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2024-06-30-accounts

Manchester Literary and Philosophical Society

Annual Report and Accounts for the year ended 30 June 2024

Registered office c/o The Portico Library 57 Mosley Street Manchester, M2 3HY

Company Registration No. 9330 Registered Charity No. 235313

The Manchester Literary and Philosophical Society

Contents

Contents
Page
Reference and administrative details 2
President’s Report 3-4
Treasurer’s Report 5-6
Trustees/Directors Report 7-14
Independent Examiner’s Report 15
Statement of Financial Activities/Income and Expenditure Account 16
Balance Sheet 17
Notes to the Accounts 18-25

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The Manchester Literary and Philosophical Society

Reference and administrative details

Trustees (directors) who served during the period:

Peter Wright

Ian Cameron

Cigdem Balim Alison Carey Christine Mbarga

Trevor Rees Dhun Daji Michael Tso Peter Carstensen Manju Bhavnani Alan Wareham Charlotte Lanigan Jim Thomas

Celia Baker Dr Susan Hilton Anthony Jackson Dianne Bamber

Chairman and President (Elected 19 September 2023) Immediate Past President and Vice-President (resigned 17 September 2024) Honorary Secretary – Elected 19 September 2023 Honorary Treasurer (appointed 22 April 2024) Honorary Treasurer (resigned 17 September 2024)

Elected 24 July 2023 Elected 24 July 2023 Elected 24 July 2023 Elected 24 July 2023 Chair – Science and Technology Section Committee Chair – Arts Section Committee Chair– Social Philosophy Section Committee Resigned 19 September 2023 Resigned 31 December 2023

President Peter Wright

Bankers

CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ

Independent Examiner

Helen Binns FCA Beever and Struthers Chartered Accountants One Express 1 George Leigh Street Manchester M4 5DL

Investment managers

Brewin Dolphin 1 The Avenue Spinningfields Square Manchester M3 3AP

Company Registration Number: Charity Registration Number: Principal Office:

00009330 235313

COLONY Fabrica 269 Great Ancoats Street, Ancoats Manchester M4 7DB

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The Manchester Literary and Philosophical Society

President’s Report

President’s Report

Overview

At the AGM last year, there was a call for change. The previous Presidents had identified the areas of focus, several reports had been written pointing out the direction of travel, and projects had been put in place, but progress had been disappointing. Last year, the AGM approved a budget that predicted an operating loss of over £100k.

In summary, we needed to change, but there was resistance. We needed to take a back-to-basics approach and examine all areas of our operation.

This is a multi-year project that will involve trial and error. It will be uncomfortable, and there will be challenging conversations and difficult choices. Success lies on the other side of our evolution; like many organisations, we must evolve but hold true to our history.

The current members and trustees hold stewardship over this venerable institution, and we owe it to our founders and the future to ensure we have a sustainable organisation, delivering against its charitable purpose, that can celebrate its 250[th] anniversary knowing its future is secure.

2023/2024 Reflection

To sum up last year in a single word would be challenging.

We have put on a full program and a huge thank you is owed to all involved in our core activity.

This year’s focus has sat behind the scenes at the operational and strategic levels.

Several of the issues we faced were

We have made progress, but more work is needed.

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The Manchester Literary and Philosophical Society

The Year Ahead

Last year, it was about stabilisation and creating a foundation. That work needs to be completed urgently.

We need to review our events program this year and moving forward. While we are starting from a strong base, we need to find the key to increasing our appeal and audience. This year, the Program Planning Group will consider involving everyone in helping generate ideas.

One area causing concern across the society is the future of the memoirs. This will be a focus of attention over the next few months; we are committed to ensuring we are still publishing them in our 250[th] year.

To continue this journey, the trustees must work together as a leadership team. We will review the communication strategy and member engagement again.

To close, we need more support from our members. A lot of work has fallen on the shoulders of a small number of people. To help facilitate that increase in support, we will recruit a member to take ownership of recruiting, training, and leading our volunteers.

I would ask all members to read this document, and feel free to ask questions and hold your trustees to account.

Peter Wright

President

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The Manchester Literary and Philosophical Society

Treasurer’s Report

I took over as Honorary Treasurer in April 2024 so my perspective on the year reflects my relatively short time in post.

The year 2023-24 has been a year of transition for the Manchester Lit & Phil (MLP). Our new President was elected with a manifesto to review and overhaul the operations of the society as the operating model is not sustainable in the long term as our expenditure significantly exceeds our income.

This year we have concentrated on managing the cost base while income has remained broadly flat. The operating deficit (excluding investment returns and before amortisation of the website) has reduced from £115.9k to £79.3k. This compares to a budgeted deficit of £123.7k.

The Trustees have reassessed the useful life of the website as three years (previously 10 years) and accordingly this year’s accounts reflect a provision of £20.9k compared to a provision of £3.7k in 2023. This is purely a book entry and does not impact on operating cash flows.

We are fortunate to have a significant investment portfolio which provides a safety net in this time of transition. In 2023-24 our net return on our portfolio was £159.1k compared to £91.7k in 202223. Our investment managers recommended that we invest a proportion of the portfolio in relatively risk-free gilts which can be drawn down to cover operating deficits while we stabilise the society’s finances. This leaves a balance of c £1m. We are working on the basis that we can expect an average return of c 3% pa over inflation which can contribute to our charitable activities, while protecting the value of our portfolio.

This means that we need to reduce our operating deficit to c £30k pa through a combination of cost reduction and income generation. Our current year operating deficit before amortisation was £79.3k and our budgeted operating deficit before amortisation for 2024-25 is £72.2k, based on conservative assumptions.

During 2023-24, the key elements of our change strategy and their impact on our financial performance were as follows:

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The Manchester Literary and Philosophical Society

In conclusion, 2023-24 saw MLP make progress in managing its finances to secure the financial viability of the society. In 2024-25 our focus will shift towards income generation and at the same time, increasing our reach, while continuing to drive down our cost base

Alison Carey - Honorary Treasurer

Income and expenditure account for the year ended 30 June 2024

INCOME
Subscriptions
Ticket sales
Memoirs
Donations & legacies
Other income
TOTAL INCOMING RESOURCES
EXPENDITURE
Direct costs
Functions and meeting costs
Printing of Memoirs
Library
Governance costs
Council costs
Research costs
Legal and professional fees
Independent examination fee
Marketing and promotion
Printed programmes
Promotion and advertising
Website costs
Premises costs
Staff and outsourced services costs
Other administrative costs
Finance costs
TOTAL OUTGOING RESOURCES
Net operating deficit before amortisation
Website amortisation
Return on investments
Investment income
Management fees
Net investment (losses)/gains
Net return on investments
Net movement in funds
Funds brought forward
Funds carried forward		 2024
£
37,378
7,070
78
516
60
45,102
11,299
(465)
(153)
10,681
2,392
336
6,501
2,302
11.531
0
3,990
4,267
8,257
10,645
74.417
7,121
1,790
124,442
(79,340)
(20,955)
28,662
(8,583)
139,048		 2023
£
35,237

8,040

78

567

30
43,952
28,485

2,294

17
30,796
815
141
4,853
2,358

8,167
4,256
3,836
4,555
12,647
11,406

87,413
6,826
2,566
159,821

(115,869)

(3,698)
23,220

(8,842)
77,368
159,127
58,832
1,317,240
1,376,062		 91,746
(27,821)
1,345,061
1,317,240

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The Manchester Literary and Philosophical Society

Trustees’ / Directors’ report 2023-24

The Trustees, who are directors for the purposes of company law, present their annual report and the financial statements for the year ended 30 June 2024 and confirm that they comply with the requirements of the Charities Act 2011 and the Charities SORP (FRS102).

Objectives and activities

As determined by the Society’s memorandum and articles of association the Society is established for the object of promoting the advancement of education and the widening of public interest in and appreciation of any form of literature, science, the arts and public affairs through a series of public lectures presented throughout the year.

In 2023-24, the Society delivered over forty events, the mix represented the standard formats, with the addition of two community events aimed at raising the general awareness of the Manchester Lit & Phil. The Philosophy forum, continued to be a success, we did have a change of leadership. I would like to acknowledge Christopher Burke for his contribution. We are actively encouraging the sections to look at testing more interactive formats. Themes remain a topic of debate; our view is evolving. A theme is a well-used format in many organisations, with examples of Black History Month, Pride and even the Prom concerts. We will continue to explore themes but we want them to be additive to the program and not restrictive. We are also working towards creating “showcase” events, using high profile speakers and larger venues to again drive footfall and awareness.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. In particular, the delivery of our annual lecture programme educates members of the public, including young persons as described earlier in the annual report.

Achievements and performance

The Manchester Literary and Philosophical Society, founded on 28 February 1781, is the second oldest learned society in Britain. Many of the founding members were medical men, resident in the King St, Piccadilly area of the city; the earliest meetings took place in a room in the original Cross St Chapel, but in 1799 the Society moved to 36 George Street, which remained its home until the Blitz of 1940. From 1960-1980, the Society enjoyed the facilities of its rebuilt home, but since 1981 has not had its own premises. Today it operates from a shared office space based in Ancoats. To facilitate this, our archives have been stored at a facility specialising in heritage storage in Oxfordshire.

By the 1860s, membership had expanded to over 200 and included prominent merchants, engineers, and manufacturers. Women were not admitted to membership until the beginning of the 20th century. Many famous scientists, engineers, physicists, and mathematicians have been members of the Society, the most famous being John Dalton, the ‘father of modern chemistry’, a member from 1794 until his death in 1844. Much of his original research was done in a laboratory at the Society’s George Street House.

Other notable past members include Dalton’s gifted pupil James Prescott Joule, Peter Mark Roget, the originator of the Thesaurus; William Fairbairn the engineer; Henry Roscoe the chemist; Ernest Rutherford the nuclear physicist; Joseph Whitworth the precision engineer as well as Professor Tom Kilburn and Alan Turing, computing pioneers and Professor Sir Bernard Lovell.

Our achievement is our ability to produce lectures and events of the highest calibre on a wide and varied number of topics. To appreciate this, you need to visit our website to be able to review for yourself the work the society has done and proposes to do in the future.

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The Manchester Literary and Philosophical Society

Review of activities

As in previous years the Society again enjoyed a very varied and interesting programme throughout the year. Detailed below are reports from our sections detailing the activities during the year:

1. Arts

Committee membership

Celia Baker is Chair. Tony Jackson and Edwina Dyson will be stepping down this year. Other members are Manju Ghosh and new members Malcolm Raeburn, Charlotte Lanigan and Mike Tso.

I would like to express my thanks to Edwina Dyson and Tony Jackson who are retiring this year. Their support and suggestions have been invaluable. They will be greatly missed.

2023-24 Season Events

5 August 2023 Tour of Burgess Foundation (Extra Event) 11 September 2023 Bat Walk, Broadhurst Park (Extra Event)

18 September 2023 Art Gallery Tour - Conversations through time: Historic and Contemporary Art September 2023 Theatre Group - Great Expectations 15 November 2023 Gallery tour -The Human Condition in four dimensions 21 November 2023 Lynne Dawson - The Voice

6 December 2023 Christmas Concert with The Lovenotes

1 February 2024 Sara Riccardi - Fruits of the Earth: Food and Art

19 February 2024 Mandy Barker- Plastic Ocean

7 March 2024 Cynthia Johnston - Getting Mediaeval with Stranger Things

11 June 2024 Michael Downes - Beethoven, Bayreuth, Bernstein, Berlin and Brexit: two hundred years of the Ninth Symphony

20 June 2024 Xiaoxiao Hou – Beyond the Score: Music and Dementia

Celia Baker Chair – Arts Committee

2. Science and Technology

This year has seen a stimulating and diverse programme of events from Science and Technology and the Climate Change subgroup. There were seven lecture-based events and a climate change seminar. All are listed below with that presented by Tony Redmond being particularly memorable.

2023/24 Season Events

How can we achieve a sustainable 4 Oct 2023 Laurence Harwood nuclear fuel cycle? Creating the tiniest machines: 6 Nov 2023 David Leigh harnessing molecular level motion. Engineering enzymes to reduce 16 Nov 2023 Elizabeth Bell plastic waste. What are you drinking? A look at 6 Feb 2024 Leon Barron chemicals in the urban water cycle.

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The Manchester Literary and Philosophical Society

How can we help those in need during and after a humanitarian 12 Mar 2024 Tony Redmond crisis? Black holes – the key to 24 June 2024 Jeff Forshaw understanding the universe. 03 July 2024 Peter Gardner Shedding new light on disease

Climate Change Online Seminar

17 June 2024 Seminar Effective carbon offset

I would like to express my thanks to Desmond Winterbone who has retired as a committee member having served as its Chair in the past. I must thank Melissa Lord and Martin Hunt for jobsharing the secretary’s position and Martin Hunt and Brian Tyler for their efforts on the Climate Change Subgroup.

Committee membership

Changes in the committee for the 2023-2024 programme are as follows: Brian Derby has agreed to join as a new member but because of the shortage of time to confirm this before the 2023 AGM, he has served as a co-opted member for 2023-2024. Tea Milanovic who is studying chemistry at Imperial College London, has been studying in the USA and has not renewed her membership of the Man Lit and Phi. She has contributed to some of our meetings online, however.

Brian Tyler and Desmond Winterbone have remained as corresponding, non-voting, members and we have continued to benefit from their advice.

Committee for 2023-2024

Jim Thomas Chair (Feb 2019) Dianne Bamber (May 2018) Melissa Lord (co-opted) Paul Miller (Feb 2017) Peter Williams (Feb 2019) Lesley Roberts (March 2021) Martin Hunt (July 2021) Tea Milanovic (May 2022) Ambrose Smith (May 2023) Brian Derby (co-opted September 2023)

Brian Tyler Corresponding member Desmond Winterbone Corresponding member

Jim Thomas Chair – Science and Technology Committee

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The Manchester Literary and Philosophical Society

3. Social Philosophy

2023/24 Season Events

A full programme of lectures and visits took place. Details as follows, including the Philosophy Forum seminars (organised for most of the year by Christopher Burke, who handed over to John Pickersgill Easter 2024)– all seminars took place at the friends Meeting House in Manchester.

21 September 2023 – ‘Mushroom Forage with Wild Gin at Fletcher Moss Park’. A fascinating walk around this area of Didsbury, Manchester, led by Colin Unsworth, a foraging expert.

3 October 2023 – ‘Seeing is believing’ – a Philosophy Forum seminar, led by Christopher Burke, discussing whether reality is veridical or virtual?

30 October 2023 – ‘In Conversation with Nazir Afzal, Chancellor of the University of Manchester’, at the Anthony Burgess Foundation. Radio and TV presenter Darryl Morris led the Chancellor in a wide-ranging discussion about his experience as a public Prosecutor, author, Chancellor, and much more.

2 November 2023 – a Philosophy Forum seminar entitled’ Conscious Realism’ (a new kid on the metaphysics block) led by Christopher Burke.

5 December 2023 – a Philosophy Forum seminar – ‘Free will – reality or illusion’, led by John Pickersgill.

25 January 2024 – a Philosophy Forum seminar, ‘The Darkness at the Heart of Enlightenment: Kant’s Racism’ led by Professor Keekok Lee.

5 March 2024 – a Philosophy Forum seminar – ‘Phenomenology and Female Philosophers’ led by Sue Johnson

11 April 2024 – ‘Guided Tour of Victoria Baths’ led by Sheila Whitaker. A restoration project of a truly historic Manchester building.

25 April 2024 – a Philosophy Forum seminar – From Earth to Earth via Heaven’, led by Professor Cigdem Balin, touching on anthropology and various theistic beliefs.

2 May 2024 – ‘Human Interactions and the Implications for Ethical and Responsible RAI’ by Dr Emily C Collins, at the Cross Street Chapel. A fresh look at Artificial Intelligence and what the future of this may hold.

4 June 2024 – a Philosophy Forum seminar – ‘The Sad Truth about Truth’, based on a paper by Christopher Burke and led by John Pilkington.

6 June 2024 – ‘Spying through a Glass Darkly’ by Professor Cecile Fabre at the Anthony Burgess Foundation. This was all about espionage, and also whether this could be morally justified?

Committee membership

I am currently the Chair, with the committee comprised of Philip Hulme (Secretary), Peter Barnes, Sheila Whitaker, Ian Cameron, and John Waterton. The Philosophy Forum is administered by John Pickersgill (since Easter 2024), Robert Mears Peter Barnes, Susan Hilton and Richard Remelie.

If any Lit & Phil member would like to join either the SP committee or the PF Admin Group we would be very happy to hear from you.

Dr Susan Hilton Chair – Social-Philosophy Committee

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The Manchester Literary and Philosophical Society

4. Council

Council delivered a series of additional events from formal lectures and meetings to informal social activities. They were generally well received and considered to offer a good range of topics, contributors and formats.

6 September – Welcome Back Social

19 September – AGM at the Royal Northern College of Music

19 September – Delivering Greater Manchester’s Integrated Care Strategy

27 September – Manchester, the slave trade, and the Manchester Lit & Phil, (Panel Discussion)

13 October – Guided walk - Manchester and Slavery: abolitionists and manufacturers

26 October – Northerners: from the Ice Age to the Present Day - Lit & Phil Local Event

30 November – The Chinese in Britain – The Latest Chapter

12 December – Reparations for our slavery links - how might they work?

9 March – Seeing Britain through the eyes of an insider/outlier: in conversation with Yasmin Alibhai-Brown – a collaboration with MACFEST

18 April – The Percival Lecture South Africa’s Modernism, Modernism’s South Africa – University of Salford

7 June – Universally Manchester – a collaboration with the University of Manchester to mark its 200[th] anniversary

15/16 June – We Invented the Weekend Festival – a collaboration with University of Salford

Programme events for 2024/5 have been scheduled for the Autumn and are in preparation for the Spring and Summer.

Peter Wright President

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The Manchester Literary and Philosophical Society

Financial review

The year 2023-24 has been a year of transition for the Manchester Lit & Phil (MLP). Our new President was elected with a manifesto to review and overhaul the operations of the society as the operating model is not sustainable in the long term as our expenditure significantly exceeds our income.

This year we have concentrated on managing the cost base while income has remained broadly flat. The operating deficit (excluding investment returns) has reduced from £119.6k to £100.3k. This compares to a budgeted deficit of £127.4k. This year included an exceptional charge for amortisation of the website, following the Trustee’s reappraisal of its useful life. Before amortisation the operating deficit for the year was £79.4k (2023 - £115.9k).

In 2024-25 our focus will shift towards income generation and at the same time, increasing our reach, while continuing to drive down our cost base.

Further details of this have been provided in the Treasurer’s report.

Investment policy and returns

The Society has adopted a total return approach for its investment portfolio. As permitted by the Society’s memorandum and articles of association, the trustees have given Brewin Dolphin discretion to manage the portfolio within an agreed risk profile working towards a target return.

Our investment managers recommended that we invest a proportion of the portfolio in relatively risk-free gilts which can be drawn down to cover operating deficits while we stabilise the society’s finances. This leaves a balance of c £1m. We are working on the basis that we can expect an average return of c 3% pa over inflation which can contribute to our charitable activities, while protecting the value of our portfolio.

In 2023-24 our net return on our portfolio was £159.1k compared to £91.7k in 2022-23. The income was £28.7k (2023 - £23.2k). We withdrew £70k from the portfolio to cover our operating deficit, a significant reduction on 2023 when we withdrew £135k.The value of our portfolio, including cash held with investors at 30 June 2024 was £1,364.1k (2022 - £1,275.7k).

Risk management

Systems and controls have been and are being established to mitigate risks and will be periodically reviewed to ensure that they meet the needs of the Society.

Safeguarding

As an educational charity which engages with young people for some events, Council is fully aware of its responsibilities towards younger people and to this end has a Safeguarding and Child Protection policy which is reviewed annually. In January 2023, the Society became a member of SafeCiC, a charity specialising in providing support to organisations on Safeguarding matters. The policy document has been revised to reflect their recommendations.

GDPR

The Society is compliant with the General Data Protection Regulation applicable from May 2018.

Reserves policy

Reserves consist of a designated expendable endowment fund; that is a fund whose primary purpose is to generate income to fund the Society’s activities but may also be used directly for charitable purposes in case of necessity or good reason.

The Society has used the capital of the fund to support the Society’s growth ambitions over the past couple of years. The Society aims now at reducing its use of the capital and has segregated its portfolio into an element (the Gilts portfolio) where the capital can be used in the next three years to support the Society while it works to a sustainable operating model with the balance (the Main portfolio) to be maintained in the long term and whose returns can be used to support the Society’s activities in the longer term.

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The Manchester Literary and Philosophical Society

The trustees will continue to manage reserves by careful stewardship of the Society’s resources and controls over expenditure.

All of the Society’s reserves (£1,376,072 at 30 June 2024 and £1,317,240 at June 2023) are unrestricted for use by the Society as it sees fit. All reserves are considered free and liquid as they are represented by listed investments that can be realised quickly through their sale. The investment values have grown over the year.

Memorandum and Articles of Association

These were updated, revised and approved at the AGM of the Society on 7 November 2017.

Structure, governance and management

The Society is a registered charity and is incorporated under the Companies Act as a company limited by guarantee. The guarantee of each Trustee is limited to £10 and is payable in the event of the Society being wound up and being unable to meet its debts and liabilities. The organisation is overseen by a Council, whose members are elected at the Society’s Annual General Meeting in accordance with the articles. The President and Vice Presidents serve for a period of two years. The Chairman of each Section is a full member of Council by the right of that office.

The governance of the society has been disrupted by the lack of a full-time treasurer and the transition to a new Hon Secretary, and their subsequent resignation. The treasurer role is now filled but the search for a full-time secretary is ongoing.

The staffing of the society has changed over the last 12 months, we have outsourced accounting and payroll. We are looking at changing the event / membership support model. This will then leave us with one full-time member of staff. We are reviewing the operating model to formalise the remote working option, balancing this with the needs of the society.

In 2025 we will need to review the articles and guidelines to bring them update and make them reflect the new realities.

Trustees

The Trustees who served in the year are set out on page 2. Trustees are all familiar with the operations of the Society and are guided by the officers in matters relating to their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, budgets and the financial performance of the Society. Trustees are encouraged to attend external training events, where these may be appropriate to their role.

Trustees are recruited from our membership base. The Memorandum and Articles of Association determine the length of office for Trustees. As periods of office come towards their expiry date, succession is planned via discussion with members to identify candidates and then, if required, a vote by members at the AGM to appoint them to the Board.

Recruitment of Trustees is still proving challenging. We also need our trustees to take more ownership of the process and results. The trustees are legally responsible for the performance of the society so active engagement and ownership is important. The council owns all of our decisions, our support team are there to advise, contribute and execute.

Proposals will be made regarding the structure following benchmarking with other charities and internal consultation.

Independent Examiners

A resolution to empower the President and the Hon Treasurer to make arrangements for the appointment of a new Independent Examiner [was approved at the Annual General Meeting]. We will be reviewing all of our external relationships including the Independent Examiners reporting on the last set of accounts during 2024/25, we have informed them of this intention.

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The Manchester Literary and Philosophical Society

Statement of Trustees’ responsibilities

United Kingdom company law requires the directors of a charity (namely 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 as at the end of that financial year and of the incoming resources and application of resources of the charity for that year. In preparing those financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and to enable them to ensure that the financial statements comply with the Companies Act 2006, Charities Act 2011 and Charities SORP (FRS102). They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.

In accordance with Company Law, as the Society’s directors, we confirm that:

Peter Wright

By order of the Trustees President Council – 9 September 2024

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The Manchester Literary and Philosophical Society

Independent Examiner’s Report to the Trustees of The Manchester Literary and Philosophical Society

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.

Responsibilities and basis of report

As the charity’s trustees of Manchester Literary and Philosophical Society (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 Manchester Literary and Philosophical Society 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:

  1. accounting records were not kept in respect of Manchester Literary and Philosophical Society as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

...................................... Helen Binns FCA Chartered Accountant Beever and Struthers Chartered Accountants One Express 1 George Leigh Street Manchester M4 5DL

Date 17 October 2024

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The Manchester Literary and Philosophical Society

Statement of Financial Activities / Income and Expenditure Account Year ended 30 June 2024

TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Other income
3
Investments
4
Charitable activities
5
TOTAL
EXPENDITURE ON
Raising funds
6
Charitable activities
7 & 8
TOTAL
NET CHARITABLE EXPENDITURE
Net (losses)/gains on investments
NET MOVEMENT IN FUNDS		 1,317,240
1,345,061
1,376,072
1,317,240
UNRESTRICTED FUNDS
2024
£
2023
£
516
567
60
30
28,662
23,220
44,526
43,355
73,764
67,172
8,583
(8,842)
145,397
(163,519)
(153,980)
(172,361)
(80,216)
(105,189)
139,048
77,368
58,832
(27,821)		 1,317,240
1,345,061
1,376,072
1,317,240
UNRESTRICTED FUNDS
2024
£
2023
£
516
567
60
30
28,662
23,220
44,526
43,355
73,764
67,172
8,583
(8,842)
145,397
(163,519)
(153,980)
(172,361)
(80,216)
(105,189)
139,048
77,368
58,832
(27,821)
67,172
(8,842)
(163,519)
(172,361)
(105,189)
77,368
1,345,061
(27,821)
1,317,240

All the above results derive from continuing operations. There are no other recognised gains and losses other than the results for the above year.

The notes on pages 18 to 25 form an integral part of these accounts.

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The Manchester Literary and Philosophical Society

Balance sheet As At 30 June 2024

Note
FIXED ASSETS
Tangible assets
10
Investments
11
Investment in Subsidiary
12
Intangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS: amounts falling
due within one year
15
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS OF THE CHARITY
Unrestricted funds
Designated Expendable
Endowment
18
TOTAL FUNDS		 2024
-
1,364,106
100
12,326		 2023
(As restated)
£

-

1,275,679

100

33,281
1,376,532
1,309,060
3,771
4,902
1,935

15,227
8,673
(9,133)
17,162
(8,982)
(460)
8,180
1,376,072
1,317,240
1,376,072
1,317,240
1,376,072
1,317,240

For the year ending 30 June 2024, the company was entitled to exemption from audit under section 477 of the companies Act 2006 relating to small companies.

Trustee’ responsibilities

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Trustees (who are also directors) acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS102 SORP.

These financial statements on pages 16 to 25 were approved and authorised for issue by the Trustees at a Council meeting held on Monday 9 September 2024 and signed on its behalf by:

PETER WRIGHT ALISON CAREY

President Treasurer

Company Registration Number 9330. Registered Charity Number 235313.

The notes on pages 18 to 25 form an integral part of these accounts.

(17)

The Manchester Literary and Philosophical Society

Notes to the financial statements Year ended 30 June 2024

1. Charity status

The charitable company is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charitable company in the event of liquidation.

The address of its registered office is:

c/o The Portico Library 57 Mosley Street Manchester, M2 3HY

2. Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Manchester Literary and Philosophical Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The accounts are presented in sterling (£). The accounts for the subsidiary company have not been consolidated as the subsidiary is dormant and the balances are not considered material.

Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern nor any material areas of uncertainty that affect the carrying value of assets held by the charitable company.

Incoming Resources / Debtors and Prepayments

All incoming resources are included in the Statement of Financial Activities and include:

Investment income is accounted for when received.

Legacies and donations are accounted for when receivable by the Society.

(18)

The Manchester Literary and Philosophical Society

Notes to the financial statements (continued) Year ended 30 June 2024

Subscriptions are accounted for when receivable.

Like last year, we have not made a claim for Gift Aid, due to increased income from ticket sales to the public. This decision was made based on current tax legislation for Charities, donations and benefits for donors.

Any debtors or prepayments due to the Society are valued at the amount due net of any applicable discounts.

Resources Expended / Creditors

All expenditure is accounted for on an accruals basis and includes:

Fund structures

Unrestricted funds

The Society capitalises individual assets with a cost in excess of £5,000. All assets acquired below this figure will be written off to the Income & Expenditure account in the year of acquisition.

Any items requiring capitalisation will be written off over their useful life. For computer equipment this will be straight line over three years and for all other assets, straight line over ten years.

(19)

The Manchester Literary and Philosophical Society

Notes to the financial statements (continued) Year ended 30 June 2024

The website costing £36,979.20 are stated in the Balance Sheet less accumulated amortisation. The Trustees have reassessed the useful life of the website and estimated that it is three years rather than 10 years. The amortisation in the current period reflects this re-assessment.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost less any estimated residual value over the website expected useful life as follows:

Asset class : Website

Amortisation method : 3 years straight line

• Investments

Investments are stated at market value. Realised and unrealised gains and losses are shown in the statement of financial activities. Investments have been restated to include cash held as part of the portfolio.

• Taxation

The company is a registered charity and income and gains of the charity are exempt from taxation to the extent they are applied to the charitable objectives.

• Operating Leases

Rentals under operating leases are charged to the statement of financial activities in the year to which they relate.

• Cashflow Statement

The Society has taken advantage of the exemption referred to in FRS102, Section 7, in not preparing a cashflow statement.

3. Donations and sundry income

Donations and legacies
Other income		 2024
£
516
60
566		 2023
£
567
30
597

4. Income from investments

Income from investments
2024 2023
£ £
Listed investments 28,662 23,220

(20)

The Manchester Literary and Philosophical Society

Notes to the financial statements (continued) Year ended 30 June 2024

5.
Income from charitable activities
Membership subscription
Tickets to events
Sale of memoirs
6.
Costs of generating funds
Investment management fees
7.
Costs of charitable activities
Costs of Society’s activities
8.
Analysis of total resources expended
Charitable expenditure
Amortisation of website
Rent
Legal & professional fees
Website & IT charges
Staff costs and outsourced services
Functions and meetings costs (including council
meetings in 2023)
Council meetings
Research costs
Library
Printing of memoirs
Programmes/ Promotional Expenses
Stationery and photocopying
Postage, telephone and equipment hire
Insurance
Independent examination fee
Bank charges
Sundries
Repairs and renewals
Total		 2024
£
37,378
7,070
78
---------------
44,526
2024
£
8,583
2024
£
145,397
2024
£
20,955
10,645
6,541
8,350
74,417
11,299
2,392
336
(153)
(465
3,990
282
779
1,729
2,302
1,790
57
152
145,397		 2023
£
35,237
8,040
78
43,355
2023
£
8,842
2023
£
163,519
2023
£
3,698
11,406
4,853
8,379
87,413
29,300
140
17
2,294
8,092
530
612
1,570
2,358
2,566
186
105
163,519

(21)

The Manchester Literary and Philosophical Society

Notes to the financial statements (continued) Year ended 30 June 2024

The amortisation charge in 2024 reflects the change in the assessment of the useful life of the intangible assets as set out in Note 2.

9. Information regarding employees and trustees

ormation regarding employees and trustees
2024 2023
No No
Average number of employees during the year:
Administration 2.2 2.9

The full-time equivalent number of staff was 2.0 in 2024 (2.9 in 2023). Two staff members worked on a full-time basis and one on a part time basis.

Staff costs (included within staff costs and
outsourced services in Note 8) comprise:
- Salaries
Social security costs
Employers’ Pension contribution – defined
contribution plan		 £
69,183
2,654
1,667
73,504		 £
83,061
2,367
1,867
87,295

No employee received total employee benefits in excess of £60,000.

There are no Key Management Personnel other than the Trustees.

No Trustees or person related or connected by business to them, has received any remuneration from the Society during the year. One trustee was reimbursed travel expenses of £61.34 (2023: £0).

10. Tangible fixed assets for use by the society

The Society has a capitalisation threshold for individual assets acquired at £5,000. All assets acquired below this figure are be written off to the Income & Expenditure account in the year of acquisition. No purchases were made during 2023 in excess of this threshold.

11. Investments held as fixed assets

Listed
investments
£
Total investments
Market value at 1 July 2023
1,257,410
Additions at cost
732,193
Disposals at carrying value
(782,976)
Net gain/(loss) on valuation
139,048
Income from investments
-
Investment management fees
-
Accrual for investment management fees
-
Transfers out
-
Market value at 30 June 2024
1,345,675
Historical cost at 30 June 2024
1,175,525		 Cash
£
Total 2024
£
18,269
1,275,679
(732,193)
-
782,976
-
-
139,048
28,662
28,662
(8,583)
(8,583)
(700)
(700)
(70,000)
(70,000)
18,431
1,364,106
18,431
1,193,956

(22)

The Manchester Literary and Philosophical Society

Notes to the financial statements (continued) Year ended 30 June 2024

Listed
investments
£
Total investments
Market value at 1 July 2022
1,265,570
Additions at cost
475,993
Disposals at carrying value
(561,701)
Net gain/(loss) on valuation
77,368
Income from investments
Investment management fees
Accrual for investment management fees
Transfers out
Market value at 30 June 2023
1,257,410
Historical cost at 30 June 2023
1,193,956		 Cash
£
Total 2023
£
52,383
1,318,133
(475,993)
-
561,701
-
-
77,368
23,220
23,220
(8,842)
(8,842)
800
800
(135,000)
(135,000)
18,269
1,275,679
18,269
1,215,955

Transfers out of the investment portfolio were made to cover the net operating deficit.

Investments were revalued at middle market value at the year-end as determined by Brewin Dolphin.

The listed investment portfolio is structured as follows:

Direct investment
Indirect investment		 2024
£
711.147
634.528
1,345,675		 2023
£
556,402
701,008
1,257,410

The listed investments held as fixed assets are subdivided as follows:

Investment assets in the UK
Investment assets outside the UK		 2023
£
558,377
787,298
1,345,675		 2023
£
309,751
947,659
1,257,410

12. Investment in Subsidiary

Investment in Subsidiary
2024 2023
£ £
Investment in Manchester Literary and 100 100
Philosophical Publications Limited

The investment represents 100% of the Ordinary Share Capital of 100 shares of £1 each of the Company. Manchester Literary and Philosophical Publications Limited is currently dormant. The Company number is 01667171. The net assets of the company at 30 June 2024 was £100 (2023: £100)

(23)

The Manchester Literary and Philosophical Society

Notes to the financial statements (continued) Year ended 30 June 2024

13. Intangible assets

Cost
At 30 June 2023
Additions
At 30 June 2024
Amortisation
At 30 June 2023
Charge for the year
At 30 June 2024
Net Book Value
At 01 July 2023
At 30 June 2024
14. Debtors
Debtors and prepayments		 Website
£
36,979
-
36,979
3,698
20,955
24,653
33,281
12,326
2024
£
2023
£
3,771
1,935

Debtors relate to sundry amounts that were prepaid on services delivered to the Society at 30 June 2024.

15. Creditors: amounts falling due within one year

Accounts payable
Accruals
Income received in advance
Other creditors		 2024
£
1,489
5,489
1,267
888
9,133		 2023
£
-
7,339
-
1,643
8,982

16. Operating lease commitments

The Society has no operating lease commitments.

17. Related parties

There were no related party transactions with the Trustees during the year (2023: nil)

(24)

The Manchester Literary and Philosophical Society

Notes to the financial statements (continued) Year ended 30 June 2024

18. Statement of Funds

Unrestricted
Funds
Designated
Expendable
Endowment
Total Funds
Unrestricted
Funds
Designated
Expendable
Endowment
Total Funds		 1 July
2023
Incoming
Resources
Expenditure
Amortisation
in the year
Net gains/
(Losses)
30 June
2024
£
£
£
£
£
£
1,317,240
73,764
(133,025)
(20,955)
139,048
1,376,072
1,345,061
73,764
(133,025)
(20,955)
139,048
1,376,072
1 July
2022
Incoming
Resources
Expenditure
Accumulated
amortisation
Net gains/
(Losses)
30 June
2023
£
£
£
£
£
£
1,345,061
67,172
(168,663)
(3,698)
77,368
1,317,240
1,345,061
67,172
(168,663)
(3,698)
77,368
1,317,240

(25)