PRIVA TE LIBRA￿EsASs0cL4 TIOJV ANNUAL REPORTAND FINANCIAI STA TEMENTS Charity Number.. 1052063 YEAR ENDED 31 DECEMBER 2023 PRIVA TE LIBIURIESASSOCL4TION coNrENTS Report of the Trustses Independent Examiners Report Balance Sheet Income & Expenditure Account and Statement of Financial Activitles Notes to the Ac¢ounts PRIVA TE LIBIURIESASSOCL4 TION REPOR T OF THE TRUSTEES FOR THE YEAR EJVDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and financial statements on the activities of Private Libraries Association for the year ended 31 December 2023. Reference & Administralive Informalion Cliarity Name.. Private Libraries Association ¥4",*È7rf4*•¥•..W* Cliarity Ivumber.. 1052063 Charity Address.. 12 Gentle StreeL Frome, SomerseL BAI I IJA Truslees: The Trustees during the year and to the date of this report are: D Butcher C Edwards R M Hirst J Maslen D J Chambers DFry N Hopkins P H Whetman K Cordes S Hewett T Kilzinger President- Matthew Haley The presentation cuffency of these accounts is £ sterling. Founded in 1956. the Private Libraries Association is an international society of book collectors. Strucliire Governance & Management." Private Libraries Association is an unincorporated association Tegistered in England, UK and regulated by a written constitution. A Council shall consist of not more than sixteen member8 or such other number as may be detern]ined by the Association in General Meeting. plus up to four Honorary Members with full rights. Members of Council will serve for three years, but shall then be eligible for re-election. Casual vacancies shall be filled by invitstion of the Council and those fIlling the casual vacancies will hold office until the next Annual General Meeting. Election to the Council shall bc by ballot at the Annual General Meeting. Risk Management.. The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the organisation, and recognise that systems need to be in place to mitigate our exposure to the major risks. Objeclives andAclivilies.' The objectives of the charity are the advancement of the education of the public in the study, production and ownership of books. In setting our objectives and planning our activities our Governors have given careful consÉderation to the Charity Commission's public benefit guidance. In furtherance of the above-mentioned objects the Association has the powers to publish works concerned with the objects, particularly those works which are not commercially viable. In the past year the Association has complied with its public duty by issuing the publications as stated under Achievements and Perforniance" Acliievements andperformance.. During the year five editions of The Private Library were distributed to members.. Autumn 2020 (Charles Goulden of Canterbury and The Moxon Tennyson}. Winter 2020 (China and the W¢st and The Adagio Press Revisited). the double issue Springlsummer 2021 (The Centenary of the Society of Wood Engrnvers 1920 - 2020). and Autumn 2021 (Louis-Francoise Cassas and Charles Robinson). No members books were published. The AGM was again held using Zoom. Subscription rates were held at 2022 levels. despite growing inflationary pressures. Financial Review.. Reserves Policy.. It is the policy of the Private Libraries Association to maintain unrestricted funds which are the free reserves of the charity at an appropriate level. This should equate to approximately two to three months of unrestricted expenditure. ThÈs will provide sufficient funds to cover necessary costs. Resuits/Finaneial Posilion: In the year to 31 December 2023. the charity had a gross income of £16,546. Expenditure for the year was £13,449 (2022: £15,404 and £11,692 respectively). Net Assets of the charity at the end of the year amounted to £49,115 (2022: £46,018). Plonsfor Future Periods.. The text of 18th and 19th Ceniury Private Press Books by David Chambers is approaching maturity, with the focus moving onto proof readin& corrections and indexing. In 2024 we plan to publish the completed work in two volumes. In addition. we hope to publish four more volumes of The Private Library. Slalemenl of Trustee Responsibililies." The legislation on charities requires the trustees to prepare fjnancial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that year. In preparing these financial statements the trustees are required to: • select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP make judgements and estimates that are reasonable and prudent prepare the financial statements on the golng concern basis unless it is inappropriate to presume that the project will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable a¢¢uracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm theÉr compliance with these requirements. Approved by the AGM on I I September 2024 and signed on behalf of the Trustees by: J Maslen, Honorary Secretary PRIVA TE LJBR4RIESASSOCIA TION INDEPENDENT EX4MINERS REPOR T To the Trustees of the Private Libraries Association: I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to l O. Respective responsibililies of truslees ¢md exaniiner The chaiity's trustees are responsible for the preparation of the accounts. The charity's trustees •,•¥*444¥ consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an indeFtndent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act. . to follow the procedures laid down in the General Directions giv¢n by the Charity Commission under section 145(5)(b) of the Charities ACL and . to state whether particular matters have come to my attention. B￿15 of iiidepeiidenl ￿￿Miller,$ reporl My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is litnited to those matters set out in the statement below. Independent examiner's slaCeNienl In coiinection with my examination. no matter has come to my attention: ( l ) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the Charities Act" and . to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act. have not been met" or (2) to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Relevant professional qualification or body: Address: Date: Alison Glass FCCA 167 Curriehill Castle Drive, Balerno 2024 PRIVA TE LIBIURtES ASSOCL4 TION BALANCE SHEET AS A T 31 DECEJVBER 2023 Note 2023 2022 Current Assets: Stock ::-•*•4ty6¥• Debtors & Prepayments Bank and Cash Balances 12,188 12,188 61.513 55,437 73,701 67,625 Current Liabilities: Creditors due within l year: Creditors & Accruals 24,586 21.607 24.586 21,607 Net Current Assets 49.115 46,018 49.115 46,018 Represented by: Unrestricted funds: General Fund 49.115 46,018 49,115 46,018 The Accounts were approved by the AGM at their meeting on I I September 2024 and signed on behalf of the Trustees by: N Hopkins. Treasurer The Notes on pages 7 to l O forni part of these accounts. PIUVA TE LIBIURJESASSOCL4 TION INCOME & EXPENDITUREACCOUNT AND STA TEMENT OF FINANCIAL ACTJVITIES YEAR ENDED 31 DECEMBER 2023 2023 Total Funds 2022 Total Funds Note Income & Endowments from: Voluntary Income 14,464 14,746 Charitable Activities 1,964 657 Investments 118 Total Income 16,546 15,404 Expenditure on: Raising funds Charitable Activities 13,449 11,692 Total Expenditure 13,449 11,692 Net Movement in funds 3.097 3,712 Total Funds brought forward 46,018 42,306 Totsl Funds carried forward 49.115 46,018 The Notes on pages 7 to l O forni part of these accounts. PRIVA TE LIBK4RIES ASSOCIA TION NOTES TO THEACCOUNTS YEAR ENDED 31 DECEMBER 2023 l Aceollnting Policies: a) Basis of Accounting - the Accounts are prepared under the historical cost convention, in accordance with FRS 102, the Charities Act 201 l and in compliance with the Charitles SORP (FRS 102). Private Libraries Association meets the definition of a public benefit entity under FRS 102. The presentation currency is £ sterling. b) Income - All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specifi¢ policies applied to particular categories of income: Voluntary income is received by way of subscriptions and donations and is included in full in the Statement of Financial Activities when received. Book sales are recorded when the proceeds are rcceived Investment income is included when received. c) Expenditure - Expenditure is included on an accruals basis net of any recoverable VAT. Cost of raisinfj funds are the costs related to advertising Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiarÈes. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Costs related to the governance of the charity are included as part of the support costs of those activities. All costs are allocated between the expenditure categories of the SOFA on a basis d¢signed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. d) Stock - Stock is included at the lower of cost and net realisable value. e) Foreign bank account balances are converted using the rate of exchange applicable at the balance sheet date. Transactions are converted at an average rate for the year. Exchange gains/(losses) are taken to the income and expendttute account in the year. fj Financial Instruments - The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially re¢ognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. g) Debtors - Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. h) Creditors & Provisions - Creditors and provisions are recognised where the charity has a present obltgation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially reco￿]sed at their settlement amount after allowing for any trade discounts due. i) Cash at bank and in hand - Cash at bank and cash in hand includes cash and short terni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. PRIVA TE LIBK4RIESASSOCIA TION NOTES TO THE ACCOUNTS (COAL) YEAR ENDED 31 DECEMBER 2023 j) Funds held by the charity are: Unrestricted Funds: These are the funds that can be used in accordance with the charitable objects at the discretion of the council. Designated fimds: These are unrestricted funds that the council have set aside for a particular purpose. Restricted funds: These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or if they have been raised for a specific purpose. 2 Principal Funds: The principal source of funding is from subscriptions and donations from members. 3 Taxation Private Libraries Association is accepted by the Inland Revenue as a charity for the purposes of section 505 of the Income & Corporation Taxes Act 1988. Accordingly no provision has been made for any taxation liability on SU￿lUs¢s. 4 Income & Endowments 2023 2022 Voluntary Income Subscriptions and Donations 14,464 14,746 Income from Charitsble Activities Publication & Advertising Sales 1,964 657 Investment Income Bank Interest Receivable l6.546 15,404 PRIVA TE LIBK4RtES ASSOCL4TION NOTES TO THE ACCOUIVTS (ConL) YEAR ENDED 31 DECEMBER 2023 5 Expenditure Raising Funds Cost of Charitable Activities 2023 Total 2022 Total Expenses Quarterly Journal Publication Costs Administration Expenses Web Design Costs Meetings Royalties Advertising Bank Charges Independent Examiner Fees (Gain)/Loss on Exchange Cost of Publication Sales Sundry 9.257_ 9.257 1,480 1,258 178 279 320 1.050 54 1,050 54 695 695 193 550 391 1,259 193 550 391 1.259 178 530 (705) 735 13.449 13,449 11,692 6 Trustee and Related Party Information No Trustees received any remuneration during the year. (2022: Nil). Out of pocket travel expenses are paid. (2023: £Nil. 2022: £170 to 2 trustees). During the year there were no related party transactions (2022: £480 in respect of proof reading to l Trustee, C Edwards). 7 Stock The stock of older publications has been valued at historical cost. 2023 2022 Stock of Publications Stock of Paper 3,992 8.196 3,992 8,196 12,188 12,188 8 Debtors 2023 2022 Due within one year PRIVA TE LIBIURtESASSOCL4TION NOTES TO THEACCOUNTS (ConL) YEAR ENDED 311)ECEMBER 2023 9 Creditors 2023 2022 Due WTthin oiie year: Accrual for Publications Other Creditors & Accruals 21,000 3.586 20,973 634 24.586 21,607 10 Foreign Currency Translation Foreign bank account balances have Eten converted using the rate of exchange applicable at the balance sheet date. Transactions have been converted at an avernge rate for the year. Due to the movements in the value of the pound against other Cu￿enC1es, there were cxchange gainsl(losses) on these accounts. The exchange rates applicable at each year end are as follows: 2023 2022 Exchange Gain/(Loss) Canadian Dollars USA Dollars Australian Dollars 1.7184 1.2536 1.9097 1.6356 1.2054 1.7816 (38) (252) (101) (391) I l Funds Movements Balance Income Expenditure Transfers Balance at 31112123 111123 Unrestricted Funds General Fund 46.018 16,546 13,449 49,115 10 PRIVA TE LIBRARIES ASSOCIA TION AN]VUAL REPORTAND F￿ANCIAL STATEMENTS Charity Number.. 1052063 YEAR ENDED 31 DECEMBER 2023 PRIYA TE LIBRARIESASSOCZ4TJON CONTENTS Report of the Trustees Independent Examiners Report Balance Sheet Income & Expenditure Account and Statement of Financial Activities Notes to the Accounts PIUVA TE LIBIURJES ASSOCIA TION REPORT OF THE TRUSTEES FOR TIIE YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and financial statements on the activities of Private Libraries Association for the year ended 31 December 2023. Reference & Administralive Infornuthon Cliarity Name.. Private Libraries Association Cliarity Number.. 1052063 Charity Address.. 12 Gentle Streel Frome, Somersei BAI I IJA Trusle&s: The Trustees during the year and to the date of this report are: D Butcher C Edwards R M Hirst J Maslen D J Chambers DFry N Hopkins P H Whetman K Cordes S Hewett T Kitzinger President- Matthew Haley The presentstion currency of these accounts is £ sterling. Founded in 1956, the Private Libraries Association is an international society of book collectors. Structure Governance & Managemenl.. Private Libraries Association is an unincorporated association registered in England, UK and regulated by a written constitution. A Council shall consist of not more than sixteen member& or such other number as may be deterniined by the Association in General Meeting, plus up to four Honorary Members with full rights. Members of Council will serve for three years, but shall then be eligible for re-election. Casual vacancies shall be filled by invitation of the Council and those filling the casual vacancie5 will hold office until the next Annual General Meeting. Election to the Council shall be by ballot at the Annual General Meeting. Risk Management." The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of th¢ organisation, and recognise that systems need to be in place to mitigate our exposure to the major risks. Objeclives andAclivilies." The objectives of the charity are the advancement of the education of the public in the study, production and ownership of books. In setting our objectives and planning our a¢tiviti¢s our Governors have given careful consideration to the Charity Commission's public benefit guidance. In furtherance of the above-mentioned objects the Association has the powers to publish works ¢oncerned with the objects, particularly those works which are not commercially viable. In the past year the Association has complied with its public duty by issuing the publications as stated under "Achievements and Perforniance" Achievements andperformance.. During the year five editions of The Private Library were distributed to members: Autumn 2020 (Charles Goulden of Canterbury and The Moxon Tennyson)" Winter 2020 (China and the West and The Adagio Press Revisited}" the double issue SprinWSummer 2021 (The Centenary of the Society of Wood Engravers 1920 - 2020). and Autumn 2021 (Louis-Francoise Cassas and Charles Robinson). No members books were published. The AGM was again held using Zoom. Subscription rates were held at 2022 levels, despite growing inflationary pressures. Financial Review.. Reserves Policy.. It is the policy of the Private Libraries Association to maintain unrestricted funds which are the free reserves of the charity at an appropriate level. This should equate to approximately two to three months of unrestricted expenditure. This will provide sufficient funds to cover necessary costs. Results/Financial Position: In the year to 31 December 2023. the charity had a gross income of £16,546. Expenditure for the year was £13,449 (2022: £15,404 and £1 1,692 respectively). Net Assets of the charity at the end of the year amounted to £49,115 (2022: £46,018). Plansfor Fiiture Periods." The text of 18th and 19th Cenw Private Press Books by David Chambers is approaching maturity, with the focus moving onto proof reading, corrections and indexing. In 2024 we plan to publish the completed work in two volumes. In addition, we hope to publish four more volumes of The Prtvate Library. Slalenient of Tri￿lEe Responsibilities." The legislation on charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that year. In preparing these financial statements the trustees are required to- select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the fmancial statements comply with the Charities Act 201 l. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confim their compliance with these requirements. Approved by the AGM on I I September 2024 and signed on behalf of the Trustees by: J Maslen. Honorary Secretary PRIVA TE LIBIURIESASSOCIA TION INDEPENDENTEKIMINERS REPOR T To the Trustees of the Private Libraries Association: I report on the accounts of the charity for the yeai ended 3 J December 2023 which are set out on pages 5 to 10. Respective responsibililies of trustees and exami.ner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees •¥tiW¥&<•, •**•. consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an independent examination is needed. It is my responsibi lity to: examine the accounts under section 145 of the Charities Act. . to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5Xb) of the Charities Act. and . to state whether particul￿ matters have come to my attention. Basis of inclependent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as tr) whether the accounts present a'triie and fair view" and the report is limited to those matters set out in the statement below. Independent examiner's slat£menl In connection with my examination, no matter has come to my attention: (l) which gives me reasonable cause to believe that in any material respect the requireTnents to keep accounting records in accordance with section 130 of the Charities Act. and • to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities ACL have not been met" or (2) to which, in my opÉnion, attention should be drnwn in order to enable a proper understanding of the accounts to be reached. Name: Relevant professional qualification or body: Address: Date: Alison Glass FCCA 167 Curriehill Castle Drive, Balerno 2024 PRIVA TE LIBK4RIES ASSOC14TION BALANCE SHEET ASA T31 DECEMBER 2023 Note 2023 2022 Current Assets: Stock Debtors & Prepayments Bank and Cash Balances 12.188 12,188 61,513 55,437 73.701 67.625 Current Liabilities: Creditors due within l year: Creditors & Accruals 24.586 21,607 24,586 21,607 Net Current Assets 49.115 46,018 49,115 46,018 Represented by: Unrestricted funds: General Fund 49,115 46,018 49,115 46,018 The Accounts were approved by the AGM at their meeting on I I September 2024 and signed on behalf of the Trustees by: N Hopkins. Treasurer The Notes on pages 7 to l O forni part of these accounts. PRIVA TE LIBIURIES ASSOCIA TION INCOME & EXPENDITURE ACCOUNT AND STA TEMENTOF FINANCJAL ACTIVITIES FE4R ENDED 31 DECEMBER 2023 2023 Total Funds 2022 Total Funds Note IDeome & Endowments from: Voluntary Income 14.464 14,746 Charitable Activities 1.964 657 Investments 118 Total Income 16,546 15,404 Expenditure on: Raising funds Charitable Activities 13,449 11,692 Total Expenditure 13,449 11,692 Net Movement in funds 3,097 3.712 Total Funds brought forward 46.018 42,306 Total Funds carried forward 11 49.115 46,018 The Notes on pages 7 to l O forni part of these accounts. PRtVA TE LIBIURIES ASSOCL4TION NOTES TO THEACCOUNTS YEAR ENDED 31 DECEMBER 2023 l Accounting Policies: a) Basis of Accounting - the Accounts are prepared under the historical cost convention, in accordance with FRS 102. the Charities Act 2011 and in Compliance with the Charities SORP (FRS 102). Private Libraries Association meets the defjnition of a public benefit entity under FRS 102. The presentation currency is £ sterling. b) Income - All incoming resources are included in the statetnent of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of subscriptions and donations ¢ffid is included in full in the Statement of Financial Activities when received. Book sales are recorded when the proceeds are received Investment income is included when received. c) Expenditure - Expendittire is included on an accruals basis net of any recoverable VAT. Cost of raising funds are the costs related to advertising Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Can be allocated directly to such activities and those costs of an Indirect nature necessary to support them. Costs related to the governance of the charity are included as part of the support costs of those activitie5. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. d) Stock- Stock is included at the lower of cost and net ￿aliSable value. ¢) Foreign bank account balances are converted using the rate of exchange applicable at the balance sheet date. Transactions are converted at an average rate for the year. Exchange gainsl(losses) are tsken to the income and expenditure account in the year. fj Financial Instruments - The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. g) Debtors - Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. h) Creditors & Provisions - Creditors and provisions arc recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. i) Cash at bank and in hand - Cash at bank and cash in hand includes cash and short tern] highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. PRIVA TE LIBR4RIESASSOCIA TION NOTES TO THEACCOUNTS (ConL) YEAR ENDED 31 DECEMBER 2023 j) Funds held by the charity are: U￿estrICted Funds: These are the funds that can be used in accordance with the charitable objects at the discretion of the council. Designated fimds: These are unrestricted funds that the council have set aside for a partlcular PLllPOSe. Restricted funds: These are funds that can onty be us¢d for particular restricted *v4VW.••.•f purposes within the objects of the charity. Restrictions arise when specified by the donor or if they have been raised for a spectfic purpose. 2 Principal Funds: The principal source of funding is from subscriptions and donations from members. 3 Taxation Private Libraries Association is accepted by the Inland Revenue as a charity for the purposes of section 505 of the Income & Corporation Taxes Act 1988. Accordingly no provision has been made for any taxation liability on surpluses. 4 Income & Endoivments 2023 2022 Voluntary Income Subscriptions and Donations 14.464 14,746 Income from Charitsble Activities Publication & Advertising Sales 1,964 657 Investment Income Bank Interest Receivable 118 16,546 15,404 PRZVA TE LI￿￿4￿Es ASSOCIA TION JVOTES TO THE ACCOUNTS (ConL) YEAR EIVDED 31 DECEMBER 2023 5 Expenditure Raising Funds Cost of Charitable Activities 2023 Total 2022 Total Expenses Quarterly Journal Publicatlon Costs Administration Expenses Web Design Costs Meetings Royalties Advertising Bank Charges Independent Examiner Fees (Gain)tLoss on Exchange Cost of Publication Sales Sundry 9,257 1.480 1,258 178 279 320 1,050 54 1,050 54 695 695 193 550 391 1259 193 550 391 1,259 178 530 (705) 735 13.449 13.449 11,692 6 Trustee and Related Party Information No Trustees received any remuneration during the year. (2022: Nil). Out of pocket travel expenses are paid. (2023: £Nil. 2022: £170 to 2 trustees). During the year there were no related paty transactions (2022: £480 in respect of proof reading to l Trustee, C Edwards). 7 Stock The stock of older publications has been valued at historical cosL 2023 2022 Stock of Publications Stock of Paper 3,992 8,196 3,992 8,196 12,188 12.188 8 Debtors 2023 2022 Due within one year PRtVA TE LJBR4RtES ASSOCL4 TION NOTES TO THEACCOUNfs (ConL) YEAR ENDED 31 DECEMBER 2023 9 Creditors 2023 2022 Due within one year: Accrual for Publications Other Creditors & Accruals 21,000 3,586 20,973 634 24,586 21.607 10 Foreign Currency Translation Foreign bank account balances have been converted using the rate of exchange applicable at the balance sheet date. Transactions have been converted at an average rate for the year. Due to the movements in the value of the pound against other currencies, there were exchange gainsl(losses) on these accounts. The exchange rates applicabl¢ at each year end are as follows.. 2023 2022 Exchange Gainl(Loss) Canadian Dollars USA Dollars Australian Dollars 1.7184 1.2536 1.9097 1.6356 1.2054 1.7816 (38) (252) (101) (391) 11 Funds Movements Balance at 111123 Income Expend5ture Transfers Balance at 31112123 Unrestricted Funds General Fund 46.018 16,546 13,449 49,115 10 PRIYA TE LIBRARtESASSOCL4TION AIVNUAL REPORT AND FINANCIAL STA TEMENTS Charty Number.. 1052063 YEAR ENDED 31 DECEMBER 2023 PRIVA TE LIBR4RIESASSOCIA TION CONTENTS Report of the Trustees Independent Examiners Report Balance Sheet Income & Expenditure Account and Statement of Financial Activities Note5 to the Accounts PRIVA TE LIBK4RIESASSOCL4TION REPOR T OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and financial statements on the activities of Private Libraries Association for the year ended 31 December 2023. Reference & Administrative Informatton Cliarity Name.. Private Libraries Association Charity Number.. 1052063 Cliarity Address.. 12 Gentle StreeL Frome, SomerseL BAI I IJA Truslees: The Trustees during the year and to the date of this report are: D Butcher C Edwards R M Hirst J Maslen D J Chambers DFry N Hopkins P H Whetman K Cordes S Hewett T Kitzinger President- Matthew Haley The presentstion currency of these accounts is £ sterling. Founded in 1956. the Private Libraries Association is an international society of book collectors. Siruclure Governance & Managemen¢." Private Libraries Association is an unincorporated association registered in England, UK and regulated by a written constitution. A Council shall consist of not more than sixteen member4 or such other numlxr as may be detennined by the Association in General Meeting. plus up to four Honorary Members with full rights. Members of Council will serve for three years. but shall then be eligible for r¢-eI￿tAOn. Casual vacancies shall be filled by invitation of the Council and those filling the casual vacancies will hold office until the next Annual General Meeting. Election to the Council shall be by ballot at the Annual General Meeting. Risk Management.. The trustees have assessed the major risks to which the charity is exposed. in particular those related to the operations and finances of the organisation, and recognise that systems need to be in place to mitigate our exposure to the major rlsks. Objeclives andAclivilies.' Tlie objectives of the charity are the advancement of the education of the public in the study, production and ownership of books. In setting our objectives and planning our activities our Governors have given careful consideration to the Charity Commission's public benefit guidance. In furtherance of the above-mentioned objects the Association has the powers to publish works concerned with the objects, particularly those works which are not commercially viable. In the past year the Association has complied with its public duty by issuing the publications as stated under "Achievements and Perforniance" Acltievemenls andperformance." During the year five editions of The Private Library were distributed to members: Autumn 2020 (Charl¢s Goulden of Canterbury and The Moxon Tennyson). Winter 2020 (China and the West and The Adagio Press Revisited)" the double issue Sprinyjsummer 2021 (The C¢nt¢nary of the Society of Wood Engravers 1920 - 2020). and Autumn 2021 (Louis-Francoise Cassas and Charles Robinson). No members books were published. The AGM was again held using Zoom. Subscription rates were held at 2022 levels, despite growing inflationary pressures. Financial Review.. Reserves Policy.. It is the policy of the Private Libraries Association to maintain unrestricted funds which are the free reserves of the charity at an appropriate level. This should equate to approximat¢ly two to thr¢¢ months of unrestricted expenditure. This will provAde sufficient funds to cover necessary costs. Resulis/Financilll Position.. In the year to 31 December 2023, the charity had a gross income of £16,546. Expenditure for the year was £13,449 (2022: £15,404 and £11,692 respectively}. Net Assets of the charity at the end of the year amounted to £49,115 (2022: £46,018). Plansfor Future Periods." The text of 18ih ¢Thd 19th Cenw Private Press Books by David Chambers is approaching maturity, with the focus moving onto proof reading, corrections and indexing. In 2024 we plan to publish the completed work in two volumes. In addition, we hope to publish four more volumes of The Private Library. Stalemenl of Trustee Responsibilities." The legislation on charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that year. In preparing these fmancial statements the trustees are required to: select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP make judgements and estimates that are reasonable and pnjdent Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trnstees confirn] their compliance with these requirements. Approved by the AGM on , I I September 2024 and signed on behalf of the Trustees by: J Maslen, Honorary Secretary PRIVA TE LIBIURIESASSOCIA TION INDEPENDENTEX4MINERS REPOR T To the Trustees of the Private Libraries Association: I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 10. Respeclive responsibililies of trwlees and examiner The charity's trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an inde￿ndent examination is needed. It is my responsibility to= ' examine the accounts under section 145 of the Charities Act. . to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Ac( and . to state whether particular matters have come to my attention. Bagis of independent examiner's report My examination was carried out in accordance with the genernl Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and Consequently no opinion is given as to whether the accounts present a "true and fair view, and the report is limited to those matters set out in the statement below. Independeiit examiner's sÉalement In Connection with my examination, no matter has come to my attention: (l ) which gives me reasonable cause to believe that in any material respect the requirements . to keep accounting records in accordance with section 130 of the Charities Act. and . to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act" have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Relevant professional qualification or body: Address; Date: Alison Glass FCCA 167 Curriehill Castle Drive, Balerno 2024 PRIVA TE LIBR4RtES ASSOCIA TION BAL4NCE SHEET ASA T31 DECEMBER 2023 Note 2023 2022 Current Assets: Stock Debtors & Prepayments Bank and Cash Balances 12,188 12,188 61,513 55,437 73.701 67.625 Current Liabilities: Creditors due within l year-. Creditors & Accruals 24,586 21,607 24.586 21.607 Net Cu￿ent Assets 49.1 15 46,018 49,115 46,018 Represented by: Ullrestricted funds: General Fund 49.115 46,018 49.115 46,018 The Accounts were approved by the AGM at their meeting on I I September 2024 and signed on behalf of the Trustees by: N Hopkins. urer The Notes on pages 7 to 10 forni part of these accounts. PRIVA TE LIBIURIESASSOCIA TION INCOME & EXPENDITUREACCOUNTAND STA TEMENTOF FINANCL4L ACTIVITIES YEAR ENDED 31 DECEMBER 2023 2023 Total Funds 2022 Total Funds Note Income & Endowments from: Voluntary Income 14,464 14,746 Charitable Activities 1,964 657 Investments 118 Total Income 16,546 15,404 Expenditure on: Raising funds Charitable Activities 13,449 11.692 Totsl Expenditure 13,449 11,692 Net Movement in funds 3.097 3,712 Total Funds brought forward 46,018 42,306 Total Funds carried forward 49,115 46,018 The Notes on pages 7 to l O forni part of these accounts. PRtVA TE LIBR4RIESASSOCZ4TION NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 l Accounting Policies: a) Basis of Accounting - the Accounts are prepared under the historical cost convention, in accordance with FRS 102, the Charities Act 2011 and in compliance with the Charities SORP (FRS 102). Private Libraries Association meets the definition of a public benefit entity under FRS 102. The presentation cutTen¢y is £ sterling. b) Income - All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specifIc policies are applied to particular categories of income: Voluntary income is received by way of subscriptions and donations and is included in full in the Statement of Financial Activities when received. Book sales are recorded when the proceeds are received Investment income is included when received. c) Expenditure - Expendithre is included on an accruals basis net of any recoverable VAT. Cost of raising funds are the costs related to advertising Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Costs related to the governance of the charity are included as part of the support costs of those activities. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resourcc. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. d) Stock- Stock is included at the lower of cost and net realisable value. e) Foreign bank account balances are converted using the rate of exchange applicable at the balance sheet date. Transactions are converted at an average rate for the year. Exchange gain51(losses) are taken to the income and expenditute account in the year. O Financial Instruments - The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic fInancial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. g) Debtors - Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. h) Creditors & Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past cvent that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated Teliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. i) Cash at bank and in hand Cash at bank and cash in hand includes cash and short tern] highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. PRIVA TE LIBKLEIESASSOCL4 TION NOTES TO THE ACCOUNTS (ConL) YEAR ENDEI) 31 DECEMBER 2023 j) Fund5 held by the charity are: Unrestricted Funds: These are the funds that can be used in accordance with the charitable objects at the discretion of the council. Designated funds." These are unrestricted fimds that the council have set aside for a particular purpose. Restricted funds: These are funds that can only be used for particular restricted *W¥4FW.I•.<" purposes within the objects of the charity. Restrictions arise when specified by the donor or if they have been raised for a specific purpose. 2 Principal Funds: The principal source of funding is from subscriptions and donations from members. 3 Taxation Private Libraries Association is accepted by the Inland Revenue as a charity for the purposes of section 505 of the Income & Corporation Taxes Act 1988. Accordingly no provision has been made for any taxation liability on su￿luses. 4 Income & Endowments 2023 2022 Voluntary Income Subscriptions and Donations 14.464 14,746 ncome from Charitable Activities Publication & Advertising Sales 1.964 657 Investment Income Bank Interest Receivable 118 16.546 15,404 PRIVA TE LIBIURIES ASSOCL4TJON NOTES TO THE ACCOUNTS (Conl.) YEAR ENDED 31 DECEMBER 2023 5 Expenditure Raising Funds Cost of Charitable Activities 2023 Total 2022 Total Expenses Quarterly Journal Publication Costs Administration Expenses Web Design Costs Me¢tings Royalties Advertising Bank Charges Independent Examiner Fees (Gain)/Loss on Exchange Cost of Publication Sales Sundry 9,257 9.257 1,480 1,258 178 279 320 1,050 54 1.050 54 695 695 193 550 391 1,259 193 550 391 1,259 178 530 (705) 735 13,449 13,449 11,692 6 Trustee and Related Party Information No Trustees received any remunerdtion during the year. (2022: Nil). Out of pocket travel expenses are paid. (2023: £Nil. 2022: £170 to 2 trustees). During the year there were no related paty transactions (2022: £480 in respect of proof reading to l Truste¢, C Edwards). 7 Stock The stock of older publications has been valued at historical cosL 2023 2022 Stock of Publications Stock of Paper 3,992 8,196 3,992 8,196 12,188 12,188 8 Debtors 2023 2022 Due within one year PRtVA TE LIBIURtES ASSOCL4TION NOTES TO THEACCOUNTS (Con£) YEAR ENDED 31 DECEMBER 2023 9 Creditors 2023 2022 Due within one year.. Accrual for Publications Other Creditors & Accruals 21,000 3,586 20,973 634 24.586 21,607 10 Foreign Currency Translation Foreign bank account balances have been converted using the rate of exchange applicable at the balance sheet date. Transactions have been converted at an average rate for the year. Due to the movements in the value of the pound against other currencies, there were exchange gains/(losses) on these accounts. The exchange rates applicable at each year end are as follows: 2023 2022 Exchange Gainl(Loss) Canadian Dollars USA Dollars Australian Dollars 1.7184 1.2536 1.9097 1.6356 1.2054 1.7816 (38) (252) (101) (391) 11 Funds Movements Balance at Illll3 Income Expenditure Transfers Balance at 31112123 Unrestricted Funds General Fund 46,018 16.546 13,449 49,115 10 PRIVA TE LIB]UR￿SAss0CJA TION ANJVUAL REPORT AND FLVANCIAL STA TEMEIVTS Charity Nupnber." 1052063 YEAR ENDED 31 DECEMBER 2023 PRIVA TE LIBRARIES ASSOCL4TION CONTENTS Report of the Trustees •>*é*••trk¥, • Independent Examiners Report Balance Sheet Income & Expenditure Account and Statement of Financial Activities Notes to the Accounts PRIVA TE LIBIUIUES ASSOCIA TION REPOR T OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and fll)ancial statements on the activities of Private Libraries Association for the year ended 31 December 2023. Reference & AdmIn￿traI1ve Informatson Charity Name.. Private LÈbraries Association •¥*a4•¥A•*• Cliarity Nuiither.. 1052063 Charity Address.. 12 Gentle StreeL Frome, Somersel BAI I IJA TTiulees: The Trustees during tbe year and to the date of this report are: D Butcher C Edwards R M Hirst J Maslen D J Chambers DFry N Hopkins P H Whettnan K Cordes S Hewett T Kitzinger President- Matthew Haley The presentstion currency of these accounts is £ sterling. Founded in 1956, the Private Libraries Association is an international society of book collectors. Structure Governance & Managemenl.. Private Libraries Association is an unincorporated association registered in England, UK and regulated by a written constitution. A Council shall consist of not more than sixteen member8 or such other numlKr as may be detern]ined by the Association in General Meeting, plus up to four Honorary Members with full rights. Members of Council will serve for three years. but shall then be eligible for re-election. Casual vacancies shall bc filled by invitation of the Council and those fIlling the casual vacancies will hold office until the next Annual General Meeting. Election to the Council shall be by ballot at the Annual General Meeting. Risk Managemenl.. The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and fmances of the organisation, and recognise that systems need to be in place to mitigate our exposure to the major risks. Objectives and Activities.. The objectives of the charity are the advanc¢ment of the education of the public in the study, production and ownership of books. setting our objectives and planning our activities our Governors have given carefiLI consideration to the Charity Commission's public benefit guidance. In furtherance of the above-mentioned objects the Association has the powers to publish works concerned with the objects, particularly those works which are not commercially viable. In the past year the Association has complied with its public duty by issuing the publications as stated under Achievements and Perforniance" Achievemenls andperformance.. During the year five editions of The Privale Library were distributed to members.. Autumn 2020 (Charles Goulden of Canterbury and The Moxon Tennyson). Winter 2020 (China and the West and The Adagio Press Revisited): the double issue SpringSumm¢r 2021 (The Centenary of the Society of Wood Engravers 1920 - 2020). and Autumn 2021 (Louis-Francoise Cassas and Charles Robinson). No members books were published. The AGM was again held using Zoom. Subscription rates wer¢ held at 2022 levels. despite growing inflationary pressures. Financial R.eview.' Reserves Policy.. It is the policy of the Private Libraries Ass(Kiation to maintain unrestricted funds which are the free reserves of the charity at an appropriate level. This should equate to approximately two to three months of unrestricted expenditure. This will provide sufficient funds to cover necessary costs. Results/Financial Posilion: In the year to 31 December 2023, the charity had a gross income of £16.546. Expenditure for the year was £13.449 (2022: £15,404 and £11,692 respectively). Net Assets of th¢ charity at the end of the year amounted to £49.115 (2022: £46,018). Plansfor Future Period%.' The text of 18th and 19th Centtry Privale Press Books by David Chambers is approaching maturity, with the focus moving onto proof reading, corrections and indexing. In 2024 we plan to publish the completed work in two volumes. In addition. we hope to publish four more volumes of The Privale Library. Slalemenl of Trustee Responsibililies.. The legislation on charities requires the trustees to prepare financial statements for each fmancial year which gRve a true and fair view of the state of affairs of the charity and of the surplus or deficit for that year. In preparing these flnancial statements the trustees are required to: select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP • make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fu)ancial position of the charity and to enable them to ensure that the financial statements cotnply with the Charities Act 201 l. They are also responsible for safeguarding the assets of the charity and hence for taking reasotfdble steps for the prevention and detection of fraud and other irregularities. The Trustees confirni their compliance with these requirements. Approved by the AGM on I I September 2024 and signed on behalf of the Trustees by: J Maslen, Honorary Secretsry PRIVA TE LIBR4RIES ASSOCL4TION INDEPENDENTEX4MINERS REPOR T To the Trustees of the Private Libraries Association: I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to l O. Respective responsibilities of tr￿￿teeS and examiner l¥xki•#ty4W*¥th4Wl• The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required ftir this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities ACL to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act" and . to state whether particular matters have come to my attention. Basis of indepelldenl examiner's report My examination was carried out in a￿OrdanCe with the general Directions given by the Charlty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audiL and consequently no opinion is given as to whether the accounts present a'%rue and fair view" and the report is limited to those matters set out in the statement below. Independent examiner's Staten￿nI In connection with my examination, no matter has come to my attent50n". ( l ) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the Charities Act, and . to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Ac¢ have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Relevant professional qualification or body: Address: Date: Alison Glass FCCA 167 Curriehill Castle Drive, Balerno 2024 PRIVA TE LIBK41UES ASSOCIA TION BALANCE SHEET AS A T31 DECEMBER 2023 Note 2023 2022 Current Assets: Stock è¥Ji•y¥wA*¥• Debtors & Prepayments Bank and Cash Balances 12.188 12.188 61,513 55.437 73.701 67.625 Current Liabilities: Creditors due within l year: Creditors & Accruals 24,586 21,607 24,586 21,607 Net Current Assets 49,115 46,018 49,115 46,018 Represented by: Unrestricted funds: General Fund 11 49,115 46,018 49,115 46,018 The Accounts were approved by the AGM at their meeting on I I September 2024 and signed on behalf of the Trustees by: N Hopkins. Treasurer The Notes on pages 7 to l O forni part of these accounts. PRIVA TE LIBK4RIESASSOCL4TION INCOME & EXPENDITURE ACCOUIVT AND STA TEMEJVT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 2023 Total Funds 2022 Total Funds Note Income & Endoivments from: . •.•••¥ Voluntary Income 14,464 14,746 Charitable Activities 1,964 657 Investments 118 Total Income 16.546 15,404 xpenditure on: Raising funds Charitable Activities 13,449 11,692 Totsl Expenditsre 13,449 11,692 Net Movement in funds 3,097 3,712 Total Funds brought forward 46,018 42.306 Total Funds carried forward 11 49,115 46,018 The Notes on pages 7 to l O forni part of these accounts. PRtVA TE LIBK4RIESASSOCIA TION NOTES TO THE ACCOUNTS YEAR E]VDED 31 DECEMBER 2023 l Aeeounting Policies: a) Basis of Accounting - the Accounts are prepared under the historical cost convention, in accordance with FRS 102. the ChaTities Act 2011 and in compliance with the Charities SORP (FRS 102). Private Libraries Association meets the dcfinition of a public benefit entity under FRS 102. •N¥¢tr¥.k•¥>•.•¥4w,. The presentation cU￿encY is £ sterlintr b) Income - All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntsry income is received by way of subscriptions and donations and is included in full in the Statement of Financial Activities when received. Book sales are recorded when the proceeds are received Investment income is included when received. c) Expenditure - Expenditure is included on an accruals basis net of any recoverable VAT. Cost of raising funds are the costs related to advertising Charitable expenditure compTiS¢S those costs incurred by the charity in the delivery of its activities and services for its benefIciaries. It includes both costs that can be allocated directly to such activities and those costs of an tndirect nature necessary to support them. Costs related to the governance of the charity are included as part of the support Costs of those activities. All costs are allocated between the eX￿ndItUre categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basi5. d) Stock- Stock is included at the lower of cost and net realisable value. e) Foreign bank account balances are converted using the rate of exchange applicable at the balance sheet date. Transactions are converted at an average rate for the year. Exchange gains/(losses) are tsken to the income and expenditure account in the year. D Financial Instruments - The charity only h&$ financial assets and liabilities of a kind that qualify as basic financial instruments. Basic fmancial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. g) Debtors - Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. h) Creditors & Provisions - CredttOTS and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. i) Cash at bank and in hand - Cash at bank and cash in hand includes cash and short terni highly liquid investments with a short maturity of three months or less from the dats of acquisition or opening of the deposit or similar account. PRIVA TE LIBIURIES ASSOCL4TION NOTES TO THE ACCOUNTS (ConL) YEAR ENDED 31 DECEMBER 2023 j) Funds held by the charity are: Unrestricted Funds: These are the funds that can be used in accordance with the charitable objects at the discretion of the council. Designated funds: These are unrestricted funds that the council have set aside for a particular PUTPOSe. Restricted funds: These are funds that can only be used for particular restrictèd . purposes within the objects of the charity. Restrictions arise when specified by the donor or if they have been rdised for a specific purpose. 2 Prineipal Funds: The principal sOu￿e of funding is from subscriptions and donations from members. 3 Taxation Private Libraries Association is accepted by the Inland Revenue as a charity for the purposes of section 505 of the Income & Corporation Taxes Act 1988. Accordingly no provision has been made for any taxation liability on surpluses. 4 Income & Endowments 2023 2022 Voluntary Income Subscriptions and Donations 14,464 14,746 Income from Charitable Activities Publication & Advertising Sales 1,964 657 Investment Income Bank Interest Rcc¢ivable 118 16,546 15,404 PRWA TE LIBIURtES ASSOCL4TION NOTES TO THE ACCOUNTS (ConL) YEAR EIVDED 31 DECEMBER 2023 5 Expenditure Raising Funds Cost of Charitable Activities 2023 Total 2022 Total Expenses •.-*&¥tt.•.**•• Quarterly Journal Publication Costs Administration Expenses Web Design Costs Meetings Royalties Advertising Bank Charges Independent Examiner Fees (Gain)ILoss on Exchange Cost of Publication Sales Sundry 9,2S7 9,257 7,439 1,480 1,258 178 279 320 1,050 54 1,050 54 695 695 193 550 391 1.259 193 550 391 1,259 178 530 (705) 735 13,449 13,449 I I,692 6 Trustee and Related Party Infonnation No Trustees received any remuneration during the year. (2022: Nil). Out of pocket travel expenses are paid. (2023: £Nil. 2022- £170 to 2 trustees). During the year there were no related party transactions (2022: £480 in respect of proof reading to l Trustee, C Edwards). 7 Stock The stock of older publications has been valued at historical cost. 2023 2022 Stock of Publications Stock of Paper 3,992 8,196 3.992 8,196 12,188 12,188 8 Debtors 2023 2022 Due within one year PIUVA TE LIBIURtES ASSOCIA TION NOTES TO THEACCOUNTS (ConL) YEAR ENDED 31 DECEMBER 2023 9 Creditors 2023 2022 Due within one year: Accrual for Publications Other Creditors & Aocruals 21,000 3.586 20,973 634 24,586 21,607 10 Foreign Currency Translation Foreign bank account balances have been converted using the rate of exchange applicable at the balance sheet date. Transactions have been converted at an average rdte for the year. Due to the movements in the value of the pound against other currencies, there were exchange gains/(losses) on these accounts. The exchange rntes applicable at each year end are as follows: 2023 2022 Exchange Gainl(Loss) Canadian Dollars USA Dollars Australian Dollars 1.7184 1.2536 1.9097 1.6356 1.2054 1.7816 (38) (252) (101) (391) 11 Funds Movements Balance at 111123 Income Expenditure Transfers Balance at 31112123 Unrestricted Funds General Fund 46,018 16,546 13.449 49,115 10 PIUVA TE LIBRARIESASSOCL4 TION ANNUAL REPOR TAND FLVANCL4L STA TEMENTS Charty Number.. 1052063 YEAR ENDED 31 DECEMBER 2025 PRIVA TE LIB]URtESASSOCL4TION CONTENTS Report of the Trustees IndependeDtExaminers Report Balance She¢t Income & Expenditure Account and Statement of Financial Activities Notes to the Accounts PIUYA TE LIBJURtES ASSOCL4TION REPOR T OF THE TRUSTEES FOR THE YE4R ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and financial statements on the activities of Private Libraries Association for the year ended 31 December 2023. Reference & Administralive Inforiiialion Charity Name.. Private Libraries Association Charity Number.. L052063 Charty Address.. 12 Gentle StreeL Frome. Somersel BAI I I JA Trustees: The Trustees during the year and to the date of this report are: D Butcher C Edwards R M Hirst J Maslen D J Chambers DFry N Hopkins P H Whetman K Corde5 S Hewett T Kitzinger President- Matthew Haley The presentation currency of these accounts is £ sterling. Founded in 1956, the Private Libraries Association is an international society of book collectors. Structure Govern(mce & managen￿nt." Private Libraries Association is an unincorporated association registered in England, UK and regulated by a written constitution. A Council shall consist of not more than sixteen member& or such other number as may be deternlined by the Association in General Meeting, plus up to four Honorary Members with full rights. Members of Council will serve for three years, but shall then be eligible for re-election. Casual vacancies shall be filled by invitation of the Council and those filling the casual vacancies will hold office until the next Annual General Meeting. Election to the Council shall be by ballot at the Annual General Meeting. Risk Managemeiil.. The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the organisation, and recognise that systems need to be in place to mitigate our exposure to the major risks. Objectives andAclivilies.' The objectives of the charity are the advancement of the education of the public in the study, production and ownership of books. In setting our objectives and planning our activities our Governors have given careful consideration to the Charity Commission's public benefit guidance. In furtherance of the above-mentioned objects the Association has the powers to publish works concerned with the objects, particularly those works which are not commercially viable. In the past year the Association has complied with its public duty by issuing the publications as stated under Achievements and Perforn]ance" Aeliievements andperformance.. During the year five editions of The Privale Library were distributed to members: Autumn 2020 (Charles Goulden of Canterbury and The Moxon Tennyson). Winter 2020 (China and the West and Th¢ Adagio Press Revisited)" the double issue Springlsummer 2021 (The Centenary of the Society of Wood Engravers 1920 - 2020). and Autumn 2021 {Louis-Francoise Cassas and Charles Robinson). No members books were published. The AGM was again held using Zoom. Subscription rates were held at 2022 levels, despite ￿0wing inflationary pressures. FInanC￿[Review. Reserves Policy.. It is the policy of the Private Libraries Association to maintain unrestricted funds which are the free reserves of the charity at an appropriate level. This should equate to approximately two to three months of unrestricted expenditure. This will provide sufficient funds to cover necessary costs. Results/Financial Posilion: In the year to 31 December 2023, the charity had a gross income of £16,546. Expenditure for the year was £13,449 (2022: £15,404 and £11,692 respectively). Net Assets of the charity at the end of the year amounted to £49,115 (2022: £46,018). Plansfor Future Periods.. The text of 18th and 19th Century Private Press Books by David Chambers is approaching maturity, with the focus moving onto proof reading, corrections and indexing. In 2024 we plan to publish the Completed work in two volumes. In addition, we hope to publish four more volumes of The Privale Library. Stalemenl of Triistee Responsibililies.. The legislation on charities requires the trustees to prepare fmancial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that year. In preparing these financial statements the trustees are required to: select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tkme the f￿ancial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirni their compliance with these requirements. Approved by the AGM on I I September 2024 and signed on behalf of the Trustees by: J Maslen. Honorary Secretary PRIVA TE LIBR41UESASSOCIA TION I]VDEPEJVDENTEXAMINEKS REPOR T To the Trustees of the Private Libraries Association: I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 10. Respeclive responsibiltsies oftrusleu and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act. . to follow the procedures laid down in the General Directions given by the Charity Commission under section 145{5)(b) of the Charities Act" and . to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with the genernl Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consÈderdtion of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a '%rue and fair view" and the report is limited to those matters set out in the statement below. Independent exonuner's stalenien¢ In connection with my examination, no matter has come to my attention: (l ) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the Charities Act. and • to prepaie accounts which accord with the accounting records and comply with the accounting requirements of the Charities Ac¢ have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Relevant professional qualification or body: Address: Date: Alison Glass FCCA 167 Curriehill Castle Drive, Balerno 2024 PRIVA TE LIBRARIESASSOCIA TION BALANCE SHEET AS A T31 DECEMBER 2023 Note 2023 2022 Current Assets: Stock Debtors & Prepayments Bank and Cash Balances 12,188 12,188 61.513 55,437 73.701 67,625 Current Liabilities: Creditors due within l year: Creditors & Accruals 24.586 21.607 24,586 21,607 Net Current Assets 49,115 46,018 49,115 46,018 Represented by.. Unrestricted funds: General Fund 11 49.115 46.018 49,115 46,018 The Accounts were approved by the AGM at their meeting on I I September 2024 and sI￿¢d on behalf of the Trustees by: . Treasurer The Notes on pages 7 to 10 forni part of these accounts. PIUVA TE LIBK41UES ASSOCIA TION INCOME & EXPENDJTUREACCOUNT AND STA fEMENT OF FINANCIAL ACTJVJTIES YEAR EJVDED 31 DECEMBER 2023 2023 Total Funds 2022 Totsl Funds Note Income & Endowments from: Voluntary Income 14.464 14,746 Charitable Activities 1,964 657 Investments 118 Total Income 16,546 15.404 Expenditure on: Raising funds Charitable Activities 13,449 11,692 Total Expenditure 13,449 11,692 Net Movement in funds 3,097 3.712 Total Funds brought forward 46,018 42,306 Total Funds carried forward 49,115 46.018 The Notes on pages 7 to l O forni part of these accounts. PRtVA TE LIBRAIUESASSOCL4TION NOTES TO THEACCOUNTS YEAR ENDED 31 DECEMBER 2023 l Accounting Policies: a) Basis of Accounting - the Accounts are prepared under the historical cost Convention, in accordance with FRS 102. the Charities Act 2011 and in compliance with the Charities SORP (FRS 102). Private Libraries Association meets the definition of a public benefit entity under FRS 102. The presentation currency is £ sterling. b) Income - All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantifIed with reasonable accuracy. The fol lowing specific policies are applied to particular categories of income: Voluntary income is received by way of subscriptions and donations and is included in full in the Statement of Financial Activities when received. Book sales are recorded when the proceeds are received Invesknent income is included when received. c) Expenditure - Expenditure is included on an accnrals basis net of any recoverable VAT. Cost of raising funds are the costs related to advertising Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It Includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Costs related to the governance of the charity are included as part of the support costs of those activities. All costs are allocated between the ex￿nditUre categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportion¢d on an appropriate basis. d) Stock- Stock is included at the lower of cost and net realisable value. e) Foreign bank account balances are converted using the rate of exchange applicable at the balance sheet date. Transactions are converted at an average rate for the year. Exchange gains/(losses) are taken to the income and expenditure account in the year. fj Financial Instruments - The charity only has financial assets and liabilities of a kind that quaRify as basic financial instruments. Basic fmancial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans ivhich are subsequently measured at amortised cost using the effective interest method. g) Debtors - Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. h) Creditors & Provisions Creditors and provisions aTe recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. i) Cash at baiik and in hand - Cash at bank and cash in hand includes cash and short terni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounL PRIVA TE LIBR4RIES ASSOCL4 TION NOTES TO THE ACCOUNTS (ConL) YEAR ENDED 31 DECEMBER 2023 j) Funds held by the charity are: Unrestricted Funds: These are the funds that can be used in accordance with the charitable objects at the discretion of the council. Desigiiated funds". These are unrestricted funds that the council have set aside for a particular purpose. Restricted funds: These are ￿ndS that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or if they have been raised for a specific purpose. 2 Principal Funds: The principal source of funding is from subscriptions and donations from members. 3 Taxation Private Libraries Association is accepted by the Inland Revenue as a charity for the purposes of section 505 of the Income & Corporation Taxes Act 1988. Accordingly no provision has been made for any taxation liability on sutpluses. 4 Income & Endowments 2023 2022 Voluntary Incoine Subscriptions