2025-09-30-accounts - The Antiquarian Horological Society

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THE ANTIQUARIAN HOROLOGICAL SOCIETY

NOTICE IS HEREBY GIVEN that the SEVENTY-SECOND ANNUAL GENERAL MEETING of the above-named Society will be held on Saturday, 9[th ] May 2026, at 2.00pm, at St Mary at Hill Church, London EC3R 8EE, when the following business will be transacted:

ORDINARY BUSINESS:

To adopt the Minutes of the AGM held on Saturday 10[th] May 2025, as published in Antiquarian Horology September 2025.
To receive the accounts.

To receive and consider the Trustees’ Report, and the accounts for the year ended 30[th] September 2025, with the Independent Examiner’s report thereon, and if thought fit to adopt the same.

Election of the Council.

The Members of Council retiring by rotation pursuant to the Society’s Articles of Association are Françoise Collanges, Dr James Nye and Robert Wren.

Françoise Collanges, having been duly nominated by Cristina Alfonsin and seconded by Bill Wolmuth, both members, being eligible, offers herself for re-election.

Dr James Nye, having been duly nominated by Robert Lamb and seconded by Marisa Addomine, both members, being eligible, offers himself for re-election.

Robert Wren, having been duly nominated by Seth Kennedy and seconded by Tom Pegler, both members, being eligible, offers himself for re-election.

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 Dr James Nye and seconded by Richard Stenning.

Dated this 15[th] day of January 2026

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 9[th] May 2026, 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 10[th] May 2025 Resolution No.2 for/against Accounts Resolution No.3 for/against Françoise Collanges for/against Dr James Nye for/against Robert Wren Resolution No.4 for/against Re-appointment of Independent Examiner

N.B. 1. *Strike out whichever is not desired.
Unless otherwise instructed, the proxy may vote as they think fit or abstain from voting.
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 2025

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 2025. 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 2025

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;

T. Rude; 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 deficit for the year of £20,620 and our reserves stand at £2,947,349 in total.

TANGIBLE FIXED ASSETS FOR USE BY THE SOCIETY

Fixed assets are set out in note 2 to the accounts. Expenditure of £2,319 was incurred on computer equipment during the year.

DIRECTORS AND TRUSTEES

All directors of the company are trustees of the charity, and there are no other trustees. T. Rude was appointed on 16 January 2025. 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.

THE ANTIQUARIAN HOROLOGICAL SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (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 15 January 2026 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

15 January 2026

THE ANTIQUARIAN HOROLOGICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Restricted Funds £ ‒ ‒ ‒ 226 ‒ ‒	Designated Funds and Sections £ ‒ 12,485 ‒ 1,444 ‒ ‒	General Fund £ 84,512 ‒ 11,466 3,197 2,368 47,311	Total 2025 £ 84,512 12,485 11,466 4,867 2,368 47,311	Total 2024 £ 85,672 22,382 16,736 4,669 7,598 62,788
226	13,929	148,854	163,009	199,845
‒ ‒ ‒ ‒ ‒	‒ 1,081 11,672 ‒ 359	48,498 ‒ 116,055 5,964 ‒	48,498 1,081 127,727 5,964 359	48,836 1,980 142,420 5,799 265
‒	13,112	170,517	183,629	199,300
	817 2,368 70,253	(21,663) (2,368) 2,891,907	(20,620) ‒ 2,967,969	545 ‒ 2,967,424
£6,035	£73,438	£2,867,876	2,947,349	£2,967,969

THE ANTIQUARIAN HOROLOGICAL SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2025

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	2025 £ 2,806,547	2024 £ 2,809,399
	19,072 165,523	15,519 175,725
	184,595	191,244
	(43,793)	(32,674)
	140,802	158,570
	£2,947,349	£2,967,969
	2,867,876 33,113 40,325	2,891,907 32,300 37,953
	2,941,314 6,035	2,962,160 5,809
	£2,947,349	£2,967,969

DIRECTORS' STATEMENTS

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

a) that for the year ending 30 September 2025 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 2025

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.

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (Continued)

Property £ 2,774,907 ‒	Improvements to Property £ 56,356 ‒	Furniture and Office Equipment £ 28,088 2,319	Total £ 2,859,351 2,319 2,861,670 49,952 5,171 55,123 £2,806,547 £2,809,399 2024 £ 4,734 1,637 16,661 200 (850)
2,774,907	56,356	30,407
‒ ‒	23,831 3,251	26,121 1,920
‒	27,082	28,041
£2,774,907	£29,274	£2,366
£2,774,907	£32,525	£1,967
		2025 £ 3,602 1,497 6,948 255 183
		£12,485	£22,382
		1,824 41,814 3,000 673	2,099 58,580 500 1,609
		£47,311	£62,788

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (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 (see note 12) 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 Harrison digitisation Donation to Paisley Museum Other software costs Insurance Accountancy Independent Examiner's fee Legal fees Bank charges Miscellaneous expenditure Depreciation	2025 £ 3,999	2024 £ 7,598
	1,631	-
	1,631	-
	2,368 (2,368)	7,598 (7,598)
	‒	‒
	22,885 (71,383)	24,116 (72,952)
	(71,383)	(72,952)
	(£48,498)	(£48,836)
	42,872 8,878 5,651 5,000 2,990 529 13,454 ‒ 4,503 7,150 4,455 ‒ 1,778 2,311 4,205 720 4,000 1,675 713 5,171	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
	£116,055	£120,728

The costs of the Archive Project, Harrison Digitisation, Turret Clock database integration and College of Arms have been covered by donations. The donation to the Paisley Museum in 2024 was covered by donations, including a contribution of £3,200 by the Marcoolyn Fund.

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (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 Surplus of insurance proceeds received over expenditure to date Social security and other taxation VAT payable Other	2025 £ 2,956 37 5,985 205 303 1,700 250 236	2024 £ 3,759 161 15,468 10 264 1,780 250 ‒
	£11,672	£21,692
	2,750 3,214	2,545 3,254
	£5,964	£5,799
	14,836 3,026 1,210	12,579 ‒ 2,940
	£19,072	£15,519
	5,376 720 14,719 20,492 2,441 ‒ 45	4,514 600 23,249 ‒ 4,252 38 21
	£43,793	£32,674

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 £33,145 (2024 £31,580). An amount of £12,231 (2024 £11,318) is with sections based overseas.

THE ANTIQUARIAN HOROLOGICAL SOCIETY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (Continued)

12. DESIGNATED FUNDS

Balance at 1 October 2024 £ 1,427 10,000 26,526	Incoming resources £ 45 367 1,032	Outgoing resources £ (359) (1,081) ‒	f between Funds £ ‒ ‒ 2,368	Balance at 30 September 2025 £ 1,113 9,286 29,926
£37,953	£1,444	(£1,440)	£2,368	£40,325
2,124 967 2,718	83 38 105	‒ ‒ ‒	‒ ‒ ‒	2,207 1,005 2,823
£5,809	£226	‒	‒	£6,035

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 Pension costs	2025 £ 41,805 1,067	2024 £ 39,807 1,007
	£42,872	£40,814

The average number of employees during the accounting period was 1 (2024 ‒ 1).

15. RELATED PARTY TRANSACTIONS AND TRUSTEE REMUNERATION

The Trustees received no emoluments (2024 ‒ nil). No travel expenses were reimbursed to Trustees (2024 ‒ nil).