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2020-09-30-accounts

Registered number: 03333780 Charity numbers: 1061593 (England & Wales) & SC041945 (Scotland)

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11 - 12
Notes to the financial statements 13 - 28

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2020

Trustees David Chetwyn
Alison Davidson
Crispin Edwards
John Edwards
Joanna Evans
Jillian Kerry
David Kincaid (resigned 3 December 2020)
Lone Beatrix Le Vay
Roy Lewis
David McDonald
Kenneth Moore
Sanne-Marie Roberts
Andrew Shepherd
Sheila Stones
Rosemary Thompson
Paul Zochowski (resigned 3 December 2020)
Company registered
number
03333780
Charity registered
numbers
1061593 (England & Wales) and SC041945 (Scotland)
Registered office
Jubilee House
High Street
Tisbury
Wiltshire
SP3 6HA
Company secretary
Lydia Porter
Chief executive officer
Sean O'Reilly
Accountants
Larking Gowen LLP
Chartered Accountants
King Street House
15 Upper King Street
Norwich
NR3 1RB

Page 1

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Bankers

Solicitors

President

Natwest Bank Plc 21 Gentleman's Walk Norwich NR2 1NA Knights 1759 The Brampton Newcastle-under-Lyme Staffordshire ST5 0QW Mike Brown

Page 2

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Trustees present their annual report together with the financial statements of the charity for the 1 October 2019 to 30 September 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable 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 (FRS102) (effective 1 January 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The IHBC is a company and a charity registered in England and Scotland, and exists to promote, for the benefit of the public, the conservation of, and education and training in the conservation and preservation of buildings, structures, areas, gardens and landscapes which are of architectural or historical value in the UK insofar as it lies within the duties and responsibilities of any person whose principal professional skills are to provide specialist advice in such conservation and preservation.

The IHBC’s key activities are:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Main achievements of the charity

Despite the huge number of pressures faced in the year to September 2020 the IHBC has continued its high level of activity, impact and influence across the wide range of interests that shape our built and historic environment, its care and its conservation.

The COVID-19 pandemic has, obviously, continued to be of concern to IHBC’s Trustees. However the financial measures instigated in the latter part of the 2019-20 financial year served us well – as the accounts and improved reserves clearly demonstrate. so we are look forward with cautious optimism as we move out of lockdown. We have continued to work with other parts of the historic environment sector to try and mitigate the worst effects of the pandemic on those who manage historic properties and are reliant on visitors for income.

Page 3

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Achievements and performance (continued)

While, understandably, we continue to face huge challenges to our services and operations, the precautionary measures we have undertaken have paid off and we are confident that we can adapt successfully to weather this particular storm, not least through building on the lessons from our successful Virtual School last year.

Progress on the approval of our new Articles of Association has been substantial, and we secured almost unanimous approval in December 2020 – outside this financial year – which is a major step forward in modernising the IHBC.

Critical for the future will be the development of the role and structure of the IHBC’s new Council, a body that will be chaired by the IHBC President, Council’s own elected representative in the future. The practical aspects of the new Council arrangements – and the huge opportunities these offer – also will be explored later.

We also concluded a new Corporate Plan 2020-25 (CP25) during the year, also adopted at the AGM in December 2020. We are now reviewing its implementation informed by both new Articles and the effects of the pandemic. We continue to see this as the most useful framework to inform our forward planning.

The success of our last-minute and experimental ‘Virtual School’ for 2020 clearly demonstrated huge resilience in the organisation – and the income there helped underpin the positive financial outcomes for the year. We must all thank the South East Branch whose School Committee members – and our staff – whole all demonstrated such patience and resilience in responding to the rise of the pandemic. At the same time all are again focussed on the Brighton School for 2021 – which will take the place of the planned Brighton 2020 - the team of volunteers working on Aberdeen’s School for 2022 is also keeping a close eye on programme options.

Another highlight was in September 2020, with the formal constitution – after many delays –of the UK-wide, Westminster-based, All Party Parliamentary Group on ‘Conservation, Places and People’ (CPP APPG). Soon after that we launched its inaugural inquiry into ‘21st Century Places: Values and Benefits’, and the substantial outcomes of that are still evolving. The operational complexities faced across all this – complicated by the pandemic - have been a huge challenge for our small team, if an educational one too.

We have also had a long tradition of looking to more formal partnerships as well as our more familiar, more informal ones. Our Memorandum of Understanding (MoU) with ALGAO:UK – the representative body for the UK’s local authority archaeologists – was another important and representative move forward.

In helping promote and support Continuing Professional Development (CPD), our monthly CPD Circular - which lists relevant short courses and other details - is proving to be popular with members. Though the long-planned ‘local delivery’ CPD events programme was delayed in 2020 because of reduced capacity during the pandemic it has since moved forward again.

Sustainability and the challenges of climate change span the spectrum of our operations, and we have continued to work closely with other organisations on these matters, from the international Climate Heritage Network to the Sustainable Traditional Buildings Alliance (STBA). Influencing the COP26 (UN Climate Change Conference of the Parties) conference in Glasgow in 2021 will be a priority. We will approach that mainly through such partnerships as well as through national link bodies such as BEFS - the Built Environment Forum Scotland – as well as The Heritage Alliance.

The board of trustees – our constitutional council – continues to offer its special and sincere gratitude to the many volunteers, supporters, consultants and staff who have all contributed to our vast work programme over the year. We note too that, whether offered through our national committees, Council+, or within branch operations, consultants' services or overtime, the added capacity volunteered by our members across our services -including digital and hard-copy publications - ensures that the IHBC continues as a cost effective voice for our professional standards, offering essential benefits to the sector while remaining accessible and affordable to our most financially challenged members.

Page 4

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Achievements and performance (continued)

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Impact of coronavirus (COVID 19)

At the time of signing the financial statements, the Trustees have considered the potential impact of the coronavirus on the charity. The Trustees have considered the likely service and income areas that continue to be affected, and are overseeing appropriate mitigation strategies, across both human and financial resources in particular. The plans build on our already substantial expertise in offering online and home accessible Continuing Professional Development (CPD) and secure a much needed back up income stream linked to the IHBC’s operations. Existing and new members show the ongoing resilience in - and relevance of - the organisation in the face of wider threats as practitioners continue to recognise the good value of IHBC membership. Finally, as well as helping prepare our corporate infrastructure for the inevitable demands that will be made on professional support services in a post COVID 19 environment, a continued focus on maintaining the human and economic fundamentals of the IHBC will help secure and enhance the viability of our charitable operations for the longer term. While we anticipate a significant short term impact on our trading arm, IHBC Enterprises, any financial impact should be eased by continuing the kind of dynamic responses to services and markets already demonstrated in the 2019-20 financial year.

b. Financial review

The gross incoming resources arising in the year amounted to £407,372 (2019: £406,018). Overall, the charity's income exceeded its expenditure by £55,649 (2019: £10,508). At the period end the charity had free reserves of £153,068 (2019: £104,099).

Free reserves constitute unrestricted funds not represented by fixed assets. The charity’s reserves are sufficient to maintain levels well within our reserves policy of six months of expenditure – adjusted to three months during the pandemic to address potential impacts on cashflow - after taking into account subscriptions received in advance and funds held within the subsidiary.

Recognising the reduced reserves and the uncertainties in the wider economy, the trustees continue to ease back on allocating reserves to aid investment in growth, services and member benefits, instead concentrating on consolidating recent initiatives, still with a view to underpinning and securing growth in the IHBC.

c. Principal risks and uncertainties

The most recent risk assessment and review, carried out over the end of this financial year, assessed risks including those linked to the pandemic, but did not identify any other material changes in the range of challenges faced by the charity.

Page 5

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

d. Plans for the future

Plans for the IHBC to the end of the 2019-20 financial year are encapsulated in our Corporate Plan 2015-20, ‘CP20’, approved at the IHBC’s 2015 Annual General Meeting. For the year to come plans will focus on finalising outcomes there, and securing support for that Plan’s successor, our Corporate Plan 2020-25 (CP25).

Future plans include:

Structure, governance and management

a. Constitution

The Institute of Historic Building Conservation is constituted under a Memorandum of Association and is a registered charity number 1061593 (England & Wales) and SC041945 (Scotland).

The company was incorporated on 19 February 1997.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

c. Organisational structure and decision-making policies

The IHBC is governed by an elected council of trustees with up to 22 voting members consisting of up to nine elected officers (chair, vice-chair, IHBC secretary, treasurer and five officers serving as committee chairs) and up to 13 trustees appointed by branches.

Council is advised by non-voting officers co-opted by council, including the president, and by five committees, each led by its elected officer: Finance & Resources, Membership & Ethics, Education Training & Standards, Policy, and Communications & Outreach. These committees help oversee a range of advisory subcommittees, representatives and panels.

Council and committees are supported by a small national office executive team to manage operations, alongside other operational support.

The trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.

Page 6

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . 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 charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ David McDonald (Chair of Trustees) Date: 14 June 2021

................................................ Lone Beatrix Le Vay (Vice Chair)

Page 7

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020

Independent examiner's report to the Trustees of The Institute of Historic Building Conservation ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2020.

Responsibilities and basis of report

As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 ('the 2005 Act'), the Charities Accounts (Scotland) Regulations 2006 (as amended) ('the 2006 Accounts Regulations') and the Companies Act 2006 ('the 2006 Act'). You are satisfied that the accounts of the charity are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the charity 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 the charity's accounts carried out under section 44(1)(c) of the 2005 Act and section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the requirements of Regulation 11 of the 2006 Accounts Regulations and the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the 2006 Accounts Regulations. I can confirm that I am qualified to undertake the examination because I am a registered member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act and Regulation 4 of the 2006 Accounts Regulations; or

  2. the accounts do not accord with those records and with the accounting requirements of Regulation 8 of the 2006 Accounts Regulations; 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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Page 8

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed: Dated: 14 June 2021

Christopher Yeates FCA DChA

Larking Gowen LLP

Chartered Accountants Norwich

Page 9

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
-
344,636
6,712
48,408
399,756
6,627
344,096
350,723
49,033
116,422
49,033
165,455		 Restricted
funds
2020
£
7,616
-
-
-
7,616
-
1,000
1,000
6,616
-
6,616
6,616		 Total
funds
2020
£
7,616
344,636
6,712
48,408
407,372
6,627
345,096
351,723
55,649
116,422
55,649
172,071		 Total
funds
2019
£
-
328,020
10,485
67,513
406,018
6,707
388,803
395,510
10,508
105,914
10,508
116,422

The Statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure in the prior year was unrestricted.

The notes on pages 13 to 28 form part of these financial statements.

Page 10

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION

(A company limited by guarantee)

BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2020

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 369
339,700
340,069
(180,385)		 2020
£
2,387
10,000
12,387
159,684
172,071
172,071
6,616
165,455
172,071		 9,692
277,791
287,483
(183,384)		 2019
£
2,323
10,000
12,323
104,099
116,422
116,422
-
116,422
116,422

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Page 11

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

................................................ ................................................ David McDonald Lone Beatrix Le Vay (Chair of Trustees) (Vice Chair) Date: 14 June 2021

The notes on pages 13 to 28 form part of these financial statements.

Page 12

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. General information

The company is a private company limited by guarantee and incorporated in England and Wales, registration number 03333780. The registered office is Jubilee House, High Street, Tisbury, Wiltshire SP3 6HA. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The Institute of Historic Building Conservation 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.

2.2 Going concern

The trustees have considered the charity’s position at the time of signing the financial statement and financial forecasts.

Based on this, the trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from subscriptions is recognised over the period to which it relates.

Page 13

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on the charity's educational activities as well as any associated support costs and costs relating to the governance of the charity..

All expenditure is inclusive of irrecoverable VAT.

2.5 Branch accounting

All income, expenditure, assets and liabilities relating to branches are incorporated into these financial statements.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 25%

Page 14

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

2. Accounting policies (continued)

2.8 Investments

Investments in subsidiaries are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less impairment.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 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 of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 Financial instruments

The charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

Page 15

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

2. Accounting policies (continued)

2.14 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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 16

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

3. Income from donations

Restricted
funds
2020
£
Donations
7,616
Income from charitable activities
Unrestricted
funds
2020
£
Training and educational activities
26,804
Newsletter and other publications
2,246
Research project management
19,834
Other income
148
Subscriptions
295,604
344,636
Total 2019
328,020		 Total
funds
2020
£
7,616
Total
funds
2020
£
26,804
2,246
19,834
148
295,604
344,636
328,020		 Total
funds
2019
£
-
Total
funds
2019
£
28,436
2,553
8,000
156
288,875
328,020

4. Income from charitable activities

5. Income from other trading activities

Unrestricted
funds
2020
£
Website advertising
6,712
Total 2019
10,485		 Total
funds
2020
£
6,712
10,485		 Total
funds
2019
£
10,485

Page 17

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

6. Investment income

Unrestricted
funds
2020
£
Payments under Gift Aid from subsidiary company
48,161
Bank interest
247
48,408
Total 2019
67,513		 Total
funds
2020
£
48,161
247
48,408
67,513		 Total
funds
2019
£
67,075
438
67,513

7. Expenditure on raising funds

Unrestricted
funds
2020
£
Publicity
6,627
Total 2019
6,707		 Total
funds
2020
£
6,627
6,707		 Total
funds
2019
£
6,707

Page 18

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

8. Analysis of expenditure by activities

Support costs
Newsletters and other publications
Research project management
Creative fund awards and prizes
Schools, conferences and events
Website costs
Subscriptions and professional bodies
Total 2019		 Activities
undertaken
directly
2020
£
-
49,185
14,148
1,000
19,247
24,647
1,165
109,392
149,556		 Support
costs
2020
£
235,704
-
-
-
-
-
-
235,704
239,247		 Total
funds
2020
£
235,704
49,185
14,148
1,000
19,247
24,647
1,165
345,096
388,803		 Total
funds
2019
£
239,247
65,407
16,315
-
41,256
25,047
1,531
388,803

Page 19

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation - owned assets
Subcontractors
Office expenses
Travel expenses
Committee expenses
Branch expenses
Fees for professional services
Accountancy
Other costs
Total 2019		 Support
costs
2020
£
139,255
685
25,615
13,997
4,204
9,327
2,143
15,896
5,356
19,226
235,704
239,247		 Total
funds
2020
£
139,255
685
25,615
13,997
4,204
9,327
2,143
15,896
5,356
19,226
235,704
239,247		 Total
funds
2019
£
161,157
1,004
-
13,301
14,504
17,981
5,348
2,343
5,106
18,503
239,247

9. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,970 ( 2019 - £3,780 ).

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THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10. Staff costs

A part time member of staff is provided by Cathedral Communications Ltd in conjunction with managing the publishing and distribution of the charity's regular publication "Context", together with the associated advertising revenue. The cost of provision of the member of staff was £24,206 for the year ended 30 September 2019 (2019: £27,345). This cost is included within the aggregate payroll costs below:

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2020
£
125,332
8,066
5,857
139,255		 2019
£
146,905
9,089
5,163
161,157

The average number of persons employed by the charity during the year was as follows:

2020 2019
No. No.
Employees 2 4

No employee received remuneration amounting to more than £60,000 in either year.

Total employee benefits of key management personnel were £67,074 (2019: £67,098).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 30 September 2020, expenses totaling £ 2,030 were reimbursed or paid directly to 10 Trustees (2019 - £4,374 to 15 Trustees) . The expenses reimbursed or paid directly to Trustees were for travel costs.

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THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

12. Tangible fixed assets

Cost or valuation
At 1 October 2019
Additions
Disposals
At 30 September 2020
Depreciation
At 1 October 2019
Charge for the year
On disposals
At 30 September 2020
Net book value
At 30 September 2020
At 30 September 2019		 Office
equipment
£
7,695
749
(3,538)
4,906
5,372
685
(3,538)
2,519
2,387
2,323

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THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

13. Fixed asset investments

Cost or valuation
At 1 October 2019
At 30 September 2020
Net book value
At 30 September 2020
At 30 September 2019		 Investments
in
subsidiary
companies
£
10,000
10,000
10,000
10,000

Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Name Company Registered office or principal Class of Holding
number place of business shares
IHBC Enterprises Limited 06473470 Jubilee House Ordinary 100%
High Street
Tisbury
Wiltshire
SP3 6HA

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit for Net assets
£ £ the year £
£
IHBC Enterprises Limited 94,446 (51,260) 43,186 53,546

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THE INSTITUTE OF HISTORIC BUILDING CONSERVATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

14. Debtors

Amounts owed by group undertakings
Prepayments and accrued income		 2020
£
-
369
369		 2019
£
7,500
2,192
9,692

15. Cash at bank

Unrestricted
funds
2020
£
Bank deposit accounts
280,403
Bank current accounts
4,647
Branch accounts
54,650
339,700		 Total
funds
2020
£
280,403
4,647
54,650
339,700		 Total
funds
2019
£
223,262
6,358
48,171
277,791

16. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Accruals and deferred income		 2020
£
24,142
639
155,604
180,385		 2019
£
32,747
-
150,637
183,384

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THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

16. Creditors: Amounts falling due within one year (continued)

Deferred income
Deferred income at 1 October 2019
Resources deferred during the year
Amounts released from previous periods		 2020
£
2020
£
146,857
151,634
(146,857)
151,634		 2019
£
2019
£
140,349
146,857
(140,349)
146,857

Deferred income represents subscriptions received in respect of future periods.

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THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

17. Statement of funds

Statement of funds - current year

Balance at 1
October
2019
£
Unrestricted funds
General Funds
116,422
Restricted funds
Creative Fund
-
Total of funds
116,422		 Income
£
399,756
7,616
407,372		 Expenditure
£
(350,723)
(1,000)
(351,723)		 Balance at
30
September
2020
£
165,455
6,616
172,071

The Creative Fund was established to fund student work, research and awards for excellence.

Statement of funds - prior year

Balance at
Balance at 30
1 October September
2018 Income Expenditure 2019
£ £ £ £
Unrestricted funds
General Funds 105,914 406,018 (395,510) 116,422

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THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2020
£
Tangible fixed assets
2,387
Fixed asset investments
10,000
Current assets
333,453
Creditors due within one year
(180,385)
Total
165,455		 Restricted
funds
2020
£
-
-
6,616
-
6,616		 Total
funds
2020
£
2,387
10,000
340,069
(180,385)
172,071

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2019
£
2,323
10,000
287,483
(183,384)
116,422		 Total
funds
2019
£
2,323
10,000
287,483
(183,384)
116,422

19. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,856 (2019: £5,163). Contributions totalling £877 (2019: £877) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

20. Related party transactions

In the year to 30 September 2020, sales of £9,934 (2019: £7,500) were made to IHBC Enterprises Limited. Purchases from IHBC Enterprises Limited in the year totalled £1,380 (2019: £10,397). The amount due to IHBC Enterprises Ltd at 30 September 2020 was £639 (2019: £7,500 due from IHBC Enterprises Ltd).

During the year, the subsidiary company made a payment under Gift Aid to the charity of £48,161 (2019: £67,075).

21. Controlling party

The company is controlled by the Council Members who are listed on page 1.

Page 28