The British Institute of Organ Studies Annual Report and Financial Statements for the year ended 31 December 2020
The British Institute of Organ Studies (Registered Charity number 283936) exists to advance the education of the public in and promote the study of and research into the development of the organ and its music in all aspects and, in particular, the development of the organ and its music in Britain and to publish the useful results of any research. Also, to promote the preservation and restoration of historic organs in Britain for the benefit of the public generally in the manner of an amenity society.
Council
During the year the following served on the Council:
Alan Thurlow (Chairman) Richard Hobson Melvin Hughes (Secretary) Christopher Gray Adrian Mumford (Treasurer) David Shuker David Shepherd (Membership Secretary) Jeffrey Williams Andrew Hayden Gordon Curtis (co-opted) Colin Menzies OBE Jeffrey West (co-opted) Katharine Pardee Martin Renshaw (co-opted from September Mark Venning 2020)
The Council met three times during the year (on two occasions, using Zoom).
Independent Examiner: Jonathan Hunt
Bankers
CAF Bank (Charities’ Aid Foundation), Kings Hill, West Malling, Kent Nat West Bank, Durham
Investment manager
CCLA Investment Management Ltd. 80 Cheapside, London EC2
Reserves Policy
The trustees have reviewed the charity’s need for reserves in line with the guidance issued by the Charity Commission: they believe that it is prudent for the minimum level to be the equivalent of a 3- year moving average of annual subscription income. Additional designated reserves may be held from time to time when significant future events or projects are anticipated.
Financial Review of the Year
In a most unusual year, it is reassuring that net incoming resources overall were strongly positive. Income from unrestricted funds – over three-quarters comes from subscriptions plus gift aid – very comfortably covered day to day expenses. Most costs were similar to those of prior years, the largest being for the Reporter and Journal (slightly larger and at a correspondingly higher cost than in 2019). As Council and HOCS meetings were undertaken using the coolly efficient Zoom, travel and meeting room costs were saved while there were no BOA costs as Covid-19 restricted CRL activity. Since 2014, expenditure for the National Pipe Organ Register (NPOR) has gone through a Restricted Fund relieving Unrestricted Funds which have consequently grown to £96,080 (2019: £85,132), comfortably meeting the Reserve Policy and amply covered by funds invested (valued well above cost) and money at the bank. Although membership numbers have remained essentially steady, the Membership Secretary was especially active in collecting late subscriptions in November/December resulting in the total figure being materially inflated as more members than usual paid for two years (2020 and 2021).
There are three Restricted Funds – HOSA (Historic Organs Sound Archive), Endowment and NPOR. There were two Leffler sales in the year and after adding attributable investment income, the HOSA account has grown to £7,600 (2019: £7,395). Income to the Endowment Fund comprises investment income (£1,603) and sales of the Freeman books totalling £250: after costs in respect of a publishing project – soon to be announced - funds ended the year higher at £33,718 (2019: £32,010).
The most active Restricted Fund is in respect of the NPOR, recording directly attributable costs and income. Around 100 individuals (both members and non-member users) and Organists’ Associations made donations during the year and all are to be most warmly thanked for their generosity. Disappointingly, the number of donors has reduced in the year (from 140) although the total income has usefully increased. It is hoped that the number of Standing Orders may grow, even for modest amounts, helping to ensure a sustainable future income stream. Nevertheless, annual NPOR costs exceeding £9,000 per annum will remain a challenge.
Independent Examiner’s Report to the Trustees of the British Institute of Organ Studies
I report to the Trustees on my examination of the accounts of the British Institute of Organ Studies (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (the Act).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s statement
I have completed my examination.
To enable a proper understanding of the accounts, I draw your attention to Note 1 regarding the accounting for Members’ Subscriptions.
I confirm that no material matters have come to my attention which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
Subject to the matter mentioned above, 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 accounts to be reached.
Jonathan Hunt FCA
London, 24 May 2021
British Institute of Organ Studies STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31st December 2020
| Unrestricted Restricted Funds Funds Notes £ £ Incoming Resources : Subscriptions 22,093 Sales 2 806 315 Investment Income 603 1,872 Conferences 3 913 Tax recovery on Gift Aid 3,275 1,039 Donations 7,330 Total Incoming Resources £27,690 £10,556 Resources Expended : BIOS Journal 6,375 Reporter 4,564 National Pipe Organ Register 9,350 British Organ Archive Council & sub committees 236 HOCS and surveys 370 Bank charges 396 Conferences 3 770 Publicity and website 4 3,126 Insurance 740 Other costs 5 165 145 Total Resources Expended £16,742 £9,495 Net incoming resources 10,948 1,061 Balance brought forward 85,132 46,286 Balance carried forward £96,080 £47,347 |
Unrestricted Restricted Funds Funds Notes £ £ Incoming Resources : Subscriptions 22,093 Sales 2 806 315 Investment Income 603 1,872 Conferences 3 913 Tax recovery on Gift Aid 3,275 1,039 Donations 7,330 Total Incoming Resources £27,690 £10,556 Resources Expended : BIOS Journal 6,375 Reporter 4,564 National Pipe Organ Register 9,350 British Organ Archive Council & sub committees 236 HOCS and surveys 370 Bank charges 396 Conferences 3 770 Publicity and website 4 3,126 Insurance 740 Other costs 5 165 145 Total Resources Expended £16,742 £9,495 Net incoming resources 10,948 1,061 Balance brought forward 85,132 46,286 Balance carried forward £96,080 £47,347 |
Total funds 2020 £ 22,093 1,121 2,475 913 4,314 7,330 £38,246 6,375 4,564 9,350 0 236 370 396 770 3,126 740 310 £26,237 12,009 131,418 £143,427 |
Total funds 2019 £ |
|---|---|---|---|
| 22,093 806 315 603 1,872 913 3,275 1,039 7,330 |
22,093 1,121 2,475 913 4,314 7,330 |
17,346 1,353 2,427 2,910 4,316 6,634 |
|
| £27,690 £10,556 |
£38,246 | £34,986 | |
| 6,375 4,564 9,350 236 370 396 770 3,126 740 165 145 |
6,375 4,564 9,350 0 236 370 396 770 3,126 740 310 |
5,302 4,580 8,983 166 882 931 413 3,163 3,655 705 228 |
|
| £16,742 £9,495 |
£26,237 | £29,008 | |
| 10,948 1,061 85,132 46,286 |
12,009 131,418 |
5,978 125,440 |
|
| £96,080 £47,347 |
£143,427 | £131,418 |
BALANCE SHEET as at 31st December 2020
| Notes Current Assets CCLA Investment Fund Units 6 Short term deposits and Cash at Bank Short term creditors Debtors and prepayments 7 Net Assets Funds Unrestricted General Funds Restricted Funds 8 Total Funds 8 |
2020 55,000 85,668 (2,004) 4,763 £143,427 96,080 47,347 £143,427 |
2019 |
|---|---|---|
| 55,000 85,668 (2,004) 4,763 |
55,000 71,890 (1,310) 5,838 |
|
| £143,427 | £131,418 | |
| 96,080 47,347 |
85,132 46,286 |
|
| £143,427 | £131,418 |
Approved on behalf of the Trustees by the Chairman, Alan Thurlow: 23 January 2021
Notes to the Accounts
1. Accounting Policy
The financial statements have been prepared in accordance with ‘Accounting & 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) (effective 1 January 2019) - (Charities SORP (FRS 102)). Accruals accounting is adopted except for subscriptions which are accounted for on a received/banked basis, a methodology that means receipts can include subscription income relating to a prior year and future year.
2. Sales
Under Unrestricted Funds, this relates to sales of BIOS Journals (current and back numbers). The £315 in Restricted Funds represents the gross value of book sales. Costs for both the Freeman book and Leffler manuscript have already been fully written-off. The webstore is also used as a conduit for publications of interest to members and relevant to the charitable aims of BIOS.
3. Conferences
Conferences are budgeted to end up on the right side of break even, hence rarely have an effect on the ‘bottom line’. There was just one at the start of the year – the Barber Conference in Birmingham when there was a larger than usual number in attendance, hence a small surplus. Not all expected invoices for the 2019 Oxford Conference were received – so a provision is carried forward again at this year-end.
4. Publicity
Publicity costs include £396 for website revisions and maintenance, and £2,730 for the cost of advertisements in related publications.
5. Other Costs
This largely relates to our annual subscription to the Heritage Alliance and minor other costs not attaching to other headings.
6. Investments
Charities Investment Fund Units held through CCLA are shown at cost. The gross dividend yield slipped to 2.84% (2019: 3.09%) while the market value – something of a roller-coaster during the year – finished at 31 December 2020 at £85,878 (2019: £80,798) in line with the overall strength of the stock market.
7. Short term debtors and creditors
In debtors, £4,314 relates to tax recovery on Gift Aid (received January 2021) plus a prepayment in respect of the NPOR. Short-term creditors relate to un-invoiced 2019 Conferences costs and third-party sales not invoiced at the year end.
8. Funds
Restricted Funds are those which are to be used in accordance with specific limitations set by the BIOS Council and analysed herewith:
| Unrestricted Funds: Restricted Funds: HOSA and Leffler Endowment NPOR Total Funds |
Balance 1/1/20 Income Expenditure Balance 31/12/20 |
|---|---|
| £85,132 £27,690 (£16,742) £96,080 £7,395 £205 - £7,600 £32,010 £1,853 (£145) £33,718 £6,881 £8,498 (£9,350) £6,029 |
|
| £131,418 £38,246 (£26,237) £143,427 |
Funds are represented by pooled assets held as CCLA Investment Units, cash on deposit and at bank.