## **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.
3
## **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:
- a) select suitable accounting policies and apply them consistently;
- b) observe the methods and principles in the Charities SORP;
- c) make judgements and estimates that are reasonable and prudent;
- c) state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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)**
4
## **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:
- 1) accounting records were not kept in respect of the Society as required by section 386 of the 2006 Act; or
- 2) the financial statements do not accord with those records; or
- 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
- 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**
5
## **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|
6
## **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:
- 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;
- b) that the members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006;
- 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_
7
## **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.
8
## **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|
9
## **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.
10
## **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.
11
## **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).
12