REGISTERED CHARITY NUMBER: 225497
Report of the Trustees and
Financial Statements
for the Year Ended 31st March 2023
for
The James Reckitt Library Endowment
Sadofskys Statutory Auditors Princes House Wright Street Kingston upon Hull HU2 8HX
The James Reckitt Library Endowment
Contents of the Financial Statements for the year ended 31st March 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Report of the Independent Auditors | 5 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 16 |
The James Reckitt Library Endowment
Report of the Trustees for the year ended 31st March 2023
The trustees present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives, aims and public benefit
In 1889 Sir James Reckitt founded at his own expense the James Reckitt Library in East Hull, the first free public library in the city. A Trust was established to take responsibility for it, and the trustees were vested with 'estate and effects' to fund its maintenance and development. These 'estate and effects' form the Endowment Fund referred to in the accompanying accounts.
In October 2008, the Charity Commission approved a scheme to vary the objects of the Trust. The management and use of the endowment was made the responsibility of a newly-constituted charitable trust regulated by the Charity Commission. Today the trust helps to develop public library provision throughout the city, and is responsible for the largest charitable endowment in the country devoted exclusively to public libraries.
The objectives of the charity are set out in the Trust's 2008 governing document:
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to provide or assist in the provision of staff, public services, equipment and facilities for public libraries in Hull, and the refurbishment of such library buildings whereby the services provided to the public in those libraries will exceed the public libraries standards as prescribed by central government, and
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to provide or assist in the provision of additional staff, services and facilities in order to bring public library services to those living, studying and working in Hull, including those who would otherwise make little or no use of the facilities.
Funding from The James Reckitt Library Trust is designed to ensure that modern public libraries remain at the heart of the city's development. Over the past fourteen years the trust has awarded over £6 million to projects and activities designed to extend the scope and impact of Hull's libraries.
The trustees apply the income to a wide range of projects that benefit the users of public libraries in Kingston upon Hull. The trustees are of the opinion that they have complied with the duty in Section 4 of the Charities Act 2011 with regard to public benefit guidance published by the Charity Commission.
ACHIEVEMENT AND PERFORMANCE
During the year ended 31 March 2023, a total of £375,618 (2022 - £398,904) was spent on approved projects.
Income generated from investments during the year was £417,416 (2022 - £346,917). Total expenditure for the year was £451,895 (2022 - £480,529).
During the year, trustees approved funding for the Larkin 100 project and further funding for the Big Malarkey Festival, an extensive programme of events, and the new community engagement programme. Ongoing projects, including the Hull Children's Book Award and Revealing the Past: Unlocking the Treasures in Hull Local Studies Library continued to receive funding
FINANCIAL REVIEW
Financial position
The financial position of the charity is strong with net assets at 31 March 2023 amounting to £16,177,185 (2022 - £17,502,779).
Investment policy and objectives
The trustees reviewed and approved the Statement of Investment Policy, the aim of which is to minimise the financial risk whilst seeking to maintain adequate levels of income. This policy will be reviewed annually.
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The James Reckitt Library Endowment
Report of the Trustees for the year ended 31st March 2023
FINANCIAL REVIEW Reserves policy
The Trustees of the James Reckitt Library Trust have adopted the following reserves policy:
The Trust has two sources of funds available for projects and its running costs: recurrent income and historic reserves. The historic reserves primarily arose following the accumulation of income in the years prior to the passing of the Charity Commission Scheme on 20 October 2008.
As well as spending money on annual projects, the Trustees may from time to time identify strategic projects that it wishes to support over the longer term. In such cases, the Trustees may withhold some of the recurrent income and/or use some of the historic reserves to fund these projects.
Unrestricted funds of £682,048 (2022 - £652,162) are held principally to fund current and future projects.
Cash balances held within the investment portfolio are maintained for tactical reasons for future trading opportunities.
Going concern
The Charity has sufficient reserves to enable any debts to be paid as they fall due. The Trustees do not foresee any problems in the next 12 months from the date that these financial statements are authorised for issue and therefore consider it appropriate for the accounts to be prepared on the going concern basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is an unincorporated charity that is governed by a Charity Commission Scheme dated 20 October 2008. The charity is registered with the Charity Commission under registration number 225497.
Recruitment and appointment of new trustees
Nominated trustees must be appointed by Kingston upon Hull City Council.
Co-opted trustees must not be members of Kingston upon Hull City Council and must have special knowledge of the work and activities undertaken by the charity. The trustees must be appointed at a special meeting.
An appointment may, but need not, be made before the date on which the term of office of an existing co-opted trustee comes to an end, to take effect on that date. In these circumstances:
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the appointment may not be made more than 3 months before the date on which the existing co-opted trustee's term of office is due to end; and
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any co-opted trustee whose term of office is about to come to an end must not vote in favour of their own re-appointment.
Each appointment must be for a term of 4 years.
Organisational structure
Kingston upon Hull City Council is the Custodian Trustee of the charity. This means that any assets are held by Kingston upon Hull City Council. The charity is in all other respects independent of the Council. The trustees have authorised RBC Brewin Dolphin to hold the charity's investments in the name of RBC Brewin Dolphin's nominee company.
The charity is managed by a board of five trustees comprising three co-opted trustees appointed through application and competitive selection and two trustees nominated by the Council. The trustees meet for quarterly management meetings plus other meetings from time to time.
The charity currently procures financial and secretarial support from Kingston upon Hull City Council. These services are open to competitive tender.
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The James Reckitt Library Endowment
Report of the Trustees for the year ended 31st March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
Each trustee on their appointment is given a copy of the scheme document together with any amendments made to it and a copy of the latest charity report and the accounts.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Charity has identified the risks to which it may be exposed and has implemented a risk management strategy which comprises:
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an annual review of the risks which the Charity may face;
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the establishment of systems and procedures to mitigate those risks; and
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the implementation of procedures designed to minimise any potential impact on the Charity should any of those risks materialise.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
225497
Principal address
Kingston upon Hull City Council Guildhall Alfred Gelder Street Kingston upon Hull HU1 2AA
Trustees
Nominated Trustees Honorary Alderman J L Fareham (resigned 23/01/24) Councillor H Herrera-Richmond
Co-opted Trustees Dr R G Heseltine (resigned 22/01/24) Professor G Chesters Mrs C J Frankish Miss P M Dalby (appointed 22/01/24)
Auditors
Sadofskys Statutory Auditors Princes House Wright Street Kingston upon Hull HU2 8HX
Bankers
National Westminster Bank plc 34 King Edward Street Kingston upon Hull HU1 3SS
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The James Reckitt Library Endowment
Report of the Trustees for the year ended 31st March 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Investment Managers
Brewin Dolphin Ltd Time Central Gallowgate Newcastle upon Tyne NE1 4SR
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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable 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 time the financial position of the charity and to 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.
Approved by order of the board of trustees on 24th January 2024 and signed on its behalf by:
Mrs C J Frankish - Trustee
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Report of the Independent Auditors to the Trustees of The James Reckitt Library Endowment
Opinion
We have audited the financial statements of The James Reckitt Library Endowment (the 'charity') for the year ended 31st March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st March 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Trustees of The James Reckitt Library Endowment
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of The James Reckitt Library Endowment
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with the trustees and other management, and from our commercial knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, the Charities Statement of Recommended Practice (SORP), taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, relevant regulators and the charities' legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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Report of the Independent Auditors to the Trustees of The James Reckitt Library Endowment
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Sadofskys Statutory Auditors Princes House Wright Street Kingston upon Hull HU2 8HX
26th January 2024
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The James Reckitt Library Endowment
Statement of Financial Activities for the year ended 31st March 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Expenditure on approved projects Governance costs Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 417,416 7,948 375,618 3,000 964 387,530 - 29,886 652,162 682,048 |
Endowment fund £ - 64,365 - - - 64,365 (1,291,115) (1,355,480) 16,850,617 15,495,137 |
2023 Total funds £ 417,416 72,313 375,618 3,000 964 451,895 (1,291,115) (1,325,594) 17,502,779 16,177,185 |
2022 Total funds £ 346,917 78,988 398,904 2,400 237 480,529 887,047 753,435 16,749,344 17,502,779 |
|---|---|---|---|---|
The notes form part of these financial statements
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The James Reckitt Library Endowment
| Balance Sheet 31st March 2023 Unrestricted fund Notes £ FIXED ASSETS Investments 8 - CURRENT ASSETS Debtors 9 752,363 Investments 10 18,166 770,529 CREDITORS Amounts falling due within one year 11 (88,481) NET CURRENT ASSETS 682,048 TOTAL ASSETS LESS CURRENT LIABILITIES 682,048 NET ASSETS 682,048 FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
Endowment fund £ 14,928,593 8,629 574,285 582,914 (16,370) 566,544 15,495,137 15,495,137 |
2023 Total funds £ 14,928,593 760,992 592,451 1,353,443 (104,851) 1,248,592 16,177,185 16,177,185 682,048 15,495,137 16,177,185 |
2022 Total funds £ 16,471,383 740,465 406,490 1,146,955 (115,559) 1,031,396 17,502,779 17,502,779 652,162 16,850,617 17,502,779 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24th January 2024 and were signed on its behalf by:
Mrs C J Frankish - Trustee
Councillor H Herrera-Richmond - Trustee
The notes form part of these financial statements
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The James Reckitt Library Endowment
Notes to the Financial Statements for the year ended 31st March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.
The presentation currency of the financial statements is the Pound Sterling (£).
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.
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.
Taxation
The charity is exempt from 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Endowment funds - these funds represent assets which must be held permanently by the charity, principally as investments. They can only be spent with prior permission from the Charity Commission. Income arising from the endowment can be used in accordance with the objects of the charity and is included as unrestricted income.
Fixed asset investments, stocks and shares
Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the statement of financial activities.
Stocks and shares are included at market value at the balance sheet date.
continued...
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The James Reckitt Library Endowment
Notes to the Financial Statements - continued
| for the year ended 31st March 2023 2. INVESTMENT INCOME Investment income Interest 3. RAISING FUNDS Fund management costs Website management / redevelopment Support services recharge 4. CHARITABLE ACTIVITIES COSTS Hull Children's Book Award Revealing the Past: Unlocking the Treasures in Hull Local Studies Library Hull Children's Literature Festival (The Big Malarkey) Library Link Events Programme Community Engagement Programme Larkin 100 5. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements |
2023 £ 406,745 10,671 417,416 2023 £ 64,365 1,890 6,058 72,313 2023 £ 28,188 16,653 87,500 - 46,074 164,327 32,876 375,618 2023 £ 3,000 |
2022 £ 346,379 538 346,917 2022 £ 72,071 1,080 5,837 78,988 2022 £ 6,886 49,064 63,986 90,711 32,575 155,682 - 398,904 2022 £ 2,400 |
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continued...
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The James Reckitt Library Endowment
Notes to the Financial Statements - continued
for the year ended 31st March 2023
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
| Trustees' expenses | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Trustees' expenses | **964 ** | 237 |
7. STAFF COSTS
There were no staff costs for the year ended 31st March 2023 nor for the year ended 31st March 2022.
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st April 2022 Additions Disposals Revaluations At 31st March 2023 NET BOOK VALUE At 31st March 2023 At 31st March 2022 |
Listed investments £ 16,471,383 976,462 (904,162) (1,615,090) 14,928,593 14,928,593 16,471,383 |
|---|---|
There were no investment assets outside the UK.
Quoted investments comprise shares and convertible capital bonds.
Investments are valued and reported on by RBC Brewin Dolphin on a quarterly basis using the fair value method.
continued...
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The James Reckitt Library Endowment
Notes to the Financial Statements - continued
for the year ended 31st March 2023
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Kingston upon Hull City Council RBC Brewin Dolphin stockbrokers Prepayments and accrued income |
2023 £ 710,962 48,072 1,958 **760,992 ** |
2022 £ 723,230 12,243 4,992 740,465 |
|---|---|---|
| The Kingston upon Hull City Council debtor includes £8,629 (2022 - £8,629) in respect endowment funds held as cash. 10. CURRENT ASSET INVESTMENTS 2023 £ RBC Brewin Dolphin - cash balances 592,451 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Accrued expenses 104,851 12. MOVEMENT IN FUNDS Net movement At 1/4/22 in funds £ £ Unrestricted funds General funds 652,162 29,886 Endowment funds Permanent endowment fund 16,850,617 (1,355,480) TOTAL FUNDS 17,502,779 (1,325,594) Net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General funds 417,416 (387,530) - Endowment funds Permanent endowment fund - (64,365) (1,291,115) TOTAL FUNDS 417,416 (451,895) **(1,291,115) ** |
The Kingston upon Hull City Council debtor includes £8,629 (2022 - £8,629) in respect endowment funds held as cash. 10. CURRENT ASSET INVESTMENTS 2023 £ RBC Brewin Dolphin - cash balances 592,451 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Accrued expenses 104,851 12. MOVEMENT IN FUNDS Net movement At 1/4/22 in funds £ £ Unrestricted funds General funds 652,162 29,886 Endowment funds Permanent endowment fund 16,850,617 (1,355,480) TOTAL FUNDS 17,502,779 (1,325,594) Net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General funds 417,416 (387,530) - Endowment funds Permanent endowment fund - (64,365) (1,291,115) TOTAL FUNDS 417,416 (451,895) **(1,291,115) ** |
of permanent 2022 £ 406,490 2022 £ 115,559 At 31/3/23 £ 682,048 15,495,137 16,177,185 Movement in funds £ 29,886 (1,355,480) (1,325,594) |
|---|---|---|
continued...
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The James Reckitt Library Endowment
Notes to the Financial Statements - continued for the year ended 31st March 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General funds Endowment funds Permanent endowment fund TOTAL FUNDS |
At 1/4/21 £ 713,703 16,035,641 16,749,344 |
Net movement in funds £ (61,541) 814,976 753,435 |
At 31/3/22 £ 652,162 16,850,617 17,502,779 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General funds Endowment funds Permanent endowment fund TOTAL FUNDS |
Incoming resources £ 346,917 - 346,917 |
Resources expended £ (408,458) (72,071) (480,529) |
Gains and Movement losses in funds £ £ - (61,541) 887,047 814,976 887,047 753,435 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General funds Endowment funds Permanent endowment fund TOTAL FUNDS |
At 1/4/21 £ 713,703 16,035,641 16,749,344 |
Net movement in funds £ (31,655) (540,504) (572,159) |
At 31/3/23 £ 682,048 15,495,137 16,177,185 |
|---|---|---|---|
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continued...
The James Reckitt Library Endowment
Notes to the Financial Statements - continued
for the year ended 31st March 2023
12. 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:
| Unrestricted funds General funds Endowment funds Permanent endowment fund TOTAL FUNDS |
Incoming resources £ 764,333 - 764,333 |
Resources expended £ (795,988) (136,436) (932,424) |
Gains and losses £ - (404,068) (404,068) |
Movement in funds £ (31,655) (540,504) (572,159) |
|---|---|---|---|---|
The Restricted Fund was reclassified by the Trustees as at 31st March 2018 and was transferred to the heading Unrestricted Fund. The Unrestricted Fund balances are held and administered by Kingston upon Hull City Council. The Unrestricted Fund is used to support a wide range of services across all the Council's libraries, provided that those services exceed the public libraries standards as prescribed by Central Government. It is also used to bring public library services and facilities to people living and working in Hull who would otherwise not use them.
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2023.
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