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2023-03-31-accounts

Registered number: 06858956 Charity number: 1132586

LITERATURE WORKS

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

LITERATURE WORKS (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charitable company, its Trustees and 1
advisers
Trustees' report 2 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10 - 11
Notes to the financial statements 12 - 27

LITERATURE WORKS (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees

H Norman-Soderlind M Krishnan P Warin K Murray

A Caleshu

S P Ariaratnam

Company registered number

06858956

Charity registered number

1132586

Registered office

Courtenay House Pynes Hill Exeter Devon EX2 5AZ

Chief executive officer

H Chaloner

Key management

H Chaloner, Chief Executive Officer

Accountants

Griffin Chartered Accountants 165 High Street Honiton EX14 1LQ

Page 1

LITERATURE WORKS (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statement of the charitable company for the year 1 April 2022 to 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the 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 (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

Since the charitable company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

Objectives and activities

a. Policies and objectives

We are a registered charity in South West England using words and stories to support creativity and wellbeing. We connect people and communities; we nurture talent, and we break down barriers. We champion the power of storytelling, writing and reading in all forms, always placing an emphasis on inclusion, diversity and equality. We celebrate talent and provide opportunity, opening doors and creating connections. Much of our participatory work is free of charge and where there is a charge we offer concessions and bursaries.

Literature Works is an Arts Council England National Portfolio Organisation, receiving core funding in support of our aims. We are an agile organisation at the centre of regional networks, leading the way towards a connected and sustainable literature ecology, where inclusion is prioritised and diversity celebrated.

We are ambitious for our art form to enrich lives, strengthen communities and explore pressing issues such as climate change. We support innovation and exploration of the forms that literature can take, enabling new voices to emerge and be heard.

We achieve all this through writer training, live events, advice sessions, workshops, writing courses, talent development, nurturing new initiatives, and connecting writing professionals with communities. We work in partnership with a broad range of organisations and we run residencies in settings from care homes to the iconic Exeter Custom House, which is home to our year-round live literature programme, Quay Words.

b. Main activities undertaken to further the charitable company's purposes for the public benefit

We use a combination of digital and place-based delivery to achieve broad reach via secure and supportive networks. We create opportunities in real life and online, forging digital communities and spaces. Our in-person programme includes core, sustained offers and projects, working in partnership to target locations around the region from Plymouth and Torquay, to Somerset and Gloucestershire.

Page 2

LITERATURE WORKS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

a. Key performance indicators

During the year the charity received funding amounting to £163,838 [2022 - £241,852]. Expenditure of £215,829 [2022 - £223,848] was incurred, mainly in raising funds and raising awareness of the charity. As at 31 March 2023 Literature Works holds total funds amounting to £81,092 [2022- £133,083] of which £8,744 [2022 - £44,496] is allocated to Restricted Funds.

b. Programme Delivery

This was a busy year for Literature Works, during which we undertook a strategic review of our staffing needs and team structure, as well as reapplying for Arts Council England core National Portfolio funding, and competitively tendering to continue delivering the Quay Words programme for a further three years at Exeter Custom House. These undertakings were successful. Meanwhile, during the year we continued to develop and support the literature sector at a strategic and regional level in the following ways:

Advice Surgeries – We continued to expand these popular ‘Pay what you can’ sessions, sharing our expertise about opportunities, next steps, networks, support and funding. We partnered strategically to reach new audiences with Lyra Poetry Festival in Bristol, the North Cornwall Book Festival and Artful Scribe in Southampton. We also offered surgeries to participants in our community writing programme, the majority of whom were at the beginning of their writing journey and we continued to offer publicly advertised surgeries through our newsletter.

Research and advocacy – Advising and delivering on inclusive recruitment of the first ever ‘Riddler in Residence’ for Exeter Cathedral. We shaped the residency, led on recruitment and designed the evaluation of the project.

Writers’ Communities – We offer online options for writers to profile themselves and their work as part of a writing community that we target for a range of opportunities. Our free membership option continued to expand during the year.

Word Space Online Talent Development Programme – Twelve writers together embarked at the start of the year on this new annual programme, focused on inclusion and delivered with partners ‘Dialect Writers’, ‘Little Toller Books, ‘Out on the Page’, and ‘Speaking Volumes Live Literature Productions’. Word Space offers mentoring, feedback, peer support, and ‘industry insight’ sessions. The partnership is aimed at strengthening networks and opportunities throughout the South West.

Seed Bed – our new incubator for grassroots activity exploring the environment and ecology crises through creative words and stories. Offering small grants, advice surgery sessions and introductions to our networks, Seed Bed is an exciting new, socially engaged venture.

Poetry Cares - Using the power of poetry to engage and inspire people living with memory loss. We continued to train clusters of local poets to deliver vibrant poetry and reminiscence sessions at Memory Cafés around the South West. We also trialled our first ever care home residencies in Plymouth and North Devon.

Community Writing – These are co-designed writing activities with community and recovery groups around the region, using the artform to support wellbeing and recovery through creative self-expression. Skilled and connected local writer-practitioners worked with groups including the Headway head injuries charity in Exeter, addiction recovery groups in Torbay, and a women’s group run by Devon Racial Equality Council in Plymouth

The Plymouth Laureates – A partners’ panel recruited Mimi Jones as the new Plymouth Younge City Laureate and Plymouth Laureate of Words, Laura Horton went from strength to strength with her writing, winning awards

Page 3

LITERATURE WORKS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

at the Edinburgh Fringe and branching out into poetry. The Laureates give voice to the communities of Plymouth and tell the city’s stories. Our Laureateship partners are Plymouth Culture, the Box, Plymouth City Council, and the ‘With Flying Colours’ cultural education project.

Quay Words – This is our year-round flagship live literature programme at Exeter Custom House and a core project of Exeter as a UNESCO City of Literature. Quay Words invites diverse writers to deliver residencies, workshops, courses and public events. It is an engine driving our work and forging national and international connections. We hosted award-winning poets, new writers, young writers and storytellers. Quay Words runs an annual Young Writers Flash Fiction competition called ‘Trading Places’ and offers new writers the opportunity to perform alongside established authors. We published a second volume of the Quay Voices anthology, which showcases new writing from the programme. We thank Exeter Canal and Quay Trust for their continued support of Quay Words at Exeter Custom House.

Literature Works delivers its charitable mission in collaboration with a number of strategic partners, including the following:

Page 4

LITERATURE WORKS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Going concern

After making appropriate enquiries, the trustees have 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.

b. Reserves policy

Reserves Policy – We have reviewed and revised our reserves policy in line with guidance issued by the Charities Commission for England and Wales. We require reserves in order to:

  1. Meet notice period and statutory redundancy liabilities should the charity be wound up

  2. Ensure there are sufficient cash reserves in the current account to cover day to day running costs for a period of 3 months

  3. Ensure that existing writer and practitioner freelance contracts may be honoured up the end of any 3- month wind-down period

  4. Ensure continuity of business provision by meeting unexpected costs such as a cover for illness (recruiting interim executive cover)

  5. Covering running costs during periods of lower income, such as a fall in fundraising; major projects terminating or Literature Works’ project pipeline stalling.

In July 2020, we estimated the full extent of reserves required for the above at a minimum of £90,300. For reserves above this minimum, the Board of Trustees has discretion over their transfer to a Designated Fund known as the Development Fund. Any such transfer requires a quorate decision by Trustees and will be recorded in the minutes of the meeting.

c. Principal risks and uncertainties

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The board maintains a risk register which is reviewed as a statutory element of our quarterly board meetings.

Structure, governance and management

a. Constitution

The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. It is managed by its Trustees, however the day to day running of the organisation is delegated to the Chief Executive (CEO) and Company Secretary.

The company was incorporated on 25 March 2009, company registration number 6858956, and registered as a charity on 7 November 2009, charitable registration number 1132586.

Page 5

LITERATURE WORKS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The company had a total of seven serving members as at March 31[st] 2021, who are also the Trustees. In the event of the company being wound up, the liability of each member is limited to £1.00.

The Board of Trustees is appointed through an open application process and by co-opting. New potential Board members are invited to observe a Board meeting with a view to become a full Trustee by the following meeting. All applications to become a member of the Board of Trustees can be approved or rejected by the Board.

c. Organisational structure and decision-making policies

The Board of Trustees meets quarterly in April, July, October and January. The CEO is invited to the meeting to report on the statement of accounts and general running of the charity. Other attendees are invited to Board meetings from time to time as guests or observers and to discuss relevant agenda points. The Board, or any Board member, may at any time convene a general meeting by giving at least 14 days clear notice to the other Trustees, or sooner if such notice is agreed to be shortened by the other Trustees. Notices of all Board meetings are given with at least 14 days written notice by email to all Trustees.

No business can be transacted at Board meetings with less than a quorum of members present. Quoracy is that two voting members, or twenty-five per cent of Board membership (whichever is the higher), each being a member, a proxy for a member or a duly authorised representative of a member, shall be present. If quoracy is not met then the Board meeting is adjourned to another day. The Chair will attend all meetings, and if the Chair is unable to then a Vice-Chair will either be appointed prior to the meeting, or the meeting will be adjourned to another day.

Board decisions are carried by a vote of resolution, which is given by a show of hands by those members present and able to vote. Resolutions are also able to be carried by the Chair. All resolutions and decisions taken are entered into the minutes of the meeting.

Board minutes are circulated to the Trustees to ascertain they are a true record of the meeting detail and resolutions before the minutes are signed off by the Chair at the following Board meeting.

Literature Works Patrons and honorary officers are entitled to appointment for life or for any term agreed. Unless otherwise agreed, the Board of Trustees will consist of a minimum of three and not more than nine Trustees. All Trustees are paid reasonable expenses properly incurred in connection with exercising their responsibilities for Literature Works. All expense forms and returns are made by the Trustee completing an expense reclaims form and attaching all original receipts to the form.

Page 6

LITERATURE WORKS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charitable company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on and signed on their behalf by: 

09/12/2023

P Warin

Chair of Trustees

Page 7

LITERATURE WORKS (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Independent examiner's report to the Trustees of Literature Works ('the charitable company')

I report to the charity Trustees on my examination of the accounts of the charitable company for the year ended 31 March 2023.

Responsibilities and basis of report

As the Trustees of the charitable company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the charitable company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitable company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body, for my work or for this report.

Signed: Dated: 11/12/2023

Sam Reed CA

Westerly Chartered Accountants 24 Orchard Road Wrafton Braunton EX33 2DZ

Page 8

LITERATURE WORKS (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
126,334
1,384
261
127,979
474
123,419
123,893
4,086
(20,325)
(16,239)
88,587
(16,239)
72,348		 Restricted
funds
2023
£
3,740
32,120
-
35,860
80
91,856
91,936
(56,076)
20,325
(35,751)
44,496
(35,751)
8,745		 Total
funds
2023
£
130,074
33,504
261
163,839
554
215,275
215,829
(51,990)
-
(51,990)
133,083
(51,990)
81,093		 Total
funds
2022
£
149,565
92,282
5
241,852
532
223,316
223,848
18,004
-
18,004
115,079
18,004
133,083

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 27 form part of these financial statements.

Page 9

LITERATURE WORKS (A company limited by guarantee)

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 852
98,895
99,747
(19,706)		 2023
£
1,051
1,051
80,041
81,092
81,092
8,744
72,348
81,092		 820
137,171
137,991
(5,835)		 2022
£
927
927
132,156
133,083
133,083
44,496
88,587
133,083

Page 10

LITERATURE WORKS (A company limited by guarantee)

BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by: 9 DECEMBER 2023

P Warin Chair of Trustees

The notes on pages 12 to 27 form part of these financial statements.

Page 11

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Literature Works is registered charity domiciled in England and Wales. Its registered office address is Courtenay House, Pynes Hill, Exeter, England, EX2 5AZ.

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.

Literature Works 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 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.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 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.

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.

Page 12

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 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.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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, using the straight-line method.

Depreciation is provided on the following basis:

2.6 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.

2.7 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.

2.8 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.

Page 13

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.9 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.

2.10 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.

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.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Depreciation is estimated over the useful economic life of an asset in order to write off the value of this asset in line with life.

Page 14

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from donations and legacies

Donations
Grants		 Unrestricted
funds
2023
£
25,000
101,334
126,334		 Restricted
funds
2023
£
-
3,740
3,740		 Total
funds
2023
£
25,000
105,074
130,074

Included in donations is £25,000 (2022 - £25,000) of donated facilities. The charity is grateful to University of Plymouth for the use of office space and facilities. The estimated value of these services is recognised within incoming rescources as a donation and an equivalent charge included within rent costs.

Donations
Grants		 Unrestricted
funds
2022
£
25,181
98,833
124,014		 Restricted
funds
2022
£
8
25,543
25,551		 Total
funds
2022
£
25,189
124,376
149,565

5. Income from charitable activities

Literature development
Literature development		 Unrestricted
funds
2023
£
1,384
Unrestricted
funds
2022
£
2,494		 Restricted
funds
2023
£
32,120
Restricted
funds
2022
£
89,788		 Total
funds
2023
£
33,504
Total
funds
2022
£
92,282

Page 15

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Investment income

Interest receivable
Interest receivable
Analysis of grants
Grants made
Grants made		 Unrestricted
funds
2023
£
261
Unrestricted
funds
2022
£
5
Grants to
Institutions
2023
£
3,000
Grants to
Institutions
2022
£
2,726		 Total
funds
2023
£
261
Total
funds
2022
£
5
Total
funds
2023
£
3,000
Total
funds
2022
£
2,726

7. Analysis of grants

Page 16

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of grants (continued)

The charitable company has made the following material grants to institutions during the year:

Name of institution
The Women's Community Forum
Okehampton Community Garden
Creative Mojo
Chardstock Eco Group
Transition Town Totnes
Langford Farm Trust
MED Theatre
Plymouth Culture
Whitchurch Conservation Group
North Cornwall Book Festival
Storytale Book Festival
Downstage Write		 2023
£
-
-
-
500
500
500
500
500
-
-
-
500
3,000
3,000		 2022
£
500
460
266
-
-
-
-
-
500
500
500
-
2,726
2,726

Page 17

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities

Literature development
Literature development
Analysis of direct costs
Staff costs
Promotion of Literature
Writer and Poet fees
Contract staff
Consultancy		 Activities
undertaken
directly
2023
£
159,536
Activities
undertaken
directly
2022
£
162,326		 Grant
funding of
activities
2023
£
3,000
Grant
funding of
activities
2022
£
2,726		 Support
costs
2023
£
52,739
Support
costs
2022
£
58,264
Total
funds
2023
£
88,536
19,080
44,312
348
7,260
159,536		 Total
funds
2023
£
215,275
Total
funds
2022
£
223,316
Total
funds
2022
£
107,963
23,786
30,577
-
-
162,326

Page 18

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Rent
Insurance
Website costs
Other expenses
Travel
Professional fees
Governance costs
Independent examiner's remuneration
Fees payable to the charitable company's independent examiner for the
independent examination of the charitable company's annual accounts		 Total
funds
2023
£
1,152
25,000
2,419
10,145
3,330
2,162
8,008
523
52,739
2023
£
600		 Total
funds
2022
£
1,106
25,099
4,123
10,370
8,687
2,122
5,458
1,299
58,264
2022
£
600

9. Independent examiner's remuneration

Page 19

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
83,633
2,566
2,337
88,536		 2022
£
100,340
4,808
2,815
107,963

The average number of persons employed by the charitable company during the year was as follows:

2023 2022
No. No.
Employees 4 4

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the charity comprises the Chief Executive Officer. The total employee benefits of the key management personnel of the charity is £41,462 (2022 - £42,743).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, expenses totalling £ 202 were reimbursed or paid directly to 3 Trustees (2022 - £278 ). These expenses were for travel to and from Trustee meetings.

Page 20

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Computer
equipment
£
3,319
1,276
4,595
2,392
1,152
3,544
1,051
927

Page 21

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2023
£
276
576
852		 2022
£
550
270
820

14. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
2,622
346
16,738
19,706		 2022
£
-
853
4,982
5,835

Deferred income of £15,194, £2,700 represents payments received in 2023 for participation in the Word Space project for 2023-24 (2022 - £3,500) as well as £10,000 National Lottery (2022 - £NIL) and £2,494 British Council grants (2022 - £NIL), intended for use in 2024.

Page 22

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Annual Fund
Quay Words 20-22
Poetry Cares
Plymouth City Laureate
Word Online
Kickstart
Community Writing
Quay Words 22-23
Word space 22-23
Total of funds		 Balance at 1
April 2022
£
88,587
-
17,755
1,410
2,623
375
847
21,486
-
-
44,496
133,083		 Income
£
127,979
-
11,266
1,000
570
-
2,170
-
16,653
4,200
35,859
163,838		 Expenditure
£
(123,893)
(2,500)
(36,762)
(587)
(3,125)
-
(1,197)
(16,828)
(23,037)
(7,900)
(91,936)
(215,829)		 Transfers
in/out
£
(20,325)
2,500
7,741
-
-
-
-
-
6,384
3,700
20,325
-		 Balance at
31 March
2023
£
72,348
-
-
1,823
68
375
1,820
4,658
-
-
8,744
81,092

Page 23

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Statement of funds (continued)

Annual Fund - This fund represents small grants provided to regional projects and organisations to help further the Charity's charitable objectives. A transfer has been made from unrestricted reserves to fund these grants in the year.

Quay Words - This restricted fund represents income received from The Exeter Canal & Quay Trust which has funded consultancy services provided for the programming and research of a literature centre. This year, the Charity has held workshops and events at the Customs House which has brought in additional income by the way of ticket sales. A proportion of this fund is provided from the charities own unrestricted reserves each year.

Poetry Cares - This restricted fund represents income received from Charitable Trusts for the Poetry Cares project which celebrates the power of the poetry and the positive impact of creative engagement with those affected by memory loss.

Plymouth City Laureate - This restricted fund represents income received from local fund providers to facilitate a partnership initiative between Literature Works, Plymouth Culture and The Box for a 'Plymouth Laureate of Words' winner.

Word Online - This restricted fund represents income received from libraries to run an exciting programme of virtual events in celebration of the work of diverse authors including Black, Asian and minority ethnic, disabled and LGBT+ writers.

Kickstart - This restricted fund represents income received from the Government for the Kickstart scheme, which is in place to cover the staff costs, and create new jobs for young people.

Community Writing - This restricted fund represents income received from the Sigrid Rausing Trust, to support a community-based strand that explores self-expression through creative writing, words and stories with existing community groups in Plymouth and Torbay. A proportion of this fund is provided from the charities own unrestricted reserves each year.

Word Space - In 2022-23 Word Space was launched, this is a new online talent development programme for emerging writers in the south west. A diverse group of 12 writers working across mixed genres came together for 12 months of mentoring, workshops, and industry insight sessions, setting and working towards new goals for their creative work. Word Space is an inclusive programme, subsidised by Literature Works to make it affordable. Work is done with partners who share our values and our focus on writer development, offering additional concessions and bursaries for those who need them. We are grateful to the Amazon Literary Partnership for their grant during the year which directly supported inclusive, subsidised work such as Word Space.

Page 24

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Annual Fund
Restricted funds
Quay Words 20-22
Poetry Cares
Plymouth City Laureate
Word Online
Kickstart
Community Writing
Cultivator
Total of funds		 Balance at
1 April 2021
£
95,791
-
95,791
7,028
6,931
1,479
3,850
-
-
-
19,288
115,079		 Income
£
126,513
-
126,513
82,792
-
2,454
3,400
5,543
20,000
1,150
115,339
241,852		 Expenditure
£
(123,591)
(2,726)
(126,317)
(74,465)
(5,521)
(1,310)
(6,875)
(4,696)
(3,514)
(1,150)
(97,531)
(223,848)		 Transfers
in/out
£
(10,126)
2,726
(7,400)
2,400
-
-
-
-
5,000
-
7,400
-		 Balance at
31 March
2022
£
88,587
-
88,587
17,755
1,410
2,623
375
847
21,486
-
44,496
133,083

Page 25

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2022
£
88,587
44,496
133,083
Balance at
1 April 2021
£
95,791
19,288
115,079		 Income
£
127,979
35,859
163,838
Income
£
126,513
115,339
241,852		 Expenditure
£
(123,893)
(91,936)
(215,829)
Expenditure
£
(126,317)
(97,531)
(223,848)		 Transfers
in/out
£
(20,325)
20,325
-
Transfers
in/out
£
(7,400)
7,400
-		 Balance at
31 March
2023
£
72,348
8,744
81,092
Balance at
31 March
2022
£
88,587
44,496
Summary of funds - prior year
General funds
Restricted funds
133,083

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
1,051
91,003
(19,706)
72,348		 Restricted
funds
2023
£
-
8,744
-
8,744		 Total
funds
2023
£
1,051
99,747
(19,706)
81,092

Page 26

LITERATURE WORKS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
927
93,495
(5,835)
88,587		 Restricted
funds
2022
£
-
44,496
-
44,496		 Total
funds
2022
£
927
137,991
(5,835)
133,083

18. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £2,337 (2022 - £2,815). £312 (2022 - £589) was payable to the fund at the balance sheet date and is included in creditors.

19. Related party transactions

There were no related party transactions during the year.

Page 27

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