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2022-12-31-accounts

Company registration number: 01865175 Charity registration number: 293063

J.L.O. (1984) Limited

(A company limited by guarantee)

Annual Report and Financial Statements

For the Year Ended 31 December 2022

J.L.O. (1984) Limited

Annual Report and Financial Statements Contents

Page
Reference and Administrative Details 1
Trustees' Report 2 - 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 13

J.L.O. (1984) Limited Reference and Administrative Details

Charity name J.L.O. (1984) Limited
Charity registration number 293063
Company registration number 01865175
Principal office 10B Red House Yard
Gislingham Road
Thornham Magna
Eye
Suffolk
IP23 8HH
Registered office 10B Red House Yard
Gislingham Road
Thornham Magna
Eye
Suffolk
IP23 8HH
Trustees E Fisher - Chairman
S Armstrong
V Paleri Retired 24 June 2022
C Hopkins Retired 3 March 2022
T Lesser
A McDermott
E Stapleton Appointed 3 March 2022
Q Gardiner Appointed 3 March 2022
Secretary A Chalk
Bankers Child & Co
1 Fleet Street
London
EC4Y 1BD
Independent examiner Steven Francis FCCA
Steven R Francis & Co Limited
Bury Lodge
Bury Road
Stowmarket, Suffolk
IP14 1JA
Investment advisor Lonsdale Services Limited
3 Curo Park
Frogmore
St Albans, Herts
AL2 2DD

1

J.L.O. (1984) Limited Trustees' Report

Introduction

The Trustees present their annual report and accounts for the year ended 31st December 2022. The Trustees are satisfied with the performance of the charity during the year. Based on the position at 31st December 2022 the Trustees consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.

Name and constitution of the charity

The registered name of the charity is J.L.O. (1984) Limited, and is also known as The Journal of Laryngology and Otology. The charity was incorporated on 21st November 1984 and is governed by its Memorandum and Articles of Association.

Objectives and activities of the charity

The objects of the charity are to educate the public and promote the sciences of Laryngology and Otology and allied sciences for the benefit of the public in particular by publishing the Journal of Laryngology and Otology and any similar publications or supplements.

In furtherance of its principal object, J.L.O. (1984) Limited will continue to publish and promote The Journal of Laryngology and Otology and its associated supplements. The Journal is a member of the HINARI scheme of The World Health Organisation (WHO), and is provided free of charge to those in the world's poorest countries.

J.L.O. (1984) Limited also disseminates educational material through its website; www.jlo.co.uk. The charity continues to develop the J.L.O. website with the aim of making this a platform for electronic learning. Surgical videos across the disciplines have been produced and will be expanded. The library of presentations is a useful resource and remain free to access for all. The electronic archive of all The Journal's content since it was established in 1887 continues to be an invaluable resource for those studying the history of medicine and is used when producing supplements charting the diagnosis and treatment of conditions.

Organisation

The Board of Trustees (as listed on page 1) administers the charity and meets physically at least twice every year and also electronically as often as required to meet immediate needs, in accordance with the Articles of Association.

Appointment of Trustees

The Board consist of at least six and not more than ten individuals, all of whom must be members of the company. There are currently six Trustees.

One third of the Trustees (or the number nearest to one third) must retire at each Annual General Meeting.

Appointments are based on specific skills required to help the charity meet its objectives. Given that the main income and expenditure of the charity is the publication of a medical journal and the charity's objective is promote the science of Laryngology and Otology and allied specialities, in the event of a vacancy occurring the normal practice is for the Charity to invite a Senior Assistant Editor to become a Trustee.

Trustee Remuneration

The remuneration of those Trustees paid for their services in the production of the Journal is agreed annually. Only Trustees who are not remunerated for their services to the Journal decide on the level of remuneration of Trustees who are paid for their services. For medically qualified Trustees the level of remuneration is based on the NHS pay scales.

2

J.L.O. (1984) Limited

Trustees' Report

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of the affairs of the charity and of its incoming resources and application of resources, including its net income and expenditure for the year.

In preparing these accounts, the Trustees are required to:

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

Investment powers

Under the Memorandum and Articles of Association, the charity has the power to make any investments which the Trustees see fit in accordance with the charity's Investment Policy after taking independent financial advice.

Review of the activities

The journal contained 244 papers in the previous year, an increase of 29% over 2021. The robust paper selection process ensures the ongoing high quality of papers and results in a very high rejection rate but this is considered essential to maintaining the standing of the Journal and the quality of the science it provides to its readers.

A virtual issue ‘ENT problems in the older patient’ was published in 2022 and three Otolaryngology Editors Consortium editorials appeared. Further supplements are planned for 2023 including updated Head and Neck Cancer Guidelines which should be published in quarter one.

The charity fully completed its move from its proprietary manuscript processing software to ScholarOne. This has resulted in a much faster turnaround of papers which is an important metric for authors and provides data on reviewer workloads and performance which helps ensure the correct number and expertise of reviewers.

The Impact Factor of the journal rose again this year by a further 49% to 2.187.

J.L.O. (1984) Limited holds annual awards for the best research published in The Journal in up to four categories - Review, Main Article, Basic Science, and Short Communication/Clinical Record.

Restricted access to operating theatres hampered plans for educational surgical videos but these are expected to be completed in quarter one of 2023.

The first Assistant Editor CPD session was held on 2 March at the Royal Society for Medicine where sessions on publishing, review and Open Access were delivered by Editors and the publisher of the Journal. The plan is to repeat this session in 2023.

Trustees support meetings of trainees, offering best paper prizes, to promote the Journal.

3

J.L.O. (1984) Limited Trustees' Report

The charity's grant making policies

J.L.O. (1984) Limited gives awards on an annual basis as rewards for the best research published in The Journal.

Public benefit policy

In planning its activities for the year J.L.O. (1984) Limited kept in mind the Charity Commission guidance on public benefit in regards to the duty in section 4 of the 2011 Charities Act. The charity produces a specialist medical journal which is subscribed to by medical institutions, hospitals, libraries and medical professionals worldwide. The journal enables medical professionals to have the most up to date information on appropriate medical procedures when treating members of the public. The charity also manages a website (www.jlo.co.uk). The website features the latest information as well as a database of historical information available to health professionals. The charity also uses its surplus funds to continually work to update and improve the website. In view of this the Trustees consider they have complied with the duty in section 4 of the 2011 Charities Act.

Relationships with other groups, charities and individuals

The charity works closely with other professional organisations in the field of Laryngology and Otology worldwide and is seeking to strengthen its links with societies in HINARI scheme countries. The journal has a close relationship with the Association of Otolaryngologists in Training (AOT), the Student and Foundation doctors ENT group (SFO-UK), the South West Academic group (SWEAM) and the British Society for the History of ENT. This involves presentation prize sponsorship and judging, and thereby encourages high quality submissions to the journal.

Reserves policy

The Trustees have determined that the level of free reserves (that is those funds not tied up in the designated Future Charitable Awards Fund) should be in the region of £750,000 in order to meet its contractual obligations and ensure a sound financial base and to continue the charity's operations. The free reserves at present stand at £1,072,291 (2021: £1,150,452). The Trustees remain mindful that the majority of the Charity's income is from a single source over which it has very limited control and is forecast to decline in the coming years. In addition volatility and uncertainty in the investment market, as has happened in this financial year, affects the charity's overall finances. Consequently the Trustees believe it is prudent to maintain reserves at levels comparable to recent years.

The charity has not added funds to its designated accounts for 'future charitable awards' due to the uncertainty in the current economic climate concerning the value of its investments and the continuing reduction in publishing income - the only two sources of revenue. The ongoing move towards open access publishing will involve both investment from the charity and yet see a decline in revenues. Until the future income streams of journal publishing become clearer the Trustees believe it is prudent to restrict charitable awards. The charity actively reviews this and will allocate further funds to the designated fund when appropriate.

Transaction and financial position

The financial statements are set out on pages 8 to 14. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). As stated in the introduction to this report, the Trustees consider the financial performance by the charity during the year to have been satisfactory.

4

J.L.O. (1984) Limited Trustees' Report

Transaction and financial position (cont'd)

The key source of income for the charity is royalties from the publication of the Journal of Laryngology and Otology. The Statement of Financial Activities show net income for the year of a revenue nature of £18,842 (2021: net expenditure £6,980) with a realised gain on fixed asset investments of £nil (2021: £nil) and an unrealised loss on fixed asset investments of £103,983 (2021: unrealised gain £23,390), making a net loss of £85,141 (2021: net gain £16,410).

The total reserves at the year end after accounting for unrealised gains, stand at £1,201,012 (2021: £1,286,153).

The major risks to which the charity is exposed and reviews and systems to mitigate risks

The Trustees have considered the risks to the charity and are of the opinion that sufficient control procedures are in place to identify and control these risks as they arise.

Share capital

The company is limited by guarantee and therefore has no share capital.

The Members of the Board of Trustees of the Charity

During the year ended 31st December 2022 and to the date of signing the accounts the members of the Board of Trustees were:

E Fisher - Chairman S Armstrong V Paleri Retired 24 June 2022 C Hopkins Retired 3 March 2022 T Lesser A McDermott E Stapleton Appointed 3 March 2022 Q Gardiner Appointed 3 March 2022

All the Directors of the company are also Trustees of the charity, and their responsibilities include all the responsibilities of Directors under the Companies Acts and of Trustees under the Charities Acts.

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on and signed on its behalf by:

E Fisher - Chairman Trustee

5

Independent Examiner's Report to the Trustees of J.L.O. (1984) Limited

I report to the charity trustees on my examination of the accounts of the company for the year ended 31st December 2022 which are set out on pages 8 to 14.

Respective responsibilities of Trustees and Examiner

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr Steven Francis FCCA Steven R Francis & Co Limited Chartered Certified Accountants Bury Lodge Bury Road Stowmarket, Suffolk IP14 1JA

6

J.L.O. (1984) Limited

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2022

Notes
Income and endowments from:
Charitable activities
2
Investments
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net (expenditure) / income before gains or
losses on investments
Net gains / (losses) on investments
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
182,920
640
183,560
164,718
164,718
18,842
(103,983)
(85,141)
1,286,153
1,201,012		 Total Funds
2022
£
182,920
640
183,560
164,718
164,718
18,842
(103,983)
(85,141)
1,286,153
1,201,012		 Total Funds
2021
£
168,290
28
168,318
175,298
175,298
(6,980)
23,390
16,410
1,269,743
1,286,153

All income and expenditure derives from continuing activities.

All comparative income and expenditure was unrestricted.

7

J.L.O. (1984) Limited Balance Sheet as at 31 December 2022

Company registration number: 01865175 Charity registration number: 293063

Notes
Fixed assets
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: amounts falling
due within one year
8
Net current assets
Net assets
Funds
Unrestricted funds
Total charity funds		 £
884,785
884,785
28,528
312,889
341,417
(25,190)
316,227
1,201,012
1,201,012
1,201,012
2022		 £
988,768
988,768
19,933
292,192
312,125
(14,740)
297,385
1,286,153
1,286,153
1,286,153
2021		 £
988,768
988,768
19,933
292,192
312,125
(14,740)
297,385
1,286,153
1,286,153
1,286,153
2021
1,286,153
1,286,153
1,286,153

The Directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

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

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

E Fisher - Chairman Trustee Approved by the Board on

8

J.L.O. (1984) Limited Notes to the Accounts For the Year Ended 31 December 2022

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

J.L.O. (1984) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside at the discretion of the Trustees for specific purposes.

Furthers details of each fund are disclosed in note 11.

Incoming resources

Items of income are recognised and included in the accounts when all of the following criteria are met:

Resources expended

Liabilities are recognised as soon as there is a legal or constructive obligation commiting the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Allocation of support costs

Support costs are those costs which have not been directly allocated to an activity of the charity but nevertheless support those activities. The basis on which support costs have been allocated are set out in note 4.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

9

J.L.O. (1984) Limited Notes to the Accounts For the Year Ended 31 December 2022

1 Accounting policies (continued)

Investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to statement of financial activities based on the market value at the end of the year.

Financial instruments

J.L.O. (1984) Limited only 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.

2
Income from charitable activities
Unrestricted
Funds
£
Royalties
182,734
Study day
186
182,920
3
Investment income
Unrestricted
Funds
£
Interest on cash deposits
640
640		 Total Funds
2022
£
182,734
186
182,920
Total Funds
2022
£
640
640		 Total Funds
2021
£
168,290
-
168,290
Total Funds
2021
£
28
28

10

J.L.O. (1984) Limited Notes to the Accounts For the Year Ended 31 December 2022

4 Total resources expended

Direct costs
Product and allied costs
Awards and events
Support and governance costs
Secretary
Registered office fee
Insurance
Telephone and fax
Printing, postage and stationery
Website
Sundry expenses
Cost of Trustee meeting
Marketing
Independent examiner's fee
Legal and professional fees
Bank charges
For the year ended 31 December 2021		 Charitable
Activity
£
123,975
5,868
129,843
14,679
1,300
455
855
82
10,686
3,617
-
-
-
48
98
31,820
161,663
172,948		 Governance
£
-
-
-
-
-
-
-
-
-
-
605
-
2,450
-
-
3,055
3,055
2,350		 2022
Total
£
123,975
5,868
129,843
14,679
1,300
455
855
82
10,686
3,617
605
-
2,450
48
98
34,875
164,718		 2021
Total
£
136,757
1,000
137,757
14,679
1,300
-
831
483
13,249
2,327
-
1,079
2,350
1,108
135
37,541
175,298
175,298

5 Taxation

The company is a registered charity and the funds generated during the year relate to primary purpose trading, which is exempt from taxation.

6
Investments held as fixed assets
Market Value
As at 1 January 2022
Unrealised loss
As at 31 December 2022
Net Book Value
As at 31 December 2022
As at 31 December 2021		 Listed
Investments
£
988,768
(103,983)
884,785
884,785
988,768

All investment assets were held in the UK.

11

J.L.O. (1984) Limited Notes to the Accounts For the Year Ended 31 December 2022

7
Debtors
Trade debtors
Prepayments and accrued income
8
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security costs
Accruals and deferred income		 2022
£
-
28,528
28,528
2022
£
10,193
6,547
8,450
25,190		 2021
£
-
19,933
19,933
2021
£
-
6,390
8,350
14,740

9 Related parties

Related party transactions

Under clause 4.17 of the Memorandum of Association the company is able to make payments to staff, agents and advisors. To this end the Board has approved payments to professionals who are related to the company. These are noted below.

During the year R Greensted, a Trustee for part of the previous year, received Managing Editor's fees of £ nil (2021 - £24,458).

During the year the following Trustees received Senior Editor's fees:

E Fisher £12,616 (2021: £12,378) During the year the following Trustees received Senior Assistant Editor's fees: A McDermott £6,150 (2021: £6,034)

Travel expenses totalling £281 were reimbursed to one Trustee during the year (2021 - £nil).

No individual received fees or remuneration exceeding £60,000 in the year.

12

J.L.O. (1984) Limited Notes to the Accounts For the Year Ended 31 December 2022

10 Analysis of funds

Designated Funds
Future Unrestricted
Fixed Asset
Charitable
Income
Investment
Award
Fund
Fund
At 1 January 2022
135,701
250,452
900,000
Income
-
183,560
-
Expenditure
-
(164,718)
-
Other recognised
gains / (losses)
-
(103,983)
-
Transfer
15,215
(15,215)
At 31 December 2022
135,701
180,526
884,785
Designated Funds
Future Unrestricted
Fixed Asset
Charitable
Income
Investment
Award
Fund
Fund
At 1 January 2021
135,701
234,042
900,000
Income
-
168,318
-
Expenditure
-
(175,298)
-
Other recognised
gains / (losses)
-
23,390
-
Transfer
-
-
-
At 31 December 2021
135,701
250,452
900,000
General Funds
General Funds		 General
Funds
Total
1,150,452
183,560
(164,718)
(103,983)
-
1,065,311
General
Funds
Total
1,134,042
168,318
(175,298)
23,390
-
1,150,452		 Total
1,286,153
183,560
(164,718)
(103,983)
-
1,201,012
Total
1,269,743
168,318
(175,298)
23,390
-
1,286,153

13