**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 2021**
## **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 - 26|
## **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 2021**
|**Trustees**|David Chetwyn|
|---|---|
||Alison Davidson|
||Crispin Edwards|
||John Edwards|
||Joanna Evans|
||Jillian Kerry|
||David Kincaid (resigned 3 December 2020)|
||Lone Beatrix Le Vay, Vice Chair|
||Roy Lewis|
||David McDonald, Chair|
||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 2021**
## **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 2021**
The Trustees present their annual report together with the financial statements of the charity for the year 1 October 2020 to 30 September 2021. 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, Wales 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.
The IHBC’s key activities are:
- setting standards for conservation practice and improving education and training in conservation
- raising the profile of conservation and promoting its role in economic and social regeneration
- supporting excellence in all aspects of conservation, whether in the identification, analysis, repair and
- reuse of historic buildings or in new design in historic settings
- stimulating debate on how the role of conservation should develop
- organising training events and further developing the branch network to encourage the continued
- exchange of information between practitioners locally as well as nationally.
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**
In the year to September 2021 the IHBC 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. Indeed despite the ongoing impacts the COVID-19 pandemic which, inevitably, remained of major concern to IHBC’s Trustees, substantial progress continued to be made, building especially on existing, long-term corporate plans.
For example, the charity concluded its initial modernisation with the adoption of a new constitution, our 2020 Articles of Association, developed to represent current best-practice by looking to our own evolution in governance alongside best-practice models offered by chartered bodies. The modernisation was carefully managed by our staff and volunteers, supported by our legal advisers Knights, both to maintain our charitable status while also providing a platform for substantial new ambitions. These included the adoption of a global perspective and remit, and a more environmentally conscious approach to conservation.
Regular activities and member support are already well recorded and reported in our ordinary communications and news to members, such as through our IHBC NewsBlogs and web services, our digital Membership Matters
Page 3
## **THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Achievements and performance (continued)**
newsletter, our journal Context, our Yearbook and our Conservation Wiki as well as through events - including our AGMs and Councils - and elsewhere. Consequently, and in line with the more streamlined reporting and oversight appropriate to our new constitution, there is no need to repeat the details here.
Instead we can summarise highlights among our recent achievements which include:
- Adopting new Articles of Association at our first ‘virtual’ AGM, and updating them at our first ordinary General Meeting under the new constitution, also virtual
- Welcoming the successful delivery of the previous Corporate Plan, ‘CP20’, covering the period 2015-20, including the foundations it laid for recent progress
- Adopting our new Corporate Plan, ‘CP25’, covering the period 2020-25
- Commencing the re-orientation of the operation of our governance to reflect the aspirations of the 2020 Articles, and so ensure that the operations evolve to reflect their aspirations by informing future byelaws, protocols, regulations and guidance appropriately and proportionately
- Instituting emergency measures to minimise and mitigate the ongoing impacts of the pandemic, including reducing staff and related costs as well as adding flexibility in forward planning with a revised reserves policy
- Responding to new and different opportunities in the rapidly changing business environments created by the pandemic, with innovative, managed responses that married learning, income and investment:
- Successful and extended 2-day virtual ‘Brighton School’ in June 2021
- Linked learning-led and virtual School MarketPlace, with prospects to develop a new income stream as well as offer new learning experiences
- Agreeing a pandemic-recovery strategy for volunteers and Branches, including the exceptional allocation of an additional year of funding for Branches, alongside linked events and planning for a new Branch and volunteer support strategy initiated by national office
- Agreeing a recast to the membership categories to support early career progress and educational frameworks while also clarifying historic anomalies around perceptions of IHBC accreditation and associated levels of conservation skills
- Refining and integrating the operations of the IHBC’s new and restricted charity fund, the IHBC CREATIVE Conservation Fund, including through promoting donations at free events and through expenses claims, and arranging allocations to the IHBC’s core charitable activities
- Instituting our first Council under the adopted Articles, adapting models developed under the institute’s original constitution while also reconfiguring to virtual platforms
- Continuing national committees and related work including concluding, in collaboration with IEMA and CIfA, the joint Guidance for Cultural Heritage Impact Assessment
Page 4
## **THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Achievements and performance (continued)**
- Advancing the conservation agenda of the new ‘Conservation, Places and People’ All Party Parliamentary Group (APPG), supported by the IHBC, including launching its first Inquiry, on ‘the value of the historic environment and how it can help to promote growth and regeneration.’
- Initiating the IHBC@COP26 ‘Helpdesk+’ platform and linked arrangements for an innovative heritage presence at the global COP26, designed to extend accessibility to the IHBC’s advocacy though a new, innovative and extrememly popular podcast suite and more publicly-focussed re-casts of agreed policy and practice resources.
As a small charity the IHBC depends on the support, goodwill and dedication of its active volunteers, both in local Branches and across all our tiers of governance.
The IHBC’s board of trustees offers its special and sincere gratitude to the many volunteers, supporters, consultants and staff who have all contributed to the vast work programme over the year.
We note too that, whether offered through our national office or committees, at Board or Council, or within branch operations, the added capacity volunteered by our members and supporters ensures that the IHBC can continue as a cost effective voice for our charitable objects and professional standards, offering essential benefits to the sector while remaining accessible and affordable to our most financially challenged members.
## **Financial review**
## **a. Financial review**
The gross incoming resources arising in the year amounted to £374,748 (2020: £407,372). Overall, the charity's income exceeded its expenditure by £85,039 (2020: £55,649). At the period end the charity had free reserves of £237,161 (2020: £153,068).
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 increased reserves and the uncertainties in the wider economy, the trustees continue to direct reserves to aid investment in growth, services and member benefits, concentrating on consolidating recent initiatives, still with a view to underpinning and securing growth in the IHBC.
## **b. 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 2021**
## **c. Plans for the future**
Plans for the IHBC to the end of the 2021 financial year are encapsulated in our Corporate Plan 2020-25, ‘CP25’, approved at the IHBC’s 2020 Annual General Meeting. For the year to come plans will focus on its delivery.
Future plans include:
- Implementing the ongoing modernisation of our governance under our newly adopted Articles of Association, including supporting the Board and our new and constitutional Council
- Building on core income streams, including membership fees, training events and, through our trading arm, advertisements for jobs tied to our ‘Jobs etc.’ service
- Extending support for our membership as well as the wider sector
- Raising the profile of the Institute, including in research, business, advocacy and training
- Developing the infrastructure and profile of our trade operations with IHBC Enterprises.
## **Structure, governance and management**
## **a. Constitution**
The Institute of Historic Building Conservation was first constituted under Articles of Association as a registered charity on 14 March 1997. It adopted new Articles of Association at its AGM on 3 December 2020.
## **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 Articles of Association.
## **c. Organisational structure and decision-making policies**
The IHBC is governed by an elected board of trustees and directors with up to 12 voting members consisting of up to four elected officers (chair, vice-chair, IHBC secretary and treasurer) and up to 8 trustees including 3 nominated by national branches: Northern Ireland, Scotland and Wales.
The board is advised by a constitutional Council, which comprises the IHBC’s broadest membership, and elects its own chair, the IHBC’s president. Council includes representation from across all Branches, the four national committees - Finance & Resources, Membership & Ethics, Education Training & Standards, Policy, and Communications & Outreach – as well as other advisory and constitutional Special Interest Groups operating variously as Working Groups, panels etc.
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 2021**
## **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 year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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:
select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
................................................ **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 2021**
## **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 2021.
## **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 2021**
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: Christopher Yeates FCA DChA
## **Larking Gowen LLP**
Chartered Accountants Norwich 12 April 2022
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 2021**
|**Note**
**Income from:**
Donations
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income**
**Expenditure on:**
Raising funds
7
Charitable activities
8
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**673**
**322,155**
**7,090**
**41,314**
**371,232**
**4,991**
**283,098**
**288,089**
**83,143**
**165,455**
**83,143**
**248,598**|**Restricted**
**funds**
**2021**
**£**
**3,516**
**-**
**-**
**-**
**3,516**
**-**
**1,650**
**1,650**
**1,866**
**6,616**
**1,866**
**8,482**|**Total**
**funds**
**2021**
**£**
**4,189**
**322,155**
**7,090**
**41,314**
**374,748**
**4,991**
**284,748**
**289,739**
**85,009**
**172,071**
**85,009**
**257,080**|_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_|
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 26 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 2021**
|**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**|**1,209**
**442,677**
**443,886**
**(198,243)**|**2021**
**£**
**1,437**
**10,000**
**11,437**
**245,643**
**257,080**
**257,080**
**8,482**
**248,598**
**257,080**|_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_|
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.
Page 11
**THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
**BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
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:
................................................ ................................................ **David McDonald Lone Beatrix Le Vay** (Chair of Trustees) (Vice Chair) Date:
The notes on pages 13 to 26 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 2021**
## **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 2021**
## **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 2021**
## **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 2021**
## **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.
## **3. Income from donations**
|**Unrestricted**
**funds**
**2021**
**£**
Donations
673
_Total 2020_
_-_|**Restricted**
**funds**
**2021**
**£**
3,516
_7,616_|**Total**
**funds**
**2021**
**£**
**4,189**
_7,616_|_Total_
_funds_
_2020_
_£_
_7,616_|
|---|---|---|---|
|||||
## **4. Income from charitable activities**
|**Unrestricted**
**funds**
**2021**
**£**
Training and educational activities
3,590
Newsletter and other publications
2,239
Research project management
8,884
Other income
1,734
Subscriptions
305,708
322,155
_Total 2020_
_344,636_|**Total**
**funds**
**2021**
**£**
**3,590**
**2,239**
**8,884**
**1,734**
**305,708**
**322,155**
_344,636_|_Total_
_funds_
_2020_
_£_
_26,804_
_2,246_
_19,834_
_148_
_295,604_|
|---|---|---|
|||_344,636_|
||||
Page 16
## **THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **5. Income from other trading activities**
|**Unrestricted**
**funds**
**2021**
**£**
Context advertising
7,090
_Total 2020_
_6,712_|**Total**
**funds**
**2021**
**£**
**7,090**
_6,712_|_Total_
_funds_
_2020_
_£_
_6,712_|
|---|---|---|
||||
## **6. Investment income**
|**Unrestricted**
**funds**
**2021**
**£**
Payments under Gift Aid from subsidiary company
41,282
Bank interest
32
41,314
_Total 2020_
_48,408_|**Total**
**funds**
**2021**
**£**
**41,282**
**32**
**41,314**
_48,408_|_Total_
_funds_
_2020_
_£_
_48,161_
_247_|
|---|---|---|
|||_48,408_|
||||
Page 17
**THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **7. Expenditure on raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2021**
**£**
Publicity
4,991
_Total 2020_
_6,627_|**Total**
**funds**
**2021**
**£**
**4,991**
_6,627_|_Total_
_funds_
_2020_
_£_
_6,627_|
|---|---|---|
||||
## **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 2020_|**Activities**
**undertaken**
**directly**
**2021**
**£**
-
47,453
12,854
1,650
9,745
25,014
1,823
98,539
_109,392_|**Support**
**costs**
**2021**
**£**
186,209
-
-
-
-
-
-
186,209
_235,704_|**Total**
**funds**
**2021**
**£**
**186,209**
**47,453**
**12,854**
**1,650**
**9,745**
**25,014**
**1,823**
**284,748**
_345,096_|_Total_
_funds_
_2020_
_£_
_235,704_
_49,185_
_14,148_
_1,000_
_19,247_
_24,647_
_1,165_|
|---|---|---|---|---|
|||||_345,096_|
||||||
Page 18
**THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **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 2020_|**Support**
**costs**
**2021**
**£**
119,764
950
26,220
10,539
136
224
603
2,059
4,884
20,830
186,209
_235,704_|**Total**
**funds**
**2021**
**£**
**119,764**
**950**
**26,220**
**10,539**
**136**
**224**
**603**
**2,059**
**4,884**
**20,830**
**186,209**
_235,704_|_Total_
_funds_
_2020_
_£_
_139,255_
_685_
_25,615_
_13,997_
_4,204_
_9,327_
_2,143_
_15,896_
_5,356_
_19,226_|
|---|---|---|---|
||||_235,704_|
|||||
## **9. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £4,090 ( _2020_ - _£3,970_ ).
Page 19
**THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **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 £24,835 for the year ended 30 September 2021 (2020: £24,206). This cost is included within the aggregate payroll costs below:
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2021**
**£**
**108,566**
**5,342**
**5,856**
**119,764**|_2020_
_£_
_125,332_
_8,066_
_5,857_|
|---|---|---|
||||
|||_139,255_|
The average number of persons employed by the charity during the year was as follows:
||**2021**|_2020_|
|---|---|---|
||**No.**|_No._|
|Employees|**2**|_2_|
No employee received remuneration amounting to more than £60,000 in either year.
Total employee benefits of key management personnel were £54,088 (2020: £67,074).
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ .
During the year ended 30 September 2021, expenses totaling _£_ NIL were reimbursed or paid directly to Trustee _(2020 - £2,030 to 10 Trustees)_ . The expenses reimbursed or paid directly to Trustees were for travel costs.
Page 20
**THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**12.**
**Tangible fixed assets**
**Cost or valuation**
At 1 October 2020
At 30 September 2021
**Depreciation**
At 1 October 2020
Charge for the year
At 30 September 2021
**Net book value**
At 30 September 2021
_At 30 September 2020_|**Office**
**equipment**
**£**
**4,906**|
|---|---|
||**4,906**|
||**2,519**
**950**|
||**3,469**|
||**1,437**|
||_2,387_|
Page 21
## **THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **13. Fixed asset investments**
|**Cost or valuation**
At 1 October 2020
At 30 September 2021
**Net book value**
At 30 September 2021
_At 30 September 2020_|**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|**119,145**|**48,977**|**70,168**|**82,432**|
Page 22
## **THE INSTITUTE OF HISTORIC BUILDING CONSERVATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **14. Debtors**
|Amounts owed by group undertakings
Prepayments and accrued income|**2021**
**£**
**536**
**673**
**1,209**|_2020_
_£_
_-_
_369_|
|---|---|---|
||||
|||_369_|
## **15. Cash at bank**
|**Unrestricted**
**funds**
**2021**
**£**
Bank deposit accounts
381,333
Bank current accounts
7,264
Branch accounts
54,080
442,677|**Total**
**funds**
**2021**
**£**
**381,333**
**7,264**
**54,080**
**442,677**|_Total_
_funds_
_2020_
_£_
_280,403_
_4,647_
_54,650_|
|---|---|---|
|||_339,700_|
Page 23
## **THE INSTITUTE OF HISTORIC BUILDING CONSERVATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **16. Creditors: Amounts falling due within one year**
|Trade creditors
Amounts owed to group undertakings
Accruals and deferred income
**Deferred income**
Deferred income at 1 October 2020
Resources deferred during the year
Amounts released from previous periods|**2021**
**£**
**38,739**
**-**
**159,504**
**198,243**
**2021**
**£**
**151,634**
**155,319**
**(151,634)**
**155,319**|_2020_
_£_
_24,142_
_639_
_155,604_|
|---|---|---|
||||
|||_180,385_|
|||_2020_
_£_
_146,857_
_151,634_
_(146,857)_|
||||
|||_151,634_|
Deferred income represents subscriptions received in respect of future periods.
## **17. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**October**
**2020**
**£**
**Unrestricted funds**
General Funds
**165,455**
**Restricted funds**
Creative Fund
**6,616**
**Total of funds**
**172,071**|**Income**
**£**
**Expenditure**
**£**
**371,232**
**(288,089)**
**3,516**
**(1,650)**
**374,748**
**(289,739)**|**Balance at**
**30**
**September**
**2021**
**£**
**248,598**|
|---|---|---|
|||**8,482**|
|||**257,080**|
The Creative Fund was established to fund student work, research and awards for excellence.
Page 24
**THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **17. Statement of funds (continued) Statement of funds - prior year**
|_Balance at_
_1 October_
_2019_
_£_
_Income_
_£_
**Unrestricted funds**
General Funds
_116,422_
_399,756_
**Restricted funds**
Creative Fund
_-_
_7,616_
**Total of funds**
_116,422_
_407,372_
**18.**
**Analysis of net assets between funds**
**Analysis of net assets between funds - current year**
**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
1,437
Fixed asset investments
10,000
Current assets
435,404
Creditors due within one year
(198,243)
**Total**
248,598|_Expenditure_
_£_
_(350,723)_
_(1,000)_
_(351,723)_
**Restricted**
**funds**
**2021**
**£**
-
-
8,482
-
8,482|_Balance at_
_30_
_September_
_2020_
_£_
_165,455_
_6,616_
_172,071_
**Total**
**funds**
**2021**
**£**
**1,437**
**10,000**
**443,886**
**(198,243)**
**257,080**|
|---|---|---|
Page 25
**THE INSTITUTE OF HISTORIC BUILDING CONSERVATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **18. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
_2,387_
_10,000_
_333,453_
_(180,385)_
_165,455_|_Restricted_
_funds_
_2020_
_£_
_-_
_-_
_6,616_
_-_
_6,616_|_Total_
_funds_
_2020_
_£_
_2,387_
_10,000_
_340,069_
_(180,385)_
_172,071_|
|---|---|---|---|
## **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 (2020: £5,856). Contributions totalling £877 (2020: £877) were payable to the fund at the balance sheet date and are included in creditors.
## **20. Related party transactions**
In the year to 30 September 2021, sales of £8,884 (2020: £9,934) were made to IHBC Enterprises Limited. Purchases from IHBC Enterprises Limited in the year totalled £600 (2020: £1,380). The amount due from IHBC Enterprises Ltd at 30 September 2021 was £536 (2020: £639 due to IHBC Enterprises Ltd).
During the year, the subsidiary company made a payment under Gift Aid to the charity of £41,282 (2020: £48,161).
## **21. Controlling party**
The company is controlled by the Council Members who are listed on page 1.
Page 26