## **THE ANTIQUARIAN HOROLOGICAL SOCIETY**
NOTICE IS HEREBY GIVEN that the SEVENTY-FIRST ANNUAL GENERAL MEETING of the above-named Society will be held on Saturday, 10[th ] May 2025, at 2.00pm, at St Mary at Hill Church, London EC3R 8EE, when the following business will be transacted:
## ORDINARY BUSINESS:
1. To adopt the Minutes of the AGM held on Saturday 11[th] May 2024, as published in _Antiquarian Horology_ September 2024, proposed by Mark Crangle and seconded by John Cook.
2. To receive the accounts.
- To receive and consider the Trustees’ Report, and the accounts for the year ended 30[th] September 2024, with the Independent Examiner’s report thereon, and if thought fit to adopt the same, proposed by Robert Lamb and seconded by David Brown.
3. That with effect from the date of this meeting (10 May 2025) subscriptions for Ordinary Members shall increase from £65 to £80. Correspondingly, Junior Member subscriptions will increase from £32.50 to £40. The surcharge of £10 for overseas members and additional family members will remain unchanged.
4. Election of the Council.
The Members of Council retiring by rotation pursuant to the Society’s Articles of Association are Dr Jane Desborough, Anna Rolls, James Stratton, Chris Mann and Sue Hines.
Dr Jane Desborough, having been duly nominated by Nigel Israel and seconded by Gloria Clifton, both members, being eligible, offers herself for re-election.
Anna Rolls, having been duly nominated by Philip Whyte and seconded by Johan ten Hoeve, both members, being eligible, offers herself for re-election.
James Stratton, having been duly nominated by Jonathan Hills and seconded by Dolly Buggins, both members, being eligible, offers himself for re-election.
Chris Mann, having been duly nominated by Cristina Alfonsin and seconded by Neil Francis, both members, being eligible, offers himself for re-election.
Sue Hines, having been duly nominated by Steven Dutfield and seconded by Darlah Thomas, both members, being eligible, offers herself for re-election.
Tabea Rude, having been duly nominated by James Nye and seconded by Richard Stenning, both members, being eligible, offers herself for election.
5. Re-appointment of Independent Examiner:
To re-appoint as Independent Examiner Martin Yardley FCA, 7 Oak End Close, Southborough, Tunbridge Wells, Kent TN4 0TE, proposed by Simon Davidson and seconded by David Wood-Heath.
Dated this 16[th] day of January 2025
By Order of the Council Helen Chapman, Secretary
## **Appointment of Proxies**
I, ……………………………………………………………………………………………
of……………………………………………………………………………………………
a member of The Antiquarian Horological Society hereby appoint the Chairman of the Meeting
or……………………………………………………………………………………………
of……………………………………………………………………………………………
to vote for me and on my behalf at the Annual General Meeting of the Society to be held on the 10[th] May 2025, or at any adjournment thereof.
This form is to be used in respect of the resolutions mentioned below as follows:
## **Ordinary Business**
Resolution No.1 for/against* Minutes of 11[th] May 2024 Resolution No.2 for/against* Accounts Resolution No. 3 for/against* Increase in subscription fees Resolution No.4 for/against* Dr Jane Desborough for/against* Anna Rolls for/against* James Stratton for/against* Chris Mann for/against* Sue Hines for/against* Tabea Rude Resolution No.5 for/against* Re-appointment of Independent Examiner
- N.B. 1. *Strike out whichever is not desired. 2. Unless otherwise instructed, the proxy may vote as they think fit or abstain from voting.
3. The proxy appointment must be received at 4 Lovat Lane not later than 48 hours before the time appointed for the Meeting.
_Registered Office:_ 4 LOVAT LANE, LONDON, EC3R 8DT
Registered Charity Number 260925
## **THE ANTIQUARIAN HOROLOGICAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
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 2024. 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 2024**
_President_ : Dr. Patricia Fara
_Vice-Presidents_ : D. R. Thompson F.A.H.S.; A. A. Treherne F.A.H.S.; J. D. Betts M.B.E., F.A.H.S. _Directors/Members of Council_ : Dr. J. G. D. Nye (Chairman); F. Collanges;
Dr. J. Desborough; S. V. Hines; C. Mann; A. Rolls; Dr. D. J. Rooney;
K. Scobie-Youngs; R. Stenning; J. R. Stratton; 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**
The financial statements show a net surplus for the year of £545 and our reserves stand at £2,967,969 in total.
## **TANGIBLE FIXED ASSETS FOR USE BY THE SOCIETY**
Fixed assets are set out in note 2 to the accounts.
## **DIRECTORS AND TRUSTEES**
All directors of the company are trustees of the charity, and there are no other trustees. J. D. Betts resigned on 11 July 2024 and was elected a Vice-President. 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 2024** _(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 renewed by Council in 2024. 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 funds within its unrestricted General Fund sufficient to meet the costs associated with a reasonable period of ordinary operation. The balance of the funds of the Society are divided between restricted and designated reserves, which include a Library Fund, a Publications Working Capital Fund, and a Prize Fund. The balances of the 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.
## **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 16 January 2025 and signed on its behalf.
**……………………………..**
**Trustee Dr. J. G. D. Nye (Chairman)**
4
## **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**
## **16 January 2025**
5
## **THE ANTIQUARIAN HOROLOGICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
|_Note_
_Restricted_
_Funds_
_£_
**INCOME AND EXPENDITURE**
**Incoming resources**
Subscriptions
�
Sections – total income
3
�
Tax recoverable
�
Interest receivable
213
Surplus on publications
5
�
Miscellaneous income
4
�
Miscellaneous income - funds
12/13
�
213
**Resources expended**
Direct charitable expenditure:
Net cost of Journal
6
�
Grants and awards
12/13
�
Administration
7
�
Society activities
8
�
Library
12
�
�
213
Transfer of funds
5/12/13
(3,200)
ADD: Fund balances at 1
October 2023
8,796
**FUND BALANCES AT 30**
**SEPTEMBER 2024**
£5,809
**NET (DEFICIT)/SURPLUS FOR**
**THE YEAR**|_Restricted_
_Funds_
_£_
�
�
�
213
�
�
�|_Designated_
_Funds and_
_Sections_
_£_
�
22,382
�
2,246
�
�
�|_General_
_Fund_
_£_
85,672
�
16,736
2,210
7,598
62,788
�|_Total 2024_
_£_
85,672
22,382
16,736
4,669
7,598
62,788
�|_Total 2023_
_£_
88,330
17,413
10,306
2,653
2,199
20,145
11,211|
|---|---|---|---|---|---|
||213|24,628|175,004|199,845|152,257|
||�
�
�
�
�|�
1,980
21,692
�
265|48,836
�
120,728
5,799
�|48,836
1,980
142,420
5,799
265|43,245
2,303
110,127
4,987
11,584|
||�|23,937|175,363|199,300|172,246|
|||691
(45,323)
114,885|(359)
48,523
2,843,743|545
�
2,967,424|(19,989)
�
2,987,413|
||£5,809|£70,253|£2,891,907|2,967,969|£2,967,424|
6
## **THE ANTIQUARIAN HOROLOGICAL SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2024**
|_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|_2024_
_£_
2,809,399|_2023_
_£_
2,815,641|
|---|---|---|
||15,519
175,725|14,074
170,866|
||191,244|184,940|
||(32,674)|(33,157)|
||158,570|151,783|
||£2,967,969|£2,967,424|
||2,891,907
32,300
37,953|2,843,743
31,610
83,275|
||2,962,160
5,809|2,958,628
8,796|
||£2,967,969|£2,967,424|
## **DIRECTORS' STATEMENTS**
In approving these financial statements as directors of the company we hereby confirm:
- a) that for the year ending 30 September 2024 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 2024**
## **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:
|ation has been provided at the following
d useful lives:|rates in order to write off the assets|
|---|---|
|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 2024** _(Continued)_
|**3. SECTIONS - TOTAL INCOME**
Subscriptions
Donations
Activities and interest
Loss on exchange
**4. MISCELLANEOUS INCOME**
AGM
Donations
Miscellaneous sales
**2. TANGIBLE FIXED ASSETS**
**COST**
As at 1 October 2023
Additions
As at 30 September 2024
**DEPRECIATION**
As at 1 October 2023
Charge for year
As at 30 September 2024
Written-down value at 30 September 2024
Written-down value at 30 September 2023|**Property**
**£**
2,774,907
�|**Improvement**
**s to Property**
**£**
56,356
�|**Improvement**
**s to Property**
**£**
56,356
�|**Furniture and**
**Office**
**Equipment**
**£**
27,984
104|**2023**
**£**
3,545
2,397
12,540
(1,069)
**Total**
**£**
2,859,247
2,859,351
43,606
6,346
49,952
£2,809,399
£2,815,641|
|---|---|---|---|---|---|
||2,774,907|56,356||28,088||
||�
�|20,217
3,614||23,389
2,732||
||�|23,831||26,121||
||£2,774,907|£32,525||£1,967||
||£2,774,907|£36,139||£4,595||
|||||**2024**
**£**
4,734
1,637
16,661
(850)||
|||||£22,182|£17,413|
|||||2,099
59,080
1,609|1,825
17,389
931|
|||||£62,788|£20,145|
9
## **THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** _(Continued)_
|**5. SURPLUS/(DEFICIT) ON PUBLICATIONS**
Sales
_Cost of Sales_
Costs of new and reprinted publications
Surplus on publications
Transfer to Publications Working Capital Fund
**6. JOURNALS AND REPRINTS**
Advertising revenue
_Cost of Sales_
Journal publishing costs
NET COST OF JOURNAL
**7. ADMINISTRATION EXPENSES**
**General fund**
Salaries and related costs (see note 14)
Office rates, light and heat
Repairs and maintenance
Printing, postage, stationery and telephone
Marketing and Publicity
Subscriptions
Archive Project costs
College of Arms fees
Membership database costs
Turret Clock database integration costs
Donation to Paisley Museum
Other software costs
Insurance
Accountancy
Independent Examiner's fee
Bank charges
Miscellaneous expenditure
Depreciation|**2024**
**£**
7,598|**2023**
**£**
6,033|
|---|---|---|
||�|3,834|
||�|3,834|
||7,598
(7,598)|2,199
(2,199)|
||�|�|
||24,116
(72,952)|26,860
(70,105)|
||(72,952)|(70,105)|
||(£48,836)|(£43,245)|
||40,814
8,109
6,200
4,847
593
499
17,068
1,045
4,289
13,000
6,400
2,334
2,234
4,146
600
1,897
307
6,346|38,894
6,816
5,034
6,124
398
541
10,374
3,412
3,639
�
�
872
2,199
3,654
600
2,620
220
6,847|
||£120,728|£92,244|
The costs of the Archive Project, College of Arms and Turret Clock database integration have been covered by donations received during the accounting period. The donation to the Paisley Museum was covered by donations, including a contribution of £3,200 by the Marcoolyn Fund (see note 13).
10
## **THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** _(Continued)_
|**7. ADMINISTRATION EXPENSES**_(Continued)_
**Sections**
Meeting and lecturers' expenses
Refreshments and social costs
Payments for outside visits
Administrative costs
AGM costs
Trade membership
Prize awarded
Bank charges
**8. SOCIETY ACTIVITIES**
AGM
Meeting expenses
**9. DEBTORS**
Advertising revenue – journal
VAT recoverable
Other
**10. CREDITORS**: Amounts falling due within one year
Trade creditors
Accrued expenses
Deferred income
Social security and other taxation
VAT payable
Other|**2024**
**£**
3,759
161
15,468
10
264
1,780
250
�|**2023**
**£**
3,673
899
10,778
43
494
1,528
250
218|
|---|---|---|
||£21,692|£17,883|
||2,545
3,254|2,439
2,548|
||£5,799|£4,987|
||12,579
�
2,940|10,726
2,380
968|
||£15,519|£14,074|
||4,514
600
23,249
4,252
38
21|10,024
600
17,944
2,278
�
2,311|
||£32,674|£33,157|
## **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 £31,580 (2023 £32,097). An amount of £11,318 (2023 £14,413) is with sections based overseas.
11
## **THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2024** _(Continued)_
## **12. DESIGNATED FUNDS**
|Library Fund
Education Fund
Prize Fund
Publications Working Capital
Fund
Conservation and Research Fund|_Balance at 1_
_October 2023_
£
1,641
55,609
2,726
18,847
4,452|_Incoming_
_resources_
£
51
1,847
111
91
146|_Outgoing_
_resources_
£
(265)
(520)
(1,450)
(10)
�|_Transfers_
_between Funds_
£
�
(56,936)
8,613
7,598
(4,598)|_Balance at 30_
_September 2024_
£
1,427
�
10,000
26,526
�|
|---|---|---|---|---|---|
||£83,275|£2,246|(£2,245)|(£45,323)|£37,953|
The balance of the Prize Fund was restored to £10,000 by transfers from the Education Fund and Conservation and Research Fund. The remaining balance of the Education Fund, £52,921, was transferred to the General Fund.
## **13. RESTRICTED FUNDS**
|Jim Cowsill Memorial
Marcoolyn
Alan Shenton Memorial|2,056
4,110
2,630|68
57
88|�
�
�|�
(3,200)
�|2,124
967
2,718|
|---|---|---|---|---|---|
||£8,796|£213|�|(£3,200)|£5,809|
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 fund made a contribution of £3,200 towards the donation made to the Paisley Museum (see note 7).
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
Pension costs|**2024**
**£**
39,807
1,007|**2023**
**£**
37,943
951|
||£40,814|£38,894|
The average number of employees during the accounting period was 1 (2023 � 1).
## **15. RELATED PARTY TRANSACTIONS AND TRUSTEE REMUNERATION**
�he �rustees received no emoluments (2023 �nil)��o travel expenses were reimbursed to �rustees (2023 � nil).
12