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2021-12-31-accounts

BRITISH RECORD SOCIETY LIMITED

REPORT and ACCOUNTS

FOR THE YEAR ENDED 31[st ] DECEMBER 2021

REGISTERED NUMBER 00037931 (ENGLAND and WALES)

CHARITY NUMBER 248874

BRITISH RECORD SOCIETY LIMITED

CONTENTS OF THE REPORT AND ACCOUNTS FOR THE YEAR ENDED 31[st] DECEMBER 2021

Page
Legal and Administrative Information 1
Report of the Trustees 2-4
Independent Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Statement of Cash Flows 8
Notes to the Accounts 9-16

BRITISH RECORD SOCIETY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31[st] DECEMBER 2021

TRUSTEES

P S Barnwell, BA, MA, PhD, FSA, FRHistS (from April 2022) Professor M Davies, MA, DPhil, FSA, FRHistS (until April 2022) P L Dickinson, LVO, MA Professor A L Erickson, BA, PhD, FRHistS (Chair) Dr C M F Ferguson, MA, PhD, FRHistS (General Editor, Hearth Tax) Dr D F Gosling, BA, MA, PhD Dr A G Green, MA, PhD, FSA, FRHistS J D Henderson, MA, MPhil, CA (Treasurer) Dr S R Jones, MA, MSc, DPhil Dr E Parkinson, BSc, MA, PhD, FRHistS (from April 2022) Dr M K Peters, MA, PhD Dr M Scott, BA, PhD (General Editor, Apprenticeship) P J Seaman, MA C W Udale, BA, MSc (from April 2022) Professor P H J Wallis, BA, MSc, DPhil, FAcSS, FRHistS C R Webb, MA, FSA, FSG (General Editor, Probate) D V White, MA

SECRETARY

Dr S R Jones, MA, MSc, DPhil

REGISTERED OFFICE

Montrose, Benwell Road, Brookwood, Woking, GU24 0EN

COMPANY NUMBER

00037931

CHARITY NUMBER

248874

INDEPENDENT EXAMINER

R Vass, FCA Price Bailey LLP, 8[th] Floor, Dashwood House, 69 Old Broad Street, London, EC2M 1QS

BANKERS

Barclays Bank, Fleet Street (Goslings) Branch, 147 Holborn, London, EC1N 2NU

Page 1

BRITISH RECORD SOCIETY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[st] DECEMBER 2021

The trustees present their report with the financial statements of the company for the year ended 31[st] December 2021.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The British Record Society Limited was incorporated as a company limited by shares on 9[th] January 1893 by the memorandum and articles of association dated 29[th] December 1892. It was registered as a charity on 26[th] September 1966. Its company registration number is 00037931 and its registered charity number is 248874.

Members of the Council are directors for the purpose of company law and trustees for the purpose of charity law. Those who served during the year and up to the date of this report are listed on page 1.

Any additional trustees are appointed by the members of the company, all of whom are themselves trustees. The trustees look for individuals with an interest in the aims and objectives of the charity and expertise in particular areas identified as needed on the Council at that time, such as the law, digital humanities or grant funding applications. A new trustee meets one or more of the existing trustees to have the terms of the trust and the aims and objectives of the charity explained to him or her.

There are two regular trustees’ meetings each year, usually in April or May and September, and there is consultation between trustees by correspondence between meetings. The day-to-day administration of the charity is carried out by the officers of the Society – the chair, the honorary secretary, the honorary treasurer and the general editors – all of whom are trustees. The trustees have authorized the general editors to make decisions independently on editorial matters. The trustees play an active role in the charity and review their policies and criteria regularly.

OBJECTS

The objects of the Society are set out in the memorandum of association. The principal objects may be summarized as follows:

The memorandum also includes the object “to take any measures necessary or desirable for the protection or preservation and custody of records or documents in the nature of records,” but the Society’s activity in this area was taken over by the British Records Association on the formation of that body in 1932. For the next sixty-eight years the Society concentrated almost exclusively on publishing indexes to wills, administrations and other probate records. In 2000 the Society started also to publish transcripts of hearth tax returns for particular counties, in association with Roehampton University and the British Academy until this association ended in 2021. In 2016 the Society started a third series, known for convenience as “Apprenticeship”, which will initially make available indexes and analyses of records of apprenticeship disputes and of the livery companies in the City of London, and over time be extended to include other similar records.

PLANS FOR FUTURE PERIODS

In 2019 the Society created a sub-committee of the Council to consider various aspects of the Society’s future. Its current areas of focus include:

Page 2

BRITISH RECORD SOCIETY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[st] DECEMBER 2021

ACTIVITIES AND ACHIEVEMENTS

As noted in last year’s report, on 12[th] April 2021 the Society received £91,931 representing the residual funds of the English Record Collections (Trust) (charity no. 1006816) upon its winding up. This was used to establish two restricted funds, as described in note 12 to the accounts. One of the funds, with an initial balance of £16,098, must be spent on indexing a series of probate records from the Diocese of Canterbury before 1660, and the Society also inherited from the English Record Collections slips that it had made for these records. Work on the Probate series during 2021 has therefore been focused on these Kent records and no new volumes were printed. 2021 subscribers received part 2 of The Haberdashers’ Company Membership Records 1500-1800 , which was printed in 2020, as described in last year’s report.

Work continues on records from the Chamberlain’s and Orphans’ Courts. Work on the membership records of various livery companies has been hampered by lack of access to the Guildhall Library.

During 2021 the Society formally ended its association with the Centre for Hearth Tax Research at Roehampton University and the British Academy Hearth Tax Project. Whilst this has created extra work for our editors, it means that the Society now has full control over the preparation and production of the printed Hearth Tax volumes, for which it was already providing most of the finance. Roehampton University has transferred to the Society the remaining balance on grants from the Aurelius Trust (£2,909) and the March Fitch Fund (£4,127) to support the production of printed Hearth Tax volumes. In these circumstances the publication of the complex Norfolk and the City of Norwich volume was further delayed and is now expected in 2022. The volumes for Huntingdonshire and Northamptonshire are expected to follow next.

BENEFITS STATEMENT

The trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objects and in planning future activities and setting policy for the year.

The public benefit of the charity is the preparation and publication of indexes and transcripts of historical records, which are distributed to subscribers and made available for purchase by the public.

RESULTS

The net movement in funds for the year excluding unrealized gains on investments was an increase of £105,470 (2020: decrease of £1,324). There was an unrealized gain of £9,110 (2020: £6,575) in the value of the investments, making the total movement in funds an increase of £114,580 (2020: £5,251). The regular sources of income continue to be subscriptions, investment income, book sales and royalties from Findmypast, but the increase in 2021 was mainly due to the receipt of £91,931 from the English Record Collections (Trust) on its winding up, endowing two new restricted funds. Expenses were relatively low since no new volumes were printed in the year, although £3,246 was spent preparing the Kent indexes. Part 2 of The Haberdashers’ Company Membership Records 1500-1800 was not distributed to 2021 subscribers until 2022, and so those postage costs were not included in 2021.

On 31[st] December the number of subscribers to the Index Library stood at 58 individuals (2020: 66, previously stated as 65) and 42 institutions (2020: 54, previously stated as 52).

During the pandemic our printer has remained fully operational but, as mentioned above, our editors have had to re-order their work to work around the closures of libraries and archives. We continue to save governance costs through holding meetings virtually.

RESERVES POLICY

The trustees have reviewed the charity’s need for reserves in line with the guidance issued by the Charity Commission, are aware of the legal duty to apply charitable funds within a reasonable time of receiving them and do not keep funds in excess of requirements. At the same time, the trustees have a general policy to maintain

Page 3

BRITISH RECORD SOCIETY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[st] DECEMBER 2021

reserves at a level which safeguards the organization against the general difficulties of operating without sufficient funds. The current balance on the unrestricted reserves of £179,010 (2020: £162,225) has been built up from unexpended subscriptions income. However, the trustees have considered the cash flow implications of their current publishing plans, in particular the launch of the third series and several planned multiple-volume works, and expect this balance to come down over the course of the next few years.

RESPONSIBIITIES OF THE COUNCIL

Company law requires the Council to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Council is required to:

The Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Council is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on 23[rd] April 2022 and signed on their behalf by:

……………………………………..

S R Jones, Secretary

Page 4

BRITISH RECORD SOCIETY LIMITED

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF BRITISH RECORD SOCIETY LIMITED

I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st] December 2021 which are set out on pages 6 to 16.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

R Vass, FCA

Price Bailey LLP, 8[th] Floor, Dashwood House, 69 Old Broad Street, London, EC2M 1QS 2022

Page 5

BRITISH RECORD SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31[st ] DECEMBER 2021

Notes
Income and endowments
Donations:
Endowments
Gifts
Grants for specific purposes
2
Charitable activities:
Subscriptions
3
Sales
3
Investment income
7
Other income:
Bank compensation
Total income
Expenditure
Charitable activities:
Subscriptions
3
Sales
3
Total expenditure
Gains on investments
8
Net income and net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2021
2020
Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total
funds
Total funds
(all un-
restricted)

£
£
£
£
£
-
-
75,833
75,833
-
70
-
-
70
20
7,036
16,098
-
23,134
-
7,106
16,098
75,833
99,037
20
4,080
-
-
4,080
4,726
5,589
-
-
5,589
5,667
9,669
-
-
9,669
10,393
3,725
-
-
3,725
4,036
50
-
-
50
-
20,550
16,098
75,833
112,481
14,449
690
1,948
-
2,638
8,677
3,075
1,298
-
4,373
7,096
3,765
3,246
-
7,011
15,773
9,110
-
-
9,110
6,575
25,895
12,852
75,833
114,580
5,251
209,476
-
-
209,476
204,225
235,371
12,852
75,833
324,056
209,476

Page 6

BRITISH RECORD SOCIETY LIMITED

COMPANY REGISTRATION NUMBER 00037931 BALANCE SHEET AS AT 31[st ] DECEMBER 2021

Notes
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Liabilities
Creditors: amounts due within one year
10
Net current assets
Net assets
Funds of the charity
Endowment funds
12
Restricted income funds
12
Unrestricted funds:
Share capital
13
Unrestricted income funds
14
Revaluation reserve
15		 2021
2020
Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total
funds
Total funds
(all un-
restricted)

£
£
£
£
£
210,640
-
-
210,640
197,805
1,185
-
-
1,185
837
27,224
12,852
75,833
115,909
15,078
28,409
12,852
75,833
117,094
15,915
(3,678)
-
-
(3,678)
(4,244)
24,731
12,852
75,833
113,416
11,671
235,371
12,852
75,833
324,056
209,476
-
-
75,833
75,833
-
-
12,852
-
12,852
-
25
-
-
25
25
179,010
-
-
179,010
162,225
56,336
-
-
56,336
47,226
235,371
12,852
75,833
324,056
209,476

The directors are satisfied that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and that no members have requested an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for:

The accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the directors on 23[rd] April 2022 and signed on behalf of the company by:

S R Jones, Director

Page 7

BRITISH RECORD SOCIETY LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

Notes
Cash flows from operating activities
Receipts from:
Donors & grant givers
Subscribers
Book buyers
Reproducers of BRS material
Financial institutions
Paid to:
Suppliers of goods
Professional advisers
Suppliers of services
Financial institutions
Book buyers
Net cash from operating activities
Cash flows from investing activities
Dividends and interest from investments
7
Withdrawals
8
Deposits
8
Net cash from investing activities
Cash flows from financing activities
Receipt of expendable endowment
12
Net cash from financing activities
Net increase in cash and cash equivalents
Effect of exchange rates
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 Total funds
2021
£
23,204
4,414
1,598
3,985
50
(6,970)
(978)
(204)
(76)
(26)
24,997
3,725
-
(3,725)
-
75,833
75,833
100,830
1
15,078
115,909		 2020
£
4,020
3,067
1,544
3,978
-
(30,750)
(954)
(102)
(37)
-
(19,234)
4,036
20,000
(4,036)
20,000
-
-
766
2
14,310
15,078

Page 8

BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

1. Accounting policies

1.1 Basis of preparation

The accounts have been prepared in accordance with:

The accounts have been prepared under the historical cost convention modified to include the revaluation of investments. The Society constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Society’s ability to continue as a going concern and that there are no key assumptions concerning the future or other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

1.2 Income

Income is recognized in the statement of financial activities when the Society is legally entitled to it, the amount can be quantified with reasonable accuracy, and it is probable that the Society will receive payment.

Subscription income

Subscribers pay an annual subscription fee, due on the first day of the year. Subscription income is recognized in the subscription year to which it relates and only when the Society receives payment or confirmation from the subscriber that payment will be made. Subscription monies received before the start of the subscription year to which they relate, including as a result of overpayments, are deferred and included within creditors in the balance sheet. Subscription debtors in the balance sheet represent subscription payments that subscribers pay or pledge after the end of the subscription year to which they relate. Monies received from individuals who are no longer subscribers and which the charity is unable to return are recognized as donations in the period in which they are received.

1.3 Expenditure

Expenditure is included on an accruals basis. Irrecoverable VAT is charged to the statement of financial activities.

Publication costs

Publication costs include all costs incurred in editing and publishing volumes and sending them to storage. They do not include the costs of dispatching volumes to subscribers or buyers. Publication costs are recognized in the period in which they are incurred and not deferred as stock, since it is hard to produce a reliable estimate of the future sales of remaining stock and experience suggests that they will be low.

Bank charges

The Society’s terms for sales invoices settled by bank transfer are that the sender must bear all bank charges. Therefore the proceeds from these are recognized in income net of all charges. The Society itself, however, bears any charges relating to invoices settled by cheque or payments made through PayPal. Therefore the proceeds from these are recognized in income before any bank or PayPal charges, with the charges recognized in expenditure as bank charges in the period in which they are incurred.

Page 9

BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

Foreign exchange gains or losses

Book sales in foreign currencies are translated into sterling on initial recognition at the exchange rate implied by comparing the book’s sterling list price to the foreign currency price of the book on the invoice (before any discounts or postage and packing charges).

Subscription rates are published in sterling and in US dollars and subscribers may choose to pay at either rate. Dollar subscriptions are translated into sterling at the PayPal exchange rate on date the subscription becomes due (1[st] January unless a subscriber joins during the year).

Exchange differences between the amount previously recognized for books sales or subscriptions and the proceeds received into the Society’s bank or PayPal account on settlement are recognized in expenditure as foreign exchange gains or losses in the period in which the differences arise.

Foreign currency debtor and creditor balances and the balance on the Society’s US dollar PayPal account are re-translated into sterling at the end of the period at the PayPal exchange rate on that date, with any exchange differences arising being recognized in expenditure as foreign exchange gains or losses.

1.4 Classification of income and expenditure by activity

Income and expenditure relating to charitable activities are classified into two activities, “subscriptions” and “sales”.

The “subscriptions” activity includes income received from subscribers and all costs relating to attracting and maintaining subscriptions and sending free books to subscribers. It also includes an allocation of costs relating to producing volumes and website costs.

The “sales” activity (previously called “sales & education”) includes income and costs relating to book sales and royalties, including storage, plus an allocation of costs relating to producing volumes and website costs. It also includes donations and grants that the Society occasionally makes to promote the study of historical records (hence the former reference to “education”).

Basis of allocation

Publication costs are split between “subscriptions” and “sales” in the ratio of the number of copies of each volume reserved for subscribers to the number of copies available to sell. The exception to this is that the costs of sending books to storage are mainly included under “sales” since most subscriber copies do not require storage.

Governance costs are split equally between the two activities, roughly reflecting the time spent considering each at trustees’ meetings. Other costs are included under the activity in the course of which they were incurred.

1.5 Debtors and creditors

Debtors and creditors are recognized at their settlement amount. Creditors are recognized where the Society has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

1.6 Investments and revaluation reserve

Investment assets are a form of basic financial instrument and are stated at market value at the balance sheet date, using the bid price provided by the investment manager, and the difference between their market value and historic cost is recorded in the revaluation reserve. Realized gains and losses arising during the year and any unrealized gains or losses at the year-end are recognized within the statement of financial activities.

Page 10

BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

2. Grants for specific purposes
Kent
Hearth Tax printed volumes
3. Charitable activities
Income:
Notes
Subscriptions
4
Book sales
5
Royalties
Total income
Direct costs:
Publications (from restricted funds)
6
Postage & stationery
Book storage
Website
Cloud storage
Sales commission
Bank charges
Foreign exchange gains
Support costs:
Clerical assistance
Governance costs:
Independent examination fee
Company return
Postage & stationery
Total costs
Net income		 2021
£
16,098
7,036
23,134
Subscriptions
£
4,080
-
-
4,080
1,948
63
-
26
48
-
55
(22)
2,118
-
512
7
1
520
2,638
1,442		 2020
£
-
-
-
2021
Sales
£
-
1,440
4,149
5,589
1,298
501
1,807
27
48
67
21
-
3,769
85
512
6
1
519
4,373
1,216		 Total
£
4,080
1,440
4,149
9,669
3,246
564
1,807
53
96
67
76
(22)
5,887
85
1,024
13
2
1,039
7,011
2,658

Page 11

BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

3. Charitable activities (cont.)
2020
Subscriptions
Sales
Income:
Notes
£
£
Subscriptions
4
4,726
-
Book sales
5
-
1,701
Royalties
-
3,966
Total income
4,726
5,667
Direct costs:
Publications (unrestricted funds)
6
6,686
4,222
Postage & stationery
1,439
475
Book storage
-
1,771
Book launch
30
12
Website
11
12
Sales commission
-
34
Bank charges
19
18
Foreign exchange losses
(6)
-
8,179
6,544
Support costs:
Clerical assistance
-
53
Governance costs:
Independent examination fee
492
492
Company return
6
7
498
499
Total costs
8,677
7,096
Net income
(3,951)
(1,429)
4. Subscriptions
2021
No.
£
Individuals @ £28
57
1,596
Individuals @ $60
-
-
Individual life members
1
-
Institutions @ £46
15
690
Institutions @ £51
16
816
Institutions @ $100
11
784
100
3,886
Prior year subscriptions paid after prior year accounts published
Individuals @ £28
-
56
Institutions @ £46
-
138
Institutions @ £51
-
-
100
4,080		 Total
£
4,726
1,701
3,966
10,393
10,908
1,914
1,771
42
23
34
37
(6)
14,723
53
984
13
997
15,773
(5,380)
2020
No. (restated)
£
62
1,736
2
91
1
-
19
874
20
1,020
13
954
117
4,675
1
-
2
-
-
51
120
4,726		 Total
£
4,726
1,701
3,966
10,393
10,908
1,914
1,771
42
23
34
37
(6)
14,723
53
984
13
997
15,773
(5,380)
2020
No. (restated)
£
62
1,736
2
91
1
-
19
874
20
1,020
13
954
117
4,675
1
-
2
-
-
51
120
4,726
4,675
-
-
51
4,726

Page 12

BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

5. Book sales
82. London Commissary I
89. Archdeaconry Court of London
90-91. Suffolk
95-96. Sudbury
97. London Commissary III
99. Surrey Wills
104-105. Bedfordshire
113. Index to Probate Accounts II
114. Buckingham
115. Cambridgeshire Hearth Tax
119. County Durham Hearth Tax
121. West Riding Hearth Tax
124. Westmorland Hearth Tax
127. Essex Hearth Tax
129-130. London Hearth Tax
131. East Riding Hearth Tax
132-133. Lord Mayor's Court
134. Yorkshire
135. Bristol Hearth Tax
136-138. Merchant Taylors*
139. Haberdashers I
Potential of the Hearth Tax		 2021
No.
£
-
-
2
84
1
40
3
111
1
42
-
-
-
-
1
35
1
33
1
40
1
35
1
35
1
40
6
186
2
115
2
70
3
155
1
40
2
55
3
200
6
117
1
7
39
1,440		 2020
No.
£
1
30
2
74
-
-
1
30
-
-
1
29
1
50
-
-
-
-
1
35
1
35
-
-
-
-
4
145
1
55
4
125
4
199
2
49
1
17
14
733
5
95
-
-
43
1,701		 2020
No.
£
1
30
2
74
-
-
1
30
-
-
1
29
1
50
-
-
-
-
1
35
1
35
-
-
-
-
4
145
1
55
4
125
4
199
2
49
1
17
14
733
5
95
-
-
43
1,701
199
49
17
733
95
-
1,701
6. Publication costs
Other production costs
Allocated:
Subscriptions
Sales
Printing
Postage and packing – proofs
Postage and packing – free copies
Allocated:
Subscriptions
Sales		 2021
Kent
£
3,246
3,246
1,948
1,298
3,246
2020
Haberdashers
£
10,827
51
30
10,908
6,686
4,222
10,908

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BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

7. Investment income
2021
2020
£
£
Dividends on fixed interest fund
1,221
1,423
Dividends on investment fund
2,494
2,445
Interest on deposit fund
10
168
3,725
4,036
8. Investments
Fixed interest fund Investment fund
Notes
£
£
Market value at 1 January 2020
43,997
79,654
Withdrawal
-
-
Deposits
7
-
-
Unrealize gains
1,458
5,117
Market value at 31 December 2020
45,455
84,771
Deposits
7
-
-
Unrealized (losses)/ gains
(2,968)
12,078
Market value at 31 December 2021
42,487
96,849		 Deposit fund
£
83,543
(20,000)
4,036
-
67,579
3,725
-
71,304		 Total
£
207,194
(20,000)
4,036
6,575
197,805
3,725
9,110
210,640

The COIF Charities Fixed Interest Fund is invested mainly in UK and Overseas equities and fixed interest investments, the majority of which are listed.

The COIF Charities Investment Fund is invested in listed sterling fixed interest securities.

The COIF Charities Deposit Fund is invested in deposits with banks and building societies in the UK.

The book cost of the investment in the fixed interest fund and investment fund is £83,000 (2020: £83,000). The market value of the deposit fund is the same as the book cost.

9. Debtors
Subscriptions
Book sales
Royalties
Prepayments
10. Creditors
Subscriptions received in advance
Credit note on book sales
Amounts received in error
Printer
Website provider
Individual trustees
Petty cash shortfall
Accruals		 2021
£
629
-
487
69
1,185
2021
£
2,218
59
89
-
4
89
45
1,174
3,678		 2020
£
262
157
324
94
837
2020
£
1,538
59
115
1,517
-
61
-
954
4,244

Page 14

BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

11. Deferred income
Notes
At 1 January
Released to income in year
Deferred in year
At 31 December
10
12. Restricted funds
At 1 January 2021
Endowment
Expenditure
At 31 December 2021		 2021
£
1,538
(1,096)
1,776
2,218
Canterbury
Probate Index
£
-
16,098
(3,246)
12,852		 2020
£
3,006
(2,516)
1,048
1,538
Philip H
Blake
£
-
75,833
-
75,833		 Total
£
-
91,931
(3,246)
88,685

The Canterbury Probate Index Fund is a restricted income fund. It was transferred to the Society from the English Record Collections (Trust) in April 2021. The capital and income from it will be used to pay for indexing a series of probate records of the Diocese of Canterbury before 1660 held in the Kent History and Library Centre, Maidstone, and Canterbury Cathedral Archives.

The Philip H Blake Fund is an expendable endowment fund named in honour of the creator of the English Record Collections, who also served on the Society's Council for many years. It was created in April 2021 when the English Record Collections was wound up and its residual funds transferred to the Society. The interest and other income arising will be unrestricted and may be used by the Society in accordance with its charitable objects in any way which promotes archival activities in Kent or elsewhere in England.

13. Share capital

Authorized 2021 2020
£ £
Ordinary shares of £1 each 100 100
Allotted, called up and fully paid 2021 2020
£ £
Ordinary shares of £1 each 25 25

Page 15

BRITISH RECORD SOCIETY LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st ] DECEMBER 2021

14. Unrestricted income funds
At 1 January 2020
Net income less gains on investments
Transfer to capital reserve account
At 31 December 2020
Net income less gains on investments
Transfer to capital reserve account
At 31 December 2021		 Income fund
£
29,549
(1,324)
(3,000)
25,225
16,785
(3,000)
39,010		 Capital reserve
£
134,000
-
3,000
137,000
-
3,000
140,000		 Total
£
163,549
(1,324)
-
162,225
16,785
-
179,010

The income fund is available to be spent on any of the charitable objects of the Society.

The capital reserve account was set up in 1992 with the intention that the income arising from it should supplement the regular revenue from subscription income and book sales, the capital itself being left intact but increased each year in order to preserve its value. Any monies remaining in the income fund at the end of each year are available for spending on the production of volumes.

15. Revaluation reserve

Notes
At 1 January 2020
Gains on investments
8
At 31 December 2020
Gains on investments
8
At 31 December 2021		 £
40,651
6,575
47,226
9,110
56,336

16. Trustees’ remuneration

No remuneration was paid and no expenses were reimbursed to the trustees during the current or prior year.

17. Related party transactions

Certain trustees and parties related to them subscribe and make donations to the Society but there were no transactions with related parties in 2021 or 2020 that required disclosure.

Page 16