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|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|6|
|Report ofthe Independent
Auditort|7|to|10|
|Statement ofFinancial Activities||||
|Balance Sheet||12||
|Cash Flow Statement||13||
|Notes to the Cash Flow Statement||14||
|Notes to the Financial Statemeats|15|to|23|
|Detailed Statement ofFinancial Activities|24|to|25|
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||||2023|2022|
|---|---|---|---|---|
||||Unrestricted|Total|
|||Notes|fund
g|fundsf|
|INCOME AND ENDOWMENTS FROM|||||
|Charitable
activities|||||
|Educational
and training|||1,680,918|1,776,174|
|Investment
income|||52,107|51,239|
|Total|||1,733,025|1,827,413|
|EXPENDITURE ON|||||
|Raising funds|||16W8|26,759|
|Charitable
activities|||||
|Educational
and training|||2,060,641|2,021,104|
|Total|||2,077,569|2,047,863|
|Net gains/(losses)
on investments|||(239,717)|105,650|
|NKT INCOME/(EXPENDITURE)|||(584461)|(114,800)|
|Other recognised
gains/(losses)|||||
|Actuarial gains/(losses)|on defined benefit schemes|||(62,000)|
|Net movement
in funds|||319,739|(176,800)|
|RECONCILIATION OFFUNDS|||||
|Total funds brought
forward|||(1,436,887)|(1,260,087)|
|TOTAL FUNDS CARRIED FORWARD|||(1&117&148)|(1,436,887)|
##
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||BALANCE SHEET
31MARCH 2023|||
|---|---|---|---|
|||2023|2022|
|||Unrestricted|Total|
|||fund|funds|
||Notes|||
|FIXEDASSETS||||
|Tangible assets|12|15490|9,572|
|Investments|13|23914/t1I|4,110,985|
|||2tt09,701|4,120,557|
|CURRENT ASSETS||||
|Debtors|14|3523)69|256,480|
|Cash at bank and in hand||8893)74|1,355,715|
|||1341,143|1,612,195|
|CREDITORS||||
|Amounts
falling due within one year|15|(1420~)|(1,179,639)|
|NET CURRENT ASSETS||20,151|432,556|
|TOTAL ASSETSLESSCURRENT LIABILITIES||2,9293L52|4,553,113|
|PENSION LIABILITY|18|(4,047,000)|(5,990,000)|
|NET ASSETS/(LIABILITIES)||(1,117,148)|(1,436,887)|
|FUNDS|17|||
|Unrestricted
funds||(1,117,148)|(1,436,887)|
|TOTAL FUNDS||(1,117,148)|(1,436,887)|
##
|||FOR|THE YEAR ENDE|D 31MARCH 2023||
|---|---|---|---|---|---|
||||Notes|2023|2022f|
|Cash fiotrs from operating
activities||||||
|Cash generated
fium operations||||(1,484,135)|(175,733)|
|Net cash used in operating|activities|||(1,484,135)|(175,733)|
|Cash ilows from iavesting|activities|||||
|Purchase oftangible fixed assets
Purchase offixed asset investments
Saleoffixed asset investments||||(11,468)
(883,161)
1dt60,016|(5,370)
(1,932,119)
1,912,723|
|Interest received||||8,899|3,605|
|Dividends mceived||||43v208|47,634|
|Net cash provided
by investing
activities||||1,017,494|26,473|
|Change
in cash and cash|equivalents|in the||||
|reporting
period||||(466,641)|(149,260)|
|Cash and cash equivaleats|at the beginning of|||||
|the reporting
period||||1455,715|1,504,975|
|Cash nnd cash equivalents|atthe end|ofthe||||
|reporting
period||||889,074|1,355,715|
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||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|
||||||||8||
|Net expenditum||for the reporting||period (asper the Statement|ofFinancial||||
|Activities)|||||||(584461)|(114,800)|
|Adjustments|for:||||||||
|Depreciation|charges||||||5,750|5,199|
|Losses/(gain)|on investments||||||239,717|(105,650)|
|Interest received|||||||(83)99)|(3,605)|
|Dividends
received|||||||(43408)|(47,634)|
|flncmase)/decrease|||in debtors||||(95,589)|130,595|
|Increase/(decrease)|||in cmditors||||41455|(104,838)|
|Difference between|||pension charge|and cash contributions|||(1,039,000)|65,000|
|Net cash used in||operations|||||(1,484,135)|(175,733)|
|ANALYSIS|OF|CHANGES IN NET FUNDS|||||||
||||||At|1.4.22|Cash flow|At31.3.23|
|||||||f|5||
|Net cash|||||||||
|Cash at bank|and|in|hand||1455,715||(466,641)|889,074|
||||||1,355,715||(466,641)|889,074|
|Total|||||1355,715||(466,641)|889,074|
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|Office furniture
A equipment|25%on cost|
|---|---|
|Fixtures and fittings|20'/o on cost|
|Computer
sofiwam|25%on cost|
|Computer
hardware|25%on cost|
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||INCOME FROM CHA|RIT|ABLE|AC11VIT|IES||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
|||||Activity|||6||
||Bibliographic
databases-||||||||
||subscriptions|||Educational|and trainmg||1,6233143|1,661,459|
||Bibliographic
databases|- PAYG||Educational|and training||43dt94|43,476|
||Dictionary,
thesaurus,
bulletin||dt||||||
||reports|||Educational|and training||20,135|23,320|
||IFISCollections|||Educational|and training||896|30,040|
||Gains/(losses)
on exchange|||Educational|and training||(7,850)|17,879|
||||||||1,680,918|1,776,174|
|6.|RAISING FUNDS||||||||
||Raisiag donations
and|legacies|||||||
||||||||2023|2022|
||||||||8||
||Investment
management|fees|||||16,928|26,759|
|7.|CHARITABLE ACTIVITIES COSTS||||||||
||||||||Support||
|||||||Direct|costs (see||
|||||||Costs
f|note 8)
f|Totals|
||Educational
and training|||||2,006,666|53,975|2,060,641|
|S.|SUPPORT COSTS||||||||
|||||||||Governance|
|||||||||costs|
||Educational
and training|||||||53,975|
|9.|NKT INCOME/(EXPENDITURE)||||||||
||Net income/(expenditure)|is stated after charging/(crediting):|||||||
||||||||2023|2022|
||||||||8||
||Auditors'
remuneration||||||7,008|6,768|
||Depreciation - owned assets||||||5,750|5,199|
||Cunency exchange (gains)/losses||||||(6rr39)|(53,219)|
##
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##
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||8|f.|
||Travel and subsistence|||||26,205|155|
||The number oftrustees to||whom expenses|were reimbursed|was|8(2022:1).||
|11.|STAFF COSTS|||||||
|||||||2023|2022I|
||Wages and salaries|||||647,755|661,739|
||Social security costs|||||58,187|60,401|
||Other pension costs|||||1436,615|238,723|
|||||||2,042457|960,863|
||The average monthly|number ofemployees||during the year|was|as follows:||
|||||||2023|2022|
||Advancement
ofpublic education|||||15|15|
||Support|||||2|2|
|||||||17|17|
||The number ofemployees||whose employee|benefits (exduding||employer pension costs) exceeded f60,000was:||
|||||||2023|2022|
||f60,001 - 670,000|||||I||
||680,001 - 690,000|||||||
##
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##
|TANGIBLE FIXE|DASSETS|||||||
|---|---|---|---|---|---|---|---|
|||Office|Fixtures|||||
|||furniture|and||Computer|Computer||
|||dt equipment
f|fittings
f||sofiware
f|hardware
f|Totals
f|
|COST||||||||
|At I April 2022||4,681|2314||2,438|44465|53,998|
|Additions|||||3,080|8388|11,468|
|Disposals|||(958)||(2,438)|(SKI)|(12457)|
|At31 March 2023||4,681|Ir)56||3,080|43,992|53,109|
|DEPRECIATION||||||||
|At I April 2022||4,681|1487||2,283|353)75|44,426|
|Charge for year||||271|526|4,953|5,750|
|Eliminated
on disposal|||(958)||(2,438)|(8,961)|(12457)|
|At31 March 2023||4,681||900|371|3IW7|37,819|
|NETBOOK VALUE||||||||
|At 31March 2023||||456|2,709|12,125|15,290|
|At31March 2022||||727|155|8,690|9,572|
|FIXEDASSETINVESTMENTS||||||||
||||Shares in|||Cash and||
||||group||Listed|settlements||
||||undertakings
f||investments
f|pending
f|Totals
f|
|MARKET VALUE||||||||
|At I April 2022|||||3,424,431|686452|4,110,985|
|Additions|||||8!8,161||883,161|
|Disposals|||||(1,105,171)|(648,092)|(1,753,263)|
|Revaluations|||||(346,472)||(346,472)|
|At 31March 2023|||||2,855,949|38,460|2,894,411|
|NET BOOK VALUE||||||||
|At31March 2023|||||2,855P49|38,460|2d)94,411|
|At 31March 2022|||||3,424,431|686,552|4,110,985|
|||||||2023|2022|
||||||||f|
|UK investment
assets||||||1,602~5|1,977,884|
|Overseas investment|assets|||||1492,066|1,446,547|
|||||||23)94,41I|3,424,431|
##
##
##
||||Shares|in||Cash and||
|---|---|---|---|---|---|---|---|
||||group||Listed|settlements||
||||undertakings||investments|pending|Totals|
||||8||8||8|
|Valuation|in|2023|||176v285||176385|
|Cost|||||2,679,664|38,460|2,718,126|
|||||2|2,855,949|38,460|22)94,411|
##
|Registered o6ice: Gmund Hoor, 115Wharfedale
Natme ofbusiness: Dormant|Registered o6ice: Gmund Hoor, 115Wharfedale
Natme ofbusiness: Dormant|Road Winnemh,
Wokingham,
Ber|kshhu,
England, RG41 5K|B|
|---|---|---|---|---|
|Class ofshare:||holding|||
|Ordinary||100|||
||||319.23|31.3.22|
||||8|f|
|Aggregate
capital and reserves|||2|2|
|DEBTORS:|AMOUNTS FALLING DUK WITHIN ONE YEAR||||
||||2023|2022|
||||8|f|
|Trade debtors|||233,438|121,269|
|Other debtors|||9,016|9,303|
|Prepayments|and scorned income||109,615|125,908|
||||352,069|256,480|
|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||||
||||2023|2022|
||||8||
|Trade creditors|||75,237|135,308|
|Amounts
owed to gmup undertakings|||2|2|
|Other creditors|||28,692|16,688|
|Accruals and|deferred income||1&117&061|1,027,641|
||||1,220 &)92|1,179,639|
##
##
##
|||2023|2022|
|---|---|---|---|
||||f|
|Balanoe|as at I April|946,904|1,117,439|
|Amounts|released to income|(946,904)|(1,117,439)|
|Amounts|deferred in the year|1,075,977|946,904|
|Balance|at31March|1,075,977|946,904|
##
##
##
||||2023|2022|
|---|---|---|---|---|
||||8|6|
|Between one|and five years||112,738|155,830|
|MOVKMKNT IN FUNDS|||||
||||Net||
||||movement|At|
|||At 1.4.22|in funds|31.3.23|
||||f|8|
|Unrestricted|funds||||
|General fund||(1,436,887)|319,739|(1,117,148)|
|TOTAL FUNDS||(1,4363)87)|319,739|(1,117,148)|
|||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|---|
|||||resources
6|expended
f|lossesf|in funds
f|
|Unrestricted|funds|||||||
|General fund||||1,733,025|(2,077W9)|664483|319,739|
|TOTAL FUNDS||||1,733,025|(2,077,569)|664)283|319,739|
|Comparatives|for movement||in funds|||||
|||||||Net||
|||||||movement|At|
||||||At 1.4.21|in funds|31.3.22|
||||||6|f||
|Unrestricted|funds|||||||
|General fund|||||(1360,087)|(176,800)|(1,436,887)|
|TOTAL FUNDS|||||(1,260,087)|(176,800)|(1,436,887)|
|Comparative|net movement|in|funds, included|in the above are as follows:||||
|||||Incoming|Resources|Gains and|Movement|
|||||resources
rs|expended
6|lossesf|in funds
f|
|Unrestricted|funds|||||||
|General fund||||1,827,413|(2,047,863)|43,650|(176,800)|
|TOTAL FUNDS||||1,827,413|(2,047,863)|43,650|(176,800)|
##
##
##
|||Defined|benefit|
|---|---|---|---|
|||pension|plass|
|||2023|2022|
|||f|I|
|Present value offunded obligations||(9,559,000)|(12,904,000)|
|Fair value ofplan assets||5,512,000|6,914,000|
|||(4,047,000)|(5,990,000)|
|Present value ofunfunded|obligations|||
|Deficit||(4,047,000)|(5,990,000)|
|Net liability||(4,047,000)|(5,990,000)|
|The amounts|recognised
in the Statement ofFinancial Activities|are as follows:||
|---|---|---|---|
|||Defined|benefit|
|||pension|plans|
|||2023|2022|
|||f.|I|
|Cument service cost||||
|Net internet|fium net defined benefit|||
|asset/liability||140,000|121,000|
|Past service|cost|||
|||140,000|121,000|
|Actual return|on plan assets|(2,090,000)|239,000|
|Opening|defined benefit obligation|
|---|---|
|Interest|cost|
|Benefits|paid|
|Oblig other remeasurement||
|Defined|benefit|
|---|---|
|pension|plans|
|2023|2022f|
|12,904,000|13,016,000|
|329,000|261,000|
|(491,000)|(534,000)|
|(3,183,000)|161,000|
|9459,000|12,904,000|
##
##
|Changes|in t|he fair value ofscheme assets are as follows:|||
|---|---|---|---|---|
||||Detined|benefit|
||||pension|plans|
||||2023|2022|
|||||f|
|Opening|fair|value ofscheme assets|6314,000|7,153,000|
|Contributions||by employer|1,293,000|179,000|
|Pension|scheme expenses||(114,000)|(123,000)|
|Expected return|||189,000|140,000|
|Actuarial|gains/(losses)||(2,279,000)|99,000|
|Benefits|paid||(491,000)|(534,000)|
||||5412,000|6,914,000|
||||||Detined|benefit|
|---|---|---|---|---|---|---|
||||||pension|plans|
||||||2023|2022|
|||||||f|
|Oblig other remeasurement|||||3,183,000|(161,000)|
|Actuarial|gains/(losses)||||(2479,000)|99,000|
||||||904,000|(62,000)|
|The major categories ofscheme|||assets as amounts oftotal scheme assets are as|follows:|||
||||||Defined|benefit|
||||||pension|pleas|
||||||2023|2022|
|||||||f|
|Fiduciary|portfolios||||5,274,000|6,870,000|
|Cash/other|||||238,000|44,000|
||||||5,512,080|6,914,000|
|Principal|actuarial|assumptions|at the Balance Sheet date (expressed as weighted|averages):|||
||||||2023|2022|
|Discount|rate||||4 70o/o|2.60'/o|
|Future pension increases|||||320o/o|3.6(P/o|
##
##
##
||||||FORTHE YEAR ENDED 31|MARCH 2023||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||6||
|INCOME AND ENDOWMENTS||||||||
|Investment
income||||||||
|Dividends
receivable||||||43,208|47,634|
|Internet
receivable||||||8,899|3,605|
|||||||52,107|51,239|
|Charitable
activities||||||||
|Bibliographic
databases||- subscttptions||||1,623,843|1,661,459|
|Bibliographic
databases||- PAYG||||43,894|43,476|
|Dictionary,
thesaurus,|bulletin|||ds|reports|20,135|23,320|
|IFISCollections||||||896|30,040|
|Gains/(losses)
on exchange||||||(7,850)|17,879|
|||||||1&680glg|1,776,174|
|Total incoming
resources||||||1,733,025|1,827,413|
|EXPENDITURE||||||||
|Raising donations and||legacies||||||
|Investment
management|||fees|||16,928|26,759|
|Charitable
activities||||||||
|Salaries||||||629411|642,9$1|
|Social security||||||55,669|57,812|
|Pensions||||||1436&615|238,723|
|Other employment
&tr outworker|||||costs|476,083|428,204|
|(Gains)/losses
on defined|||benefit||pension scheme|(1,039,000)|65,000|
|Production
dt distribution||||||104,599|9$,019|
|New product development||||||173,260|243,136|
|Sales dt marketing||||||97,673|80,422|
|Premises costs||||||85,954|$2,46$|
|Office tk ITsystems||||||29,511|33,387|
|Travel dt subsistence||||||29,889|3,327|
|Meetings dt seminars||||||3,497|1,697|
|Legal and pmfessional||fees||||12,682|28,607|
|Overheads||||||19,762|19,347|
|Other gains/losses
on exchange||||||(14,789)|(35,340)|
|Depmciation oftangible||fixed||assets||5,750|5,199|
|||||||2,006,666|1,992,989|
|Support costs||||||||
|Governance
costs||||||||
|Salaries||||||18444|1$,758|
|Social security||||||2418|2,5$9|
|Auditors'
remuneration||||||7,008|6,768|
|Travel tk subsistenm||||||26,205||
|||||||53,975|28,115|
|Total resources expended||||||2,077869|2,047,$63|
|Net expenditure
before|||gains|and losses||(344~4)|(220,450)|
##
##
|2023|2022|
|---|---|
|(239,717)|105,650|
|(584361)|(114,800)|