The Tavistock Institute of Human Relations Annual Report and Financial Accounts 1st October 2015 - 10 September 2016
This is the Tavistock Institute of Human Relations annual report and financial accounts, dated 1st October 2015 - 10th September 2016.
This is the Tavistock Institute of Human Relations annual report and financial accounts, dated 1st October 2015 - 10th September 2016.
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Statement <strong>of</strong> Operating <strong>Financial</strong> Activities (SOFA) <strong>2016</strong> (£) <strong>2015</strong> (£)<br />
Income:<br />
Charitable activities<br />
Investments<br />
Other<br />
2,872,474<br />
4,428<br />
217<br />
2,299,638<br />
3,859<br />
1,813<br />
Total income 2,877,119 2,314,353<br />
Expenditure: Charitable activities 2,466,083 2,084,152<br />
Total expenditure 2,466,083 2,084,152<br />
Net income/(expenditure)<br />
before net gains/(losses) on investments<br />
Actuarial gains / (losses)<br />
on defined benefit pension schemes<br />
411,036 230,201<br />
(1,916,000) (448,000)<br />
Net movement in funds (1,504,964) (217,799)<br />
Total funds brought forward ( 2,936,697) (2,718,898)<br />
Total funds carried forward - 4,441,661 - 2,936,697<br />
TIHR’s Balance Sheet at 30th <strong>September</strong> <strong>2016</strong> showed an increase in net assets to £906,339 (<strong>2015</strong>:<br />
£620,303) – before any pension liability. This was due to the <strong>Institute</strong>’s increase in cash held in bank.<br />
Balance Sheet Summary <strong>2016</strong> (£) <strong>2015</strong> (£)<br />
Fixed Assets 41,348 25,271<br />
Current Assets 1,909,527 1,497,273<br />
Liabilities 1,044,536 902,241<br />
Net Assets (excluding pension liability) 906,339 620,303<br />
Defined Benefit Pension Scheme Liability (5,348,000) (3,557,000)<br />
Total Net Asset (4,441,661) (2,936,697)<br />
Total Charity funds (4,441,661) (2,936,697)<br />
In 2014, TIHR agreed a pension recovery plan with the pension trustees (approved by the<br />
pensions regulator) whereby the deficit will be paid within 15 years. During the year ended<br />
30 <strong>September</strong> <strong>2016</strong> the <strong>Institute</strong> paid £255,584 (<strong>2015</strong>: £246,346) in accordance with this plan.<br />
<strong>The</strong> actuarial valuation <strong>of</strong> the <strong>Tavistock</strong> <strong>Institute</strong> <strong>of</strong> <strong>Human</strong> <strong>Relations</strong> Retirements Benefit<br />
Scheme at 30 <strong>September</strong> <strong>2015</strong> for the purposes <strong>of</strong> FRS<strong>10</strong>2 showed a significant increase in the<br />
funding deficit to £5,348,000 (<strong>2015</strong>: £3,557,000), due to changes in assumptions used under<br />
FRS<strong>10</strong>2 for calculating the actuarial gains <strong>and</strong> losses. <strong>The</strong> next Actuarial Valuation is due at<br />
31 March 2017 with a revised recovery plan to be agreed with the Pension Trustees during 2017.<br />
Full details <strong>of</strong> the financial accounts for <strong>2015</strong>/16 are available at the <strong>Tavistock</strong> <strong>Institute</strong>.<br />
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