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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 229524

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2021

for

The Bibliographical Society

Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW

The Bibliographical Society

Contents of the Financial Statements for the Year Ended 31 December 2021

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 15
Detailed Statement of Financial Activities 16 to 17

The Bibliographical Society

Report of the Trustees for the Year Ended 31 December 2021

The trustees present their report with the financial statements of the charity for the year ended 31 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Society are to promote and encourage bibliographical studies, and in particular:

Public benefit

The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity's activities are outlined under 'Objectives and Activities' and 'Achievements and Performance' within this report.

Grantmaking

The Society invites applications for awards from scholars engaged in bibliographical research (on, for example, book history, textual transmission, publishing, printing, bookbinding, book-ownership and book-collecting). The Society hopes to make awards both for immediate research needs, such as for microfilms or travelling expenses, and for longer-term support, for example to assist with prolonged visits to libraries and archives.

ACHIEVEMENT AND PERFORMANCE Charitable activities

Review of the year 2021

The Society has continued to meet its aims and charitable objectives throughout the year 2021. More specifically, the Society has:

The Society maintains a healthy balance in its general purposes fund in order to withstand unexpected downturns and to sponsor specific future projects which will be presented to Council for consideration in the coming years.

FINANCIAL REVIEW

Investment policy and objectives

The Charity’s investment objective is to protect, in so far as is reasonable and with the avoidance of undue risk, the real value of the Charity’s capital and income after allowance for inflation.

Page 1

The Bibliographical Society

Report of the Trustees for the Year Ended 31 December 2021

FINANCIAL REVIEW

Reserves policy

Over the medium term it is the Trustees' intention to spend annual income while maintaining the real value of the General Fund.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Society is regulated by the Charity Commissioners for England and Wales under a revised Trust Deed dated 18 April 1929.

Recruitment and appointment of new trustees

New Trustees are usually known to and recommended by existing Trustees. Their selection will be based on their experience, qualifications and skills.

Organisational structure

The Society operates primarily through the Council, the members of which are elected at each Annual General Meeting of the Society’s members. The principal officers are the President, Secretary, Treasurer, Librarian and the editors of The Library and of Monographs.

At present the Society has no salaried employees.

Council has appointed a number of subcommittees to assist in various areas: Finance & General Purposes Fellowships & Bursaries Publications Medal Outreach

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

229524

Principal address

c/o M Payne Westminster Abbey c/o The Chapter Office 20 Dean’s Yard London SW1P 3PA

Page 2

The Bibliographical Society

Report of the Trustees for the Year Ended 31 December 2021

Trustees

S Beattie N Bell K Birkwood J Croft M Ford D Green K Jensen Y Lewis K Limper-Herz (Hon Secretary) R Linenthal G Mandelbrote R Myers M Payne (Hon Treasurer) D Pearson W Poole E Potten J Raven (President) D Shaw L Sims J Simpson A Timmermann J Willoughby H Woudhuysen

Independent Examiner Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ K Limper-Herz (Secretary) - Trustee

Page 3

Independent Examiner's Report to the Trustees of The Bibliographical Society

Independent examiner's report to the trustees of The Bibliographical Society

I report to the charity trustees on my examination of the accounts of The Bibliographical Society (the Trust) for the year ended 31 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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

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.

S B Ison FCCA Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW

Date: .............................................

Page 4

The Bibliographical Society

Statement of Financial Activities for the Year Ended 31 December 2021

Notes
INCOME AND
ENDOWMENTS FROM
Charitable activities
Other
The Library
Other trading activities
2
Investment income
3
Other income
4
Total
EXPENDITURE ON
Charitable activities
Other
Grants & awards
Publishing
The Library
Total
Net gains/(losses) on
investments
NET
INCOME/(EXPENDITURE)
Transfers between funds
14
Net movement in funds
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
fund

£
99
103,021
21,935
18,947
-
144,002
21,309
18,380
13,255
86,170
139,114
75,716
80,604
-
80,604
630,935
711,539		 Restricted
funds
£
-
-
-
111
-
111
-
-
-
-
-
442
553
16,000
16,553
209,889
226,442		 Endowment
fund
£
-
-
-
11,343
-
11,343
-
-
-
-
-
45,333
56,676
(16,000)
40,676
500,495
541,171		 31.12.21
Total
funds
£
99
103,021
21,935
30,401
-
155,456
21,309
18,380
13,255
86,170
139,114
121,491
137,833
-
137,833
1,341,319
1,479,152		 31.12.20
Total
funds
£
36
107,028
20,881
32,324
9,036
169,305
22,691
11,029
1,710
87,051
122,481
(138,444)
(91,620)
-
(91,620)
1,432,939
1,341,319

The notes form part of these financial statements

Page 5

The Bibliographical Society

Balance Sheet

31 December 2021

Notes
FIXED ASSETS
Heritage assets
7
Investments
8
CURRENT ASSETS
Stocks
9
Debtors
10
Cash at bank
11
CREDITORS
Amounts falling due within one
year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after more
than one year
13
NET ASSETS
FUNDS
14
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
fund

£
20,000
458,529
478,529
4,000
109,675
164,250
277,925
(39,860)
238,065		 Restricted
funds
£
-
226,442
226,442
-
-
-
-
-
-		 Endowment
fund
£
-
541,171
541,171
-
-
-
-
-
-		 31.12.21
Total
funds
£
20,000
1,226,142
1,246,142
4,000
109,675
164,250
277,925
(39,860)
238,065		 31.12.20
Total
funds
£
20,000
884,532
904,532
4,000
110,553
366,722
481,275
(39,433)
441,842
1,346,374
(5,055)
1,341,319
630,935
209,889
500,495
1,341,319
716,594
(5,055)
711,539		 226,442
-
226,442		 541,171
-
541,171		 1,484,207
(5,055)
1,479,152
711,539
226,442
541,171
1,479,152

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

M Payne (Treasurer) - Trustee

The notes form part of these financial statements

Page 6

The Bibliographical Society

Notes to the Financial Statements for the Year Ended 31 December 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants are made mainly to individuals for bibliographical research. The availability of awards is advertised and applications are considered by the Fellowships & Bursaries Subcommittee.

Provision is made in the accounts for grants committed but unpaid at the end of the year where a constructive obligation has been created.

Allocation and apportionment of costs

Since the vast majority of support costs relate to the charitable activities, no apportionment is made to other headings in the financial statements.

Heritage assets

The Society’s library is identified as a heritage asset. It is not regarded primarily as an investment; it is included in the Balance Sheet at a value estimated by the trustees. The library is stored at the University of Essex. No record exists of the historical cost of the library.

Stocks

In view of the small quantity of stock of completed publications and publications in the course of preparation, the value, based at the lower of estimated cost and net realisable value, has been estimated by the trustees.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

continued...

Page 7

The Bibliographical Society

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

1. ACCOUNTING POLICIES - continued

Life membership

Life membership subscriptions are credited to subscriptions over a period of 20 years. The deferred income in respect of life members is shown on the Balance Sheet.

2. OTHER TRADING ACTIVITIES

31.12.21 31.12.20
Unrestricted Restricted Endowment
Total		 Total
funds funds funds funds funds
£ £ £ £ £
Subscriptions 21,935 - - 21,935 20,881
INVESTMENT INCOME
31.12.21 31.12.20
Unrestricted Restricted Endowment
Total		 Total
funds funds funds funds funds
£ £ £ £ £
Deposit account interest 1 - - 1 9
Curr asset inv income 18,946 111 11,343 30,400 32,315
18,947 111 11,343 30,401 32,324
OTHER INCOME
31.12.21 31.12.20
Unrestricted Restricted Endowment
Total		 Total
funds funds funds funds funds
£ £ £ £ £
Exceptional items - - - - 9,036

3. INVESTMENT INCOME

4. OTHER INCOME

A provision for a liability in relation to the joint publication of the Bowyer Ledgers is considered no longer required and has been treated as other income.

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustees' expenses

Included in expenses of meetings are payments totalling £172 (2020:£61) made to 2 (2020:1) Council Members in reimbursement of travelling expenses.

continued...

Page 8

The Bibliographical Society

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Charitable activities
Other
The Library
Other trading activities
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Other
Grants & awards
Publishing
The Library
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
7.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2021 and 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Unrestricted
fund
£
36
107,028
20,881
19,625
9,036		 Restricted
funds
£
-
-
-
119
-		 Endowment
fund
£
-
-
-
12,580
-		 Total
funds
£
36
107,028
20,881
32,324
9,036
169,305
22,691
11,029
1,710
87,051
122,481
(138,444)
(91,620)
-
(91,620)
1,432,939
1,341,319
Total
£
20,000
20,000
20,000
156,606
22,691
11,029
1,710
87,051
122,481
(84,041)
(49,916)
-
(49,916)
680,851
630,935		 119
-
-
-
-
-
(510)
(391)
16,000
15,609
194,280
209,889		 12,580
-
-
-
-
-
(53,893)
(41,313)
(16,000)
(57,313)
557,808
500,495

To comply with the Charities SORP requirements, the Society’s library is recognised as a heritage asset on the Balance Sheet.

continued...

Page 9

The Bibliographical Society

Notes to the Financial Statements - continued

for the Year Ended 31 December 2021

8. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2021 884,533
Additions 1,123,125
Disposals (903,006)
Revaluations 121,490
At 31 December 2021 1,226,142
NET BOOK VALUE
At 31 December 2021 1,226,142
At 31 December 2020 884,533
2021 2020
Market
Common Investment Funds Cost value Cost Marketvalue
Cazenove (formerly Schroders)
Income Trust - - 147,394 163,232
Equity Income Trust Income units - - 449,782 464,188
Equity Income Trust Accumulation units - - 208,528 249,034
Charity Multi-Asset Fund 1,123,125 1,216,918
1,123,125 1,216,918 805,704 876,454
COIF Charities Investment Fund
General Purposes Fund 305 5,203 305 4,557
Graham Pollard Memorial Fund 1,000 4,021 1,000 3,521
£1,124,430 £1,226,142 £807,009 £884,532

There were no investment assets outside the UK.

Movement in year:
Market value at 1 January
Additions
Disposals
Unrealised gain/(loss)
Market value at 31 December		 2021
884,532
1,123,125
(876,454)
94,939
£1,226,142		 2020
1,244,607
-
(242,838)
(117,237)
£884,532

Investments are stated at market value.

Unrealised gains or losses on revaluing investments are taken to the Statement of Financial Activities. Realised gains or losses on disposal of investments are also shown in the Statement of Financial Activities.

continued...

Page 10

The Bibliographical Society

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

9.
STOCKS
Stocks
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Sale of publications
Advertising revenue
Other debtors
VAT recoverable
11.
CASH AT BANK
Bank deposit account
Bank current account
Key Bank account -American Friends
First Interstate Bank
Paypal
Cazenove
Total
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Advance subscriptions
Accruals and deferred income		 31.12.21
£
4,000
31.12.21
£
103,021
1,504
-
5,150
109,675
31.12.21
Total
funds
£
9,747
145,907
2,626
3,239
1,219
1,512
164,250
31.12.21
£
2,364
37,496
39,860		 31.12.20
£
4,000
31.12.20
£
107,012
1,504
720
1,317		 31.12.20
£
4,000
31.12.20
£
107,012
1,504
720
1,317
110,553
31.12.20
Total
funds
£
9,746
345,109
2,626
2,708
6,533
-
366,722
31.12.20
£
1,649
37,784
39,433
39,433

continued...

Page 11

The Bibliographical Society

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21 31.12.20
£ £
Deferred income - life members 5,055 5,055

14. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Randeria Fund
Graham Pollard Memorial Fund
Future Publications
Endowment funds
Permanent Endowment
TOTAL FUNDS		 At 1.1.21
£
630,935
4,612
277
205,000
209,889
500,495
1,341,319		 Net
movement
in funds
£
80,604
522
31
-
553
56,676
137,833		 Transfers
between
funds
£
-
-
-
16,000
16,000
(16,000)
-		 At
31.12.21
£
711,539
5,134
308
221,000
226,442
541,171
1,479,152

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Randeria Fund
Graham Pollard Memorial Fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 Incoming
resources
£
144,002
105
6
111
11,343
155,456		 Resources
expended
£
(139,114)
-
-
-
-
(139,114)		 Gains and
Movement
losses
in funds
£
£
75,716
80,604
417
522
25
31
442
553
45,333
56,676
121,491
137,833		 Gains and
Movement
losses
in funds
£
£
75,716
80,604
417
522
25
31
442
553
45,333
56,676
121,491
137,833
553
56,676
137,833

continued...

Page 12

The Bibliographical Society

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Randeria Fund
Graham Pollard Memorial Fund
Future Publications
Endowment funds
Permanent Endowment
TOTAL FUNDS		 At 1.1.20
£
680,851
4,981
299
189,000
194,280
557,808
1,432,939		 Net
movement
in funds
£
(49,916)
(369)
(22)
-
(391)
(41,313)
(91,620)		 Transfers
between
funds
£
-
-
-
16,000
16,000
(16,000)
-		 At
31.12.20
£
630,935
4,612
277
205,000
209,889
500,495
1,341,319

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Randeria Fund
Graham Pollard Memorial Fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 Incoming
resources
£
156,606
112
7
119
12,580
169,305		 Resources
expended
£
(122,481)
-
-
-
-
(122,481)		 Gains and
Movement
losses
in funds
£
£
(84,041)
(49,916)
(481)
(369)
(29)
(22)
(510)
(391)
(53,893)
(41,313)
(138,444)
(91,620)

continued...

Page 13

The Bibliographical Society

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Randeria Fund
Graham Pollard Memorial Fund
Future Publications
Endowment funds
Permanent Endowment
TOTAL FUNDS		 At 1.1.20
£
680,851
4,981
299
189,000
194,280
557,808
1,432,939		 Net
movement
in funds
£
30,688
153
9
-
162
15,363
46,213		 Transfers
between
funds
£
-
-
-
32,000
32,000
(32,000)
-		 At
31.12.21
£
711,539
5,134
308
221,000
226,442
541,171
1,479,152

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Randeria Fund
Graham Pollard Memorial Fund
Endowment funds
Permanent Endowment
TOTAL FUNDS		 Incoming
resources
£
300,608
217
13
230
23,923
324,761		 Resources
expended
£
(261,595)
-
-
-
-
(261,595)		 Gains and
Movement
losses
in funds
£
£
(8,325)
30,688
(64)
153
(4)
9
(68)
162
(8,560)
15,363
(16,953)
46,213

The objects and purposes of the various funds are as follows:

Permanent Endowment Fund

To support bibliographical research and publications.

Designated Funds which have been set aside for specific purposes:

Randeria Fund

To fund an annual lecture.

Graham Pollard Memorial Fund

To fund an annual lecture in memory of Graham Pollard.

Future Publications Fund

To fund commitments to future publications:

continued...

Page 14

The Bibliographical Society

Notes to the Financial Statements - continued

for the Year Ended 31 December 2021

14. MOVEMENT IN FUNDS - continued

Hellinga, Marks in Caxton
Goulden, Book Trade in Kent
Coppens, 15th and 16th century Printers' and Booksellers' Catalogues
Benson, Dublin Book Trade
Gadd, Stationers' Company Liber A
Afterlife of Aldus
Roberts, Herbert of Cherbury
Pearson, English Book Owners
Micha Lazarus, Alexander Nowell
Unallocated		 2020
£
13,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
64,000
205,000		 2019
£
13,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
16,000
48,000
189,000

Transfers between funds

Each year a transfer is made from the Endowment Fund towards future publications costs.

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2021.

Page 15

The Bibliographical Society

Detailed Statement of Financial Activities
for the Year Ended 31 December 2021
31.12.21 31.12.20
£ £
INCOME AND ENDOWMENTS
Other trading activities
Subscriptions 21,935 20,881
Investment income
Deposit account interest 1 9
Curr asset inv income 30,400 32,315
30,401 32,324
Charitable activities
Sales of "The Library" 103,021 107,028
Sales of other publications to members 57 36
Royalties 42 -
103,120 107,064
Other income
Exceptional items - 9,036
Total incoming resources 155,456 169,305
EXPENDITURE
Charitable activities
Lectures & meetings 966 3,163
Printing costs -other publications 13,255 1,560
Electronic publishing costs - 150
Commission on sales of "The Library" 25,755 26,753
Printing costs -"The Library" 35,242 37,031
Post & storage -"The Library" 25,173 23,267
Grants to individuals 18,380 11,029
118,771 102,953
Support costs
Management
Clerical assistance & office space 12,022 10,315
Finance
Postage and stationery 112 1,567
Sundries 1,258 865
Bank & Paypal charges 652 579
Website expenses 1,098 275
Exchange difference (30) -
3,090 3,286

This page does not form part of the statutory financial statements

Page 16

The Bibliographical Society

Detailed Statement of Financial Activities
for the Year Ended 31 December 2021
31.12.21 31.12.20
£ £
Finance
Governance costs
Council & committee Meeting and members list 531 1,227
Accountancy and legal fees 4,700 4,700
5,231 5,927
Total resources expended 139,114 122,481
Net income before gains and losses 16,342 46,824
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 26,552 (21,207)
Net income 42,894 25,617

This page does not form part of the statutory financial statements

Page 17