| INDEX | |||
|---|---|---|---|
| Page | |||
| Trustees and Advisors |
1and2 | ||
| Report ofthe Trustees | 3to12 | ||
| Report ofthe Independent | Auditors | 13and 14 | |
| Statements of Financial Activities |
15to 17 | ||
| Balance Sheet | 18 | ||
| Notes tothe Financial Statements | 19to 25 |
| OFFICE | 12Baylis Mews | |||||||
| 93-101Amyand | Park Road | |||||||
| Twickenham | ||||||||
| Middlesex TW1 3HQ | ||||||||
| ADMINISTRATION | Executive Director | K. Murphy | ||||||
| Finance and Operations | Manager | R. Rajendra | ||||||
| AUDITORS | David M. Rees &Associates | Limited | ||||||
| Well Cottage | ||||||||
| Cucumber Lane |
||||||||
| Essendon | ||||||||
| Hertfordshire | AL9 | 6JB | ||||||
| SOLICITORS | Nabarro Nathanson |
|||||||
| Lacon House | ||||||||
| 84 Theobald's | Road | |||||||
| London WC1X8RW |
||||||||
| BANKERS | Coutts &Co | |||||||
| 440 Strand | ||||||||
| London WC2R OQS | ||||||||
| INVESTMENT MANAGER | Schroder &Co. Limited, trading as Cazenove | Capital | ||||||
| 1 London Wall | Place | |||||||
| London | ||||||||
| EC2Y SAU | ||||||||
| CUSTODIAN TRUSTEES | J.F.W. Bowles | |||||||
| M. Widdowson | ||||||||
| D. Wray | ||||||||
| WEBSITE | www. minersoc. | org | ||||||
| CHARITY REGISTRATION | NUMBER | 233706 |
| STATEME | T | O | F FINANCIAL ACTIVIT | IES FOR THE Y | EAR ENDED 3 2021 |
0JUNE 2021 | |
|---|---|---|---|---|---|---|---|
| Sustaining | Willy | ||||||
| Notes | Membership | Aspinall | Total | 2020 | |||
| Prize | |||||||
| Income Donations Investment Income Income from Charitable |
Activities | 1,934 13 |
F 1,934 19 |
9 1,292 111 |
|||
| Support by General Fund TOTAL Income |
2,657 4,604 |
6 | 2,657 4,610 |
2,385 3,788 |
|||
| Expenditure | |||||||
| Expenditure on Charitable |
Activities | ||||||
| Student Membership Award TOTAL Expenditure |
2,850 2,850 |
400 400 |
3,250 2,850 400 |
2,508 2,508 |
|||
| Net Income and Net Movement | in Funds for the Year | 1,754 | -394 | 1,360 | 1,280 |
| 30JUNE 2021 | ||||||
|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | |||
| Funds | Funds | Funds | 2020 | |||
| f | ||||||
| Total Income Total Expenditure Net Income and Net Mov before Gains and Losses on Investments ement in Funds |
246,131 -228,469 17,662 |
4,610 -3,250 1,360 |
250,741 231,719 19,022 |
326,423 -303,855 22,568 |
||
| Surplus on revaluation offreehold Net Gains (Losses) on Investments Net Movement in Funds Total Funds 1 July 2020 Total Funds 30June 2021 |
property | 8 9 |
103,157 120,819 1,295,074 1,415,893 |
1,360 26,241 27,601 |
103,157 122,179 1,321,315 1,443,494 |
20,000 -24,499 18,069 1,303,246 1,321,315 |
| Income | Notes | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Donations and Legacies Investment income Income from Charitable Activities |
2,250 16,557 |
F. 2,250 25,657 |
||||
| Members' Subscriptions Gift Aid Conference and Meetings Income Cambridge University Press Publications Income |
33,262 836 2,507 171,122 |
33,695 897 30,464 167,200 |
||||
| Mineralogical Magazine |
21 | 27 | ||||
| Clay Minerals Book Publishing Special Interest Groups Income (Page 17) Less: Allocation from Mineralogical Society TOTAL Income |
60 19,274 16,242 -16,000 |
19,355 242 246,131 |
511 26,729 51,205 -16,000 |
27,267 35,205 322,635 |
||
| Expenditure | ||||||
| Contribution to Sustaining Membership Expenditure on Charitable Activities |
Fund | 2,657 | 2,385 | |||
| Subscriptions Journals Expenditure |
2,195 | 1,902 | ||||
| Elements Conference and Meetings Expenditure Mineralogical Society Medals Distinguished Lecturer and Future ofthe Journal Editorial Costs Publications Expenditure |
Society | 5,892 652 3,700 801 35,592 |
7,825 29,189 302 680 33,022 |
|||
| Book Publishing Travel Bursaries Special interest Groups Expenditure (Page 17) Office Expenses Support Costs Depreciation TOTAL Expenditure |
7,286 651 4,579 111,053 52,930 481 228,469 |
13,891 54 47,687 107,991 56,066 353 301,347 |
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| b. Analysis ofstaff costs | 2021 F |
2020f | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Remuneration | 146,855 | 139,329 | ||||||||
| National Insurance |
2,144 | 2,997 | ||||||||
| Life Assurance | 1,609 | 1,414 | ||||||||
| Pension Costs | 5,678 | 5,125 | ||||||||
| TOTAL | 156,286 | 148,865 | ||||||||
| The average monthly headcount was |
6staff (2020 | —6) and | the average | 2021 | 2020 | |||||
| monthly number offull-time equivalent |
employees | (including | part time staff) during | |||||||
| the year was as follows:- Publishing |
2 | |||||||||
| Office Staff | 2 | |||||||||
| Total | 4 | |||||||||
| One employee had employee benefits |
that | fell within the band 560,000- | f69,999(2020 —One) | |||||||
| All employee time is involved in providing |
either | support to the governance | ofthe charity or | |||||||
| support services to the charitable activities. |
||||||||||
| 2021 | 2021 | 2020 | 2020 | |||||||
| c. Key management compensation |
E | F | 6 | |||||||
| Salary | Pension | Salary | Pension | |||||||
| Executive Director | 67,640 | 64,762 | ||||||||
| Finance and Operations Manager |
47,872 | 4,012 | 47,235 | 3,750 | ||||||
| In addition to the above, national | insurance | contributions | totalled | f1060(2020- L'2,295) | ||||||
| ALLOCATIONS TO GROUPS by General | Fund | |||||||||
| An allocation is made to eight special |
interest groups off16,000for | the year (2020-f16,000). | ||||||||
| Page | 2021 | 2020 | ||||||||
| VOLUNTARY INCOME - Donations |
8 | |||||||||
| Sustaining Membership Restricted Fund |
15 | 1,934 | 1,292 | |||||||
| General Fund - Geological Society |
16 | 2,250 | 2,250 |
| INVESTMENT INCOME | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Dividends and Interest |
|||||||||
| Unrestricted Funds |
16,557 | 25,657 | |||||||
| Restricted Funds | 19 | 111 | |||||||
| Individual Groups |
62 | 110 | |||||||
| 16,638 | 25,878 | ||||||||
| Interest on Cash Deposits | 155 | 436 | |||||||
| On Listed Investments | 16,483 | 25,442 | |||||||
| 16,638 | 25,878 | ||||||||
| OFFICE EXPENSES The | breakdown | of office | costs | and how these are | 2021 | 2020 | |||
| allocated between Governance |
and Charitable | Activities | is shown below:- | E | 8 | ||||
| Office Staff Remuneration | 123,025 | 119,248 | |||||||
| Office Staff Remuneration | Recovered | -1,424 | -6,932 | ||||||
| 121,601 | 112,316 | ||||||||
| Office Staff Expenses | 2,257 | ||||||||
| Rent, Rates and House Expenses | 4,252 | 5,719 | |||||||
| Printing, Stationery, Maintenance |
ofOffice Machines | 1,678 | 2,981 | ||||||
| Insurance | 1,446 | 2,564 | |||||||
| Postage, Telephone and Computer |
13,859 | 12,877 | |||||||
| Bank and Credit Card Charges | 3,231 | 3,305 | |||||||
| Miscellaneous Expenses |
55 | 75 | |||||||
| 24,521 | 29,778 | ||||||||
| 146,122 | 142,094 | ||||||||
| Allocation as follows:- | 2021 | 2020 | |||||||
| E | 6 | ||||||||
| Charitable Activities |
76 | 76 | 111,053 | 107,991 | |||||
| Governance and Support |
Costs | (Note | 7) | 24 | 24 | 35,069 | 34,103 | ||
| 100 | 100 | 146,122 | 142,094 | ||||||
| Allocation is calculated on |
the basis ofstaff time, cost and office usage. | ||||||||
| 2021 | 2020 | ||||||||
| SUPPORT COSTS | E | ||||||||
| Governance and Support |
Costs | ||||||||
| Office Expenses 24% (2020- 24%)(see note | 6) | 35,069 | 34,103 | ||||||
| Business Meetings Expenses (Travel) | 4 | 2,378 | |||||||
| Investment Charges |
4,060 | 3,714 | |||||||
| Auditor's Remuneration |
13,769 | 15,571 | |||||||
| Professional Fees |
28 | 300 | |||||||
| Total Allocated | 52,930 | 56,066 |
| 10. | DEBTORS | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| f | |||||||
| HM Revenue | &Customs | VAT | 87 | ||||
| Other Debtors | and Prepayments | 14,052 | 2,399 | ||||
| Conferences | 1,258 | ||||||
| Publications | 4,000 | 3,945 | |||||
| 18,052 | 7,689 | ||||||
| 11. | CASH AT BANK AND IN | HAND | 2021 | 2020 | |||
| E | |||||||
| Applied Mineralogy Group |
19,585 | 17,487 | |||||
| Clay Minerals | Group | 40,395 | 38,962 | ||||
| Environmental | Mineralogy | Group | 5,945 | 3,855 | |||
| Geochemistry | Group | 10,973 | 9,222 | ||||
| Geomicrobiology Network |
13,931 | 11,927 | |||||
| Metamorphic | Studies Group | 13,261 | 11,911 | ||||
| Mineral Physics Group | 12,923 | 12,219 | |||||
| Volcanic 8 Magmatic Studies Group | 31,834 | 31,702 | |||||
| 148,847 | 137,285 | ||||||
| Group Monies | on | Reserve Account | 58,847 | 47,285 | |||
| Deposit Account | 90,000 | 90,000 | |||||
| 148,847 | 137,285 | ||||||
| Sustaining Members |
Reserve Account | 13,629 | 12,453 | ||||
| Willy Aspinal | Reserve Account | 12,232 | 12,625 | ||||
| 25,861 | 25,078 | ||||||
| Mineralogical | Society | Current Account | 132,784 | 136,747 | |||
| Reserve Account | 5,000 | 5,000 | |||||
| Deposit Account | 30,000 | 30,000 | |||||
| 167,784 | 171,747 | ||||||
| Total Cash at | Bank | 342,492 | 334,110 | ||||
| 12. | CREDITORS | AMOUNTS | FALLING DUE WITHIN ONE YEAR | 2021 | 2020 | ||
| Publications | 8 | ||||||
| Cambridge | University | Press | 55,439 | 54,483 | |||
| DHZIII | 1,510 | 1,301 | |||||
| Geoscience World | 9,656 | 9,656 | |||||
| Conferences | 201 | 1,950 | |||||
| HM Revenue | &Customs | VAT | 9,848 | 11,560 | |||
| Other Creditors | 19,460 | 5,348 | |||||
| Accruals | 10,958 | 11,454 | |||||
| 106,872 | 95,732 |