Charity Registration No. 1171266
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 - 15 |
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Sarah Booth - Chair and Treasurer Wendy Price - Secretary Ruth Smith - Membership Secretary Steve Barnard - Librarian Marion Berry - Archivist Sue Morton - Trustee Colin Pyrah OBE - Trustee Alison Roberts - Trustee David Rodwell - Trustee Mike Shaw - Trustee (Resigned 27 January 2021) Patrons The Marquis of Normanby The Marchioness of Normanby Museum Mentor Victoria Harrison - Spark Your Wildfire Charity number 1171266 Principal address Whitby Museum Pannet Park Whitby YO21 1RE Independent examiner N Clemit ACA, FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane York YO10 5DQ Bankers HSBC Bank Plc 4 Baxtergate Whitby North Yorkshire YO21 1BD Invesment Managers Brewin Dolphin 12 Smithfield Street London EC1A 9BD Financial Advisors Anderson Brown (Whitby) Ltd Victoria House 7 Victoria Square Whitby North Yorkshire YO21 1EA
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees present their report and financial statements for the year ended 30 September 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019".
The legal and administrative information page forms part of this report.
Objectives and activities
The Society’s objects are to educate the public in the interests of Science, the Humanities and Literature by the provision of a Museum, a Library and Archives and by such charitable means as may be practicable.
In pursuit of that overall objective, the Society continues to maintain and develop the Museum, which continues to attract visitors from all parts of the UK and overseas, including a number of educational visits from school parties. It is staffed by a team of volunteers, including the sectional curators, supported by paid part-time staff comprising a documentation officer, a Museum manager and three museum assistants.
The Library and Archives, amassed over the Society’s life, amount to over 7,500 volumes covering a wide range of topics of local interest and at least as many archives. The Museum also has some 15,000 photographs, pictures and prints, and roughly 600 maps. Stewardship of the photographs, pictures and maps is shared with the Library and Archive. The Museum, Library and Archive has approximately 90,000 artefacts in total.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Due to the COVID-19 Pandemic, the AGM was conducted via Zoom on 28 th February 2021. At the AGM, it was proposed and agreed by the membership, that Sarah Booth be re-elected as Honorary Chair for a one year extension to her current term.
Due to the COVID-19 Pandemic, the Museum closed in October 2020 and re-opened in May 2021 on reduced hours and limited capacity. In mid-July 2021 it increased the days when the Museum was open to 6 days per week from the four days per week it had operated previously. As a result, our admission figures were greatly reduced, as was our income. Our losses due to Covid-19 for this financial year have been mitigated by grants received and government support via the Furlough scheme. Work is continuing to review all aspects of the Charity’s operation and to take what action we reasonably can to mitigate predicted losses for 2021/22.
During the closure our social media presence on Facebook, Twitter and Instagram was increased with regular postings to raise the Museum’s profile. Visitors to our website and other social media outlets continue to rise.
In June 2021 we were able to open a temporary exhibition entitled A Vision of Whitby about the life and work of a local photographer, whose centenary occurs in December 2021, which has proved to be very popular.
The Museum Supporters Scheme was established at the end of 2017 continues to attract new Museum Patrons. The scheme now has 28 Patrons. Further Patrons are being sought and an increase in membership actively promoted.
Training
The Trustees remain aware of the importance of training and take advantage of opportunities as they occur. Several training courses have been attended by staff and volunteers covering a number of topics such as: Case design and Interpretation; Family Friendly Approaches; Audience Development; Income Generation; Emergency Planning and First Aid Training. The majority have occurred online through Zoom or equivalent platforms. .
Financial review
During the year income received was £134,355 (2020: £293,183) and £170,732 was spent (2020: £177,608). This resulted in a deficit of £36,377 (2020: surplus £115,575). Gains on Investments of £32,867 (2020: £172) leaves a deficit of £3,510 (2020: Surplus £115,747).
We are grateful to the Thomas William Varley Roe Deceased Charity for continuously supporting us.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
Reserves policy
The Society has funds from historic donations and legacies which are invested to maintain sufficient reserves to enable the Society to be sustainable. Additional funds will be held in a quick access account to meet immediate needs.
The free reserves at 30 September 2021 were £532,590 (2020: £516,505).
PLANS FOR FUTURE PERIODS
A Forward Plan is under continuous review to take account of the unprecedented effects of the COVID-19 Pandemic.
Continuing conservation work is planned in the coming year to preserve the collections for future generations. Private funding is enabling us to continue to upgrade specific facilities and functions to improve certain aspects of the Museum and its operation.
Staff regularly attend regional meetings with other museums, currently on line. Training opportunities will continue to be sought in the coming year.
Structure, governance and management
Governing Document
The Society is governed by its Constitution, approved by the Members on 12 March 2017.
Summary of Powers
The Society’s Constitution provides for the appointment of a Committee, whose powers include:
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Power to raise funds
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Power to acquire and dispose of the property of the Society
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Power, subject to any consent required by law, to borrow money
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Power to appoint advisory committees
Nominees
As a CIO, the Society is now a legal entity that is able to hold its own investments and property. The Committee may also permit any investment held by or in trust for the Society to be held in the name of a clearing bank, trust, corporation or any stockbroking company which is a member of the International Stock Exchange as a nominee of the Committee. The investments are managed by a nominee company.
The trustees' r eport was approved by the Board of Trustees.
Sarah Booth
Date: 18 January 2022
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees 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).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
I report to the trustees on my examination of the financial statements of Whitby Literary and Philosophical Society (the charity) for the year ended 30 September 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
N Clemit ACA, FCCA
JWPCreers LLP Chartered Accountants Genesis 5 Church Lane York YO10 5DQ
Dated: 27 January 2022
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income Donations and legacies 2 69,466 3,000 Charitable activities 3 45,591 - Other trading activities 4 10,895 - Investment income 5,095 6 Other income 302 - Total income 131,349 3,006 Expenditure Raising funds 5 7,962 - Charitable activities 6 159,195 3,575 Total expenditure 167,157 3,575 Net gains/(losses) on investments 32,867 - Net (expenditure)/income before transfers (2,941) (569) Gross transfers between funds - - Net (expenditure)/income for the year Net movement in funds (2,941) (569) Fund balances at 1 October 2020 971,215 127,500 Fund balances at 30 September 2021 968,274 126,931 |
Total Unrestricted funds 2021 2020 £ £ 72,466 67,604 45,591 70,937 10,895 10,424 5,101 5,292 302 388 134,355 154,645 7,962 5,754 162,770 160,542 170,732 166,296 32,867 172 (3,510) (11,479) - (274) (3,510) (11,753) 1,098,715 982,968 1,095,205 971,215 |
Restricted funds 2020 £ 138,538 - - - - 138,538 - 11,312 11,312 - 127,226 274 127,500 - 127,500 |
Total 2020 £ 206,142 70,937 10,424 5,292 388 |
|---|---|---|---|
| 293,183 | |||
| 5,754 171,854 |
|||
| 177,608 | |||
| 172 | |||
| 115,747 - |
|||
| 115,747 982,968 |
|||
| 1,098,715 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2021
| Notes Fixed assets Tangible assets 10 Investments 11 Current assets Stocks Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Restricted funds 14 Unrestricted funds |
2021 £ 4,085 17,139 257,466 278,690 (10,398) |
£ 444,316 382,597 826,913 268,292 1,095,205 126,931 968,274 1,095,205 |
2020 £ 3,792 53,035 326,703 383,530 (5,401) |
£ 451,581 269,005 720,586 378,129 1,098,715 127,500 971,215 1,098,715 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 18 January 2022
Sarah Booth
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
Charity information
Whitby Literary and Philosophical Society is a charitable incorporated organisation registered in England.
1.1 Accounting convention
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies are consistently applied to all years presented unless otherwise stated.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
The charity maintains a general unrestricted fund which is expendable at the discretion of the trustees in furtherance of the objects of the charity
Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the funder or when funds are raised for a specific purpose.
1.4 Income
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Donations and legacies are received by way of grants, donations and gifts and are included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
Income from investments is included in the year in which it is receivable.
1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred.
Raising funds comprise the costs associated with attracting donations and legacies. The costs of trading for fundraising purposes includes the charity’s shop.
Charitable expenditure comprises those costs incurred by the charity on the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Expenditure on fixed assets costing more than £1,000 is capitalised. Assets are depreciated over their estimated useful lives on a straight line basis as follows:-
| Leasehold improvements | 25 years |
|---|---|
| Fixtures | 20 years |
| Furniture and equipment | 8 years |
| Computer equipment | 4 years |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.8 Stocks
Stock is valued at the lower of cost and net realisable value.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks .
1.10 Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged in the statement of financial activities on a straight line basis over the period of the lease.
2 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 57,120 3,000 Membership fees 8,787 - Gift aid 3,559 - 69,466 3,000 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 60,120 57,284 111,038 8,787 9,668 - 3,559 652 27,500 72,466 67,604 138,538 |
Total 2020 £ 168,322 9,668 28,152 |
|---|---|---|
| 206,142 |
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2 Donations and legacies
(Continued)
Donations and gifts
| Patrons donations Development donations Grant income HMRC grant Other donations |
3,300 - 39,214 12,024 2,582 57,120 |
- - 3,000 - - 3,000 |
3,300 - 42,214 12,024 2,582 60,120 |
25,050 - 27,000 - 5,234 57,284 |
- 100,000 1,340 9,698 - 111,038 |
25,050 100,000 28,340 9,698 5,234 168,322 |
|---|---|---|---|---|---|---|
3 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Income from admissions | 52,090 | 27,579 |
| Less amount paid to Whitby Town Council | (30,909) | (15,724) |
| Thomas William Varley Roe Deceased | 24,326 | 58,935 |
| Library sales | 84 | 147 |
| 45,591 | 70,937 |
4 Other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Museum shop | 8,700 | 4,709 |
| Café fee | 2,145 | 4,915 |
| Room hire | 50 | 800 |
| Other trading activities | 10,895 | 10,424 |
| Raising funds | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Operating charity shops | 3,601 | 2,298 |
| Investment management | 4,361 | 3,456 |
| 7,962 | 5,754 |
-
5 Raising funds
-
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
6 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Direct costs | 21,279 | 32,842 |
| Staff costs | 60,932 | 61,528 |
| 82,211 | 94,370 | |
| Share of support costs (see note 7) | 77,708 | 76,284 |
| Share of governance costs (see note 7) | 2,851 | 1,200 |
| 162,770 | 171,854 | |
| Analysis by fund | ||
| Unrestricted funds | 159,195 | 160,542 |
| Restricted funds | 3,575 | 11,312 |
| 162,770 | 171,854 |
7 Support costs
| Support costs | ||
|---|---|---|
| 2021 Support costs Governance costs £ £ Depreciation 57,812 - Printing, postage and stationery 1,777 - Subscriptions and journals 448 - Legal and professional fees 4,883 - Sundry 1,810 - Insurance 3,857 - Computer expenses 3,026 - Communication with members 1,910 - Advertising and publicity 973 - Bank charges 1,212 - Accountancy fees - 2,851 77,708 2,851 Analysed between Charitable activities 77,708 2,851 |
2020 2021 Support costs Governance costs £ £ £ 57,812 55,530 - 1,777 2,214 - 448 433 - 4,883 2,021 - 1,810 2,434 - 3,857 3,801 - 3,026 5,440 - 1,910 1,746 - 973 2,142 - 1,212 523 - 2,851 - 1,200 80,559 76,284 1,200 80,559 76,284 1,200 |
2020 £ 55,530 2,214 433 2,021 2,434 3,801 5,440 1,746 2,142 523 1,200 |
| 77,484 | ||
| 77,484 |
Governance costs accountancy fees includes independent examination fees of £1,950 (2020:£1,200).
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
8 Trustees
No remuneration directly or indirectly has been paid or is payable, for the period to any trustee or to any person or persons known to be connected with them.
9 Employees
The average monthly number of employees during the year was:
| Total Wages and salaries Other pension costs Tangible fixed assets Leasehold improvements £ Cost At 1 October 2020 1,162,278 Additions - At 30 September 2021 1,162,278 Depreciation At 1 October 2020 790,350 Depreciation charged in the year 46,491 At 30 September 2021 836,841 Carrying amount At 30 September 2021 325,437 At 30 September 2020 371,928 |
Fixtures Furniture and equipment £ £ 127,233 31,900 - 39,975 127,233 71,875 55,300 24,180 6,362 4,078 61,662 28,258 65,571 43,617 71,933 7,720 |
2021 Number 5 60,676 256 60,932 Computer equipment £ 19,303 10,572 29,875 19,303 881 20,184 9,691 - |
2020 Number 5 |
|---|---|---|---|
| 61,528 - |
|||
| 61,528 | |||
| Total £ 1,340,714 50,547 |
|||
| 1,391,261 | |||
| 889,133 57,812 |
|||
| 946,945 | |||
| 444,316 | |||
| 451,581 |
10 Tangible fixed assets
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
11 Fixed asset investments
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Valuation | |
| At 1 October 2020 | 269,005 |
| Additions | 121,097 |
| Disposal proceeds | (27,236) |
| Net gains on disposals | 1,358 |
| Unrealised gains | 31,509 |
| Movement in income account | (13,389) |
| Movement in capital account | 253 |
| At 30 September 2021 | 382,597 |
| Carrying amount | |
| At 30 September 2021 | 382,597 |
| At 30 September 2020 | 269,005 |
The historic cost of the above investments at 30 September 2021 is £306,230 (2020: £ 222,071).
| 12 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2021 £ 2,043 982 14,114 17,139 |
2020 £ 356 29,763 22,916 53,035 |
|---|---|---|
13 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2021 £ 561 9,837 10,398 |
2020 £ 931 4,470 5,401 |
|---|---|---|
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
14 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at 1 October 2020 £ Development fund 127,500 WYCA EDRF - 127,500 Balance at 1 October 2019 £ Coronavirus Job Retention Scheme - Development fund - Yorkshire Museum Trust - - |
Movement in funds Inco me Expenditure Transfers Balance at 30 September 2021 £ £ £ £ 6 (3,325) - 124,181 3,000 (250) - 2,750 3,006 (3,575) - 126,931 Movement in funds Inco me Expenditure Transfers Balance at 30 September 2020 £ £ £ £ 9,698 (9,698) - - 127,500 - - 127,500 1,340 (1,614) 274 - 138,538 (11,312) 274 127,500 |
Movement in funds Inco me Expenditure Transfers Balance at 30 September 2021 £ £ £ £ 6 (3,325) - 124,181 3,000 (250) - 2,750 3,006 (3,575) - 126,931 Movement in funds Inco me Expenditure Transfers Balance at 30 September 2020 £ £ £ £ 9,698 (9,698) - - 127,500 - - 127,500 1,340 (1,614) 274 - 138,538 (11,312) 274 127,500 |
|---|---|---|
| 127,500 |
Development fund: This fund represents restricted monies donated for specific development projects at the museum approved by the donor.
WYCA ERDF: This fund represents a restricted grant by West Yorkshire Combined Authority working in partnership with the European Regional Development Fund for specific capital expenditure incurred.
Coronavirus job retention scheme (2020 only): This fund represents the HMRC grants claimed through the furlough scheme. Grants of the same nature have been received in 2021, see note 3, but they have not been treated as restricted funds as claims are made simultaneous with staff expenditure.
Yorkshire Museum Trust (2020 only): This fund represents monies received from Yorkshire Museum Trust to purchase protective screening.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
15 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 30 September 2021 are represented by: Tangible assets 433,535 10,781 Investments 382,597 - Current assets/(liabilities) 152,142 116,150 968,274 126,931 Unrestricted funds Restricted funds 2020 2020 £ £ Fund balances at 30 September 2020 are represented by: Tangible assets 451,581 - Investments 269,005 - Current assets/(liabilities) 250,629 127,500 971,215 127,500 |
Total 2021 £ 444,316 382,597 268,292 |
|---|---|
| 1,095,205 | |
| Total 2020 £ 451,581 269,005 378,129 |
|
| 1,098,715 |
Where restricted funds have been used for capital expenditure the funds are reduce in line with depreciation policies. Included in the restricted current assets is £7,842 of prepayments for capital items not received before the year end.
16 Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:
| Within one year Between two and five years In over five years |
2021 £ 980 249 920 2,149 |
2020 £ 980 1,228 921 |
|---|---|---|
| 3,129 |
Included in the above is £925 remaining of a 999 year peppercorn lease for the building. The lease is with Whitby Town Council and is in the process of being transferred from the unincorporated charity to this CIO.
17 Related party transactions
There were no disclosable related party transactions during the year (2020 - none).
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