,988,921
861,769
78,954,223
The fund5 of the Charity
Restricted incoffle funds..
P Baker & P Godfrey Memorial Funds IStricted1
Total restricted fund5
172,710
1n,710
151,716
151,716
Unrestricted income funds..
General Fund lunre5trictedl
Charity ResepE Idesignatedl
Total unrestricted fund5
34,821,280
49,994,931
84,816,211
34,543,523
44,258,924
78,802,447
Ttstdl funds
18
84,988,921
78,954.223
Approved by the Board and authorised for issue on 8 May 2026
Sarah Sray
Chair
The attached
ote5 form part of these Financial Statements.
29
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **STATEMENT OF CASH FLOWS**
|**notes**
Cashflow from operating activities
20
Cashflow from investing activities
20
Net increase/ (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at 1 January
20
Change in cash and cash equivalents due to foreign exchange
gains
Total cash and cash equivalents at 31 December|**2025**
**£**
(1,645,295)
2,212,086
566,791
5,181,271
3,802
5,751,864|**2024**|
|---|---|---|
|||£
(617,022)
(3,363,743)|
|||(3,980,765)
9,065,131
96,905|
|||5,181,271|
The attached notes form part of these Financial Statements.
30
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1 Accounting Policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## a) Basis of preparation
These accounts have been prepared in accordance with Financial Reporting Standard 102 - ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102) and with the Statement of Recommended Practice Accounting and Reporting by Charities’ FRS 102, (effective 1 January 2019) together with the reporting requirements of the Companies Act 2006 and the Charities Act 2011.
The Company of Biologists meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note, stated in pounds sterling.
## b) Going Concern
The trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis as there are no material uncertainties about the Company's ability to continue to operate.
Trustees review the strategic plans of the Company regularly and income is monitored against budget. In addition, the Company’s reserves policy aims to ensure that the Company is not solely dependent on a single year’s income.
## c) Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity.
## d) Income
Investment income is recognised on a receivable basis, when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. This is normally upon notification by our investment managers or our bankers.
Income from charitable activities includes all income from publishing and is recognised as earned as the related goods or services are provided. Income from journal subscriptions received in advance is deferred and recognised in the period to which it relates. See note 15.
## e) Expenditure
Expenditure is recognised when a legal or constructive obligation to make a payment to a third party is established, when it is probable that the payment will be required and the amount of the expenditure can be measured reliably.
Contractual arrangements are recognised as goods and services are supplied.
Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable. (See accounting policy m).
31
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1 Accounting Policies (cont.)**
- e) Expenditure (cont.)
Costs of raising funds are those costs incurred in attracting voluntary income and investment management fees.
Expenditure on charitable activities includes expenditure associated with publishing and includes both the direct costs and support costs relating to these activities.
Support costs include governance costs which are those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
- f) Allocation of support costs
Support costs are those costs which assist the operation of the Charity but are not directly attributable to one particular charitable activity. These costs include administration costs, personnel costs, governance costs, consultancy and finance costs, and have been allocated to activity categories based on staff headcount and use of the resources. For those resources used exclusively by a particular activity, 100% of the cost has been allocated to that category.
- g) Irrecoverable VAT
All resources expended are classified under headings that aggregate all costs related to this category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
- h) Tangible fixed assets
Tangible fixed assets exceeding £1,000 are capitalised. The assets are stated within the financial statements at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Freehold buildings 2%-10% on cost
Fixture, fittings and equipment 10% - 25% on cost
Freehold land is not depreciated.
## i) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value, and subsequently measured with reference to the most recent valuations provided by the fund managers, all of which were as at the year end. All unlisted investments are stated at investment manager’s declared net asset values.
The Statement of Financial Activities includes all gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value or purchase value when acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses on investments are combined in the Statement of Financial Activities.
## j) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## k) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening the deposit or similar account.
32
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1 Accounting Policies (cont.)**
## l) Creditors
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## m) Grants payable
Grants payable are charged in the year when the offer is conveyed to the recipient, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not as accrued expenditure.
## n) Financial instruments
The Company uses various derivative financial instruments to reduce exposure to foreign exchange risks, including forward currency contracts. Derivatives are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through the Statement of Financial Activities. The forward foreign exchange contracts which the Company uses all mature within one month of the end of the financial period.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for foreign exchange derivatives.
The charity also has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of unlisted investments which are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date.
## o) Foreign currencies
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date.
Transactions in foreign currencies are recorded at the official HM Revenue & Customs rate of exchange rate for the month and any differences are taken to the Statement of Financial Activities.
## p) Pensions
The Company operates a defined contribution scheme, the assets of which are held separately from those of the Company. The Company's contributions are written off in the year in which they are incurred.
## q) Critical accounting estimates
Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
**1 Accounting Policies (cont.)**
33
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## q) Critical accounting estimates (cont.)
The critical accounting estimates or judgements applied by the Trustees which have a significant impact on the amounts disclosed in the financial statements are as follows:
## Investment valuations (Note 13)
The investments held by the Company comprise of a range of asset categories including common investment funds, unit trusts and open-ended investment companies, some of which are not listed or are not frequently traded. These investments are stated at the Trustees best estimate of fair value and are based on the most recent valuations provided by the fund managers, all of which were as at the year end and are based on the declared net asset values of the underlying funds. The Trustees do not believe that there is any evidence of any material reduction in these valuations subsequent to the balance sheet date.
## **2 Company status**
The charity is a private company limited by guarantee, incorporated in the United Kingdom, registered in England. The 14 members of the company (2024: 13) are drawn from the current trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
|**3**
**Investment Income**
Income
from UK unlisted investments
from overseas unlisted investments
Bank, building society and other interest|**Charity**
**Reserve**
**£**
710,037
663,367
43,559
1,416,963|**2025**
**Baker/Godfrey**
**Fund**
**£**
-
-
46
46|Charity
Reserve
£
465,048
193,688
43,256
701,992|2024
Baker/Godfrey
Fund
£
-
-
-|
|---|---|---|---|---|
|||||-|
The Charity Reserve represents unrestricted reserves, the Baker/Godfrey Fund restricted.
|**4**
**Analysis of charitable activity income by geographical sectors**
Distribution of readership:
North America
South America
Europe
Asia & Pacific
Rest of World
United Kingdom
Distribution of readership and publication agreements:
North America
South America
Europe
Asia & Pacific
Rest of World
United Kingdom|**2025**
**£**
1,122,998
32,384
362,232
395,665
103,313
38,802
2,055,394
**2025**
**£**
2,014,103
10,846
883,505
403,661
423,100
522,810
4,258,025|**2024**
**£**
1,369,133
22,213
511,249
527,428
109,747
97,150|
|---|---|---|
|||2,636,920|
|||**2024**
£
1,664,508
10,244
759,271
256,858
415,906
534,619|
|||3,641,406|
34
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **4 Analysis of charitable activity income by geographical sectors (cont.)**
|Analysis of other charitable activity income
North America
South America
Europe
Asia & Pacific
Rest of World
United Kingdom
Charitable activity income|**2025**
**£**
245,889
-
156,972
88,060
15,561
191,357
697,839
7,011,258|**2024**
£
177,612
1,810
140,952
57,592
63,773
231,201|
|---|---|---|
|||672,940|
||||
|||6,951,266|
In 2025 and 2024 all the income from charitable activities was unrestricted.
## **5 Analysis of expenditure on charitable activities**
|Grants
Grant costs
Sustainability grants
Sustainability costs
Workshop costs
Publication costs
Staff costs
Support costs
**2024:**
Grants
Grant costs
Sustainable grants
Sustainability costs
Workshop costs
Publication costs
Staff costs
Support costs|**Scientific,**
**Educational &**
**Grants**
**£**
1,342,271
25,426
-
-
-
-
121,032
70,316
1,559,045
Scientific,
Educational &
Grants
£
1,293,331
13,390
-
-
-
-
116,082
50,874
1,473,677|**Sustainable**
**Grants**
**£**
-
-
105,446
24,832
-
-
42,438
51,794
224,510
Sustainable
Grants
£
-
-
88,516
2,761
-
-
40,460
36,717
168,454|**Scientific**
**Workshops**
**£**
-
-
-
-
455,635
-
105,818
60,027
621,480
Workshops
£
-
-
-
-
427,367
-
100,600
43,009
570,976|**Publishing**
**£**
-
-
-
-
-
904,029
3,655,079
2,126,098
6,685,206
Publishing
£
-
-
-
-
-
1,013,075
3,477,735
1,647,588
6,138,398|**2025**
**Total**
**£**
1,342,271
25,426
105,446
24,832
455,635
904,029
3,924,367
2,308,235|
|---|---|---|---|---|---|
||||||9,090,241|
||||||2024
**Total**
**£**
1,293,331
13,390
88,516
2,761
427,367
1,013,075
3,734,877
1,778,188|
||||||8,351,505|
Staff costs comprise the salaries of permanent employees, agency staff costs and academic editors' stipends.
In 2025 and 2024 all expenditure on charitable activities was unrestricted.
35
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**6**
**Analysis of support costs**
**Basis of allocation**
**Support costs**
Depreciation
Pro rata to staff head count, and actual use
Administration expenses
Pro rata to staff head count
Editorial expenses
Allocated to activity of use
Sales and Marketing expenses
Allocated to activity of use
**Governance costs**
Senior leadership costs
Trustee meeting costs
Trustee insurance costs
Audit costs
Governance costs are allocated evenly to all four charitable activities.
Senior leadership costs include an allocation of staff costs.
**7**
**Scientific/ Educational/ Sustainable Grants & COB Scientific Workshops**
**2025**
**Charity**
a)
**Reserve**
**No**
**£**
The following grants were made during the year:
Block grant
2
70,000
Society Travel Grants
3
182,500
Sustainability Grants
77
109,942
Other grants
382
656,861
Grants to institutions
1,019,303
Returned funds or cancelled grants
16
(19,593)
999,710
Journal Travelling Fellowships
131
328,266
JEB Kickstarter grants
7
14,829
JCS Focalplane training grant
15
13,741
DEV Pathway to Independence
8
22,000
DMM Conference Attendance Grants
172
95,688
Grants to individuals
474,524
Returned funds or cancelled grants
38
(26,517)
448,007
1,447,717|**2025**
**2024**
**Total**
Total
**£**
£
129,211
114,754
467,289
340,981
954,479
773,920
583,010
426,835
2,133,989
1,656,490
121,868
71,945
27,741
26,835
1,787
1,637
22,850
21,280
174,246
121,697
2,308,235
1,778,187
**2025**
**Baker/ Godfrey**
**Fund**
2024
**£**
**No**
£
-
2
70,000
-
3
182,500
-
64
88,516
-
328
640,216
-
981,232
-
16
(20,269)
-
960,963
-
122
299,607
-
12
21,744
-
12
11,405
-
8
19,181
-
157
89,571
-
441,508
-
30
(20,624)
-
420,884
-
1,381,847|**2024**
Total
£
114,754
340,981
773,920
426,835|
|---|---|---|
|||1,656,490
71,945
26,835
1,637
21,280|
|||121,697|
|||1,778,187|
|||981,232
(20,269)|
|||960,963
299,607
21,744
11,405
19,181
89,571|
|||441,508
(20,624)|
|||420,884|
|||1,381,847|
36
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**7**
**Scientific/ Educational/ Sustainable Grants & COB Scientific Workshops (cont.)**
Travel & Travelling
Grants made in excess of £5,000 include:
Block Grant
Fellowships
£
£
British Society of Developmental Biology
35,000
72,500
British Society for Cell Biology
35,000
72,500
Society For Experimental Biology
-
37,500
Journal of Experimental Biology
-
113,910
Development
-
65,965
Disease Models & Mechanisms
-
163,438
Journal of Cell Science
-
59,266
DEV Pathway to independence
-
22,000
JEB Kickstart
-
14,242
JCS Focalplane training
-
9,185
University of Liverpool
-
-
Marine Biological Laboratory
-
-
BioStruct-Africa
-
-
Universidad Nacional de Cuyo
-
-
Fundación Bariloche-CONICET
-
-
University of Wisconsin
-
-
Keele University
-
-
Other grants below £5,000
-
-
Total
70,000
630,506
**2024:**
Travel & Travelling
Grants made in excess of £5,000 include:
Block Grant
Fellowships
£
£
British Society of Developmental Biology
35,000
72,500
British Society for Cell Biology
35,000
72,500
Society For Experimental Biology
-
37,500
Journal of Experimental Biology
-
115,848
Development
-
63,559
Disease Models & Mechanisms
-
153,958
Journal of Cell Science
-
55,813
DEV Pathway to independence
-
19,181
JEB Kickstart
-
21,744
JCS Focalplane training
-
11,405
EMBO
University of Liverpool
Marine Biological Laboratory
Indian Institute of Science
University of Stellenbosch
Kings College UK
Faculty of Medicine of Tunis
Sanquin Research and Landsteiner Lab
Saint Mary's University
European Association for Cancer Research
Other grants below £5,000
-
-
Total
70,000
624,008|Other
£
-
-
-
-
-
-
-
-
-
-
24,000
13,000
7,500
6,500
6,200
5,500
5,000
725,621|
|---|---|
||793,321|
||Other
£
-
-
-
-
-
-
-
-
-
-
70,000
24,000
16,000
10,500
6,500
6,500
6,000
5,500
5,400
5,000
573,332|
||728,732|
37
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **7 Scientific/ Educational/ Sustainable Grants & COB Scientific Workshops (cont.)**
Where a number of grants have been provided to a single institution to undertake different activities or projects, the individual grant total may not be material, but the total value of the grants to that institution is required to be disclosed. The below information shows the total material value of the grants, and the number of grants which comprise that figure.
||||**2025**|||**2024**|
|---|---|---|---|---|---|---|
||||Total grants|||Total grants|
||||awarded|||awarded|
|||No|£||No|£|
|University of Liverpool||3|27,500||1|24,000|
|University of Cambridge||8|12,363||9|21,324|
|Francis Crick Institute||10|15,000||8|16,500|
|Marine Biological Laboratory||1|13,000||1|16,000|
|Max Planck Institute||5|11,802|-||-|
|University of Edinburgh||7|11,700||4|7,000|
|Harvard University||4|9,500|-||-|
|European Association for Cancer Research||5|9,500||4|8,500|
|University of Wisconsin||2|9,500|-||-|
|Indian Institute of Science||4|9,000||4|14,500|
|BioStruct-Africa||1|7,500|-||-|
|CNRS||6|7,203||5|9,500|
|University of British Columbia||2|7,000|-||-|
|Kings College UK||3|7,000||1|6,500|
|British Neuroscience Association||2|6,500|-||-|
|Imperial College||3|6,500|-||-|
|INSERM||4|6,500|-||-|
|Universidad Nacional de Cuyo||1|6,500|-||-|
|University of California||4|6,500|-||-|
|University of Southampton||3|6,500|-||-|
|Fundación Bariloche-CONICET||1|6,200|-||-|
|University of Virginia||3|6,000|-||-|
|Institute Pasteur||3|6,000|-||-|
|University College London||4|5,700||5|13,800|
|University of Glasgow||3|5,500|-||-|
|University of Sydney||4|5,500|-||-|
|University of Wisconsin||1|5,500|-||-|
|Keele University||1|5,000|-||-|
|UC Davis||2|5,000|-||-|
|University of Oxford|-||-||4|10,500|
|University of Sheffield|-||-||3|7,500|
|University of Barcelona|-||-||3|7,500|
|Cornell University|-||-||3|7,000|
|ENS Lyon|-||-||3|6,700|
|University of Bristol|-||-||5|6,500|
|University of Stellenbosch|-||-||1|6,500|
|Faculty of Medicine of Tunis|-||-||1|6,000|
|Jagiellonian University|-||-||2|5,500|
|Sanquin Research and Landsteiner|-||-||1|5,500|
|Saint Mary's University|-||-||1|5,400|
|Queen Mary University|-||-||2|5,000|
|Brown University|||||2|5,000|
Grants and Workshops are charged to the Statement of Financial Activities when made.
38
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **7 Scientific/ Educational/ Sustainable Grants & COB Scientific Workshops (cont.)**
Grants were made in support of meetings, workshops, conferences, summer schools, plenary/keynotes speakers, educational initiatives and prizes for conference presentations by young scientists. Grants were also made via the Company's journals and each grant fulfilled reinforces the Company's mission, being the general advancement and promotion of research and the knowledge and study of biology in all its branches.
In addition to the above grants detailed, there were 284 (2024: 246) grants made of less than £5,000 to institutions around the world in support of Biology. Case studies of how some of these grants have been used can be found on the Company's website: https://www.biologists.com/storycategory/grant-recipients.
Sustainability Grants are awarded with the aim to help biologists make their conferences more sustainable by thinking about and developing specialised IT and innovative technology solutions, and offering funding for attendees to switch plane travel to train. In 2025 77 grants (2024: 64) were awarded under this scheme, all under £5,000 from the Funds for Innovations in Sustainable Conferencing.
|||**2025**||**2024**|
|---|---|---|---|---|
|b)||**Total**||Total|
||No|**£**|No|£|
|The Company of Biologists Scientific Workshops|7|455,635|7|427,367|
The Company hosted seven in person Scientific Workshops during 2025 (2024: 7).
These workshops are run annually and are intended to support cutting edge research in the areas of Cell and Developmental Biology, including disease models and mechanisms, with emphasis on cross-disciplinary interactions and the application of new technologies.
It is hoped the workshops might also serve to provide input for strategic funding decisions by Research Councils and major charities, as well as for Government policy.
No grants were made from restricted funds in 2025 or 2024.
|**8**
**Analysis of Staff Costs**
Staff costs include:
Salaries
Social Security costs
Other pension costs
Editorial stipends
The average number of employees, analysed by function was:
Charity administration
Charitable activities and publishing
Management and administration of the charity|**2025**
**£**
2,922,066
360,036
366,183
3,648,285
423,120
**2025**
4
62
2
68|**2024**
£
2,926,615
318,286
239,323|
|---|---|---|
|||3,484,224|
||||
|||368,440|
|||**2024**
4
63
2|
|||69|
39
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **8 Analysis of Staff Costs (cont.)**
|Emoluments including taxable benefits in kind was as follows:|||
|---|---|---|
|No of employees earning £60,001 to £70,000|3|1|
|No of employees earning £70,001 to £80,000|3|4|
|No of employees earning £80,001 to £90,000|2|1|
|No of employees earning £90,001 to £100,000|-|-|
|No of employees earning £100,001 to £110,000|-|-|
|No of employees earning £110,001 to £120,000|-|2|
|No of employees earning £120,001 to £130,000|1|-|
|No of employees earning £130,001 to £140,000|-|-|
|No of employees earning £140,001 to £150,000|1|-|
The Key Management of the Charity during the year comprise the Trustees, CEO, CFO, Technical Operations Director, Publishing Director and Sales & Marketing Director. In 2024 the Key Management of the Charity comprised the Trustees, CEO and CFO.
The Trustees were not paid nor received any other benefit from employment during the year, or the preceding year.
|During the year total emoluments paid to Key Management were:
Staff costs
Social Security costs
Pension costs|**2025**
**£**
520,714
68,454
46,331
635,499|**2024**
£
238,671
30,221
20,287|
|---|---|---|
|||289,179|
## **9 Trustees' Remuneration**
The Articles of Association do not permit trustees to be employed by the Company. However, expenses totalling £8,295 were reimbursed/ incurred by the Charity on behalf of 14 trustees.
||No|**2025**|No|**2024**|
|---|---|---|---|---|
|||**£**||£|
|Travel and subsistence|14|8,295|10|7,598|
40
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **10 Related Party Transactions**
Trustees were associated with the following organisations during the year: All transactions with these organisations occur at arms length, on a commercial basis.
|Director|Relationship|Organisation|
|---|---|---|
|Bray, S|Member|BSDB, EMBO, Developmental Biology, Biochemical Society,|
|||SDB, GSA|
|Bray, S|Head of Department|University of Cambridge|
|Isacke, C M|Member|BSCB, AACR, EMBO|
|Isacke, C M|Team Leader|Institute of Cancer Research|
|Kelly, S|Lab Leader|University of Oxford|
|Kelly, S|Member|Biochemical Society|
|Langdale, J|Member|EMBO, SEB, SAB|
|Langdale, J|Lab Leader|University of Oxford|
|Lowell, S|Member|BSCB, ISSCR,EMBO|
|Lowell, S|Member, officer|BSDB|
|Lowell, S|Senior Research Fellow|University of Edinburgh|
|Machesky, L|Member|EMBO, ASCB, BSCB, Biochemical Society|
|Machesky, L|Lab Leader|CRUK/University of Cambridge|
|Mill, P|Research Fellow|University of Edinburgh|
|Mill, P|Member|Genetics Society, BSCB, BSDB|
|Munro, B S|Member|BSCB, EMBO, AAAS|
|Munro, B S|Group Leader|Medical Research Council|
|Peifer, M|Professor|University of North Carolina|
|Peifer, M|Member|ASCB, Genetics Society of America, SDB, ASCB|
|Rigby, P|Member|EMBO, BSDB|
|Rigby, P|Emeritus Professor|Institute of Cancer Research|
|Royle, S|Lab Leader|University of Warwick|
|Royle, S|Member|BSCB and ASCB|
|St Johnston, R D|Member|BSDB, EMBO, Genetics Society|
|St Johnston, R D|Lab Leader|University of Cambridge|
|Shiels, H|Lab Leader|University of Manchester|
|Shiels, H|Member|SEB|
|Smith, A|Director|University of Exeter|
|Smith, A|Member|EMBO, BSDB|
|Tait, S|Professor|University of Liverpool|
|Urbe, S|Professor|University of Liverpool|
|Urbe, S|Member|BSCB|
|Wilson, A|Professor|Royal Veterinary College|
The Company provided support to the British Society for Developmental Biology (BSDB) for £107,500 (2024: £107,500); The British Society for Cell Biology (BSCB) for £107,500 (2024: £107,500); The Society of Experimental Biology (SEB) for £37,500 (2024: £37,500); University of Edinburgh for £11,950 (2024: £7,000); Cambridge University for £12,363 (2024: £21,324); University of Oxford for £4,000 (2024: £10,500); The Institute of Cancer Research for £0 (2024: £2,500); University of Manchester £1,500 (2024: £3,500); Babraham Institute £0 (2024: £3,800); Society for Integrative & Comparative Biology £3,000 (2024: £23); University of Liverpool £27,500 (2024: £0); University of Exeter £2,000 (2024: £0); EMBO £70,000 (2024: £70,000), Biochemical Society £0 (2024: £3,123); and Genticis Society of America £0 (2024:£3,940).
Additionally, the Company made the following payments on a commercial basis to EMBO £1,152 (2024: £0); University of Cambridge £3,788 (2024: £0); SEB £2,689 (2024: £0); and the Society for Developmental Biology £3,143 (£0).
Of the grant commitments made to related organisations during the year £252,500 (2024 – £325,500) was outstanding and included within creditors at the year end.
41
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**11 Net income/ (expenditure ) for the year is stated after charging:**
a) Foreign currency (gains)/losses
b) Depreciation
c) Trustee indemnity insurance
d) Auditors' remuneration
Audit services
Other services
**12 Tangible fixed assets**
Cost at beginning of year
Additions at cost
Disposals at cost
Cost at end of year
Accumulated depreciation at beginning of year
Charged in year
On disposal
Accumulated depreciation at end of year
Net book value at end of year
Net book value at beginning of year
Tangible fixed assets are all used for the purposes of journal production.
**13 Investments**
UK
Unlisted
**2025:**
£
Market value at beginning of year
41,002,192
Additions at cost
1,189,032
Disposal at opening book value
(2,774,870)
Net unrealised gain
3,711,465
Foreign exchange gain
-
Cash movement in the year
-
Market value at end of year
43,127,819
Actual cost at year end
29,652,465|Freehold Land
& Buildings
£
3,591,179
15,982
-
3,607,161
661,834
83,640
-
745,474
2,861,687
2,929,345
Overseas
Unlisted
£
33,935,968
10,522,603
(9,666,728)
2,927,823
-
-
37,719,666
30,275,825|**2025**
**£**
(11,456)
129,211
1,787
21,240
1,610
22,850
Fixtures, fittings
& equipment
£
340,568
21,112
(12,585)
349,095
197,880
45,571
(12,254)
231,197
117,898
142,688
Cash
£
82,261
-
-
-
3,802
26,473
112,536
112,536|**2024**
£
18,454|
|---|---|---|---|
||||114,754|
||||1,637|
||||20,460
820|
||||21,280|
||||Total
£
3,931,747
37,094
(12,585)|
||||3,956,256|
||||859,714
129,211
(12,254)|
||||976,671|
||||2,979,585|
||||3,072,033|
||||Total
£
75,020,421
11,711,635
(12,441,598)
6,639,288
3,802
26,473|
||||80,960,021|
||||60,040,826|
At the end of the year, included within investment cash there was a balance of £13,118 which was not deposited to the investment portfolio until January 2026.
42
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **13 Investments (cont.)**
Investment manager fees of £679,769 (2024 - £820,432) are reflected in the market value of the funds at the year end and are recognised in full in the Statement of Financial Activities
|**2024:**
Market value at beginning of year
Additions at cost
Disposal at opening book value
Net unrealised gain
Foreign exchange loss
Cash movement in the year
Market value at end of year
Actual cost at year end|UK
Unlisted
£
37,437,014
570,714
(1,337,066)
4,331,530
-
-
41,002,192
30,840,117|Overseas
Unlisted
£
24,539,466
12,889,453
(7,716,026)
4,223,075
-
-
33,935,968
23,020,003|Cash
£
3,956,730
-
-
-
96,905
(3,971,374)
82,261
3,956,730|Total
£
65,933,210
13,460,167
(9,053,092)
8,554,605
96,905
(3,971,374)|
|---|---|---|---|---|
|||||75,020,421|
|||||57,816,850|
2024 Investment manager fees of £820,432 (2023 - £316,398) are reflected in the market value of the funds at the year end and are recognised in full in the Statement of Financial Activities
The Company has wide powers to invest surplus funds at its discretion. The Trustees have established a Finance and Investments Committee which includes external advisors and makes investment recommendations to the Board of Trustees. The agreed investment policy is to maximize overall long term return without undue risk by sustained investment in equities with significant exposure to all the main stock markets of the world. This involves purchases of units, partly in actively managed funds which have the aim of getting superior returns to the other main part of the company’s investment in index tracking funds that track stock market indices of the US, UK, Europe and, to a lesser extent, Japan, the Far East and other Emerging Markets.
The main form of financial risk in relation to investments is the volatility of the equity markets and investment markets due to worldwide economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges.
|**14 Debtors**
Due within one year
Trade debtors
Other debtors
Prepayments|**2025**
**£**
1,281,504
9,522
482,343
1,773,369|**2024**
£
1,331,568
13,834
587,026|
|---|---|---|
|||1,932,428|
43
**Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **15 Deferred income**
Deferred income relates to income received relating to the following financial year, including all charitable income streams.
|Journal
Subscriptions
£
2,533,804
(2,533,804)
earned from charitable activities
2,238,532
2,238,532
Deferred income at 31
December 2025
Deferred income at 1 January
2025
Amount released to income
Amount deferred in year|Read & Publish
income
£
2,563,738
(2,563,738)
3,087,749
3,087,749|Author Fees
£
45,904
(45,904)
53,313
53,313|Centenary
Conference
£
41,405
(41,405)
-
-|Total
£
5,184,851
(5,184,851)
5,379,594|
|---|---|---|---|---|
|||||5,379,594|
## **16 Other creditors & accruals**
Included within other creditors & accruals is £286,530 (2024: £351,463) of grants which were committed at the year end, and which will be paid within one year.
|Movement in funding commitments during the year
Grant commitments recognised at the start of the year
New net grant commitments charged to the SoFA in year
Grants paid during the year
Amount of grant commitments recognised as at 31 December 2025
**17 Financial instruments**
Financial Assets
Financial assets measured at fair value through profit or loss
Financial assets that are debt instruments measured at amortised cost
Financial Liabilities
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at amortised cost|**2025**
**£**
86,599,350
1,291,026
87,890,376
(7,241)
(895,893)
(903,134)|£
351,463
1,447,717
(1,512,650)|
|---|---|---|
|||286,530|
|||**2024**
£
80,119,432
1,345,401|
|||81,464,833|
|||(15,241)
(889,872)|
|||(905,113)|
Financial assets measured at fair value through profit or loss comprise investments, cash and gains on derivative hedging instruments (forward contracts).
Financial assets measured at amortised cost comprise trade debtors and other debtors.
44
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **17 Financial instruments (cont.)**
Financial liabilities measured at fair value through profit or loss comprise loss on derivative hedging instruments (forward contracts).
Financial Liabilities measured at amortised cost comprise trade creditors, grants committed, accruals and other creditors excluding amounts owed to employees.
## **18 Analysis of Net Assets Between Funds**
|**2025:**
General
Fund
(Unrestricted)
£
Fund balances at 31 December 2025 are represented by:
Tangible fixed assets
2,979,585
Investments
-
Current assets
7,404,946
Current liabilities
(6,076,853)
Internal balance
30,513,602
Total Net Assets
34,821,280
Summary of fund movements
Fund balances
brought forward
Income
£
£
General Fund
34,543,523
7,011,258
Designated fund
44,258,924
1,416,963
Restricted Funds
151,776
46
Total Funds
78,954,223
8,428,267
**2024:**
General
Fund
(Unrestricted)
£
Fund balances at 31 December 2024 were represented by:
Tangible fixed assets
3,072,033
Investments
-
Current assets
7,023,734
Current liabilities
(5,818,207)
Internal balance
30,265,963
Total Net Assets
34,543,523|Charity
Baker/Godfrey
Reserve
Funds
(Designated)
(Restricted)
£
£
-
-
80,795,063
164,958
-
7,752
(286,530)
-
(30,513,602)
-
49,994,931
172,710
Expenditure
Gains and losses
£
£
(6,685,206)
(48,295)
(3,084,804)
7,403,848
-
20,888
(9,770,010)
7,376,441
Charity
Baker/Godfrey
Reserve
Funds
(Designated)
(Restricted)
£
£
-
-
74,876,350
144,071
-
7,705
(351,463)
-
(30,265,963)
-
44,258,924
151,776|Total
Funds
£
2,979,585
80,960,021
7,412,698
(6,363,383)
-|
|---|---|---|
|||84,988,921|
|||Fund balances
carried forward
£
34,821,280
49,994,931
172,710|
|||84,988,921|
|||Total
Funds
£
3,072,033
75,020,421
7,031,439
(6,169,670)
-|
|||78,954,223|
45
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **18 Analysis of Net Assets Between Funds (cont.)**
|Summary of fund movements
Fund balances
brought forward
£
General Fund
33,710,355
Designated fund
36,681,480
Restricted Funds
129,822
Total Funds
70,521,657|Income
£
6,951,266
701,992
-
7,653,258|Expenditure
Gains and losses
£
£
(6,138,398)
20,300
(3,033,539)
9,908,991
-
21,954
(9,171,937)
9,951,245|Fund balances
carried forward
£
34,543,523
44,258,924
151,776|
|---|---|---|---|
||||78,954,223|
The General Fund comprises retained surpluses on journal production.
The Charity Reserve comprises a designated fund, established by the Company for the support of biological science. The general fund makes available to the charity reserve the Company's investments and cash and other deposit accounts, the income from which is credited to this fund each year. Expenditure from the fund comprises scientific grants and workshops.
The Peter Baker Memorial Fund and Philip Godfrey Fund are restricted funds established to support biological research.
## **19 Pension Costs**
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the fund and amounted to £366,183 (2024: £239,323). Contributions of £44,045 were due to the fund at the year end (2024: £30,743).
|Note
**20 Notes to the Statement of Cash Flows**
a) Reconciliation of net income to net cash flow from operating activities
SOFA
Net income/ (expenditure) for year
Depreciation
12
Loss on disposal of tangible fixed assets
Change in debtors
BALANCE SHEET
Change in creditors
BALANCE SHEET
Change in income in advance
16
Investment manager fees
SOFA
(Gains)/ Losses on investments
SOFA
Dividends and interest from investments
SOFA
Net cash provided by operating activities|**2025**
**£**
6,030,896
6,030,896
129,211
-
159,059
(1,030)
194,743
679,769
(7,420,934)
(1,417,009)
(1,645,295)|**2024**
**£**
8,335,661|
|---|---|---|
|||8,335,661
114,754
-
196,182
191,852
260,129
820,432
(9,834,040)
(701,992)|
|||(617,022)|
46
## **Trustees' Report and Financial Statements for the year ended 31 December 2025**
## **NOTES TO THE FINANCIAL STATEMENTS**
**20 Notes to the Statement of Cash Flows (cont.)**
|b) Cash flows from investing activities
Payments to acquire tangible fixed assets
Payments to acquire investments
Receipts from sales of investments
Investment manager costs paid
Interest received
Investment income received
c) Analysis of changes in net debt
**2025:**
Cash
Cash held in investment portfolio
Total cash and cash equivalents
**2024:**
Cash
Cash held in investment portfolio
Total cash and cash equivalents|At 1 Jan 25
£
5,099,010
82,261
5,181,271
At 1 Jan 24
£
5,108,401
3,956,730
9,065,131|**2025**
**£**
13
(37,094)
(11,711,634)
12,490,929
52,876
SOFA
43,559
SOFA
1,373,450
2,212,086
Foreign Exchange
Cash flow
Movement
£
£
540,319
-
26,473
3,802
566,792
3,802
Foreign Exchange
Cash flow
Movement
£
£
(9,391)
-
(3,971,374)
96,905
(3,980,765)
96,905|**2024**
£
(118,530)
(13,460,168)
9,721,417
(208,454)
43,256
658,736|
|---|---|---|---|
||||(3,363,743)|
||||At 31 Dec 25
£
5,639,329
112,536|
||||5,751,865|
||||At 31 Dec 24
£
5,099,010
82,261|
||||5,181,271|
47