2021-12-31-accounts - Huguenot Society Of Great Britain And Ireland

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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Annual Report and Accounts

Year to 31[st] December 2021

CONTENTS
	Page
Trustees’ Annual Report	1-3
Independent Examiner’s Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Accounts	7-13

Charity Commission Registered Number:- 214726

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Report of the trustees for the year ended 31[st] December 2021

The trustees present their report along with the financial statements of the charity for the year ended 31[st] December 2021. The trustees have adopted the provisions of 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), and comply with the charity’s By-Laws and the Charities Act 2011.

Objectives and activities

The Society was founded in 1885 to collect and publish information relative to the history of Huguenots with particular reference to those who took refuge in Great Britain, Ireland and the Channel Islands. The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and setting policy for the year.

Achievements and performance

The Society continues to provide information on Huguenots in accordance with its By-Laws, and the Trustees and Fellows have a commitment to make information about the history of the Huguenot refugees of the 16[th] to 18[th] centuries available for public benefit. At the centre of this is the operation and continuing development of a library and archive which is supported and maintained in premises provided without charge by University College London. The Society also publishes relevant books and an annual journal, as well as organising events and selling related items. The trustees are satisfied that the Society meets its objectives.

Response to Covid-19

The pandemic has had an effect on this charity in various ways, making it more difficult to achieve our main mission. Most importantly, access to our library has been rendered impossible for most of the period. Members of the society, researchers and outside inquirers have not had worthwhile access to our records. Fortunately, there has been a great deal of technical work that could be and has been carried out remotely, as have responses to initial enquiries. Although this has needed to be addressed, the Society has managed to conduct most business, and achieve a number of objectives, albeit remotely.

Financial Review

The Society recorded a surplus for the year before transfers, investment revaluations and investment asset disposals for the year of £70,037 compared with a deficit of £15,535 for the previous year. The majority of this surplus arose as the result of a legacy for the benefit of our Irish Section and a further significant donation. The principal sources of funds are shown in the Statement of Financial Activities of these accounts.

In addition, there were net gains on investments of £112,105 (2020: net losses £69,825). This together with the surplus for the year added £182,142 to (2020: deducted £85,360 from) the reserves. Total reserves stood at £1,488,019 (2020: £1,305,877) at the year end.

There were no significant changes to the basis of operation of the Society during the year.

There have been no important events between the balance sheet date and the date upon which the Trustees’ Report is signed that significantly affect the financial position of the Society as shown by these financial statements.

Investment Policy and Performance

The Society’s investments are managed on a full discretionary basis by Investec Wealth and Investment Limited, with whom a review meeting is held at least annually. Investment policy has regard to a balanced moderate investment risk. The investment performance is considered to be satisfactory.

Reserves Policy

The Trustees continue to review the requirement for free reserves, which are those unrestricted funds not designated for specific purposes or otherwise committed.

The free reserves at 31[st] December 2021 consist of the general reserve with a current value of £1,488,019 (2020: £1,305,877) used for the historical study and dissemination of information about the Huguenot persecution in France and its effect on migration.

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Report of the trustees for the year ended 31[st] December 2021 (cont’d)

Reserves Policy (cont’d)

In addition, the Society is periodically required to cover important but irregular commitments in the form of major publications, promotion and support of conference initiatives, purchase of important artefacts and documents and provision of research grants. The Society relies on its income from subscriptions and reserves to cover these objectives in addition to its educational aims.

General Data Protection

It is the Society’s policy to restrict use of personal data, held securely, solely for its own use and not for wider circulation. Such data held by the Society is used to circulate the periodic Journal and news believed to be of interest to all Fellows and Libraries. The periodic list of Fellows is made available to Fellows only.

Plans for Future periods

There are no plans for any significant changes to the basis of operation of the Society, although these are kept under review. University College London Special Collections, with whom the Library has been housed since 1957, is moving to a new location, and the Trustees are pleased to report that the arrangements for accommodating the Library continue as hitherto, during and after the present transitional period.

Risk Management

Risk management is built into the charity’s management system; current income and expenditure is constantly reviewed and monitored. Longer term plans are reviewed at least annually; insurance risks to people and property are covered by appropriate policies and insurance cover.

Structure, governance and management

The Society was founded in 1885 and is a registered Charity (No 214726). It is regulated by its By-laws.

The trustees in office during the period and at the date of this report are listed below. The appointment and induction of new trustees is carried out as appropriate to the needs and best interests of the Society. No outside person or body is entitled to appoint a trustee. Each trustee has taken responsibility for monitoring the activities of the Society and carries this out through meetings of the Governing Body.

Organisation and management

The Charity is managed by the trustees who meet four times during the year to review the activities and finances of the Charity. There is one paid librarian and the Charity has the benefit of donated time of volunteers who help organise events and deal with the administration of the Charity.

Legal and Administrative Information

Charity Commission Registered Number: 214726

Governing Body for the year ended 31[st] December 2021

President: Barbara Julien BA Vice Presidents: Glynda D Easterbrook BSC, ARSM, MA (Ed) Anthony Wilson BA S B de Save Honorary Secretary: Anne Nugent Honorary Treasurer: M F Harcourt Williams MA, FCA Honorary Meetings Secretary: David Guyon Honorary Editor: Vivienne Larminie PhD, FRHistS – appointed 11/05/21 Trustees: All Members of the Governing Body currently in office are considered to have trustee status under the Charities Accounting Regulations. Council Members are appointed at meetings after due nomination.

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Report of the trustees for the year ended 31[st] December 2021 (cont’d)

Legal and Administrative Information (cont’d)

Council Members:

Peter Craggs E Bicker – resigned 05/11/2021 Leslie Du Cane Joyce Hampton – resigned 05/11/2021 Keith Finch Robert Scallon – resigned 05/11/2021 Sara Haw Diane Watts – resigned 05/11/2021 Katrina Matthews Stan Rondeau Sarah Vermont Myrna Jeannette Hayter Edward Davis - appointed 11/05/2021 Michael Green – appointed 11/05/2021 Jean Mann – appointed 11/05/2021

Advisers: Bankers: CAF Bank Limited, P.O. Box 289, West Malling, Kent, ME19 4TA Investment Managers: Investec Wealth and Investment Limited, 30 Gresham Street, London, EC2V 7QN Independent Examiners: Keelings Limited, Broad House, 1 The Broadway, Old Hatfield, Hertfordshire, AL9 5BG Solicitors: Lee Bolton Monier-Williams, 1 The Sanctuary, Westminster, London, SW1P 3JT Registered Office: The Huguenot Library, University College, Gower Street, London, WC1E 6BT Website: www.huguenotsociety.org.uk

Statement of trustees' responsibilities

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales, the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the By-Laws require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application thereof. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Independent Examiners

The independent examiners, Keelings Limited, Chartered Tax advisors and Chartered Certified Accountants, will be proposed for re-appointment at the forthcoming Trustees’ meeting.

Approved by the trustees on 4 May 2022 and signed on their behalf by:

……………………………. B M Julien – President

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Independent Examiner’s report to the Trustees of The Huguenot Society of Great Britain and Ireland

I report to the charity trustees on my examination of the accounts of The Huguenot Society of Great Britain and Ireland for the year ended 31st December 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts 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; or

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.

Alfonso Del Basso – FCCA, BA (Hons) Keelings Limited Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Herts AL9 5BG

4 May 2022

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND Statement of Financial Activities for the year ended 31[st] December 2021

Notes INCOME AND ENDOWMENTS FROM: Incoming resources from generated funds: Donations and legacies 2 Other trading activities 3 Investments income 4 Other: Subscriptions and fees 5 Total EXPENDITURE ON: Raising funds Charitable activities 6 Total NET INCOMING/ (OUTGOING) RESOURCES BEFORE OTHER RECOGNISED GAINS NET GAINS/(LOSSES) ON INVESTMENTS Realised Unrealised Net Movement in Funds Reconciliation of funds: Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds 2021 £ 64,915 5,298 36,984 36,204 143,401 12,263 61,101 73,364 70,037 7,813 104,292 182,142 1,305,877 1,488,019	Unrestricted funds 2020 £ 1,205 6,031 34,090 33,862
		75,188
		10,980 79,743
		90,723
		(15,535) (61,349) (8,476)
		(85,360) 1,391,237
		1,305,877

There were no restricted funds during the year or the previous year.

The notes on pages 7 to 12 form part of these accounts

THE HUGUENOT SOCIEfY OF GREAT BRITAIN AND IRELAND BaloD¢e Sheet at 31rt December 2021 2021 2020 Notes FIXED ASSE75 Tangible FiKed Assets Investmen 1,401,011 1288526 1,4W,Oii I,28826 CURRE[ ASSETS Due from fund manager5 Other debtors and prepayments sh at bank and inhAnd Cash baldnces with fund managers 6,974 2,415 50,162 28%5 7283 ¥20 15,981 4,141 94,106 30A>25 CREDfTORS.. kn(kunts EAIIEng due within one year io 7JI98 1167Jl NEf CURRENT ASSE15 87Xll)8 17A51 TOTAL ASSETS LFSS CURRENr LIABtLITIES 1,488,019 1,305J77 Net&S8ets I,48819 1,305,877 FUNDS Reserye$ Unre8tTiCted IA88m9 IR05,877 IA88XI19 1205,877 The f]naCIal 51atements selout on pages I to 12 were approved by the Councll on 4 May 2022 and signed on ils behalf by.. President B M JULIEN Vice President SBdeSAVE Honorary Treasurpr M HARCOURT WILLIAMS The nDtes on pages 7 to 12forni part oEthe8e accounts

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Notes to the Accounts for the year ended 31[st] December 2021

1. Accounting policies

Basis of Accounting

The financial statements of the charity 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)’, the Charities Act 2011 and all other applicable accounting standards. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

The charity is a public benefit entity under Charities SORP (FRS 102) and is not part of any group and therefore these financial statements cover the reporting entity only.

The presentation currency of the financial statements is the Pound Sterling (£). The amounts included in the accounts are rounded to the nearest £1.

The trustees have a reasonable expectation that that the charity will continue to operate for the foreseeable future and so these financial statements have been prepared on the going concern basis.

Critical accounting 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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the trustees' opinion, there are no significant judgements or key sources of estimation uncertainty .

Funds

General funds represent the funds of the Society that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Society. Funds designated for a particular purpose by the Council are also unrestricted.

Library maintenance fund - The Huguenot Library Maintenance Fund charity was dissolved and removed from the register of charities in October 2013. The Society refers to a Library Fund within the accounts which will eventually diminish over time as expenses relating to the running of the library are withdrawn from the fund. No monies are added to the fund; all revenue generated from the library is absorbed by The Society.

Incoming Resources

Donations and legacies are accounted for when the Society is assured of their receipt

Subscription and related income is accounted for on an accruals basis as far as it is prudent to do so. Income includes income tax recoverable to the extent that a claim has been agreed with H M Revenue and Customs. Life subscriptions are brought to credit in full as income of the year in which the life membership is granted. The Council consider this policy to reflect the nature of the fund raising and method of operation of the Society.

The Society receives the benefit of work carried out by volunteers, and in exchange for providing access to the Society’s valuable library collection the Society’s library is located free of charge at an appropriate academic institution. The Society also receives the use of facilities and equipment without charge. No value is placed on these items in the accounts.

Resources expended

Expenditure for generating funds, charitable activities and governance are included when a constructive obligation arises and includes VAT which cannot be recovered.

Costs of managing and administering the charity

These represent costs incurred for administration and secretarial activities including office materials, postage, insurance and lecture expenses.

Charitable activities

Charitable activities are all the resources expended by the charity that are directed at the achievement of its charitable aims and objectives. Support costs are separated and these are costs incurred to enable the charitable activities to take place.

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Notes to the Accounts for the year ended 31[st] December 2021 (cont'd)

1. Accounting policies (cont’d)

Foreign currencies

Transactions in foreign currencies are translated at an average rate for the year. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. Transfers between Irish and British accounts are recorded at the actual rate of exchange.

Tangible Fixed Assets

No value is placed on the library in these accounts as it is considered to be a heritage asset held on a permanent basis. Charities are not required to recognise heritage assets on the balance sheet if cost or valuation is not available, and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and the Charity. It is located with the Special Collections library of University College London currently located with the National Archive and is insured by University College London.

All other items above £100 are included at cost and are depreciated on a straight line basis at the following rates: Fixtures, Fittings and Equipment - over 4 years

Investments

Investments are shown at market value as determined by independent advisors, any unrealised gain or loss being shown in the Society’s fund.

The net gains and losses arising on revaluation and disposals during the year are included in the Statement of Financial Activities.

Stocks

No value is placed on stocks; costs are normally written off when incurred, and income is brought into credit when received.

Critical accounting judgements and key sources of estimation uncertainty

Measurement of financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

The charity's financial assets and liabilities all qualify as basic financial instruments that are initially recognised at transaction value.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

2. Donations

Donations Legacies	2021 £ 40,101 24,814 64,915	2020 £ 1,205 -
		1,205

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Notes to the Accounts for the year ended 31[st] December 2021 (cont'd)

3. Other trading activities

£ 2,499 346 476 293 1,684	£ 5,298 2,053	2020 £ £ 1,182 227 1,420 185 3,017 6,031 525 3,624 4,149 1,882 2020 £ 34 5,935 28,121 34,090 2020 £ 25,317 4,516 - 29,833 4,029 33,862 TOTAL 2021 TOTAL 2020 £ £ 8,218 15,156 22,707 31,770 2,053 4,149 32,978 51,075	2020 £ £ 1,182 227 1,420 185 3,017 6,031 525 3,624 4,149 1,882 2020 £ 34 5,935 28,121 34,090 2020 £ 25,317 4,516 - 29,833 4,029 33,862 TOTAL 2021 TOTAL 2020 £ £ 8,218 15,156 22,707 31,770 2,053 4,149 32,978 51,075
818 1,235		525 3,624

	3,245		1,882
	2021 £ 4 5,857 31,123		2020 £ 34 5,935 28,121
	36,984		34,090
	2021 £ 26,269 3,902 1,842 32,013 4,191 36,204 Direct Expend -iture £ 8,218 22,707 2,053 32,978		2020 £ 25,317 4,516 -
			29,833
			4,029
			33,862
			TOTAL 2020 £ 15,156 31,770 4,149 51,075

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Notes to the Accounts for the year ended 31[st] December 2021 (cont’d)

6. Charitable expenditure (cont’d)

Support costs allocated to activities Administration and secretarial Office materials, postage, insurance and lecture expenses Gifts and Donations (Profit)/Loss on foreign currency translation Printing and stationery Independent examination and accountancy fees Bank charges Depreciation of fixed assets Total resources expended Expenditure is stated after charging: Independent examiner’s remuneration (incl. VAT): As examiners Other fees relating to accountancy	Direct Expend -iture £ 15,860 7,316 136 850 458 2,610 893 - 61,101	TOTAL 2021 £ 15,860 7,316 136 850 458 2,610 893 - 61,101 900 1,710	TOTAL 2020 £ 14,980 10,152 - (143) 622 2,292 765 -
			79,743
			798 1,464

7. Tangible Fixed Assets

Cost At 31stJanuary and 31stDecember 2021 Depreciation At 31stJanuary and 31stDecember 2021 Net Book Value At 31stDecember 2021 At 31stDecember 2020 nvestments Market value at 1 January 2021 Acquisitions at cost Sales proceeds from disposals Gain/loss in the year	Fixtures, Fittings & Equipment £ 2,125 2,125 - - 2021 £ 1,288,526 390,665 (390,285) 112,105 1,401,011	Total
		£ 2,125
		2,125
		-
		-
		2020 £ 1,331,822 343,197 (320,159) (66,334)
		1,288,526

8. Investments

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Notes to the Accounts for the year ended 31[st] December 2021 (cont'd)

8. Investments (cont’d)

Listed Non-UK Equities Listed UK Equities	2021 £ 404,158 996,853 1,401,011	2020 £ 266,560 1,021,966
		1,288,526

Investments are included at market value at the balance sheet date. The original cost of the listed investments was £1,049,937 (2020: £949,423).

9. Debtors: amounts falling due within one year

Prepayments 10. Creditors: amounts falling due within one year Subscriptions received in advance Expense and other creditors Accrued expenses	2021 £ 2,415 2021 £ 1,705 1,733 3,660 7,098	2020 £ 2,520
		2020 £ 1,559 8,823 2,292
		12,674

11. Movement in funds 2021

Incoming resources Resources used Unrealised gains/(losses) on investment assets Realised gains/(losses) on investment assets Net movement of funds Balances brought forward Balances carried forward	General Fund Library Fund TOTAL 2021 £ £ £ 143,401 - 143,401 (72,481) (883) (73,364) 104,292 - 104,292 7,813 - 7,813
	183,025 (883) 182,142 1,304,918 959 1,305,877
	1,487,943 76 1,488,019

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Notes to the Accounts for the year ended 31[st] December 2021 (cont'd)

11. Movement in funds 2021 (cont’d)

Comparatives for movement in funds

Incoming resources Resources used Unrealised gains/(losses) on investment assets Realised gains/(losses) on investment assets Net movement of funds Balances brought forward Balances carried forward	General Fund Library Fund TOTAL 2020 £ £ £ 75,188 - 75,188 (89,767) (956) (90,723) (8,476) - (8,476) (61,349) - (61,349)
	(84,404) (956) (85,360) 1,389,322 1,915 1,391,237
	1,304,918 959 1,305,877

A current year 12 months and prior year 12 months combined net movement in funds

Incoming resources Resources used Unrealised gains/(losses) on investment assets Realised gains/(losses) on investment assets Net movement of funds Balances brought forward Balances carried forward	General Fund Library Fund TOTAL (24 Months) £ £ £ 218,589 - 218,589 (162,248) (1,839) (164,087) 95,816 - 95,816 (53,536) - (53,536)
	98,621 (1,839) 96,782 1,389,322 1,915 1,391,237
	1,487,943 76 1,488,019

12. Analysis of net assets between funds

General Fund Library Fund Total Net Assets/Funds	Tangible Fixed Assets Investments Current Assets/ (Liabilities) 2021 Total £ £ £ £ - 1,401,011 86,932 1,487,943 - - 76 76
	- 1,401,011 87,008 1,488,019

The library fund is treated as designated to fund the expenditure of the library.

13. Commitments and contingent liabilities

There were no commitments or contingent liabilities not already provided for in these accounts.

THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND

Notes to the Accounts for the year ended 31[st] December 2021 (cont'd)

14. Trustee remuneration and benefits

None of the trustees or persons connected with the charity have received any remuneration or received any other benefits.

15. Trustee expenses

The charity does not make any round sum expense allowances to the trustees.

16. Staff costs and emoluments

The Society employs one librarian on a part time basis. Staff costs for the financial year totalled £21,408 (2020: £28,656). There were no employees or staff who received employee benefits of more than £60,000.

17. Related party transactions

There have been no related party transactions with related parties that require disclosure in the accounts.