**Charity registration number 1115731**
**Company registration number 05721140 (England and Wales)**
# **THE WORKING CLASS MOVEMENT LIBRARY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|R G Futter||
|---|---|---|
||M Peake||
||L Collins||
||D Maginn||
||A Halligan||
||R Kelly||
||S J Ingleson-Percival||
||H E Roberts||
||S Humphries||
||C Henry|(Appointed 29 April 2021)|
||O Lomax|(Appointed 29 April 2021)|
||L Doherty|(Appointed 29 April 2021)|
||J Callow|(Appointed 29 April 2021)|
||S Linden||
|**Secretary**|D Maginn||
|**Charity number**|1115731||
|**Company number**|05721140||
|**Registered office**|Jubilee House||
||51 The Crescent||
||Salford||
||Lancashire||
||United Kingdom||
||M5 4WX||
|**Independent examiner**|Azets Audit Services||
||Alpha House||
||4 Greek Street||
||Stockport||
||Cheshire||
||SK3 8AB||
|**Bankers**|Unity Trust Bank plc||
||Nine Brindley Place||
||4 Oozells Square||
||Birmingham||
||United Kingdom||
||B1 2HB||
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 5|
|Statement of Trustees' responsibilities|6|
|Independent examiner's report|7|
|Statement of financial activities|8 - 9|
|Balance sheet|10|
|Notes to the financial statements|11 - 17|
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the The Working Class Movement Library's governing document, the Companies Act 2006 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 2019 ).
## **OBJECTIVES AND ACTIVITIES**
The aims of The Working Class Movement Library (WCML) are to exhibit and maintain a library containing a collection of English language books, periodicals, pamphlets archives and artefacts, concerned with the activities, expression and enquiries of the labour movement, its allies and its enemies, since the late 1700s.
## **INTRODUCTION**
Another difficult year for the Library as we follow society and try to manage moving out of lockdown whilst at the same time continuing to protect staff and volunteers.
Our covid risk assessment was regularly updated and things started to be slowly relaxed when we opened for a reduced number of readers on the 12th April, the earliest possible date we were allowed to do so. Opening to drop-in visitors was more complicated but we were delighted to be able to do this on Friday afternoons from 22 October.
Whilst access to the building has still been limited we have managed to allow people to gain virtual access and tour our rooms thanks to support from Creative Manchester, part of the university.
## **FINANCE**
A surprisingly agreeable outcome to the financial year just gone in terms of the Trustees financial position. For the second year running we are showing an actual increase in income over expenditure. This time £20,000, almost entirely due to two bequests received during the year.
A more sober view should be taken though, in that if we were to exclude income earned from interest, it would show that our core expenditure exceeded income by nearly £25,000. If we are to be able to utilise our reserves for capital developments then that gap will need to be closed considerably.
The coming year could be quite trying with capital expenditure already committed to architectural fees of £18,000 relating to the extension and agreement to renovate the extension, replace the website and upgrade the catalogue software. The, as yet unresolved, efforts to improve our internet connection could lead to potentially a £2,500 - £3,000 additional annual outlay.
With the covid risk assessment being relaxed from April we can hopefully expect far more people entering Jubilee House and being involved in Library activities. This will, in turn, bring more income in but also generate additional costs.
The annual grant of £25,000 from Salford City Council remains be essential to us and we again wish to thank the Mayor and Councillors for their continuing support.
- 1 -
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **GOVERNANCE**
The year has continued to see new trustees coming in as we look to the future and bring in new ‘blood’ Newcomers at the beginning of the year were, John Callow, Les Doherty, Carla Henry, and Oliver James Lomax.
Meetings have continued to be held by zoom, both the quarterly trustees meetings and the various project groups.
Whilst four newcomers came in we also had to accept the retirement of two of our principal stalwarts in recent years, Maggie Cohen and Eleanor Lewington. We wish them both well and know they will fill their time up with other things, including volunteering at the Library.
## **USAGE OF THE LIBRARY**
We re-opened the Library to a reduced number of readers on the 12 April, the earliest possible date we were allowed to do so. Opening to drop-in visitors was more complicated but we were been delighted to be able to do this on Friday afternoons from 22 October. This has also meant we have been able to host a new exhibition, Literature in the Mines, with pop-up banners from the Piston Pen and Press project and an accompanying display of related material from our own collections, including mineworkers’ poetry, songs and fiction from the 19th century to the present. Project co-leader Michael Sanders has recorded specially for us a series of six very short introductory videos about the exhibition, and these can be viewed at www.youtube.com/wcmlibrary/videos.
## **EXHIBITIONS**
A tentative reopening allowed us to host a new exhibition, Literature in the Mines, with pop-up banners from the Piston Pen and Press project and an accompanying display of related material from our own collections, including mineworkers’ poetry, songs and fiction from the 19th century to the present. Project co-leader Michael Sanders has recorded specially for us a series of six very short introductory videos about the exhibition, and these can be viewed at www.youtube.com/wcmlibrary/videos. This was replaced by a second guest exhibition from the same source, ‘Working Class Readers in Victorian Manchester & Salford’, accompanied by material from our own collections.
## **EVENTS**
During the year we managed a total of 29 Invisible Histories talks, all livestreamed online (still all viewable at www.youtube.com/wcmlibrary/videos), with some also taking place with a live audience in our Annexe. In total our YouTube channel was watched for over 62,000 minutes in 2021, by nearly 9,000 people.
This year it was our turn to host the annual Engels Lecture, an annual event,in November, organised in collaboration with the Marx Memorial Library. Our lecture this year, by zoom, was presented by Amelia Horgan speaking to her recent publication ‘ Lost in Work: Escaping Capitalism’. In or to reach a wider audience who may not be aware of Frederich Engels we also ran a series of complimentary events during the week including films, online videos, and a conducted tour of local sites associated with Engels.
We also had an online evening of poetry with trustee Oliver James Lomax as well as an online event with the Workers Education Association to celebrate 85 years of workers music.
- 2 -
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **OTHER ACTIVITIES**
We had ‘Good Morning Britain’ in the building filming as they highlighted the story of boxer and activist Len Johnson during Black History Month, We participated in the first Manchester Festival of Libraries (linking with the Portico Library, and running a joint event with Salford City Libraries which saw Stuart Maconie speak at Eccles Library) and also in the art project Big Ben Lying Down With Political Books which was part of the Manchester International Festival in the summer.
Out of the usual run of things our gardening volunteers offered a tour of the rare plant specimens in our garden as part of Heritage Open Days in September.
We have been focusing heavily on digitisation work. New volunteers have helped digitise unique or rare material such as our Pit and Factory Papers, our General Strike newsletters, material relating to Len Johnson and the 1945 Manchester Pan-African Congress, No Conscription Fellowship archival material particularly relating to Hyde, and our volume of Coal Trade Papers.
Staff also updated their skills by making a successful application to the Digital Heritage Lab programme and thereby attending a range of online workshops on digital preservation, social media etc. Lindsey, our Library Assistant, undertook a ten-week online course on digital skills for library professionals, aiming at bolstering her development in a way we can’t offer her in-house.
We produced our first publication for a few years – a booklet about the huge 1969 anti-apartheid demo in
Manchester by Geoff Brown.
We reached a milestone with the 50,000th catalogued item to be added to Adlib (to add to the 30,000 items brought across from our legacy system). In total 749 books/pamphlet records and 1574 archive records were added to the catalogue during 2021. And we continue to accept donations of material, and lend items to others’ exhibitions both actual and digital.
Finally, we were very pleased to welcome, in September, that much maligned politician Jeremy Corbin who spent more time engrossed in the collection than time strictly allowed him.
## **STAFF**
As always we are greatly indebted to the staff, without whom the Library would not be what it is and couldn’t possibly function. Lynette Cawthra, the Library Manager, Jane Taylor, Librarian, and Lindsey Cole, Library Assistant continued to do a fantastic job.
Whilst not directly an employee of ours Jan Walker is still part of the team, doing the cleaning of the building, an important task that has perhaps taken on greater significance over the last year.
We were a little taken aback when Lynette indicated in the Autumn that she intended to retire at the end of March. Once the initial panic was overcome we set about seeking a replacement. Out of over 40 applications we whittled the number down to six for interview. A number of these excellent candidates proved to be appointable but in the end we plumped for Belinda Scarlett, the curator of the National Football Museum in Manchester.
Belinda started with us at the beginning of March, to allow for a hand over, and has settled in very nicely.
## **VOLUNTEERS**
We were able to welcome back some of our volunteers during the year. October onwards has seen volunteers working with different parts of the collection, helping welcome drop-in visitors and making tea after talks.
Even while the Library was shut we were grateful to volunteers for writing blog posts, editing transcripts of our talks and digital sound recordings, and getting on top of a garden which had gone untended since 2020.
- 3 -
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **CONCLUSION**
The Trust has come through a very trying period very well with the new group of trustees starting to bond with fresh ideas and ways of working starting to come through.
With the continuing disruptions to ‘normal working’ and need to find new innovative ways of communicating no employer could wish for a greater commitment than has been shown by all three members of staff, and the Trustees wish to place on record, once again, a big thank you to them.
- 4 -
THE WORKING CLASS MOVEMENT LIBRARY
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
ACHIEVEMENTS AND PERFORMANCE
FINANCIAL REVIEW
11 is the policy of The Working Class Movement Library that unrestricted funds which have not been
designated for a spe¢ifi¢ use should be maintained at a level equivalent to bebNeen three and six month's
expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant
drop in funding, they will be able lo continue The Working Class Movement Library's Current activities while
consideration is given to ways in which additional funds may be raised. This level of reserves has been
maintained throughout the year.
The Trustees has assessed the major risks to which The Working Class Movement Library is exposed, and
are satisfied that systems are in place lo miligale exposure lo the major risks.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governlng Document
The charity is governed by its Memorandum and articles ofAssocialion adopted in February 2006.
Govorning Bodios
The board of trustees is responsible for the overall governance of the charity.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and
up to the date of signature of the financial slalemenls were..
M J Cohen
(Resigned 26 July 20211
R G Futter
K Morgan
M Peake
E Lewinglon
L Collins
D Maginn
A Halligan
R Kelly
S J Ingleson-Percival
H E Roberts
S Humphries
C Henry
O Lomax
L Doherty
J Callow
S Linden
(Resigned 26 July 20211
(Resigned 26 July 20211
(Appointed 29 April 20211
(Appointed 29 April 20211
(Appointed 29 April 20211
(Appointed 29 April 20211
The Trustees. report was approved by the Board of Trustees.
D Maginn
Trustee
Dated..
1411112022
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
The Trustees, who are also the directors of The Working Class Movement Library for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the The Working Class Movement Library and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these 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;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the The Working Class Movement Library will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the The Working Class Movement Library and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the The Working Class Movement Library and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 6 -
THE WORKING CLASS MOVEMENT LIBRARY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE WORKING CLASS MOVEMENT LIBRARY
I report lo the TTUStees on my examination of the financial stslement$ of The Working Class Movement
Library (the The Working Class Movement kn'brary) for the year ended 31 March 2022.
R•sponslbllitl•$ and basis of r•port
As the Trustee5 of the The Woiking Class Movement Library (and also 115 directors for the purposes of
company lawl you are responsible IOT the preparation of the financial statements in accordance wth the
requirements of the Companies Act 2006 (the 2006 A¢t).
Having satisfied myself that the financial stslemenls of the The Working Class Movement Library are not
required to be audrted under Part 16 of the 2006 Act and are eligible lor independent examinallon, l ieport
in respect of my examinats.on of the The Working Class Movement Library'$ financial statement$ carried out
under section 145 of the Chanties Ad 2011 (the 2011 Act). In carrying OLrt my examination I have followed
all the applicable Oirections given by the Charity Commission under section 145151{b) of the 2011 Act.
Ind•pond•nt èxamln•rfs st•tsm•nt
I have completed my examination. I confinn th41 no matters have come lo my atte1.on in connection with
the examinatron giving me cau$& lo believe that in any material f&spect'.
a¢¢ounling records were not kept in respect of Ihe The Cla$# Movement Library as r•qulred
by $eetion 366 of Ihe 2006 A¢t." or
Ihe financial $latemenls do not accord with those rewrd8', or
the financial statements do not comply wth the accounting requirements of seetion 396 01 the 2006 Act
other than any requirement that the ac¢ountS give a true and fair view %thi¢h is not a matter con$ldered
as part of an independent examinabon., or
the financial sialements have not been prepared in accordance the methods and prlnuple$ of the
Slalement of Recommended Practi¢e lor ac¢ounting and repo"n9 by charilies applicable lo charities
preparing their accounls in accordance wlh the Financial Reporting Standard apF4icable In the UK and
Republic of Ireland {FRS 1021.
I have no ¢on¢ems and have come across rbo other matters in ¢onne¢tion with the examination lo which
4llention Should be drawn in this report in order to enable a proper understanding of the financial statements
to be reached.
Jonathan Ward -ACA
Azets Audit SeMce$
Alpha House
4 Greek Street
Stockport
Cheshire
SK3 8AB
Dated..
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Unrestricted**
**Restricted Designated**
**funds**
**funds**
**funds**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
131,821
500
-
Charitable activities
**4**
5,640
-
-
**Total income**
137,461
500
-
**Expenditure on:**
Raising funds
**5**
3,000
-
-
Charitable activities
**6**
134,595
500
-
**Total expenditure**
137,595
500
-
Net gains/(losses) on investments
**9**
21,149
-
-
**Net incoming resources before transfers**
21,015
-
-|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
132,321
98,291
20,200
5,640
7,242
-
137,961
105,533
20,200
3,000
807
-
135,095
124,717
20,072
138,095
125,524
20,072
21,149
92,541
-
21,015
72,550
128|**Total**
**2021**
**£**
118,491
7,242
125,733
807
144,789
145,596
92,541
72,678|
|---|---|---|
- 8 -
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Unrestricted**
**Restricted Designated**
**funds**
**funds**
**funds**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Net incoming resources before transfers**
21,015
-
-
Gross transfers between funds
(18,000)
-
18,000
**Net movement in funds**
3,015
-
18,000
Fund balances at 1 April 2021
716,882
-
-
**Fund balances at 31 March 2022**
719,897
-
18,000|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
21,015
72,550
128
-
7,969
(7,969)
21,015
80,519
(7,841)
716,882
636,363
7,841
737,897
716,882
-|**Total**
**2021**
**£**
72,678
-
72,678
644,204
716,882|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 9 -
THE WORKING CLASS MOVEMENT LIBRARY
BALANCE SHEET
ASAT31 MARCH 2022
2022
2021
Notes
Current assets
Investments
Cash at bank and in hand
11
504,292
235,405
483,143
235,359
739,697
718,502
Creditors: amounts falling du8 within
one year
12
11,800}
11,6201
Net current assets
737,897
716,882
Income funds
Unrestricted funds
Designated funds
General unrestricted funds
13
18,000
719,897
716,882
737,897
716,882
737,897
716,882
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies
Act 2006, for the year ended 31 March 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial slalemenls.
The members have not required the company to obtain an audit of ils financial statements for the year in
question in accordance with section 476.
These financial statements have been prepared in accordan with the provisions applicable to companies
subject lo the small companies regime.
The fi
cial slalemenls were approved by the Trustees on
1411112022
D Maginn
Trustee
Company registration number 05721140
10-
**THE WORKING CLASS MOVEMENT LIBRARY**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **Charity information**
The Working Class Movement Library is a private company limited by guarantee incorporated in England and Wales. The registered office is Jubilee House, 51 The Crescent, Salford, Lancashire, M5 4WX, United Kingdom.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with The Working Class Movement Library's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The Working Class Movement Library is a Public Benefit Entity as defined by FRS 102.
The Working Class Movement Library has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling , which is the functional currency of The Working Class Movement Library . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future .
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Designated funds relate to expenditure that the trustees have committed to spending in future periods.
## **1.4 Incoming resources**
Income is recognised when The Working Class Movement Library is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once The Working Class Movement Library has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if The Working Class Movement Library has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 11 -
**THE WORKING CLASS MOVEMENT LIBRARY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Resources expended**
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The Working Class Movement Library has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in The Working Class Movement Library 's balance sheet when The Working Class Movement Library becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when The Working Class Movement Library ’s contractual obligations expire or are discharged or cancelled.
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when The Working Class Movement Library is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 12 -
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **2 Critical accounting estimates and judgements**
In the application of The Working Class Movement Library’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical accounting estimates or judgements.
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Donations and gifts
106,821
-
Grant Income
25,000
500
131,821
500|**Total**Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
£
£
106,821
73,291
-
25,500
25,000
20,200
132,321
98,291
20,200|Total
2021
£
73,291
45,200
118,491|
|---|---|---|
## **4 Charitable activities**
||**Charitable**|**Charitable**|
|---|---|---|
||**Income**|**Income**|
||**2022**|**2021**|
||**£**|**£**|
|Project Specific Income|-|250|
|Interest Received|2,464|4,672|
|Book Fund|-|340|
|Shop sales|1,389|-|
|Other income|1,787|1,980|
||5,640|7,242|
- 13 -
## **THE WORKING CLASS MOVEMENT LIBRARY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **5 Raising funds**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Fundraising and publicity|||
|Advertising|-|192|
|Other fundraising costs|3,000|615|
|Fundraising and publicity|3,000|807|
||3,000|807|
|**Charitable activities**|||
||**2022**|**2021**|
||**£**|**£**|
|Staff costs|88,939|84,596|
|Travel & Subsistence|151|-|
|Library operating costs|43,705|32,045|
|Other Project Expenditure|500|26,341|
||133,295|142,982|
|Share of governance costs|1,800|1,807|
||135,095|144,789|
## **6 Charitable activities**
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from The Working Class Movement Library during the year.
## **8 Employees**
The average monthly number of employees during the year was:
|**2022**|**2021**|
|---|---|
|**Number**|**Number**|
|3|3|
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## **THE WORKING CLASS MOVEMENT LIBRARY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**8**|**Employees**||**(Continued)**|
|---|---|---|---|
||**Employment costs**|**2022**|**2021**|
|||**£**|**£**|
||Wages, salaries and associated costs|88,939|84,596|
||There were no employees whose annual remuneration was more than £60,000.|||
|**9**|**Net gains/(losses) on investments**|||
|||**Unrestricted**|Unrestricted|
|||**funds**|
funds|
|||**2022**|
2021|
|||**£**|
£|
||Revaluation of investments|21,149|
92,541|
|**10**|**Financial instruments**|**2022**|**2021**|
|||**£**|**£**|
||**Carrying amount of financial assets**|||
||Instruments measured at fair value through profit or loss|504,292|483,143|
|**11**|**Current asset investments**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Unlisted investments|504,292|483,143|
|**12**|**Creditors: amounts falling due within one year**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Accruals and deferred income|1,800|1,620|
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## **THE WORKING CLASS MOVEMENT LIBRARY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **13 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|||**Balance at**|**Transfers**|
**Balance at**|
|---|---|---|---|---|
||**1**|**April 2021**||**31 March 2022**|
|||**£**|**£**|
**£**|
|Architecture fees||-|18,000|
18,000|
|||-|18,000|
18,000|
Committed fees towards architectural fees relating to the premises extension.
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## **THE WORKING CLASS MOVEMENT LIBRARY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**14**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Designated**
**funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Fund balances at 31 March 2022 are represented by:
Current assets/(liabilities)
719,897
-
18,000
719,897
-
18,000|**Total**
Restricted
Restricted
funds
**2022**
2021
2021
**£**
£
£
737,897
716,882
-
737,897
716,882
-|Total
2021
£
716,882
716,882|
|---|---|---|
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