THE ANTIQUARIAN HOROLOGICAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees, who are also directors of the Society for the purposes of the Companies Act, present their annual report and the financial statements for the year ended 30 September 2020. The trustees have adopted relevant statutory legislation for accounting and reporting by charities in preparing the annual report and financial statements of the Society.
Members of Council and Officers at 30 September 2020
President : Dr. Patricia Fara
Vice-Presidents : R. J. Law F.A.H.S., A. A. Treherne F.A.H.S. Directors/Members of Council : Dr. J. G. D. Nye (Chairman); J. D. Betts M.B.E.; F. Collanges; Dr. J. Desborough; A. Rolls; Dr. D. J. Rooney;
K. Scobie-Youngs; R. Stenning; J. R. Stratton; D. R. Thompson F.A.H.S; R. Wren
.
Secretary : Helen K. Chapman
OBJECTS OF THE SOCIETY, PRINCIPAL ACTIVITY AND ORGANISATION OF OUR WORK
The Society is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association.
The Society’s object and its principal activity remain the furtherance of the study of antiquarian horology and dissemination of knowledge in the field of antiquarian horology, as outlined in the Memorandum and Articles of Association. These aims are fulfilled by various means, including a comprehensive library that is open to members and the general public, a free technical enquiry service, an active programme of lectures and meetings, the granting of prizes for the achievement of excellence, the provision of grants, and a range of specialist horological publications.
The Society is run from our offices in London by the Company Secretary, who is advised by a duly elected council and directed by the Society’s rules in conjunction with the requirements of company law and the Charity Commissioners.
TRANSACTIONS AND FINANCIAL POSITION
Including donations and tax relief (both non-recurring) related to the fit-out of 4 Lovat Lane, London, EC3 of £878,341, the financial statements show a net surplus for the year of £806,295 and our reserves stand at £2,991,918 in total.
TANGIBLE FIXED ASSETS FOR USE BY THE SOCIETY
Details of movements in fixed assets are set out in note 2 to the accounts. Additional costs were incurred on 4 Lovat Lane. Fit-out costs prior to the Society’s occupation were covered by donations to the Society.
DIRECTORS AND TRUSTEES
All directors of the company are trustees of the charity, and there are no other trustees. R. McEvoy resigned on 16 May 2020. The remaining trustees named above served throughout the year. The Board has the power to appoint additional trustees as it considers fit to do so.
RISK MANAGEMENT
The trustees actively review the major risks which the Society faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the Society and confirm that they have established systems to mitigate the significant risks.
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THE ANTIQUARIAN HOROLOGICAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees (who are also the directors of The Antiquarian Horological Society for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In preparing those financial statements, the trustees are required to:
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a) select suitable accounting policies and apply them consistently;
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b) observe the methods and principles in the Charities SORP;
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c) make judgements and estimates that are reasonable and prudent;
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c) state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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d) prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Society will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
RESERVES POLICY
The Reserves Policy was developed by Council in 2015. It is designed to meet the requirements of charity law which stipulate that any income received by a charity should be spent within a reasonable period of receipt. Council should be able to justify the holding of income as reserves.
Care has been taken to ensure the Reserves Policy takes into account the Society’s financial circumstances and other relevant factors, and the level of the Society’s reserves are accordingly monitored on a regular basis. The Reserves Policy will be kept under review to ensure it meets the Society’s changing needs and circumstances.
The ordinary operating expenses of the Society are met from its working capital, the main sources of which are subscriptions, advertising income and Gift Aid recoveries of tax. Council has deemed it prudent to retain an unrestricted General Fund approximately equal to the costs associated with six months of ordinary operation. The balance of the funds of the Society are divided between restricted and designated reserves, which include a Library Fund, an Education Fund, a Publications Working Capital Fund, a Prize Fund, and a Conservation and Research Fund (as set out in Note 13). The balances of the Library, Prize, and Conservation and Research Funds have been allocated so as to fulfil anticipated disbursements over five years, at the end of which the funds will need replenishing. The Publications Working Capital Fund is available to fund the costs of producing books (e.g. editing, designing, proofing and printing) with a view to such funds being recovered (and the fund balance being replenished) through sales, over time. The Education Fund is expected to be used to fund horological research at higher educational establishments.
INDEPENDENT EXAMINERS
A resolution proposing Mr Martin Yardley FCA for re-appointment will be laid before the forthcoming Annual General Meeting.
APPROVAL
This report was approved by the board of directors and trustees on 14 January 2021 and signed on its behalf.
……………………………..
Trustee Dr. J. G. D. Nye (Chairman)
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REPORT OF THE INDEPENDENT EXAMINERS TO THE MEMBERS OF THE ANTIQUARIAN HOROLOGICAL SOCIETY
I report to the Society’s trustees on the financial statements on pages 6 to 12, which have been prepared under the historical cost convention and the accounting policies set out on page 8.
RESPONSIBILITIES AND BASIS OF REPORT
As described on page 3 the Society’s trustees, who are also the directors for the purposes of company law, are responsible for the preparation of financial statements in accordance with the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the financial statements of the society 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 charity’s financial statements 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 EXAMINERS’ STATEMENT
Since the Society’s gross income exceeded £250,000 your examiner must be a member of a body listed under section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England & Wales, which is one of the listed bodies.
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:
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1) accounting records were not kept in respect of the Society as required by section 386 of the 2006 Act; or
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2) the financial statements do not accord with those records; or
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3) the financial statements do not comply with the accounting requirements of section 386 of the 2006 Act other than any requirement that they give a “true and fair view” which is not a matter considered as part of an independent examination; or
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4) the financial statements have not been produced in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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 financial statements to be reached.
……………………………..
Martin Yardley FCA Chartered Accountant
7 Oak End Close, Southborough, Tunbridge Wells, Kent TN4 0TE
14 January 2021
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THE ANTIQUARIAN HOROLOGICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Note INCOME AND EXPENDITURE Incoming resources Subscriptions Sections – total income 3 Tax recoverable Interest receivable Surplus/(deficit) on publications 5/12 Miscellaneous income 4 Miscellaneous income - funds 12/13 Resources expended Direct charitable expenditure: Net cost of Journal 6 Grants and awards 12/13 Administration 7 Society activities 8 Library 12 NET (DEFICIT)/SURPLUS FOR THE YEAR ADD: Fund balances at 1 October 2019 FUND BALANCES AT 30 SEPTEMBER 2020 |
Restricted Funds £ - - - 35 - - - |
Designated Funds and Sections £ - 12,770 - 300 10,456 - 664 |
General Fund £ 84,533 - 179,887 163 - 715,644 - |
Total 2020 £ 84,533 12,770 179,887 498 10,456 715,644 664 |
Total 2019 £ 84,971 18,737 97,562 848 (3,927) 341,022 593 |
|---|---|---|---|---|---|
| 35 | 24,190 | 980,227 | 1,004,452 | 539,806 | |
| - - - - - |
- 2,888 8,217 - - |
41,642 - 137,233 8,178 - |
41,642 2,888 145,450 8,178 - |
31,006 23,512 92,634 16,626 - |
|
| - | 11,105 | 187,053 | 198,158 | 163,778 | |
| 35 8,718 |
13,086 100,050 |
793,174 2,076,855 |
806,295 2,185,623 |
376,028 1,809,595 |
|
| £8,753 | £113,136 | £2,870,029 | £2,991,918 | £2,185,623 |
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THE ANTIQUARIAN HOROLOGICAL SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2020
| Note FIXED ASSETS Tangible assets 2 CURRENT ASSETS Debtors 9 Cash at bank and in hand 11 CREDITORS: Amounts falling due within one year 10 NET CURRENT ASSETS NET ASSETS Represented by: UNRESTRICTED FUNDS General fund Sections Designated funds 12 RESTRICTED FUNDS 13 |
2020 £ 2,820,032 |
2019 £ 1,996,397 |
|---|---|---|
| 63,444 151,840 |
82,707 162,882 |
|
| 215,284 | 245,589 | |
| (43,399) | (56,363) | |
| 171,885 | 189,226 | |
| £2,991,917 | £2,185,623 | |
| 2,870,029 30,373 82,763 |
2,076,855 25,821 74,229 |
|
| 2,983,165 8,753 |
2,176,905 8,718 |
|
| £2,991,918 | £2,185,623 |
DIRECTORS' STATEMENTS
In approving these financial statements as directors of the company we hereby confirm:
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a) that for the year ending 30 September 2020 the company was entitled to the exemption from audit under section 477 of the Companies Act 2006 relating to small companies;
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b) that the members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006;
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c) that the directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
……………………………….
Dr. J. G. D. Nye (Chairman) Director
……………………………. Mrs H. K. Chapman Secretary
Registered no. 541551
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THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), issued on 16 July 2014, and the Charities Act 2011.
Income recognition
Members' subscriptions and donations are included in incoming resources when they are receivable, except when the donors specify that they must be used in future accounting periods or the donors' conditions have not been fulfilled, in which case the income is deferred.
Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.
Tangible Fixed Assets
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
| ves: | |
|---|---|
| Furniture and Office Equipment | 20% on cost |
| Improvements to Property | 10% on the reducing balance |
| Property | Nil |
Expenditure on management and administration of the Society
Administration expenditure includes all expenditure not directly related to the charitable activity. This includes costs of renting and running office premises, staff salaries for administrative staff and accountancy fees.
Sections
The Charity's objectives are enhanced by the Sections, which meet at numerous locations both in the UK and around the world. Each Section maintains its own independent accounts and the totals of the account are incorporated as one separate unrestricted fund.
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THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
| 2. TANGIBLE FIXED ASSETS COST As at 1 October 2019 Additions As at 30 September 2020 DEPRECIATION As at 1 October 2019 Charge for year As at 30 September 2020 Written-down value at 30 September 2020 Written-down value at 30 September 2019 3. SECTIONS - TOTAL INCOME Subscriptions Donations Contribution by the Society to the Turret Clock Publication sales AGM receipts Activities and interest (Loss)/gain on exchange 4. MISCELLANEOUS INCOME AGM Donations Miscellaneous sales |
Property £ 1,961,279 796,838 |
Improvements to Property £ 34,813 21,543 |
Improvements to Property £ 34,813 21,543 |
Furniture and Office Equipment £ 14,433 10,849 |
Total £ 2,010,525 829,230 2,839,755 14,128 5,595 19,723 £2,820,032 £1,996,397 2019 £ 6,950 5,444 - 976 905 3,855 607 |
|---|---|---|---|---|---|
| 2,758,117 | 56,356 | 25,282 | |||
| - - |
467 4,465 |
13,661 1,130 |
|||
| - | 4,932 | 14,791 | |||
| £2,758,117 | £51,424 | £10,491 | |||
| £1,961,279 | £34,346 | £772 | |||
| 2020 £ 6,409 1,843 3,380 - - 1,394 (256) £12,770 - 715,435 209 £715,644 |
|||||
| £18,737 | |||||
| 2,660 338,080 282 |
|||||
| £341,022 |
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THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
| 5. SURPLUS/(DEFICIT) ON PUBLICATIONS Sales Cost of Sales Costs of new and reprinted publications Surplus/(deficit) on publications Transfer (to)/from Publications Working Capital Fund 6. JOURNALS AND REPRINTS Advertising revenue Less: Advertising agent's fees NET INCOME Cost of Sales Journal publishing costs NET COST OF JOURNAL 7. ADMINISTRATION EXPENSES General fund Salaries and related costs (see note 15) Office rents, rates, light and heat Printing, postage, stationery and telephone Marketing and Publicity Subscriptions Computer costs Donations Contribution to the Turret Clock Group (see note 3) Costs of website and Grant of Arms and Crest Insurance Accountancy Independent Examiner's fee Bank charges Miscellaneous expenditure Depreciation |
2020 £ 13,226 |
2019 £ 13,036 |
|---|---|---|
| 2,770 | 37,401 | |
| 2,770 | 37,401 | |
| 10,456 (10,456) |
(24,365) 20,438 |
|
| - | (£3,927) | |
| 26,091 (6,635) |
37,979 (9,607) |
|
| 19,456 | 28,372 | |
| 61,098 | 59,378 | |
| 61,098 | 59,378 | |
| (£41,642) | (£31,006) | |
| 36,519 20,789 3,876 356 310 285 60 3,380 57,200 2,827 3,581 600 1,795 60 5,595 |
35,341 20,744 5,712 398 206 12 - - - 2,743 3,954 600 2,690 73 1,031 |
|
| £137,233 | £73,504 |
The costs of the new website (£38,600) and the Grant of Arms and Crest (£18,600) have been written off in the year as they were covered by donations.
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THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
| 7. ADMINISTRATION EXPENSES(Continued) Sections Meeting and lecturers' expenses Refreshments and social costs Payments for outside visits Library purchase Administrative costs AGM costs Donations Trade membership Prize awarded 8. SOCIETY ACTIVITIES AGM Meeting expenses 9. DEBTORS Advertising revenue – journal Prepayments Income tax recoverable under Gift Aid Other 10. CREDITORS: Amounts falling due within one year Trade creditors Advertising agents' fees Deferred income Social security and other taxation Other |
2020 £ 2,630 1,007 430 132 1,395 - 500 2,123 - |
2019 £ 4,801 1,762 2,203 - 2,762 920 4,642 1,790 250 |
|---|---|---|
| £8,217 | £19,130 | |
| 310 7,868 |
2,712 13,914 |
|
| £8,178 | £16,626 | |
| 12,132 - 20,609 30,703 |
18,645 3,201 4,024 56,837 |
|
| £63,444 | £82,707 | |
| 19,886 2,993 17,081 2,392 1,047 |
30,469 4,487 18,118 2,224 1,065 |
|
| £43,399 | £56,363 |
11. CASH AT BANK AND IN HAND
Included within cash at bank and in hand are monies within the direct control of the Sections amounting to £30,792 (2019 £25,717). An amount of £10,040 (2019 £8,,686) is with sections based overseas.
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THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
12. DESIGNATED FUNDS
| Library Fund Education Fund Prize Fund Publications Working Capital Fund Conservation and Research Fund 13. RESTRICTED FUNDS Jim Cowsill Memorial Marcoolyn Alan Shenton Memorial |
Balance at 1 October 2019 £ 2,797 56,893 8,738 - 5,801 |
Incoming resources £ 678 229 34 - 24 |
Outgoing resources £ - (888) (2,000) - - |
Transfers between Funds £ - - - 10,456 - |
Balance at 30 September 2020 £ 3,475 56,235 6,772 10,456 5,825 |
|---|---|---|---|---|---|
| £74,229 | £965 | (£2,888) | £10,456 | £82,763 | |
| 1,989 3,978 2,751 |
8 16 11 |
- - - |
- - - |
1,997 3,994 2,762 |
|
| £8,718 | £35 | - | - | £8,753 |
The Jim Cowsill Memorial was established to support library purchases.
The Marcoolyn fund was established to support projects sponsored by the Electrical Horology Group.
The Alan Shenton Memorial was established to support a prize for the author(s) of an article in Antiquarian Horology covering the period since 1840.
| 14. STAFF COSTS Salaries Social security contributions Pension costs |
2020 £ 35,618 33 868 |
2019 £ 34,611 33 697 |
|---|---|---|
| £36,519 | £35,341 |
The average number of employees during the accounting period was 1 (2019 - 1).
15. RELATED PARTY TRANSACTIONS AND TRUSTEE REMUNERATION
The Trustees received no emoluments (2019 - nil). Travel expenses of £313 were reimbursed to one Trustee (2019 - £618 to two Trustees).
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