Registered number: 06220953 Charity number: 1120948
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charitable company, its Board and | 1 - 2 |
| advisers | |
| Chair's statement | 3 |
| Trustees' report | 4 - 12 |
| Independent examiner's report | 13 |
| Statement of financial activities | 14 |
| Balance sheet | 15 - 16 |
| Notes to the financial statements | 17 - 40 |
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS BOARD AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
Board
Dr. Katherine I. Baxter Jeremy P.T. Bell Alex Buchan (resigned 24 May 2022) Chris Calver Robin Campbell Judy Carrick (resigned 19 April 2022) Gilbert Corrales (appointed 24 May 2022) Mary J. Durkin, Chair of the Board from 21 June 2022 Hazel Fleming Paul Gailiunas Andrew Harvey, Chair of the Board to 21 June 2022 Patricia A. Lowery Katharine C. Morley
Company registered number
06220953
Charity registered number
1120948
Registered office
23 Westgate Road Newcastle upon Tyne NE1 1SE
Honorary President
Alexander Armstrong
Accountants
Kinnair Associates Limited Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB
Bankers
Lloyds 102 Grey Street Newcastle upon Tyne NE99 1SL
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS BOARD AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Solicitors
Muckle LLP 32 Gallowgate Newcastle upon Tyne, NE1 4BF -------------------------------------------Hay & Kilner The Lumen, St. James' Boulevard Newcastle upon Tyne, NE4 5BZ
Stockbrokers
Brewin Dolphin Time Central Gallowgate Newcastle upon Tyne NE1 4SR
Staff
Librarian - Kay Easson, M.A. (Hons), Dip. Lib., M.C.L.I.P Music Librarian - James Smith, B.Sc (Hons) Systems Librarian - Carole A. McGivern, B.A. (Hons), Dip.Lib.
Assistants
Karen Burns (to end of January 2022) Shima Banks, H.N.D (Assistant and Graphic Designer) Caroline Grove, B.A. (Hons) Alison Gunning Laura Wills, B.A. (Hons) (to August 2022) Jeff Watson B.A. (Hons), M.A. Daniel Baker (March - August 2022) Jack Kershaw, B.A., M.A. (from October 2022) Ben Sibbald, B.A. (Hons) (from August 2022)
Financial Controller
Simon Alderson, B.A. (Hons), M.A., FMAAT
Caretakers
Jim Gilmour Nick Banks
Cleaners
Jane McDowell Deborah Robinson Fiona Rebair
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE IA company limited by guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 The chair presents her statement for th8 yèar. Th8 Socièty has èm8rg8d from thg pandemic looking fonNard with opllmlsm. Membershlp flgures slsrted lo increase when we fully reopened and our even15 prografflme, whlch is seconcl lo none. gathered pacs. Our voluntèer cohort réturnèd, and thg flnanc85 were rea80nably stable. after very un¢ertain tlmes. Wa cannot bè complacent, howev8r, Thè Btsard d8cidèd ltr davèlop wlth renpwed vlgour plall8 to Improve the bullding Includlng a lift lo the flrsl floor, belter toilet facilities and a more tlexible space on the ground floor foi events and hlre, as well as complete redecoration. Among8t Dlher thing8, we want lo develop the work of the so¢iely in partnership with other cultural organisalions In the north. confirmlng our pDslllon as a cultural hub, and a home ftrr clear. independent debals. In order to achSev8 Ihls w8 have launched a fundr8lslng appaal. Thi8 began with a fundraising dinner. hoslad by patron Matt Ridley, al Blagdon Hall. W@ have proceed@d with the 8ppointmÉnl Of con8èrvallon ar¢hilect8, Xsilè, and very much look forward t¢ worklng with them. We will con8uII with membeTS, 8taff and other stakeholders as we move forward. These are exciting limes. In Igndam th thes8 dgvelopments thg Soolety must d881 wllh day lo day éxpens8, ènergy In partS¢ular. Beyond subscriptions, our income comss from events, room hlre and merchandise. The recent generoslty of many members has made a real difference and wlll Continue lo do 30 through ongolng direct debil conlrfbulions. In¢re8$ing revènuè is our Imm8dlatè prtorlty. There18 much lo b8 done. With th8 commltmant and expertise of member8. and 1th the work of our loyal staff 188m, I belleve we can Succeed, securing the future of the Lll & Phll for decades, If not centuries, to como, Mary J Ourkin Chalr ol Tru81ees Page 3
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the charitable company for the year from 1 January 2022 to 31 December 2022. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
OBJECTIVES AND ACTIVITIES
POLICIES AND OBJECTIVES
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit (available on the Charity Commission's website) and in particular to supplementary public benefit guidance on fee charging charities when reviewing the aims and objectives of the Society, and in planning future activities. The ongoing provision and development of a public reference library, as well as the provision of a wide range of educational activities including lectures, readings and workshops, provide clear and demonstrable public benefit in line with the Society’s objects. More details of how our activities provide public benefit are included throughout this report.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
ACTIVITIES UNDERTAKEN TO ACHIEVE OBJECTIVES
The Society achieves its educational objectives principally by the maintenance and development of a library of books, periodicals, printed and recorded music. It also promotes the study of a broad range of subjects by providing classes, workshops and lectures throughout the year. In addition, other cultural activities such as literary readings, concerts and performances form part of the regular programme of events.
ACHIEVEMENTS AND PERFORMANCE
REVIEW OF ACTIVITIES
STAFF
There was a considerable amount of change in the library staff during the year. Karen Burns left the employment of the Society to take up a role in hospitality in January. She was replaced by Daniel Baker who left after a brief period. Ben Sibbald then took over his role as library assistant in August. Laura Wills, who first joined the Society’s staff as an assistant in 2013, left to embark on a new career in late summer. In October Jack Kershaw joined the desk staff from Durham Cathedral.
The Board recognises and appreciates the hard work and commitment of staff.
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENTS AND PERFORMANCE (continued)
VOLUNTEERS
The support which the Society’s many volunteers give is much appreciated. From serving in the hatch and welcoming visitors, to introducing speakers, assisting with mailouts, guided tours and serving refreshments in the hatch, volunteers help the Society achieve its aims.
A social evening for volunteers was arranged at St Nicholas’s Cathedral during the year.
A new members’ event also took place, as well as a visit to the Guildhall in August. A members’ Christmas fundraising event took place on 15 December.
THE MEMBERSHIP
The number on the roll at 31st December 2022 was 1,932 of whom 1,449 were Ordinary members. At the same time last year the figures were 1,816 and 1,407. Of the Ordinary members 228 were Family members compared with 229 in 2021. A Family member consists of two adults and any children under the age of eighteen.
Members who died during the year and have been on the roll for 25 years or more:
Paul Bidwell (1997) Marion Broome (1993) Robert Charlton (1968) William Henderson (1972) Vincent Kelly (1994)
THE LIBRARY
During the year, 487 volumes were added to the Permanent Library, 86 to the Music Section (including scores), 8 to the “H” section (popular non-fiction), 49 to the Children’s and Young Adult section and 145 to the Fiction section, making a total of 775 books added to the library.
Six volumes of local interest were donated from the Blavatnik Honresfield Library by the Friends of the National Libraries.
BOOKBINDING
As noted in last year’s Annual Report, the Society reopened the bindery from the end of November 2021 with Covid safety measures in place. Over the last year these measures have slowly been reduced and the class is now back to its full capacity, with a number of new students joining.
128 volumes from the collection were sent to the Bindery for repair or rebinding, of which 103 have been returned to the shelves. A generous donation from The Arts Society Tyneside has enabled us to undertake more involved restoration work on several volumes. Two of these, Dr J. Fau's "The anatomy of the external forms of man, intended for the use of artists, painters and sculptors", and John Flaxman's "Compositions of the acts of mercy", have now been returned to the shelves.
Thanks are due to Mr T. Gradon who oversees the group and Ms M. Haddad who assists him. Thanks are also due to Mr P. Gailiunas and Mr C. Calver who give their time to advise and encourage participants. The greatest thanks are due, of course, to the Society’s volunteers, who give their time freely, and without whom the collection would be in a much poorer condition.
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENTS AND PERFORMANCE (continued)
GRAMOPHONE LIBRARY
During this year 1780 compact discs were borrowed. Of those 196 were jazz, 34 folk and 52 spoken word. 24 long playing records and 30 DVDs were also borrowed.
At the end of the year membership of the Gramophone section was 228 of whom 194 were book members of the Society.
Naxos streaming service to Gramophone members continued and almost 19,000 pieces of music were accessed.
MUSIC EVENTS
During 2022 there were 49 musical events. With over 2900 attendees it has been the music library’s busiest year. Concerts ranged from works of William Shield performed by John Treherne MBE, to the prepared piano works of John Cage, played by Adam Johnson.
The Lit & Phil took part in the Newcastle Festival of Jazz and Improvised Music along with the charity Jazz North East, which allowed the Society to host performers such as Farida Amadou, Mariam Rezaei and Orphy Robinson MBE.
A new venture with Newcastle University saw the Society help deliver the TUSK North Festival where concerts and talks from the contemporary classical group Apartment House sat alongside the choral group Vox Populi.
The Society continued to support the William Shield Festival in partnership with Community Music Whickham and Swalwell, which included a mixture of amateur and professional performers such as Andri Björn Róbertsson.
CONCERT HIGHLIGHTS
Alesandra Amorino, flute, and Kate Halsall, piano, performed Cecile Chaminade - Serenade aux Etolies; Olivier Messiaen - Le merle noir, Mel Bonis - Piece Op 189, Emily Dolittle - Palouse book, Lili Boulanger - Nocturne, Sofia Gubaidulina - Allegro Rustico.
Gabriel Waite, cello, and Adam Johnson, piano, performed the following works: Frank Bridge - Four Pieces, Arvo Pärt -Spiegel im Spiegel, Nikolay Myaskovsky - Cello Sonata No. 2
LECTURES, EVENTS AND OTHER EDUCATIONAL ACTIVITIES
After two very difficult years, the events programme saw encouraging growth throughout 2022, with many lectures, readings, launches and other activities taking place. Whereas Zoom talks dominated 2021, the vast majority of events in 2022 were in person. These included:
25 January Land Renewed: reworking the countryside. A book launch and discussion with Peter Hetherington.
23 February Gail-Nina Anderson Lecture: Portrait of the Artist: Artemisia Gentileschi.
17 March Professor Stella Ghervas Lecture: Conquering Peace in Europe, Past, Present and Future.
26 April Newcastle University Leverhulme Lecture Professor Kristin Bluemel: Thomas Bewick and the Women who Loved him.
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENTS AND PERFORMANCE (continued)
12 May Johnathan Eaton Lecture: Soldier & Emperor: Hadrian and the Roman Army (part of the Hadrian’s Wall 1900 Series).
14 June Dr Shane McCorristine Event: The Ghosts of Newcastle Gaol: visualising a lost Victorian Prison.
12 July Red Squirrel Press Book Launches: Ric Hool, Jack Little, Alistair Robinson and Josephine Scott.
24 August Book Launch: Two Brothers: the life and times of Bobby and Jackie Charlton by Jonathan Wilson.
20 September Dr Simon Morden Lecture: The Red Planet: a Natural History of Mars.
10 October Professor Michelle Brown Lecture: The Lindisfarne Gospels and the Making of Northumbria.
3 November Professor David Saunders Lecture: Sergei Stepniak: a Russian Terrorist in England.
19 December Dr Rob Collins Lecture: Hadrian’s Wall and the Illusion of Uniformity (in association with the Northumberland & Durham Branch of the Classical Association.
Lectures which took place via Zoom included a Holocaust Memorial Day talk by Monica Stern on the subject of Kristallnacht, Professor Paul Christensen on Lithium-ion batteries and Pat Lowery’s As I Cam Thro Sandgate. These and many other Zoom talks can be viewed on the Lit & Phil’s You Tube Channel.
As a part of the year-long Hadrian’s Wall 1900 celebrations the Society presented several lectures, a film screening and an adaptation of the pilot radio play It’s Grim up North.
For the first time since 2019 the Lit & Phil was able to present Books on Tyne, Newcastle’s Book Festival, in collaboration with Newcastle Libraries. Events were well attended and included Metaphysical Animals: How Four Women Brought Philosophy Back to Life with Clare Mac Cumhaill and Rachael Wiseman, and Sybil and Cyril with Jenny Uglow.
The annual Young Writers Awards continued, funded again by Newcastle’s Pen & Palette Club. 109 entries were received from young people from 10 schools across the North East on the theme of Nature. The overall winner chosen from the winners of the three categories was St Thomas More Catholic School Blaydon student, Emma Lynch, for her non-fiction piece Phenomena of the Physical World. Many thanks are due to the judging panel, mentors and Awards co-ordinator Jessica Wortley.
A monthly Reading Political Texts group was established by Newcastle University from October 2022 and will continue to June 2023. Participants read short extracts from early modern texts in order to explore how political arguments and information are conveyed. Thoughts from the group will contribute to exhibitions to be held at the Robinson Library and the National Library of Scotland in 2023.
In January, a PhD student from Newcastle University, Harriet Gray, commenced working on Intellectual Life at the Newcastle Literary and Philosophical Society 1793-1825.
A CONSPICUOUS SITUATION
In September Alison Menzies’s book, A Conspicuous Situation: How Newcastle’s Lit & Phil arrived on Westgate Road, was launched with an accompanying exhibition. The book’s print run of 200 was funded by the author with all proceeds from sales going to the Lit & Phil. The launch event was a great success with many copies being sold on the night.
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENTS AND PERFORMANCE (continued)
JOHN BUDDLE PORTRAIT RESTORATION
The Lit & Phil’s portrait of mining engineer and Lit & Phil founding member, John Buddle, was in need of repair and restoration. The Board decided to commission Durham based conservator Angela McDowell to undertake this work in time for the 250th anniversary of Buddle’s birth. Several members have generously contributed to the sum required to carry out this work and also reframe the painting. It is expected that the work will be completed in early 2023.
EXHIBITIONS
Exhibitions mounted throughout the year included Contested Desires (29 April - 21 May) presented by D6: Culture in Transit, showcasing work of artists Dimitris Chimonas and Marcio Carvalho Mónica Riki?. Samantha Thoma, a postgraduate student from Durham University, curated an exhibition, Roman Art & Architecture in England, (24 May - 11 June) using the Lit & Phil’s collection
CLASSES AND GROUPS
Classes once again flourished with Latin, Ancient Greek, drawing, and several creative writing sessions taking place. The Book Group, Local History Group and the Shakespeare Club also met throughout the year.
TOURS AND VISITORS
Guided tours were in exceptionally high demand and often fully booked months in advance. As usual, the Society took part in Heritage Open Days, as well as 24 Doors of Christmas, organised by NE1, offering free public tours. Haunted Lit & Phil tours also took place and were extremely popular.
Visitors from across the United Kingdom were recorded in the Visitors’ Book as well as many from overseas including Turkey, Portugal, the Netherlands, Italy and Puerto Rico.
The Society’s pool of volunteer guides led tours on request from various local and community groups, such as retired members of the Institute of Engineering and Technology, and the Women’s Institute, as well as schools such as Bahr Academy and the Royal Grammar School.
MARKETING
Staff continued to work together on marketing the Lit & Phil. Three newsletters were produced throughout the year and were circulated in paper form as well as online. Regular Mailchimp communications were sent to the ever-growing mailing list. New mugs, Christmas cards and calendars were produced. Merchandise continues to sell very well. Social media platforms continued to attract followers, and several articles appeared in the local press during the year.
THE BUILDING
General maintenance and repair was ongoing, either carried out by the caretaking staff or external contractors.
The Board decided to review and move forward with regard to previous plans to improve and restore the building. This includes an internal lift, new toilets and the refurbishment of the ground floor rooms. Four local firms of architects were invited to submit tenders for this work. Interviews will take place in early 2023.
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENTS AND PERFORMANCE (continued)
LOOKING BACK
From the twenty-ninth year’s report (1822)
At the Anniversary Meeting, March 5th, 1822, it was resolved
“That a Committee be appointed for the Building of the New Library, &c., which shall be empowered to fix upon a plan (to be sanctioned by a General Meeting of the Society in April) to choose an architect, to make contracts, and to transact all business which may be necessary for the due execution of the work. That the Building-Fund in the hands of the Treasurer be at the disposal of this Committee; and that the expenses of the building shall not exceed the sum of £4,000, including the purchase of the old materials of the houses to be pulled down.”
DONATIONS
The following members and friends of the Society donated books, periodicals and recorded music:
David Almond, Martyn Amos, Clive Ashman, Banipal Books, Nick and Shima Banks, Mr. A. Beale Brian Bennison, Alan Bill, Bloodaxe Books, Bookcase, David J. Breeze, Rachel Brooker, Bruce Burns, Chris Calver, Nancy Campbell, Sarah Cleverley, Gilbert Cockton, Jon Gower Davies, John C. Day, John Dobson, Alan England, Hazel Fleming, Steve Le Fleming, Paul Gailiunas, Tim Griffiths, Caroline Grove, Andrew Harvey, Roger Hawkins, Tony Henfrey, Ken Ibbs, From the library of the late Sheila Jeffreys, Chris Kilkenny, Linen Hall Library, Louise Keeble, Chris Kilkenny, John Liffen, John Lilly, Little Brown, Ian McArdle, Mr Makepeace, Judith Menes, Eva Wong Nava, North East Methodist History Society, Joyce Parvin, Dr Penny, John Pickering, Postbox Press, Michael Quinlyn-Nixon, Barry Robertson, Gianfranco Rosolia, Val Scully, Chris Sharp, Richard Sharp, Smokestack Books, Alan Spark, John Stephenson, W. Stephenson R.K.R. Thornton, Janet Macleod Trotter, Michael Turner, Norma Urquhart, Laura Wills, Ms. H. A A. Wilson, Mr. T. Wood, Wright and Wright, Tom Yelllowley.
INVESTMENT POLICY AND PERFORMANCE
There are no restrictions on the Charity’s power to invest. The investment strategy is set by the Trustees, taking into account regular financial advice from professional advisors and any demand for funds. Factors considered include income requirements, risk profile and the advisor’s view of market prospects in the medium term. The overall policy requires funds to be invested in low and medium risk investments with a long term aim of obtaining capital appreciation that exceeds inflation. Our Society's brokers currently have the Society's holdings invested across a range of fund types.
FINANCIAL REVIEW
GOING CONCERN
After making appropriate enquiries, and considering the future impact of relevant factors, such as the increased cost of energy, and the current impacts to the cost of living, alongside ideas for new revenue streams in 2023, the Trustees are satisfied that the Society has a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future.
For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
RESERVES POLICY
It is the decision of the board that the level of free reserves i.e. excluding tangible fixed assets, investments, restricted and endowment funds, as noted above, should be in the region of £60,000 in order to cover unexpected losses in income, unforeseen emergencies and short term deficits in cash budgets. This amount is subject to regular board review to determine whether the levels are still appropriate. At the year end the level of free reserves stood at £61,071 .
PRINCIPAL FUNDING
The Charity’s principal funding comes from the members' subscriptions which are allocated to general costs. Other sources of funding are commercial income from merchandising, room rentals and events. Extra costs are met by donation wherever possible, and from grants for specific events.
OVERVIEW
With the pandemic restrictions removed, 2022 saw the Library’s opening hours back to normal. Over the year income from all areas returned to pre-pandemic levels, which was positive, but the Society was also caught up in the cost of living crisis within the UK, which was obviously a negative.
Subscription income has remained at its regular levels, and gift aid has also remained at its usual levels. However, overall increases in many areas of expenditure such as power and insurance all contributed to a loss of £45,410 on unrestricted funds in 2022. In addition, the turmoil in the world’s financial markets saw investments lose £122,535 over the year, although it hoped that this will be at least partially recovered in 2023.
The deficit on unrestricted funds of £45,410 is clearly problematic, but in large part this is to do with fixed costs such as staffing or building costs and there are limited savings to be made here. It is with income that the trustees will look to in order to return the Society to surplus. Inroads have already been made in this area in 2023.
There was again little restricted funds activity in 2022, with the majority of the £20,868 deficit on restricted funds being the depreciation costs on previous capital outlays.
Looking ahead in 2023, there are some expected issues, prominent amongst them the impending removal of the Government energy schemes. All options in these areas are still being looked into. The Trustees have made increasing income and setting up new income streams priorities for 2023 and ideas for income generation are being put into place.
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
CONSTITUTION
The Literary & Philosophical Society of Newcastle upon Tyne is registered as a charitable company limited by guarantee, registered number 6220953. It was constituted by a Memorandum of Association dated 20th April 2007 and is governed by Articles of Association adopted on 25th May 2016. It is also a registered charity, number 1120948.
The object of the Society is the advancement of the education of the inhabitants of Newcastle upon Tyne and the surrounding neighbourhood by promoting the study of language, literature, philosophy, science, history, music and the fine arts by the following means:
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(a) by providing and maintaining a library for the use of the said inhabitants;
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(b) by providing university extension and other educational lectures and classes for the said inhabitants;
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(c) by raising funds by charging subscriptions to its Members and otherwise, such funds to be applied exclusively for the purposes of the Society;
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(d) by such other charitable means as the Society may think fit.
METHODS OF APPOINTMENT OR ELECTION OF TRUSTEES
The Society is managed by a Board of Trustees, of whom up to twelve are elected by the members of the Society and up to a further three may be co-opted by the Board. The Board meets monthly. The Trustees who have served during 2021 and since the end of that year end are as set out on page one. The Board has set up a number of Committees, which may include specialist co-optees, and which report to the Board.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
PLANS FOR FUTURE PERIODS
The Board agreed a strategy for the coming years. With sufficient funds it wants to conserve and revive the building. This will be done by further improving physical access and making the ground floor spaces more attractive to users. Investment will be made in the development of a programme that demonstrates the Lit & Phil’s unique place in the region and beyond.
An appeal was launched in early 2023 and architects appointed. Staff, members and other stakeholders will be consulted as the project moves forward.
MEMBERS' LIABILITY
The Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up.
Page 11
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE IA company Ilmlted hy guarant9&} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Statomant of Trust8gs' rosponslbllltlas The Trustees {who are also the directors of the charitable company for the purposes of company lawl are sponsible for preparing the Trustees, repDrt and ths flnancial statements in accordance with applitsble law and United K(ngdom Accounting Standards Iuniled Kingdom Ggnèrally Acceplad Accounllng Praclicel- Company law requlres the Trusltses lo prepare financial 51alemenls for aach flnan¢ial year. Under wfflpany 18w, th8 Trus1@85 must not approv@ the financi81 slalamenls unle58 they are Satisfied that Ihgy give a true and fair view of the slate of affairs of the charitable company and of ils inccimSng soUrceS and appllGatlon c)f rasourcès, Including ils incoma and axp8ndllur8, for that p¢rlod. In preparing those financi81 statements, th8 Trusl@e8 8re reqUId lo.. 8816Ct 8uilable a¢counlSng pollcle8 and then apply them cons18t8nUy,' observe the rnelhods and prfnciples of the Charilles SORP IFRS 1021.. make judgments and accounllng esllmates that are reasonable and prudent., slate whether appllcab16 UK Accounllng Standards {FRS IL121 have been followed, subject to any m8lerio1 d@partures disulosèd and èxplalnèd In the financial slalements., prepara the flnancl81 slatgment8 on the going con¢am basis unl&gs il ig In8pproprlal& lo pr&8ume that the GharSlabl8 company wlll continue in buBénos8. The Trus98 are responslbl8 for keeplng adequate accounllng record5 that are sufficlenl to show and explaln the charllablg company's transaclSons and dlgclose with reasonable accuracy al any tima the flnandal position of the Gharflable company and enable them to onsuro that tho flnanclal statemen18 comply th the Comp8nles Act 2006. They ara also responsiblo for Safeguardlng the assets of the charflable company and hence for taklng reasona0 $1gps for thg pr&venllon ond detsction of fraud and other Irregularllles. Approvad by order ol the members of th8 board of Truslaes on 18 Aprll 2C123 and slgned on thelr behalf by,. M8ryJ. Durkln ICh8ir of Trustees) Paga 12
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent oxamlner's roport to the Trustees of The Lltèrary & Phllosophlcal SocS8ty of Ngwcastle upon Tyne I'the charltablè company.) I report lo the charity Trustees on my 6xamlnatson of thg accounts of the charitable company for the year ènded 31 December 2022. Responslbllltles and basls of rèport As the Trustees of the charllable company land Ils directors for the purposes of company lawl you are responsible for the preparation of the a¢coun15 In accordance with the requiremen18 of thè C¢Jnpanies Act 2006 I'lhe 2006 Acl'l. Having salisfled myself that the accounts of the charitable company are not requlred to b8 8udil8d under Part 18 of the 2006 Act and are eligibl8 for independent examination, I report in resp8GI of my 8xarnlnalion of the charitable company's accounts ¢arried out under seGtion 145 of the Charltles Act 2011 I'the 2011 ACVI. sn carrying out my èxamination I hav$ foll¢)wed the Dirgctions given by the Charity CommSssSon under 89Ctlon 1451Sllbl of the 2011 AGI. Indgpgndgnt examln8r'8 statement Slnce the charllable comp8ny's gro88 Incom8 axceeded £250,000 your examiner mu¥t be a member of a body Ilsled in section 145 of the 2011 Act. I conflrm that l am quallfied lo undertak8 th@ examlnallon because I gm a member of the Inslilu16 of Chart8r8d Aceounlanls In England and Wales, whlch is one of Ihe1Sst8d bodle5. I have completed my examination. I c(fIrM that no matt8rs have come lo my a118ntlon In connoctlon ¥th th8 ex8minallon glving me cause lo b¢llève'. a¢¢ounling recorés We not kept In respo¢1 of the charltable company as requlrad by section 386 of the 2006 A¢t', or the accounts do not aocord wlh thos9 r¢¢ords.' or the accounts dg not comply th the accounting r8qulr•ment8 of seclSon 396 of the 2006 Act othér than any requirement that the accounts give a 'truo and f81r' vlew which is not a maller consldergd 88 part of an Independent examlnallon., or the a¢eounls have not been prepared In accord8nce wllh tha methods and prtnciplos of the Sl8temonl of Recommgnded Practice for accounting and reporting by charities lappllcable to charities preparing Ih91r acwunl$ in accordance wlh th8 Financial Rgportlng Standard applicable irb the UK and Republic of Ireland IFRS 10211. I have no concorns and havg como a¢ross no other maller5 Sn connecli¢M wlth thg examlnatlon lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to b8 rea¢hed. Thi8 report is made solely lo the charltabl8 company's Trusleos, as a body, in accordance wrlh Part 4 of th8 CharS1Ses (Accounts and Reports) Regulelions 2008. My work has been undertakgn so that I might sl818 lo the harilable Company's Trustees Ihoso matters l am required to slate to Ihem In an Independgnl examlnevs report and for no other purpose. To the fulle51 exlenl permllled by law, I do not accept or assume responslblllly lo anyone other than the charitable company and the charitable company's Trustees as a body. for My rk or for Ihls report. Signed.. Dellev Anderson FCA D8ted.' 18 April 2023 Kinnair Assoclates Limited Chartered Accounlanls A$lon House Redburn Road Newcastle upon Tyne NE5 1NB Page 13
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income and endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Other income 7 Total income and endowments Expenditure on: Raising funds 8,9 Charitable activities 10 Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments 15 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2022 £ - - - - - - - - - - - - 13,000 - 13,000 |
Restricted funds 2022 £ 6,521 - - - - 6,521 - 27,189 27,189 (20,668) - (20,668) 157,092 (20,668) 136,424 |
Unrestricted funds 2022 £ 35,899 287,653 39,622 20,076 427 383,677 17,365 411,722 429,087 (45,410) (122,535) (167,945) 1,128,750 (167,945) 960,805 |
Total funds 2022 £ 42,420 287,653 39,622 20,076 427 390,198 17,365 438,911 456,276 (66,078) (122,535) (188,613) 1,298,842 (188,613) 1,110,229 |
Total funds 2021 £ 28,574 276,228 18,572 18,028 60,170 401,572 26,309 412,665 438,974 (37,402) 97,604 60,202 1,238,640 60,202 1,298,842 |
|---|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 40 form part of these financial statements.
Page 14
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE (A company limited by guarantee) REGISTERED NUMBER: 06220953
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Tangible assets 16 Investments 17 Current assets Stocks 18 Debtors 19 Cash at bank and in hand Creditors: amounts falling due within one year 20 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets |
2022 £ 6,448 40,859 91,901 139,208 (42,745) |
2022 £ 143,301 870,465 1,013,766 96,463 1,110,229 1,110,229 1,110,229 |
2021 £ 4,656 26,724 144,911 176,291 (22,813) |
2021 £ 162,525 982,839 |
|---|---|---|---|---|
| 1,145,364 153,478 |
||||
| 1,298,842 | ||||
| 1,298,842 | ||||
| 1,298,842 |
Page 15
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE IA company limÈted by guarantee) REGISTERED NUMBER: 06220953 BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER2022 2022 2022 2021 2021 Not& Charlty fund6 Endowment funds Rostrictod funds Unr8strict8d funds 13.000 136,424 960,805 13,000 157,092 1, 128, 750 Total fund8 1,110,229 1,295,842 The charllabla company wa8 entllltrd lo exernplion from audlt under secllon 477 of the Companle8 Act 2006. The member8 have not requlred tho company to obtain an audll for the year In quesllon In accordance wllh sectlon 476 01 Companles Act 2006. Th8 Trustegs 8Gknowlgdge Ihelr respon3lbllliie8 for complylng vlth the requlr8m8nts of the Aol wllh r8spect to aGGounllny r6¢0rds and pparatIon of flnanclal statements. Th8 hnanclal stalèmenls hav6 b8&n prepar¢d In accordancè th tha provlslons appllcable lo èntllies subl8Ct to the Small companles reglme. The flnanclal slal8ments wor0 appKvod and authorls6d for19gu$ by tho Tru$le•$ on 18 Aprll 2023 an(1 $lgngd on Ihelr b&half by.. Mary J. Durkln Ichalr of Trustee81 The nol88 on page8 17 lo do fomi part of thes& flnancial sialements. Page 16
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. General information
The Literary and Philosophical Society is a private company limited by guarantee incorporated in England and Wales, registration number 06220953 and charity number 1120948. The address of the registered office which is also the principal place of business is 23 Westgate Road, Newcastle upon Tyne, NE1 1SE.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Literary & Philosophical Society of Newcastle upon Tyne meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
At the year end the Society had net current assets of £96,463, a reduction on 2021. 2022 saw income levels return to pre-pandemic levels, but the UK cost of living crisis meant expenditure increased within the year. The Trustees have identified areas for new income streams and anticipate these will be in place in 2023. The Trustees therefore have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the annual financial statements.
2.3 Income
All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Government grants - Coronavirus job retention scheme grants are recognised on a straight line basis over the furlough period for each relevant employee.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 17
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Staff related expenditure has been allocated on the basis of time spent.
Printing, postage, stationery, telephone and sundries have been allocated based on estimated usage.
Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .
Depreciation is provided on the following bases:
| The Premises | - 10-50 years |
|---|---|
| Pianos | - 12 years |
| Mobile shelving | - 10 years |
| Security tagging | - 10 years |
| Office equipment | - 3 years |
| Catalogue computerisation | - 3 years |
| Stair lift | - 5 years |
Page 18
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.7 Heritage assets
In the absence of a professional valuation the policy is not to reinstate any value for the original cost of the library premises wholly written off, but to capitalise any cost, whenever considered appropriate, expenditure incurred from 1967 and onwards upon work of reconstruction or fundamental repairs to the building.
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Investments held as fixed assets are shown at cost less provision for impairment.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.13 Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 19
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.14 Books and compact discs
These are not valued in the accounts as they are not held for resale. The cost of additional books and CDs are charged within the Statement of Financial Activities in the year of purchase.
2.15 Group accounts
The financial statements present information about the charitable company as an individual undertaking and not about its group. The charitable company and its subsidiary undertaking comprise a small-sized group. The charitable company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2.16 Pensions
The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.
2.17 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 20
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
3. Income from donations and legacies
| Donations Donations |
Restricted funds 2022 Unrestricted funds 2022 £ £ 6,521 35,899 Restricted funds 2021 Unrestricted funds 2021 £ £ 2,562 26,012 |
Total funds 2022 £ 42,420 |
|---|---|---|
| Total funds 2021 £ 28,574 |
4. Income from charitable activities
| Unrestricted funds 2022 £ Income from charitable activities - Provision of library services 287,653 Unrestricted funds 2021 £ Income from charitable activities - Direct costs - Provision of library services 276,228 |
Total funds 2022 £ 287,653 |
|---|---|
| Total funds 2021 £ 276,228 |
Page 21
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Income from other trading activities
Income from non charitable trading activities
| Unrestricted funds 2022 £ Trading income 39,622 Unrestricted funds 2021 £ Trading income 18,572 Investment income Unrestricted funds 2022 £ Income from local listed investments 20,037 Other interest received 39 20,076 Unrestricted funds 2021 £ Income from local listed investments 17,928 Other interest received 100 18,028 |
Total funds 2022 £ 39,622 |
|---|---|
| Total funds 2021 £ 18,572 |
|
| Total funds 2022 £ 20,037 39 |
|
| 20,076 | |
| Total funds 2021 £ 17,928 100 |
|
| 18,028 |
6. Investment income
Page 22
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Other incoming resources
| Unrestricted funds 2022 £ Commissions received 427 Unrestricted funds 2021 £ Commissions received 111 Coronavirus Job Retention Scheme Grants 60,059 60,170 8. Expenditure on raising funds Costs of raising voluntary income |
Total funds 2022 £ 427 Total funds 2021 £ 111 60,059 |
|---|---|
| 60,170 | |
Total funds 2022 £ Total 2022 -
Page 23
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
8. Expenditure on raising funds (continued)
Costs of raising voluntary income (continued)
| Fundraising wages and salaries Fundraising NI Fundraising pension costs |
Unrestricted funds 2021 £ 12,306 745 220 13,271 |
Total funds 2021 £ 12,306 745 220 |
|---|---|---|
| 13,271 |
Other trading expenses
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Trading expenditure | 11,042 | 11,042 |
Page 24
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
8. Expenditure on raising funds (continued)
Other trading expenses (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Trading expenditure | 6,278 | 6,278 |
9. Investment management costs
| Unrestricted funds 2022 £ Portfolio management fees 6,323 Unrestricted funds 2021 £ Portfolio management fees 6,760 |
Total funds 2022 £ 6,323 |
|---|---|
| Total funds 2021 £ 6,760 |
10. Analysis of expenditure on charitable activities Summary by fund type
| Restricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | Total | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Direct costs - Provision of library services | 27,189 | 411,722 | 438,911 |
Page 25
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
10. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Restricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | Total | |
| 2021 | 2021 | 2021 | |
| £ | £ | £ | |
| Direct costs - Provision of library services | 21,795 | 390,870 | 412,665 |
11. Analysis of expenditure by activities
| Direct costs - Provision of library services Direct costs - Provision of library services |
Activities undertaken directly 2022 £ 233,058 Activities undertaken directly 2021 £ 214,237 |
Support costs 2022 £ 205,853 Support costs 2021 £ 198,428 |
Total funds 2022 £ 438,911 |
|---|---|---|---|
| Total funds 2021 £ 412,665 |
Analysis of direct costs
| Staff costs Books and periodicals Gramophone costs Lectures and meetings Binding |
Activities 2022 £ 184,419 20,285 1,592 26,204 558 233,058 |
Total funds 2022 £ 184,419 20,285 1,592 26,204 558 |
|---|---|---|
| 233,058 |
Page 26
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
11. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Staff costs Books and periodicals Gramophone costs Lectures and meetings Binding |
Activities 2021 £ 177,876 14,186 1,637 19,681 857 214,237 |
Total funds 2021 £ 177,876 14,186 1,637 19,681 857 |
|---|---|---|
| 214,237 |
Analysis of support costs
| Staff costs Depreciation Upkeep of premises Printing, postage, stationery, telephone and sundries Bank charges and interest Professional expenses Staff Training Governance costs Travelling Licences |
Activities 2022 £ 67,697 20,789 79,840 26,457 4,658 1,500 495 3,932 20 465 205,853 |
Total funds 2022 £ 67,697 20,789 79,840 26,457 4,658 1,500 495 3,932 20 465 |
|---|---|---|
| 205,853 |
Page 27
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
11. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Staff costs Depreciation Upkeep of premises Printing, postage, stationery, telephone and sundries Bank charges and interest Professional expenses Governance costs Licences Governance costs included above comprise: |
Activities 2021 £ 62,568 25,805 77,725 22,683 3,757 1,500 4,290 100 198,428 2022 |
Total funds 2021 £ 62,568 25,805 77,725 22,683 3,757 1,500 4,290 100 198,428 2021 |
|---|---|---|
| £ | £ | |
| Independent examiner's remuneration | 3,090 | 4,290 |
| Printing and postage | 842 | - |
| 3,932 | 4,290 |
| 12. | Independent examiner's remuneration | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable to the charitable company's independent examiner for the | |||
| independent examination of the charitable company's annual accounts | 790 | 840 | |
| Fees payable to the charitable company's independent examiner in respect | |||
| of: | |||
| Accountancy services | 2,665 | 2,950 |
Page 28
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
13. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2022 £ 235,219 10,800 6,097 252,116 |
2021 £ 237,432 10,176 6,107 |
|---|---|---|
| 253,715 |
The average number of persons employed by the charitable company during the year was as follows:
| Library services (including o/s (2021: 8) part time and cashier Caretaking (part time) Cleaning (part time) |
2022 No. 12 2 3 17 |
2021 No. 12 2 3 |
|---|---|---|
| 17 |
No employee received remuneration amounting to more than £60,000 in either year.
The total remuneration and benefits for key management personnel for the year, including employer' pension and national insurance contributions, totalled £63,121 (2021: £74,842).
14. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 29
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
15. Net (losses)/gains on investments
| 2022 2021 |
|
|---|---|
| £ £ |
|
| (Losses)/gains on disposal of share investment assets | (13,164) 7,501 |
| (Losses)/gains on revaluations of share investment assets | (109,371) 90,103 |
| - | (122,535) 97,604 |
16. Tangible fixed assets
| Cost or valuation At 1 January 2022 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold property £ 367,995 - 367,995 213,182 17,659 230,841 137,154 154,813 |
Fixtures and fittings £ 253,789 1,565 255,354 246,077 3,130 249,207 6,147 7,712 |
Total £ 621,784 1,565 |
|---|---|---|---|
| 623,349 | |||
| 459,259 20,789 |
|||
| 480,048 | |||
| 143,301 | |||
| 162,525 |
Page 30
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
16. Tangible fixed assets (continued)
Heritage assets
The original cost of the Library building has been written off. The Library including the book and art collections have been valued for insurance purposes at £15,110,295 (2021 : £11,259,823).
The Society owns an extensive book collection and the library which is a listed building. The building and the book collection have been gifted to the Society to be held in perpetuity in accordance with the Trust Deed. The original cost of these assets and the costs of improvement until 1967 have not been included in the balance sheet because, in the opinion of the Trustees, the cost of professionally valuing these assets to include a value in the financial statements outweighs the benefits to the users of the financial statements.
17. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Investments in subsidiary companies £ 1 - - - 1 1 1 |
Listed investments £ 957,774 78,737 (95,141) (109,371) 831,999 831,999 957,774 |
Cash held for investment £ 25,064 13,401 - - 38,465 38,465 25,064 |
Total £ 982,839 92,138 (95,141) (109,371) 870,465 870,465 982,839 |
|---|---|---|---|---|
Page 31
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
17. Fixed asset investments (continued)
Principal subsidiaries
The following was a subsidiary undertaking of the charitable company:
| Name | Company | Registered office or principal |
|---|---|---|
| number | place of business | |
| The Literary & Philosophical | 08299174 | 23 Westgate Road, Newcastle |
| Trading Company Limited | upon Tyne, NE1 1SE |
Principal activity
To provide a cafe service in order to raise funds for the parent charitable company
Class of Holding Included in shares consolidation Ordinary 100% Yes
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Net assets | |
|---|---|---|---|---|
| £ | £ | £ | ||
| The Literary & Philosophical Trading Company Limited | 7,431 | 7,431 | 1 | |
| 18. | Stocks | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Finished goods and goods for resale | 6,448 | 4,656 |
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THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
19. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable |
2022 £ 3,884 4,763 27,688 4,524 40,859 |
2021 £ 4,667 5,970 5,447 10,640 |
|---|---|---|
| 26,724 |
20. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2022 £ 23,977 3,642 - 15,126 42,745 |
2021 £ 6,017 3,586 42 13,168 |
|---|---|---|
| 22,813 |
21. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 831,999 | 957,774 |
Financial assets measured at fair value through income and expenditure comprise listed securities which are stated at market value.
Page 33
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
22. Statement of funds
Statement of funds - current year
| Balance at 1 January 2022 £ Unrestricted funds Designated funds Lit and Phil Legacy Fund 149,649 The Core Fund 879,684 The Young Writers Award fund - Books on Tyne 850 1,030,183 General funds General Funds 98,567 Total Unrestricted funds 1,128,750 Endowment funds Alan Meikle Book Fund 3,000 Charles Parish Lecture Fund 10,000 13,000 |
Income £ Expenditure £ - - - (6,323) - (3,250) 1,622 (2,265) 1,622 (11,838) 382,055 (417,249) 383,677 (429,087) - - - - - - |
Transfers in/out £ - - 3,250 - 3,250 (3,250) - - - - |
Gains/ (Losses) £ (3,501) (119,034) - - (122,535) - (122,535) - - - |
Balance at 31 December 2022 £ 146,148 754,327 - 207 |
|---|---|---|---|---|
| 900,682 | ||||
| 60,123 | ||||
| 960,805 | ||||
| 3,000 10,000 |
||||
| 13,000 |
Page 34
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
22. Statement of funds (continued)
| Restricted funds Development Appeal Fund Members Book Fund Margaret Anne Dalton Legacy Music Librarian's Fund Charles Parish Lecture Fund Disabled Access Fund Appeal Fund Total of funds |
72,218 - 14,631 8,867 2,594 56,675 2,107 157,092 1,298,842 |
- 3,521 - 3,000 - - - 6,521 390,198 |
(3,292) (3,521) (576) (6,874) (250) (11,335) (1,341) (27,189) (456,276) |
- - - - - - - - - |
- - - - - - - - (122,535) |
68,926 - 14,055 4,993 2,344 45,340 766 |
|---|---|---|---|---|---|---|
| 136,424 | ||||||
| 1,110,229 |
Page 35
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
22. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Lit and Phil Legacy Fund The Core Fund The Young Writers Award fund Books on Tyne General funds General Funds Total Unrestricted funds Endowment funds Alan Meikle Book Fund Charles Parish Lecture Fund |
Balance at 1 January 2021 £ 135,505 802,984 - 850 939,339 109,976 1,049,315 3,000 10,000 13,000 |
Income £ - - 500 - 500 398,510 399,010 - - - |
Expenditure £ - (6,760) (3,000) - (9,760) (407,419) (417,179) - - - |
Transfers in/out £ - - 2,500 - 2,500 (2,500) - - - - |
Gains/ (Losses) £ 14,144 83,460 - - 97,604 - 97,604 - - - |
Balance at 31 December 2021 £ 149,649 879,684 - 850 |
|---|---|---|---|---|---|---|
| 1,030,183 | ||||||
| 98,567 | ||||||
| 1,128,750 | ||||||
| 3,000 10,000 |
||||||
| 13,000 |
Page 36
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
22. Statement of funds (continued)
| Restricted funds Development Appeal Fund Members Book Fund Margaret Anne Dalton Legacy Music Librarian's Fund Charles Parish Lecture Fund Disabled Access Fund Appeal Fund Total of funds |
75,510 - 16,448 7,326 2,594 68,010 6,437 176,325 1,238,640 |
- 62 - 2,500 - - - 2,562 401,572 |
(3,292) (62) (1,817) (959) - (11,335) (4,330) (21,795) (438,974) |
- - - - - - - - - |
- - - - - - - - 97,604 |
72,218 - 14,631 8,867 2,594 56,675 2,107 |
|---|---|---|---|---|---|---|
| 157,092 | ||||||
| 1,298,842 |
Page 37
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FUND DESCRIPTIONS:
The Development Appeal Fund has been fully utilised, the remaining balance shown above is fully represented by tangible fixed assets.
The Members' Book Fund was established to allow members to donate towards the purchase of books in specific subjects or genres.
The Margaret Anne Dalton Legacy is to be used to purchase books on music and on birds.
The Music Librarian's Fund holds monies that enable the music librarian to organise events and activities and maintain and organise the music collections within the library.
The Charles Parish Lecture Fund has been established from a gift made by Mrs Ann Parsons, Mrs Janet Fitzsimmons and Miss Margaret Norwell in memory of the late Charles Parish to establish a biennial lecture on the subject of some aspect of the western civilisation.
The Disabled Access Fund was established to hold donations for the access works to the library building.
The Appeal Fund holds the funds raised by the current ongoing appeal, which will be used to enable the Society to secure its future by a number of means. These include updating and repairing the fabric of the library building, overhauling physical access in line with current regulations and enabling the Society to increase its revenue streams.
The Alan Meikle Book Fund was established to provide income for the purchase of books.
The Lit and Phil Legacy Fund was designated by the Trustees to hold general legacies over £5,000, the proceeds of the future sale of Bolbec Hall and any other donations to the fund. The fund is designed to increase in size and the income from it will go to supplement the Society’s general funds.
The Core Fund was set up to hold income from the sale of Bolbec Hall, as well as large legacies and other donations to provide an endowment to safeguard the future of the Society.
The Young Writers Awards Designated Fund was set up to enable young people from across the North East to develop their creative writing skills.
IBooks on Tyne - This fund enables the Society to run Newcastle’s annual book festival in conjunction with Newcastle Libraries.
Page 38
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
23. Summary of funds
Summary of funds - current year
| Balance at 1 January 2022 £ Designated funds 1,030,183 General funds 98,567 Endowment funds 13,000 Restricted funds 157,092 1,298,842 |
Income £ Expenditure £ 1,622 (11,838) 382,055 (417,249) - - 6,521 (27,189) 390,198 (456,276) |
Transfers in/out £ 3,250 (3,250) - - - |
Gains/ (Losses) £ (122,535) - - - (122,535) |
Balance at 31 December 2022 £ 900,682 60,123 13,000 136,424 |
|---|---|---|---|---|
| 1,110,229 |
Summary of funds - prior year
| Designated funds General funds Endowment funds Restricted funds |
Balance at 1 January 2021 £ 939,339 109,976 13,000 176,325 1,238,640 |
Income £ 500 398,510 - 2,562 401,572 |
Expenditure £ (9,760) (407,419) - (21,795) (438,974) |
Transfers in/out £ 2,500 (2,500) - - - |
Gains/ (Losses) £ 97,604 - - - 97,604 |
Balance at 31 December 2021 £ 1,030,183 98,567 13,000 157,092 |
|---|---|---|---|---|---|---|
| 1,298,842 |
Page 39
THE LITERARY & PHILOSOPHICAL SOCIETY OF NEWCASTLE UPON TYNE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
24. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2022 £ - - 13,000 - 13,000 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 115,032 28,269 - 870,465 21,392 104,816 - (42,745) 136,424 960,805 |
Total funds 2022 £ 143,301 870,465 139,208 (42,745) 1,110,229 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 £ - - 13,000 - 13,000 |
Restricted funds 2021 £ 131,000 - 26,092 - 157,092 |
Unrestricted funds 2021 £ 31,525 982,839 137,199 (22,813) 1,128,750 |
Total funds 2021 £ 162,525 982,839 176,291 (22,813) 1,298,842 |
|---|---|---|---|---|
25. Pension commitments
The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £6,097 (2021 - £6,107). Contributions totalling £nil (2021 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
26. Related party transactions
During the year the subsidiary company donated £2,547 (2021: £nil) of profits to the charity.
Page 40