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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRBLAND
Annual Report and Accounts
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Year to 315! December 2020
CONTENTS
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|Trustees’|Annual Report|13|
|Independent Examiner’s Report|4,|
|Statement|
|of Financial Activities|5|
|NotesBalanceto Sheetthe Accounts|7-126|
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Charity Commission Registered Number:- 214726
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
The trustees present their report along with the financial statements of the chavity for the year ended 315t December 2020, The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s By-Laws, the Charities Act 2011 and the Statement of Recommended Practice: Accounting anc Reporting by Charities 2019,
Objectives and activities
The Society was founded in 1885 to collect and publish information relative to the history of Huguenots with particular reference to those who took refuge in Great Britain, Ireland and the Channel Islands. The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and setting policy for the year.
Achievements and performance
The Society continues to provide information on Huguenots in accordance with its By-Laws, and the Trustees and Fellows have a commitment to make information about the history of the Huguenot refugees of the 16' to ‘18 centuries available for public benefit. At the centre of this is the operation and continuing development of a library and archive which is supported and maintained in premises provided without charge by University College London, The Society also publishes velevant books and an anmual journal, as well as organising events and selling related items, The trustees are satisfied that the Society meets its objectives.
Covid-19
The pandemic has had an effect on this charity in various ways, making it more difficult to achieve our main mission. Most importantly, access to our library has been rendered impossible for most of the period. Members of the society, researchers and outside inquirers have not had worthwhile access to our records, This is likely to continue until pandemic regulations can be eased. Fortunately, there has been a great deal of technical work that could be and has been carried out remotely, as have responses to initial enquiries. The Society's finances have aiso been affected by the collapse of dividend income, with the result that it has suffered an important deficit in the year under consideration. Although this has needed to be addressed, and there will be a substantial period without recovery in the current year, the Society has managed to concluct most business, and achieve a number of objectives, albeit remotely, Financial constraints may necessitate delay in fulfilling longer term objectives
Financial Review
The Society recorded a deficit for the year before transfers, investment revahiations and investment asset disposals for the yeax of £15,535 compared with a surplus of £4,953 for the previous year, The principal sources of funds are shown in the Statement of Financial Activities of these accounts.
There were no significant changes to the basis of operation of the Society during the year,
There have been no important events between the balance sheet date and the date upon which the Trustee’s Report is signed that significantly affect the financial position of the Society as shown by these financial statements.
Investment Policy and Performance
The Society’s investments are managed on a full discretionary basis by Investec Wealth and Investment Limited, with whom a review meeting is held at least annually. Investment policy has regard to a balanced moderate investment risk. The investment performance is considered to be satisfactory,
Reserves Policy
The Trustees continue to review fhe requirement for free reserves, which are those inrestricted funds not designated for specific ptrposes or otherwise committed.
The free reserves at 31st December 2020 consist of the general resexve with a current value of£1,305,877 used for the historical study and dissemination of information about the Huguenot persecution in France and its effect on migration.
Tn addition, the Society is periodically required to cover important but irregular commitments in the form of major publications, promotion and support of conference initiatives, purchase of important artefacts and documents and provision of research grants. The Society relies on its income from subscriptions and reserves to cover these objectives in addition to its educational aims,
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THE HOGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
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Report of the trastees for the year ended 31st December 2020 (cont'd)
General Data Protection
It is the Society’s policy to restrict use of personal data, held securely, solely for its own use and not for wider circulation, Such data held by the Society is used to circulate the periodic Journal and news believed to be of interest to all Fellows and Libraries. The periodic List of Fellows is made available to Fellows only.
Plans for Future periods
There are no plans for any significant changes to the basis of operation of the Society, although these are kept under review. University College London Special Collections, with whom the Library has been housed since 1957, is moving fo a new location, and the Trustees are pleased to report that the arrangements for accommodating the Library continue as hitherto, during and after the present transitional period,
Risk Management
Risk management is built into the chavity’s management system; current income and expenditure is constantly reviewed and monitored. Longer term plans are reviewed at Jeast annually; insurance risks to people and property are covered by appropriate policies and insurance cover.
Shucttre, governance and management
The Society was founded in 1885 and is a registered Charity (No 214726). Itis regulated by its By-laws.
The trustees in office during the period and at the date of this report are listed below. The appointment and induction of new trustees is carried out as appropriate to the needs and best interests of the Society, No outside person or body is entitled to appoint a trustee, Hach trustee has taken responsibility for monitoring the activities of the Society and carries this out through meetings of the Governing Body.
Organisation and management
The Charity is managed by the trustees who meet four Hmes during the year to review the activities and finances of the Charity, There is one paid librarian and the Charity has the benefit of donated time of volunteers who help organise events and deal with the administration of the Charity, Legal and Administrative Information Charity Commission Registered Number: 214726 Governing Body for the year ended 31st December 2020 President: Barbara Julien BA Vice Presidents: Glynda D Easterbrook BSC, ARSM, MA (Ed) Anthony Wilson BA SB de Save
Honorary Secretary:Treasurer: MAnne F Harcour Nugen t Williams MA, FCA Honorary Dimmer Seeretary: David Guyon Trustees: All Members of the Governing Body currently in office ave considered to have trustee status under the Charities Accounting Regulations. Council Members are appointed at meetings after due nomination, Council Members: E Bicker ARAM, LRAM, MBE Sara Haw Peter Craggs Katrina Matthews Edward Davis Stan Rondeau Leslie Du Cane Robert Scallon MA* Keith Finch Diane Watts MA, PhD Joyce Hampton Sarah Vermont
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- indicates co-opted member Administrative Officer Peter Thomas Librarian Micol Barengo MA
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Report of the trustees for the year ended 31‘ December 2020 (contd)
Advisers;
Bankers: CAF Bank Limited, P.O, Box 289, West Malling, Kent, MEL9 4TA Investment Managers: Investec Wealth and Investment Limited, 30 Gresham Street, London, BC2V 7QN Independent Examiners: —_Keelings Limited, Broad House, 1 The Broadway, Old Hatfield, Hertfordshire, ALS 5BG Solicitoxs; Lee Bolton Monier-Williams, 1 The Sanctttary, Westminster, London, SW1P 3)T Registered Office: The Huguenot Library, University College, Gower Street, London, WC1E 6BT Website: www.hupgvenolaocietyorpuk
Statement of trustees! responsibilities
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice,
The Jaw applicable to charities in England and Wales, the Charities Act 2011, Chaxlty (Accounts and Reports) Regulations 2008 and the provisions of the By-Laws require the trustees fo prepare financial statements for each financtal year which give a true and fair view of the state of affairs of the charity and of the incoming resources anc application thereof, In preparing those financial statements, the trustees ave 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 Charity SORP;
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make judgements and estimates that are rensonable and prudent;
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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 business,
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any Hime the financial position of the charity and to enable them to ensure that the financlal 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,
Independent Examiners
The independent examiners, Keelings Limited, Chartered Certified Accountants and Registered Auditors, will be proposed for re-appointment at the forthcoming Trustees’ meeting.
Approved AO anid. I by the trustees on 9...4 pr Aland signed on their behalf by:
Biju Qe
B M Julien — President
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Independent Examiner‘s report to the Trastees of The Huguenot Society of Great Britain and Ireland
Treport to the charity trustees on my examination of the accounts of The Huguenot Society of Great Britain and Ireland for the year ended 31st December 2020,
Reaponsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
[report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable directions given by the Charity Commission under section 145(5)(b) of the Act,
Independent Examiner's statement
- lhave completed my examination. I confirm that no material 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 notkept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts 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 patt of an independent examination; or
I confirm that there are no other matlers to which your atlention should be drawn to enable a proper understanding
of the accounts to be reached,
ER Pritchard - FCA CTA Keelings Limited Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Herts AL9 5BG ¢t Date: we28 Laereunf 27]
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
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Statement of Financial Activities fox the year ended 31* December 2020
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|Notes|TOTAL|TOTAL|
|2020|2019|
|INCOME AND ENDOWMENTS FROM:|&|E|
|Incoming resources from generated funds:|
|Donations|and legacies|2|1,205|680|
|Other|trading activities|3|6,031|26,003|
|InvestnentsOthes:|4|34,090|46,852|
|Subscriptions and fees|5|33,862|34,714|
|Total|75,188|_|108,249|
|EXPENDITURE ON:|
|Raising funds|10,980|11,775|
|Charitable|activities|6|79,743|91,521|
|Total|90,723|_|103,296|
|NET INCOMING RESOURCES BEFORE|OTHER|
|RECOGNISED GAINS|(15,535)|4,953|
|NET GAINS/(LOSSES) ON INVESTMENTS|
|Realised|(61,349)|16,249|
|Unrealised|(8,476)|169,160|
|Net|Movement in|Funds|(85,360)|190,362|
|Reconciliation|of funds:|
|Total funds brought forward|1,391,237|1,200,875|
|TOTAL|FUNDS CARRIBD FORWARD|1,308,877|1,391,237|
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There were no restricted {unds during the year or the previous year,
The notes on pages 7 to 12 form part of these accounts
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Balance Sheet as at 31° December 2020
| 2020 | 2019 | |||||
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| FIXEDASSETS | Notes | £ £ |
£ | £ | ||
| Tangible FixedAssels | 7 | - | - | |||
| Investments | 8 | 1,288,526 | 1,331,822 | |||
| CURRENT ASSETS | 1,288,526 | 1,331,822 | ||||
| Duefromfund managers Otherdebtorsandprepayments Cashatbankandinhand Cash balanceswithfundmanagers |
7,383 2,520 15,981 4,141 |
8,159 3,218 36,751 18,707 |
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| CREDITORS: Amountsfallingdue | 30,025 | 66,835 | ||||
| withinoneyear | 9 | 12,674 | 7,420 | |||
| NETCURRENTASSETS | 17,351__ | __ | _____ | 59,415 | ||
| TOTALASSETSLESSCURRENT | ||||||
| LIABILITIES | 1,305,877 | 1,391,237 | ||||
| Netassets | , | 1,305,877 | 1,391,237 | |||
| FUNDS | ||||||
| Reserves Unrestricted |
10 | 1,305,877 | 1,391,237 | |||
| 1,305,877 | 1,391,237 |
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The bbe.
on financial statements set out on pages 1 to 12 were approved by the Council on AG. Cask 4oAand signed
its behalf by:
BMJULIEN &/aCSeu - President
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sBdesave 5.8, de@ Sane,
Oo Vice President
M HARCOURT WILLIAMS —— Honorary Treasurer
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The notes on pages 7 to 12 form part of these accounts
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Notes {o the Accounts for the year ended 31s' December 2020
1. Accounting policies
Basis of Accounting
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011, The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken acvantage of the following disclosure exemptions in preparing these financial statements, as permitted by PRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
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the requirements of Section 7 Statement of Cash Flows;
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" the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 1141), 11.41), 11.41(9, 11.42, 11.44,11,45, 11,47, 11,48(a) (ii), 11.48(a) (iv), 11.48(b) and 11.48(c).
Funds
General funds represent the funds of the Society that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Society, Funds designated fox a particular purpose by the Council are also unrestricted.
Library maintenance fund - The Huguenot Library Maintenance Fund charity was dissolved and removed from the register of charities in October 2013, The Society refers to a Library Fund within the accounts which will eventually diminish over time as expenses relating to the running of the library ave withdrawn from the fund. No monies are added to the fund; all reventte generated from the library is absorbed by The Society.
Incoming Resources
Donations and legacies are accounted for when the Society is assured of their zeceipt.
Subscription and related income is accounted for on an accruals basis as far as it is prudent to do so. Income includes income tax recoverable to the extent that a claim has been agreed with H M Revenue and Customs. Life subscriptions are brought to credit in full as income of the year in which the life membership is granted. The Council consider this policy to reflect the nature of the find raising and method of operation of the Society.
The Society receives the benefit of work carried out by volunteers, and in exchange for providing access to the Society's valuable library collection the Society's library is located free of charge at an appropriate academic institution, The Society also receives the use of facilities and equipment without charge. No value is placed on these items in fhe accounts.
Resottrces expended
Expenditure for generating funds, charitable activities and governance are included when a constructive obligation arises and includes VAT which cannot be recovered,
Costs of managing and administering the charity
These xepresent costs incuryed for administration and secretarial activities including office materials, postage, insuyance and lecture expenses,
Charitable activities
; Charitable activities are all the xesowrces expended by the charity that are directed at the achievement of its charitable aims and objectives. Support costs ave separated and these are costs incurred to enable the charitable activities to take place.
Foreign currencies
Transactions in foreign currencies are translated at an average rate for the year, Balances denominated in foreign currencies ate translated at the rate of exchange prevailing at the year end, Transfers between Irish and British accounts ave recorded at the actual rate of exchange,
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THE HOGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Nofes to the Accouunts for the year ended 315 December 2020 (cont'd)
Tangible Fixed Assets
No value is placed on the library in these accounts as itis considered to be a heritage asset held on a permanent basis. Charities are not required to recognise heritage assets on the balance sheet if cost or valuation is not available, and such information cannot be obtained at a cost commensurate with fhe benefit to the users of the accounts and the Charity, It is located with the Special Collections library of University College London currently located with the National Archive and is insured by University College London,
Ail other items above £100 are included at cost and ave depreciated ona straight line basis at the following rates: Fixtures, Fittings and Equipment - over 4 years
Tnvestinents
Investments are shown at market value as determined by independent advisors, any unrealised gain or loss being transferred to the Society’s fund.
The net gains and losses arising on revaluation and disposals during the year are included in the Statement of Financial Activities,
Stocks No value is placed on stocks; costs are normally written off when incurred, and income is brought into credit when received,
- 2, Donations
Donations totalling £1,205 were received during the year.
| 2020 | 2019 | |||||||||
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| £ | £ | |||||||||
| Donations | _ | 1,205 | 680 | |||||||
| 3. | Otherincome andexpenditure | 2020 | 2019 | |||||||
| Jnucome | ||||||||||
| Salesofpublications | 1,182 | 885 | ||||||||
| Sales ofties and badges SalesofCompactDiscs Othersales Otheractivitiesand trips/functions |
227 1,420 185 3,017 |
853 1,376 279 22,610 |
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| TotalOtherIncome | 6,031 | ____ | 26,003 | |||||||
| Expenditure | ||||||||||
| Costofsales for tiesandbadges | ~ | 1,630 | ||||||||
| Costofsales foxCompactDiscs | . | ‘L074 | ||||||||
| Costofsales forbooks | 525 | - | ||||||||
| Costs ofother activitiesandfunctions | 3,624 | 20,404 | ||||||||
| TotalOtherExpenditure (seenote6) | 4,149 | 23,108 | ||||||||
| Netsurplusfromotherincome&expenditure | 1,882 | ‘ | 2,895 | _ |
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Notes to the Accounts for the year ended 31s December 2020 (cont'd)
4, Investment income
| 4, | Investment income | |||||
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| 2020 | 2019 | |||||
| & | £ | |||||
| Depositinterest | 34 | 129 | ||||
| Fixedinterest | 5,935 | 5,305 | ||||
| Dividendsreceivable | 28,121 | _ | ALAI8 | |||
| 34,090 | 46,852 | |||||
| 5, | Subscriptions and Fees | |||||
| 2020 | 2019 | |||||
| Fellows | 25,317 | 25,731 | ||||
| Libraries | 4,516 | AA12 | ||||
| 29,833 | 30,143 | |||||
| GiftAid taxrecoveriesveceived | 4,029 | 4,571 | ||||
| Lifesubscriptionsreceivable | " | - | ||||
| 33,862 | 34,714 | |||||
| 6, | Chatitableexpenditure | Direct | TOTAL | TOTAL | ||
| Expenditure | 2020 | 2019 | ||||
| Costs directlyallocated to activities | £ | BE | £ | |||
| Publications | 15,156 | 15,156 | 9,099 | |||
| Library costsandmaintenance | 31,770 | 31,770 | 25,464 | |||
| Otherexpenditure (pernote3) | 4,149 | 4,149 | 23,108 | |||
| 51,075 | 51,075 | 57,671 | ||||
| Supportcasts allocated to activities | ||||||
| Administrationandsecretarial | 14,980 | 14,980 | 13,565 | |||
| Officematerials,postage,insuranceandlectureexpenses | 10,152 | 10,152 | 12,050 | |||
| Gifts&Donations (Profit)/Loss onforeigncunyency translation Printingandstationery Independentexaminationandaccountancyfees Bankcharges Depreciation of fixed assets |
~ (143) 622 2,292 765 ° |
_ | - 4,133 |
(143) 220 |
622 743 |
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| Totalresourcesexpended | 79,743 | 79,743 | 91,521 | |||
| Expenditure is stated aftercharging: | ||||||
| Independentexaminer'sremuneration (incl.VAT): | ||||||
| Asexaminers | 798 | 798 | ||||
| Otherfeesrelatingtoaccountancy | 1464 | 1,464 | ||||
| Depreciation | - | ~ |
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Notes to the Accounts for the year ended 31! December 2020 (cont'd)
7%. Tangible Fixed Assets
| 7%. | Tangible Fixed AssetsFixed AssetsAssets | |||
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| Fixtures, | ||||
| Fittings& | ||||
| Equipment | Total | |||
| £ | £ | |||
| Cost | ||||
| At 1stJanuary2020 Additions |
2,125 - |
2,125 - |
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| At314 December2020 | 2/125 | 2425 | ||
| Depreciation | ||||
| At 1s!January2020 | 2,125 | 2,125 | ||
| Chargeforyear | - | ~ | ||
| At31stDecember2020 | 2,125 | 2125 | ||
| NetBookValue At31stDecember2020 At31stDecember 2019 |
~ SSE ” |
eee | - = |
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| ares | RRR | |||
| 8 | Investnents | |||
| 2020 £ |
2019 £ |
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| ListedNon-UKEquities ListedUKEquities |
266,560 1,021,966 |
193,761 1,138,061 |
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| 1,288,526 | 1,331,822 |
Investments are included at market value at the balance sheet date, The original cost of the listed investments was £949,423 (2019: £955,390),
9, Creditors: amounts falling due within one year
| Creditors: amounts falling due within one yearfalling due within one yeardue within one yearwithin one yearone yearyear | ||
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| 2020 £ |
2019 £ |
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| Subscriptions received inadvance Expenseandothercreditors Accruedexpenses |
1,559 8,823 2,292 |
1,461 3,667 2,292, |
| 12,674. | 7A20 |
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THE BOGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Notes to the Accounts for the year ended 315! December 2020 (cont'd)
18, Movement in finds 2020
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|General|
|Library|TOTAL|
|Fund|Fund|2020|
|£|£|£|
|Incoming resources|75,188|-|75,188|
|Resources used|(89,767)|(956)|(90,723)|
|Transfer between funds|-|-|-|
|Unrealised gains/ (losses)|on investment|
|assets|(8,476)|~|(8,476)|
|Realised gains|/|(losses) on|investment assets|(61,349)|-|(61,349)|
|Net movement of funds|(84,404)|(956)|(85,360)|
|Balances|brought forward|1,389,322|1,915|1,391,237|
|Balances carried forward|1,304,918|959|1,305,877|__|
|Comparatives|for movement in funds|
|General|Library|TOTAL|
|Bund|Fund|2019|
|£|&|£|
|Incoming resources|108,249|~|108,249|
|Resources used|(101,981)|(1,315)|(103,296)|
|Transfer between|funds|-|-|-|
|Unvealised gains/ (losses) on investment|
|assels|169,160|.|169,160|
|Realised|gains/ (losses)|on investment assets|16,249|-|16,249|
|Net movement of funds|191,677|(1,315)|190,362|
|Balances brought forward|1,197,645|3,230|1,200,875|
|Balances|carried forward|1,389,322|1915|1,391,237|
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|current year 12 months|and prior year 12 months combined net movement in funds|
|General|Library|TOTAL|
|Fund|Fand|(24 Months)|
|£|£|£|
|Incoming resources|183,437|-|183,437|
|Resources|used|(191,748)|(2,271)|(194,019)|
|Transfer between funds|-|-|-|
|Unrealised|gains/ (losses)|on investinent|
|assets|160,684|-|160,684|
|Realised gains/|(losses) on investment assets|(45,100)|”|(45,100)|
|Net|
|movement of funds|107,273|(2,271)|105,002|
|Balances brought forward|1,197,645|3,230|1,200,875|
|Balances|carried forward|1,304,918|959|1,305,877|
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THE HUGUENOT SOCIETY OF GREAT BRITAIN AND IRELAND
Notes fo the Accounts fox the year ended 31* December 2020 (cont'd)
11. Analysis of net assets between finds
| Tangible | Current | ||||
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| Fixed Assets |
Investments | Assets/ —_—(Liabilities) |
2020 Total |
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| GeneralFund | - | 1,288,526 | 16,392 | 1,304,918 | |
| LibraryFund | _ | “ | _- | 959 | 959 |
| TotalNetAssets/Funds | _ - |
1,288,526 | 17,351 | 1,305,877 |
12, Comunitinents and contingent liabilities
There were no commitments or contingent liabilities not already provided for in these accounts.
13, Trustee remuneration
None of the trustees oy persons connected with the charity has received any remuneration.
14, Trustee expenses
The charity does not make auy round sum expense allowances to the trustees.
15. Staff costs and emoluments
The Society employs one librarian on a part time basis, Staff costs for the financial year totalled £28,656 (year to 31,12,19 = £23,787).
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