REPORT AND FINANCIAL STATEMENTS
For the year ended 31 March 2022
LIVING HISTORY (NORTH EAST) LTD (A company limited by guarantee)
Charity number 1100755 Company number 04696986
LIVING HISTORY (NORTH EAST) LTD (A company limited by guarantee) :. TRUSTEES ANNUAL REPORT
For the year ended 31 March 2022
The trustees are pleased to present their annual directors' report together with the financial statements of the charity for the year ended 31 March 2022 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and 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 2015)
OUR MISSION
Making Memories Matter: To bring together, to safeguard and then to share living memories and to make this significant cultural heritage asset accessible. We support the innovative use of oral history, personal testimonies, skill development and training to facilitate, encourage and inspired community engagement for the benefit of the people of the city and the region.
"There are great therapeutic benefits or enhancement-of-life benefits to the narrators doing an oral history. Benefits are directly in proportion to how rigorous a historical effort it is, and therefore, the less "therapeutic" the goal, the more therapeutic the result will be.
"W. Baum ”
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LIVING HISTORY (NORTH EAST) LTD (A company limited by guarantee) TRUSTEES ANNUAL REPORT
For the year ended 31 March 2022
Treasurers Report
Financial Review
Living History (North East) Ltd is funded by donations, grants and a variety of generated funds from activities. The total income for the year was £45,070 (2021: £67,948) this income is allocated across respective funds on the Statement of Financial Activities in accordance with the Statement of Recommended Practice (SORP). The Balance Sheet at 31 March 2022 shows total funds carried forward of £484,635 (2021: £494,794) of which fixed assets were £481,718 (2021: £481,931)
Reserves policy
Living History (North East) Ltd has maintained a small level of free reserves over the years currently there are £3000 reserves to meet the working capital requirements of the charity in the event of a significant drop in funding. It has established a policy whereby the free unrestricted funds held by the charity should be between 3 and 6 months of annual expenditure. The present level of reserves falls short of this target level. The trustees' strategy is to build reserves through planned operating surpluses.
Reference and Administrative Details
Charity Name Living History (North East) Ltd Registered 1100755 Charity Number Company Number 04696986
Registered Office Church Walk and operational Sunderland address Tyne and Wear SR1 2BN
Trustees Dr Susan Jones (Chair) Mrs. Constance Mary Treasurer Bulmer Mrs. Pauline Hilton Mr. Raymond Hall Davison Miss Sharon Vincent Mr. Alan Cummings Mrs. Janette Hilton Company Secretary Julie Maxwell MICB JM Book keeping 11 Edith Street, Jarrow Independent NE32 5HS Examiner
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LIVING HISTORY (NORTH EAST) LTD (A company limited by guarantee) TRUSTEES ANNUAL REPORT For the year ended 31 March 2022
Structure, Governance and Management
Governing documents
The organisation is a charitable company limited by guarantee, incorporated on the 10 March 2003 and amended by special resolution to allow for current governance on 7 October 2003, 30 October 2006 and 12 April 2007. '
Appointment of Trustees
The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the Council of Management. The council is made up of volunteers who are all members of the company elected by the membership at Annual General Meeting and serve for a period of three years retiring by rotation. A retiring trustee is eligible for reelection. The council may from time to time and at any time appoint any member of the company as a member of the Council, either to fill a casual vacancy or by way of addition to the Council, provided that the prescribed maximum be not thereby exceeded. Any member so appointed shall retain his office only until the next Annual General Meeting, but he shall then be eligible for reelection. No person who is not a member of the company shall in any circumstances be eligible to hold office as a member of the Council. The Council is referred to familiarly as the Management Committee.
Induction and training of trustees
New trustees undergo an orientation day to brief them on their obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees; they are provided with a comprehensive pack containing all the information covered during induction. All trustees are encouraged to attend appropriate external training events where these facilitate the undertaking of their role.
Organisation
The Council of Management administers the charity and meets monthly. A project director is appointed by the trustees to manage day to day operations of the charity. To facilitate effective operations the project director has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and project related activity.
Risk management
The Trustees have conducted a review of the major risks to which the charity is exposed and systems have been established to mitigate those risks including the implementation of procedures for authorisation of all transactions and projects and for ensuring the consistent quality of the delivery of all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Public Benefit Statement
The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing the charity's objectives and planning its future activities. This annual report will aim to demonstrate the link between our charitable activity and how this benefits our service users.
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LIVING HISTORY (NORTH EAST) LTD (A company limited by guarantee) TRUSTEES ANNUAL REPORT
For the year ended 31 March 2022
Trustees' Responsibilities in Relation to the Financial Statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Trustees on:
and signed on their behalf by:
Chair: Dr Susan Jones
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LIVING HISTORY (NORTH EAST) LTD
- (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
For the year ended 31 March 2022
I report on the financial statements of Living History (North East) Ltd for the year ended 31 March 2022, which are set out on pages 10-18
Respective responsibilities of trustees and examiner
The charity's trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act) and that an independent examination is needed.
The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a Fellow of the Association of Charity Independent Examiners.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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: or
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I 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.
,
Julie Maxwell MICB 11 Edith Street, Jarrow, 9 Tyne and Wear
17/12/2022
LIVING HISTORY (NORTH EAST) LTD
: (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING SUMMARY INCOME & EXPENDITURE ACCOUNT)
For the year ended 31 March 2022
| Income from: notes Voluntary Income 6 Generated Income: 7 Grants and Contracts Other Income Other Trading Activities 8 Investments 9 Total Income Expenditure on: Raising Funds 10 Charitable Activities: Operation of the Charity 11 Total Expenditure Net Income(expenditure) and net movement of funds Reconciliation of Funds Total funds brought forward Total funds carried forward |
2021 2022 2021 2022 2021 2022 AMOUNT (£) AMOUNT (£) TOTAL (£) Unrestricted Funds Restricted Funds 15,355 15,355 25,300 25,300 2,723 2,723 1,693 1,693 0 0 |
2020 2021 (£) 24,257 21,824 2,469 19,398 0 |
|---|---|---|
| 45,071 0 45,071 |
67,948 | |
| 4,843 4,843 40,903 40,903 9,270 9,270 |
1,027 61,861 |
|
| 55,016 0 55,016 |
62,887 | |
| -9,946 0 -9,946 494,581 494,581 |
5,061 489,520 |
|
| 484,635 0 484,635 |
494,581 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 12 to 18 form an integral part of these accounts.
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LIVING HISTORY (NORTH EAST) LTD
(A company limited by guarantee)
Charity Number 1100755 Company Number 04696986
BALANCE SHEET As at 31 March 2022
| Fixed Assets Tangible Assets 17 Total Fixed Assets Current Assets Debtors 18 Cash at bank and in hand 19 Total Current Assets Creditors: Amount falling due within one year 20 Net Current Assets Current Assets less Current Liabilities Net Assets Represented by: Unrestricted Income Funds Restricted Income Funds Total Funds |
£ 3,267 |
Total 2021 2022 £ 481,718 |
£ 0 7,939 |
Total 2020 2021 £ 481,718 |
|---|---|---|---|---|
| 481,718 2,917 |
481,718 7,589 |
|||
| 3,267 -350 |
7,939 -350 |
|||
| 484,635 484,635 |
489,307 | |||
| 489,307 | ||||
| 484,635 | 489,520 | |||
| 484,635 | 489,520 |
The company was entitled to an exemption from audit under s477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with the respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS102 SORP.
The notes on pages 12 to 20 form an integral part of these accounts.
These financial statements were approved by the Board on: 19/12/2022
and are signed on its behalf by: Pauline Hilton Treasurer
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•
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022
LIVING HISTORY (NORTH EAST) LTD
(A company limited by guarantee)
Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
2 Basis of accounting
2.1 Basis of preparation
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with Accounting and 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 2015) - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Living History (North East) Ltd meets the definition of a public benefit entity under FRS 102.
2.2 Preparation of the accounts on a going concern basis
The charity reported total unrestricted funds at the year end of £2,917 and has already secured funding for the current year. The trustees are of the view that the immediate future of the charity for the next 12 to 18 months is secure and that on this basis the charity is a going concern.
3 Income
3.1 Recognition of income
Income is recognised when the charity has entitlement to the resources, any performance conditions attached to the item(s) of income have been met, it is more likely than not that the resources will be received and the monetary value can be measured with sufficient reliability
3.2 Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS102 SORP or FRS102.
3.3 Grants and donations
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service is deferred until the criteria of income recognition are met.
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LIVING HISTORY (NORTH EAST) LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
3.4 Donated goods and services
Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.
Donated services and facilities are included in the SoFA when received at the value of the gift to the charity provided that the value of the gift can be measured reliably. Donated services and facilities that are consumed immediately are recognised as income with the equivalent amount recognised as an expense under the appropriate heading in the SoFA.
3.5 Volunteer help
The value of volunteer help received is not included in the accounts but is described in the trustees' annual report.
3.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
3.7 Income from membership subscriptions
Membership subscriptions received in the nature of a gift are recognised in donations and legacies.
Membership subscriptions which give a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.
3.8 Investment gains and losses
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
3.9 Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
4 Expenditure and liabilities
4.1 Liability recognition
Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
4.2 Charitable activities
Expenditure on charitable activities includes the costs of oral history projects and other activities undertaken to further the purposes of the charity and their associated support costs.
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NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
LIVING HISTORY (NORTH EAST) LTD
(A company limited by guarantee)
4.3 Governance and support costs
Support costs have been allocated between governance cost and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
4.4 Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
4.5 Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
4.6 Provisions for liabilities
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
5 Assets
5.1 Tangible fixed assets for use by the charity
Individual fixed assets costing £250 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Property Fixtures, fittings and equipment
Straight line over life of lease Straight line over four years
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LIVING HISTORY (NORTH EAST) LTD
- (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
| 6 7 8 9 |
Analysis of Income Voluntary Income City of Sunderland General Funding Membership Fees Fundraising Activities General Donations Charitable Activities Income from Grants and Contracts Heritage Fund Awards For All SIB Other Other Income Sub Total 0 Other Income Other Trading Activities Room Hire / Bookings Services Book Sales Other Generated Income External Projects |
Unrestricted Funds Restricted Funds Total 2022 Total 2021 £ £ £ £ |
|---|---|---|
| 0 0 8,934 405 405 454 175 175 365 5,840 5,840 800 |
||
| 15,354 0 6,420 1,619 |
||
| 0 0 20,400 0 0 0 0 0 0 2,723 2,723 1,424 0 0 2,469 0 0 0 0 0 0 |
||
| 2,723 0 2,723 24,293 |
||
| 0 0 188 0 0 17,273 0 0 158 1,693 1,693 1,779 |
||
| 1,693 0 1,693 19,398 |
||
| 25,300 25,300 |
||
| 25,300 0 25,300 0 |
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LIVING HISTORY (NORTH EAST) LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2022
| Analysis of expenditure on charitable activities 10 Raising Funds Merchandising/advertising Fundraising and Function Costs Events and FODS Misc 11 Charitable Activities Direct Costs Salaries and project fees Travel and volunteer expenses Project expenses Projet resources other project costs project training Other /Offsite office Support Costs Salaries General volunteer expenses Premises cost and insurance Utilities Garden/building maintenance Office Costs Office Equipment purchase/maintenance Subscriptions/conference fees bank charges Travel/ Meetings Costs Depreciation Training Sundries Governance Costs Independent examiners fees Bookkeeping fees Trustees’ meetings and travel costs Total Charitable Activities Total Expenditure |
Unrestricted Funds Restricted Funds Total 2022 Total 2021 £ £ £ £ |
|---|---|
| 1,280 1,280 684 34 34 143 3,436 3,436 200 592 592 0 |
|
| 5,342 0 5,342 1,027 |
|
| 6,700 6,700 7,000 150 150 1,701 0 0 2,378 11 11 4,062 956 956 1,239 1,022 1,022 0 1,320 1,320 0 16,780 16,780 16,940 957 957 153 4,434 4,434 13,662 3,393 3,393 2,982 4,246 4,246 30 6,332 6,832 3,054 1,011 1,011 7,450 260 260 12 14 14 14 394 394 0 0 0 0 375 375 277 888 888 344 350 350 350 0 0 0 81 81 0 |
|
| 49,674 0 50,174 46,294 |
|
| 55,016 0 55,516 47,321 |
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LIVING HISTORY (NORTH EAST) LTD
| For the year ended 31 March 2022 | ||
|---|---|---|
12 Fees for examination of the accounts Independent fees for reporting on the accounts 13 Analysis fo Staff Costs and the cost of key management personnel Salaries and Wages |
2022 £ 350 350 2022 £ 23,480 23480 |
2021 £ 350 350 2021 £ 23940 23940 |
No employees received renumeration above £60,000 (2018:£nil)
14 Staff Numbers
The average monthly head count was 1 staff (2017: 3staff) and the average monthly number of full-time equivalent employees during the year were as follows
| The parts of the charity in which the employees work Charitable activities 15 Transactions with trustees |
2021 Number 0.5 0.5 |
2020 Number 0.5 |
|---|---|---|
| 0.5 | ||
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or related charity
Trustees Expenses
no trustees’ expenses have been incurred in the year (2018 £nil)
Transaction(s) with related parties
There have been no related party transactions in the reporting period
16 Corporation Taxation
The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988
or section 252 of the Taxation of Chargeable gains Act 1992 to the extent that these are applied to its
charitable objectives
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LIVING HISTORY (NORTH EAST) LTD
| 17 18 19 20 |
For the year ended 31 March 2022 | Total £ |
||
|---|---|---|---|---|
Tangible fixed assets Cost Balance brought forward Additions Disposals Balance carried forward Depreciation Basis Rate Balance brought forward Deprecation charge for year Disposals Balance carried forward Net Book Value Brought Forward Carried Forward Debtors and prepayments receivable within 1 year) Trade Debtors Cash at bank and in hand Cash at bank Cash in hand Creditors and accruals (payable in 1 year) Trade Creditors Accruals Independent examination of accounts Other Creditors |
Freehold land and buildings £ 481,718 |
Fixtures, Fittings and Equipment £ 61,320 |
||
| 543,038 | ||||
| 481,718 | 61,320 | 543,038 | ||
| SL 25% 213 213 |
||||
| 0 | 426 | 0 | ||
| 481,718 | 0 | 481,718 | ||
| 481,718 | 0 | 481,718 | ||
| 2022 £ 0 0 2022 £ 15,818 |
2021 £ 0 0 2021 £ 15,818 0 15,818 2021 £ 2955 2955 |
|||
| 15,818 | ||||
| 2022 £ 350 |
||||
| 350 |
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