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 2024
J.L.O. (1984) Limited
Annual Report and Financial Statements Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 14 |
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 | |
| T Lesser | ||
| A McDermott | ||
| E Stapleton | ||
| Q Gardiner | ||
| A Bhattacharyya | Appointed 12 April 2024 | |
| J Doshi | Appointed 12 April 2024 | |
| S Jones | Appointed 12 April 2024 | |
| 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 2024. The Trustees are satisfied with the performance of the charity during the year. Based on the position at 31st December 2024 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 and promotion of the Journal. Surgical procedure videos across the disciplines of laryngology, otology and rhinology have been produced and made freely available on the website. The library of surgical videos will be expanded. 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 consists of at least six and not more than ten individuals, all of whom must be members of the company. At the year end there were eight Trustees. Three new Trustees were appointed in 2024 to expand the clinical expertise on the board and to support the proposed succession plan.
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.
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J.L.O. (1984) Limited Trustees' Report
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. The remuneration policy requires a majority of non-remunerated Trustees on the board and this was the case for 2024. For medically qualified Trustees the level of remuneration is based on the NHS pay scales.
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:
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Select suitable accounting policies and then apply them consistently
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Make judgments and estimates that are reasonable and prudent
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Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 number of papers published in 2024 was lower than the previous year due to some issues at the publisher of the journal in the second half of 2024. This disrupted the flow of papers and ultimately the publication of the Journal. The impact on the readership and the long-term financial implications are not yet known.
The sixth iteration of Head and Neck Cancer: United Kingdom National Multidisciplinary Guidelines were published in 2024. The Guidelines are divided into 30 chapters that aim to cover all aspects of care for patients with head and neck cancer, ranging from the provision of services, management in general, to the management of specific tumours. These guidelines were downloaded over 5,000 times in the year. In addition JLO commissioned and published an associated guide for patients which has been cited and used by patient groups.
A vestibular supplement was also published in 2024 and more supplements and patient guidelines are planned for 2025.
Changes to the copy editing process were fully implemented in 2024 with the aim of improving paper flow and reducing overall copy editing costs.
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J.L.O. (1984) Limited Trustees' Report
Review of the activities (cont'd)
The Impact Factor of the Journal fell to 1.1 and although important supplements were published in the year the effect of these on the Impact Factor will take some time to be realised. The lack of promotion due to issues at the publisher of the Journal may mean the positive effect of these supplements may be lower than the Charity expects.
The charity continued to hold the Best Paper Awards selected by an international judging panel with two awards being made in the year.
The charity only recorded one new surgical video in the year mainly due to the logistical and patient confidentiality issues associated with such recordings. The charity recognises that these videos are an important resource for ENT surgeons in training. The current library of videos will be offered to the NHS for use in its new online training initiatives. The Charity will continue to support the surgical video project and still plan to commission more videos concentrating on common ENT procedures.
A third face-to-face CPD session was held during the year for Assistant Editors of the Journal with positive feedback from attendees. However, the number attending this session was lower than previous years.
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. In addition travelling bursaries will be introduced in 2025.
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 update and improve the website, including surgical videos. 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 relevant groups such as; the Association of Otolaryngologists in Training (AOT), the Student and Foundation Doctors ENT group (SFO-UK), the South West Academic Group (SWEAM), North of England Otolaryngology Society, the British Society for the History of ENT as well as other UK regional societies. This involves presentation prize sponsorship and judging, and thereby encourages high quality submissions to the journal.
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J.L.O. (1984) Limited Trustees' Report
Relationships with other groups, charities and individuals (cont'd)
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 £1,307,015 (2023: £1,155,036). 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. The issues at the publisher of the journal in the second half of 2024 could have a negative impact on income in future years. It is expected the costs of producing the Journal in 2025 will rise as more editorial resource will be required to improve paper flow and reduce backlogs. Consequently the Trustees believe it is prudent to maintain reserves at levels comparable to recent years.
At a meeting in March 2025 the Trustees agreed to add funds to its designated accounts for 'future charitable awards' to support a number projects in 2025. This will include the introduction of three travelling bursaries for surgeons in training for either clinical or research projects. A supplement on skull base surgery is in progress and further supplements are being planned with the appointment of a new Assistant Editor who will focus on these publications. Patient guidelines will be considered with all future supplements. Funding for the expansion of the surgical video project has also been committed. A strategic alliance is being considered to expand the reach of JLO and this may require some additional financial support if this comes to fruition.
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.
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, revenue in nature of £87,622 (2023: £33,279) with a realised gain on fixed asset investments of £nil (2023: £nil) and an unrealised gain on fixed asset investments of £64,357 (2023: £56,446), making a net gain of £151,979 (2023: £89,725).
The total reserves at the year end after accounting for unrealised gains, stand at £1,442,716 (2023: £1,290,737).
The major risks to which the charity is exposed and reviews and systems to mitigate risks
The Trustees review the Risk Management Policy and the Risk Register at least at each Trustee meeting 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.
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J.L.O. (1984) Limited Trustees' Report
The Members of the Board of Trustees of the Charity
During the year ended 31st December 2024 and to the date of signing the accounts the members of the Board of Trustees were:
E Fisher - Chairman T Lesser A McDermott E Stapleton Q Gardiner A Bhattacharyya J Doshi S Jones
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
6
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 2024 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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
7
J.L.O. (1984) Limited
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2024
| Notes Income and endowments from: Charitable activities 2 Investments 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net 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 £ 233,611 10,266 243,877 156,255 156,255 87,622 64,357 151,979 1,290,737 1,442,716 |
Total Funds 2024 £ 233,611 10,266 243,877 156,255 156,255 87,622 64,357 151,979 1,290,737 1,442,716 |
Total Funds 2023 £ 211,811 3,975 215,786 182,507 182,507 33,279 56,446 89,725 1,201,012 1,290,737 |
|---|---|---|---|
All income and expenditure derives from continuing activities.
All comparative income and expenditure was unrestricted.
8
| J.L.O. (1984) Limited Balance Sheet as at 31 December 2024 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 |
Company registration number: 01865175 Charity registration number: 293063 £ £ 1,005,588 941,231 1,005,588 941,231 70,529 90,975 383,789 283,121 454,318 374,096 (17,190) (24,590) 437,128 349,506 1,442,716 1,290,737 1,442,716 1,290,737 1,442,716 1,290,737 2024 2023 |
|---|---|
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
9
J.L.O. (1984) Limited Notes to the Accounts For the Year Ended 31 December 2024
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:
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the charity has entitlement to the funds
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any performance conditions attached to the item of income have been met or are fully within the control of the charity
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there is sufficient certainty that a receipt of income is considered probable
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the amount can be measured reliably
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.
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J.L.O. (1984) Limited Notes to the Accounts For the Year Ended 31 December 2024
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 233,582 Sponsorship - Book sales 29 233,611 3 Investment income Unrestricted Funds £ Interest on cash deposits 10,266 10,266 |
Total Funds 2024 £ 233,582 - 29 233,611 Total Funds 2024 £ 10,266 10,266 |
Total Funds 2023 £ 205,781 6,000 30 211,811 Total Funds 2023 £ 3,975 3,975 |
|---|---|---|
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J.L.O. (1984) Limited
Notes to the Accounts
For the Year Ended 31 December 2024
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 Independent examiner's fee Legal and professional fees Bank charges For the year ended 31 December 2023 |
Charitable Activity £ 110,205 3,738 113,943 16,492 1,560 479 (10) 108 11,072 2,426 - - 2,516 70 34,713 148,656 178,182 |
Governance £ - - - - - - - - - - 4,904 2,695 - - 7,599 7,599 4,325 |
2024 Total £ 110,205 3,738 113,943 16,492 1,560 479 (10) 108 11,072 2,426 4,904 2,695 2,516 70 42,312 156,255 |
2023 Total £ 138,806 7,963 146,769 15,476 1,560 467 285 90 10,572 2,817 1,730 2,595 48 98 35,738 182,507 182,507 |
|---|---|---|---|---|
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
| Investments held as fixed assets Market Value As at 1 January 2024 Unrealised gain As at 31 December 2024 |
Listed Investments £ 941,231 64,357 1,005,588 |
| Net Book Value As at 31 December 2024 |
1,005,588 |
| As at 31 December 2023 | 941,231 |
All investment assets were held in the UK.
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J.L.O. (1984) Limited
Notes to the Accounts
For the Year Ended 31 December 2024
| 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 |
2024 £ - 70,529 70,529 2024 £ 7,967 6,528 2,695 17,190 |
2023 £ 49,407 41,568 90,975 2023 £ 6,513 15,482 2,595 24,590 |
|---|---|---|
9 Related parties
Related party transactions
Under clause 6.3 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 the following Trustees received Senior Editor's fees:
E Fisher £14,174 (2023: £13,247)
During the year the following Trustees received Senior Assistant Editor's fees:
A McDermott £6,910 (2023: £6,458)
During the year the following Trustees received Website Editor's fees:
S Jones £7,962
During the year the following Trustees received honoraria :
| T Lesser | £350 | (2023 - £350) |
|---|---|---|
| E Stapleton | £350 | (2023 - £350) |
| Q Gardiner | £350 | (2023 - £350) |
| A Bhattacharyya | £350 | |
| J Doshi | £350 |
Travel expenses totalling £835 were reimbursed to two Trustees during the year (2023 - one Trustee £561).
No individual received fees or remuneration exceeding £60,000 in the year.
13
J.L.O. (1984) Limited
Notes to the Accounts
For the Year Ended 31 December 2024
10 Analysis of funds
| Designated Funds Future Unrestricted Fixed Asset Charitable Income Investment Award Fund Fund At 1 January 2024 135,701 213,805 941,231 Income - 243,877 - Expenditure - (156,255) - Other recognised gains / (losses) - 64,357 - Transfer - (64,357) 64,357 At 31 December 2024 135,701 301,427 1,005,588 Designated Funds Future Unrestricted Fixed Asset Charitable Income Investment Award Fund Fund At 1 January 2023 135,701 180,526 884,785 Income - 215,786 - Expenditure - (182,507) - Other recognised gains / (losses) - 56,446 - Transfer - (56,446) 56,446 At 31 December 2023 135,701 213,805 941,231 General Funds General Funds |
General Funds Total 1,155,036 243,877 (156,255) 64,357 - 1,307,015 General Funds Total 1,065,311 215,786 (182,507) 56,446 - 1,155,036 |
Total 1,290,737 243,877 (156,255) 64,357 - 1,442,716 Total 1,201,012 215,786 (182,507) 56,446 - 1,290,737 |
|---|---|---|
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