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2020-12-31-accounts

Page
Reference and Administrative Details ofthe Company, its Trustees and Advisers 1-2
Trustees'
Report		 3-13
Trustees'
Responsibilities
Statement		 14
Independent
Auditors'		 Report on the Financial Statements 15-18
Statement of Financial Activities 19
Balance Sheet 20-21
Statement ofCash Flows 22
Notes to the Financial Statements 23-49

Thg In$tltut• of Quarrylng IA Company Llmlt•d by Guaraybtse) Indepèndont Audltors. Report to tho Trust••8 of The Inllltuta of Quarrylng (contlnu•dl Responslbllltlè¥ of tru8to8s As oxplalned more fully in the Tru51ee8' Re8ponslblllll88 Statement, the Trusteos {who are also the directors of the charitable company for the purposes of company law} are r8gponsSble for the preparation of the financial statements and for belng satlsfied that they give a true and fair view. and for such Internal control as the Trustees deterniine Is necessary to enable the preparallon of finandal slalgm&nts that are fr88 from malerlal ml881alemenl, whether due to fraud or 6rror. In preparing the flnanclal $18lemgnts, the Trustees are responsible for assessing the charStabl8 companvs ablllty to continue as a golng concem, disclosing, as applicable, matters related lo going concern and uslng the golng conc8rn basls of accountlng unl88s the Tru81ees 8lther Intend to Ilquldate the charitable company or to Cease operatlons, or have no reallsllc alternallve but to do so. Audltors. rospon$lbllltle$ for tho audlt of tho flnanclal statgmonts Our oblecliv8s are to obtain reasonable assurance about whether the financlal statements 8$ 0 whole 8re free from materlal misstatgmenl, wh8ther due lo fraud or error. and to Issue an audil0rf3 report that Includes our opinlon. Reasonable assurance Is a high level of assurance. bul is not a guarantee that an aLKlit con¢Jucted In accordance wlth ISAS IUKI will always detect a materl81 m18slalement when il oxlsls. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably bo oxpoctod to influonG9 the economic decisions of users t8k8n on the basis of these financial statemenls. Iri8gulariti85, Includlng fraud, are Instances of non<omplianc8 with laws and ragulallons. Wè deslgn proc8dures In Ilne with our responslbilltles, outlined above, to d818Ct materlal misstolem8nls in respect of Irregularflles. inclu(Jing fraud. The spacific procedures for this engagement and the 8xl8nl to whlch Iheso are capablg of detecllng IrregularIt￿8, Includlng ffaud Is dgtaS18d bolow.. Enqulry of management around actual and polenllal Illlgallon and cklms- Enquiry of management lo identify any in81anees of non-compliance wlth law$ #nd r8gulallon8'. Reviewing minutes of meellngs of those ¢harg8d with oovemance: Rovlewlng financial statement dlsclosures and testlng 10 8UPPOrtlng documonlalion to assess compllan wlh applicable laws and regulatlons. Perfomiln9 audit work over the rlsk of management OV8rrld8 of controls. inrjudlng Igsling of Journal 8ntrles and other adlustments for approprfaleness, evaluating the business ralionalg of slgnlfl¢anl transacllons outsld8 the normal course of buslness and revlewlng accounllng estlmates for blas. Because of thè inherent Ilmll8tlon8 of an audlt, there Is a rlsk that we wlll not delect all Irr8guladtl88. Includlng those leadlng to a malerlal mlssl8lemenl In the fln8nclal 8talemenl8 or non-compllanc8 wlth regulallon. Thls rlsk Increase8 the mor8 that compllance wllh a 18w or r8gulatlon is r8rnov6d from the events and transactions reflected in th8 financial stalemenls, a8 we wlll bo less1Skely lo become awarg of instsncas of non-compllanc8. The risk is also greater regarding irregularitie8 occurrfng due to fraud rather than error, as fraud involves intentional concealment, ft)rgery, collusion. ornission or rnisrepresentslion. A further descriptlon of our responslbllllles Is avallable on the Flnancial Reporting Council's webslta al: https'.IlwM.frc.org.uklOur-WorklAudiUAudit-and-assurancelStandards-and-guldancelStandards-and-guidanca- for-8udSltsrslAudllor8-responslbllilles-for-audSVDescfiplion-of-audilors-respon8lbililie8-for-audit.aspx. This description forms part of our auditorfg report. Page 17

Unrestricted Restricted Total Total
funds funds funds funds
2020 2020 2020 2019
Note F F F
Income from:
Donations
and		 legacies 565
Charitable
activities		 344,992 344,992 424,198
Other trading
activities		 329,274 329,274 333,470
Investments 47,562 3,870 51,432 157,898
Total Income 721,828 3,870 725,698 916,131
Expenditure
on:
Raising funds 7 28,210 693 28„903 30,159
Charitable
activities		 8 795,803 1,000 796,803 894,867
Total expenditure 824,013 1,693 825,706 925,026
Net losses on investments (271,808) (2,111) (273,919) 402,363
Net movement In funds (373,993) 66 (373,927) 393,468
Reconciliation offunds:
Total funds
brought		 forward 4,055,953 174,970 4,230,923 3,837,455
Net movement in funds (373,993) 66 (373,927) 393,468
Total funds carried forward 20 3,681,960 175,036 3,856,996 4,230,923

2020 2019
Note F
Fixed assets
Intangible
assets		 13 1,500
Tangible assets 14 364,572 391,094
Investments 15 3,087,435 3,436,927
3,452,007 3,829,521
Current assets
Stocks 16 13,541 29,236
Debtors 17 72,327 114,934
Cash at bank and in hand 621,083 520,648
706,951 664,818
Creditors: amounts falling due within one
year 18 (301,962) (263,416)
Net current assets 404,989 401,402
Total assets less current liabilities 3,856,996 4,230,923
Net assets excluding pension asset 3,856,996 4,230,923
Total net assets 3,856,996 4,230,923
Charity funds
Restricted funds 20 175,036 174,970
Unrestricted
funds		 20 3,681„960 4,055,953
Total funds 3,856,996 4,230,923

2020 2019
Cash flows from operating
activities
Net cash used
in operating
activities		 (29,667) (163,492)
Cash flows from investing
activities
Dividends,
interests
and rents from investments		 51,432 157,898
Proceeds from the sale oftangible
fixed		 assets 10,000 17,893
Purchase oftangible
fixed assets		 (6,903) (8,286)
Proceeds from sale ofinvestments 861,607 194,241
Purchase of investments (786,034) (423,962)
Net cash provided
by/(used
in) investing		 activities 130,102 (62,216)
Change in cash and cash equivalents in the year 100,435 (225,708)
Cash and cash equivalents
at the beginning		 ofthe year 520,648 746,356
Cash and cash equivalents
at the end		 of the year 621,083 520,648

Unrestricted Total
funds funds
2020 2020
Quarry degree, diploma and other course fees 292,563 292„563
Blended training/online CPD 29,706 29,706
Conferences and events
Other charitable activities
Stock sales 22,723 22 723
Total 2020 344,992 344,992
Unrestricted Total
funds funds
2019 2019
Quarry degree, diploma and other course fees 299,375 299,375
Blended training/online CPD 85,159 85,159
Conferences and events 10,820 10,820
Other charitable activities 1,020 1,020
Stock sales 27,824 27,824
Total 2019 424,198 424,198

Unrestricted Total
funds funds
2020 2020
UK Members 329,274 329,274
Unrestricted Total
funds funds
2019 2019
F
UK Members 333,470 333,470
6. Investment Income
Unrestricted Restricted Total
funds funds funds
2020 2020 2020
Income from listed investments 47,389 3,861 51,250
Bank interest 173 9 182
47,562 3,870 51,432
Unrestricted Restricted Total
funds funds funds
2019 2019 2019
Income from listed investments 61,450 5,506 66,956
Investment income from unlisted investments 90,423 90,423
Bank interest 505 14 519
152,378 5,520 157,898

Unrestricted Restricted Total
funds funds funds
2020
f		 2020
f		 2020
Investment management fees 12,000 693 12,693
Overheads 3,317 3317
Wages and salaries 10,361 10„361
National insurance 1,053 1,053
Pension 702 702
Depreciation and loss on sale 777 777
28,210 693 28,903
Unrestricted Restricted Total
funds funds funds
2019 2019 2019
Investment management fees 11,994 703 12,697
Overheads 4,348 4,348
Wages and salaries 10,103 10,103
National insurance 1,093 1,093
Pension 900 900
Depreciation and loss on sale 1,018 1,018
29,456 703 30,159

Unrestricted Restricted Total
funds funds funds
2020 2020 2020
F
Membership and branches 304,203 304,203
Education 211,952 211,952
Institute activities 259,161 259,161
Branch business activities 16,210 1,000 17,210
Governance 4,277 4,277
795,803 1,000 796,803
Unrestricted Restricted Total
funds funds funds
2019 2019f 2019
Membership and branches 331,356 331,356
Education 272,652 272,652
Institute activities 253,681 253,681
Branch business activities 17,462 1,200 18,662
Governance 18,516 18,516
893,667 1,200 894,867

Activities
undertaken Support Total
directly costs funds
2020 2020 2020
f. R
Membership and branches 44,861 259,342 304,203
Education 17,447 194,505 211,952
Institute activities 103,219 155,942 259,161
Branch business activities 1,000 16,210 17,210
Governance 4,277 4„277
166,527 630,276 796,803
Activities
undertaken Support Total
directly costs funds
2019 2019 2019
Membership and branches 51,963 279,393 331,356
Education 63,105 209,547 272,652
Institute activities 95,248 158,433 253,681
Branch business activities 1,200 17,462 18,662
Governance 18,516 18,516
211,516 683,351 894,867

Membership Branch
and Institute business
branches Education activities activities
2020 2020 2020 2020
Staff costs 193,851 145,388 121,156 12,116
Depreciation
and loss on sale		 12,428 9,321 1,622 777
Computer
software		 22,361 16,771 13,975 1,398
Office overheads 7,042 5,281 4,401 440
Cleaning
and repairs		 3,417 2,563 2,135 214
Printing,
postage and stationery		 4,991 3,743 3,120 312
Sundry costs 1,726 1,294 1,078 108
Legal and professional 699 524 437 44
Advertising 7,061 5,296 4,413 441
Travel and Subsistence 3,732 2,799 2,334 233
Other staff costs 2,034 1,525 1,271 127
259,342 194,505 155,942 16,210
Total
Governance funds
2020 2020
Staff costs 472„511
Depreciation
and loss on sale		 24,148
Computer
software		 54,505
Office overheads 17,164
Cleaning
and repairs		 8,329
Printing,
postage and stationery		 12,166
Sundry costs 4,206
Legal and professional 3,750 5,454
Advertising 17,211
Travel and subsistence 527 9,625
Other staff costs 4,957
4,277 630,276

Membership Branch
and Institute business
branches Education activities activities
2019 2019 2019 2019
E
Staff costs 193,545 145,159 120,969 12,096
Depreciation 16,287 12,216 (6,013) 1,018
Computer software 21,904 16,428 13,691 1,369
Office Overheads 6,520 4,890 4,075 408
Cleaning
and repairs		 4,170 3,128 2,607 260
Printing,
postage and stationary		 13,080 9,810 8,174 818
Sundry costs 2,970 2,228 1,855 186
Legal and professional 5,303 3,977 3,316 331
Advertising 11,153 8,365 6,971 697
Travel and subsistence 1,650 1,238 1,032 103
Other staff costs 2,811 2,108 1,756 176
279,393 209,547 158,433 17,462

Analysis ofsupport c osts (co ntin ued)
Total
Governance funds
2019 2019f
Staff costs 471,769
Depreciation 23,508
Computer
software		 53,392
Office Overheads 15,893
Cleaning
and repairs		 10,165
Printing,
postage and stationary		 31,882
Sundry costs 7,239
Legal and professional 4,000 16,927
Advertising 27,186
Travel and subsistence 14,516 18,539
Other staff costs 6,851
18,516 683,351
10. Auditors'
remuneration
2020 2019
Fees payable to the Company's auditor for the audit ofthe Company's
annual accounts 4,000 4,000
11. Staff costs
2020 2019
K
Wages and salaries 413,094 404,108
Social security costs 40,879 43,731
Contribution
to defined		 contribution pension schemes 30,654 36,026
484,627 483,865

2020 2019
No. No.
2020 2019
No. No.

Intangible assets
Computer
software
Cost
At 1 January 2020 53,835
At 31 December 2020 53,835
Amortlsation
At 1 January 2020 52,335
Charge for the year 1,500
At 31 December 2020 53,835
Net book value
At 31 December 2020
At 31 December 2019 1,500

Office
furniture
Freehold Motor and Computer
property vehicles equipment equipment Total
F R
Cost or valuation
At 1 January 2020 400,000 30,849 140,898 21,385 593,132
Additions 6,903 6,903
Disposals (30,849) (10,689) (41,538)
At 31 December 2020 400,000 140,898 17,599 558,497
Depreciation
At 1 January 2020 60,000 23,137 102,652 16,249 202,038
Charge for the year 8,000 3,856 13„942 3,771 29,569
On disposals (26,993) (10,689) (37,682)
At 31 December 2020 68,000 116,594 9,331 193,925
Net book value
At 31 December 2020 332,000 24,304 8,268 364,572
At 31 December 2019 340,000 7,712 38,246 5,136 391,094

Listed Unlisted
Investments Investments Total
F
Cost or valuation
At 1 January 2020 2,532,696 904„231 3,436,927
Additions 786,034 786,034
Disposals (645,636) (645,636)
Revaluations (162,350) (327,540) (489,890)
At 31 December 2020 2,510,744 576,691 3,087,435
Market value
At 31 December 2020 2,510,744 576,691 3,087,435
At 31December 2019 2,532,696 904,231 3,436,927

2020 2019
F
Ties, medals etc 4,798 10,597
Technical handbooks 8,743 18,639
13,541 29,236

2020 2019f
Due within one year
Trade debtors 7,954 86,533
Other debtors 6,504 1,025
Prepayments and accrued income 57,869 27,376
72,327 114,934

2020 2019
E
Trade creditors 37,093 35,779
Other taxation and social security 10,819 14,999
Other creditors 27,366 33,027
Accruals and deferred income 226,684 179,611
301,962 263,416

2020 2019
F F
2020 2019
F
Deferred income at 1 January 74,566 75,117
Resources deferred during the year 129,799 74,566
Amounts released from previous periods (74,566) (75,117)
129,799 74,566

2020 2019
Financial assets
Financial assets measured at amortised cost 635,541 608,206
2020f 2019
Financial liabilities
Financial liabilities measured at amortised cost 161,344 173,851

Balance at
Balance at 1 31
January Transfers Gains/ December
2020 Income Expenditure In/out (Losses) 2020
F F F
Unrestricted
funds
General Funds 4,055,953 721,828 (824,013) (271,808) 3,681,960

Balance at
Balance at 1 31
January Transfers Gains/ December
2020 Income Expenditure in/out (Losses) 2020
Restricted
funds
Preston 13,977 395 (271) 1,072 15,173
Coles 8,046 224 (240) 609 8,639
McPherson 59,015 1,497 (268) (132) 4,067 64,179
Nordberg 27,000 683 (122) 1,857 29,418
Goodwin Barsby 4,138 124 (222) 337 4,377
Rushton Bucyris 10,856 275 (49) 746 11,828
Ransomes &
Rapier 19 (204) 132 53
Marston 9,392 236 (42) 641 10,227
Clugston 5,109 129 (23) 349 5,564
Eric McNaught 10,967 288 (252) 782 11,785
Trust capital 26,470 (12,624) 13,846
174,970 3,870 (1,693) (2,111) 175,036
Total of funds 4,230,923 725,698 (825,706) (273,919) 3,856,996

Statemen t
 offund s - prior year
Balance at
Balance at 31
1 January Transfers Gains/ December
2019 Income Expenditure In/out (Losses) 2019
Unrestricted
funds
General Funds 3,660,035 910,611 (923,123) 19,000 389,430 4,055,953
Other general
funds 19,000 (19,000)
3,679,035 910,611 (923,123) 389,430 4,055,953
Restricted
funds
Preston 14,024 563 (672) 62 13,977
Coles 7,932 320 (241) 35 8,046
McPherson 56,936 2,136 (272) (19) 234 59,015
Nordberg 26,044 973 (124) 107 27,000
Goodwin Barsby 4,165 177 (223) 19 4,138
Rushton Bucyris 10,470 393 (50) 43 10,856
Ransomes &
Rapier 154 28 (204) 19 3
Marston 9,062 336 (43) 37 9,392
Clugston 4,929 183 (23) 20 5,109
Eric McNaught 10,564 411 (51) 43 10,967
Trust capital 14,140 12,330 26,470
158,420 5,520 (1,903) 12,933 174,970
Total of funds 3,837,455 916,131 (925,026) 402,363 4,230,923

Analysis of net assets between funds - cur rent period
Unrestricted Restricted Total
funds funds funds
2020 2020f 2020
Tangible fixed assets 364,572 364,572
Fixed asset investments 2,927,649 159,786 3,087,435
Current assets 691,701 15,250 706,951
Creditors due within one year (301,962) (301,962)
Total 3,681,960 175,036 3,856„996

Analysis of net assets between funds - prio r period
Unrestricted Restricted Total
funds funds funds
2019 2019 2019
Tangible fixed assets 391,094 391,094
Intangible fixed assets 1,500 1,500
Fixed asset investments 3,297,084 139,843 3,436,927
Current assets 629,691 35,127 664,818
Creditors due within one year (263,416) (263,416)
Total 4,055,953 174,970 4,230,923
22. Reconciliation
ofnet		 Reconciliation
ofnet		 movement movement movement in funds to in funds to net cash flow from operating activities
2020 2019
Net
income/expenditure		 for the period (as per Statement of Financial
Activities) (373,927) 393,468
Adjustments
for:
Depreciation
charges		 29,569 39,218
Amortisation
charges		 1,500 1,500
Losses / (Gains) on investments 273,919 (402,363)
Dividends,
interests		 and rents from investments (51,432) (157,898)
Profit on the sale offixed assets (6,144) (16,193)
Decrease/(increase) in stocks 15,695 (10,852)
Decrease/(increase) in debtors 42,607 (65,002)
Increase
in creditors		 38,546 54,630
Net cash used In operating activities (29,667) (163,492)
23. Analysis of cash and cash equivalents
2020 2019
Cash
in hand		 621,083 520,648
Total cash and cash equivalents 621,083 520,648
24. Analysis ofchanges in net debt
At 1 At 31
January December
2020 Cash flows 2020f
Cash at bank and in hand 520,648 100,435 621„083
520,648 100,435 621,083