IMCoS Accounts to December 31st 2020

INCOME & EXPENDITURE ACCOUNT
Year ended 31 December 2020
20202019
INCOME££££
Membership subscriptions18,85618,887
Journal advertising13,42118,268
Map fair contributions100255
Website advertising1,1941,089
Members’ events (net) (Note 4)-224306
Royalty received197240
Book sales (net)173463
Bank interest360419
 ——–34,077 ——–39,927
EXPENDITURE
IMCoS journal30,74528,967
Gifts, awards & presentations040
Malcolm Young lecture0300
Advertising & promotion680
Map & Society lectures0400
AGM & committee meetings9432
Committee expenses0220
Printing & stationery011
Post & telecommunications272236
General insurance548548
Membership administration640832
Financial administration212224
Computer & website (Note 5)6852,187
Bank & credit card charges5371,433
 ——–33,716 ——–35,830
SURPLUS OF ORDINARY INCOME ——— ———
FOR THE YEAR£ 361£ 4,097
===== =====
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BALANCE SHEET
Year ended 31 December 2020
20202019
££££
FIXED ASSETS
IMCoS library (less sales)500500
Website, subject to amortisation (Note 1)11
501501
CURRENT ASSETS
Bank balances (Note 2)87,04391,698
Prepayments1981,478
Accounts receivable260710
 ——–87,501 ——–93,886
CURRENT LIABILITIES
Prepaid membership subscriptions
2020012,705
202112,1275,788
20225,2081,763
2023/251,7580
Totals19,09320,256
Creditors6764,304
Advance receipts for UK events9002,855
 ——–20,669 ——–27,415
 ——– ——–
NET CURRENT ASSETS66,83266,471
 ——– ——–
NET ASSETS£ 67,333£ 66,972
 ===== =====
MEMBERS’ FUNDS
Balance brought forward66,97262,875
Surplus for year3614,097
  ——–  ——–
 TOTAL FUNDS£ 67,333£ 66,972
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Cinzia VivianiVal Newby
Honorary TreasurerActing Chairman
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NOTES TO THE ACCOUNTS
Year ended 31 December 2020
20202019
1. WEBSITE££
Cost of new website9,8859,885
Less Amortisation9,8849,884
Carried forward11
.
The new website became operational on 1st July 2016.
This was amortised over three years to 30th June 2019.
.
2. BANK BALANCES
National Westminster Bank££
Current a/c7,73915,580
Bonus saver8,08219,475
Term deposits71,22255,869
Card collection suspense account0774
87,04391,698
.
3. UK LOCAL EVENTS
A donation of £1,000 was received in 2016 to assist in arranging visits
to places of interest. No allocation has been made in respect of 2020 (2019 nil).
Carry forward900900
.
4. MEMBERS EVENTSIncomeExpenditureSurplus2019
(Deficit)Net
££££
Annual Dinner0144-14416
Scotland visit080-800
Oxford visit (2019)290
0224-224306
.
5. WEBSITE RUNNING COSTS20202019
£ £
Service & upgrading system685 541
Amortisation 01,646
685 2,187
6. CONTINGENT LIABILITIES
The Society has given a guarantee to the Brussels Map Circle against loss of up to £5,000 in respect of the organisation of the Symposium to be held 11-14 October 2021

GENERAL NOTE FOR THE YEAR 2020

At the onset of COVID -19 and the first lockdown in March 2020, the executive Committee resolved that advertisers would not be charged for insertions in the March Journal and that Members’ events should be cancelled. Subsequently many of the society’s usual expenses have not been incurred.