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|||||Page|
|---|---|---|---|---|
|Reference and Administrative||Details ofthe Company,|its Trustees and Advisers|1-2|
|Trustees'<br>Report||||3-13|
|Trustees'<br>Responsibilities<br>Statement||||14|
|Independent<br>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|





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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

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## 

|||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|
|||||2020|2020|2020|2019|
||||Note|F|F||F|
|Income from:||||||||
|Donations<br>and|legacies||||||565|
|Charitable<br>activities||||344,992||344,992|424,198|
|Other trading<br>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<br>on:||||||||
|Raising funds|||7|28,210|693|28„903|30,159|
|Charitable<br>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<br>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<br>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<br>funds||||20||3,681„960||4,055,953|
|Total funds||||||3,856,996||4,230,923|





## 

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





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|||||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<br>f|2020<br>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<br>and loss on sale|12,428|9,321|1,622|777|
|Computer<br>software|22,361|16,771|13,975|1,398|
|Office overheads|7,042|5,281|4,401|440|
|Cleaning<br>and repairs|3,417|2,563|2,135|214|
|Printing,<br>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<br>and loss on sale||||24,148|
|Computer<br>software||||54,505|
|Office overheads||||17,164|
|Cleaning<br>and repairs||||8,329|
|Printing,<br>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<br>and repairs||4,170|3,128|2,607|260|
|Printing,<br>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<br>software|||||53,392|
||Office Overheads|||||15,893|
||Cleaning<br>and repairs|||||10,165|
||Printing,<br>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'<br>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<br>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<br>|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<br>ofnet|Reconciliation<br>ofnet|movement|movement|movement|in funds to|in funds to|net|cash flow|from operating|activities||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||2020|2019|
||Net<br>income/expenditure|||for|the|period|(as|per|Statement|of Financial|||
||Activities)||||||||||(373,927)|393,468|
||Adjustments<br>for:||||||||||||
||Depreciation<br>charges||||||||||29,569|39,218|
||Amortisation<br>charges||||||||||1,500|1,500|
||Losses / (Gains) on investments||||||||||273,919|(402,363)|
||Dividends,<br>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<br>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<br>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|





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