REGISTERED COMPANY NUMBER: 00543260 (England and Wales) REGISTERED CHARITY NUMBER: 216131
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
SPALDING GENTLEMEN'S SOCIETY (A COMPANY LIMITED BY GUARANTEE)
Duncan & Toplis Limited Enterprise Way Pinchbeck Spalding Lincolnshire PE11 3YR
SPALDING GENTLEMEN'S SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 18 |
| Detailed Statement of Financial Activities | 19 to 20 |
SPALDING GENTLEMEN'S SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The Council of Management, who are trustees and directors of the charity for the purposes of the Companies Act, present to the members their report and the unaudited financial statements for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' (FRS102) in preparing the annual report and statements of the charity.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Society's object is: "To promote and foster among the public knowledge, appreciation and study" of what are now known as the Arts, Humanities and Sciences. To this end, the main current activities are: to maintain the freehold premises housing a museum, library and archives and maintaining and enhancing the holdings contained therein; and the mounting of public lectures. The Society was recognised by the Master of the Rolls, under 1926 national provisions, as a local depository for manorial documents.
Public benefit
The Society provides public benefit by the maintenance and development of its collections, some of which are of national and international significance. Improved access, both physical and virtual, is the driver for activities across the Society. The Librarian and Curator receive a considerable number of specific enquiries from members of the public. These are dealt with directly or passed to other volunteers.
A summary of our charitable activities appears below.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
With the Covid pandemic and lockdown, 2020 has been an extraordinary year. The Museum has been closed to members and the public from March until the end of the year, with only some very limited access for essential work. In normal years the Society would open its doors to the public once a month throughout the year, with organisations and school visiting by appointment.
Although other museums have also been closed, the Society continues to have items on loan at other accredited museums and an exhibition is permanently on display at Ayscoughfee Hall.
The Society has taken a three-year rental contract in a nearby building for storage, training and to work on conservation in order to preserve the Society's collections for future generations under the guidance of a qualified conservator.
The Librarian having developed an active group of volunteers to assist with cataloguing and conserving our archives and books has made some progress during the year and, with the benefit of a successful grant application, has purchased a digitisation scanner to better document and make the collection more accessible.
Members of the Society continued, via Zoom, to give talks to members on our own history and related matters.
Regular articles are published in the local press to disseminate the results of research carried out on our archives and museum collection. Our website describes our activities to a global audience and members have contributed stories of interest from our collection.
The members of Council together with committee members have continued to meet and work online during the periods of lockdown.
FINANCIAL REVIEW
Financial position
The operating deficit for the year was £7,881.
Page 1
SPALDING GENTLEMEN'S SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW
Investment policy and objectives
To manage risk Society funds are split between interest bearing cash accounts and a portfolio of equities. The portfolio is under active review by our Finance Committee which reports value and yield to the Council throughout the year. The portfolio functions to generate a healthy income with no deduction of management fee. The Finance Committee retain the authority to manage the portfolio as necessary.
Reserves policy
Factors taken into account in deciding the level of reserves include the need to cover fluctuations in expenditure and the need to have sufficient funds available to finance any urgent potential capital expenditure. The Society is dependent upon the income arising from its investments to fund its core activities and therefore does not consider its investments at 31 December 2020 of £150,147 to be part of free reserves. At the year end, free reserves were £216,502. This figure falls well short of estimated potential repair costs and is a necessary requirement to cover likely expenditure needed to maintain charitable status
FUTURE PLANS
The immediate requirement is to match income to the running costs of the Society.
It has become apparent that to provide adequate accommodation for the future in line with the Vision Statement adopted in 2014 considerable capital expenditure will be needed. Steps have been taken and are being taken with a view to seeking major funding. In parallel, it will be necessary to consider all aspects of recurrent income and expenditure to ensure a viable future.
A report from Focus Consultants was commissioned to consider future options for the Society with respect to its premises and business plan. This report, funded by the Heritage Lottery Fund, was delivered to trustees in November 2017.
The Trustees are actively engaged with the HLF and other sector bodies to explore sources of funding.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
Spalding Gentlemen's Society is a company limited by guarantee and registered under the Companies Act 2006, registration number 543260. The income and property of the Society shall be applied solely towards the promotion of the object of the Society, and no portion shall be paid or transferred to any member. The liability of each member in the event of winding up is limited to £2. The company has obtained the consent of the Registrar of Companies to be exempt from the requirement to use the word "limited" in its name. It is a registered charity, number 216131. Members of Council are trustees for charitable purposes. The governing document is the Memorandum and Articles of Association adopted at the 2019 AGM, submitted to and accepted by the Charity Commission. This document is published on the Society's website. Membership of the Society is open to all aged 18 or older on payment of the annual membership fee. There are some 350 members.
About forty volunteers assist Council with the daily affairs of the Society in normal years.
Recruitment and appointment of new council members
Members of Council are elected at an Annual General Meeting. Any casual vacancy other than the President may be filled by the Council who may also co-opt and appoint additional Members of Council. Any member, so appointed, shall retire at the next Annual General Meeting but shall be eligible for election at that Meeting. Members of the Society may put themselves forward for election at the Annual General Meeting. At the 2020 AGM, following the new constitution, all trustee positions fell vacant and a new Council of trustees were elected.
Members of Council are mainly retired, and have acquired appropriate skills and experience. Courses and updated information are available from professional, historical and heritage bodies and training is taken when considered necessary.
Page 2
SPALDING GENTLEMEN'S SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
An audit of skill sets is made to identify gaps in expertise and governance requirements for the future. New members of Council are advised of their statutory duties and provided with induction information. New and old Trustees are encouraged to participate in training programmes. Members of Council and other Society members have continued to participate actively in courses provided by MDEM and the National Lottery Heritage Fund, previously known as the Heritage Lottery Fund (or HLF).
Risk management and mitigation
The condition of our Broad Street premises is our most serious concern. There has been historic settlement and distortion of foundation and flooring with cracks and gaps evident around the building. These defects are not covered by insurance. Historic England have grant supported a monitoring programme for the building from their Buildings at Risk department. At the end of the monitoring period a consultant will produce a report with recommendations for remedial work.
The grant of planning permission to the owners of the Business Centre next door creates a further threat. The permission as it stands would create major disturbance. We are in discussion with the owners to see if we can acquire at least part of the site in order to achieve urgent expansion of our premises, obtain access to effect repairs to the rear and control construction activity on our boundary.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
00543260 (England and Wales)
Registered Charity number:
216131
Registered office
The Museum Broad Street Spalding Lincolnshire PE11 1TB
Page 3
SPALDING GENTLEMEN'S SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees
MEMBERS OF COUNCIL
PRESIDENT & HON. CURATOR OF COINS & TOKENS -T Grimes
CHAIRMAN OF COUNCIL - P G Keeling MBE DL
HON. TREASURER - S M Barsley
HON. SECRETARY - M Price
HON. CURATOR - I Hoult
LIBRARIAN - D Frazier Wood
HON. MEMBERSHIP SECRETARY - G Dayes
HON. LECTURE SECRETARY- F N Casswell
REPRESENTATIVE MEMBERS - C Baslington, M Gilbert OBE, E J Sneath, R C West,
Company Secretary
M Price
Independent Examiner
Duncan & Toplis Limited Enterprise Way Pinchbeck Spalding Lincolnshire PE11 3YR
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 24 May 2021 and signed on its behalf by:
M Price – Hon. Secretary
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SPALDING GENTLEMEN'S SOCIETY
Independent examiner's report to the trustees of Spalding Gentlemen's Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Alistair Main FCA Duncan & Toplis Limited Enterprise Way Pinchbeck Spalding Lincolnshire PE11 3YR
Date: 24 May 2021
Page 5
SPALDING GENTLEMEN'S SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 23,403 Charitable activities 4 Museum - Lecture receipts 966 Symposium - Quiz 797 Investment income 3 7,578 Other income 3,742 Total 36,486 EXPENDITURE ON Charitable activities 5 Museum 37,815 Lecture expenses 704 Total 38,519 Net gains/(losses) on investments (23,829) NET INCOME/(EXPENDITURE) (25,862) RECONCILIATION OF FUNDS Total funds brought forward 726,247 TOTAL FUNDS CARRIED FORWARD 700,385 |
Restricted funds £ 1,307 33,620 - - - - 204 35,131 17,150 - 17,150 - 17,981 41,085 59,066 |
2020 Total funds £ 24,710 33,620 966 - 797 7,578 3,946 71,617 54,965 704 55,669 (23,829) (7,881) 767,332 759,451 |
2019 Total funds £ 29,058 11,800 2,989 1,430 446 9,256 3,000 |
|---|---|---|---|
| 57,979 41,689 2,284 |
|||
| 43,973 22,012 |
|||
| 36,018 731,314 |
|||
| 767,332 |
The notes form part of these financial statements
Page 6
SPALDING GENTLEMEN'S SOCIETY
BALANCE SHEET 31 DECEMBER 2020
| Notes FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 358,181 150,147 508,328 2,235 192,393 194,628 (2,571) 192,057 700,385 700,385 |
Restricted funds £ 34,621 - 34,621 - 24,445 24,445 - 24,445 59,066 59,066 |
2020 Total funds £ 392,802 150,147 542,949 2,235 216,838 219,073 (2,571) 216,502 759,451 759,451 700,385 59,066 759,451 |
2019 Total funds £ 376,073 173,976 550,049 2,236 217,949 220,185 (2,902) 217,283 767,332 767,332 726,247 41,085 767,332 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
SPALDING GENTLEMEN'S SOCIETY
BALANCE SHEET - continued 31 DECEMBER 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 24 May 2021 and were signed on its behalf by:
M Price – Hon. Secretary
Mrs S M Barsley – Hon. Treasurer
T Grimes - President
The notes form part of these financial statements
Page 8
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Subscriptions, donations and legacies
Annual subscriptions, donations and legacies are included in the statement of financial activities at amounts receivable for the year.
Life membership subscriptions received are credited to the statement of financial activities in twelve annual instalments.
Gifts
Gifts of exhibits to the society are not included in the Statement of Financial Activities.
Investment income
Investment income and interest is accounted for when receivable.
Grants
Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
As explained in note 11 Heritage Assets have not been capitalised or depreciated as no reliable value can be attributed.
Freehold property is periodically revalued to market value. Museum contents are not depreciated as they are considered to have high residual values depreciation would be an immaterial amount.
Other fixtures and fittings are depreciated on a 15% straight line basis.
continued...
Page 9
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Spalding Gentlemen's Society has designated funds which are unrestricted funds set aside for specific purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
2. DONATIONS AND LEGACIES
| Donations Gift aid Subscriptions Joining Fees |
2020 £ 2,581 3,353 18,736 40 24,710 |
2019 £ 4,407 3,941 20,480 230 |
|---|---|---|
| 29,058 |
3.
| INVESTMENT INCOME | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Dividends | 5,107 | 6,934 |
| Deposit account interest | 2,471 | 2,322 |
| 7,578 | 9,256 |
continued...
Page 10
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
4. INCOME FROM CHARITABLE ACTIVITIES
| Activity Grants Museum Events & activities Lecture receipts Events & activities Symposium Events & activities Quiz Grants received, included in the above, are as follows: Museum 5. CHARITABLE ACTIVITIES COSTS Museum Lecture expenses 6. SUPPORT COSTS Museum 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2020 2019 £ £ 33,620 11,800 966 2,989 - 1,430 797 446 35,383 16,665 2020 2019 £ £ 33,620 11,800 Support Direct costs (see Costs note 6) Totals £ £ £ 43,194 11,771 54,965 704 - 704 43,898 11,771 55,669 Governance costs £ 11,771 2020 2019 £ £ 9,445 5,523 |
|---|---|
continued...
Page 11
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
Members of council received £17,011 (2019 £3,483) reimbursement for purchases on behalf of the Society. All members of council are unpaid providing their services voluntarily.
No employees received total emolument of more than £60,000
9. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| Administration | 2 | 2 |
No employees received emoluments in excess of £60,000.
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 27,044 Charitable activities Museum - Lecture receipts 2,989 Symposium 1,430 Quiz 446 Investment income 9,256 Other income 2,860 Total 44,025 EXPENDITURE ON Charitable activities Museum 34,745 Lecture expenses 2,284 Total 37,029 Net gains on investments 22,012 NET INCOME 29,008 |
Restricted funds £ 2,014 11,800 - - - - 140 13,954 6,944 - 6,944 - 7,010 |
Total funds £ 29,058 11,800 2,989 1,430 446 9,256 3,000 |
|---|---|---|
| 57,979 41,689 2,284 |
||
| 43,973 22,012 |
||
| 36,018 |
continued...
Page 12
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 January 2020 300,000 Additions - At 31 December 2020 300,000 DEPRECIATION At 1 January 2020 - Charge for year - At 31 December 2020 - NET BOOK VALUE At 31 December 2020 300,000 At 31 December 2019 300,000 |
continued Unrestricted Restricted funds funds £ £ 697,239 34,075 726,247 41,085 Fixtures and Computer fittings equipment £ £ 85,880 - 8,030 18,144 93,910 18,144 9,807 - 6,728 2,717 16,535 2,717 77,375 15,427 76,073 - |
Total funds £ 731,314 767,332 Totals £ 385,880 26,174 412,054 9,807 9,445 19,252 392,802 376,073 |
Total funds £ 731,314 |
|---|---|---|---|
| 767,332 | |||
The historical cost of the freehold properties is £4,402. Freehold property is included in the financial statements at the Members of Council estimation of market value based on a valuation obtained from R Longstaff & Co on 28 March 2013.
The Museum collection is a Heritage Asset which has been amassed over the last 300 years mainly by way of gift and is of such extent that neither cost nor market value, are readily ascertainable. The Society has not obtained a valuation of the Museum collection from the balance sheet, as permitted by paragraph 18.17 of the Charities SORP (FRS102). In most cases it would be impossible to place a reliable value on items in the collection and the volume of unique items mean it would not be practical or a reasonable use of society funds to obtain a valuation.
The cost of additions to the museum collection, library and archives as well as museum has not been capitalised, being written off in the statement of financial activities as museum expenditure. Gifts of exhibits during the year to the Society are not included in the statement of financial activities. The museum collection is on exhibit in the Museum and is available for scholastic research and visits by arrangement with the curator.
continued...
Page 13
SPALDING GENTLEMEN'S SOCIETY
| NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020 12. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2020 Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 There were no investment assets outside the UK. 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 15. MOVEMENT IN FUNDS Unrestricted funds General fund Designated fund Designated Building fund Restricted funds Museum Library Building fund TOTAL FUNDS |
At 1.1.20 £ 95,804 527,849 102,594 726,247 35,132 3,068 2,885 41,085 767,332 |
Listed investments £ 173,976 (23,829) 150,147 150,147 173,976 2020 2019 £ £ 2,235 2,236 2020 2019 £ £ 2,571 2,902 Net movement At in funds 31.12.20 £ £ (3,695) 92,109 (22,167) 505,682 - 102,594 (25,862) 700,385 18,219 53,351 (948) 2,120 710 3,595 17,981 59,066 (7,881) 759,451 |
|---|---|---|
continued...
Page 14
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 34,824 | (38,519) | - | (3,695) |
| Designated fund | 1,662 | - | (23,829) | (22,167) |
| 36,486 | (38,519) | (23,829) | (25,862) | |
| Restricted funds | ||||
| Museum | 33,620 | (15,401) | - | 18,219 |
| Library | 801 | (1,749) | - | (948) |
| Building fund | 710 | - | - | 710 |
| 35,131 | (17,150) | - | 17,981 | |
| TOTAL FUNDS | 71,617 | (55,669) | (23,829) | (7,881) |
Comparatives for movement in funds
| Unrestricted funds General fund Designated fund Designated Building fund Restricted funds Museum Library Building fund TOTAL FUNDS |
At 1.1.19 £ 91,255 503,390 102,594 697,239 30,060 2,250 1,765 34,075 731,314 |
Net movement in funds £ 4,549 24,459 - 29,008 5,072 818 1,120 7,010 36,018 |
At 31.12.19 £ 95,804 527,849 102,594 726,247 35,132 3,068 2,885 41,085 767,332 |
|---|---|---|---|
continued...
Page 15
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 41,578 | (37,029) | - | 4,549 |
| Designated fund | 2,447 | - | 22,012 | 24,459 |
| 44,025 | (37,029) | 22,012 | 29,008 | |
| Restricted funds | ||||
| Museum | 11,761 | (6,689) | - | 5,072 |
| Library | 1,073 | (255) | - | 818 |
| Building fund | 1,120 | - | - | 1,120 |
| 13,954 | (6,944) | - | 7,010 | |
| TOTAL FUNDS | 57,979 | (43,973) | 22,012 | 36,018 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated fund Designated Building fund Restricted funds Museum Library Building fund TOTAL FUNDS |
At 1.1.19 £ 91,255 503,390 102,594 697,239 30,060 2,250 1,765 34,075 731,314 |
Net movement in funds £ 854 2,292 - 3,146 23,291 (130) 1,830 24,991 28,137 |
At 31.12.20 £ 92,109 505,682 102,594 700,385 53,351 2,120 3,595 59,066 759,451 |
|---|---|---|---|
continued...
Page 16
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 76,402 | (75,548) | - | 854 |
| Designated fund | 4,109 | - | (1,817) | 2,292 |
| 80,511 | (75,548) | (1,817) | 3,146 | |
| Restricted funds | ||||
| Museum | 45,381 | (22,090) | - | 23,291 |
| Library | 1,874 | (2,004) | - | (130) |
| Building fund | 1,830 | - | - | 1,830 |
| 49,085 | (24,094) | - | 24,991 | |
| TOTAL FUNDS | 129,596 | (99,642) | (1,817) | 28,137 |
In addition to the unrestricted fund the society has the following designated and restricted funds:
Designated fund:
The council has designated an amounts equivalent to the net book values of non-restricted fund fixed assets and investments used to enable the Society to continue to carry out its charitable mission.
Designated building fund:
The council have established a separate fund to work towards the repair and renewal of the society property by designating individual gifts and insurance proceeds received on the property as a building fund.
Restricted building fund:
The council have begun fund raising to provide the reserves required to repair and renew the property from which the society operates in order to be able to provide improved access to and the environment providing suitable protection for the societies collection. Donations and gifts received as part of this fund raising are restricted for these purposes.
Restricted library fund:
Part of the societies collection is a substantial library, which requires significant conservation due to age of many of the books. The council have developed an 'adopt a book' scheme to provide the funds to undertake this work and all income received is restricted for the purposes of library conservation.
Other restricted funds:
Other restricted funds relate to grants received for various projects, which are restricted in use dependent on the terms of the grant in question.
continued...
Page 17
SPALDING GENTLEMEN'S SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 18
SPALDING GENTLEMEN'S SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| FOR THE YEAR ENDED 31 DECEMBER 2020 | ||||
|---|---|---|---|---|
| 2020 | 2019 | |||
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | ||||
| Donations | 1,274 | 1,307 | 2,581 | 4,407 |
| Gift aid | 3,353 | - | 3,353 | 3,941 |
| Subscriptions | 18,736 | - | 18,736 | 20,480 |
| Joining Fees | 40 | - | 40 | 230 |
| 23,403 | 1,307 | 24,710 | 29,058 | |
| Investment income | ||||
| Dividends | 5,107 | - | 5,107 | 6,934 |
| Deposit account interest | 2,471 | - | 2,471 | 2,322 |
| 7,578 | - | 7,578 | 9,256 | |
| Charitable activities | ||||
| Events & activities | 1,763 | - | 1,763 | 4,865 |
| Grants | - | 33,620 | 33,620 | 11,800 |
| 1,763 | 33,620 | 35,383 | 16,665 | |
| Other income | ||||
| Other Income | 100 | - | 100 | 1,387 |
| Retail sales | 1,001 | - | 1,001 | 783 |
| Society outing | - | - | - | 830 |
| Sundry income | 2,641 | 204 | 2,845 | - |
| 3,742 | 204 | 3,946 | 3,000 | |
| Total incoming resources | 36,486 | 35,131 | 71,617 | 57,979 |
| EXPENDITURE | ||||
| Charitable activities | ||||
| Rates | - | - | - | 1,149 |
| Insurance | 7,106 | - | 7,106 | 6,109 |
| Light, heat and water | 4,136 | - | 4,136 | 3,731 |
| Postage, stationery & printing | 2,402 | - | 2,402 | 2,466 |
| Sundries | 3,347 | - | 3,347 | - |
| Repairs and renewals | 2,841 | 384 | 3,225 | 4,857 |
| Conservation and preservation of artifacts | 638 | 2,203 | 2,841 | 282 |
| Magazines and books | 330 | - | 330 | 172 |
| Carried forward | 20,800 | 2,587 | 23,387 | 18,766 |
This page does not form part of the statutory financial statements
Page 19
SPALDING GENTLEMEN'S SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| FOR THE YEAR ENDED 31 DECEMBER 2020 | ||||
|---|---|---|---|---|
| 2020 | 2019 | |||
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Charitable activities | ||||
| Brought forward | 20,800 | 2,587 | 23,387 | 18,766 |
| Conservation of books and archives | 1,742 | 1,600 | 3,342 | 215 |
| Cleaning | 174 | - | 174 | 78 |
| Catering | 118 | - | 118 | 75 |
| Philately and medals | - | 82 | 82 | - |
| Training | - | - | - | 678 |
| Subscriptions and donations | 785 | - | 785 | 971 |
| Lecture fees and expenses | 704 | - | 704 | 2,354 |
| Quiz | - | - | - | 70 |
| Symposium | - | - | - | 1,332 |
| Travel | - | 617 | 617 | 665 |
| Retail | 1,264 | - | 1,264 | 1,290 |
| Depreciation of tangible fixed assets | 252 | 9,193 | 9,445 | 5,523 |
| 25,839 | 14,079 | 39,918 | 32,017 | |
| Support costs | ||||
| Governance costs | ||||
| Wages | 4,079 | - | 4,079 | 4,036 |
| Telephone | 930 | - | 930 | 705 |
| Sundries | - | - | - | 197 |
| Accountancy fees | 1,017 | - | 1,017 | 1,359 |
| Legal and professional | 2,660 | 1,320 | 3,980 | 3,957 |
| Outing Costs | - | - | - | 778 |
| Computer and office costs | 3,994 | 1,751 | 5,745 | 924 |
| 12,680 | 3,071 | 15,751 | 11,956 | |
| Total resources expended | 38,519 | 17,150 | 55,669 | 43,973 |
| Net income before gains and losses | (2,033) | 17,981 | 15,948 | 14,006 |
| Realised recognised gains and losses | ||||
| Unrealised gains/(losses) on fixed asset | ||||
| investments | (23,829) | - | (23,829) | 22,012 |
| Net income | (25,862) | 17,981 | (7,881) | 36,018 |
This page does not form part of the statutory financial statements
Page 20