Charity registration number 1171266
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
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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 - 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 - 18 |
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Alison Roberts - Honorary Chair Sarah Booth - Treasurer Wendy Price - Secretary Ruth Smith - Membership Secretary Sue Morton - Trustee Colin Pyrah OBE - Trustee David Rodwell - Trustee Robert Smith - Trustee Penny Cockill - Trustee Robert Williams - Trustee - (Appointed 21/03/2023) Gregory Pipe - Trustee - (Appointed 14/06/2022) Patrons The Marquis of Normanby The Marchioness of Normanby Museum Mentor Michael Turnpenny - York Museums Trust - (Appointed 20 January 2023) 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 2023
The trustees present their annual report and financial statements for the year ended 30 September 2023.
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, an Administration Assistant 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
Our Admission figures for the period October 2022-September 2023 have shown an increase of 12.5 per cent over the previous year.
Our social media presence on Facebook, X (formally known as Twitter) and Instagram has increased with regular postings to raise the Museum’s profile. Visitors to our website and other social media outlets continue to rise.
Our temporary exhibition entitled 200 Years of Collecting about the founding of the Whitby Literary and Philosophical Society and the work of the museum was very popular.
The Museum Supporters Scheme established at the end of 2017 continues to attract new Museum Patrons. Further Patrons are being sought and an increase in membership actively promoted.
Training
The trustees remain aware of the importance of training and arrange specific training or take advantage of opportunities as they occur. Several training courses have been attended by staff and volunteers covering a number of topics such as manual handling; working at heights; collections documentation; disposal of artefacts and audience development. Staff also attend regular museum industry meetings.
Financial review
During the year income received was £364,648 (2022: £378,729) and £314,293 was spent (2022: £328,073). This resulted in a surplus of £50,355 (2022: surplus £50,656). Gains on Investments of £7,280 (2022: losses of £48,356) leaves a surplus of £57,635 (2022: surplus £2,300).
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 2023
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 2023 were £609,203 (2022: £522,326).
PLANS FOR FUTURE PERIODS
A Forward Plan is under continuous review and a new version covering 2023-2026 has been finalised.
Continuing conservation work is planned in the coming year to preserve the collections for future generations. Generous private funding is enabling us to continue to upgrade specific facilities and functions to improve certain aspects of the Museum and its operation including new cabinet lighting and refurbished rear entrance with glass sliding inner door to improve level access to the building.
Staff regularly attend regional meetings with other museums, currently online. 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:
-
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' report was approved by the Board of Trustees.
Alison Roberts - Honorary Chair
Date: 23 January 2024
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 2023.
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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales, and the Association of Chartered Certified Accountants, which are listed bodies.
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: 29 January 2024
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023
CURRENT FINANCIAL YEAR
| Unrestricted Unrestricted Restricted funds funds funds general designated 2023 2023 2023 Notes £ £ £ Income Donations and legacies 2 158,214 - 37,920 Charitable activities 3 100,266 - 16,532 Other trading activities 4 38,055 - - Investment income 11,894 - 1,217 Other income 550 - - Total income 308,979 - 55,669 Expenditure Raising funds 5 15,989 - 6,752 Charitable activities 6 199,476 68,862 23,214 Total expenditure 215,465 68,862 29,966 Net gains/(losses) on investments 7,280 - - Net income before transfers 100,794 (68,862) 25,703 Gross transfers between funds (12,000) 87,242 (75,242) Net income/(expenditure) for the year Net movement in funds 88,794 18,380 (49,539) Fund balances at 1 October 2022 523,495 436,669 137,341 Fund balances at 30 September 2023 612,289 455,049 87,802 |
Total 2023 £ 196,134 116,798 38,055 13,111 550 364,648 22,741 291,552 314,293 7,280 57,635 - 57,635 1,097,505 1,155,140 |
Total 2022 £ 240,643 101,400 29,591 6,861 234 378,729 16,481 311,592 328,073 (48,356) 2,300 - 2,300 1,095,205 1,097,505 |
|---|---|---|
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 ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PRIOR FINANCIAL YEAR
| Unrestricted Unrestricted Restricted funds funds funds general designated 2022 2022 2022 Notes £ £ £ Income and endowments Donations and legacies 2 115,143 - 125,500 Charitable activities 3 91,400 - 10,000 Other trading activities 4 29,591 - - Investment income 6,809 - 52 Other income 234 - - Total income 243,177 - 135,552 Expenditure Raising funds 5 14,072 - 2,409 Charitable activities 6 181,655 65,234 64,703 Total expenditure 195,727 65,234 67,112 Net gains/(losses) on investments (48,356) - - Net income before transfers (906) (65,234) 68,440 Gross transfers between funds (443,873) 501,903 (58,030) Net income/(expenditure) for the year/ Net movement in funds (444,779) 436,669 10,410 Fund balances at 1 October 2021 539,252 429,022 126,931 Fund balances at 30 September 2022 94,473 865,691 137,341 |
Total 2022 £ 240,643 101,400 29,591 6,861 234 378,729 16,481 311,592 328,073 (48,356) 2,300 - 2,300 1,095,205 1,097,505 |
|---|---|
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 2023
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Stocks Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Restricted funds 15 Unrestricted funds - designated 16 Unrestricted funds - general |
2023 £ 12,151 30,689 312,069 354,909 (40,915) |
£ 443,049 398,097 841,146 313,994 1,155,140 87,802 455,049 612,289 1,155,140 |
2022 £ 7,189 10,269 320,396 337,854 (13,074) |
£ 436,669 336,056 |
|---|---|---|---|---|
| 772,725 324,780 |
||||
| 1,097,505 | ||||
| 137,341 865,691 94,473 |
||||
| 1,097,505 |
The financial statements were approved by the Trustees on 23 January 2024
Alison Roberts - Honorary Chair
Sarah Booth - Treasurer
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 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.
Designated funds are set up by the trustees for a variety of purposes and are detailed in note 16.
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 2023
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 property | 25 years |
|---|---|
| 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 the statement of financial activities.
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.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
2 Donations and legacies
| Unrestricted Restricted funds funds general 2023 2023 £ £ Donations and gifts 8,866 30,420 Legacies receivable 124,310 - Membership fees 8,718 - Gift aid 16,320 7,500 158,214 37,920 Donations and gifts Patron Donations 5,100 - Development donations - 30,000 Government grant - - Other donations 3,766 420 8,866 30,420 |
Total Unrestricted Restricted funds funds general 2023 2022 2022 £ £ £ 39,286 10,936 100,500 124,310 83,000 - 8,718 9,008 - 23,820 12,199 25,000 196,134 115,143 125,500 5,100 3,265 - 30,000 - 100,000 - 6,000 - 4,186 1,671 500 39,286 10,936 100,500 |
Total 2022 £ 111,436 83,000 9,008 37,199 |
|---|---|---|
| 240,643 | ||
| 3,265 100,000 6,000 2,171 |
||
| 111,436 |
3 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2023 | 2022 | |
| £ | £ | |
| Income from admissions | 118,938 | 108,253 |
| Less amount paid to Whitby Town Council | (70,265) | (64,227) |
| Thomas William Varley Roe Deceased | 50,200 | 47,201 |
| Library sales | 1,393 | 173 |
| Grant income | 16,532 | 10,000 |
| 116,798 | 101,400 | |
| Analysis by fund | ||
| Unrestricted funds - general | 100,266 | 91,400 |
| Restricted funds | 16,532 | 10,000 |
| 116,798 | 101,400 |
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
4 Other trading activities
| Museum shop Café fee Room hire Raising funds Unrestricted Restricted funds funds general 2023 2023 £ £ Operating charity shops 11,513 6,752 Investment management 4,476 - 15,989 6,752 |
Unrestricted Unrestricted funds funds general general 2023 2022 £ £ 29,159 22,652 7,015 6,399 1,881 540 38,055 29,591 Total Unrestricted Restricted Total funds funds general 2023 2022 2022 2022 £ £ £ £ 18,265 9,152 2,409 11,561 4,476 4,920 - 4,920 22,741 14,072 2,409 16,481 |
Unrestricted Unrestricted funds funds general general 2023 2022 £ £ 29,159 22,652 7,015 6,399 1,881 540 38,055 29,591 Total Unrestricted Restricted Total funds funds general 2023 2022 2022 2022 £ £ £ £ 18,265 9,152 2,409 11,561 4,476 4,920 - 4,920 22,741 14,072 2,409 16,481 |
|---|---|---|
| 29,591 | ||
| Total 2022 £ 11,561 4,920 |
||
| 16,481 |
5 Raising funds
6 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2023 | 2022 | |
| £ | £ | |
| Direct costs | 62,117 | 55,925 |
| Staff costs | 105,954 | 76,342 |
| 168,071 | 132,267 | |
| Share of support costs (see note 7) | 120,945 | 176,743 |
| Share of governance costs (see note 7) | 2,536 | 2,582 |
| 291,552 | 311,592 | |
| Analysis by fund | ||
| Unrestricted funds - general | 199,476 | 181,655 |
| Unrestricted funds - designated | 68,862 | 65,234 |
| Restricted funds | 23,214 | 64,703 |
| 291,552 | 311,592 |
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
7 Support costs
| 2023 Support costs Governance costs £ £ Depreciation 68,862 - Printing, postage and stationery 5,031 - Subscriptions and journals 938 - Legal and professional fees 2,025 - Sundry expenses 2,119 - Insurance 4,321 - Computer expenses 3,728 - Communication with members 1,644 - Advertising and publicity 5,309 - Repairs and maintenance 22,876 - Bank charges 4,092 - Accountancy fees - 2,536 120,945 2,536 Analysed between Charitable activities 120,945 2,536 |
2022 2023 Support costs Governance costs £ £ £ 68,862 65,234 - 5,031 2,395 - 938 467 - 2,025 7,146 - 2,119 3,681 - 4,321 4,234 - 3,728 13,086 - 1,644 1,437 - 5,309 2,599 - 22,876 73,519 - 4,092 2,945 - 2,536 - 2,582 123,481 176,743 2,582 123,481 176,743 2,582 |
2022 £ 65,234 2,395 467 7,146 3,681 4,234 13,086 1,437 2,599 73,519 2,945 2,582 |
|---|---|---|
| 179,325 | ||
| 179,325 |
Governance costs accountancy fees includes independent examination fees of £2,040 (2022: £1,980).
8 Trustees
During the year, 3 trustees were reimbursed a total of £120 (2022: £38) for travel expenses
9 Employees
The average monthly number of employees during the year was:
| Total Wages and salaries Social security costs Other pension costs |
2023 Number 8 104,945 266 743 105,954 |
2022 Number 6 |
|---|---|---|
| 75,693 - 379 |
||
| 76,342 |
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11 Tangible fixed assets
| Leasehold property Leasehold improvements £ £ Cost At 1 October 2022 1,162,278 8,586 Additions - 21,867 At 30 September 2023 1,162,278 30,453 Depreciation At 1 October 2022 883,332 239 Depreciation charged in the year 46,491 841 At 30 September 2023 929,823 1,080 Carrying amount At 30 September 2023 232,455 29,373 At 30 September 2022 278,946 8,347 |
Fixtures Furniture and equipment Computer equipment £ £ £ 164,870 80,575 27,828 37,886 9,668 5,820 202,756 90,243 33,648 69,266 36,458 18,172 9,506 8,655 3,369 78,772 45,113 21,541 123,984 45,130 12,107 95,604 44,116 9,656 |
Total £ 1,444,137 75,241 |
|---|---|---|
| 1,519,378 | ||
| 1,007,467 68,862 |
||
| 1,076,329 | ||
| 443,049 | ||
| 436,669 |
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
12 Fixed asset investments
| Listed investments | |
|---|---|
| £ | |
| Valuation | |
| At 1 October 2022 | 336,056 |
| Additions | 167,798 |
| Disposal proceeds | (102,609) |
| Net gains (losses) on disposals | 5,696 |
| Unrealised gains (losses) | 1,584 |
| Movement in income account | 1,017 |
| Movement in capital account | (11,444) |
| At 30 September 2023 | 398,098 |
| Carrying amount | |
| At 30 September 2023 | 398,098 |
| At 30 September 2022 | 336,056 |
The historic cost of the above investments at 30 September 2023 is £374,307 (2022: £321,876).
Included in the above is £18,677 of cash held in the portfolio's income and capital accounts (2022: £29,106) leaving £355,629 (2022: £306,950) of listed investments.
13 Debtors
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ 2,274 23,329 5,086 30,689 2023 £ 15,566 25,349 40,915 |
2022 £ 1,433 3,531 5,305 |
|---|---|---|
| 10,269 | ||
| 2022 £ 952 12,122 |
||
| 13,074 |
14 Creditors: amounts falling due within one year
Included in the above is £159 (2022: £nil) of deferred income. This relates to school trips in the future.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
15 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 2022 £ Development fund 124,600 Normanby Trust 10,000 Alan Appleton fund 2,741 NLHF Archives for All - Curry Fund re Fossil Festival - Special Receipt Science fund - 137,341 Balance at 1 October 2021 £ Development fund 124,181 WYCA EDRF 2,750 Normanby Trust - Alan Appleton fund - 126,931 |
Movement in funds Income Expenditure Transfers Balance at 30 September 2023 £ £ £ £ 38,717 (8,564) (69,421) 85,332 - (7,950) - 2,050 - (2,741) - - 15,532 (9,712) (5,820) - 1,000 (1,000) - - 420 - - 420 55,669 (29,967) (75,241) 87,802 Movement in funds Income Expenditure Transfers Balance at 30 September 2022 £ £ £ £ 125,052 (64,703) (59,930) 124,600 - - (2,750) - 10,000 - - 10,000 500 (2,409) 4,650 2,741 135,552 (67,112) (58,030) 137,341 |
Movement in funds Income Expenditure Transfers Balance at 30 September 2023 £ £ £ £ 38,717 (8,564) (69,421) 85,332 - (7,950) - 2,050 - (2,741) - - 15,532 (9,712) (5,820) - 1,000 (1,000) - - 420 - - 420 55,669 (29,967) (75,241) 87,802 Movement in funds Income Expenditure Transfers Balance at 30 September 2022 £ £ £ £ 125,052 (64,703) (59,930) 124,600 - - (2,750) - 10,000 - - 10,000 500 (2,409) 4,650 2,741 135,552 (67,112) (58,030) 137,341 |
|---|---|---|
| 137,341 |
Development fund: This fund represents restricted monies donated for specific development projects at the museum approved by the donor. The transfer out to the designated fixed asset fund represents monies spent on tangible fixed assets not included in the expenditure on the statement of financial activities.
Normanby Trust: This fund represents a restricted grant from the Normanby Trust for the charity's bi-centenary celebrations in 2023.
Alan Appleton fund: This fund represents restricted donations for the purchase of Whitby Timeline books to be resold in the museum shop.
NLHF Archives for All: This fund represents a restricted grant from the National Lottery Heritage Fund for improvements to the longevity of, and access to, the archive. £210,205 has been awarded over 3 years, along with £12,000 from the society towards the project. Funds can only be claimed once expenditure exceeds £10,000. The income represents a claim made for expenditure during the year. The transfer out of the fund represents monies spent on tangible fixed assets not included in the expenditure on the statement of financial activities.
Curry Fund re Fossil Festival: This fund represents a restricted grant from the Curry Fund for hosting the Yorkshire Fossil Festival during the year.
WYCA ERDF (2022 only): 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. The transfer out to the designated fixed asset fund represents monies spent in previous years on tangible fixed assets not included in the expenditure on the statement of financial activities.
Special Receipt Science Fund: This fund represents a donation restricted for use on a science trail.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
16 Unrestricted funds - designated
These are unrestricted funds which are material to the charity's activities made up as follows:
| Balance at 1 October 2021 Expenditure £ £ Fixed asset fund 429,022 (57,587) Archives For All - - 429,022 (57,587) |
Transfers Balance at 1 October 2022 Expenditure £ £ £ 65,234 436,669 (68,862) - - - 65,234 436,669 (68,862) |
Transfers Balance at 30 September 2023 £ £ 75,242 443,049 12,000 12,000 87,242 455,049 |
Transfers Balance at 30 September 2023 £ £ 75,242 443,049 12,000 12,000 87,242 455,049 |
|---|---|---|---|
| 455,049 |
Fixed Asset Fund: This fund represents the tangible fixed assets owned by the charity. Depreciation is charged as expenditure to the fund. The transfer into the fund represents fixed asset additions.
Archives For All society contribution: This fund represents monies designated as the society's contribution to the Archives For All project. The transfer into the fund represents the £12,000 being set aside for the project.
17 Analysis of net assets between funds
| Unrestricted funds Designated funds Restricted funds 2023 2023 2023 £ £ £ Fund balances at 30 September 2023 are represented by: Tangible assets - 443,049 - Investments 398,097 - - Current assets/(liabilities) 214,192 12,000 87,802 612,289 455,049 87,802 |
Total 2023 £ 443,049 398,097 313,994 |
|---|---|
| 1,155,140 |
| Unrestricted funds Designated funds Restricted funds 2022 2022 2022 £ £ £ Fund balances at 30 September 2022 are represented by: Tangible assets - 436,669 - Investments 336,056 - - Current assets/(liabilities) 187,439 - 137,341 523,495 436,669 137,341 |
Total 2022 £ 436,669 336,056 324,780 |
|---|---|
| 1,097,505 |
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
18 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 |
2023 £ 510 1,658 918 3,086 |
2022 £ 246 4 919 |
|---|---|---|
| 1,169 |
Included in the above is £923 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.
19 Related party transactions
There were no disclosable related party transactions during the year (2022: none).
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