Reglstered number: 00606601
Charity number: 244812
The Institute of Quarrylng
Trustees, Report and Financial Statements
For the Year Ended 31 December 2021
rfJDAINS
ACCOUNTANTS

The Institute of Quarrying
IA Company Llmited by Guarantee)
Contsnts
Page
Reforencg.and Administrative Detalls of the Company, Its Twsteos and Advisers
Trustee8' Report
Tru5tges' Responslbllltles Statement
Independent Audltors, Roport on the Flnanclal Statement8
statement of Flnanclal A¢tiviti05
3-12
13
14-17
18
Balance Sheet
19
Statemènt of Cash Flows
20
Not88 to the Flnanclal Statements
21-45

The Institute of Quarrylng
IA Company Limited by Guarantee)
Reference and Admlnlstrative Details of the Company¥ its Trustees and Advisor5
For the Year Ended 31 December 2021
Trustees
M Riley, President
VG Russell. Chairman
8 Williams, Deputy Chairman
D Bagshaw
R Allinglon
P Williamson
PFVV Cottrell
BM Uphill
MR Dobson
HK Bailey (appointed 14 September 2021)
TJ Corcoran {appoinled 14 September 20211
PK Redmond (resigned 14 September 20211
K Gough (resigned 14 September 2021}
Company regl8tered number
006C6601
Charity reglsterBd number
244812
Reglslered offlce
McPherson House
8a Regan Way
Chetwynd Business Park
Chilwell
Nottinghamshire
NG9 6RZ
Company secretary
JE ThoTne
Independent audltors
Dains LLP
Statutory Auditor
2 Etruria Office Village
Forge Lane
Stoke on Trent
Staffordshlre
ST15RQ
Page 1

The Institute of Quarrylng
IA Company Limited by Guaranteg)
Reference and Admlnlstratlve Detalls of the Company, Its Trustees and Advi$èr6 {contlnuedl
For the Year Ended 31 Oecernber 2021
Bankern
Lloyds Bank PIC
Parliament Street
Nottingham
NG13DA
Sollcltors
Harvey Ingram Shakespeares LLP
20 New Walk
Leicester
LE16TX
Investmènt Advlsors
Investec Wealth and Inve51menl
Beech House
61 Napier Street
Sheffield
S118FIA
Page 2

The Institute of Quarrying
(A Company Llmited by Guarantee)
Trustees, Report
For the Year Ended 31 December 2021
The Trustees present their annual report together with the audited flnancial statements of The Insts'tule of
Quarrying for the year 1 January 2021 to 31 December 2021. The Trustees confirm that the annual report and
financial statements of the company compty with the current statutory requirements, the requirements of the
company's governing document and the provision of Accounting and Reporting Ch8rilie8.' Statement of
Recommended Practice applicable lo charities preparing their accounts in accofdance with the Financial
Reporting Standard appli¢able in the UK and Republic of Ireland issued in Octobef 2019, the Financial Reporting
Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, the Charities Act 2011, the
Companles Act 2006 and UK Generally Accepted Accounting Practice.
SinGe the Company qualifies as small under sectlon 382 of the Companies Act 20CE, the Strategic Report
required of medium and large companies under the Compani8s Act 2006 (Strategic Report and Directors.
Report) Regulations 2013 has been omitted.
Objectlves and a¢tlvltlo8
a. PollGigs and objgctivgs
The Institute of Quarrying has charitable status and is a Gompany limited by guarantee. Its primary objective is
'To advance the science. practice and professionalism of quarrying throLtgh education, training and the
encouragement of progressive improvements in standards of business, technical and environmental
P8rformance'.
In setting objectives and planning for activitie5, the Trustees have given due ¢onsideration to general guidancg
published by the Charity Commission relating to public benefit, including the guidanGe 'Publlc benefit.. running a
charity IPB21'.
During 2021 the Institute continued lo deliver its five-year str8tegy incorporaÉing four strategic pillars lo support
achieving rts charitable purpose. As part of its Strategy the Institute PTogre5sed negotiations with the National
Stone Centre INSCI with the objective to align the Iwo organisalions and move the Institute to the NSC site
based at Wirksworth in Derbyshire.
b. Strategles for achlevlng oblectlveg
The slr8tegy has four plllars.,
Be the global leader for Sta￿dardS in the mineral extraclives, profession
Drive innovation and operational best practice
Support the industry in driving he2tthy, sustainable workplaces
Promote the positive impact of the industry and profession
c. M¢mborship engaggmgnt and growth
The Insts'lute seeks to grow its membership through new members Joining and retaining its existing membership
base. As such the Inslilule sets targets and monitors performanGe for rnember retention and recruitment. The
objective for the Institute in line with its charitsble purpose 15 to have an engaged and growing membership
globalw.
The primary route to membership retention is through member engagement and services. The Institute's
regional Branch structure delivers regular even15 across the UK lo support members in developing and
maintaining their technical knowledge, Through the Covid pandemic the ability to hold physical events was more
limited, many events were held online lo conts'nue lo engage and support members.
Page 3

The Institute of Quarrylng
(A Company Limited by Guarantee)
Trustees. Report l¢ontinued}
For the Year Ended 31 Decombgr 2021
Objectlve8 and actlvltle81contlnuedl
d. Tralnlng and edu¢atlon delivered
The organisalion has developed and deliveied a number of courses which are delivered in the UK and
Internationally in conjunction with its partnership with the University of Derby Gent￿ for Mineral Products.
The courses cover core areas of knowledge and skills with relatlon to the minerals extractive processes. The
Institute remains committed to SUPPDrting the development of knovAedge and skills in key areas including Health
and Safety.
o. A¢tlvltl¢$ for a¢hieving obje¢tivos
Through Industry relevant education. training programmes, good practic8 guldanoe materlals, oonferences and
Branch technical events, the Inslrtule supports members in developlng quarrylng professionals, ski115 and
competence lo enable them to..
make on-going improvements in the way that the essential raw malerfals whl¢h underpin our society are won
from the ground, processed and delivered lo the market
ensure the health, safety and welfare of the worlrforce an¢J site visitors Is accorded the highest Pfiority
operate extractive siles in line with the best international standards for the prolettlon of the environment
ensure members are mindful of their social responsibilities and the need to be good neighbour5 in the
communities in which they operate
l. Voluntee
The Institute relies heavily on its volunteer nehyork lo support ils activities. from the B08rd of Trustees and
Council through lo regional Branch commillees. The Branch committees provide a varied range of technical
evenings and events lo enable members to access relevant Continuing Professional Development ICPD)
supporting their development of knowledge and skills. The Branches also provide a valuable w2y for members to
netsvork.
Members also provide theii technical knowledge and experience in supporting the development of information,
technical books. guidance and training ¢ourses enabling the Institute lo dellver Gurrent and relevant support to ils
members and the wider industry.
g. Flnanclal perfomwn¢o
Financial performance is outlined in the report below and shows the day to day operational performanGe of the
organisation alongside the performance in relats'on to projects.
A¢hiovernonts and pgrfomiance
Main achievements of the Company
2021 was a challengin9 year for the Institute with the conb'nuation of the Covid-19 pandemic which fundamentally
changed the operational and volunteer activities planned for 2021. The Institute operated in line with the
government regulations ané gLtidance throughout the year. This meant the closing ol the offices al Nottingham
with stsff working remotely Irom home through￿ut rnost of the year and into 2022.
As part of the work lo align with the NSC a formal project groL+P wa5 established with a project manager to
support the development of plans for the Institute. The project covered areas of acb'vity including:
Page 4

The Instltute of Quarrying
IA Company Limited by Guarantee)
Trusteos. Report Icontlnuodl
For the Ygar Ended 31 December 2021
Achlevements and performance (contlnued)
Governance - through developing an agreement with the NSC trustee5 to transfer control of the NSC to the
Institute within the bounds of both partles Articles of Assoclalion.
Relocation
the practic81 development of plans for migrating the Institutes office and team to temporary
accommodation at the NSC sile. This also in¢orpofftted the renting out of the Chitwell offices in Nottingham,
The establishment of a strategy and plan to delSver a centre of excellence via a new buildingls} al the NSC
site to house the NSC museum, visitor centre and cafè but lo also include capacity for a multifunctional
space for events conferences, training and eéu¢ation for both members, industry and the public.
. Kgy perfonnance indicators
Th8 key performanc8 indicators for the 2021 period related to five key areas of operation,.
OperalK)nal financial stability
Membership recruitment and retention
Membership services
Delivery of education and training
Delivery of projects lo support the ongoing development of the Institutes, capability to deliver ServI￿S to ils
members and the industy
The h'nancial report outlines the performance for th& year and highlights that a surplus of £69,649 was made for
2021. This was mainly due to a downturn in investment income and lower income from higher education
courses.
The membership numbers lor 2021 remained broadly flat in line with previous years. Retention figures were
strong at 91.7'/0 and new members were in line with target. although target had been set at a lower rate
considering the uncertainty around th8 pandemic.
New membership services were delivered during 2021 as planned and detailed in the report below. The
Inslitules. education programmes were delivered broadly in line with expectations both in Ihe UK and
inlernats'onally.
The Institute has also continued lo discuss with the Presidents, from the affiliated nats'onal institutes and
Branches on collaborating lo deliver the Presidents, fund project and disCUS5ions around international activity.
With the impa¢t of the pandemic the inlernabonal Presidents, agreed lo suspend the payments for 2021 and lo
review again in 2022.
Page 5

The Institute of Quarying
IA Company Limited by Guarantee)
Trustoe5' Report (continued}
Forthe Year Ended 31 December 2021
A¢hl¢vements and performance (continued)
b. Membership Servlce8
The Institute is committed to supporting members in developing and maintaining their skills anrj knowledge
throughout their working lives. To complement the formal educational and training available, the Institute
provides a range of services lo support members in sharing and accessing information in order to maintain their
cpo.
2021 continued lo s8e challenges in delivering activities for members.. the In8titule continued to wort( wllh
Branches lo deliver online technical events enabling members to engage in a range of subjeGts throughout the
year. Many were recorded and made available online for member use on an ongoing basls.
The Institute also worked in partnership with the IAT lo deliver a virtual su51ainability conference in October to
support members of k)olh professions in malnlalning their knowledge in this critical area. With the easing of
restrictions in the second half of 2021 the Inslilule was able lo hold ils Fellows lunch and student award
Ceremony in October, agalll in partnershlp with the IAT.
The Institute retained ils professional affiliab'on registration with the Engineering Council after the five year
review look place in December.
Branches
The IQ Branches provKle 8 range of technical evenlngs, semlnars, sfjte visits and Safety days covering a wde
range of topics to support members in gaining relevant CPD. The Branch meetings also provide members with
the opportunily tQ Share best praGtice and discuss their experience5.
The Branch events were severely affected by the pandemic, in some cases the IQ staff worked with Branch
committees to deliver technical event conlenl in an online format covering key subje¢ts such as health and safety
and technical updates on a range of issues.
Quarry Management
'Quarry Management, has been the official monthly Joumal of The In51rtute of Quarrying for many years. It
provides timely, relevant and tOPlC81 coverage of all the key issues, developments and advances in the
aggregates sector. 11 is provided to all members as part of their subscription package and is also available on a
subscription basis. In parlner$hip with QMJ Publishing Ltd. the magazine's publishers, a mobile phorse and tablet
'app' has been developed lo allow members and Other subscribers to read the journal in electronic format.
Throughout the pandern￿ the magazine continued to be produced in hard copy and sent to members lo ensure
they received one of the key member benefts.
Tgchnical Handbooks and guidance
The Inslitule's range of handbooks for ￿se in both educatlon and industry 1$ comprtsed of six hard copy
volumes-.-
Environmental Management
Heakh & Safely Law in Quarries
Crushirsg and Screening
Asphalt Production
Sand & Gravel Production
Use of Explosives in Quarries
Page 6

The In$tltute of Quarrying
IA Company Limited by Guarantee)
Trustoes, Report {continuedl
Forthe Ygar Endod 31 December 2021
Achlevement5 and performance (contlnued)
The Environmental Management book revision began In 2021 with the aim lo deliver revised elements during
2022. In addition. the Use of Explosives in Quarries book revision was also initiated wlh the updated version
scheduled for publication in 2022.
Woik continued to revlse and update the Good Practice Guide for Handling Soils In Mlneral Workings ahead of
ils launch in early 2022. This work was carried out in partnership with Natural England and the We15h
Government, along with stakeholders from Industy.
Webslte
The Institute runs an extensive website which offers a range of information for public view. Apart from se¢tlon$
about the Insbtute itseW, the website also Sncludes infomiation on=
Meetings, conferences and events
News and topical issues
Feeds and links lo social media, provldlng up40-date comment on industry 18sueg
Education and training Courses
Case stL*dies on career paths within the industry and link5 to other industy sources
Useful information about quarying and use of minerals in society
c. Educatlon
The Institute belSeves education and training is a life-long process starting with initial qualifuts'ons gained at
school, college or university and following to vocational training and development through attendance at
conferences. seminars, training courses, competence assessment schemes, workshops, technical meetings,
sile visits and the updating of knowledge by reading the Inslitule's journals, technical and management papers
and textbooks.
Acadgmlc QualSficatlon8
The Institute has a partnershlp agreemont with the University of Derby for the dellvery of distance learning
courses fiom Apprenticeship level 3 and foundation degrees through to fLtII honours degree. The courses provide
clear academi¢ pathways to support individuals in gaining core te¢hni¢al knowledge whilst maintaining
employment within the industry. This flexibility enables learners lo apply their learnin9 in real world situations.
This approach has proven to deliver the skills and knowledge that are crhical to operators within the sector.
Page 7

The Institute of Quarrylng
A Company Limited by Guaranto91
Tru8tee8' Report (contlnuedl
For the Year Ended 31 De¢ember 2021
Achlevements and perfomiance {contlnued}
d. Standardg
Setting Stsndard$ and gu(dance
The Institute plays an active role in supporting Minerals Products Qualifications Council {MPQCI, the standards
selling organisalion, for the manufacturing and process industries. This organisation is tasked with promoting
the improvement of skills within its footprint at all levels and is supported by Industry, trade as$ocialions,
professional bodies and trade unions.
In 2021, the Institute continued in its role as Chair of the Quarries National Joint Advisory Committee IQNJACI.
QNJAC is committed lo making the Industry a safer place, achieved through the raising of training, standards
and competence. In essence, providing essential health & safety guidance to quarries.
The Institute is also an integral member of the Strategic Forum in Health and Safety for the Mineral Products
sector.
Work continued to support Ihe health & safety 8genda wSth the ¢ontlnued push out of the ellminating entrapment
campaign started in 2019.
Work was also undertaken to start supporting the next CaMpa￿n around pedestrian and workplace interfaces..
promoting resources from other bodies. and through QNJAC. developing a new self audit tod.
During 2021 the Institute also contsnued its Professional Standards Committee (PSC} which is made up of
volunteers from the membership and wider industry. The purpose of the committee is lo review the membership
criteria and education pathways ensuring they meet the needs of the profession both in the short and long term.
The committee has also reviewed the approach and process for members recording CPD.
Contlnulng Profe881onal Developmenl
Fellows, Members and Te¢hnl¢al Members of the Institute are required lo undertake a minimum of 30 hours of
valid CPD each year.. a policy which is enforced by the Institute through random Sampling. All other membefs are
strongly encouraged to lake part in the CPD programme, which is the recording of identified training and
development needs as part of the process of lifelong learning. Certificates of Achievement are awarded once
100, 500, 750. 1,OIXJ, 1500 & 2000 hours of audited CPD aclivty have been logged.
. Investment pollcy and performance
Ouring the year, the investments made a realised profit on sales amounting to £97,426 and an unreallsed prof
on the v81ue of investments amoullting 10 £212,403.
Flnan¢ial rnvlow
The Institute has ￿ primary income streams.. from membership subscftptions and from education and training
activities. These are supplemented by income from investments.
The year proved very challenging due to the Covid pandemic, and the Institute made a surplus of £69,649 after
gains on investments. Membership income was broadly in line with expectation and previous perfomiance.
Income from education was loweF than in previous years due to several factors. Fewer learners were on the
Centre for Mineral Products courses during the year due lo the impael of Covid on recruitment. The funding level
for the Level five Higher apprenticeship was also signrficantly reduced by government which impacted on the
fees received by the Institute compared to previous years under its licence agreement.
Page 8

The Institute of Quarylng
{A Company Limited by Guarantee)
Trustees. Report Icontlnued)
Forthe Year Endad 31 Docember 2021
Prlnclpal r18k8 and uncertalntleg
The Trustees have reviewed the principle risks for the Institute and have highlighted the following concerns..
ExposuTe to market volatilty
Listed investments
At 31 December 2021, the Institute had reseNes of £2,719,766 invested in a number of publicly quoted funds.
The Trustees recognise that such values can fall as well as rise during the year. For this reason the Trustees
ensure that risks are oontrolled by a wide spread of investments in different asset classes with adequate
reserves being retained to provide flnancial stability during limes when investment values have fallen.
bl
Unllsted investment
QMJ Group Ltd was founded in 1924 by the Institute, which retains a 29.550kn stake in the company, currently
valued at £572,786. The organisations historically shared both office accommodation and staff and QMJ has
provided a significant proportion of the Institute's inGome over previous decades. The Trustees accept that
profits in the publishing business will fluctuate at dSfferent points in the economic cycle and adequ8te reserves
are therefore retained In olher fomis of Investment lo counter the effect of periodic reductions In dividend
income.
2. Membershlp subscrSption income
As subscriptions are often paid by the employer on behalf of an individual member, membership lo the Insb'tule
15 heavily reliant on the sUPPOrt of the major companies within the industry. Should the support of one or more of
those companies be withdrawn for any reason, then the membership and subsequent subscription income would
be reduced. Thus, the Trustees consider it appropriate to hold reserves against this eventuality.
Education and Iraining income
Revenue from the courses run in partnership with the University of Derby realised £158,458 in 2021 and
represented the largest Single income stream for the Instrtute.
The direct deltvery of IQ training in the UK and overseas represented the IQ fuffilling Its remit to support the
progression of development of individuals within the industy. 2021 saw training in a range of locations globally
including the Middle East and Europe.
b. Material Investments pollcy
The principles governing de¢ision$ about investm8nts for the Institute are in accordance with the fequiremenl$ of
the Trustees Act 2000. The s¢heme assets are held in trust by the Trustees. The investment powers of the
Trustees are set out in clause 3F of the Memorandum of Associab'on and the powers granted thereby are wide.
The inanagemenl of the assets is performed by Investec Wealth & Investment Limrted.
The Trustees have established an investment policy for the Institute's funds and wlhin that policy have make
specific provlsion for environmental and ethical considerations.
The Trustees do not restrict their investment manager by imposing social, environmental or ethical
considerations to be taken into account in the selection, retention and realisation of Inveslmenls. However, the
Trustees have made their views on making socially responsible investments known lo the investment managers.
The fund managers exercise, at their discretion, any vofjng rights attaching to the scheme's investments.
Page 9

The Institute of Quarrying
IA Company Limited by Guarantee)
Trustees. Report Icontinuedl
For the Year Ended 31 December 2021
c. Reserves policy
The unrestricted reserves held 8131 December 2021 amounted tp £3,735,576, whih includes designated funds
of £151,OOD in respect of the revaluatlon of investment propety, an Increase of £53,616. Income generated from
unrestricted reserves are needed to cover administration and support costs and to provide funds which Can be
designated lo specific proje¢ts The amount of rgslricled reserves held at 31 December 2021 amounted to
£191,069, an Increase of £16,033. The total reserves hekl at the year-end was £3,926,645.
As a result of the review into the principal risks and uncertainties, the Truslees consider the reseNes lo be
adequate lo produce a revenLte stieam lo maintain its ability to carry out ils ststed objectives. Depletion of the
overall level of resetves would jeopardise the income stream 8nd threaten the ability of the Institute to fulfil ils
aims 8nd the Trustees will continue to revlew its policy in the context of the circumstances affeclng the Institute.
d. Golng ¢onGern
The Trustees have a reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis
in preparing the financial statements. Further details regarding the adoption of the going concern basis can be
found in the Accounting Policies.
structure, govemance and management
a. Constltution
The Instllule of Quarrying is governed by its Memorandum as passed by a special resolution dated 9 October
2003 and Articles of Association as passed by special resolution dated 8th December 2015.
The principal object of the Company is 'lo advance the science, practice and professionalism of quarrying
through education, training and the encouragement of progressive improvements in standards ol business,
technical and environmental performance,.
In 2021 the Board of Trustees amended the Articles of Association to Increase the number of co-opted members
on the Board to three as part of Its work wSth the NSC.
The Revision5 were presented al the AGM in September of 2021 for voting by members and were unanimously
aGcepled al the meeting.
b. Methods of appolntment or electlon of Trusteos
Trustees are elecleLI lo the Board as set out in the Articles of Association and on the basis Of the experience and
the contribution the individuals are able lo make to the work of the Institute. Many are in senior management
positions in large businesses and a high proportion of the Trustees also have experience of working on local
Branch committees.
¢. Poli¢iè$ adoptod for the induction and training of Trustoes
On being elected, all Trustees are issued with a detailed guKlance note setting out the duties and responsibilities
of a trustee of a registered chaTity.
Page 10

The Institute of Quarrying
(A Company Limited by Guarantee}
TrustO8s' Report Icontinuedl
Forthe Year Ended 31 December 2021
Structure, govemance and management {continuedl
d. Pay pollcy for key management personnel
The InslitLrte's Trustees are responsible for the remuneration of the Chsef Executive and other senior members
of staff.
¢. Organlsational structure and decision making
The Board of Trustees normally meets quarterly lo review the aims and objectives of the Insti￿te, to review the
results of the company and to discuss key strategies and plans for the ongoing and future directiorb of the
company.
The Council of represenlatwes supports the work of the Board of Trustees. The Council is comprised of member
representatives and those interested in the activities of the Institute to express views and opinions on mallers of
poIiGy, activities. strategy and professional and other matters with which the Insts'tute is involved.
Day lo day management of the Institute's affairs is delegated lo the Chief Executive, who is a paid member of
staff and not a Trustee of the Institute. The Trustees meets regularly with the Chief Executive and with other
members of staff from time to time in order to apply sound governance lo the Instilule's affairs and ensure that
its policies, strategies and legal and ethbcal duties are being discharged in aG¢ordanGe wth Its orders.
f. Related party relatlon$hlps
No member of the Board of Trustees held any interest in the funds of the charity-
During the year. related paty transactions occurred with..
QMJ Publishing Limited, a company in which The Institute of Quarrying has a material interest
g. Trnstees, Ind8mnltle8
The Trustees have assessed the major risks to which the Institute is exposed, ifi particular those related lo the
operations and finanGes of the Company, and are satisfied that Systems and procedures are in place to miligale
the exposure lo the major risks.
In 2020, the Board eslablishe(l a Finance, Audit and Risk Committee, comprising of three members of the Board
to have oversight of the organisalional risks and investrnent strategies.
P8ge11

The IDslltul• of
Con¥>Any Lhnltgd ty Guarante0)
Tfustegs. Report (contlnued)
F¢rlhfr Year Endgd 31 Decembor2021
Plans for futjwè Poriots
In Ilne wllh the strategie plllaTr. a roadmap has beon d8wdloF*d to support th9 progress dEthng 2020 and th8
ye8rs b8yond. Tha activitla8 for 8ach pllar are ouminad befow:
Be the global leader In slandards forthe mlnerdl extraclk)n professlon
8s18bll8h IQ S￿￿8 ￿ as the fX)mpelence and capabllity benchmark for profes5ionaly
promote sthemes recogn181ng corprrfats cornmftment to best praolt¢e and commltrnent to rnalntalnlng CPD
creato dedicated support pathwa￿ for profes8lonal$ entwing Ihg IrKlusty
la standards. member8hlp and educalon ¥8 rec4)gnised ty all empwern
Promote the p￿111¥0 impact of the industy*Thl professlc
pmmots tho IQ, industy and careers avallabl8 to 5UPPOrt securfrKJ new tafgnt
promots 8Th1 celebrat8 the knTrJvallve work of m8mbeTS In tsvdgping th8 industy
SUp￿rtIng the Industy in drfving healthy. sustainablg W0￿p1a
work vilth othor8 to 8UPPOrt prfortty industy initiabves such as QNJAC ond the Mlngrd8 Strategic Forum
$upp(xt members In developlng core comtAtsndes In Health and Safety
support membgrs in devejoplng skllls and capability to delfver a sustaln8ble Industy
support members to devdop skil& and capabllty in deltvering positlve envlronmental syJtcomes
Drive innovallon and Operati(￿01 best practi
share leadlng technical procos5 innovation ￿1h members
support members wEth rolovant CPD opp)rbJnifi8
collaborote with pathers kn dev8lopltYJ teadlng research prolects
Alongside the works agalnsl Ihe plllars. the project to align with tho NSC 8$ d&talJed prevlously fomi a core
element of the Institute's work over Ihe next five lo 10 year period ag tt seek8 lo eslablish th8 stle as a Gentre of
excellenGe.
Dlsclogurn of Inforniallon 10 audho
Eath ofth• pa￿(￿ who are Trusteos at thg tima when thls TTU8te88' Report ts apwoved has confinngd that
so far as that TN$tee 1$ aware. there 18 no relevant audlt of vthlch the charltys audltors a
unawarn, and
Ihat Trustee has tsken all th8 St8ps that twght to hav8 b89n as a Trust09 in order to i* aware of
any rolev8nt8LMIEt Inforynatlon and to establtsh that the ¢harftrf8 a￿lItr)r8 are aware of that infoTmaliDn.
Audllors
The audIto￿, Dalns LLP. havg Indicated their willin9nesS to continue in Off￿e. The deslgnated TNstees wlll
propose 8 molion reappDinUng the audltOTS at a meeting of the Truste8s.
Approved by order oflhe member8 ofth8 board of Trustees and siwed on their bghafby.
V G Russo11
Chaimian
Oate:

Tho Institulo of Quarrying
(A Company Llmltsd by Guarantso)
statemont of Trustoes. rMponslbHRIqs
For Ih•Y•ar Ended 31 Decombor 2021
Th8 Trustees (who are abo the dlr8Ctor8 of the Company for tho purposes of company lawl 8re r8spon8lble for
pr6parfng tho Trustees, Report and tha flnancial statsmonts In accoidancg wth appllcable law and Unyted
Klngdom A￿OuntIng Standards (UnSted Klngdom Genor￿￿ Accepted Acwuntlng Praclice
Cornpany law roquim5 the Tn￿lee8 to prepare finan¢io1 stalements for each Ilnandal Y￿r. Undar ¢ompany law.
th8 Trustoos must not approve thg financial statements unless they are satt5fied that they giv8 a true and falr
view of fhe sf8te of affalrs of the Company and of its Incoming r￿JOUr¢95 and applcallon ofresources. Indudlng
its incom8 and expendtlum. forthat period. In preparlng these llngndal statemants. Ihe Twstses aro requlrod lo..
8elad sultablg a￿UntY￿ wlith and then appty*fr￿rn con8iskntI
obser¥e tha methots and prlndpl8s oflh8 Charttles SORP (FRS 102>,"
mBke ludgm8nts 8nd atxounllng e3llmatets that ara reasonabl8 and wudentr.
Stato wh8thor applicablè UK A￿untIng Standards {FRS 102> have been foNowed. Bubiect to any material
d8pathre8 dlsdosBd and explalned In Ihe financial statements-
prepare the financlal statements M tha gok)g concem ba818 unl8ss it 15 InapFW1ri8te to presw that th8
Companywill conttnue In bu8ine¥&
The Trust888 are responslble for ke8plng adequate accounllng records that org sufflclent to show and exklaln
Ihg CoMpan￿S transactions and disclose wth reasonable arxuracy at any tlme the financial posilk)n of the
Company and enabfg them to ensure that Ihe flnanclal statements CoM￿Y with the Companies Act 2006. They
are afso responsible for safeguarding the assets of the Company and hence for tsktng reasonablo 8teps for Iha
prevontion and do￿140￿ of fraud and olher Irregul8rllle8.
Approved by order ofthe mambers ofthe board ofTrustee6 and ¢)n Its b¢tAlf by.
V G Ryssoll
Chairman
&/?
PaAg 13

The Institute of Quarrying
IA Company Limited by Guarantee)
Independent Auditors. Report to the Trustees of The Institute of Quarrylng
Oplnion
We have audited the linancpl statemenls of The Institute of auairying {Ihe 'charilable company,) for the year
ended 31 December 2021 whi¢h Gomprise the Statement of Financial Activities, the Balance Sheet, the
Statement of Cash Fbows and the related notes. including a summary of significant accounting policies. The
financial reporting Iramework that has been applied in their preparation is applicable law and unit￿ TrQngdom
A¢¢ounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Pra¢li¢el.
In our opinion the financial statements..
give a true and fair view of the stale of the charitable company's affairs as at 31 December 2021 and of its
incoming resour¢e$ and application of resources, including its income and expenditure for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounb'ng
Practice., and
have been prepared in a¢cordan¢e wlth the requirements tsf the Companies Act 2006.
Basls for oplnion
We conducted our audit in accordance ￿th Intern8tion81 Stsndards on Altdits'ng {UKI IISAS IUK)} and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom,
including the Financi81 Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in a￿OrdanCe with these requirements. We believe that the audit evidence we have obtained is
Sufficient and appropdate to provide a basis for our opinion.
Conclusions relating to golng concgin
In auditing the financial stalemenls, we have concluded that the Trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any maleiial uncertainties relating to events or
conditions that, indivldually or Collectively, may cast significant doubt on the charitable company's ability to
continue as a going con￿rn for a period of al least ￿e1ve months from when the financial statements are
authortsed lor issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are descrlbed In the
relevant sections of this report.
Page 14

The Instltute of Quarrylng
IA Company Limited by Guarantee)
Independont Audltor8' Report to the Trustees of The Institute of Quarrying leontinued)
Oth9r information
The other infomiation comprises the infomiats'on included in the Annual Report other than the flnancial
statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained
wrthin the Annual Report. Our opinion on the financial statements does not Gover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
thereon. Our responsibility is to read the other information and, in doing so, consider whether the other
infomation is materially inconsistent with the financial ststements or our knowledge obtained in the course of the
audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to delemine whether this gives rise lo a material misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other infomiation, we are required to report that fact.
We have nothing to ￿port in this regard.
Oplnlon on other matter6 prescribed by the Companleg Act 2006
In our opinion. based on the wort( undertaken in the course of the audit..
the information given in the Trustees, Report for the financial year for vthich the financial statements are
prepared is consistent with the financial statements.
the Trustees, Report has been prepared in accoTdance with applicable legal requirements.
Matter5 on whlch w9 are roqulrgd to roport by oxceptlon
In the light of our knowledge and understanding of the chadtable company and ils environment obtained in the
course of tho audit, we have not identified material misstatements in the Trustees, Report.
We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires
us lo report to you if, in our opinion.,
adequate accounting records have not been kept, or retums adequate for our audit have not been
re￿iVed from branches not visited by us.. or
the financial slalements are not in agreement with the accounting records 2nd retums., or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not received all the information and explanat￿nS we require for our auditr, or
the Trustees were not enlitlÈd to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemption5 in preparing the Trustees, Report and
from the requlremenl to prepa￿ a Strategic Report.
Rosponslbllltles of trustees
As explained more fully in the Trustees, Responsibilities Statement. the Trustees Iwho are also the directors of
the charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for Sltch internal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from mater￿1
misstatement, whether due to fraL*d or eiror.
In preparing the financial statemen15, the Trustees are responsible for assessing the charitable companls ability
lo conts'nue as a going concern, disclosing, as applicable. matters related to going ¢on¢ern and using the going
concern basi5 of aGcounling unless the Trustees either intend to liquidate the charitable company or to cease
operations, or have no reali5tlG alternative bul to do so.
Pag815

The Institute of Quarrying
A Company Limited by Guarantee)
Independent Audltors. Report to the Trustees ol The Institute of Quatrying l¢onlinued)
Audltors. respon8lbllltles for the audlt of the flnanclal 8tatements
Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free
fiom material misstatement, whether due lo fraud or error, and to issue an Auditors, Report that includes our
opinion. Reasonable assurance Is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if. individualty or in the aggregate. they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance wth laws and regulations. We design procedures
in line with our responsibililies, outlined above, to detect material misstatements in ￿spect of Irregularllies,
including fraud. The extent to which our procedures a￿ ¢apable of detetsting Ir￿gUIaTIties, Includlng fraud is
detailed below.
Our approach to identifying and assessing the risk5 of material misstatement in respect of irregularities. including
fraud and non-compliance with laws and regulab'orss. was as follows..
the senior statutory auditor ensured that the engagement team collectivety had the appropriate competence,
¢ap2bilities and skills to identlfy or recognise non-compliance with applicable laws and regulations.,
we identified the laws and regulations applicable to the charitsble company through discussions with
directors and other management, and from our commercial knowledge and experience of the sector..
we focused on specific laws and wulalions which we considered may have a direct material effect on the
financial statements or the operations of the charitable company. inclLtding the financial reporting legislation.
Companies A¢t 2006, Charities Act 2011, taxation legislation, anti-bribery, employment, and environmental
and health and safety legislation.,
we assessed Ihe extent of Compliance with the laws and regulations identifled above through making
enqU￿rIeS of management and Inspecllng legal correspondence., and
identified laws and regulations were communicated within the audrt team regulady and the team remained
alert lo inslan¢e$ of non-¢omplian¢e throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including
obtaining an underslanciing ol how fraud might occur. by..
making enquiries of management as to where they considered there was suscepkn'bility to fraud, their
knowledge of actual, suspected and alleged fraud- and
considerin9 the internal controls in place lo mitigate risks of fraud and non-compliance with laws and
regulatlons.
To address the risk of fraud through management bias and override of controls, we..
perfomied analytical procedures to identify any unusual or unexpected relats'onships..
losled journal entries lo identify unusual Iransaclions.,
assessed whether judgements and assumptions made in determining the accounting estimates are
indicative of potential bias., and
investigatad the rationale behind significant or unusual transactions.
Irs response to the risk of irregularities and non-compliance wrth law8 and regulations, we designed procedures
which included, bul were not limited lo..
agreeing financial statement disclosures to ursderlying supporting documentation.,
reading the minutes of meetings of those charged with governance.,
enquiring of mariagernenl as to actual and potential litigation and claims,. and
reviewing correspondence with HMRC. relevant regulators and the charitable company's legal advisors.
Pago 16

The Institute of Quarrylng
{A Company Limited by Guarantee)
Independent Audltors, Report to the Tru8tee8 of The In8titute of Quarrylng Icontlnuedl
Because of the inherent limitations of an a￿dIt, there is a risk that we will llot detect all irregularllies, including
those leading lo a material misstatement in the financial statements or non-compliance wth regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealmenL forgery, eollusion, omission or misrepreserstats'on.
A fvrther descripb'on of our responsibilities for the audit of the financial statemenls is lo¢aled on the Financial
Reporting Council's website al.. www.frc.or
.uklauditorsres
onsibilities. This descript￿￿ forms part of our
Audllors, Report.
Use ofour report
This report is made solely to the charllable company's members, as a body. in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable
company's members those matters we are required lo stale to them in an Auditors, Report and for no other
purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than
the charitable company and its rnembe￿, as a body, for our audit work, for this ￿port, or for the opinions we
have formed.
Slmon Hawklns (Senior Statutory Audltor)
for and on behalf of
Dalns LLP
Slalutory Auditor
Chartered Accountants
2 Etruria Office Village
Forge Lane
Stoke on Trent
Staffordshire
ST1 5RQ
Date..
Page 17

The Institute of Quarrylng
IA Company Limited by Guaranteel
Statsment of financTral activities (incorporating income and gxpenditure account
For tho Yoar Endod 31 December 2021
Unre5trictod
funds
2021
Restricted
funds
2021
Total
funds
2021
Total
funds
2020
Note
Income from:
Charitable activities
Other trading activib'es
Inveslmonts
243.007
323,926
41,403
243,007
323,926
44,011
344,992
329,274
51.432
2,608
Total Income
608.336
2,608
610,944
725.698
Expenditure on:
Raising lunds
Charitable activities
30,763
969,489
872
1,000
31,635
970,489
28,903
796.803
Total expènditurg
1,000,252
1,872
1,002,124
825,706
Net gainsl{lossesl on investments
Ngt movement In funds beforg other
recognlsed galns
294,532
15,297
309,829
{273,919}
(97.384)
16,033
181,351)
{373,9271
Other recognised gains:
Gain5 on revaluation of fixed assets
151,000
151,000
Net movement In fund8
53,616
16,033
69,649
1373,927)
Reconclllatlon of funds:
Total funds brotjght foward
Net movement in funds
3,681,960
53,616
175,036
16,033
3,856,996
69,649
4,230,923
1373,927)
Total funds carried forward
3,735,576
191,069
3,928,645
3.856,996
The Statement of Financial Activities inclLtdes all gains and losses recognised in the year.
The notes on pages 2110 45 form part of these financial stalements.
Page 18

Th• Institulo of Quffjlng
(A Company Umligd by Guarantw}
Balance Sheet
AB at 31 December 21rI1
Roglstorod Ilumb8r. IJ0fj060111
2021
2020
Flxed a868ts
Intanglbie a59eis
Tangibla assets
Investments
Investment pvoperty
12
13
15
14
8,406
3292.552
475.000
364.572
3.087.435
177S958
3,452.007
Stocks
Debtors
Ca8h at bank and k) hand
18
17
19.882
75N25
2K347
13,541
72.327
621,083
706.951
credtt0￿. knjunts falllng due wilhln one
18
(239.96n
1301.962)
150.687
404.989
Total assgts loss Gurront Ilabllhles
3.926,645
3.856.996
Total n•t aBsets
19A645
3.856,996
Charltyfunds
Restrtcted funds
191.069
4n5,576
175,036
3.881.960
20
Totsl funds
3.926,845
3.856.996
The Tru8186s acknowlgdg• thok responslbiltttas for complykng wilh the requlremants of the Acl wlih wpect to
acwunIin￿ rocorfs and preparatEon of Ilnanclal statem￿ts.
Th& thancial statements havo been prepared In accordan￿ with the w0￿Sk￿lS appllcabla to enllues 8ubleot to
th6 gmal companle8 reglm&.
The ffn8ncl81 stste￿￿nts were approved and authorised forlgsue bylhtr Tru¥to8s and slgned on thetr behalf ty.
V G Ru$vll
Chalrman
Date:
Th& not88 on pag88 21 to 45 port ofthes8 ftnanclal statements.

The Instltute of Quarrylng
IA Company Limited by Guarantee)
Statement of Cash Flows
For th8 Year Ended 31 December 2021
2024
2020
Cash flow$ from operatSng activities
Nel cash used in operating acbvilies
1471,377)
{29,6671
Cash tlows from investlng actlvltles
Dividends, inlerests and rents from investrnents
Proceeds from the sale of tangible fixerj assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
44,01rf
51,432
10,000
13,082)
{6,9031
276,118
861.607
1171,406Tr 1786,0341
Net cash providod by investing activities
145,641
130,102
Change In cash and c#$h oquivalents in the yeaT
Cash and cash eguivalents at the beginning of the year
{325,7361
621,083
100,435
520.648
Cash and cash equlvalents at the ond of the year
295,347
621,083
The notes on pages 21 to 45 form part of these financlal statements
Page 20

The Institute of Quarrying
(A Company Llmited by Guarantee)
Note8 to the Flnan¢lal Statements
For the Year Ended 31 Decèmber 2021
Ac¢ountlng policie5
1.1 Ba818 of preparation of financlal statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial slatemefits have
been prepared in accordance with Accounting and Reporting by Charities.. Stslement of
Recotnmended Practice applicable lo charitres preparing IheSr accounts in accordance with tho
Financial Reporling Standard applicable in the UK and Republic of Ireland issued in October 2019,
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS
1021. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounts'ng
Practice.
The financial statements are prepared on a going concern basis under the historical cost convention,
modified to include certain items al fair value. The ftnancial statements are presented In sterling
whiGh 15 the functional CUTrency of the charity and rounded lo the nearest £.
The significant accountiny policie5 applied in the preparation of these financial slatemgnts are sel out
below. These policies have been ¢onsistenlly applied lo all years presented unless otherwise staled.
1.2 Going ¢on¢orn
The trustees have a reasonable exp8Ctation that the company ha$ 8dequats re$our¢es to continue in
operational existence for the foFeseeable future. For this reason they continue to adopt the going
concern basis in preparing the financial statements.
1.3 Income
All income is recognised once the Company has entillement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis.
Income tax recoverable in relatson to investment income is recognised at the time the investment
Income is receivable.
Page 21

The Institute of Quarrying
IA Company Limited by Guaranteel
Notes to the Financial Statements
For the Year Ended 31 December 2021
Accountlng pollcl¢8 l¢ontlnued)
1.4 Exponditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty. il 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 classified by activity. The costs
of each actwily are made up of the lolal of direct costs and shared costs, including support costs
involved in undertaking each ?clivity. Direct costs attfibutable lo a single activity are allocated directly
to that aGtivity. Shared Gosts which contribute lo rnore than one artivity and support costs which are
not attributable to a sirsgle activity are apportioned between those aclivikn'es on a basis consistent with
the use of resources. Central staff cost5 are allocated on the basis of lime spent, and depreGiation
charggs allocated on the portion of the as5el's use.
Support costs are those costs incurred directly in support of expenditure on the objects of th@
Company and include project management carried OL*1 at Headquarters. Governance costs are thosg
incurred in connection with administr8tion of the Company and compliance with conslitulional and
statutory requirements.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its
charitable purposes and includes costs of all fundraising acb'vilies events and non-charitable trading.
Expenditure on charitable activities is Incurred on directly undertaking the activities which further the
Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.5 Research and development
Research and development Is wrltten off In the year in which it Is incuNed.
1.6 Interest recoivablo
Interest on funds held on deposit 15 included when receivable and the amount can be measL*red
reliabty by the Company., this is normally upon notification of the interest paid or payable by the
institution wlh whom the funds are deposited.
1.7 Taxatlon
The Company Is con8ldered to P288 the tests set out in P8ragraph 1 Schedule 6 of the Finance Act
2010 and therefore11 meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the Company is potentially exempt from taxallon in respect of income or capital gains
re￿iVed within categories covered by Chapter 3 Part 11 of the Corporab'on Tax Act 2010 or Se¢lion
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusively to charitsble purposes.
Page 22

The Instktute of Quarying
IA Company Limited by Guarantee)
Notes to the Flnancial Statements
For thè Yèar Ended 31 Dècember 2021
Accounting poliGios {continugd}
1.8 Intanglble assets and amortlsatlon
Intangible assets are initially recognised al cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amorlisalion and any accumulated impairment
losses.
Amorb'sation is provided on intangible assets at rate5 calculated to write off the cost of each asset on
a straighl-line basis over ils expected useful life.
Amortisation is provided on the following basis..
CompLSter sofLware
33 % slraight line
1.9 Tonglble fixed a$s8ts and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible
lixed assets are measured at cost less accumulated depreciab'on and any accumulated impairment
losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be
included in the measurement of cost.
At each reporting date the Company assesses whether there is any indication of impairment. If such
indication exists, the recoverable amoltnt of the asset is determined lo be the hlgher of its falr value
less costs lo sell and its value in use. An impairment loss is recognised where the earylng amount
exceeds the recoverable amount.
DeprecIa￿On is charged so as lo allctale the cost of tangible frxed assets less their residual value
over thelr estirnaled useful lives.
Depreciation is provKled on the followsng bases..
Freehold property
2% straight Line
Motor vehicles
25Yo slraighl Line
Office furniture and equlpment 100/0 slraighl Line
Computer equipment
33Yo straight Line
Page 23

The Institute of Quarying
IA Company Limited by Guarantee)
Notes to thg Financial Statements
Forthe Year Ended 31 December 2021
Accounting pollcies Icontinued)
1.10 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
Iran58Ction ¢05t and subsequently measured al fair value al the Balance Sheet date, unless the value
annot be measured reliably in which case it is measured al cost less impairment. Investment gains
and 105se5, whether realised or unrealised, are combined and presented as 'GainsllLossesl on
investments, in th8 Statement of Financial Activities.
Listed investments are valued al market vallte at the balan￿ sheet date.
The unlisted investment is valued at the higher of len limes the average of the net cash dividends
received over the previous 4 years, excluding any unusual dividends or 29.55°/o of the net assets of
QMJ Group Limited.
Investment Property
Investment Property is initially recognised at cost, which includes the purchase cost and any directly
attributable expenditure. Subsequently it is measured al fair value at the reporttng date. Changes in
fair value are recognised in the Statement of Financial Activities.
1.11 stocks
Stocks are valued al the lower of cost and nel realisable value after making due allowance for
obsolete and slow-movlng stocks. Cost includes Èll dlrect costs and an appropriate proportion of flxed
and variable overheads.
1.12 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.13 Cash at bank and In hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturlty
of three months or less from the dale of aGquisilion or opening of the deposit or similar aGcounL
1.14 Llabllltlos and provlslons
Liabilities are recognised when there is an obligation at the Balance Sheet dale a8 a result of a past
event, tt is probable that a transfer of economic benefit will required in Setdement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or
the amount it has received as advanced payments for the goods or services il must provide.
Provisions are measured at the best estimate of the amounts requlred lo settle the obligatlon. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liabllity. The
unwinding of the discount is reGognised in the Statement of Financial Activities as a finance cost.
Page 24

The Institute of Quarrylng
(A Company Limited by Guarantee)
Notes to the Financlal Statemènts
For the Year Endgd 31 December 2021
AGGounting policies {continuedl
1.15 Financial Instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments a￿ initially r￿Qgnised al transaction value and subsequently
measured al their settlement value with the exception of bank loans which are subsequently
measured al amortised cost using the effective interest method.
1.16 Operating leases as105sge
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight
line basis over the lease term.
1.17 Operatlng leases as lessor
Rental income received from investment properties are charged to the Statement of Financial
A¢tivities over the agreed contract period.
1.18 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents
the amounts payable by the Company to the fltnd in respect of the year.
1.19 Fund accountlng
General funds are unreslrlcted funds which are available for use at the discretlon of the Trustees In
furtherance of the general obleelives of the Company and which have not been deslgnated for other
purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Company for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and Ltse of each restricted
fund is Set out in the notes to the financial statements.
Investment income, gain8 and losses are allocated to the appropriate fvnd.
Page 25

The Institute of Quarrylng
IA Company Limited by Guarantee)
Notes to the Financial Statements
For tho Year Ended 31 Oecember 2021
Critical accounting estimates and areas of Judgment
Estimates and judgments are continually evaluated and are based on histor*cal experience and otheF
factors, including expe¢lations of future events that are believed lo be reasonable under the
circumstances.
Critical accounting estimates and assumptions..
The Company makes estimates and assumptions concerning the future. The resulting accounting
estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and
assumption5 that have a significant risk of causing a material adjustment to the carrying amoLtnts of
assets and liabilities within the next financial year are discijssed below.
Critical areas of judgment..
Valuatlon of Unllstod Invgstmonts
The unlisted investment is valued al the higher of ten times the average of the net cash dividends received
over the previous 4 years, excluding any unusual dividends or 29.55'fi of the net assets of QMJ Group
Limited.
Valuatlon of Investment Property
The investment propety v8lLte has been arrived al on the basis of a valuation carried out by Savills UK
Limited, an estate agency and will be reviewed annually by the Trustees.
Bad and doubtful debts
The Trustees have estimated a bad and doubtfvl debt provision on the basis of Ihelr judgment that trade
debtors are not recoverable or uncertain.
Income from charitable actlvltles
Unrestrfcted
fund8
2021
Total
funds
2021
Quarry degree, diploma and other course fees
Blended traininglonline CPD
Conferences and events
Other charitable activities
stock sales
198.080
23,947
6,473
250
14,257
198,080
23,947
6,473
250
14,257
243.007
243,007
Page 26

The Institute of Quarrying
IA Company Limited by Guarantee)
Notes to the Flnanclal Statements
For the Year Ended 31 De¢ember 2021
Income from ¢harltsble a¢tlvltlas l¢ontlnuod)
Unrostrlcted
funds
2020
Total
funds
2020
Quarry deg￿e, dlploma and other course fee5
Blended traininglonline CPD
Stock sales
292,563
29,706
22,723
292,563
29,706
22,723
344,992
344,992
Mgmber subscTiPtlons and entrance faes
UnrostriGtgd
fund5
2021
Total
funds
2021
UK Members
323.926
323,926
Unr88trlcted
funds
2020
Totsl
funds
2020
UK Members
329,274
329,274
Investment Incomo
Unrestrlcted Re8trlcted
funds
lunds
2021
2021
Total
funds
2021
Income from listed investments
Bank interest
41.370
33
2.607
43,977
41,403
2,608
44,011
Page 27

The Institute of Quarrying
IA Company Limited by Guarantee)
Notes to the Flnanclal Statements
For the Year Ended 31 December2021
Investment Income {contlnu8dl
Unrestricted Restrlcted
funds
funds
2020
2020
Total
funds
2020
Income from listed investments
Bank interest
47,389
173
3,861
51,250
182
47,562
3,870
51,432
Investmont management costs
Unrestrictod Restrictod
funds
funds
2021
2021
Total
funds
2021
Investrnenl management fees
Overheads
Wages and salaries
Nation81 insurance
Pension
Depreciation and loss on sale
12,880
4,062
11,224
1,101
826
670
872
13,752
4,062
11,224
1,101
826
670
30,763
872
31,635
Unrestrlctsd Restrlcted
fund5
funds
2020
2020
Total
funds
2020
Investment management fees
Overheads
Wages and salaries
Nation21 insurance
Pension
Depreciation and loss on sale
12,000
3,317
10,361
1,053
702
777
693
12,693
3,317
10,361
1,053
702
777
28,210
693
28,903
Page 28

Tho Institute of Quarrylng
{A Company Llmited by Guarantee)
Note6 to the Flnan¢ial Statements
For tho Year Endod 31 December 2021
Analysls of expenditure on charitable actlvltles
Summary by fund type
Unrestricted Restricted
funds
funds
2021
2021
Total
funds
2021
Membership and branches
Education
Institute activities
Branch business activities
Governance
318,083
234,227
391,372
17,884
7.923
318.083
234,227
391.372
18,884
7,923
1,000
969,489
1,000
970,489
Unr8$trlcted R¢strf¢tod
funds
funds
2020
2020
Total
funds
2020
Membership and branches
Education
Institute activitles
Branch business activities
Governance
304,203
211,952
259,161
16,210
4,277
304,203
211,952
259,161
17,210
4,277
1,000
795,803
1,0(10
796,803
Page 29

The Institute of Quarrylng
(A Company Limited by Guarantee)
Notes to the Financial Statements
For thts Year Ended 31 Decomber 2021
Analysis of 9xponditure by activities
Actfvitles
und8rtakgn
directly
2021
Support
costs
2021
Total
funds
2021
Membership and bFarsches
Education
Inslitule actNIIts
Branch business activities
GovernanGe
31,951
19,630
204,094
1,000
286,132
214,597
187,278
17,884
7,923
318,083
234,227
391,372
18,884
7,923
256.675
713.814
970889
Actlvltleg
undertaken
dlrectly
2020
Support
costs
2020
Totsl
funds
2020
Membership and branches
Education
Institute activities
Branch business activities
Governance
44,861
17,447
103,219
1,000
259,342
194,505
155,942
16,210
4,277
304,203
211,952
259,161
17,210
4,277
166,527
630,276
796,803
Page 30

The InstFtute of Quarrylng
IA Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 December 2021
Analysis of expendlture by actlvltlas Icontlnued)
Analysls of support Costs
Mgmbership
and
branches
2021
Branch
buslness
actlvltles
2021
Institute
actlvltles
2021
Educatlon
2021
staff costs
Depreciation
Computer sofhvare
OffiGe overheads
Cleaning and repairs
Printing, postage and slat*onery
Sundry costs
Legal and professional
Marketing and PR
Travel and Subsistence
Other staff costs
Loss on sale assets
210,413
10,720
20,699
6,908
4,776
6,598
2,047
536
157.810
8,040
15,524
5,181
3,582
4,949
1,533
402
13.584
2,197
1,795
131,509
6,700
12,937
4,318
2,985
4.124
1,274
335
11,320
1,831
1,496
8,449
13.151
670
1,294
432
299
412
128
33
1.132
183
150
18,112
2,929
2,394
28e,132
214,597
187,278
17,884
Total
funds
2021
Govoman¢e
2021
Staff costs
Depreciation and bss on sale
Computer softwa
Office overheads
Cleaning and repairs
Printing, postage and stationery
Sundry costs
Legal and professional
Marketing and PR
Travel and subsistence
other staff costs
Loss on sale of assets
512,883
26,130
50,454
16,839
11,642
16,083
4,982
5,406
44,148
10,963
5,835
8,449
4,100
3,823
7,923
713,814
Page 31

The Institute of QuaTrying
IA Company Limited by Guarantee)
Not¢$ to the Flnanclal Statement8
For th9 Year Ended 31 December 2021
Anatysis of expenditure by actlvltles Icontlnued)
Analysis of support costs (continued
Membershlp
and
branches
2020
Branch
buslness
activlties
2020
Institute
activities
2020
Education
2020
Staff costs
Depreciation
Computer soknre
Office overheads
Cleanin9 and repairs
Printing, postage and stationery
Sundry costs
Legal and professional
Marketing and PR
Travel and Subsistence
other staff costs
193,851
12,428
22,361
7,042
3,417
4,991
1,726
699
7,061
3,732
2,034
145,388
9,321
16,771
5.281
2,563
3,743
1.294
524
5,296
2,799
1,525
121,158
1,622
13,975
4,401
2,135
3.120
1,078
437
4,413
2,334
1,271
12,116
777
1.398
440
214
312
108
44
441
233
127
259.342
194,505
155,942
16,210
Total
funds
2020
Govemance
2020
staff costs
Depreciation
Computer 50thre
Office overheads
Cleaning and repairs
Printing, postage and stationery
Sundry costs
Legal and professional
Marketing and PR
Travel and subsistence
Other staff costs
472,511
24,148
54.505
17,164
8,329
12.166
4,206
5,454
17,211
9,625
4,957
3,750
527
4,277
630,276
Page 32

The Institute of Quarrylng
IA Cornpany Limited by Guaranteo)
Notes to the Flnaneial Statements
For thè Year Ended 31 December 2021
Auditors, rernuneration
2021
2020
Fees payable to the Compantys auditor for the audit of the Companls
annual accounts
4,000
4,000
10. 8taff ¢osts
2021
2020
Wages and salarie5
Social security costs
Contribution to defined conlributior¢ pension schemes
448,962
46,804
30,267
413,094
40.879
30,654
526.033
484,627
The average number of persons employed by the Company during the yeai was as follows..
2021
2020
No.
Administration
10
11
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
2021
No.
2020
No.
In the band £70,001- £80,000
In the band £100,001- £110,000
The total amount of employee benefits (including employer pension contribulionsl received by Trustees
and key management personnel for their services was £305,75712020- £312.4691.
11. Trustegs. rgrnuneratlon and exponsgs
Dufing the year, no Trustees received any remuneration or other benefits12020- £NILI.
During the year ended 31 December 2021, expenses totalling £243 were reimbursed or paid directly to
one Tr￿Steel2020 - £NIL to no trusteesl. The nature of these expenses was travel costs.
Page 33

The Instttute of Quarying
{A Cornpany Limited by Guarantee)
Notes to the Flnan¢ial Statements
For the Yoar Ended 31 Docomber 2021
12. Intanglblo assets
Computor
software
Cost
At l January 2021
53,835
At 31 December 2021
53,835
Amortlsatlon
At 1 January 2021
53,835
At 31 December 2021
53,835
Net book value
At 31 De￿rnber202l
At 31 Decembgr2020
Page 34

The Institute of Quarrying
{A Company Limited by Guafanteel
Notes to the Flnanclal Statements
Forthe Year Ended 31 December 2021
13. Tanglble fixed assets
Offlc8
furnlture
and
ComputeF
equlpment 8quipment
Freehold
propgrty
Total
Cost or valuation
Al 1 January 2021
Additions
Disposals
Transfers between classe$
400,000
140,898
17,599
3,082
558,497
3,082
{128,912)
{400,000}
1128,9121
{400,000)
At 31 December 2021
1q,986
20,681
32,667
DeprecSatlon
Al 1 January 2021
Charge for the year
On disposals
Transfers bet￿een classes
68,000
8,000
116,594
13,942
1120.4631
9,331
4,857
193,925
26,799
{120,463)
176,000)
(76,000)
At 31 December 2021
10,073
14,188
24,261
Not book value
At 31 December2021
1,913
8,493
8,406
Al 31 December 2020
332.000
24,304
8,268
364,572
14. Investment property
Froohold
investment
property
Valuatlon
Transfers be￿en classes
475,000
Al 31 December 2021
475,000
The falr value of the propety at has been arrived at on the basis of a valuation carried out by Savills UK
Limited, an estate agency, who are professionally qualified valuers.
Page 35

The Institute of Quarrying
{A Company Limited by Guarantee)
Notes to the Financial Statements
Forthe Year Ended 31 December 2021
16. Fixed asset Investments
Llsted
Unllsted
Investments Investments
Total
Cost or valuatlon
At 1 J8nuary2021
Addib'ons
Disposals
RevaluatSons
2,510.744
171,406
1178,692)
216,308
576,691
3,087,435
171,406
1178,6921
212,403
{3,905)
At 31 December2021
2,719,766
572,786
3,292,552
Not book value
At 31 December 2021
2,719,766
572,786
3,292,552
At 31 December 2020
2,510,744
576,691
3,087,435
The gain on disposal of fixed assets investments during the year was £g7,426 {2020.' £215.7911.
Valuation
The unlisted investment consists of 17.730 fully paid shares of £1 each in QMJ Group Limited,
company registered in England and Wales, representing 29.55% of the issued shares with voting rights.
The unlisted investment is valued at the higher of ten limes the average of the net Gash dividends
receiveLI over the previou5 4 year5, excluding any unusual dividenols or 29.55°h of the nel assets of QMJ
Group Limited.
Dividend5 received of £nil (2020.. £nill have been included in revenue from this investment.
16. Stocks
2021
2020
Ties, medals elc
Technical handbooks
8,819
11,063
4,798
8,743
19,882
13,541
Page 36

The Institute of Quarrylng
IA Company Limited by Guarantee}
Ntstes to the Financial Statements
For the Yoar Ended 31 December 2021
17. Debtors
2021
2020
Due within one year
Trade debtor$
Other Llebtors
Prepayments and aoorLsed income
15,781
37,303
22,341
7,954
6,504
57,869
75,425
72,327
18. Credltors: Amounts falllng due wlthln one year
2021
2020
Trade creditors
other taxation and social security
Other ¢redltors
AccTuals and deferred income
31,152
14,082
23,554
171,179
37,093
10,819
27,366
226,684
239,967
301,962
2021
2020
Deferred income al 1 January
Resources deferred during the year
Amounts released from previous periods
129,799
62,327
1129,799
74,566
129,799
174,5661
62,327
129,799
Deferred income relates to members subsciiptions and entrance fees paid in advance along wrth income
received for courses which have not yel occurred.
Page 37

The Institute of Quarrying
IA Company Limited by Guarantee)
Notes to the FinanGlal Statements
For the Year Ended 31 December 2021
19. Flnanclal Instruments
2021
2020
Flnanclal assets
Financial assets measured at amortised cost
348,431
635,541
2021
2020
Financlal Ilabllltles
Financial liabilities measured at amortised cost
163,558
161,344
Financial assets measured at amorlised cost include cash, trade debtors and other debtors.
Financial liablllties measured al amortised cost include trade creditors, other creditors and accruals.
Page 38

The Institute of Quarrying
IA Company Limited by Guarantee)
Notes to the Financlal Statements
For the Year Ended 31 December 2021
Statgmgnt offunds
Statementoffunds- current year
Balance at
31
Gainsl Docombgr
(Losses}
2021
Balance at 1
January
2021
Income Expenditurn
Unrestrlcted fund8
Designated funds
Revaluation reseNe
151,000
151,000
General funds
General Funds
3,681,960
608,336 11,000.252)
294,532
3,584.576
Total Unrestrlctsd fund8
3,681,960
608,336 {1,000,2521
445.632
3,735,676
Restri¢tod funds
Preston
Coles
1S,173
8,639
64,179
29.418
4,377
11,828
10,227
5,564
11,785
13,846
267
151
1289)
{251)
{542)
{1541
(2281
1621
{53)
{29)
1264)
137
15,288
,617
65.185
29,961
4,276
12,046
10,415
5,667
11,814
27,800
78
526
McPherson
Nordberg
Goodwin Barsby
Rushton Bucyris
Marston
Clugston
Eric McNaughl
Trust Capital
1,022
237
43
95
185
159
87
193
82
45
100
13,954
175,036
2,608
(1,872)
15,297
191,069
Totsl of funds
3,856,996
610,944 {1,002,124
460,829
3,926,645
Page 39

The Institute of Quarying
{A Company Limited by Guarantee)
Note8 to the Flnanclal Statements
Forthe Year Ended 31 December 2021
20. Statement of funds (contlnued)
The spe¢ifi¢ purposes for which the funds aTe lo be applied ar8 a5 follows..
Preston - Best student award.. Diploma
Coles - Best student award= Foundation Degree
McPherson - Awarded to fund a high profile lecture
Nordberg - Awarded for an R&D project or Study Tour on an international basis
Goodwin Barsby- Best student- Hons Degree
Rushton 8ucyrus - To fund the administration of an annual student award
Ransomes & Rapier- Best Higher Apprenti
Marslon - Awarded lo the best paper delivered to a branch meeting
Clugston - Awarded for an R&D project or Study Tour on a international basis
Eric M¢Naughl- Awarded by the Scottish branch to the Scottish branch member with the most marks
Trust Capital- Awarded al the discretion of Trustees to students who have made achievements to be
celebrated that are not recognised by other specific awards
Page 40

The Institute of Quarrying
IA Company Limited by Guarantee)
Notes to the Flnanclal Statements
Forthe Year Ended 31 De¢ember 2021
20. Statoment of fund8 {contlnuedl
ststement of fund8 - prlor year
Balance at
31
Galnsl De¢ember
{Los$es
2020
Balance at
l January
2020
Transfer8
Inlout
Income Expendlture
Unrestricted
funds
General Funds
4,055,953
721,828
(824.013}
(271,8081
3,681,960
Re8trlcted
funds
Preston
Coles
MoPherson
Nordberg
Goodwln 8arsby
Rushton BLWIS
Ransomes &
Rapier
Marslon
Clugston
Eric McNaught
Trust Capital
13,977
8,046
59,015
27,000
4,138
10.856
395
224
1,497
12711
1240)
1268)
11221
1222}
1491
1,072
609
4,067
1,857
337
746
15,173
8,639
64,179
29,418
4,377
11,828
(132)
124
275
19
236
129
{2041
1421
1231
12521
132
53
641
349
782
112,624)
9,392
5,109
10,967
26,470
10,227
5.564
11,785
13,846
288
174,970
3,870
{1,693)
{2,111)
175,036
Total of funds
4,230,923
725,698
1825,706)
1273.9191
3,856,996
Page 41

The Institute of Quarrying
IA Company Limited by Guaranteel
Notes to the Financial Staternents
For thg Year Ended 31 December 2021
21. Analysls of net assets between funds
Analysis of not assots betwegn funds - curront year
Unre8trlcted Restrlcted
funds
funds
2021
2021
Total
funds
2021
Tangible fixed assets
Fixed asset investments
Investment propety
Current assets
Creditors dlte within one year
8,406
3,117,699
475.000
374.438
1239,9671
8,406
3.292,552
475.000
390,654
1239,9671
174,853
16,216
Total
3,735,576
191,069
3,926,645
Analysis of net assets b•tween funds- prlor year
Unrestrlcted R8Strlcted
funds
fund8
2020
2020
Total
funds
2020
Tangible fixed assets
Fixed asset investments
Current assets
Credrtors due within one year
364,572
2.927,649
691,701
1301,9621
364,572
3.087,435
706,951
1301,9621
159,786
15,250
Total
3,681,960
175,036
3,856,996
Page 42

The Institute of Quarrying
{A Company Limited by Guarantee)
Notes to the Flnanclal Statements
For the Year Ended 31 December 2021
22. Reconcillatlon of net movem8nt In funds to net ¢a8h flow from operatlng actlvltles
2021
2020
Nel expenditure for the year las per Statement of FinanGial Activitie5}
181,3511 1373,9271
AdJustm8nts for:
Deprecialion charges
Amorbsation charge5
{Gains)ILosses on investments
Dividends, interest and rents from investments
Lossllprofit} on the sale of fixed assets
(increase)IDecrease in stocks
lincrea5e}IDecrease ir+ (Sebtors
(Decreaselllncrease in creditots
26,799
29,569
1,500
273,919
151,432)
{6,1441
15,695
42,607
38,546
{309,829)
144,011)
8,449
(6,341)
13,098}
{61.9951
Net cash usod in oporating actlvltles
1471,3771
129,6671
23. Anatysls of Gash and Gash Qguivalents
2021
2020
Cash in hand
295,347
621,083
Total ¢a8h and cash equivalents
295,347
621,083
24. Analysls of Change5 In net debt
At1
January
2024 Cash flows
At31
Decembgr
2021
Cash at bank and in hand
621,083
1325,736)
295,347
621,083
1325,736}
295,347
Page 43

The Institute of Quarrylng
IA Company Limited by Guavanteel
Notes to the F5nanelal Statements
For the Year Ended 31 December 2021
28.
Pension Gommitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately
from those of the group in an independently administered fund. The pension cost charge represents
contributions payable by the group to thg fund and amounted lo £30.26712020.' £30,654). Conlributlons
totaling £4,353 12020.. £3,678) were payable to the fund at the balance sheet date and are Included In
creditors.
26. Oper4ting1oas0 commitments
At 31 December 2021 the Company had commitments to rnake future fninimum lease payments under
non-cancellable operating leases as follows..
2021
2020
Oporating loasgs as algssge
Not later than l year
Later than 1 year and not later than 5 years
7,270
1.212
7,270
8,482
8,482
15,752
At 31 December 2021 the Company had future minimum lease payments receivable under non-
cancellable operating leases for each of the following periods:
2021
2020
Operatlng leases as a la880r
Nol later than 1 year
Later than 1 year and not laler than 5 years
38,500
77,000
115,500
27. Niembers. Ilablllty
Each member of the charitable company undertakes to contribute lo the assets of the company in the
event of St belng wound up while helshe is a member, or within one year after helshe ceases lo be a
mernbef, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before
helshe ceases lo be a member.
Page 44

The Ingtltute of Quarrying
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 December 2021
28. Related party transactlon8
During the period the Gompany made purchases of £38,546 {2020'. £27,583} and generated income of
£nil (2020.. £125} from The QMJ Group Limited, a related company in which The Institute of Quarrying
has a material interest. All transactions ocCUr￿d on an arms length basis. As the period end, a balan￿ of
£2,08312020'. £1,743) was due lo The QMJ Group Llmiled,
Fund5 held as agent or custodlan tru$t¢o
During the year, the company ￿ceiVed £nil {2020'. £nill and paid out £nil 12020.. £1,924) on behaK ol
QNJAC. At the bal8nGe sheet date £nil12020.' £nill was held on behalf of QNJAC.
During the year, the company received £1.12012020. £nill and paid out £1,12112020'. £2,168) on behalf
of the Derbyshire Branch. Al the balance sheet date £112020.. £nil} was held on behalf of the Oerbyshire
Branch.
During the year, the company received £2,260 {2020.' £2.4001 and paid out £2,260 12020.. £1,730) on
behalf of the Devon and Cornwall Branch. At the balance sheet dale £nil12020.' £nill was due from the
Oevon and Cornwall Branch.
During the year, the company received £nil12020. £4,000) and paid out £nil12020.' £4,000) on behalf of
the Lancashire Branch. At the balance sheet date £nil12020: £nill was held on behalf of the Lancashire
Branch.
Durlng the year, the company received £66012020.. £2,320) and paid out £620 {2020'. £2,8581 on behaLf
of the North Wales Branch. At the balance sheet date £257 (2020.. £2171 was held on behalf of the North
Wales Branch.
During the year, the company received £nil12020.' £nill and paid out £nil 12020." £nil l on behalf of the
South Wales Branch. At the balance sheet date £nil12020.' £nill was held on behalf of the South Wales
Branch.
During the year, the company received £nil 12020.. £nil) and paid out £nil (2020.. £6771 on behalf of the
Yorkshire Branch. At the balance sheet date £nil12020'. £nill was held on behalf of the Yorkshire Branch.
During the year. the company received £nil12020: £nll) and paid out £nil {2020.' £nill on behalf of the
Midlands Branch. At the balance sheet date £417 12020.. £417} was held on behalf of the Midlands
Branch.
During the year, the company ￿te1ver1 £nil 12020.. £nill and paid out £nil (2020.. £nil} on behalf of the
Scottish Branch. At the balance sheet dale £35412020.. £354) was due from the Sco1115h Branch.
During the year, the company received £nil {2020.' £500) and paid out £nil12020.- £2,500} on behalf of the
London & Home Counties Branch. At the balance sheet date £nll12020.. £nill was due to the London &
Home Counties Branch
29. Post balance sheet evonts
A merger agreement with the National Stone Centre wa5 signed on the 25 January 2022.
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