| INDEX | |||
|---|---|---|---|
| Page | |||
| Trustees and Advisors | 1 and 2 | ||
| Report ofthe Trustees | 3to16 | ||
| Report ofthe Independent | Auditors | 17and 18 | |
| Statements of Financial Activities |
19to 21 | ||
| Balance Sheet | 22 | ||
| Notes tothe Financial Statements | 23to 29 |
| CUSTODIAN TRU | TEES | J.F.W. Bowles - Resigned 31 December 2021 | |||||
| M. Widdowson | |||||||
| D.Wray | |||||||
| OFFICE | 12Baylis Mews | ||||||
| 93 - 101Amyand | Park Road | ||||||
| Twickenham | |||||||
| Middlesex TW1 3HQ | |||||||
| EQUALITY DIVERSITY INCLUSIVITY OFFICER | L. Kelly | ||||||
| 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 |
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| Lacon House | |||||||
| 84Theobald's | Road | ||||||
| London WCtX 8RW |
|||||||
| BANKERS | Coutts &Co | ||||||
| 440 Strand | |||||||
| London WC2R | OQS | ||||||
| INVESTMENT MANAGER | Schroder &Co. Limited, trading as Cazenove | Capital | |||||
| 1 London Wall | Place | ||||||
| London | |||||||
| EC2Y 5AU | |||||||
| WEBSITE | www. minersoc. | org | |||||
| CHARITY REGISTRATION NUMBER | 233706 |
| -5- | -5- | ||
|---|---|---|---|
| Geographical | distribution | ofthe published | papers |
| Country | No of | Country | No of |
| a ers | a ers | ||
| China | 10 | Greece | |
| Turkey | 5 | Japan | |
| Iran | 3 | Russia | |
| Brazil | 2 | U.K. | |
| Algeria | 1 | USA | |
| E t |
1 |
| is something that the Socie |
ty shoul | d be mindful of. |
||
|---|---|---|---|---|
| ETATMEENT OF FINANCIAL | ACTMTIEE | FORME YEAR ENDED 00 | JUNE 2022 | |
| Income | Notes | 2022 | 2021 | |
| Donstmns and Legades Invsaiment Incame Income bom Cbadabie AuSviuarr Members' Eutaoipbons IMR I'ud, ' !coirfersiicsmidMeeungsIncome Cambmfgs Unbemily Press Puldcatlons Income Epeciai IniemNI Groups Income fpiige 17) Less: Auocauon from Mineralogical Society TOTAL Income |
0 I 0 4 ' 2,250 5 i 17,005 I 94.Mcf ! ' 509): :' , -J, ~ icg,T92' . I 22.995; I 20,541' F -10,000 22,541, |
2 I r , I i 10,242 -10,000 I |
0 2,200 16,557j 92,202 " 020 2.507 171,122 19,255 242 |
| -14- | -14- | ||||
|---|---|---|---|---|---|
| significant change in the payment to the auditors over last year. While it is clear that the auditor's fees cost to the Society, especially in years where our level ofactivity doesn't meet the level where an audit |
represent a significant ofthe accounts is |
||||
| mandatory, our byelaws demand it and there are several good reasons for continuing to be audited on |
an | annual | basis in | ||
| any case. First ofall, as members ofCouncil are trustees ofthe charity and therefore jointly and severally liable for the actions (including financial) ofthe Society, we as a Society have the reassurance that there is an annual independent ofthe Society's finances —independent of Kevin and Russell, and independent ofCouncil and the Custodian Trustees. |
check | ||||
| Second, the extra | work involved in starting an audit when previous years' accounts have not been audited |
would | still | ||
| -J- represent a significant body ofwork for the auditor. Getting to the necessary starting place fora meaningful audit would require a considerabie amount of(expensive) time and effort. In the long-run, the cost ofbeing audited annually as opposed to on a spasmodic mandato basis is, in all likelihood, incremental. |
|||||
| !OFFICEEXPENSES The breakdown of office enate snd how these are I 2022 'I 1 2021 allocated between Governance and Charitable Activities is shown below. 8 l 6 f f22,259I 123,02~5 -933 -1,424 ONce Staff Remuneration Office Staff Remunera5on Recover |
|||||
| 121,326 121,601 |
|||||
| Office Staff Expenses 1 528 |
|||||
| Rent, Rates and House Expenses | |||||
| Printing, Stationery, hlaintenance ofoffice Machines |
|||||
| i insurance *'Postage, Telephone and Coin utw P 'Bank and Credit Card Charges Miscellaneous Expanses 2,049; ' 1,446 10,541 ' 13,859 3,446 3.2311 173i i 55, |
|||||
| 25,358 I 24,521 i |
|||||
| 146684I 148122 I |
|||||
| Allocation as fottowsn I |
|||||
| j 76 I 111,480 111,053 24' ' 35,204 1 35,069 I Charitable Ad„nim 1 761 Governance and suppoit costs (Note 7) 24j |
|||||
| 100 100i i 146,684 I 146,122 |
|||||
| Figure 3. Summary ofexpenditure (draff) during the ffinanciel year ending 30 June 2022. |
| STAT | EINEN | T | OF | FINANCI | AL ACTIVIT | IES FOR THE Y | EAR ENDED 3 | 0JUNE 2022 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | |||||||||||
| Sustaining | Willy | ||||||||||
| Notes | Illlembership | Aspinall | Total | 2021 | |||||||
| Prize | |||||||||||
| Income | 6 | F. | 8 | ||||||||
| Donations | 1,961 | 1,961 | 'f,934 | ||||||||
| Investment | Income | 31 | 16 | 47 | 19 | ||||||
| Income | from Charitable | Activities | |||||||||
| Support | by | General | Fund | 2,654 | 2,654 | 2,657 | |||||
| TOTAL | Income | 4,646 | 16 | 4,662 | 4,610 | ||||||
| Expenditure | |||||||||||
| Expenditure | on Charitable | Activities | |||||||||
| Student | Membership | -2,850 | -2,850 | 2,850 | |||||||
| Award | 400 | ||||||||||
| TOTAL | Expenditure | -2,850 | -2,850 | 3,250 | |||||||
| Net Income | and Net | Movement | in Funds | forthe Year | 1,796 | 16 | 1,812 | 1,360 |
| 30JUNE 2022 | |||||||
|---|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Total | ||||
| Funds | Funds | Funds | 2021 | ||||
| F | f | ||||||
| Total Income | 248,407 | 4,662 | 253,069 | 250,741 | |||
| Total Expenditure | -266,531 | -2,850 | -269,381 | -231,719 | |||
| Net expenditure | and Net Movement | in Funds | -18,124 | 1,812 | -16,312 | 19,022 | |
| before Gains and Losses on Investments | |||||||
| Net (Deficit) | Gains on Investments | 9 | -27,019 | -27,019 | 103,157 | ||
| Net Movement | in Funds | -45,143 | 1,812 | -43,331 | 122,179 | ||
| Total Funds | 1 July 2021 | 1,415,893 | 27,601 | 1,443,494 | 1,321,315 | ||
| Total Funds | 30June 2022 | 1,370,750 | 29,413 | 1,400,163 | 1,443,494 |
| Income | Notes | 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| E | ||||||||||
| Donations and Legacies |
2,250 | 2,250 | ||||||||
| Investment Income |
17,696 | 16,557 | ||||||||
| Income from Charitable | Activities | |||||||||
| Members' Subscriptions |
34,544 | 33,262 | ||||||||
| Gift Aid | 589 | 836 | ||||||||
| Conference and Meetings |
Income | 2,507 | ||||||||
| Cambridge University Press |
146,792 | 171,122 | ||||||||
| Publications Income |
23,995 | 19,355 | ||||||||
| Special Interest Groups Income (Page | 21) | 38,541 | 16,242 | |||||||
| Less: Allocation from Mineralogical |
Society | -16,000 | 22,541 | -16,000 | 242 | |||||
| TOTAL Income | 248,407 | 246,131 | ||||||||
| Expenditure | ||||||||||
| Contribution to Sustaining |
Membership | Fund | 2,654 | 2,657 | ||||||
| Expenditure on Charitable |
Activities | |||||||||
| Subscdiptions | 1,183 | 2,195 | ||||||||
| Journals Expenditure |
||||||||||
| Elements | 9,867 | 5,892 | ||||||||
| Conference and Meetings |
Expenditure | 951 | 652 | |||||||
| Mineralogical Society Medals |
1,544 | 3,700 | ||||||||
| Distinguished Lecturer |
267 | 500 | ||||||||
| Website and Future ofthe | Society | 3,416 | 301 | |||||||
| Journal Editorial Costs |
39,309 | 35,592 | ||||||||
| Publications Expenditure |
9,832 | 7,286 | ||||||||
| Travel Bursaries | 3,613 | 651 | ||||||||
| Special Interest Groups Expenditure | (Page 21) | 27,923 | 4,579 | |||||||
| Less: Transactions with the |
Mineralogical | Society | -2,352 | 25,571 | 4,579 | |||||
| Office Expenses | 111,480 | 111,053 | ||||||||
| Support Costs | 54,532 | 52,930 | ||||||||
| Depreciation | 729 | 481 | ||||||||
| Miscellaneous expenditure |
1,583 | |||||||||
| TOTAL Expenditure | 266,531 | 228,469 |
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| Notes | 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| FIXEDASSETS | |||||||||||
| Tangible Assets | 345,970 | 345,371 | |||||||||
| Investments | 829,879 | 844,451 | |||||||||
| Total Fixed Assets | 1,175,849 | 1,189,822 | |||||||||
| CURRENT ASSETS | |||||||||||
| Debtors | 10 | 16,691 | 18,052 | ||||||||
| Cash at Bank and in Hand | 11 | 314,767 | 342,492 | ||||||||
| Total Current Assets | 331,458 | 360,544 | |||||||||
| LIABILITIES | |||||||||||
| Creditors: Amounts Falling |
|||||||||||
| Due Within One Year | 12 | -107,144 | -106,872 | ||||||||
| Total Assets Less Current | Liabilities | 224,314 | 253,672 | ||||||||
| NET ASSETS | 1,400,163 | 1,443,494 | |||||||||
| The Funds ofthe Charity; | |||||||||||
| Unrestdicted Income Funds |
1,370,750 | 1,415,893 | |||||||||
| Restricted Income Funds |
—Sustaining | Membership | Fund | 17,166 | 15,370 | ||||||
| — | Willy Aspinall | Prize Fund | 12,247 | 29,413 | 12,231 | 27,601 | |||||
| TOTAL CHARITY FUNDS | 1,400,163 | 1,443,494 |
| INVESTMENT INCOME | 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Dividends and Interest |
f | ||||||||
| Unrestricted Funds |
17,696 | 16,557 | |||||||
| Restricted Funds | 47 | 19 | |||||||
| Individual Groups |
74 | 62 | |||||||
| 17,817 | 16,638 | ||||||||
| Interest on Cash Deposits | 223 | 155 | |||||||
| On Listed Investments | 17,594 | 16,483 | |||||||
| 17,817 | 16,638 | ||||||||
| OFFICE EXPENSES The breakdown | ofoffice | costs | and how these are | 2022 | 2021 | ||||
| allocated between Governance |
and Charitable | Activities | is shown below:- | F | |||||
| Office Staff Remuneration | 122,259 | 123,025 | |||||||
| Reimbursement by EMU of staff |
expenses | -933 | -1,424 | ||||||
| 121,326 | 121,601 | ||||||||
| Office Staff Expenses | 1,528 | ||||||||
| Rent, Rates and House Expenses | 6,234 | 4,252 | |||||||
| Printing, Stationery, Maintenance |
of Office Machines | 1,387 | 1,678 | ||||||
| Insurance | 2,049 | 1,446 | |||||||
| Postage, Telephone and Computer |
10,541 | 13,859 | |||||||
| Bank and Credit Card Charges | 3,446 | 3,231 | |||||||
| Miscellaneous Expenses |
173 | 55 | |||||||
| 25,358 | 24,521 | ||||||||
| 146,684 | 146,122 | ||||||||
| Allocation as follows:- | 2022 | 2021 | |||||||
| o%%d | '/o | ||||||||
| Charitable Activities |
76 | 76 | 111,480 | 111,053 | |||||
| Governance and Support Costs |
(Note | 7) | 24 | 24 | 35,204 | 35,069 | |||
| 100 | 100 | 146,684 | 146,122 | ||||||
| Allocation is calculated on the basis of staff time |
cost and office usage. | ||||||||
| SUPPORT COSTS | 2022f | 2021f | |||||||
| Governance and Support Costs |
|||||||||
| Office Expenses 24'/o (2021 - 24'/o) (see note |
6) | 35,204 | 35,069 | ||||||
| Business Meetings Expenses (Travel) | 1,231 | 4 | |||||||
| Investment Charges |
4,325 | 4,060 | |||||||
| Auditor's Remuneration |
13,772 | 13,769 | |||||||
| Professional Fees |
28 | ||||||||
| Total Allocated | 54,532 | 52,930 |
| 10. | DEBTORS | 2022 | 2021 | ||||||
| F | E | ||||||||
| Other Debtors | and Prepayments | 12,687 | 14,052 | ||||||
| Publications | 4,004 | 4,000 | |||||||
| 16,691 | 18,052 | ||||||||
| 11. | CASH AT BANK AND | IN | HAND | 2022 | 2021 | ||||
| F | |||||||||
| Applied Mineralogy |
Group | 21,195 | 19,585 | ||||||
| Clay Minerals | Group | 42,050 | 40,395 | ||||||
| Environmental | Mineralogy | Group | 5,911 | 5,945 | |||||
| Geochemistry | Group | 8,465 | 10,973 | ||||||
| Geomicrobiology | Network | 15,937 | 13,931 | ||||||
| Metamorphic | Studies Group | 13,168 | 13,261 | ||||||
| Mineral Physics | Group | 14,129 | 12,923 | ||||||
| Volcanic & Magmatic Studies | Group | 37,115 | 31,834 | ||||||
| 157,970 | 148,847 | ||||||||
| Group Monies | on | Reserve Account | 67,970 | 58,847 | |||||
| Deposit Account | 90,000 | 90,000 | |||||||
| 157,970 | 148,847 | ||||||||
| Sustaining Members |
Reserve Account | 15,401 | 13,629 | ||||||
| Willy Aspinal | Reserve Account | 12,248 | 12,232 | ||||||
| 27,649 | 25,861 | ||||||||
| Mineralogical | Society | Current Account | 94,148 | 132,784 | |||||
| Reserve Account | 5,000 | 5,000 | |||||||
| Deposit Account | 30,000 | 30,000 | |||||||
| 129,148 | 167,784 | ||||||||
| Total Cash at | Bank | 314,767 | 342,492 | ||||||
| 12. | CREDITORS | AMOUNTS | FALLING DUE WITHIN ONE YEAR | 2022 | 2021 | ||||
| Publications | E | ||||||||
| Cambridge | University | Press | 56,322 | 55,439 | |||||
| 0HZIII | 1,728 | 1,510 | |||||||
| Elements | 3,707 | ||||||||
| Geoscience | World | 9,656 | 9,656 | ||||||
| Conferences | 6,290 | 201 | |||||||
| HM Revenue | & | Customs VAT | 7,185 | 9,648 | |||||
| Other Creditors | 9,256 | 19,460 | |||||||
| Accruals | 13,000 | 10,958 | |||||||
| 107,144 | 106,872 |