The ABA Benevolent Fund Annual Report for the AGM 2022
We have suffered another year of Covid and it has entailed many disruptions and inconveniences in our daily lives. In the book world, trade has increasingly gone on line, auctions have been conducted by Zoom and it was only in the second half of the year that book fairs could resume.
Amid all this disruption, the stock market has been extraordinarily buoyant and as a result the Benevolent Fund has done very well. In the year 2021, the Fund grew by 11.33% or £63,188 and now stands at £620,587 which is a record high. Adrian Harrington, Daniel Crouch and myself, the three Trustees of the Fund, are happy to recommend that Waverton Wealth Management continue as our financial advisors for the forthcoming year.
The Fund has also been augmented by the generosity of the membership with donations totalling £10,354 during 2021. Members are thanked for this generosity and are encouraged to give regularly by donations or consider leaving a legacy. A leaflet giving details is available from the ABA Secretary.
There is one slight anomaly to report: during 2021, amid the Covid pandemic which has so disrupted all our lives, we were only asked to dispense £9007, which is the lowest sum for many years. Members are reminded that ‘the Benevolent Fund exists to relieve cases of need, hardship, financial distress, sickness and infirmity for persons who are or have been antiquarian booksellers and their dependants, including current and former employees’. The Fund is not just for ABA members and on occasion we work closely with the PBFA Richard Condon Benevolent Fund. The Fund is a real lifeline in its ability to intervene quickly when required and members are urged to contact the ABA Secretary or any of the Trustees if they feel that the Fund could be of help. The antiquarian book trade is largely made up of small businesses
and we are all potentially vulnerable to financial and health setbacks, especially in this dreadful time of the COVID upheaval.
Finally, I would like to think my fellow Trustees for their prompt and compassionate support which means that we can respond quickly to any emergency. I would also thank Riley Grant, on behalf of my fellow Trustees, who has administered the Fund with such efficiency and good humour over the past year.
Peter Miller, Adrian Harrington and Daniel Crouch The Benevolent Fund Trustees February 2022
CHARITY REGISTRATION NUMBER: 1078700
ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2021
COLNE VALLEY BUSINESS SERVICES LLP T/A CLOKE & CO
Independent Examiner 475 Salisbury House London Wall London EC2M 5QQ
ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2021
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Statement of cash flows | 7 |
| Notes to the financial statements | 8 |
| The following pages do not form part of the financial | statements |
| Detailed statement of financial activities | 17 |
| Notes to the detailed statement of financial activities | 18 |
ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31st DECEMBER 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31st December 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name
Antiquarian Booksellers' Association (International) Benevolent Fund
Charity registration number 1078700 Principal office First Floor 21 John Street London WC1N 1BF
THE TRUSTEES
P Miller (Chairman) A Harrington D Crouch Independent examiner Jonathon D R Holt BA (Hons) FCCA 475 Salisbury House London Wall London EC2M 5QQ
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31st DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
The body of the Trustees consists of the treasurer, for the time being of the Antiquarian Booksellers Association (International), plus two persons nominated and appointed by the Council of the Antiquarian Booksellers Association (International), each appointment being for a term of five years.
POLICIES
The Trustees' policy on reserves is to maintain sufficient funds to cover approximately one year's administration and support costs and to respond to emergency applications for grants which arise from time to time.
The Trustees' policy on grant-making is to consider cases referred to them for the relief of hardship or financial distress or for the payment of medical bills on behalf of former antiquarian booksellers and other dependants of such people.
The Trustees' policy on investments is that they must be made in a lawful manner and having regard to their suitability and the need for diversification.
INVESTMENT POWERS
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity. The Trustees have delegated the management of the investment funds to Waverton Investment Management Limited (formerly known as J O Hambro Investment Management). The fund managers have full discretion to invest worldwide, subject to the investment policies laid down by the Trustees.
The investment managers fees are primarily based on the market value of the assets under their management, but commissions and fees may be levied on investment transactions.
Waverton Investment Management Limited is authorised and regulated by the Financial Conduct Authority.
OBJECTIVES AND ACTIVITIES
The Benevolent Fund is constituted by Trust Deed, dated 25th November 1999, and its objects are:
To relieve in cases of need, hardship, financial distress, sickness,
infirmity and old age, persons who are or have been antiquarian booksellers and the widows and other dependents of such persons.
In setting the Benevolent Fund's objectives, the Trustees have given consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary guidance on the prevention or relief of poverty.
ACHIEVEMENTS AND PERFORMANCE
The Trustees consider that the performance of the charity this year to be satisfactory.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31st DECEMBER 2021
FINANCIAL REVIEW
The income of the Trust increased from £28,316 to £31,525 and grants and donations made by the Trust were £10,375 (2020 - £12,160). The market value of the Trust's investments increased in the year by £31,649 (2019 - £39,128). All grants made during the year were to individuals to relieve cases of financial distress or sickness and infirmity in accordance with object of the Trust's constitution. The net assets of the Trust increased to £625,041 from £565,028. Funding of the Trust continues to be be primarily through investment income and donations.
PLANS FOR FUTURE PERIODS
The Trustees plan to continue the existing policies of careful and prudent investment to provide a long term fund for donations and to increase the total donations made each year.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
P Miller (Chairman) A Harrington Trustee Trustee
D Crouch Trustee
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
YEAR ENDED 31st DECEMBER 2021
I report to the trustees on my examination of the financial statements of Antiquarian Booksellers' Association (International) Benevolent Fund ('the charity') for the year ended 31st December 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Jonathon D R Holt BA (Hons) FCCA Independent Examiner
475 Salisbury House London Wall London EC2M 5QQ
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31st DECEMBER 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 10,375 | 10,375 | 12,160 |
| Investment income | 5 | 21,150 | 21,150 | 16,156 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total income | 31,525 | 31,525 | 28,316 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 14,025 | 14,025 | 31,986 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 14,025 | 14,025 | 31,986 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Net gains on investments | 9 | (42,513) | (42,513) | (31,649) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net income and net movement in funds | 60,013 | 60,013 | 27,979 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 565,028 | 565,028 | 537,049 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 625,041 | 625,041 | 565,028 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 15 form part of these financial statements.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
STATEMENT OF FINANCIAL POSITION
31st DECEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Investments | 13 | 620,588 | 588,404 | |
| CURRENT ASSETS | ||||
| Cash at bank and in hand | 8,132 | 8,031 | ||
| CREDITORS: amounts falling due within one year | 14 | 3,679 | 31,407 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| NET CURRENT ASSETS | 4,453 | (23,376) | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 625,041 | 565,028 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| NET ASSETS | 625,041 | 565,028 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds | 625,041 | 565,028 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 15 | 625,041 ৶৶৶৶৶৶৶৶৶ |
565,028 ৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
P Miller (Chairman) Trustee
A Harrington Trustee
D Crouch Trustee
The notes on pages 8 to 15 form part of these financial statements.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
STATEMENT OF CASH FLOWS
YEAR ENDED 31st DECEMBER 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 60,013 | 27,979 |
| Adjustments for: | ||
| Net gains on investments | (42,513) | (31,649) |
| Dividends, interest and rents from investments | (21,150) | (16,155) |
| Other interest receivable and similar income | – | (1) |
| Accrued expenses | 18 | – |
| Changes in: | ||
| Trade and other creditors | (27,746) | 20,425 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | (31,378) | 599 |
| Interest received | – | 1 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | |
| Net cash (used in)/from operating activities | (31,378) | 600 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | |
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (31,378) | 600 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 8,031 | 7,431 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | (23,347) ৶৶৶৶৶৶৶৶ |
8,031 ৶৶৶৶৶৶৶ |
The notes on pages 8 to 15 form part of these financial statements.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2021
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is First Floor, 21 John Street, London, WC1N 1BF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
LIABILITIES
All liabilities including constructive obligations are included in the accounts.
BASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
INVESTMENTS
Income from investments is accounted for when received. Realised and unrealised capital gains and losses are dealt with in the Statement of Financial Activities in the year in which they arise. Interest on cash deposits and fixed interest securities is accounted for by reference to the period to which it relates.
GOING CONCERN
There are no material uncertainties about the charity's ability to continue.
TAXATION
The Trust has been granted exemption from taxation by HM Revenue & Customs as a registered charity.
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st DECEMBER 2021
3. ACCOUNTING POLICIES (continued)
FUND ACCOUNTING
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
INCOMING RESOURCES
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st DECEMBER 2021
3. ACCOUNTING POLICIES (continued)
RESOURCES EXPENDED
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
INVESTMENTS
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st DECEMBER 2021
3. ACCOUNTING POLICIES (continued)
FINANCIAL INSTRUMENTS (continued)
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 10,375 | 10,375 | 12,160 | 12,160 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st DECEMBER 2021
5. INVESTMENT INCOME
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Income from listed investments | 21,150 | 21,150 | 16,155 | 16,155 | |
| Bank interest receivable | – | – | 1 | 1 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 21,150 | 21,150 | 16,156 | 16,156 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 6. | EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Benevolence of former members | 13,605 | 13,605 | 31,488 | 31,488 | |
| Support costs | 420 | 420 | 498 | 498 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 14,025 | 14,025 | 31,986 | 31,986 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 7. | EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE | ||||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Benevolence of former members | 13,605 | 420 | 14,025 | 31,986 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 8. | ANALYSIS OF SUPPORT COSTS | ||||
| Benevolence | |||||
| of former | |||||
| members | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| General office | 420 | 420 | 498 | ||
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | |||
| 9. | NET GAINS ON INVESTMENTS | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on other investment | |||||
| assets | 42,513 | 42,513 | 31,649 | 31,649 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 10. | INDEPENDENT EXAMINATION FEES | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 420 | 402 | ||
| ৶৶৶৶ | ৶৶৶৶ |
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st DECEMBER 2021
11. STAFF COSTS
The total staff costs and employee benefits for the reporting period are analysed as follows:
2021 2020 £ £
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
12. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. INVESTMENTS
| Cash or cash | Listed | ||
|---|---|---|---|
| equivalents | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1st January 2021 | 31,480 | 556,924 | 588,404 |
| Additions | 21,150 | – | 21,150 |
| Fair value movements | – | 42,514 | 42,514 |
| Transfers | (31,480) | – | (31,480) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| At 31st December 2021 | 21,150 | 599,438 | 620,588 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Impairment | |||
| At 1st January 2021 and 31st December 2021 | – | ||
| ৶৶৶৶৶৶৶৶৶ | |||
| Carrying amount | |||
| At 31st December 2021 | 21,150 | 599,438 | 620,588 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At 31st December 2020 | 31,480 | 556,924 | 588,404 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Listed investments
The aggregate market value of listed investments is £620,588 (2020: £588,404).
Financial assets held at fair value
Investments are stated at fair value based on the valuation provided by Waverton Investment Management who are experienced in dealing with the investments valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.
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ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st DECEMBER 2021
14. CREDITORS: amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 420 | 402 |
| Antiquarian Booksellers Association (International) | 3,259 | 31,005 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 3,679 | 31,407 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
15. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1st January 2 | Gains and | 31st Decemb | |||
| 021 | Income | Expenditure | losses | er 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted Fund | 565,028 | 31,525 | (14,025) | 42,513 | 625,041 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At | At | ||||
| 1st January 2 | Gains and | 31st Decemb | |||
| 020 | Income | Expenditure | losses | er 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted Fund | 537,049 | 28,316 | (31,986) | 31,649 | 565,028 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Investments | 620,587 | 620,587 |
| Current assets | 8,132 | 8,132 |
| Creditors less than 1 year | (3,678) | (3,678) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net assets | 625,041 | 625,041 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Investments | 588,405 | 588,405 |
| Current assets | 8,031 | 8,031 |
| Creditors less than 1 year | (31,408) | (31,408) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net assets | 565,028 | 565,028 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
- 14 -
ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st DECEMBER 2021
17. ANALYSIS OF CHANGES IN NET DEBT
| At | |||||
|---|---|---|---|---|---|
| At | 1 | Jan 2021 | Cash flows | 31 Dec 2021 | |
| £ | £ | £ | |||
| Cash at bank and in hand | 8,031 | 101 | 8,132 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ |
18. RELATED PARTIES
At 31st December 2021 £3,258 (2020 - £31,005) was due to the Antiquarian Booksellers Association (International). The Association nominates the Trustees of the Benevolent Fund as described above, and its members provide income through the form of donations. In the year ended 31st December 2021, members donated £10,575 (2020 - £12,160).
- 15 -
ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
MANAGEMENT INFORMATION
YEAR ENDED 31st DECEMBER 2021
The following pages do not form part of the financial statements.
- 16 -
ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31st DECEMBER 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 10,375 | 12,160 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Investment income | ||
| Income from listed investments | 21,150 | 16,155 |
| Bank interest receivable | – | 1 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 21,150 | 16,156 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Total income | 31,525 | 28,316 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Other motor/travel costs | – | 96 |
| Legal and professional fees | 420 | 402 |
| Benevolence of former members | 13,605 | 31,488 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 14,025 | 31,986 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Total expenditure | 14,025 | 31,986 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Net gains on investments | ||
| Gains/(losses) on other investment assets | (42,513) | (31,649) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net income | 60,013 ৶৶৶৶৶৶৶৶ |
27,979 ৶৶৶৶৶৶৶৶ |
- 17 -
ANTIQUARIAN BOOKSELLERS' ASSOCIATION (INTERNATIONAL) BENEVOLENT FUND
NOTES TO THE DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31st DECEMBER 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Benevolence of former members | ||
| Activities undertaken directly | ||
| Grants made to individuals | 13,605 | 31,488 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Support costs | ||
| Travel costs | – | 96 |
| Independent examiner's fees | 420 | 402 |
| ৄৄৄৄ | ৄৄৄৄ | |
| 420 | 498 | |
| ৄৄৄৄ | ৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Expenditure on charitable activities | 14,025 ৶৶৶৶৶৶৶৶ |
31,986 ৶৶৶৶৶৶৶৶ |
- 18 -
ANTIQUARIAN BOOKSELLERS ASSOCIATION BENEVOLENT FUND FIRST FLOOR 21 JOHN STEET LONDON WC1N 1BF
Messrs Cloke & Co 475 Salisbury House London Wall London EC2M 5QQ
Dear Sirs
ANTIQUARIAN BOOKSELLERS’ ASSOCIATION BENEVOLENT FUND ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021
We, as Trustees, confirm to the best of our knowledge and belief, and having made appropriate enquiries of other trustees and staff of the charity, the following representations given to you in connection with your review of the charity’s accounts for the period ended 31[st] December 2021.
-
We acknowledge as Trustees our responsibility for the accounts, which you have prepared for the charity. All the accounting records have been made available to you for the purpose of your review and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.
-
In our opinion, the accounting policies are appropriate to the charity and conform with generally accepted accounting principles. We confirm that all transactions and balances have been accounted for in accordance with these accounting policies.
-
We confirm that all assets have been included in the balance sheet.
-
We confirm that the values of all the assets in the balance sheet are fairly stated.
-
We confirm that all liabilities have been fully recorded on the balance sheet.
-
We confirm that all liabilities recorded on the balance sheet are properly those of the charity.
-
We confirm that there has been no netting off of assets and liabilities.
-
We confirm that all income has been fully recorded and correctly classified.
-
The charity has not at any time during the period had any transactions with trustees and connected parties.
-
The charity has no contingent liabilities other than those disclosed in the accounts.
-
There has been no event since the balance sheet date which requires disclosing or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
-
The charity has not entered into any charitable commitments other than those disclosed in the accounts.
-
None of the Trustees received any remuneration or reimbursement of expenses during the period for their duties as Trustees.
Yours faithfully
D Crouch (Trustee)
P Miller (Trustee) A Harrington (Trustee)
For and on behalf of The Antiquarian Booksellers Benevolent Fund. Date:
T:\Letters of Rep\ABA\ABA BFund 2021.docx