Registered no: NIC104564 Belfast Library and Society for Promoting Knowledge (The Linen Hall) Annual report for the year ended 31 December 2022
The Linen Hall Annual report for the year ended 31 December 2022 Pages Reference and administrative details Governors, report Independent auditor's report 8-11 Statement of financial activities 12 statement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15-35
The Linen Hall Reference and administrative details Governors President: Dr E Hughes, BA, MA, PHD Vice-President: Ms L Maltman, BSC, Msc Honorary Secretary: Ms K Blair. LLB, LLM, LARTPI Honorary Treasurer: Mr C Mccleane (818) (418) (418) (618) Mr M Adair Dr S Bridge, MA, MSC, PhD (from May 2022) Ms K Hoey (to May 2022) Mr G Lucy, BA Hons, PGCE Ms S Mccartan. BA Hons, AClfA, FSA (London) Mr J Mccartney. Msc Dr P McGarry. DL. FRCPsych Mr S McKee, BA Mr J Mcvey. OBE, MBA, Msc (from May 2022) Prof M O Mainnln, BA, MA, PhD Prof O Purdue. BA. MA, PHD Mr J Roberts (to May 2022) Ms S Stevenson. ACR [figur8 in brackets indicates attendance at Govgrnors, meotingsj (018) (214) (114) (418) (418) (618) (518) (618) (1141 (418) (218) (314) (418) Principal office 17 Donegall Square North Belfast BT15GB Charity number NIC104564 Solicitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Bankers Danske Bank Limited Donegall Square West Belfast BT16JS Independent auditors Finegan Gibson Ltd Causeway Tower 9 James Street South Belfast BT2 8DN
The Linen Hall Governors, report for the year ended 31 December 2022 The Library, which operates under the name of the Linen Hall Library, is legally known as the Belfast Library and Society for Promoting Knowledge. The Board of Governors, who are also the trustees of the Library, submit their annual report and the audited financial statements for the year ended 31 December 2022. The Govemors have prepared the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102, effective 1 January 2015). Reference and administralion information Details of the registered office, governors. independent advisers and other relevant infomiation are given on page 1. Structure, governance and management Govemors The Governors are responsible for setting the Library's forward strategy and oversight of its business. Governing document The Library was founded in 1788 and is governed by its Constitution enacted in 1891 under the Educational Endowments {Ireland) Act. 1885 and as subsequently amended. In 2016, the Library was fomially registered as a charity by the new Charity Commission for Northem Ireland. The Constitution is available on the Library website at www.linenhall.com. Appointment of Governors There is a maximum of frfteen Govemors of the Linen Hall Library who are elected by triennial rotation at the Annual General Meeting and by the subscribing members of the Library. A Governor shall not be eligible for re-election after having served successive terms of three years. until the lapse of a period of two years. The officers of the SoGiety are also elected annually at the Governors, meeting immediately after the Annual General Meeting. Recruitment of Governors The Governors annually review the skills required by the Board and available to them and. when appropriate. use their powers of co-option to fill gaps. Governor induction and training New Governors undertake an induction visit to the Library and are supplied with all key Library documentation. The Library has arrangements in place to provide training for 811 its Governors on an annual bas1S. Rlsk management The Library has established a risk register which is reviewed by the Governors on a quarterly basis. Risks arising from the relative weakness of the Library's financial position are being addressed in the context of the ongoing business planning process. The Governors will continue to review the finanGial risks that the Library faces and believe that increasing the free reserves to £305,395 will provide sufficient resources in the event of adverse conditions {see Reserves policy on page The Governors take the responsibility of monitoring financial risk management. The organisation is not signrficantly exposed to price or credit risk. The organisation has a bank overdraft and the Govemors continually review thi5 debt to ensure interest charges are minimised as far as possible.
The Linen Hall Governors, report for the year ended 31 December 2022 (continued) Structure, governance and management (continued) Management Responsibility for the day to day running of the Library lies with the Director and the Management Team. The Director is responsible for ensuring that planned se]vices are delivered, that key performance indicators are met. and that agreed procedures are operative. Related parties The Library is Lead Partner in The National Collection of Northern Ireland Publications (NIPR). The one part-time employee of NIPR based at Ihe Linen Hall is employed and paid for by NIPR. Objectives and actlvltles Constitution and mission The Library's Constitution at paragraph 11, and as amended in 2006, describes the 'Trusts of the Endowment. as follows: The Endowments and all other propety of or belonging to the Governors, or available for the purposes of this Scheme, shall be held by them upon trust for the promotion of knowledge in Northern Ireland and for the benefit of international scholarship, by the maintenance of a Library, and by such other means as the Society may from lime to time deem it advisable to adopt. The Library's mission statement is as follows: The Linen Hall Library will advance knowledge and understanding, both locally and internationally. by developing. preserving and interpreting its collections. with unique strengths in Irish and Local Studies, and widening access to an historic library and cultural centre. Objectives in 2022 The Library aimed to: Develop the Linen Hall Library's standing on an international stage Protect and develop new and existing Collections Improve interpretation of the Collections Widen access to an historic library and cultural centre Contribute to cultural development in the UK and Ireland Improve the financial sustainability ofthe Library
The Linen Hall Governors, report for the year ended 31 December 2022 (continued) Structurei governance and management (continued) Achievements and perforniance The Linen Hall was open to the public and members throughout 2022, having been closed until 23rd May in 2021 due to Covid-19 restrictions. Fundraising trading activities which had been severely limited during the pandemic began to approach pre-pandemic levels and membership numbers remained buoyant. This year also saw the delivery of several projects for which grant funding had been received in 2021, and successful applications for further projects Garrying on into 2023, all of which served to enhance the Linen Hall's contribution to society and to support its financial sustainability. Arts and cultural programming activity had been moved online when the Linen Hall building had to close, resulting in a much stronger digital presence and wider social neorking. There followed a successfLtI application to the Dormant Funds account for £100,000 for the build of a digital platform. This build was completed in 2022 and the digital platform was launched in October 2022. The delivery phase of the extraORDINARYwomen digitisation project had begun in April 2020 and was completed in 2022. This project Gonsiders women's social. economic and political development in Northern Ireland from 1965 to the present day. Other funded projects in 2022 included the Linen Hall Library Enlightenment Festival. "Years of Chaos 2nd Hope" a Department of Foreign Affairs,. Reconciliation Fund project focusing on the years 1922, 1972 and 2022 in the history of Northern Ireland, and 'Perspectives on Partition and the Foundation of Northern Ireland -1921-2021" funded by the Shared History Fund of the Northern Ireland Office. The Linen Hall Library Endowment Fund continued to attract donations and all income generated is being used to enhance the Library and its Collections, helping to ensure their future sustainability. Foras na Gaeilge continued to support conservation and cataloguing of the Library's Irish Language collection and provided funding for the digilisation of the Robert McAdam Comparative Lexicon. Ulster-scots Agency funding allowed work to continue in conserving. cataloguing, and making accessible the Gibson Collection of Ulster Scots material. as well as supporting the Ulster-scots Writing Competition. Financial review Results In common with many other charities. the Library faces challenging economic times. and continuing efforts are being made to increase revenue and to control costs. The Library has worked successfully with funders and bankers to deal with the deficit going forward. The statement of financial activities for the year is set out on page 12. The Library incurred a deficit of £515.747 in the year (2021- £30.333), before the impact of the actuarial gain on the defined benefit pension scheme and a loss on revaluation of investments. The Library had net current assets of £64.544 at the year-end12021.' £328.721). Principal funding sources The Library's key funders in 2022 were the Department for Communities which provided grants of £308.500 (2021". £291,000) and the National Lottery Heritage Fund £156,571 (2021.. £375,656). Reserves policy The long-term objective of the Governors over a three to five-year period is to achieve a level of unrestricted funds not invested in tangible or fixed assets (the free reserves) equivalent to three months. expenditure on the core a¢livities of the Library. At the end of 2022 this equates to £305.395 (2021.. £260,497). Taxation The Library is a registered charity. and as such is entit18d to certain tax exemptions on income and profits from investments, and 5urplu5es on any trading activities carried on in furtherance of the Library's primary objectives, if these profits and surpluses are applied solely for charitable purposes.
The Linen Hall Governors, report for the year ended 31 December 2022 (continued) Financial review (continued) Borrowings The Library relies on an overdraft facility with Danske Bank. This facility was reviewed in 2022 and sufficient facilities to meet projected cash flow requirements were approved. At the year end the Library had net assets of £81.069 at Danske Bank (2021: £292,435); this was inclusive of £60,385 (2021.. £60,385) of funds (including gift aid and interest) held for the Michael McLavety Trust (see page 5) and a balance on its current account of £20,432 (2021: £231.808). Endowment funds The Library administers the Michael McLaverty award and holds £60,385 in respect of this trust. This is an endowment, the income from which is available lo the Library only for the specific purpose of running the biennial Michael McLaverty Short Story Award. In 2013. the Library launched ils Catalyst Endowment Fund, under which every £1 raised by the Library was matched by a £1 grant from the Heritage Lottery Fund's Catalyst endowment programme. over a four-year period. Funds raised under this programme are invested for a period of 25 years, and the income used to further the Library's mission. The balance held in this fund at the year-end was £224,334 (2021- £255,502). The New Linen Hall Library Endowment Fund was set up in 2018 to provide an income for the preservation and conservation of the collections held within the Linen Hall Library. The balance held in this fund at 315t December 2022 was £74.172 (2021: £45,088). Pension scheme The Library operates a defined benefit scheme through NILGOSC. Prior to 2006 the Library's share of this scheme could not be identified by NILGOSC and. in keeping with other such multi-employer schemes, the Library treated its pension cost as if it were a defined contribution (rather than a defined benefit) scheme in accordance with accounting standards. In late 2006 NILGOSC separated each of the employer scheme details and. as a result. the Library complies with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and incorporates the year end surplus or deficit on the scheme in its balance sheet and the movement on the scheme within the Statement of Financial Activities. At 31 December 2022 the scheme showed a surplus of £1,293.578. an improvement on the £323,422 deficit in the previous year- this change arose from changes in assumptions used by the scheme actuary. Plans for the future A Business Plan for 2023 was approved by the Governors in January 2023. The Linen Hall was open to the public and members throughout 2022, having been closed until 23id May in 2021 due to Covid-19 restrictions. Fundraising trading activities which had been severely limited during the pandemic began to approa¢h pre-pandemic levels and membership numbers remained buoyant. The Linen Hall continues to diversify its income and modernise its approach whilst retaining its heritage values and Charitable mission. In the next few years new strategies will be developed to enhance the Linen Hall's sustainability for the future. Th8 Library aims to.. Develop the Linen Hall Library's standing on an international stage Protect and develop new and existing Collections Improve interpretation of the Collections Widen access to an historic library and cultural centre Contribute to cultural development in the UK and Ireland Improve the financial sustainability of the Library
The Linen Hall Governors, report for the year ended 31 December 2022 (continued) statement of Governors, responsibilities The Governors are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102, effective 1 January 2015). The law applicable to charities requires the Governors 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 of the charity for that period. In preparing these financial statements. the Govemors are required to- select suitable accounting policies and then apply them consistently; observe the methods and principles in FRS 102,. make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unl8SS It is inappropriate to presume that the charity will continue in busine5S. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements Gomply with the Charities Act (Northern Ireland) 1964 and under the Charities (Nl) Order 1987 and in accordance with the Educational Endowments Act 1885. 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 olher irregularities. Statement of disclosure of information to auditors So far as each of the Governors in office at the date of approval of these financial statements is aware- there is no relevant audit information of which the Library's auditors are unaware,. and they have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that the Library'5 auditors are aware of that information. Independent auditors A motion to reappoint the auditors will be proposed at the AGM. By order ard Mr C. Mccleane Honorary Treasurer Date: 301h March 2023
The Linen Hall Independent auditor's report to the Governors of The Linen Hall Library for the year ended 31 December 2022 Opinion We have audited the financial statements ofThe Linen Hall Library {the 'charity') for the year ended 31 December 2022 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, 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, including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2022. Basls for oplnlon We conducted our audit in accordan with Intemational Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs 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 ststements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhical 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 We have nothing to report in respect of the following matters in relation to which the ISAS (UK} require us to report to you where.. the trustees, use of the going concern ba515 of accounting in the preparation of the financial statements is not appropriate-, or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The other information comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial Statements does nol 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 incon5iStent with the financial stalements 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 there 15 a material misslatement in the financial statements or a material misstatement of the other information. 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.
The Linen Hall Independent auditor's report to the Governors of The Linen Hall Library for the year ended 31 December 2022 Matters on which we are required to report by exception In the light of Ihe knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstalements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities Act (Northern Ireland) 2022 requires us to report to you if, in our opinion: •adequale accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or •the financial statements are not in agreement with the accounting records and returns: or •Gertain disclosures of trustees, remuneration specified by law are not made- or •we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 con¢em 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. Auditor's responsibilities for the audit of the financial statements 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 an auditor's report 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. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following- the nature of the industry and sector. control environment and business performance including the design of the remuneration policies. key drivers for directors, remuneration, bonus levels and performance targets. results of our enquiries of management about their own identification and assessment of the risks of irregularities- any matters we identified having obtained and reviewed documentation of their policies and procedures relating to- idenlifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance- detecting and responding to the risks offraud and whether management have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among Ihe audit engagement team including significant component audit teams and relevant internal specialists. including tax and valualions specialisls regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The Linen Hall Independent auditor's report to the Governors of The Linen Hall Library for the year ended 31 December 2022 As a result of these procedures, we Considered Ihe opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding ofthe legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we conSided in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cirCumstans, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our Gonclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 10
The Linen Hall Independent auditor's report to the Governors of The Linen Hall Library for the year ended 31 December 2022 Use of our report This report is made solely to the charity's members, as a body. in accordance with section 65 of the Charities Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report. or for the opinions we have formed. CONOR DOLAN FCA (Senior Statutory Auditor) For and on behalf of FINEGAN GIBSON LTD Chartered Accountants & Statutory Auditors Causeway Tower 9 James Street South Belfast BT2 8DN Date: 30th March 2023
The Linen Hall Statement of financial activities for the year ended 31 December 2022 Endow- ment Unrestricted Funds Funds 2022 2022 Endow- ment UnTeslricled Restricted Funds Funds Funds 2021 2021 2021 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 Not85 Income and •ndowm•nts from Donations and legaci8s 34,520 460.011 294,126 78B,657 352 682,111 694,662 1,377.125 Rental income 101,989 101.989 123.626 123,626 Income from Investments 8.767 91 8.858 8.226 334 8,560 Income from ¢haritablo activities other trading activities othor Incamo 128,180 128.180 69.871 69,871 Total Ineome 34.520 698,947 294.217 1.027,684 352 883.834 694,996 1.579.182 Expèndltur• on Rental expgnsgs 2,300 2.300 2.000 2.000 Expenditurè on raising funds 58.721 58.721 45.434 45,434 61.021 61.021 47.434 47,434 Expenditure on charitable activities Projects and events Library operating costs 321,853 321,853 567.528 567,528 1.160.557 1.160,557 994.553 994,553 1.160,S57 321.853 1.482.410 994.553 567,528 1.562.081 Tatar èxpènditure 1.221,578 321,853 1,543.431 1.041.987 567.528 1.609.515 Nèt1gxpèndltur8)lJn¢ome 10 34.520 1522.6311 127,6361 {515.747) 352 1158.153) 127.468 (30,3331 Transfers between funds 14,4381 4,438 11.181) 1.181 Net lexpondlturelllncom bgfor• rècognlsed galns and losses 34.520 1527.0691 {23.1981 1515.7471 352 {159,3341 128.649 130.333) Net1105sesygalns on investments Gain on revaluation of fixed assets Actuarial gains on defined benefit pen510FI schgm 12 {36.6041 136.6041 29.296 29.296 14 31 1.818.000 1.818.000 684.000 684.000 Not mov8mont In fund$ 12.084) 1.290,931 {23.1981 1.265.649 29.648 524.555 128,649 682,963 Fund balance brought foThvaTd 361,075 6,615.515 390.515 7.367.105 331,427 6.090.849 261.866 6,684,142 Total funds carrled forward 358,991 7,906.446 367.317 8,632.754 361,075 6.615,515 390.515 7.367,105 The statement of financial activities includes all gains and losses recognised in the year. Atl income and expenditure derive from Gontinuing activities. 12
The Linen Hall Statement of financial position as at 31 December 2022 2022 2021 Notes Fixed assets Tangible assets Heritage assets Investments 13 4.251,708 2,759,850 263,074 4,303,079 2,759,850 299,678 14 15 7.274,632 7,362,607 Current assets Stocks 16 16,367 114,544 81,869 212,780 {148,236) 64,544 17,230 217,599 294,928 529,757 1201,036) 328,721 Debtors 17 Cash al bank and in hand Creditors: amounts falling due within one year Net current assets 18 Creditors: amounts fallin due after one ear Net assets excluding pension asseU(liability) Pension assetl(liability) Net assets including pension as$eV(liability) 20 801 7,690,527 1323,422) 7,367,105 7,339,176 1,293,578 8,632,754 31 Funds Unrestricted funds: General fund 22 870,434 7,036,012 7,906,446 367,317 358,991 8,632,754 {420,497) 7,036,012 6,615,515 390,515 361,075 7,367,105 Revaluation fund 22 Re5triGted fund5 23 Endowment funds 24 Total funds 25 The financial statements on pages 12 to 35 were approved by the Board on 30th March 2023 and were Signed on its behalf by.. Mr C Mccleane Honorary Treasurer Dr E Hughes President 13
The Linen Hall Statement of cash flows for the year ended 31 December 2022 2022 2021 Notes Cash flows from operating activities Cash flows from invesling activities Interest income Dividend income Purchase of tangible fixed assets Purchase of investments Cash used in investing actlvities 29 (96,159) 267,875 450 8,408 (112,861) 242 8.318 {13,5301 (6,5501 {11,520) (104,003) Cash flows from financing activities Interest and fees paid Cash used in financing activities (12,897) {12.897> (17,262) (17,262} Increasel{decrease} in cash and ¢ash equivalents in the ear (213,059) 239,093 Cash and cash e uivalents at the be innin of the ear 30 294,928 55,835 Total cash and cash equivalents at the end of the year 30 81.869 294,928 14
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Accounting policies ststement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. the 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) (Charities SORP IFRS 102)) and the Charities Act (Northern Ireland) 2008. The charity meets the definition of a public benefit entity under FRS 102. Judgements and key sources of estlmatlon uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Incoming resources All incoming resources are included in the statement of financial activities when the Library is legally entitled to the income and the amount can be quantified with r8asonable accuracy. Voluntary income Legacies Legacies are recognised when received or when their amount is capable of measurement. Donation5 Donations are included in full when received. Grants Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relatè to a specified future period, in which case they are deferd. Grants for the purpose of capilal expenditure are credited to restricted incoming resources when receivable and transferred to unrestricted funds on purchase of asset. Activities for generating funds Voluntary income Annual subscriptions are included as voluntary income and are accounted for on an accrua15 basis. other income Other income is included in full in the Statement of Financial Activities when received. Investment income Investment income is accounted for when received. Fundraising income Fundraising income is accounted for when received. Resources expended All expenditure is accounted for on an accruals basis and has been Classified under headings that aggregate all costs related to the category. Llbrary operating costs Library operating costs are those incurred in connection with administration of the Library and compliance with constitutional and statutory requirement 15
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Accounting policies (continued) Irrecoverable VAT Any irrecoverable VAT is charged to the statement of financial activities or capitalised a5 part of the cost of the related asset, where appropriate. Penslons The Library operates a defined benefit scheme through the Northern Ireland Local Government Officers, Superannuation Committee (NILGOSC) for specific employees. The assets of the Scheme are held separately from those of the Library. The Library has adopted FRS 102 in these financial statements. Pension scheme assets are measured using market value. Pension scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term to the liability. The increase in the present value of the liabilities of the Library's defined benefit pension scheme arisi ng from employee service in the period is charged to operating profit. The expected return on the scheme's assets and the increase during the period in the present value of the scheme's liabilities arising from the passage of time are included in other finance costs. Actuarial gains and losses are recognised in the statement of financial activities. Tangible assets The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost, or valuation. of tangible fixed assets, less their estimated residual values, on a strai9ht-line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows.. Buildings Leasehold improvements Fixtures & fittings Computer equipment 10 15 33 When circumstances dictate, an impairment review is carried out. Land and buildings are revalued on a regular basis by a suitably qualified individual. The Library ensures that a full valuation is undertaken every five years. The resulting revaluation gains or losses are recognised in the statement of financial activities and result in a movement on revaluation reserves to the extent that they result in gains or offset previous gains. If the revaluation results in a loss greater than previously recognised revaluation gains, the excess loss will be charged to the statement of financial activities. Heritage assets The heritage assets are held by the Library in support of the primary obj8ctive of the charity to promote knowledge in Northern Ireland and for the benefit of international scholarship. Heritage assets are recognised and measured (including the treatment of revaluation gains and losses) in accordance with Ihe Library'5 policy on other fixed assets. The heritage assets held by the charity consist of various collections of books and periodicals covering wide range of topics relating largely to Irish history including some documents over three hundred years old. The collections are carried at a current valuation. The collections are deemed to have indeterminate lives and a high residual value and therefore depreGiation has not been charged. The carrying amounts of the assets are reviewed when there is evidence of impairment and any impairment is recognised in accordance with the Library's general policy on impairment. stocks Stocks are stated at the lower of cost and net realisable value. 16
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Accounting policies (continued) Fund accounting The Library has various types of funds for which it is responsible. and which require separate disclosure. A definition of the various types of funds is as follows.. Unrestricted funds Funds which are expendable at the discretion of the Library, in furtherance of the purpose of Ihe Library. In addition to expenditure on activities, such fund5 may be held in order to finance capital inveslment and working capitsl. Restricted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of overheads and support costs. Endowment funds Pemianent endowment funds are restricted funds where a donor has specified that only income arising from the donation can be used by the Library. This income is restricted for the particular purpose specified by the donor. Going Concern The Governors believe it is appropriate that the financial statements for the Library are produced on a going concem basis due to the following.. The Govemors are confident that the Museums and Libraries BranGh, within the Department for Communities, and Belfast City Council will continue their respective grant assistance to the Library for the foreseeable future. The Governors believe that Library membership will continue at current levels. The Library is committed to monitoring and controlling expenditure to ensure the long-term viability of the Charity. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the GontraGtual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction Costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can oth8rwise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, a initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured al fair value. with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amort15ed Gost are reviewed for objective evidence of impaimienl at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all 8quity instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 17
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Accounting policies (continued) Any reversals of impairment are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations and legacies Endowment Unrestricted Restricted 2022 2021 Donations and legacies Members, subscriptions (see below) Grant5 (see below) 34.520 21,606 130,621 56,126 130,621 126,955 125.831 307,784 460.011 294.126 294,126 601,910 788,657 1.124,339 1.377,125 34.520 Members. subscriptions 2022 2021 Members. subscriptions Income tax reclaimable on subscriptions 116,440 14,181 130,621 112,066 13,765 125.831 Grants Endowment Unrestrrcted Restricted 2022 2021 Arts Council of Nl National Lottery Heritage Fund Dormant Funds Account 14,343 129.037 14,343 156,571 9,879 375.656 99,900 49.252 291.000 45.437 38.310 27.534 Belfast City Council Department for Communit18S SEUPB 32,250 246,000 2.156 62,500 (177) 33.715 34,406 308,500 (177) 33,715 DOFA,. Reconciliation Fund Coronavirus Job Retention Scheme Ulster Scots Agency Departmenl of Finance Localised Restrictions Pilgrim Trust Foras Na Gaeilge Tourism Nl 46,897 81,588 32,312 32,312 34.058 10.000 10.000 10,000 10.000 21.658 27.704 1.000 2,000 1.124,339 Nl Museums Council NIPR 240 240 2,000 601,910 2.000 307.784 294.126 In accordance with recommended practice, income received in advance is not deferred, but recognised in the period in which it is received. 18
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Income from investments 2022 2021 Dividends receivable Interest receivable 8,408 450 8,858 8,318 242 8,560 Other trading activities 2022 2021 Sale of books Library books and publications 48,046 28,353 Sales of services Coffee shop Photocopying and fax Telephone & Intemet Postage Cultural programming Royalties Facility fee5 Fundraising events 35,618 313 6,001 78 4,989 4,027 1,062 1,216 3,054 7,913 52,860 11,411 Sale of products Books. prints and pamphlets other products Girt shop items 5,104 1,960 20,210 27,274 128,180 2,799 18,223 9.085 30,107 69,871 Totsl 19
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Expenditure on raising funds 2022 2021 Merchandising costs (see below) Book fund (see below) Charity shop 8,976 16,494 33,251 58,721 5,818 10,936 28,680 45,434 2022 2021 Merchandising costs Prints. books and pamphlets Coffee shop purchases Gift shop expenditure 1,423 1,769 7,207 8,976 4,395 5.818 2022 2021 Book fund Irish General 9,840 6,654 16,494 4,843 6,093 10,936 20
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Projects and events 2022 2021 Cultural Programming extraORDINARYwomen (includes salary costs of £14,448 {2021: £142,165) Peace IV- Making the Future (includes salary costs of £Nil (2021: £21,538)) National Lottery Heritage Fund - Covid-19 National Lottery Heritage Fund Heritage Recovery (includes salary costs of £Nil (2021.. £5.400)) National Lottery Heritage Fund - CRESI Museum Engagement (includes salary costs of £17,754 (2021.. £Nil)) Arts Council Nl - Covid-19 Arts Council Nl - Jimmy Ellis Arts Council Nl - Home of Poetry (includes salary costs of £2,989 (2021: £Nil)} Department for Communities - Museum Collections Department for Communities Irish Children's Collection Department for Communities - Linen Hall Re-branding Department for Communities ~ Replace Guttering Department for Communities - Ulster-scots Digitisation (includes salary costs of £3.180 (2021.. £Nil)) Department of Foreign Affairs; Reconciliation Fund (includes salary costs of £22,141 (2021.. £Nil)) Dormant Accounts Fund - Linen Hall Digital Plafform Shared History Fund (includes salary costs of £4.834 (2021: £16,917)) Foras na Gaeilge (includes salary costs of £Nil (2021.. £3.675)) Health, Safety and Governance Repairs and Renewals Enlightenment Festival 2022 (includes salary costs of £2.322 {2021: £Nil)) Pilgrim Trust- Art Unlocked (includes salary cost5 of £10,000 (2021: £Nil)) Belfast City Council Access and Inclusion Ulster-scots Agency- Burns in Ulster (includes salary costs of £18,000 (2021.. £18,000)) Ulster-SGots Agency- Ulster-scots Writing Competition (includes salary costs of £1.000 (2021: £Nil)) Ulster-scots Agency- Conservation and Storage Ulster-scots Agency- Covid-19 small project Ulster-scots Agency- Language project Ulster-scots Agency- Cataloguing project (includes salary costs of £4,650 (2021.. £Nil)) Defibrillator and training National Museums Nl Nl Museums Council McLaverty Short story Award 2,571 41,330 (22) 279,113 60,771 4,499 62,757 3,260 17,754 1,742 1,500 2,832 8,086 7.143 758 10,800 25,543 3,180 7,143 3,194 37,933 33,334 14,043 5,179 2,468 10,992 50,789 10,000 3,620 21,668 36.641 29.349 3.698 10.992 8.480 14,284 18,253 3,285 2.184 4,626 3.000 9,250 4,650 159 241 378 98 321,853 1,000 4,832 567,528 Project and events costs include £101,318 (2021: £207,695) of staff costs. 21
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Library operating costs 2022 2021 Charitable operations Information technology Training Advertising & PR Support costs (Note 8) Travel & subsistence Conservation 50,288 1,770 4,462 195,594 1,152 1,131 254,397 41,770 1,480 2,193 194.421 311 870 241,045 Establishment Rent and rates 21,211 22,844 34,768 45,938 124.761 18.422 16,406 14,075 36,979 85.882 Insurance Light and heat Repairs and maintenance Depreclatlon Building Fixtures and fittings Computer equipment 87,600 617 87,600 617 19.133 107,350 674,049 1,160,557 19,080 107.297 560,329 994,553 Staff costs (note 9) Total 22
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 8 Support costs 2022 2021 Administration stationery Printing Photocopying Postage Telephone, fax and internet Information technology Miscellaneous 3,953 7,334 3,280 1,348 9,052 18,878 1,511 45.356 3.876 3.807 940 2.191 8.032 15,320 589 34,755 Governance Audit and related fees 6,718 20.030 26.748 7,450 32.494 39,944 Legal & professional fees Financial expenses Bank charges Bank interest 1,676 399 1.357 355 Visa paypoint fees Other Interest 1,220 3,602 6,000 12,897 110,593 195,594 334 4,216 11,000 17.262 102.460 194,421 Other finance costs (see below) Staff costs (note 9) Total other finance costs 2022 2021 Expected return on pension scheme Interest on pension scheme liabilities Net return 136,000 (142,000) (6,000) 88,000 (99,000) (11,000) 23
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Staff costs Total 2022 Total 2021 Unrestricted Restricted Salaries 480,761 40,464 290,339 811,564 79,141 7,440 14,737 101.318 559,902 47,904 305,076 912,882 552,190 44.903 296,535 893,628 SoGial security costs Pension costs Analysis of staff costs 2022 2021 Projects Library: Charitable operations Charity bookshop - Support 101.318 207.695 674,049 26,922 110,593 912.882 560,329 23,144 102,460 893,628 The average number of employees. calculated on a full-time equivalent basis, analysed by function was.. 2022 2021 Number Number Projects Charitable operations Charity bookshop Support 13 19 20 No employee had employee benefits (excluding employer pension costs) in exGess of £70,000 (2021: £70,000). Governors are not remunerated for services to the Library (2021: £Nil), and there were no Governors, expenses incurred (2021: £Nil). The key management personnel of the Library ¢ompri5e the Governors, the Director, the Librarian and Ihe Finance Manager. The totsl employee benefits of the key management personnel of the Library were £202,33012021: £191.255). Indemnity insurance for Governors, liability has been purchased by the Library at a cost of £1,780 (2021-. £1,711). 24
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 10 Net incomel(expenditure) 2022 2021 Net incomel(expenditure) is stated after charging: Depreciation on owned assets Auditors, remuneration.. 164,232 132.159 audit services 6.124 405 6,000 405 non-audit services Other operating lease rentals 11 Transfers between funds Endowment Funds Unrestricted Funds Restri¢ted Funds Projects General Fund 4,438 (4,438) (4,438) 4,438 The transfer from unrestricted to restricted funds represents net overspending on funded projects. 12 Net {losses)Igains on investments 2022 2021 Catalyst Endowment Fund New Linen Hall Library Endowment Fund Endowment funds (31,168) {5,436) (36,604) 24,489 4,807 29,296 25
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 13 Tangible fixed assets Land & building Leasehold Improvements Fixtures & fittings Computer equipment Total Cost or valuatlon At 1 January 2022 Additions At 31 December 2022 4,380,000 14.840 323,735 286.608 112,861 399.469 5,005,183 112.861 5,118,044 4,380,000 14.840 323,735 Accumulated depreGiation At 1 January 2022 Charge for the year At 31 December 2022 175,200 87,600 262,800 14,840 241.380 23,888 265,268 270.684 52,744 323,428 702,104 164.232 866,336 14,840 Net book amount At 31 December 2022 4,117,200 4,204,800 58,467 82,355 76,041 15.924 4,251.708 4,303,079 At 31 December 2021 The Library's freehold and long leasehold properties were revalued at 31 December 2019 on the basis of open market value and open market rental value for existing use. by Mcconnell Chartered Surveyors and the revaluation adjustments of £480.000 to cost and £390.000 to accumulated depreciation together resulted in a gain on revaluation of £870,000. The valuations were undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors in the United Kingdom. The net book value of freehold and long leasehold properties at 31 December 2022 based on historical cost, had there been no revaluations, would have been £2,396,800 (2021.. £2,482,400). Fixed assets totalling £100,000 were purchased through capital grant funding in the year. Land & Leasehold Office Computer building improvement Equipment Equipment Total Cost or valuation at 31 December 2022 is represented by Cost 14.840 323,735 399,469 738.044 4.380.000 5,118,044 Valuation 4.380.000 4,380,000 14,840 323,735 399,469 No deferred tax has been provided for since the Library is a charity and therefore not subject to corporation tax. 14 Heritage assets 2022 2021 Books and Periodicals at 31 Decernber 2,759,850 2,759,850 The books and periodicals We valued as at 31 December 2020 by de Burca Rare Books, Antiquarian Booksellers. 26
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 15 Investments Cash or cash equlvalents Listed Investmenls Cost or valuation Total At 1 January 2022 Capital introduced Sale of investments 358 299,320 299,678 1,360 (351) {1,009) 351 Charges net of equalisation Fair value movements {351) (36,604} 263,074 (36,604) 261,707 At 31 December 2022 1,367 All investments shown above are held at valuation. 16 Stocks 2022 2021 Goods for resale 16.367 17.230 17 Debtors 2022 2021 Trade debtors 4,617 5,596 104,331 114,544 5.694 35,434 176,471 217.599 Other debtors Prepayments and accrued incom8 Included in Prepayments and accrugd income is an amount of £15.436 {2021- £117.573) relating to accrued grants receivable. 18 Creditors: amounts falling due within one year 2022 2021 Bank overdraft Trade creditors 40,853 33.818 51,411 22.154 148.236 80.832 61,413 48.465 10.326 201,036 other creditors and accruals Deferred income (Note 19) Taxation and social security 27
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 19 Deferred income At 1 January 2022 Amount released to income Amount deferred in year At 31 December 2022 48,465 {48.465) 51.411 51,411 Deferred income comprises rental income and membership subscriptions received in advance. 20 Creditors: amounts falling due after one year 2022 2021 Obligations under finance leases 801 21 Contingencies A contingent liability exists to repay grants and funds received should certain conditions not be fulfilled by the charity. In the opinion of the Governors. the terms of the letters of offer have been, or will be, complied with and no liability is expected. 22 Unrestricted funds General Fund Revaluation Fund Total Balance at 1 January 2022 Net outgoing resources for the year Transfer to restricted funds Actuarial gains on defined benefit scheme BalanGe at 31 December 2022 (420.497) (522,631) {4.438) 1,818.000 870,434 7.036,012 6.615,515 (522,631) (4,438) 1,818.000 7,906,446 7,036,012 Unrestricted general funds include an asset of £1,293.578 (2021: liability of £323,422) in respect of pension Scheme assetslliabilities of the pension fund. 28
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 23 Restricted funds Balance at 1 January 2022 Balance at 31 December 2022 Incoming Resources Project Expenditure Transfers (Note111 Cultural Programming McLaverty Trust Theatre Archive (2,571) (98) 2,571 9,522 3,087 32,658 91 9,515 (3,087) extraORDINARYwomen 33,870 {177) 49,904 45,263 (41,330) 25,198 Peace IV- Making the Future NLHF-CRESI Museum Engagement NLHF- GFA Origins and Legacies NLHF- Heritage Recovery Dfc - Museum Collections Dfc - Irish Children's Collection DfC- Linen Hall Re-branding DfC- Replace Guttering Dfc - Ulster-scots Digitisation Dfc Charities Fund - Covid-19 Linenopolis Foras na Gaeilge Health, Safety and Governance Repairs and Renewals Arts Council Nl - Jimmy Ellis Arts Council Nl- Home of Poetry Belfast City Council-Access Inclusion Belfast City Council - Bu5. Recovery Ulster-scots Agency- Burns in Ulster Ulster-scots Agency- Writing Comp. Ulster-scots Agency- Consetvation Ulster-scots Agency- Language Ulster-scots Agency- Cataloguing Dormant Accounts Fund- Digital Platform NIO Shar8d History Fund Enlighlenment Festival Department of Foreign Affairs. Reconciliation Fund Pilgrim Trust- Art Unlocked Nl Museums Council Defibrillator and Training GRC - Partition Poetry British Council Nl National Museums Nl - Live Well 177 (17,754) 32,150 45,263 9,616 35,279 5,906 4,200 12,876 42,422 6,664 15,000 (3.260) (7.143) (758) (10.800) (25,543) (3.180) 25,000 22.500 543 19,320 9,261 9,261 14 (14) 12.681 2,468 38.840 700 10.000 (5,179) (2,468) (10,992) (2.832) (8,086) (3,620) 17,502 27,848 (300) 608 1,832 8.694 556 (3,0521 (110) 9.340 7.816 274 2,691 110 (3,425) 20,000 10.000 {21,668) (3,285) 7,672 14,531 274 (2,312) 4,650 2.312 (4,650) 99,900 14,659 33,770 (33,334) (14,043) (50,789) 66,566 616 5,230 22,249 38,310 33,715 10,000 240 (37,933) (10,000) (378) (159) 34,092 138 554 395 150 (1501 {2341 {139) 4,438 234 139 390,515 294,217 (321,853) 367,317 29
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 23 Restricted funds (continued) Cultural Programming - Using the Library's historical position as a cultural leader in Northern Ireland lo showcase and nurture the artistic and cultural life of all in the community McLaverty Trust- Biennial award to foster and encourage the art of the short story in Ireland extraORDINARYwomen - Digitisation, collection enhancement, outreach and oral history project, exploring the èvolution of women's lives in Northern Ireland since 1965 Making the Future- Led by the Nerve Centre and in collaboration with the Publi¢ Record Office of Northern Ireland, aiming to uncover women's stories from the archives NLHF- Covid Recovery Employment and Skills Initiative for Heritage- Museum Engagement NLHF- Good Friday Agreement- Origins and Legacies project NLHF - Covid-19 Heritage Recovery Fund- core support and preparation for re-opening Department for Communities - Museum Collections - enhanced collection care and conservation Department for Communities - Irish Children's Collection - to establish an Irish children's library Department for Communities - Linen Hall Library Re-branding- Consultancy costs Department for Communities - Replace Guttering - to replace original. damaged guttering Department for Communities- Ulster-scots Digitisation - to digitise part of Ulster-scots collection Department for Communities- Covid-19 Charities Fund- to contribute to rewopening costs Foras na Gaeilge- conservation of the Linen Hall Library's Irish Language collections Health & Safety and Governance - Capital items for purposes of health & safety and governance Repairs and Renewals- Capital items for the upkeep of the Linen Hall's historic building Arts Council Nl- Home of Poetry project and Jimmy Ellis project Belfast City Council Access and Inclusion - Emergency evacuation chairs and hearing loop system Ulster Scots Agency - Burns in Ulster- Conservation of the Library's Gibson Collection Ulster Scots Agency- Ulster Scots Writing Competition, Conservation and Storage. Covid-19. Language and Cataloguing projects Dormant Accounts Fund - Building a new Linen Hall Library digital platform NIO Shared History Fund Perspectives on Partition and the Foundation of Northern Ireland -1921-2021 Enlightenment Festival- wide-ranging programme of performances, art installations, talks and debates Department of Forelgn Affairs; Reconcillatlon Fund- Years of Chaos and Hope project and Borders and Boundaries project Pilgrim Trust- Art Unlocked- documentation project to increase accass to the Linen Hall's art collection Nl Museums Coun¢ll - Acquisition of museum piece Defibrillator and Training - Provision of defibrillator in the Library city and training of staff in its use 30
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 24 Endowment funds Balance at 1January 2022 Income (Lossesllgains on investments Balance at 31 December 2022 McLaverty Trust Catalyst Endowment Fund New Linen Hall Library Endowment Fund Linen Hall Library Fund 60,385 255,502 45,088 100 60,385 224,334 74,172 100 (31,168) (5,436) 34,520 361,075 34,520 (36.604) 358,991 25 Analysis of net assets between funds Endowment Funds Unrestricted Funds Restricted Funds Total Funds Fund balances at 31 December 2022 are represented by: Tangible fixed a55ets Heritage assets Investments 4,127,600 2,759,850 124,108 4,251,708 2.759,850 263,074 64,544 263,074 95,917 Net current assetsl(liabilities) Long term liabilities Pension asset (274,582) 243,209 1,293,578 7.906,446 1,293,578 8,632,754 Total net assets at 31 December 2022 358,991 367.317 26 Financial commitments At 31 December the Library had annual commitments under non-cancellable operating leases expiring as follows: Office equipment 2022 2021 In less than one year In more than one year. but not more than 5 years 6,323 10,569 6,323 16,892 16,892 23,215 27 Related parties The Library is Lead Partner in The Nalional Collection of Northern Ireland Publications (NIPR). The one part-time employee of NIPR based at the Linen Hall was employed and paid for by NIPR. The Library received £2,000 (2021: £2.000) from NIPR as its contribution to the cosl of running th8 integrated library system. offsite storage and material processing. 31
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 28 Post-balance sheet events There have been no events occurring after 31 December 2022 which require disclosure. 29 Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Net movernent in funds Add back depreciation charge Less gain on revaluation of fixed assets Add lossl(gainl on investments Deduct investment income shown in investing activities Add back interest paid shown in financing activities Decreasel(increase) in stock Decreasel(increase) in debtors (Decrease)lincrease in creditors falling due within one year (Decrease)lincrease in creditors falling due after one year (Decrease)Ilncrease in pension liability Net cash provided by operating activities 1.265,649 164,232 682.963 132,159 36.604 (8.858) 12.897 863 (29.296) {8,560) 17,262 (7,772) (79.8171 56,198 (14,262) (481,000) 267.875 103,055 (52,800) (801) (1,617,000) (96,159) 30 Cash and cash equivalents at 31 December 2022 2021 Term deposit at Danske Bank Petty cash Divided Society current account at Danske Bank Cash account at Cunningham Coates Bank balanc81(overdraft) at Danske Bank Total cash and cash equlvalents 60,626 17 60.626 24 783 2,469 231,808 294.928 20.432 81.869 32
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 31 Pension commitments The Library operates a defined benefil scheme with assets held in separate trustee administered funds. An actuarial valuation of the defined benefit pension scheme using the projected unit basis was carried out at 31 December 2022 by Aon Solutions UK Limited. Defined benefjt scheme The amounts recognised in the statement offinancial position are as follows.. 2022 2021 £'ooo £'ooo Defined benefit obligation Fair value of plan assets Net defined benefit assetl{liability) Net amount recognised at year end (4,603) 5,896 1,293 1,293 (7.136) 6,812 1324) 1324) The amounts recognised in comprehensive income are: The current and past service costs. settlements and curtailments, together with the net interest expenses for the year are included in profit or loss. Re-measurements of the net defined benefit liability are included in other comprehensive income. 2022 2021 Service cost: £'ooo £'ooo Current service cost (net of employee contributions) Administration expenses Net interest expense Charge recognised in profit or loss 304 294 313 308 Re-measurements of the net liability: Retum on scheme a55ets (excluding amount included in net interest expense) Actuarial gains Credit recorded in other comprehensive income 1,057 (427) (2,875) (1,818) (257) (684) Total defined benefit credit {1.505) (376) 33
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 31 Pension commitments (continued) The princlpal actuarial assumptions used were: 2022 2021 Liability discount rate Inflation assumption- CPI Rate of increase in salaries Revaluation of deferred pensions- CPI Increases in pensions for payment Proportion of employees commuting pension for cash 4.70 /0 2.00 % 2.70 /0 4.20 /0 2.70 /0 2.60Q/o 2.60 /• 2.600 2.70 % The mortality assumptions used were: 31 December 2022 31 December 2021 Average expected future life at age 65 for Male currently aged 65 Female currently aged 65 Male currently aged 45 Female currently aged 45 21.8 21.9 25.0 25.1 23.2 23.3 26.4 26.5 Reconciliation of scheme assets and liabilities Assets £'ooo 6,812 (144) Llabilities £'ooo (7.136) 144 Total £'ooo {324) At start of period Benefits paid Administration expenses Current service cost (3) {304) (3) {304) 112 Contributions from the employer Contributions from employees Interest incomel(8XP8nse) Return on assets {excluding amount included in net interest expens8) Actuarial gains 112 37 {37) (142) 136 (6) {1,057) (1,057) 2,875 (4,603) 2.875 1,293 5,896 34
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 31 Pension commitments (continued) The return on plan assets was: 2022 2021 £'ooo £'ooo Interest income Return on plan assets (excluding amount included in net interest expense) Total return on plan assets 136 88 (1,057) (921) 427 515 The major Categorles of scheme assets are as follows: 2022 2021 £'ooo £'ooo Equities and Alternatives Property Gilts 2,359 660 2.929 681 1,215 1,805 Multi A55et Credit Cash 383 307 Fixed Interest Bonds 177 858 other 318 232 5,896 6,812 35