Charity registration number 1171266
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 - 19 |
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | David Rodwell-Cox - Chair from 25 February 2024 |
|---|---|
| Alison Roberts - Chair to 25 February 2024 then Secretary from 25 February | |
| 2024 | |
| Sarah Booth - Treasurer | |
| Ruth Smith - Membership Secretary | |
| Colin Pyrah OBE - Marketing Officer | |
| Robert Williams - Archivist | |
| Wendy Price - Secretary to 25 February 2024 then Trustee | |
| Penny Cockill - Trustee | |
| Sue Morton - Trustee | |
| Gregory Pipe - Trustee | |
| Robert Smith - Trustee | |
| Patron | The Marchioness of Normanby |
| Museum Mentor | Andrew Woods - York Museums Trust |
| Charity number | 1171266 |
| Principal address | Whitby Museum |
| Pannet Park | |
| Whitby | |
| YO21 1RE | |
| Independent examiner | Frances Howard FCA |
| Fortus Limited | |
| Business Advisors and Accountants | |
| Equinox House | |
| Clifton Park | |
| Shipton Road | |
| York | |
| YO30 5PA | |
| 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 |
- 1 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the year ended 30 September 2024.
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, three museum assistants, four casual relief Museum Assistants and NLHF-supported Archivist and Outreach Officer.
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 2023-September 2024 were equivalent to last year.
Our social media presence on Facebook, X 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 Our Lasses - Inspirational Women of Whitby and the work of the museum was very popular and will continue until June 2025.
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 first aid, forward planning, safeguarding, marketing and conservation. Staff also attend regular museum industry meetings.
Financial review
During the year income received was £262,980 (2023: £364,648) and £348,405 was spent (2023: £314,293). This resulted in a deficit of £85,425 (2023: surplus £50,355). Gains on Investments of £42,149 (2023: gains of £7,280) leaves a deficit of £43,276 (2023: surplus £57,635).
We are grateful to the Thomas William Varley Roe Deceased Charity for continuously supporting us.
- 2 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 2024 were £627,627 (2023: £609,203).
PLANS FOR FUTURE PERIODS
Our current Forward Plan (2023-2026) is under continuous review.
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.
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
-
Power to acquire and dispose of the property of the Society
-
Power, subject to any consent required by law, to borrow money
-
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. Pid Lr David Rodwell-Cox - Chair Date: 23 January 2025
- 3 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024
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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
- 4 -
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 2024.
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 in England and Wales, which is a listed body.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
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.
Frances Howard FCA
Fortus Limited Business Advisors and Accountants
Equinox House Clifton Park Shipton Road YO30 5PA York
Dated: 23 January 2025
- 5 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024
CURRENT FINANCIAL YEAR
| Unrestricted Unrestricted Restricted funds funds funds general designated 2024 2024 2024 Notes £ £ £ Income Donations and legacies 2 39,535 - - Charitable activities 3 80,528 - 78,537 Other trading activities 4 50,137 - - Investment income 12,602 - 1,384 Other income 257 - - Total income 183,059 - 79,921 Expenditure Raising funds 5 23,363 - - Charitable activities 6 178,784 71,230 75,028 Total expenditure 202,147 71,230 75,028 Net gains/(losses) on investments 42,149 - - Net income before transfers 23,061 (71,230) 4,893 Gross transfers between funds (5,147) 13,981 (8,834) Net income/(expenditure) for the year Net movement in funds 17,914 (57,249) (3,941) Fund balances at 1 October 2023 612,289 455,049 87,802 Fund balances at 30 September 2024 630,203 397,800 83,861 |
Total 2024 £ 39,535 159,065 50,137 13,986 257 262,980 23,363 325,042 348,405 42,149 (43,276) - (43,276) 1,155,140 1,111,864 |
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 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 6 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PRIOR FINANCIAL YEAR
| Unrestricted Unrestricted Restricted funds funds funds general designated 2023 2023 2023 Notes £ £ £ Income and endowments 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 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 7 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Intangible assets | 11 | 2,133 | - | ||||
| Tangible assets | 12 | 383,667 | 443,049 | ||||
| Investments | 13 | 445,761 | 398,097 | ||||
| 831,561 | 841,146 | ||||||
| Current assets | |||||||
| Stocks | 13,186 | 12,151 | |||||
| Debtors | 14 | 24,194 | 30,689 | ||||
| Cash at bank and in hand | 256,148 | 312,069 | |||||
| 293,528 | 354,909 | ||||||
| Creditors: amounts falling due within one year | 15 | (13,225) | (40,915) | ||||
| Net current assets | 280,303 | 313,994 | |||||
| Total assets less current liabilities | 1,111,864 | 1,155,140 | |||||
| Income funds | |||||||
| Restricted funds | 16 | 83,861 | 87,802 | ||||
| Unrestricted funds - designated | 17 | 397,800 | 455,049 | ||||
| Unrestricted funds - general | 630,203 | 612,289 | |||||
| 1,111,864 | 1,155,140 |
The financial statements were approved by the Trustees on 23 January 2025
ArQet. Sarah Booth - Treasurer
AridLe David Rodwell-Cox - Chair
- 8 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 17.
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.
- 9 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
1.6 Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intangible assets 3 years straight line
1.7 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.
1.8 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.
1.9 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.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.11 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.
- 10 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 Donations and legacies
| Unrestricted Unrestricted Restricted funds funds funds general general 2024 2023 2023 £ £ £ Donations and gifts 9,500 8,866 30,420 Legacies receivable 306 124,310 - Membership fees 8,972 8,718 - Gift aid 20,757 16,320 7,500 39,535 158,214 37,920 Donations and gifts Patron Donations 5,295 5,100 - Development donations - - 30,000 Other donations 4,205 3,766 420 9,500 8,866 30,420 |
Total 2023 £ 39,286 124,310 8,718 23,820 |
|---|---|
| 196,134 | |
| 5,100 30,000 4,186 |
|
| 39,286 |
3 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2024 | 2023 | |
| £ | £ | |
| Income from admissions | 145,955 | 118,938 |
| Less amount paid to Whitby Town Council | (82,277) | (70,265) |
| Thomas William Varley Roe Deceased | 16,462 | 50,200 |
| Library sales | 388 | 1,393 |
| Grant income | 78,537 | 16,532 |
| 159,065 | 116,798 | |
| Analysis by fund | ||
| Unrestricted funds - general | 80,528 | 100,266 |
| Restricted funds | 78,537 | 16,532 |
| 159,065 | 116,798 |
- 11 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 Other trading activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| general | general | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Museum shop | 36,713 | 29,159 | |
| Café fee | 8,692 | 7,015 | |
| Room hire | 4,732 | 1,881 | |
| 50,137 | 38,055 | ||
| Raising funds | |||
| Unrestricted | Unrestricted | Restricted | |
| funds | funds | funds | |
| general | general | ||
| 2024 | 2023 | 2023 | |
| £ | £ | £ | |
| Operating charity shops | 18,080 | 11,513 | 6,752 |
| Investment management | 5,283 | 4,476 | - |
| 23,363 | 15,989 | 6,752 | |
| Charitable activities | |||
| Charitable | Charitable | ||
| activities | activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | 19,156 | 62,117 | |
| Staff costs | 149,765 | 105,954 | |
| 168,921 | 168,071 | ||
| Share of support costs (see note 7) | 152,275 | 120,945 | |
| Share of governance costs (see note 7) | 3,846 | 2,536 | |
| 325,042 | 291,552 | ||
| Analysis by fund | |||
| Unrestricted funds - general | 178,784 | 199,476 | |
| Unrestricted funds - designated | 71,230 | 68,862 | |
| Restricted funds | 75,028 | 23,214 | |
| 325,042 | 291,552 |
5 Raising funds
6 Charitable activities
- 12 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
7 Support costs
| 2024 Support costs Governance costs £ £ Depreciation 71,230 - Printing, postage and stationery 4,340 - Subscriptions and journals 921 - Legal and professional fees 388 - Sundry expenses 2,887 - Insurance 4,227 - Computer expenses 12,916 - Communication with members 1,676 - Advertising and publicity 7,471 - Repairs and maintenance 42,181 - Bank charges 4,038 - Accountancy fees - 3,846 152,275 3,846 Analysed between Charitable activities 152,275 3,846 |
2023 2024 Support costs Governance costs £ £ £ 71,230 68,862 - 4,340 5,031 - 921 938 - 388 2,025 - 2,887 2,119 - 4,227 4,321 - 12,916 3,728 - 1,676 1,644 - 7,471 5,309 - 42,181 22,876 - 4,038 4,092 - 3,846 - 2,536 156,121 120,945 2,536 156,121 120,945 2,536 |
2023 £ 68,862 5,031 938 2,025 2,119 4,321 3,728 1,644 5,309 22,876 4,092 2,536 |
|---|---|---|
| 123,481 | ||
| 123,481 |
Governance costs accountancy fees includes independent examination fees of £2,214 (2023: £2,040).
8 Trustees
During the year, 1 trustee was reimbursed a total of £49 for travel expenses (2023: 3 trustees were reimbursed £120).
9 Employees
The average monthly number of employees during the year was:
| Total Wages and salaries Social security costs Other pension costs |
2024 Number 9 145,803 2,685 1,551 150,039 |
2023 Number 8 |
|---|---|---|
| 104,945 266 743 |
||
| 105,954 |
There were no employees who received total employee benefits of more than £60,000 in either year.
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.
- 13 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 11 | Intangible fixed assets | |
|---|---|---|
| Intangible assets | ||
| £ | ||
| Cost | ||
| At 1 October 2023 | - | |
| Additions - separately acquired | 2,400 | |
| At 30 September 2024 | 2,400 | |
| Amortisation and impairment | ||
| At 1 October 2023 | - | |
| Amortisation charged for the year | 267 | |
| At 30 September 2024 | 267 | |
| Carrying amount | ||
| At 30 September 2024 | 2,133 | |
| At 30 September 2023 | - |
- 14 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12 Tangible fixed assets
| Leasehold property Leasehold improvements £ £ Cost At 1 October 2023 1,162,278 30,453 Additions - 5,147 At 30 September 2024 1,162,278 35,600 Depreciation At 1 October 2023 929,823 1,080 Depreciation charged in the year 46,491 1,424 At 30 September 2024 976,314 2,504 Carrying amount At 30 September 2024 185,964 33,096 At 30 September 2023 232,455 29,373 |
Fixtures Furniture and equipment Computer equipment £ £ £ 202,756 90,243 33,648 2,984 - 3,450 205,740 90,243 37,098 78,772 45,113 21,541 10,200 7,293 5,555 88,972 52,406 27,096 116,768 37,837 10,002 123,984 45,130 12,107 |
Total £ 1,519,378 11,581 |
|---|---|---|
| 1,530,959 | ||
| 1,076,329 70,963 |
||
| 1,147,292 | ||
| 383,667 | ||
| 443,049 |
- 15 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
13 Fixed asset investments
| Listed investments | |
|---|---|
| £ | |
| Valuation | |
| At 1 October 2023 | 398,097 |
| Additions | 118,380 |
| Disposal proceeds | (113,062) |
| Net gains (losses) on disposals | 5,697 |
| Unrealised gains (losses) | 36,452 |
| Movement in income account | 256 |
| Movement in capital account | (59) |
| At 30 September 2024 | 445,761 |
| Carrying amount | |
| At 30 September 2024 | 445,761 |
| At 30 September 2023 | 398,097 |
The historic cost of the above investments at 30 September 2024 is £395,293 (2023: £374,307).
Included in the above is £18,875 of cash held in the portfolio's income and capital accounts (2023: £18,677) leaving £426,887 (2023: £376,418) of listed investments.
14 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 |
2024 £ 1,343 15,469 7,382 24,194 2024 £ 2,008 11,217 13,225 |
2023 £ 2,274 23,329 5,086 |
|---|---|---|
| 30,689 | ||
| 2023 £ 15,566 25,349 |
||
| 40,915 |
15 Creditors: amounts falling due within one year
Included in the above is £48 (2023: £159) of deferred income. This relates to school trips in the future.
- 16 -
WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
16 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 2023 £ Development fund 85,332 Normanby Trust 2,050 NLHF Archives for All - Special Receipt Science fund 420 ACE From Whitby to the World and Beyond - 87,802 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 |
Movement in funds Income Expenditure Transfers Balance at 30 September 2024 £ £ £ £ 1,384 (18,331) (8,834) 59,551 - (2,050) - - 53,337 (53,337) - - - - - 420 25,200 (1,310) - 23,890 79,921 (75,028) (8,834) 83,861 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 2024 £ £ £ £ 1,384 (18,331) (8,834) 59,551 - (2,050) - - 53,337 (53,337) - - - - - 420 25,200 (1,310) - 23,890 79,921 (75,028) (8,834) 83,861 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 |
|---|---|---|
| 87,802 |
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 (2023 only): 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 (2023 only): This fund represents a restricted grant from the Curry Fund for hosting the Yorkshire Fossil Festival during the year.
Special Receipt Science Fund: This fund represents a donation restricted for use on a science trail.
ACE From Whitby to the World and Beyond: This fund represents a grant of £28,000 from Arts Council England as part of their National Lottery Project Grants scheme. The award will be used to develop the redesign and reinterpretation of our current explorer’s wing. It will look at collections including; World Cultures; Captain Cook; The Scoresbys; Whaling and modern-day space exploration.
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
17 Unrestricted funds - designated
These are unrestricted funds which are material to the charity's activities made up as follows:
| Balance at 1 October 2022 Expenditure £ £ Fixed asset fund 436,669 (68,862) Archives For All - - 436,669 (68,862) |
Transfers Balance at 1 October 2023 Expenditure £ £ £ 75,242 443,049 (71,230) 12,000 12,000 - 87,242 455,049 (71,230) |
Transfers Balance at 30 September 2024 £ £ 13,981 385,800 - 12,000 13,981 397,800 |
Transfers Balance at 30 September 2024 £ £ 13,981 385,800 - 12,000 13,981 397,800 |
|---|---|---|---|
| 397,800 |
Fixed Asset Fund: This fund represents the tangible and intangible 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.
18 Analysis of net assets between funds
| Unrestricted funds Designated funds Restricted funds 2024 2024 2024 £ £ £ Fund balances at 30 September 2024 are represented by: Intangible fixed assets - 2,133 - Tangible assets - 383,667 - Investments 445,761 - - Current assets/(liabilities) 184,442 12,000 83,861 630,203 397,800 83,861 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 2024 £ 2,133 383,667 445,761 280,303 |
|---|---|
| 1,111,864 | |
| Total 2023 £ 443,049 398,097 313,994 |
|
| 1,155,140 |
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WHITBY LITERARY AND PHILOSOPHICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
19 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 |
2024 £ 510 1,149 917 2,576 |
2023 £ 510 1,658 918 |
|---|---|---|
| 3,086 |
Included in the above is £922 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.
20 Related party transactions
The Charity purchased exhibition items of £248 from CP Heritage, of which Colin Pyrah OBE is a director. There were no amounts outstanding at the year end. (2023: no related party transactions).
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