Leatherhead & District Local H S istory ociety Charitable Incorporated Organisation
Trustees’ Annual Report and Accounts for the year ended 31 December 2022
Charity Number 1175119
| CONTENTS | PAGE |
|---|---|
| Trustees’ Annual Report | 2 - 5 |
| Independent Examiner's report to the Executive Committee | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the accounts | 9 - 13 |
G:\LDHS\2022\Annual Report\AGM\LDLHS AGM Annual Report 2022.docx
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Trustees’ Annual Report
Charity Information
This is the fifth annual report of the Society as a Charitable Incorporated Organisation (CIO - Registered Charity 1175119) which was created as the successor to the Society as an unincorporated association (Registered Charity 802409).
This report and accounts are for the period 1 January 2022 to 31 December 2022.
Leatherhead & District Local History Society Charity name Charitable Incorporated Organisation Registered charity number 1175119 Leatherhead Museum Address 64 Church Street, Leatherhead, Surrey, KT22 8DP Independent Examiner Adrian Radford ACA
Trustees and Executive Committee members
Unless otherwise stated Trustees served for the complete year.
| Trustees | Office | |
|---|---|---|
| John Rowley | Chairman | |
| Carl Leyshon | Honorary Treasurer | |
| Frank Haslam | Society Secretary & Membership Secretary | |
| Nigel Bond | Archaeological Secretary | |
| David Hawksworth | Proceedings Editor | |
| Peter Humphreys | Trustee & Museum Manager | From 18/3/2022 |
| Fred Meynen (deceased) | Programme/Lecture Secretary | To 4/4/2022 |
| Duncan Macfarlane | Trustee & Museum Manager | From 18/3/2022 |
| Simon Ritchie | Trustee | |
| Patricia Wiltshire | Trustee | From 18/3/2022 |
In addition Alan Pooley is Society President. Cathy Brett is the Museum Curator. Tony Matthews is the Society’s Newsletter Editor.
Structure and management
The CIO Society was established with a Constitution that sets out how the Society shall be administered and managed. The Constitution provides that the Trustees in managing the Society are known as the Executive Committee.
At every AGM of the members of the CIO, one third of the Executive Committee shall retire from office. Any person who retires as a charity trustee is eligible for reappointment.
The Society Executive Committee meets every two months where it reviews its activities and progress against plans. It receives reports from each Office Holder and any Sub Committees.
Day to day management of the Museum and the Collection is by the Museum Managers and the Curator. The museum is operated by volunteers.
Page 2 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Objectives and activities
The Trustees have referred to the guidance issued by the Charity Commission on public benefit when reviewing the Society’s aims and objectives. In particular they have considered how planned activities will contribute to the aims and objectives set.
The Society’s role is to institute, promote and encourage the study of local history in all its aspects and includes owning, maintaining and managing the archives and records of the History Society for the local parishes (Ashtead, Fetcham, Great and Little Bookham, and Leatherhead) and the surrounding district. The Society is also responsible for retaining and developing the archives and records of the History Society for the benefit of future generations.
The Society’s activities in fulfilling its role include:
-
Maintaining and developing the Leatherhead Museum which offers free access to the public. Volunteers and Friends of the Museum help extensively with the operation of the museum.
-
The publication of books on local history and a quarterly newsletter to members. More extensive papers are also published periodically and provided to local libraries. Newsletters are available to museum visitors and via the Online Archive.
-
Where desirable to encourage the preservation of any site, building, monument or record of archaeological, antiquarian or historical interest in the district and to co-operate with public or private bodies or individuals in safeguarding such sites, buildings, monuments or records
-
A website is maintained which provides on-line access to relevant material and an archive for members.
-
Holding events including a programme of lectures through the year.
Statement on the Society’s policies on Reserves and Investments
Reserves
All the Society Reserves are Unrestricted Funds. All but the General Fund are designated funds. The Executive Committee’s view is that the reserves should provide the Society with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future.
The Committee propose to maintain the charity’s reserves at a level which is at least equivalent to two years operational expenditure plus plan to secure reserves to meet its forward planning commitments and forecast risks.
Investments
The Executive Committee manages the investment of the Society’s cash and reserves. The objectives are:
-
to generate income to assist in funding the Society’s ongoing activities
-
to maintain the real capital value of the investment funds in the long term
-
Current policy is to invest shorter term cash requirements in immediately accessible interest bearing cash accounts and longer term funds in a range of Charity Official Investment Funds.
Financial Review
The Society endeavoured to return to normal after the Covid restrictions. However, it proved difficult to re-establish the full lecture programme. This is to be addressed in 2023. There was residual Government Covid related support to the charitable sector and the Society received a grant of £4.7k (2021 £8k). This assisted in meeting the museum’s costs. 2022 was a more volatile year for the Society’s investment funds. In summary the Society reported a £3k loss (2021 £1.9k surplus) before an unrealised investment loss of £10.4k (2021 £12k gain). Total Society funds reduced by £13.4k in the year. Total funds of the Society stand at £147k.
Page 3 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Year on year movements in the Statement of Financial Activities (Income and Expenditure Account). Membership income level is down a little, despite the reduced Year on Year movements Subscription charge 2021. However, this masks the fact that Income there were a high level of renewals received in December Decrease in membership 2021 relating to the 2022 membership year and therefore Increase in donations accounted for in the 2021 Accounts. Legacy
| Year on Year movements | ||
|---|---|---|
| Income | £ | |
| Decrease in membership | -149 | |
| Increase in donations Legacy |
100 - |
|
| Decrease in grants Increase in book sales |
-3,333 16 |
|
| Increase in meetings & other income |
263 | |
| Increasein interestreceived | 42 | |
| Decreasein income | -3,061 | |
| Expenditure Decrease in Newsletter |
-301 |
|
| Decrease in book printing Increase in non-exhibition |
-126 | |
| museum costs | 2,098 | |
| Decrease in museum exhibition | -49 | |
| Decrease in meetings costs | -35 | |
| Decrease in Society Costs | -163 | |
| IncreaseinOthercosts | 408 | |
| Increase in expenditure | 1,832 |
Other income includes museum sales income which is paid over to Friends of Leatherhead Museum (this is in expenditure). The grant reduction was significant and will be completely absent in 2023. There was no legacy income in 2022.
The largest item of expenditure change (2021 to 2022) continues to be increased museum maintenance costs.
Museum fixed costs such as insurance and utilities continued at usual levels. There were no new book printing costs. Other costs includes payment to FoLM for sales and subscriptions collecetd on their behalf.
Trends
2015 saw income increase with a £41k legacy from the estate of Linda Heath. A large part of this was spent in 2019 with the refurbishment of the museum. These items drive the net income trend. 64% of net assets were investments with CCLA fund managers and 34% was in cash and interest bearing accounts. COIF investments can show volatility across years but demonstrate growth over the longer period.
----- Start of picture text -----
10 YEAR TREND INCOME 1 0 Y E A R T R E N D - Y E A R O N Y E A R
C H A N G E I N T H E
£60k
R E V A L U A T I O N O F I N V E S T M E N T S
£50k £15k
£40k £10k
£30k £5k
£20k -
£10k -£5k 20 13 14 15 16 17 18 19 20 21 22
- -£10k
2013 14 15 16 17 18 19 20 21 22
1 0 Y E A R T R E N D N E T I N C O M E
10 YEAR TREND EXPENDI T UR E
B E F O R E G A I N S / L O S S E S
£50k
£50k
£40k
£30k
£30k
£20k £10k
£10k -£10k 2013 14 15 16 17 18 19 20 21 22
- -£30k
2013 14 15 16 17 18 19 20 21 22
----- End of picture text -----
Page 4 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
The summary cash flow for the year can be seen from the following reconciliation:
| £ | £ |
|---|---|
| OpeningCash balance |
23,747 (13,377) 10,353 - (3,024) 20,723 |
| Retained Surplus /()Loss for the Year | |
| Adjust for non-cash items*: |
|
| (Gains)/ Losses on Investments 10,355 |
|
| Interest on Investments (80) |
|
| (Increase)/ Decrease in stock 8 |
|
| (Increase)/ Decrease in Debtors 70 |
|
| Increase /(Decrease)in Creditors - |
|
| Proceedsfrom realisationof investments | |
| Net cash movement |
|
| Closingcash balance |
The Society received the Government Grant in two tranches, in February and March. July saw a £4k Museum maintenance cost.
Over ten years total funds have increased from £71k to £147k.
The Trustees have assessed the major risks to which the Society is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Signed on behalf of the Trustees:
John Rowley Chair of Trustees 19 January 2023
Frank Haslam Trustee 19 January 2023
Page 5 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Independent Examiner's report to the Executive Committee of the Leatherhead & District Local History Society CIO
I report to the Trustees on my examination of the accounts of the charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity Trustees, you are responsible for the preparation of the accounts with the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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 accounts to be reached.
Adrian Radford ACA 7 Curbey Close West Chiltington RH20 2HU
19 January 2023
Page 6 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Leatherhead & District Local History Society
Annual Accounts for the Year Ended 31 December 2022
Statement of Financial Activities
| Statement of | Financial Activities | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 £ 4,406 8,000 302 38 12,746 10,875 10,875 1,871 12,468 14,339 146,000 160,339 |
|||||
| Notes | £ | |||||
| Income from | ||||||
| Donations & Legacies | 3 | 4,357 |
||||
| Grants | 4,667 | |||||
| Charitable Activities | 3 | 581 |
||||
| Investment income | 3 | 80 |
||||
| Total | 9,685 |
|||||
| Expenditure on | ||||||
| Charitable activities | 4 | 12,707 |
||||
| Total | 12,707 |
|||||
| Net income/(expenditure) before investment gains/(losses) |
||||||
| (3,022) |
||||||
| Netgain /(loss)on investments | (10,355) |
|||||
| Net movement in funds | (13,377) |
|||||
| Reconciliation of funds: | ||||||
| Total funds brouht forward | 160339 | 146000 | ||||
| g | , |
|||||
| Total funds carried forward | 146962 |
160339 | ||||
| , |
Page 7 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Balance Sheet as at 31 December 2022
2022 |
2021 | |||
|---|---|---|---|---|
| Notes £ |
£ | |||
| Fixed Assets | ||||
| Heritage Assets | 1 |
1 | ||
| Investments | 8 122,896 |
133,171 | ||
| Total Fixed Assets | 122,897 |
133,172 | ||
| Current | Assets | |||
| Stocks | 3,342 |
3,350 | ||
| Debtors | 9 - |
70 | ||
| Cash at bank and in hand | 20,723 |
23,747 | ||
| Total Current Assets | 24,065 |
27,167 | ||
| Current | Liabilities | |||
| Creditors (< 1 year) | 10 - |
- | ||
| Total Current Assets | 24,065 |
27,167 | ||
| Total Assets less current liabilities | 146,962 |
160,339 | ||
| Funds of the Society | ||||
Unrestricted Funds |
11 146,962 |
|||
| 160,339 | ||||
| Total Funds | 146,962 |
160,339 | ||
The notes on page 9-13 form part of these financial statements.
Approved by the Executive Committee at its meeting held on 19 January 2023.
Signed on behalf of the Committee.
John Rowley
Carl Leyshon
Chairman
Honorary Treasurer
Page 8 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Notes to the Accounts
-
1 Basis of Accounting
-
a) Basis of preparation and assessment of going concern.
-
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small entities. The Society constitutes a public benefit entity as defined by FRS 102.
-
b) The Executive Committee consider that there are no material uncertainties about the Society’s ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.
-
c) The Society takes the view of the Association of Independent Museums regarding the museum property and its artefacts assets. That is, its policy is to treat these assets as heritage assets and not to capitalise the assets. These assets are in effect inalienable and held in perpetuity. Any financially based valuation would be misleading to the value and significance of the material culture involved. The Society has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long term care and preservation. Historically the Society has reported a value of £1 for the museum.
-
d) All furniture and equipment is deemed to have no residual value.
-
e) The book stock is valued at the lower of cost and net realisable value.
-
f) The unrecognised gains / (losses) on investments are based on the market value of the COIF Funds at the end of the financial year. The market value is deemed to be the mid-market value which is the average of the bid and the offer price. Unrealised gains / (losses) are included in the Statement of Financial Activities.
g) Income
All incoming resources are recognised once the Society has entitlement to the resources, it is certain that resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
- Member subscriptions are considered to be donations in substance and are recognised on receipt. Legacies are accounted for as income either upon receipt or where the receipt of the legacy is virtually certain; this will be once confirmation has been received from the representatives of the estate that payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled.
The Grant received relates to Government support during the Covid-19 pandemic under the Retail, Hospitality and Leisure Grant Fund. This is not time or performance related, and therefore the income is fully recognised when received.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid by the Bank.
Page 9 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
- h) Expenditure
Expenditure is recognised when a liability is incurred.
VAT is charged against the category of resources expended for which it was incurred.
i) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the Society. Designated funds are unrestricted funds of the Society which the Executive Committee have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Society’s work or for specific projects being undertaken by the Trust. The Society currently has no Restricted Funds.
2 Income and Expenditure
The Trust benefits greatly from the involvement and enthusiastic support of its volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
3 Analysis of Income
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Donations & Legacies | Donations 1,065 |
967 |
| MembershipSubscriptions 2,218 |
2,374 | |
| Friends Subscriptions 355 |
381 | |
| Gift Aid 719 |
684 | |
| Legacies - |
- | |
| Grants | Grant donations 4,667 |
8,000 |
| Charitable Activities | Meetings Programme - |
- |
| Publication Sales 303 |
287 | |
| Other Sales 278 |
15 | |
| Investments | Interest Received 80 |
38 |
| Total Income | 9,685 |
12,746 |
The Government via Mole Valley District Council under the Retail, Hospitality and Leisure Grant Fund provided a third year of financial support to eligible businesses during the pandemic.
Member’s subscriptions were slightly down on 2021 despite the rate increase to the usual level (£20), this was due to the high level of renewals for 2022 received in December 2021 and accounted for in the 2021 Accounts. Donations includes receipts from members when paying subscriptions and donations received via the museum.
Friends Subscription income relates to subscriptions collected along with Society subscriptions and are paid over to the Friends of Leatherhead Museum (FoLM). Other sales relates to museum sales also paid over to FoLM as a Friends managed activity.
Publication sales continued at a modest level with no new book titles in 2022. There were no charges for meetings in 2022.
Page 10 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
4 Analysis of Expenditure
| nalysis of Expenditure | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Charitable Activities | Meetings Programme | 364 |
399 |
| Publications - Books | 37 |
164 | |
| Publications - Newsletter | 527 |
828 | |
| Payment to Friends | 856 |
448 | |
| Other expenses | - |
- | |
| Activities Total | 1,784 |
1,839 | |
| Museum | Museum expenses | 5,976 |
3,876 |
| Museum storage | 928 |
1,362 | |
| Museum utilities/insurance costs | 3,125 |
2,742 | |
| Museum Total | 10,029 |
7,980 | |
| Membership | Societycosts | 894 |
1,056 |
| MembershipTotal | 894 |
1,056 | |
| Total Expenditure | 12,707 |
10,875 |
Museum expenses includes over £4.5k for museum window replacement. Museum storage continues the leasing of space to store artefacts / documents etc. Payments to Friends relates to subscriptions and donations collected on behalf of the Friends of Leatherhead Museum, plus museum sales managed by FoLM.
Society costs include website and online archive running costs, trustee insurance, printing and stationary, postage (including newsletter distribution), Society subscriptions to other organisations and other minor expenses. 2022 also included bank charges of £103, which are no longer being incurred.
5 Certain items of expenditure
There have been no fees paid for external scrutiny of the accounts or other services provided by the independent examiner. There were no fees paid for consultancy, accountancy or other professional services (2021 nil).
6 Paid employees
The Society has no employees (2021 nil).
7 Heritage assets
Heritage assets owned by the Society includes paper documents, pictures, ephemera, artefacts and exhibits. The heritage assets are available for use by the Society members for research or as part of displays at Leatherhead Museum. Any assets purchased in the past have not been capitalised.
8 Investment Assets
| ment Assets | |
|---|---|
| Fixed assets investments* | £ 133,171 80 |
| Carrying (market)value at beginningofyear | |
| Plus additions to investments at cost | |
| Plus netgain/(loss)on revaluation | (10,355) |
| Carrying (market)value at end ofyear | 122,896 |
Page 11 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
| Market value at year end Income from investments for the year |
|
|---|---|
| Analysis of investments | |
| Investments held in common investment funds | £ £ |
| COIF - Investment Fund | 52,902 |
| COIF - Global EquityIncome | 25,482 |
| COIF - Fixed Interest | 15,198 |
| Cash held aspart of the investmentportfolio | 29,314 80 |
| Total | 122,896 80 |
9 Debtors & Prepayments
| Debtors & Prepayments | |
|---|---|
| Thisyear Lastyear |
|
| £ £ |
|
| Trade debtors | - - |
| Prepayments and accrued income | - 70 |
| Total | - 70 |
2021 prepayments relate to the Leatherhead Institute room hire in advance.
10 Creditors & Accruals
Amounts falling due within one year
| Creditors & Accruals Amounts fallingdue within oneyear |
|
|---|---|
| Thisyear Lastyear |
|
| £ £ |
|
| Trade creditors | - - |
11 Charity Funds
Donations specifically for museum maintenance are taken to the Museum Fabric Fund as are material maintenance costs. £5k was transferred from the General Fund to the Museum Fabric Fund to cover the window replacement.
The Frank Benger Fund has not been used for a number of years and consequently the small balance has been transferred to the General Fund. The Publications Fund is for the publication of research material. All other costs are being met from the Society’s General Fund and therefore annual surpluses / losses and gains / losses are taken to the General Fund.
Movement of Funds
Details of funds held and movement in funds in the current reporting period.
| Fund balances brought forward Incoming resources Resources expended Transfers Gains and losses Fund balances carried forward |
|
|---|---|
| Fund names | |
| Unrestricted Funds | £ £ £ £ £ £ |
| General Fund | 154,163 9,685 - 8,122 - 4,555 - 10,355 140,816 |
| Designated Funds | |
| Museum Fabric Fund | 756 - - 4,585 5,000 1,171 |
| Frank Benger Fund | 445 - - - 445 0 |
| Publications Fund | 4,975 - - - 4,975 |
| Total Designated Funds | 6,176 - - 4,585 4,555 - 6,146 |
| Total Funds | 160,339 9,685 - 12,707 - - 10,355 146,962 |
Page 12 of 13
Leatherhead & District Local History Society CIO Annual Report & Accounts 2022
Funds held and movement in funds in the previous reporting period.
| Funds held and movement in funds in the previous reporting period. | Funds held and movement in funds in the previous reporting period. | Funds held and movement in funds in the previous reporting period. |
|---|---|---|
| Fund names Fund balances brought forward Incoming resources Resources expended Transfers Gains and losses Fund balances carried forward |
||
| Unrestricted Funds £ £ £ £ £ £ |
||
| General Fund 137,674 12,646 - 8,625 - 12,468 154,163 |
||
| Designated Funds |
||
| Museum Fabric Fund 2,906 100 -2,250 - 756 |
||
| Frank Benger Fund 445 - - - 445 |
||
| Publications Fund 4,975 - - - 4,975 |
||
| Total Designated Funds 8,326 100 -2,250 - - 6,176 |
||
| Total Funds 146,000 12,746 - 10,875 - 12,468 160,339 |
||
| Analysis of net assets between funds | Fixed assets Investments Net current assets Total £ £ £ £ 1 116,750 24,065 140,816 - 1,171 - 1,171 - - - - - - - - 4,975 4,975 - 6,146 - 6,146 1 122,896 24,065 146,962 |
|
| Unrestricted Funds | ||
| General Fund | ||
| Designated Funds | ||
| Museum Fabric Fund | ||
| Burroughs Legacy | ||
| Frank Benger Fund | ||
| Publications Fund | ||
| Total Designated Funds | ||
| Total Funds |
12 Transactions with Trustees and related parties
All Executive Committee members and Museum Managers give their time voluntarily and receive no remuneration or other benefits. There were no reimbursements for personal expenses such as travel, telephone charges etc. No Officer received payment for professional or other services supplied to the charity. The Society is small and Officers sometimes pay in advance for Society supplies and services. The Society then reimburses officers on receipt of original supplier invoices. Reimbursements in the accounts for 2022 £559 (2021 £814).
Page 13 of 13