2021-09-30-accounts - The Antiquarian Horological Society

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THE ANTIQUARIAN HOROLOGICAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 2021. 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 2021

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 £38,484, the financial statements show a net surplus for the year of £17,430 and our reserves stand at £3,009,348 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. The fit-out costs ahead of the Society’s occupation in 2021 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. All the 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.

THE ANTIQUARIAN HOROLOGICAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 (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 13 January 2022 and signed on its behalf.

……………………………..

Trustee Dr. J. G. D. Nye (Chairman)

REPORT OF THE INDEPENDENT EXAMINER 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 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:

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 396 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

13 January 2022

THE ANTIQUARIAN HOROLOGICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Note INCOME AND EXPENDITURE Incoming resources Subscriptions Sections – total income 3 Tax recoverable Interest receivable (Deficit)/surplus on publications 5 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 Transfer of funds 5/12 ADD: Fund balances at 1 October 2020 FUND BALANCES AT 30 SEPTEMBER 2021	Restricted Funds £ - - - 11 - - - 11 - 102 - - - 102 (91) - 8,753 £8,662	Designated Funds and Sections £ - 5,062 - 102 - - 592 5,756 - 3,000 4,008 - 44 7,052 (1,296) (3,345) 113,136 £108,495	General Fund £ 86,145 - 21,717 110 (3,345) 33,628 - 138,255 40,974 - 77,874 590 - 119,438 18,817 3,345 2,870,029 £2,892,191	Total 2021 £ 86,145 5,062 21,717 223 (3,345) 33,628 592 144,022 40,974 3,102 81,882 590 44 126,592 17,430 - 2,991,918 £3,009,348	Total 2020 £ 84,533 12,770 179,887 498 10,456 715,644 664 1,004,452 41,642 2,888 145,450 8,178 - 198,158 806,295 - 2,185,623 £2,991,918

THE ANTIQUARIAN HOROLOGICAL SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2021

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	2021 £ 2,830,967 17,509 197,983 215,492 (37,111) 178,381 £3,009,348 2,892,191 31,427 77,068 3,000,686 8,662 £3,009,348	2020 £ 2,820,032 63,444 151,841 215,285 (43,399) 171,886 £2,991,918 2,870,029 30,373 82,763 2,983,165 8,753 £2,991,918

DIRECTORS' STATEMENTS

In approving these financial statements as directors of the company we hereby confirm:

a) that for the year ending 30 September 2021 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) Mrs H. K. Chapman Director Secretary

Registered no. 541551

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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.

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

3. SECTIONS - TOTAL INCOME Subscriptions Donations Contribution by the Society to the Turret Clock Group (see note 7) Activities and interest Loss on exchange 4. MISCELLANEOUS INCOME Donations Miscellaneous sales 2. TANGIBLE FIXED ASSETS Property Improvements to Property £ £ COST As at 1 October 2020 2,758,117 56,356 Additions 16,790 - As at 30 September 2021 2,774,907 56,356 DEPRECIATION As at 1 October 2020 - 4,932 Charge for year - 5,635 As at 30 September 2021 - 10,567 Written-down value at 30 September 2021 £2,774,907 £45,789 Written-down value at 30 September 2020 £2,758,117 £51,424	2021 £ 3,856 978 - 672 (444) £5,062 33,615 13 £33,628 Furniture and Office Equipment £ 25,282 2,702 27,984 14,791 2,922 17,713 £10,271 £10,491	2020 £ 6,409 1,843 3,380 1,394 (256) £12,770 715,435 209 £715,644 Total £ 2,839,755 19,492 2,859,247 19,723 8,557 28,280 £2,830,967 £2,820,032

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

5. SURPLUS/(DEFICIT) ON PUBLICATIONS Sales Cost of Sales Costs of new and reprinted publications (Deficit)/surplus on publications Transfer from/(to) 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 Repairs and maintenance Printing, postage, stationery and telephone Marketing and Publicity Subscriptions Membership database costs Website upgrade Other software 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	2021 £ 3,719 7,064 7,064 (3,345) 3,345 - 29,963 (7,491) 22,472 63,446 63,446 (£40,974) 37,060 6,095 241 4,802 372 624 8,150 1,200 822 - - - 3,412 3,504 600 2,164 271 8,557 £77,874	2020 £ 13,226 2,770 2,770 10,456 (10,456) - 26,091 (6,635) 19,456 61,098 61,098 (£41,642) 36,519 20,789 - 3,876 356 310 285 - - 60 3,380 57,200 2,827 3,581 600 1,795 60 5,595 £137,233

The costs of the new website (£38,600) and the Grant of Arms and Crest (£18,600) in 2020 were written off in the year as they were covered by donations.

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (Continued)

7. ADMINISTRATION EXPENSES (Continued)

Sections Meeting and lecturers' expenses Refreshments and social costs Payments for outside visits Library purchase Administrative 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 Accrued expenses Deferred income Social security and other taxation Other	2021 £ 701 20 532 - 349 600 1,306 500 £4,008 318 272 £590 16,784 330 - 395 £17,509 12,138 4,101 1,499 16,461 2,446 466 £37,111	2020 £ 2,630 1,007 430 132 1,395 500 2,123 - £8,217 310 7,868 £8,178 12,132 - 20,609 30,703 £63,444 19,886 2,993 600 17,081 2,392 447 £43,399

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 £31,865 (2020 £30,792). An amount of £11,586 (2020 £10,040) is with sections based overseas.

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 (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 2020 £ 3,475 56,235 6,772 10,456 5,825 £82,763 1,997 3,994 2,762 £8,753	Incoming resources £ 597 70 8 13 6 £694 3 5 3 £11	Outgoing resources £ (44) (1,000) (1,000) - (1,000) (£3,044) - - (102) (£102)	Transfers between Funds £ - - - (3,345) - (£3,345) - - - -	Balance at 30 September 2021 £ 4,028 55,305 5,780 7,124 4,831 £77,068 2,000 3,999 2,663 £8,662

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

14. STAFF COSTS Salaries Social security contributions Pension costs	2021 £ 36,162 - 898 £37,060	2020 £ 35,618 33 868 £36,519

The average number of employees during the accounting period was 1 (2020 - 1).

15. RELATED PARTY TRANSACTIONS AND TRUSTEE REMUNERATION

The Trustees received no emoluments (2020 - nil). No travel expenses were reimbursed to Trustees (2020 - £313 to one Trustee).