The British Institute of Organ Studies Annual Report and Financial Statements for the year ended 31 December 2021
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 (until July 2021) Gordon Curtis Colin Menzies OBE Jeffrey West Katharine Pardee Martin Renshaw (co-opted until July 2021) Mark Venning
The Council met three times during the year, all 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 second unusual year, it is reassuring that net incoming resources overall were strongly positive. Income from unrestricted funds – over three-quarters of which 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. As Council and HOLS (Historic Organ Listing Scheme) meetings were undertaken using Zoom, travel and meeting room costs were saved while there were no British Organ Archive costs as Covid-19 restricted 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 £104,729 (2020: £96,080), 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, income is accounted for when received, and the Membership Secretary was especially active in collecting late subscriptions for the current year at the end of 2020 resulting in the total figure for that year being inflated.
There are three Restricted Funds – HOSA (Historic Organs Sound Archive), Endowment and NPOR. With a few Leffler manuscript and disc sales in the year, after adding attributable investment income, the HOSA account has grown to £7,880 (2020: £7,600). Income to the Endowment Fund comprises investment income (£590) and sales of the Freeman and new Nicholson books totalling £6,120: all costs have been written-off in the year, totaling £4,139, and £1,718 charged to the fund for digitizing past copies of the Reporter. This left the fund slightly up at the year end at £34,571 (2020: £33,718).
The most active Restricted Fund is in respect of the NPOR, recording directly attributable costs and income. Around 90 individuals (both members and non-member users) and Organists’ Associations made donations during the year all of whom have been thanked. Disappointingly, the number of donors has reduced again in the year (from a high of 140) with a consequential income reduction although the fund was topped up by a transfer of £2,000 from unrestricted funds. 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 of around £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 2021.
Responsibilities and basis of report
The charity trustees 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:
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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, dated 22 January 2022
British Institute of Organ Studies STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31st December 2021
| Unrestricted Restricted Funds Funds Notes £ £ Incoming Resources : Subscriptions 1 17,936 Sales 2 1,803 6,268 Investment Income 1,669 827 Conferences 3 Tax recovery on Gift Aid 2,738 1,011 Donations 7,044 Total Incoming Resources £24,146 £15,150 Resources Expended : BIOS Journal 6,633 Reporter 3,922 National Pipe Organ Register 8,795 British Organ Archive Council & sub committees 126 HOLS and surveys 298 Bank charges 632 Conferences 3 (1,260) Publicity and website 4 2,204 Insurance 677 Other costs 5 265 5,857 Total Resources Expended £13,497 £14,652 Net incoming resources 10,649 498 Transfer of funds (to NPOR) (2,000) 2,000 Balance brought forward 96,080 47,347 Balance carried forward £104,729 £49,845 |
Unrestricted Restricted Funds Funds Notes £ £ Incoming Resources : Subscriptions 1 17,936 Sales 2 1,803 6,268 Investment Income 1,669 827 Conferences 3 Tax recovery on Gift Aid 2,738 1,011 Donations 7,044 Total Incoming Resources £24,146 £15,150 Resources Expended : BIOS Journal 6,633 Reporter 3,922 National Pipe Organ Register 8,795 British Organ Archive Council & sub committees 126 HOLS and surveys 298 Bank charges 632 Conferences 3 (1,260) Publicity and website 4 2,204 Insurance 677 Other costs 5 265 5,857 Total Resources Expended £13,497 £14,652 Net incoming resources 10,649 498 Transfer of funds (to NPOR) (2,000) 2,000 Balance brought forward 96,080 47,347 Balance carried forward £104,729 £49,845 |
Total funds 2021 £ 17,936 8,071 2,496 0 3,749 7,044 £39,296 6,633 3,922 8,795 0 126 298 632 (1,260) 2,204 677 6,122 £28,149 11,147 143,427 £154,574 |
Total funds 2020 £ |
|---|---|---|---|
| 17,936 1,803 6,268 1,669 827 2,738 1,011 7,044 |
17,936 8,071 2,496 0 3,749 7,044 |
22,093 1,121 2,475 913 4,314 7,330 |
|
| £24,146 £15,150 |
£39,296 | £38,246 | |
| 6,633 3,922 8,795 126 298 632 (1,260) 2,204 677 265 5,857 |
6,633 3,922 8,795 0 126 298 632 (1,260) 2,204 677 6,122 |
6,375 4,564 9,350 236 370 396 770 3,126 740 310 |
|
| £13,497 £14,652 |
£28,149 | £26,237 | |
| 10,649 498 (2,000) 2,000 96,080 47,347 |
11,147 143,427 |
12,009 131,418 |
|
| £104,729 £49,845 |
£154,574 | £143,427 |
BALANCE SHEET as at 31st December 2021
| 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 |
2021 55,000 95,275 (200) 4,499 £154,574 104,729 49,845 £154,574 |
2020 |
|---|---|---|
| 55,000 95,275 (200) 4,499 |
55,000 85,668 (2,004) 4,763 |
|
| £154,574 | £143,427 | |
| 104,729 49,845 |
96,080 47,347 |
|
| £154,574 | £143,427 |
Approved on behalf of the Trustees by the Chairman, Alan Thurlow: 22 January 2022
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 (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) and commission on the sale of third-party publications - webstore being used as a conduit for publications of interest to members and relevant to the charitable aims of BIOS. The £6,268 in Restricted Funds represents the gross value of book sales, essentially the new Nicholson book and ‘In Search of Organs’. Costs of all books have been fully written-off.
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 have been none during the year (the AGM being conducted on Zoom). However, a provision in respect of anticipated 2018/19 Conference costs which never materialized, previously debited as a cost, has been written back.
4. Publicity
Publicity costs include £308 for website revisions and maintenance, and £1,896 for the cost of advertisements in related publications.
5. Other Costs
In Unrestricted Funds, this largely relates to our annual subscription to the Heritage Alliance and in Restricted Funds, the full cost of the Nicholson book (£4,139) and BIOS Reporter digitization (£1,718).
6. Investments
Charities Investment Fund Units held through CCLA are shown at cost. The gross dividend yield slipped slightly to 2.75% (2020: 2.84%) while there was a market value gain – after something of a roller-coaster during the year – finishing at 31 December 2021 at £97,671 (2020: £85,878) in line with the overall strength of the stock market.
7. Short term debtors and creditors
In debtors, £3,750 relates to tax recovery on Gift Aid (received January 2022) plus a prepayment in respect of the NPOR. There is a small creditor in respect of book mailing costs.
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 |
1/1/21 Income Expenditure Transfers 31/12/21 |
|---|---|
| £96,080 £30,196 (£19,547) (£2,000) £104,729 £7,600 £280 £0 £7,880 £33,718 £6,710 (£5,857) £34,571 £6,029 £8,160 (£8,795) £2,000 £7,394 |
|
| £143,427 £45,346 (£34,199) £154,574 |
Funds are represented by pooled assets held as CCLA Investment Units, cash on deposit and at bank.