CHARITY REGISTRATION NUMBER: 1175188
THE BEATRIX POTTER SOCIETY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
David Allen
Chartered Accountants Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY
THE BEATRIX POTTER SOCIETY
CONTENTS
| Reference and administrative details | 1 to 2 |
|---|---|
| Trustees' report | 3 to 11 |
| Independent examiner's report | 12 |
| Statement of financial activities | 13 to 14 |
| Balance sheet | 15 |
| Notes to the financial statements | 16 to 31 |
THE BEATRIX POTTER SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS
| Patron | Dame Patricia Routledge DBE |
|---|---|
| President | Brian Alderson |
| Vice presidents | Judy Taylor Hough MBE |
| Irene Whalley (Died late 2020) | |
| Trustees | Miranda Gore Browne (resigned 1 April 2020) |
| Kathleen Cole | |
| Helen Duder | |
| Donna Priesmeyer | |
| Angela Bettink | |
| Susan Smith | |
| Janet Sullivan | |
| Andrew Wiltshire | |
| Co-opted committee members | Elizabeth Adams |
| Angela Black | |
| Carol Ward | |
| Ex-officio committee members | Annemarie Bilclough (V&A) |
| Elizabeth Hunter MacFarlane (National Trust) | |
| Charity's registered office | c/o Emma Benson |
| Town Head Farm | |
| Grasmere | |
| Ambleside | |
| LA22 9RS | |
| Charity Registration Number | 1175188 |
| Independent examiner | Alison Welton FCA |
| David Allen | |
| Chartered Accountants | |
| Dalmar House | |
| Barras Lane Estate | |
| Dalston | |
| Carlisle | |
| CA5 7NY |
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THE BEATRIX POTTER SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ HSBC Bank plc Chelmsford City Office 99 High Street Chelmsford CM1 1EQ
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
1) SUMMARY
1.1 Statement
The mission of The Beatrix Potter Society is to promote the study of the life and works of Beatrix Potter - as author, illustrator, farmer, and conservationist - both to its Members and to the public.
Its trustees, as named on page 1 herein, present their annual report together with the financial statements of the charity for the year ended 31 December 2020. These have been prepared in accordance with the accounting policies set out on page 16 and comply with the charity's trust deed and applicable law.
The trustees confirm that they have also complied with the requirements of section 17 of the UK Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
1.2 Financial position
The year 2020 was significantly different from all others in the 40-year history of the Society. The impact of the Covid-19 Pandemic was seen in the:
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cancellation of the 2020 AGM in March and the connected 40th anniversary celebration weekend
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postponement of the AGM to 20 June, which was then held over the Internet as a Zoom meeting
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absence of face-to-face meetings throughout the year both in the UK and abroad
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declining membership and subscription income.
Several Members and The Enid Linder Foundation have made donations to support the Society’s activities. This generosity, along with committee efforts to reduce costs has allowed the Society to cover its 2020 administrative and legal expenses.
We are therefore pleased to report that at the end of the financial year, the balance sheet ( page 15 ) shows that we hold Total Funds of £238,230 . Of this sum £154,849 is the value of the Objects we own, £1,000 the shares in The House of the Tailor of Gloucester and £8,402 is the year-end value of our publications and merchandise. With a small amount for debtors £1,152, we hold cash of £91,097. From that balance we hold £15,544 as Designated Conference Funds and £16,801 as Restricted Funds, including the Jane Morse Fund, thereby leaving a balance of £58,752 as ‘cash-in-hand’. Within this figure there is a sum of £10,707 which is deferred membership income carried over from 2020. As explained on page 7.
Our Total Funds amount is a growth of £16,721 on 2019 as we have increased our stocks (a new greeting card and some other publications); have fewer debtors and now own three of Beatrix’s letters, bought for £3,613 as well as three Little Books and two panorama ones kindly donated by Judy Taylor's family. We also made travel expense savings by not holding face-to-face committee meetings due to the Covid-19 lockdowns.
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
2) GOVERNANCE
2.1 Nature of governing document
The Society was founded in 1980 as unincorporated association No. 281198 and became dually registered as Charitable Incorporated Organisation (CIO) No. 1175188 on 17 October 2017. On 1 January 2019 the two combined and have since operated solely as CIO No. 1175188. These accounts show the combined position.
2.2 Our Governance
The Society is governed by its constitution and as stated therein:
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acts as a forum for those who have a mutual interest in the life and works of Beatrix Potter;
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promotes the study and appreciation of her life and works; and
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upholds the integrity of her inimitable and unique work, her aims and bequests.
2.3 Our Aims and Objectives
In order to achieve our mission, the Society:
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holds Member and guest meetings and conferences, both in the UK and overseas;
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sponsors readings of Beatrix Potter's works in libraries and schools;
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supports talks to introduce the life of Beatrix Potter to groups of all ages;
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arranges visits to places of interest connected with her life and works;
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sponsors special charitable projects relating to her life and works;
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produces or assists in the production of publications promoting these aims and objects; and
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purchases original Beatrix Potter material to preserve it for all to enjoy.
3) PUBLIC BENEFIT
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
To achieve our mission, The Beatrix Potter Society manages and promotes a variety of public programmes and activities which are for public benefit. These are two specific projects:
3.1 Reading Beatrix Potter project (RBP )
Volunteer Members of the Society introduce Beatrix Potter's life and works to children in schools, libraries, and other places (for example at book fairs), focusing particularly on aspects that broaden the experience of children in the fields of literacy, literature, history, the arts, science, and conservation work.
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
3.2 Introducing Beatrix Potter project (IBP)
Volunteer Members of the Society talk about Beatrix Potter's life to adult groups in all kinds of situations - from Women's Institute groups to U3A classes. The emphasis is on her work as a Herdwick sheep farmer and conservationist in the Lake District, thereby preserving that area's historic and beautiful landscape, as well as on her literary and artistic achievements. Many of our presenters also share items from their personal Beatrix Potter collections.
However, for 2020 please note:
Due to the Covid-19 pandemic, few RBP or IBP events were possible during 2020; however, several Society Members have used Zoom to offer RBP and IBP virtually. At the time of writing this report, the UK is in various stages of lockdown and, although some schools and libraries are open, there are very strict rules in place to reduce the spread of infection. The situation is much the same in North America and elsewhere. We look forward to offering RBP and IBP to more audiences once the pandemic wanes.
3.3 Acquisition of original Potter material
The Society strives to purchase original letters, artwork, and objects that relate to Beatrix Potter’s life. In order that they may be viewed by the public and used by researchers, items owned by the Society are placed on long-term loan at the National Trust's properties in the Lake District, at the Victoria and Albert Museum in London, and at the Armitt Museum in Ambleside. From time to time they are displayed at exhibitions for people of all ages to see and enjoy.
During 2020, the Society were fortunate to buy, at auction, three handwritten letters by Beatrix Potter, signed H.B. Heelis and dated 1937 - 43. All the letters are previously unknown, having been passed down through the recipient’s family until now.
Judy Taylor, one of our Vice-Presidents, has also very kindly gifted the Society five first editions from her collection: and , each in their original panorama format and first book format, as well as
3.4 Publication of books and articles
The Society has a long tradition of publishing and selling books about the life and work of Beatrix Potter, as well as Beatrix Potter-themed greeting cards. We also routinely inform Members and the public about new editions of Beatrix Potter’s books, as well as new books and articles about her life.
Our print-based is produced three times annually, and our online newsletter, ‘ ,’ is distributed to over 3,000 people worldwide six times annually. We are pleased that due to the dedication of many volunteers, most notably our editorial team, the Society was able to continue to provide these publications during 2020 despite the challenges of Covid. We were also able to produce and sell a holiday greeting card based on a reproduction of an illustration by Beatrix named (This card is privately owned by a Society member who granted permission for its use).
The Society was also delighted to use its website to publicise and sell copies of a fundraising book published by the Parent Teachers Association of Bousfield Primary School. The book tells the history of the school that was built on the site of the Potter’s home, after it was destroyed during the Second World War. It brought strong orders from members and school alumni.
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
3.5 Operation of a website and social media feeds
The Society’s website and social media accounts provide additional examples of how we strive to inform the general public. During 2020, the Society’s website had 138,110 different visitors for a total of 476,992 visits. This is an increase of 50% compared to 2019. Our volunteers responded to over 100 queries from the media, researchers, and the public about Beatrix Potter’s life and work, where to see her original art, valuing collectibles, and Society activities. The Society's Twitter, Facebook, and Instagram accounts attracted over 15,000 hits. Social media is a great way for Society Members, as well as the general public, to meet others who are Beatrix Potter enthusiasts. Our presence on social media platforms has been especially appreciated by people who were socially isolated for much of 2020 due to Covid lockdown.
4) STRUCTURE AND MANAGEMENT
4.1 The recruitment and appointment of our committee
The election of trustees is governed by the constitution of the Society. Eight trustees are elected from the membership and form the core of the committee running the Society. Trustees are elected at AGMs, each for a first period of three years with the possibility of a second three-year term.
Per our bylaws the committee may co-opt, on an annual basis, Members of the Society as they deem necessary to maintain operations; such co-opted Members do not have the right to vote on committee decisions. The committee annually invites representatives of bodies that have important connections with the life and works of Beatrix Potter to serve as ex-officio members of the committee, also without voting rights.
Non-voting overseas Liaison Officers are appointed by the committee in North America, Australia and Japan. They conduct outreach to welcome new Members and plan regional events.
4.2 Use of volunteers
The eight trustees, together with those who are co-opted and the Overseas Liaison Officers, are unpaid volunteers, each with a particular area of responsibility. We are extremely grateful for their goodwill, as well as that of several other Members who undertake various tasks for the Society.
4.3 Committee meetings and administration
Due to the COVID-19 pandemic, the trustees did not gather in-person for any Committee meetings. Instead, they worked virtually via email and Zoom to handle administrative matters and provide leadership to the Society.
The publication of the Society's is now three times a year under the editorship of Libby Joy and Janet Sullivan, and in autumn Catherine Minard began to serve as editor. Emma Benson continued as Financial Administrator and worked successfully with our Treasurer to ensure the smooth running of the Society's finances. Andrew Wiltshire, our Sales Manager, continued to work with the independent despatch company, Task Fulfilment Limited (TFL) of Brightlingsea, Essex, to oversee the sale and dispatch of Society merchandise.
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
4.4 Meetings open to Members and the public
Due to the COVID-19 pandemic, which made in-person gatherings impossible during much of 2020, the AGM was held via Zoom on 26 June at 16.00 with 25 Members present. This meeting was in lieu of the originally scheduled AGM at The University of Cumbria at Ambleside at 14:00 on Saturday 14 March.
Instead of the traditional Festive Gathering meal and speaker, the focus of this year’s virtual event was a quiz on facts related to many aspects of Beatrix Potter studies. It was held on Saturday 21 November and led by Liz Adams, Membership Secretary. It was conducted in the form of two Zoom calls, the first with four Members in Australia at 08.00 and the second with 36 Members in the UK, US, Canada, and Europe at 16.00. All involved agreed it was a very successful day.
4.5 Membership
Total membership of Beatrix Potter Society as at 31 December 2020 was 496 compared to 527 on 31 December 2019. During 2020, 82 people joined the Society and 110 left.
The Society had members in the following locations: UK - 197, USA - 231, Japan - 15, Canada - 15, Australia - 11, The Netherlands - 7, and between 1-4 from each of Belarus, Croatia, Estonia, France, Ireland, Italy, Jersey, Macau, Malta, New Zealand, and Norway. The 496 total memberships consisted of 16 institutions, 68 joint, and 412 individuals.
In December 2017 Membermojo was introduced as an online membership programme and the 2018 membership year became a rolling one. By the end of that year our membership income was £20,807.
Rolling membership take-up continued during 2019 and by 31 December, income of £20,082 had been received. However, during that year the decision was taken to revert to the original method of having a calendar year membership system - with 2020 being the transition year. The rationale for the change was to ensure all members receive three during their membership year and the society’s income is known at the beginning of each year.
This change has meant that there have been two periods for membership renewal in 2020 and, with renewals for 2021 being possible from December, several Members have kindly paid for 2020 and 2021 membership in 2020.
Nevertheless, to clarify the monies in these accounts we now declare that income of £13,682 was obtained during 2020 and this amount has been carried over into the beginning of that January and the £10,707 also received last year relates to 2021. This has therefore been treated as deferred income.
(These membership income figures for 2019 and 2020 are shown in Note 2 of the Financial Statements - Income From Donations And Legacies and the deferment in Note 17 Creditors.)
We are delighted to thank the many Members that have been joining and/or renewing online, using PayPal or a credit card, thus saving some administrative effort. For those without email, a membership form is posted, and they have paid by cheque. So, too, do the few Members who continue to prefer that method rather than pay online. Bank transfer is used to pay for some institutional memberships.
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
4.6 Data protection
Throughout its activities during the year the Society has continued to follow the requirements of the General Data Protection Regulation (GDPR) and the committee has the proper processes in place to safeguard the personal data of Members and individuals from the general public who use our website and social media sites.
5) PERFORMANCE
5. Merchandise and Publications Sales
Our website shop continued to be an important source of income through the sale of our publications, greeting cards, and other merchandise, such as the ever-popular storage binders. The website shop was especially vital this year, as we were unable to hold face-to-face meetings and sell our products to Members in person. Our online sales programme benefits greatly from the skilled efforts of Trustee Angela Bettink, who serves as the Society’s website and social media manager, and who oversees our online payment system.
During 2020 we obtained a trading income of £5,419 - an increase of £1,406 compared to 2019 - and the valuation of our merchandise and publication stocks increased from £5,456 to £8,402 due to new stocks of greeting cards, binders, and books. This new value has been reported to our insurance company who have increased our indemnity cover.
Despite some unavoidable delays due to new Covid regulations, TfL continued to efficiently store and distribute the Society’s merchandise orders throughout the year. HMRC added new administrative requirements due to Brexit, and Royal Mail increased its shipping fees. Although we try to keep our merchandise as affordable as possible, such changes result in the need to increase our pricings for 2021.
6) PLANS FOR FUTURE PERIODS
The year 2021 brings significant changes to the committee as Kathy Cole is standing down after six years as a trustee, having spent five of those years as the Society’s Secretary. Angela Black is also stepping down as Co-opted Meetings Secretary, having served the committee in various ways since 2009. Donna Priesmeyer is standing down after three years as our Chair of Publications. We thank each for their hard work over these years and we look forward to welcoming new committee members.
Despite the challenges of Covid, the committee and many other volunteers from the membership remained dedicated to the mission of the Society during 2020. As life returns to normal during 2021, we hope to organise at least one in-person Society meeting and to begin to plan a belated celebration of our 40th anniversary next spring. We also look forward to re-invigorating our marketing activities and improving our online presence and resuming our charitable activities, and the public benefit projects mentioned earlier.
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
7) FINANCIAL REVIEW
7.1 Policy on reserves
The committee has examined the Society's requirements for reserves in the light of the main risks to the charity. It has established that reserves are required to meet the working capital need of the Society in order to enable it to continue its current activities in the event of a drop in funding, to provide resources to purchase items at auction (or otherwise for sale) to augment the collections of Beatrix Potter original material held in the UK, to finance the Society's two special projects (RBP and IBP), to allow it to sponsor scholars to attend the biennial conferences, and to enable grants to be made to other bodies with similar interests. The committee has assessed the level of unrestricted funds not committed or invested in objects, programme-related investments or tangible fixed assets required to be retained as a reserve as between three- and six-months’ expenditure. The present level of available funds is £91,097 , which is sufficient to satisfy the assessed reserves requirement.
7.2 Investment policy and objectives
The Restricted Objects Fund amounts to £1,400 at year end 2020. It is kept for the specific purpose of acquisition of Beatrix Potter memorabilia and original material. The committee reviewed their policy for investing funds and found that the facilities of HSBC supplied better arrangements than CAF Bank. Thus, the Society’s accounts were combined into two holdings at HSBC, a Community account and a Business Money Manager account. The only other investment is the programme-related investment of shares in The House of the Tailor of Gloucester.
7.3 Risk review
The committee has conducted its own review of the major risks to which the charity is exposed, and systems have been set up to mitigate those risks. Internal risks are minimized by the implementation of procedures for authorisation of all financial transactions and projects. The procedures are periodically reviewed to ensure that they still meet the needs of the charity.
8) FINANCIAL INSTRUMENTS
8.1 Objectives and policies
The charity’s activities expose it to a number of financial risks including credit, cash flow, and liquidity. The use of financial derivatives is governed by policies approved by the trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
8.2 Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
8.3 Credit Risk
The charity’s principal financial assets are bank balances and cash, other receivables, and investments. The trustees have considered the risks that affect the day-to-day operations and have adopted procedures that are appropriate to the size of the charity.
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THE BEATRIX POTTER SOCIETY
TRUSTEES' REPORT
8.4 Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details about liquidity risk can be found in the Statement of accounting policies in the financial statements.
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TRusfEES' REPORT STATEMENT OF TRusfEES' REspoMsi8iullES tNs¢ees a WSIb for tru5t TeFQrt ar tht flnandal ststements In accordan app1k•b Lowand Unthl IndudlThJ FlnancL41 Rewdry Stsnthrd 102.. The Finw& RepThj StaThlarf aOkabk trt UK arxl RewlAt Ireld Iunlbj Klngdcffl Gewalty N£ceFted The aptable to thartts In aThl Wales rejwes trustee5 to wepare nnandjl StateEntS for eath finaal yew wlh gfve a true aTh1 faw of t stats ef aff•lr5 of charfty and es SrK&ne e<FerbJrture of rtf In k¥eparirvJ t1 finaal Slaternts, the trustees are wulre41 to: ' select sultstle ttlkles ar tkn ap tkn Cl,. ' State whether aOkalJle acctyJnUTra sthr hove fdlx%wJ, subjvl to ary mtslal deF•rtures dlxk)sJ and eXp1atrd k) tr firwrthl 5Iat&i.' arn thjt the dwity tofin ac¢urnLy at any tkne the A1 p)sStkn rf the chwlty •KI erwt4e t1 to eNire that the nnpndal atements c£fflply thth thorlt5 2011, apF4kable IP£ctwnts arba Rewrtsl ReguJatkJns, arK4 provtslorts cl the corstutkn. The tru51ees a r¢Sle SafegUtrYJ the Sets of the charlty reasonable steps for the weVenon and dttettkn ol fraud ¢)ther IrregurI The trustees are ruFe fcf ma6ntemj arKI lrte9rlty d the chadty and flnancl Infmatk)n Included ¢n the tharftys Legtslatkn In gMrn4rfj th8 weparJtb)n arJ di53e Inatk)n ol fifiafitial stotem dfftr frun bjlslaikin kn ¢Xher lurlgjktkns. ATrarew P. WIRshl TY6]sur arKI trwtee
THE BEATRIX POTTER SOCIErY INDEPENDEtir EXAMINER'S REPORT TO ThE TRUSTEES OF THE BEATRIX POThER SOaErY I report to the charty trustees on my examlnatbn of the accounts of the chartty for the year KIed 31 tcemr 2020 which a set out on pages 13 to 31. Respectlve responslbllltles of trustees and examlner As the charity's trustees of The Beatrix Potter y¢)u are responsible for the preparath)n of the accounts Sn acCthe wlth tr requirements of the Ctharities 2011 Cthe ACV). I report in respect of my examination of the The Beatrix Potter W's accounts carrled out under section 145 of the 2011 Act and in carryirvj out my examination I have followed all the aFvllcable Directions given by the Charity Commission under sectw)n 145(5)(b) of the kL Independent examiner's statement I have compthd my examinath)n. I confinn that no nrial matters have come to my attention In connection wlth tt examlnation glving me cause to that In any material respect: l. accountlng reccyds were not kept In respert Beatrlx Potter as requlred by settlon 130 of the Act; or 2. the accounts do actyd wlth rttords; or 3. the accounts do not comply with the accounting requlrements COnrnIng the form and content of accounts set out in the Charit5 (Accounts aThJ Reports} Regulations 2008 other than any requirement that the accounts give a 'tn and fair view which Is not a matter considered as part of an Independent examlrkltlon. I have no concerns aThJ have come across no otrw matters in connection wlth the examlnatlon to whlch attentk)n should be drawn In this rewjrt In ryder to enable a proFEr understandlng of the accounts to be reached. Alison Welton FCA Independent Examiner Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY 13 March 2021 -12-
THE BEATRIX POTTER SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Combined | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total | total | |||||||
| Unrestricted | Restricted | 2020 | 2019 | |||||
| Note | £ | £ | £ | £ | ||||
| Income from: | ||||||||
| Donations and legacies | 2 | 19,677 | 8,287 | 27,964 | 24,641 | |||
| Charitable activities | 3 | - | - | - | 2,201 | |||
| Other trading activities | 4 | 6,744 | - | 6,744 | 5,257 | |||
| Investment income | 5 | 198 | - | 198 | 103 | |||
| Total income | 26,619 | 8,287 | 34,906 | 32,202 | ||||
| Expenditure on: | ||||||||
| Raising funds | 6 | (992) | - | (992) | (3,546) | |||
| Charitable activities | 7 | (15,558) | (1,635) | (17,193) | (26,574) | |||
| Total expenditure | (16,550) | (1,635) | (18,185) | (30,120) | ||||
| Net movement in funds | 10,069 | 6,652 | 16,721 | 2,082 | ||||
| Reconciliation of funds | ||||||||
| Total funds brought forward | 211,360 | 10,149 | 221,509 | 219,427 | ||||
| Total funds carried forward | 18 | 221,429 | 16,801 | 238,230 | 221,509 |
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THE BEATRIX POTTER SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Combined | ||||||
|---|---|---|---|---|---|---|
| total | ||||||
| Unrestricted | Restricted | 2019 | ||||
| Note | £ | £ | £ | |||
| Income from: | ||||||
| Donations and legacies | 2 | 23,394 | 1,247 | 24,641 | ||
| Charitable activities | 3 | 1,900 | 301 | 2,201 | ||
| Other trading activities | 4 | 5,257 | - | 5,257 | ||
| Investment income | 5 | 103 | - | 103 | ||
| Total income | 30,654 | 1,548 | 32,202 | |||
| Expenditure on: | ||||||
| Raising funds | 6 | (3,546) | - | (3,546) | ||
| Charitable activities | 7 | (21,760) | (4,814) | (26,574) | ||
| Total expenditure | (25,306) | (4,814) | (30,120) | |||
| Net movement in funds | 5,348 | (3,266) | 2,082 | |||
| Reconciliation of funds | ||||||
| Total funds brought forward | 206,012 | 13,415 | 219,427 | |||
| Total funds carried forward | 18 | 211,360 | 10,149 | 221,509 |
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BALANCE SHEEfASAT 31 DE¢E14BER 1010 2020 19 Taryjbk assets 13 14 154,849 151,236 Is 16 5,456 2,398 Cash at In IhirKI 17 Nat a55ets Vwmli olth•th•rrtr. I6.1 10,149 Tolal fund• The flThaaI staternents m p>Je5 13 to 31 wwe the trust¥ arrfl autlYMW tr155UE 13 rch 2021 a Andrew P. Imishtre
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 ACCOUNTING POLICIES
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Beatrix Potter Society 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 notes.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
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. Actual results may differ from these estimates.
Income
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Membership subscriptions are recognised in the period to which they relate.
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Publication income and bring and buy income is recognised when receipt is probable and its amount can be measured reliably.
Interest income is recognised in the year in which it is received.
Income from promotion and events undertaken by the society in delivery of their objects, is classified as unrestricted funds as there is not a requirement for the income to be spent on a particular purpose or returned if unspent, if this were the case it may be regarded as restricted.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
These are costs incurred in trading activities that raise funds.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs have been allocated to activity cost categories on a basis consistent with the use of resources.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examiner's fees.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible assets - Objects owned
Objects owned by the Society are stated at valuation. Valuation represents the Committee's assessment of the open market value of each item, supported by periodic expert opinion. No depreciation is charged.
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THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Projector 20% straight line Objects owned 25% reducing balance
Programme related investments
Programme related investments are made in furtherance of the charity’s objects and any investment return is secondary to the charitable purpose supported by the investment. Such investments are included at their cost. Any loss or impairment arising from such investments is charged as part of charitable activities within the Statement of Financial Activities.
Stock
Stocks of publications, greeting cards and badges are valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost comprises the direct publication or purchase costs.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
- 18 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
The revaluation reserve comprises the difference between the original recognition value and the balance sheet carrying value of the Society's objects owned.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
- 19 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Investments are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 INCOME FROM DONATIONS AND LEGACIES
| Unrestricted | |||||||
|---|---|---|---|---|---|---|---|
| funds | Restricted | Total | Total | ||||
| General | funds | 2020 | 2019 | ||||
| £ | £ | £ | £ | ||||
| Donations and legacies; | |||||||
| Donations | 5,995 | 8,287 | 14,282 | 4,559 | |||
| Membership subscriptions | 13,682 | - | 13,682 | 20,082 | |||
| 19,677 | 8,287 | 27,964 | 24,641 |
3 INCOME FROM CHARITABLE ACTIVITIES
| Total | Total | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| £ | £ | |||||
| Conference, | meetings | and | events | income | - | 2,201 |
- 20 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4 INCOME FROM OTHER TRADING ACTIVITIES
| Unrestricted | |||||
|---|---|---|---|---|---|
| Total | Total | ||||
| General | 2020 | 2019 | |||
| £ | £ | £ | |||
| Trading income; | |||||
| Publication sales | 5,419 | 5,419 | 4,013 | ||
| Events income; | |||||
| Bring and buy sales - UK | 325 | 325 | 944 | ||
| Image permissions | - | - | 300 | ||
| Advertisements | 1,000 | 1,000 | - | ||
| 6,744 | 6,744 | 5,257 |
5 INVESTMENT INCOME
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Total | Total | |||
| General | 2020 | 2019 | |||
| £ | £ | £ | |||
| Income from dividends; | |||||
| Dividends received | 100 | 100 | - | ||
| Interest receivable and similar income; | |||||
| Interest receivable on bank deposits | 98 | 98 | 103 | ||
| 198 | 198 | 103 | |||
6 EXPENDITURE ON RAISING FUNDS
a) Costs of trading activities
Unrestricted
| Unrestricted | |||||
|---|---|---|---|---|---|
| Total | Total | ||||
| General | 2020 | 2019 | |||
| £ | £ | £ | |||
| Fundraising trading costs; | |||||
| Publication costs | 992 | 992 | 3,546 | ||
| 992 | 992 | 3,546 |
- 21 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7 EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted
| Unrestricted | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total | Total | |||||||
| General | Restricted | 2020 | 2019 | |||||
| Note | £ | £ | £ | £ | ||||
| Journal and | ||||||||
| newsletter costs | 7,747 | - | 7,747 | 5,158 | ||||
| Pottering about - E | ||||||||
| newsletter | 552 | - | 552 | - | ||||
| US Events | ||||||||
| expenditure | 1,058 | - | 1,058 | 3,204 | ||||
| Festive gathering | ||||||||
| (Restricted) | - | - | - | 2,497 | ||||
| Grants and | ||||||||
| donations made | - | 85 | 85 | 400 | ||||
| Allocated support | ||||||||
| costs | 8 | 5,001 | 1,550 | 6,551 | 14,115 | |||
| Governance costs | 8 | 1,200 | - | 1,200 | 1,200 | |||
| 15,558 | 1,635 | 17,193 | 26,574 |
£15,558 (2019 - £21,760) of the above expenditure was attributable to unrestricted funds and £1,635 (2019 - £4,814) to restricted funds.
In addition to the expenditure analysed above, there are also governance costs of £1,200 (2019 - £1,200) which relate directly to charitable activities. See note 8 for further details.
- 22 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
8 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
Support costs allocated to charitable activities
| Governance | Governance | Governance | Finance | Administration | Administration | Administration | Administration | Administration | Total | Total | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| costs | costs | costs | 2020 | 2019 | ||||||||
| £ | £ | £ | £ | £ | ||||||||
| Committee | ||||||||||||
| meeting expenses | 370 | - | - | 370 | 6,150 | |||||||
| Printing, postage, | ||||||||||||
| stationery and | ||||||||||||
| telephone | - | - | 313 | 313 | 217 | |||||||
| Insurance | - | - | 1,104 | 1,104 | 1,224 | |||||||
| Financial | ||||||||||||
| administration | - | - | 3,303 | 3,303 | 4,531 | |||||||
| Credit card and | ||||||||||||
| bank charges | - | 1,074 | - | 1,074 | 1,134 | |||||||
| Website and | ||||||||||||
| publicity | - | - | 387 | 387 | 859 | |||||||
| 370 | 1,074 | 5,107 | 6,551 | 14,115 |
Governance costs
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Total | Total | |||
| General | 2020 | 2019 | |||
| £ | £ | £ | |||
| Independent examiner fees | |||||
| Examination of the financial statements | 1,200 | 1,200 | 1,200 | ||
| 1,200 | 1,200 | 1,200 |
- 23 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
9 NET INCOMING/OUTGOING RESOURCES
Net incoming resources for the year include:
| Net incoming resources for the year include: | |||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Other non-audit services | 1,440 | 1,440 | |
| Independent examiner's fees | 1,200 | 1,200 |
10TRUSTEES REMUNERATION AND EXPENSES
During the year the charity made the following transactions with trustees:
£1,780 (2019: £4,241) of expenses were reimbursed to 4 trustees (2019: 6) during the year.
At the balance sheet date the amount due to trustees (2019: 1 trustee) was £Nil (2019: £385). No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
11STAFF COSTS
The average head count of employees during the year was Nil (2019 - Nil).
No employee received emoluments of more than £60,000 during the year.
12TAXATION
The charity is a registered charity and is therefore exempt from taxation.
- 24 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
13TANGIBLE FIXED ASSETS
| 13TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|
| Objects | |||||
| Projector | owned | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 1 January 2020 | 283 | 151,235 | 151,518 | ||
| Additions | - | 3,613 | 3,613 | ||
| At 31 December 2020 | 283 | 154,848 | 155,131 | ||
| Depreciation | |||||
| At 1 January 2020 | 282 | - | 282 | ||
| At 31 December 2020 | 282 | - | 282 | ||
| Net book value | |||||
| At 31 December 2020 | 1 | 154,848 | 154,849 | ||
| At 31 December 2019 | 1 | 151,235 | 151,236 |
The Objects Owned are held by the Society for its charitable purposes and are valued annually by the respective custodians and Society officers who are, given the nature of the Objects, competent to do so.
- 25 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
14SOCIAL INVESTMENTS
Programme related investments
| Programme related investments | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | ||||||||||||
| £ | £ | |||||||||||
| Cost | ||||||||||||
| At 1 January 2020 | 1,000 | 1,000 | ||||||||||
| At 31 December 2020 | 1,000 | 1,000 | ||||||||||
| Provision | ||||||||||||
| At 31 December 2020 | - | - | ||||||||||
| Net book value | ||||||||||||
| At 31 December 2020 | 1,000 | 1,000 | ||||||||||
| At 31 December 2019 | 1,000 | 1,000 | ||||||||||
| During the year ended 31 December 2006 the Society subscribed for 1,000 shares of | £1 each | in The | ||||||||||
| House of the Tailor of Gloucester Limited. This company duly secured | funding | to | reopen | the House as | ||||||||
| a museum and to operate a Beatrix Potter shop. The investment | was made | in furtherance | of the | |||||||||
| Society's objectives and is accordingly a programme related investment, under SORP 2015. The | ||||||||||||
| investment is stated at cost and no provision for impairment is required | at 31 | December | 2020. | |||||||||
| 15STOCK | ||||||||||||
| 2020 | 2019 | |||||||||||
| £ | £ | |||||||||||
| Stocks (publications and merchandise) | 8,402 | 5,456 | ||||||||||
| 16DEBTORS | ||||||||||||
| 2020 | 2019 | |||||||||||
| £ | £ | |||||||||||
| Gift aid recoverable | 972 | 2,200 | ||||||||||
| Prepayments | 180 | 198 | ||||||||||
| 1,152 | 2,398 |
- 26 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
17CREDITORS: amounts falling due within one year
| 17CREDITORS: amounts falling due within one year | |||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Other creditors | 194 | - | |
| Accruals | 7,369 | 7,011 | |
| Deferred income | 10,707 | - | |
| 18,270 | 7,011 |
18FUNDS
| 18FUNDS | |||||||
|---|---|---|---|---|---|---|---|
| Balance at | |||||||
| Balance at 1 | 31 | ||||||
| January | Incoming | Resources | December | ||||
| 2020 | resources | expended | 2020 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General funds | 151,575 | 26,619 | (16,550) | 161,644 | |||
| Revaluation reserve | 44,241 | - | - | 44,241 | |||
| 195,816 | 26,619 | (16,550) | 205,885 | ||||
| Conference | 15,544 | - | - | 15,544 | |||
| Total unrestricted funds | 211,360 | 26,619 | (16,550) | 221,429 | |||
| Restricted funds | |||||||
| Administration and Festive | |||||||
| Gathering | 5,538 | 8,000 | (1,550) | 11,988 | |||
| Purchased objects | 1,400 | - | - | 1,400 | |||
| Jane Morse Memorial Fund | 3,211 | 287 | (85) | 3,413 | |||
| Total restricted funds | 10,149 | 8,287 | (1,635) | 16,801 | |||
| Total funds | 221,509 | 34,906 | (18,185) | 238,230 |
- 27 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Balance at | |||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||||
| January | Incoming | Resources | December | ||||
| 2019 | resources | expended | 2019 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General funds | 146,227 | 30,654 | (25,306) | 151,575 | |||
| Revaluation reserve | 44,241 | - | - | 44,241 | |||
| 190,468 | 30,654 | (25,306) | 195,816 | ||||
| Conference | 15,544 | - | - | 15,544 | |||
| Total unrestricted funds | 206,012 | 30,654 | (25,306) | 211,360 | |||
| Restricted | |||||||
| Administration and Festive | |||||||
| Gathering | 9,651 | 301 | (4,414) | 5,538 | |||
| Purchased objects | 1,400 | - | - | 1,400 | |||
| Jane Morse Memorial Fund | 2,364 | 1,247 | (400) | 3,211 | |||
| Total restricted funds | 13,415 | 1,548 | (4,814) | 10,149 | |||
| Total funds | 219,427 | 32,202 | (30,120) | 221,509 |
- 28 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
The specific purposes for which the funds are to be applied are as follows:
PURPOSES OF RESTRICTED FUNDS
The Administration and Festive Gathering Fund was established for donations receivable from The Enid Linder Foundation and others, that are to be applied towards the administration costs and the Festive Gathering. £8,000 was received from The Enid Linder Foundation in the year to 31 December 2020.
The Restricted Objects Fund was established for donations that are to be used towards acquiring additional Objects for the Society. There was a brought forward balance of £1,400. Additions of £3,613 has been made to the Objects within the year.
The Society has established the Jane Morse Memorial Fund to support or assist members to attend conferences and events. A brought forward balance of £3,211 was supplemented by further donations of £287, with expenditure incurred in the year of £85; leaving a carried forward balance of £3,413.
PURPOSES OF UNRESTRICTED FUNDS
The Unrestricted General Fund amounting to £221,429 at the year end comprises £155,849 which has been invested in the Society's Objects, the programme related investments and its tangible fixed assets and £65,580 which is available for general charitable purposes of the Society and its reserves.
The Revaluation Reserve comprises the surplus arising on revaluation, over time, of the Society's Objects owned subsequent to their initial recognition in the balance sheet at original purchase cost or donated value of £110,607 and amounts to £44,241 at 31 December 2020 (2019: £44,241).
The total value of our Fixed assets (objects) is therefore £154,849.
Conference surpluses are also Unrestricted funds but designated , by the Committee, for the purpose of publishing the proceedings of conferences, under the title of the Studies series, and for the purpose of providing finance for the set up costs of future conferences.
The conference fund may also be used for the purpose of providing finance for scholars to attend conferences. A fund balance of £15,544 was brought forward from 2019 and as there was no movement in the year the fund balance carried forward into 2020 is £15,544.
- 29 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
19ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
| Total funds | |||||||
|---|---|---|---|---|---|---|---|
| at 31 | |||||||
| December | |||||||
| General | Designated | Restricted | 2020 | ||||
| £ | £ | £ | £ | ||||
| Tangible fixed assets and | |||||||
| investments | 1,000 | - | - | 1,000 | |||
| Objects owned | 154,849 | - | - | 154,849 | |||
| Current assets | 68,306 | 15,544 | 16,801 | 100,651 | |||
| Current liabilities | (18,270) | - | - | (18,270) | |||
| Total net assets | 205,885 | 15,544 | 16,801 | 238,230 | |||
| Unrestricted | |||||||
| Total funds | |||||||
| at 31 | |||||||
| December | |||||||
| General | Designated | Restricted | 2019 | ||||
| £ | £ | £ | £ | ||||
| Tangible fixed assets and | |||||||
| investments | 1,000 | - | - | 1,000 | |||
| Objects owned | 151,236 | - | - | 151,236 | |||
| Current assets | 50,591 | 15,544 | 10,149 | 76,284 | |||
| Current liabilities | (7,011) | - | - | (7,011) | |||
| Total net assets | 195,816 | 15,544 | 10,149 | 221,509 |
- 30 -
THE BEATRIX POTTER SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
20FINANCIAL INSTRUMENTS
| Categorisation of financial instruments | |||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Financial assets measured at fair value through profit or loss | 91,097 | 68,430 | |
| Financial liabilities measured at fair value through profit or loss | 18,270 | 7,011 |
21CHARITY INCORPORATION
On 1 January 2019 the unincorporated charity of The Beatrix Potter Society became a Charitable Incorporated Organisation (CIO). The accounts for the year ended 31 December 2019 present the combined results of the unincorporated charity and the CIO. The charity met the conditions for merger accounting as set out in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)).
- 31 -