REGISTERED COMPANY NUMBER: 05577905 (England and Wales)
REGISTERED CHARITY NUMBER: 1114386
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
FOR
THE LEEDS LIBRARY
(A COMPANY LIMITED BY GUARANTEE)
Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB
THE LEEDS LIBRARY
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
|
|
Page |
|
Reference and Administrative Details |
|
1 |
|
Annual report - Chair of Trustees Intro |
|
2 |
|
Report of the Trustees |
3 |
to |
7 |
Report of the Independent Auditors |
8 |
to |
10 |
Statement of Financial Activities |
|
11 |
|
Balance Sheet |
|
12 |
|
Cash Flow Statement |
|
13 |
|
Notes to the Cash Flow Statement |
|
14 |
|
Notes to the Financial Statements |
15 |
to |
27 |
THE LEEDS LIBRARY
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31ST DECEMBER 2025
| PRESIDENT |
Elizabeth Minkin |
TRUSTEES |
Paul Ellis - Chair |
|
Adrian Coltman |
|
Annie Faulder (resigned 31/7/25) |
|
Edmund Danon (resigned 1/9/25) |
|
Laurra Davis (resigned 28/6/25) |
|
Holly Leese (appointed 22/1/26) |
|
Ruth Robbins |
|
Susie Rumsby (resigned 20/8/25) |
|
Ian Shaw - Interim Treasurer |
|
Moade Shubita - Treasurer (resigned |
|
13/11/25) Ruth Strachan (appointed 25/9/25) |
|
Pat Urry |
|
Philip Walker |
| KEY MANAGEMENT PERSONNEL |
Nina Corey |
REGISTERED OFFICE |
The Leeds Library |
|
18 Commercial Street |
|
Leeds |
|
West Yorkshire |
|
LS1 6AL |
REGISTERED COMPANY NUMBER |
05577905 (England and Wales) |
REGISTERED CHARITY NUMBER |
1114386 |
INDEPENDENT AUDITORS |
Thomas Coombs Limited |
|
Statutory Auditor |
|
Chartered Accountants |
|
3365 The Pentagon |
|
Century Way |
|
Thorpe Park |
|
Leeds |
|
West Yorkshire |
|
LS15 8ZB |
BANKERS |
Lloyds Bank plc |
|
65-58 Briggate |
|
Leeds |
|
West Yorkshire |
|
LS1 6LH |
SOLICITORS |
Wrigleys LLP |
|
3rd Floor |
|
3 Wellington Place |
|
Leeds |
|
LS1 4AP |
Page 1
THE LEEDS LIBRARY
ANNUAL REPORT - CHAIR OF TRUSTEES INTRODUCTION FOR THE YEAR ENDED 31ST DECEMBER 2025
Another eventful year in the history of the Library unfolded in the course of 2025. Clearly,the most significantdevelopmentwas the
handoverofthenewspacesavailabletotheLibraryinNumber15.ThesehaveprovedtobeaboonfortheLibrary's operations
allowingus to spread out and hold public events with less impacton usage by members,while being able to repurposeareas of the
older building as with the return of the Smoke Room to a member space as a quiet room. We were pleased to name the new library
spaceas the RobinsonRoomin honourof twovery importantfemalefiguresfromour past,Mary Robinson(the elder)who served
as Librarianfor39 yearsfrom1774,being succeededby her daughterMary(theyounger),whoservedas Librarianfora further 12
years.AswithsomuchelsewithTheLeedsLibrary,membersplayedanimportantroleinreachingthisdecisionfollowing a
consultation process.
Thenumberofeventsheld at the Libraryhas slowlyincreasedaidedby the availabilityofthe new kitchenfacilitiesas indeed have
bookingsforweddings.Theholdingofpubliceventsandthecelebratoryoccasionssuchasweddingsareimmenselyimportant to
thefinancesoftheLibrary,aswithouttheincomegeneratedbythese,wewouldhavetoincreasemembershipfees substantially
(whichremainlowincomparisontosimilarbodies).Inallrespects,incomeandotherwise,itisimportantfortheLibraryto be
outward-facingif we are to fulfil our purposes and prosper as an importantpart of the cultural life of the city and region. That is why
wehavetakenthefirststepsduring2025toaddresssomeofthegapsin ourcollections,namelyin relationtoneurodiversity and
Islamic Studies. We are grateful for valuable advice in this respect from some of our members.
Withregardto the maintenanceand developmentofour collections,and furtherall aspectsofLibrarylife,we are gratefulthat we
have a stablecolleaguebody whichprovidesus with a reservoirof knowledgeaboutthe workingsof the Libraryand past decisions
taken by staffand trustees.Of course,it is also a plus when new colleaguesarriveand give us fresh impetusand ideas,and we had
thatin2025withthearrivalofourLearningandEngagementofficer,AdriennePonsford.Thisisapostwhichhasbeen initially
fundedbytheNationalHeritageLotteryFundandAdriennehasbeendrivingourschoolvisitswhichareanimportantpartof our
outreach.
Duringtheyear,wesaidgoodbyetoourtreasurerMoadeShubitaandwouldliketothankhimforhisinputtoour financial
managementduringaperiodofmuchupheavalfortheLibrary.Wearepleasedthatourcolleague,IanShaw,agreedtostepin as
InterimTreasureruntila permanentreplacementcanbe found.Ian is undertakingthistaskalongsidelookingat ourIT capabilities,
hardware,softwareandnetworkingaswellasproducingimportantnewfunctionalityforourwebsiteandmembership sign-up
process.Allofthiswork,alongsideinitiativesacrosstheLibrary,contributestoreducingourongoingoperationaldeficit which
remains our prime focus beyond provision of our day-today services.
Memberswillrecallourrequestforfinancialbackingin2024bywayofmemberloanstoensurethesuccessfulcompletionof the
newdevelopment.Thatdulysecured,wearepleasedthatthefirsttrancheofmemberloanswaspaidbackduringthecourse of
2025.Itisimportantthatifwearetomakeprogressinrebuildingourreserves,whichisacrucialelementofourfuture financial
sustainability,wereduceourlevelofindebtednesswhilemanagingourday-to-dayfinancesclosely.Weshouldnotethatour main
lender,EcologyBuildingSociety,grantedusapaymentholidayforpartof2025whichallowedustoputagreaterfocuson the
commissioning of the new building, and we are grateful to Ecology for being a supportive partner in our project.
InSeptemberwelostourfirstretailclientinNumber15,howeverthisledtoanadvancementofcertainrentalpayments which
providedatimelyboosttocashflow.Wearepleasedtohavequicklysecuredanewtenantwithasolidcovenant,whichpoints to
the strength of our location in attracting tenants.
Finally,to add to my note above,I wish to acknowledgethe contributionthat our staffcolleaguesmake on an ongoingbasis to our
progress.Theircollectivecontributionfar exceedsthe remunerationwe can provideand the extentof their loyaltymay not always
beapparenttomembersastheygoabouttheirworktosupportourcherishedinstitutionwithdedication,humour and
inventiveness. Many thanks from your Trustees and President for all you do.
Paul Ellis
Chair
Page 2
THE LEEDS LIBRARY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreportwith the
financialstatementsof the charityfor the year ended 31st December2025. The trustees have adopted the provisionsof Accounting
and Reportingby Charities:Statementof RecommendedPracticeapplicableto charitiespreparing their accountsin accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheLeedsLibraryaspirestobeathrivingculturalhubforthecityandbeyond,providingahomeforreaders,writers and
book-lovers, and a space for the production and enjoyment of all forms of creative activity.
The Library’s mission can be encapsulated as being:
-
To strengthen the Library’s foundations by putting its finances on a sustainable basis, expanding its membership, and maintaining and developing its building and collections for future generations
-
To open the doors of the Library and encourage its use by local people as well as by its members
The principal activity of the Leeds Library and the Charity's objectives are:
-
The advancement of education, the diffusion of knowledge and the provision of suitable literature for persons particularly but not exclusively within the city of Leeds and the surrounding area, by establishing and maintaining a library to promote the study and knowledge of literature and all artistic and scientific subjects and by providing library facilities and research facilities
-
To preserve for the benefit of the public the listed building known as Nos. 16 to 20 Commercial Street, Leeds LS1 6AL being a place of historical and architectural interest, value and beauty
-
To advance the education of the general public in all aspects of arts, culture and/or heritage
Thetrustees'strategicobjectivesfortheLibraryovertheperiod2022-27,adoptedduringtheyearfollowing consultation
with members, can be summarised as:
Strengthening the foundations
-
Increase and diversify the Library’s income through a programme of fund-raising (including legacies), merchandising and room hire. By the end of the period these should make up 25% of the Library’s income
-
Improve the diversity of Library trustees, staff, volunteers and members
-
Double membership to 2,000 by 2027 both through recruiting new members and by improving retention of existing members. Publicise the benefits of membership and ensure membership categories remain relevant
-
Establish 15 Commercial Street as an innovative, exciting and financially sustainable space which is fully used by Library members and by visiting organisations for creative, literary and educational activities
-
Establish and implement a new approach to acquiring, conserving and disposing of books, which builds on the existing strengths of our collections, eliminates the need for off-site storage, and makes increasing use of digital resources
-
Conduct a thorough overhaul of the Library’s systems and operations to ensure that the Library is fit for purpose as an organisation to deliver on its potential
-
Ensure that the Library invests in the development of its people so that colleagues’ satisfaction with their role is maximised to the benefit of all key stakeholders
-
Establish the Library as a leader in environmental sustainability within the cultural and library sector by developing and implementing ambitious and innovative plans for achieving a zero carbon/zero waste organisation, making use of dedicated funding
Page 3
THE LEEDS LIBRARY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025
Opening the doors
•Incrementally increase public access to the Library through the Open Doors Programme
•Research the range of new technologies to determine how our archive and our rare and historic books can
best be made accessible to all in virtual form, and make demonstrable progress towards their being fully
accessible in a virtual form that engages readers by 2032. Develop a strategy for raising awareness of our
virtual collection
•Strengthen existing partnerships, and establish a plan for increasing partnership working with businesses, arts,
education and community organisations, as well as with city libraries
•Promote the Library to external audiences, and take active steps to invite businesses, community
groups and schools to visit the Library and engage with our collections
•Encourage the use of the Library’s collections for research purposes
These aims provide the framework within which the Library develops its annual plans and measures its performance.
Public benefit
Thetrusteesconfirmthat,indeliveringagainsttheirstrategicaims,theyhavecompliedwiththe requirementsof section 4
oftheCharitiesAct2011tohavedueregardtothepublicbenefitguidancepublishedbytheCharityCommissionforEngland and
Wales.
Inshapingourprogrammeofeventsandtheconstructionofournewfacilitieswehavelookedtowidenaccesstothe Library’s
facilities and collections.
STRATEGIC REPORT
Financial outturn
TheLibraryendedtheyear2025witha deficitof£80,326,a significantdecreasefromthe£306,891surplusin 2024.Thisis mainly
duetoabooklossonsaleofcertainheritagebooksofapproximately£179,000andfundsin2024beingbolsteredby substantial
grants directlylinked to the capitalproject.The accountsfunding positionwas helped by the approximate£171,000in private loans
frommembersat the end of2024,all ofwhichwe are incrediblygratefulfor;£32,000ofmembersloanswererepaidin December
as per individual agreements.
TheLibrarycontinuestorunatanoperationaldeficit,andoperationalcostsremainchallengingduetopersistent inflationary
pressureson energy,supplier expenses,and staffsalaries.Trusteesremaincommittedto ongoingfinancialdiscipline,which include
targetedmembershipcampaigns,controlledbudgeting,strategicmanagementofstaffinglevels,andongoing comprehensive
reviews of all suppliers.
SelectedbooksfromtheLibrary'scollectionwereauctionedtofurthersupportimmediatecashrequirements.These combined
actions have provided essential financial support, enabling continued progress through Phase 2 of the Next Chapter Project.
Phase 2 of the Next Chapter Projectwas completedand opened to the public from April 2025.Staff continue to source bookings for
thenewspaces,andthededicatedspaceallowstheLibrarytohostmoreeventswithincoreopenhourswithoutdispersing the
members.
The number of events that were able to be planned and executed within the year were limited through staffing constraints.
Furtherstrainwasputonthefinancesduringthesecondquarterfromthefinalinvoicesforthecapitalworksbecomingdue plus
unexpected additional repairs required to get the heating up and running early in the year.
Thisledtoa pinchpointin thecashflowin Marchrequiringsomefurtherexternalassistance.Paymentholidayswereagreed with
EcologyBuilding Societyand the ArchitecturalHeritageFund, and an overdraftextensionwas arranged with LloydsBank to help the
cash flow during this period.
In August 2025 our tenants, Cinnabon,went into administration,leaving the tenancy of 15 CommercialStreet empty. As there were
still3 years on the lease agreement,Trusteeswere able to agree a buyout figureof £97,500with the leaseholdersEG group, which
has helped to cover the mortgage payments until a new tenant can be secured.
Page 4
THE LEEDS LIBRARY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2025
Trusteesare activelyexploringoptionsfor consolidatingexistingexternalborrowingsthrough secured commercialloans against the
Library'ssubstantialproperty assets, aiming to rebuild cash reserves. Plans to reinstatecash reserves as a criticalfinancialsafety net
will be implemented as soon as financially feasible.
Trusteescontinuetocloselymonitorthefinancialposition,andarepreparedtotakefurtheractionifnecessaryifthe planned
measures do not appear sufficient to achieve a satisfactory outturn.
Reserves policy
Thepolicyofthetrusteesremainstomaintainasufficientlevelofgeneralandfreereservestomanagepotential operational
contingencies,particularlytheriskofreducedrentalincomefromretailunits. Recognisingthe increased financialrisk following
the acquisitionand refurbishmentof 15 CommercialStreet,thetrusteeshavereaffirmedthetargetleveloffreereserves to
be at least nine months' operational expenditure, currently estimated at approximately £420,000.
As a consequenceof significantcapitalinvestmentsand operationalchallenges,free reservesat the end of 2025remainbelow this
target.Trusteesare committedto rebuildingthese reservesas soon as financiallyviable,recognisingthe importanceof maintaining
this financial safety net.
Thetrusteeshavedefinedfreereservesasliquidfundsnotrestrictedortiedupinfixedassets, calculatedas cash balances
net of any restricted reserves.
Going concern
As with last year, in the short term, the main risk to the future of the Library as a going concern,arises from the costs incurred from
the redevelopment of 15 Commercial Street, along with possible loss of tenants and rent and the repayment of VAT returns.
TheLibrary'sinvestmentswerefullydrawndowninthepreviousyeartocompletetheprojectandthereremainstheneed to
correctthelong-standingoperationaldeficit.TheuncertaintiesarisingfromthisrequirethattheLibrarystabilisesits financial
position.ItshouldneverthelessberecognisedthattheenhancedfacilitiesthatthisprojecthasdeliveredwillenabletheLibrary to
improve and develop its services and thereby increase revenue.
Trusteeshavepreviouslyandproactivelyaddressedtheserisksanduncertaintiesthroughsaleofselectedassets,securing private
member loans, targetedfundraising,and rigorouscost controlmeasures in order to increaseincomeand reduce costs,with the aim
of bringing income and expenditure into balance and will maintain this approach in future years.
Librarytrusteeswillregularlymonitorthefinancialpositionandcashflowprojectionstoenableearlyactiontobe takenif needed.
The sale of assets remains a valid strategy should the need arise to cover an operational shortfall.
TheLibrarycontinuestorunatadeficitbuthaspreparedacomprehensiveactionplantofurtheraddressexpenditure, income
potentialand anyscopeforrestructuringborrowings.Shouldsufficientprogressbe madein addressingtheoperationaldeficit, the
aim is to rebuild the Library's reserves.
Trusteeswillregularlyupdateand monitortheLibrary'sriskregistertoensureearlyidentificationofemergingriskswhich includes
risks related to the Library's operations.
Takingaccountofthemeasuresoutlinedabove,andprojectionsoftheLibrary'sincomeandexpenditureandcashflow, trustees
consider it is appropriate to continue to use the going concern basis in preparing the Library's financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Nature of governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limitedbyguarantee, as
defined by the Companies Act 2006.
Page 5
THE LEEDS LIBRARY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025
TheLeedsLibraryisaregisteredcompanylimitedbyguarantee(number05577905),incorporatedon29September2005. The
Limitedcompanybecamearegisteredcharity(number1114386)on27May2007.Thischaritybeganoperationson1July 2008
followingreceipt of a gift from the Proprietorsof the Leeds Library (founded 1768) of all the assets and liabilitiesof that Library. The
LibraryisgovernedbytheMemorandumandArticlesofAssociationofthecompanydated29September2005 (with
amendmentstotheArticlesdated20March2007,25June2016and25June2022).TheoperationoftheLibraryisgoverned by
Rules adopted on 14 May 2008 and amended on 25 June 2010, 29 June 2019, 26 June 2021 and 21 June 2022.
The Members of the Charityare those persons who have subscribedto the Memorandumof Associationand such other persons or
organisationsasareadmittedtomembershipinaccordancewiththeRulesmadeundertheArticlesofAssociation.Atthe Annual
GeneralMeetingon21May2008itwasagreedthatallMembersoftheoldLibrary(bothproprietaryandassociate)would be
admitted as Members of
the Charity.
Recruitment and appointment of new trustees
The Articlesprovidefor the electionfrom the Members of the Charityof a maximumof twelvetrustees.Trusteesare appointed for
atermofthreeyearsandmaybereappointedforamaximumoftwofurtherterms.Trusteesmayalsoappointa President,
Vice-Presidents and Patrons. The following Patrons have been appointed:
Simon Armitage (2018 - Present)
Caryl Phillips (2017 - Present)
Nima Poovaya-Smith (2018 - Present)
Elizabeth Minkin served as our President for 2025.
Organisational structure
The trusteesare responsiblefor the long-termwell-beingand effectivenessof the Library,and makedecisionsonthe application
ofitsresources,thesafeguardingofassets,andthedeterminationof strategies and policies in keeping with the founding aims.
The day-to-daymanagementof the Library is delegated to the Chief Executive,who is appointed by the trustees, and takes decisions
on such matters astheappointmentofrelevantstaff,theacquisitionofbooksandotherlibrarymaterials,andthe financial
management of the Library within budgets approved by the trustees.
Thetrusteesmaydelegateanyoftheirfunctionstosub-committeesconsistingofatleasttwotrustees.TheCommittee structure
was overhauled in 2024 to make the meetings more streamlined and there are now four standing sub-committees:
1. |
Library Assets: Managing the financial, governance, and operational aspects of the charity and its property |
2. |
Collections and Research: Overseeing the development and conservation of the Library's collections, and |
|
providing leadership for research and research training |
3. |
Engagement: focuses on the recruitment and retention of members, and oversees the Library's fundraising and |
|
strategic activities |
4. |
Nominations: recruitment of trustees and senior staff members |
In addition, trustees had a Business Planning and a Fundraising Working Group to oversee aspects of the Library expansion.
Allnewtrusteesaregivenaninductionmanualcoveringthedutiesandresponsibilitiesoftrustees,allaspectsofthe Library's
governanceandmanagementprocedures,andrelevantdocumentsofrecord(includingtheminutesofmeetingsforthepast year
and relevant policy and strategy papers).
Introductory meetings are held with key members of staff, and support is available from the Chair, Treasurer and other trustees.
To ensure that the Board of Trusteesis fit for purpose, and is representativeof the Charity'smembership,the board regularly seeks
potentialnew trustees from amongst the membership,including advertisingfor trustees in the Library'smembers newsletter Speaks
Volumes.Members with specialistexpertise are co-optedonto sub-committees,which also allows them to become acquainted with
the trustees and their work.
Page 6
THE LEEDS LIBRARY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
Thetrusteesaresatisfiedthatappropriatearrangementsareinplacetorecord,reviewandmitigatethemajoroperational and
financialriskstotheLibrary.ThefinancialpositionandcashflowforecastsarereviewedateachmeetingoftheLibrary Assets
Committeeandoftrustees.WideroperationalrisksarerecordedintheLibrary'sriskregister,andreviewedbythe Resources
Committeeand trusteesat their meetingsduring the year. A detailedrisk assessmentof the planned purchaseand development of
15 CommercialStreetwas producedas part of the business planningfor the acquisition,and has been integratedinto the main risk
register. We are upgrading our approach to recording and capturing risks.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofTheLeedsLibraryforthepurposesofcompanylaw)areresponsibleforpreparing the
AnnualReportandthefinancialstatementsinaccordancewithapplicablelawandUnitedKingdomAccountingStandards (United
Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financialstatementsfor each financialyear. Under that law, the trustees have elected
topreparethefinancialstatementsinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice(United Kingdom
Accounting Standards and applicable law).
Undercompanylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthattheygivea trueand fair
viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationofresources,including the
incomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthosefinancialstatements,thetrustees are
required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
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 unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatanytime the
financialposition of the charitablecompany and to enable them to ensure that the financialstatementscomply with the Companies
Act 2006. They are also responsiblefor safeguardingthe assets of the charitablecompanyand hence for taking reasonablesteps for
the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Eachtrustee has taken steps that they ought to have taken as a trustee in order to make themselvesawareofanyrelevant audit
information,andtoestablishthatthecharity'sauditorisawareofthatinformation.Thetrusteesconfirmthatthereis no
relevant information that they know of and of which they know the auditor is unaware.
AUDITORS
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 21 May 2026 and signed on the board's behalf by:
Paul Ellis - Trustee
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LEEDS LIBRARY
Opinion
WehaveauditedthefinancialstatementsofTheLeedsLibrary(the'charitablecompany')fortheyearended31stDecember 2025
whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCashFlowStatementandnotestothe financial
statements,includinga summaryof significantaccountingpolicies.The financialreportingframeworkthat has been applied in their
preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31st December 2025 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; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunder those standards are further describedin the Auditors'responsibilitiesfor the audit of the financial statements
sectionof our report.We are independent of the charitablecompanyin accordancewith the ethicalrequirementsthat are relevant
toourauditofthefinancialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyor collectively,may cast significantdoubt on the charitablecompany'sability to continue as a going concern for a period
of at least twelve months from when the financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedintherelevantsections of
this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedinthe Annual
Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinionon the financialstatementsdoesnot coverthe otherinformationand, exceptto the extentotherwiseexplicitly stated
in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoing so,
considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedin the
auditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparent material
misstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementinthefinancial statements
themselves.If, based on the work we have performed,we concludethat there is a materialmisstatementof this other information,
we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledgeand understandingof the charitablecompanyand its environmentobtainedin the course of the audit,
we have not identified material misstatements in the Report of the Trustees.
We have nothingto reportin respectof the followingmatterswhere the CompaniesAct 2006 requires us to reportto you if, in our
opinion:
-
adequate 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
-
certain 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.
Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LEEDS LIBRARY
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsofthe charitable
companyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancialstatementsandforbeing satisfied
that they give a true and fair view, and for such internalcontrolas the trustees determineis necessaryto enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sabilitytocontinueas a
going concern,disclosing,as applicable,matters related to going concern and using the going concern basis of accountingunless the
trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthatincludesour opinion.
Reasonableassuranceis a high levelofassurance,but is not a guaranteethatan auditconductedin accordancewithISAs (UK) will
alwaysdetecta materialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyor in the aggregate,they couldreasonablybe expectedto influencethe economicdecisionsof users takenon the basis
of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignproceduresinlinewith our
responsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities,includingfraud.Theextentto which
our procedures are capable of detecting irregularities, including fraud is detailed below
We identifiedareas of laws and regulationsthat could reasonablybe expectedto have a materialeffecton the financial statements
fromour knowledgeofthe businessand sector,enquiriesofdirectorsand management,and reviewofregulatoryinformation and
correspondence.We communicatedidentifiedlaws and regulationsthroughoutthe audit team and remained alert to any indication
of non-compliance through the audit.
Wediscussedwithtrusteesand managementthepoliciesand proceduresin placetoensurecompliancewithlawsand regulations
and otherwise prevent, deter and detect fraud.
Based on this understanding we designed our audit proceduresto identify non-compliancewith such laws and regulations identified
aspotentiallyhavingamaterialeffectonthefinancialstatements.Ourproceduresincludedreviewoffinancial statement
informationandtestingofthatinformation,enquiriesofmanagementandexaminationofdocuments,analyticalprocedures to
identify unusual or unexpected relationshipsthat may indicate fraud, and procedures to address the risk of fraud through director or
management override of controls.
At the completionstage of the audit, the engagementpartner's review included ensuring the audit team had approachedtheir work
with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
Theprimaryresponsibilityforthepreventionanddetectionoffraudrestswiththosechargedwithgovernanceand management,
andwecannotbeexpectedtodetectnon-compliancewithalllawsandregulations.Thereareinherentlimitationsinthe audit
proceduresdescribedaboveandthefurtherremovednon-complianceoflawsandregulationsisfromtheeventsand transactions
reflectedinthefinancialstatements,thelesslikelywewouldbecomeawareofit.Inaddition,theriskofnotdetectinga material
misstatementrelatingtofraudishigherthantheriskofnotdetectingoneresultingfromerror,asfraudmayinvolve deliberate
concealment.
A furtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsis locatedontheFinancialReporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LEEDS LIBRARY
Use of our report
Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter3ofPart16of the
CompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitablecompany'smembers those
matters we are required to state to them in an auditors'report and for no other purpose. To the fullest extent permittedby law, we
donotacceptorassumeresponsibilitytoanyoneotherthanthecharitablecompanyandthecharitablecompany'smembersas a
body, for our audit work, for this report, or for the opinions we have formed.
Christopher Darwin (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB
Date: 22 May 2026
Page 10
THE LEEDS LIBRARY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2025
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Operation as a Library
Investment income
4
Other income
6
Total
EXPENDITURE ON
Charitable activities
7
Operation as a Library
Extension of Library Premises
Listed Building Maintenance
Other
10
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
27
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
20,994
157,828
401,301
24,605
604,728
498,178
-
132,087
178,081
808,346
-
(203,618)
123,292
(80,326)
7,426,970
7,346,644 |
Restricted
fund
£
130,290
-
-
-
130,290
-
6,998
-
-
6,998
-
123,292
(123,292)
-
-
- |
2025
Total
funds
£
151,284
157,828
401,301
24,605
735,018
498,178
6,998
132,087
178,081
815,344
-
(80,326)
-
(80,326)
7,426,970
7,346,644 |
2024
Total
funds
£
464,949
147,386
307,758
12,595 |
|
|
|
|
932,688 |
|
|
|
|
454,697
85,351
108,562
- |
|
|
|
|
648,610 |
|
|
|
|
22,813 |
|
|
|
|
306,891
- |
|
|
|
|
306,891
7,120,079 |
|
|
|
|
7,426,970 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The detail for the comparative period is shown in note 29.
The notes form part of these financial statements
Page 11
THE LEEDS LIBRARY
BALANCE SHEET 31ST DECEMBER 2025
Notes
FIXED ASSETS
Tangible assets
17
Heritage assets
18
CURRENT ASSETS
Stocks
19
Debtors
20
Cash at bank and in hand
21
CREDITORS
Amounts falling due within one year
22
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
23
NET ASSETS
FUNDS
27
Unrestricted funds
TOTAL FUNDS |
2025
£
2,437,865
6,104,032
8,541,897
340
105,061
333
105,734
(199,254)
(93,520)
8,448,377
(1,142,733)
7,305,644
7,346,644
7,346,644 |
2024
£
2,273,239
6,360,032 |
|
|
8,633,271
-
192,559
13,318 |
|
|
205,877
(314,862) |
|
|
(108,985) |
|
|
8,524,286
(1,138,316) |
|
|
7,385,970 |
|
|
7,426,970 |
|
|
7,426,970 |
The financial statements were approved by the Board of Trustees and authorised for issue o n 21 May 2026 and were signed on its behalf by:
Paul Ellis - Trustee
The notes form part of these financial statements
Page 12
THE LEEDS LIBRARY
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2025
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of heritage assets
Sale of fixed asset investments
Interest received
Net cash used in investing activities
Cash flows from financing activities
Net loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
2
Cash and cash equivalents at the end of the
reporting period
2 |
2025
£
160,913
160,913
(231,450)
-
77,919
-
177
(153,354)
(27,835)
(27,835)
(20,276)
13,318
(6,958) |
2024
£
465,143
465,143
(639,676)
(26,590)
-
167,196
31,334
(467,736)
(40,319)
(40,319)
(42,912)
56,230
13,318 |
|
|
|
The notes form part of these financial statements
Page 13
THE LEEDS LIBRARY
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2025
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Loss on disposal of fixed assets
Interest received
Increase in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operations
2.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Notice deposits (less than 3 months)
Overdrafts included in bank loans and overdrafts falling due within one year
Total cash and cash equivalents
3.
ANALYSIS OF CHANGES IN NET DEBT |
2025
£
(80,326)
66,824
-
178,081
(177)
(340)
87,498
(90,647)
160,913
2025
£
333
-
(7,291)
(6,958) |
2024
£
306,891
13,591
(22,813)
-
(31,334)
-
(72,769)
271,577
465,143
2024
£
2,053
11,265
-
13,318 |
|
|
|
|
At 1/1/25 |
Cash flow |
At 31/12/25 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
13,318 |
(12,985) |
333 |
Bank overdraft |
- |
(7,291) |
(7,291) |
|
13,318 |
(20,276) |
(6,958) |
Debt |
|
|
|
Debts falling due within 1 year |
(30,993) |
(10,749) |
(41,742) |
Debts falling due after 1 year |
(1,031,816) |
4,703 |
(1,027,113) |
|
(1,062,809) |
(6,046) |
(1,068,855) |
Total |
(1,049,491) |
(26,322) |
(1,075,813) |
The notes form part of these financial statements
Page 14
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2025
1. CHARITY STATUS
The charityis a charitylimitedby guaranteeand consequentlydoesnot haveshare capital.Eachofthe trusteesis liable to
contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
At the 31 December 2025 there were 1,047 members (2024: 1,122). The address of its registered office is:
18 Commercial Street
Leeds
West Yorkshire LS1 6AL
2. ACCOUNTING POLICIES
Basis of preparation
Thefinancialstatementsofthe charitablecompany,whichis a publicbenefitentityunder FRS 102,havebeen prepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof Recommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
andRepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancialstatementshave been
preparedunderthehistoricalcostconvention,withtheexceptionofinvestmentswhichareincludedatmarketvalue, as
modified by the revaluation of certain assets.
Going concern
TheTrusteesconsiderthattheLibraryremainsagoingconcern.NotwithstandingthattheLibraryreportedalossfor the
year,theTrusteesnotethatthiswaslargelyaresultofbooklossesonrealisationofcertainheritageassets,andthat the
cash outflow for the year was reduced.
TheTrusteesacknowledgetheneedtobringincomeandexpenditureintobalanceandhavedrawnupabudgetfor 2026
alongwith a comprehensiveactionplan to address expenditureand increaseincome,includingrealisingthe potential from
the enhanced facilities that extension of the Library premises has delivered.
Aspartofthisplan,andinlinewithitsforecasts,theLibraryhasagreedborrowingfacilitieswithitsbankers.In addition,
theycontinuetoproactivelymonitorthefinancialposition,andthesaleofselectedassetsandre-negotiationof loan
facilities are retained as potential strategies if considered necessary.
Takingaccountof the measuresoutlinedabove,and projectionsof the Library'sincomeand expenditureand cashflow, the
Trustees consider it is appropriateto continue to use the going concern basis in preparing the Library'sfinancial statements,
and that the Library will be able to meet its operational costs and other liabilities as and when they fall due.
Income and endowments
All incomeis recognisedonce the charity has entitlementto the income,it is probable that the incomewill be received, and
the amount of the income receivable can be measured reliably.
Donations and legacies
Donationsarerecognisedwhenthecharityhasbeennotifiedinwritingofboththeamountand settlementdate. In
theeventthatadonationissubjecttoconditionsthatrequirealevelofperformancebythecharitybeforethecharity is
entitled to the funds, the incomeis deferred and not recogniseduntil either those conditionsare fully met, or the fulfilment
of those conditionsis whollywithin the controlof the charity,and it is probablethat these conditionswill be fulfilledin the
reporting period.
Rental income
Rents received under operating leases are credited to the profit and loss account on an accruals basis.
Unrestrictedfundsareincomingresourcesreceivedorgeneratedwithoutfurtherspecificpurpose.Theyareavailable for
useatthediscretionoftheTrustees,infurtheranceoftheobjectivesofthecharity,andhavenotbeendesignated for
otherpurposes.Restrictedfundsaretobeusedforspecificpurposesaslaiddownby thedonor.Expenditure which
meets these criteria is charged to the fund.
continued...
Page 15
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2025
2. ACCOUNTING POLICIES - continued
Expenditure
All expenditureis recognisedonce there is a legal or constructiveobligationto that expenditure,it is probable settlement is
required,andtheamountcanbemeasuredreliably.Allcostsareallocatedtotheapplicableexpenditureheading that
aggregatesimilarcoststothatcategory.Wherecostscannotbedirectlyattributedtoparticularheadings,theyhave been
allocatedon a basis consistentwith the use of resources,withcentralstaffcostsallocatedonthebasisoftime spent,
anddepreciationchargesallocatedontheportionoftheasset’suse.Othersupportcostsareallocatedbasedon the
spread of staff costs.
Charitable activities
Charitableexpenditurecomprisesthosecostsincurredbythecharityinthedeliveryofitsactivitiesandservicesfor its
beneficiaries.Itincludesbothcoststhatcanbeallocateddirectlytosuchactivities,andthosecostsofanindirect nature
necessary to support them.
Governance costs
Theseincludethecostsattributabletothecharity’scompliancewithconstitutionalandstatutory requirements,
including audit, strategic management and trustee’s meetings, reimbursed expenses, and related staff costs.
Allocation and apportionment of costs
Supportcostsincludecentralfunctions,andhavebeenallocatedtoactivitycostcategoriesonabasisconsistentwith the
use of resources,for example, allocatingproperty costs by floor areas, or per capita, staff costs by the time spent, and other
costs by their usage.
Intangible assets
Amortisationis providedonintangiblefixedassetssoas towriteoffthecost,lessanyestimatedresidualvalue,over their
expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Website |
33.33% straight line |
Tangible fixed assets
Depreciationisprovidedontangiblefixedassetssoastowriteoffthecostorvaluation,lessany estimated
residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Computer equipment |
33% straight line |
Digitisation |
3 years straight line |
Basement costs |
7 years straight line |
Building |
100 years straight line |
Building Improvements |
10 years straight line |
Foyer pod |
5% straight line |
Individual fixed assets costing £250 or more are initially recorded at cost; assets costing less than this amount are expensed.
Heritage assets
Heritageassetsareinitiallyshownatdonatedcost.Thedonatedcostwasascertainedby obtainingsuitableevidencefor a
reliablevaluationatthedateofthedonation.Theproperty,fixturesandfittingsandbooksareconsideredtobe heritage
assetsas they are of historical,artisticor scientificimportance,and are held to advancethe preservationand conservation
objectives of the charity.
No depreciationis provided in respect of Heritageassets. With regard to freehold Heritageproperty this is a departure from
the requirementsof the CompaniesAct 2006,whichrequiresall propertiesto be depreciated.Such propertiesare not held
forconsumptionbut forinvestments,andthetrusteesconsiderthattodepreciatewouldnotgiveatrueand fair
view.Depreciationisoneofthemanyfactorsreflectedin theannualvaluationoftheHeritagepropertiesand accordingly
theamountofdepreciationwhichmightotherwisehavebeenchargedcannotbeseparatelyidentifiedorquantified. The
trustees consider that this policy results in the accounts giving a true and fair view.
continued...
Page 16
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2025
2. ACCOUNTING POLICIES - continued
Heritage assets
The Heritageassets are regularlyreviewed,and necessaryrepair or restorationwork required is carriedout to preserve the
assets,toensurethatthereisnoimpairmentintheircarryingvalue.AnyimpairmentsarereflectedintheStatement of
FinancialActivities.In assessingthe carryingvaluethe Trusteeshave regardto the valueof the assetsto the Library, taking
accountoftheirnecessitytoenableittodelivertheLibrary'sobjectives,theirreplacementcosts,andin some
circumstanceswhereassetsmaybedisposedof,theircurrentmarketvalues.Disposalcostsarecalculatedbasedon the
estimated carrying value after taking account of the latest such review.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsoleteandslow moving
items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedincomefundsaregeneralfundsthatareavailableforuseatthetrustee’sdiscretion,infurtheranceof the
objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restrictedfundsarethosedonatedfora specificpurpose,andareseparatelyidentifieduntilthemoniesarespentfor the
specific purpose for which it was given.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Donated goods
In order to avoidexcessiveprofessionalvaluationfees,booksdonatedto the Libraryare only includedas voluntary income
and heritageassetswheretheirvalueis determinedtobe in excessof£5,000(eitherindividuallyor as a collection). Books
purchased in the year are expensed, as they are determined to have a low value and a short economic life.
Cash and cash equivalent
Cash and cash equivalentscomprisecash on hand and call deposits,and other short-termhighly liquid investmentsthat are
readily convertible to a known amount of cash, and are subject to an insignificant risk of change in value.
3. DONATIONS AND LEGACIES
Unrestricted
funds
£
Donations
20,994
Grants
-
20,994 |
Restricted
funds
£
-
130,290
130,290 |
2025
Total
funds
£
20,994
130,290
151,284 |
2024
Total
funds
£
210,689
254,260 |
|
|
|
464,949 |
Grants receivedduring the year included£130,290(2024- £94,260)fromthe NationalLotteryHeritageFund, £nil from the
FoyleFoundation(2024-£60,000),£nil(2024-£50,000)fromtheGarfieldWestonFoundation,and£nil(2024- £50,000)
from the Bernard Sunley Foundation.
continued...
Page 17
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025
4. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
Unrestricted
funds
£
Rents received
401,124
Interest receivable
177
Income from investments
-
401,301 |
Restricted
funds
£
-
-
-
- |
2025
Total
funds
£
401,124
177
-
401,301 |
2024
Total
funds
£
276,424
-
31,334 |
|
|
|
307,758 |
5.
INCOME FROM CHARITABLE ACTIVITIES
Membership income
Sales of donated goods
6.
OTHER INCOME
Unrestricted
funds
£
Thoresby Society
14,342
Other Income
10,263
24,605
7.
CHARITABLE ACTIVITIES COSTS
Operation as a Library
Extension of Library Premises
Listed Building Maintenance |
Restricted
funds
£
-
-
-
Direct
Costs (see
note 8)
£
464,385
6,998
123,639
595,022 |
2025
Operation
as a
Library
£
157,828
-
157,828
2025
Total
funds
£
14,342
10,263
24,605
Support
costs (see
note 9)
£
33,793
-
8,448
42,241 |
2024
Total
activities
£
134,762
12,624 |
2024
Total
activities
£
134,762
12,624 |
|
|
|
147,386 |
|
|
|
|
2024
Total
funds
£
12,595
-
12,595
Totals
£
498,178
6,998
132,087 |
2024
Total
funds
£
12,595
- |
|
|
|
|
12,595 |
|
|
|
637,263 |
|
continued...
Page 18
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025
8. DIRECT COSTS OF CHARITABLE ACTIVITIES
|
Library |
Maintenance |
Extension |
Total |
Total |
|
(unrestricted) |
(unrestricted) |
(restricted) |
2025 |
2024 |
|
£ |
£ |
£ |
£ |
£ |
Staff costs |
211,162 |
60,330 |
- |
271,495 |
275,729 |
Premises and collection |
94,627 |
23,658 |
6,998 |
125,283 |
116,105 |
Insurance |
23,006 |
5,751 |
- |
28,757 |
28,110 |
Miscellaneous |
28,689 |
7,173 |
- |
35,862 |
71,700 |
Postage and printing |
2,766 |
691 |
- |
3,457 |
12,382 |
Finance costs |
50,675 |
12,668 |
- |
63,343 |
80,701 |
Depreciation |
53,460 |
13,365 |
- |
66,825 |
13,589 |
|
|
|
|
|
|
|
464,385 |
123,639 |
6,998 |
595,022 |
598,316 |
|
|
|
|
|
|
9. SUPPORT COSTS
SUPPORT COSTS |
|
|
Governance |
|
costs |
|
£ |
Operation as a Library |
33,793 |
Listed Building Maintenance |
8,448 |
|
42,241 |
Support costs, included in the above, are as follows:
Governance costs
Governance costs |
|
|
|
|
|
|
|
|
Wages
Social security
Pensions
Auditors' remuneration
Insurance
Management fees
OTHER |
Operation
as a
Library
£
20,562
1,457
2,114
9,660
-
-
33,793 |
|
2025
Listed
Building
Total
Maintenance
activities
£
£
5,141
25,703
364
1,821
528
2,642
2,415
12,075
-
-
-
-
8,448
42,241 |
|
|
|
2024
Total
activities
£
26,187
1,798
2,571
15,000
336
4,402
50,294 |
|
|
|
|
|
|
|
2025 |
|
2024 |
|
Unrestricted
funds |
|
Restricted
funds |
|
Total funds |
|
Total funds |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
Loss on sale of heritage assets |
178,081 |
|
- |
|
178,081 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
178,081 |
|
- |
|
178,081 |
|
- |
|
|
|
|
|
|
|
|
|
|
10. OTHER
Lossonsaleofheritageassetsrepresentsthedifferencebetweentheestimatedcarryingcostofthebookssoldfrom the
Libraries collection and the proceeds received.
continued...
Page 19
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2025
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
12.
Depreciation - owned assets
Deficit on disposal of fixed assets
Audit fees
AUDITORS' REMUNERATION
Fees payable to the charity's auditors and their associates for the audit of the
charity's financial statements |
2025
£
66,824
178,081
12,075
2025
£
12,075 |
2024
£
13,591
-
15,000 |
|
|
2024
£
15,000 |
13. TRUSTEES' REMUNERATION AND BENEFITS
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
14. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
The average monthly head count |
2025
£
257,029
18,213
26,419
301,661
2025
10 |
2024
£
262,595
17,980
25,710 |
|
|
306,285 |
|
|
2024
11 |
No employees received emoluments in excess of £60,000.
The totalemploymentcostto the charity,includingemployersNI and pensioncontributions,of those consideredto be key
management personnel was £58,256 (2024 - £55,694).
15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Operation as a Library
Investment income
Other income
Total |
Unrestricted
funds
£
210,689
147,386
307,758
12,595
678,428 |
Restricted
fund
£
254,260
-
-
-
254,260 |
Total
funds
£
464,949
147,386
307,758
12,595 |
|
|
|
932,688 |
EXPENDITURE ON
continued...
Page 20
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025
15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
Charitable activities
Operation as a Library
454,697
Extension of Library Premises
77,617
Listed Building Maintenance
108,562
Total
640,876
Net gains on investments
22,813
NET INCOME
60,365
Transfers between funds
246,526
Net movement in funds
306,891
RECONCILIATION OF FUNDS
Total funds brought forward
7,120,079
TOTAL FUNDS CARRIED FORWARD
7,426,970
16.
INTANGIBLE FIXED ASSETS
COST
At 1st January 2025 and 31st December 2025
AMORTISATION
At 1st January 2025 and 31st December 2025
NET BOOK VALUE
At 31st December 2025
At 31st December 2024 |
Restricted
fund
£
-
7,734
-
7,734
-
246,526
(246,526)
-
-
- |
Total
funds
£
454,697
85,351
108,562 |
|
|
648,610 |
|
|
22,813 |
|
|
306,891
- |
|
|
306,891
7,120,079 |
|
|
7,426,970 |
|
|
Computer
software
£
6,274
6,274
-
- |
Intangible assets consist of capitalised website development costs which have been fully amortised.
continued...
Page 21
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025
17. TANGIBLE FIXED ASSETS
COST
At 1st January 2025
Additions
Reclassification
At 31st December 2025
DEPRECIATION
At 1st January 2025
Charge for year
At 31st December 2025
NET BOOK VALUE
At 31st December 2025
At 31st December 2024 |
Freehold
property
£
-
-
2,488,414
2,488,414
-
57,400
57,400
2,431,014
- |
Assets
under
Construction
£
2,257,106
231,308
(2,488,414)
-
-
-
-
-
2,257,106 |
Fixtures
and
fittings
£
325,822
142
-
325,964
309,689
9,424
319,113
6,851
16,133 |
Totals
£
2,582,928
231,450
- |
|
|
|
|
2,814,378 |
|
|
|
|
309,689
66,824 |
|
|
|
|
376,513 |
|
|
|
|
2,437,865 |
|
|
|
|
2,273,239 |
During the year the renovationand refurbishmentof No. 15 CommercialStreet was completedand transferredfrom Assets
under Construction to Freehold property.
18. HERITAGE ASSETS
|
Buildings |
Books |
Fixtures and
Fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1st January 2025 |
3,360,000 |
3,000,032 |
41,000 |
6,401,032 |
Disposals |
- |
(256,000) |
- |
(256,000) |
|
|
|
|
|
At 31st December 2025 |
3,360,000 |
2,744,032 |
41,000 |
6,145,032 |
|
|
|
|
|
Net Book Value |
|
|
|
|
At 31st December 2025 |
3,360,000 |
2,744,032 |
41,000 |
6,145,032 |
|
|
|
|
|
At 31st December 2024 |
3,360,000 |
3,000,032 |
41,000 |
6,401,032 |
|
|
|
|
|
On30June2008,TheLeedsLibrarycompanyreceivedagiftofproperty,booksandotherfixturesandfittingsof the
proprietarylibraryfounded1768,andalsoknownasTheLeedsLibrary.ThetrusteesoftheOldLeedsLibrary(being duly
authorised)grantedon10November1976,aleaseforatermof130yearsfrom1November1976,ofallthe premises
owned by the Library(includingtwo shop tenancies)to Save & ProsperInsuranceCo. Plc.,in considerationof a payment to
the libraryof £260,000,and an annualsumrepresentingone-halfoftheannualrentsoftheshoppremises, subject
totheLibrarybearing the periodicalcosts of repair, maintenanceand propertyinsuranceof the premisesas a whole. Save
and Prosper granted, by way of a lease-back,a term of 130 years less one day to the Library of the premises solely occupied
by the Libraryat a peppercornrent. On 27 March 2014,the lease was sold by CountrywideAssured PLC(previouslySave &
ProsperInsuranceCo.Plc.)totwocompanies;LeedsPropertiesNo1Ltd,andLeedsPropertiesNo2Ltd.The sum
insured at 31 December 2025 is £11,205,000 (2024: £13,438,772).
The Leeds Library was established to collectbooks and other items for its members to borrow. It was formed on the basis of
each person paying a capitalsum to join,and an annual subscriptionto retainmembership.It is now the oldestexample of
thistypeoflibrarystillsurvivingthoughitsproprietarynatureendedon30June2008.Thebooksreadby members were
generallyretained with the intentionof building a collectionof increasingsize and value. As a result, the 140,000items now
estimated to be in the collection, reflect the reading interests of members over more than 250 years.
continued...
Page 22
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2025
18. HERITAGE ASSETS - continued
ThebuildingfrontingCommercialStreetwasconstructedattheLibrary'sexpensein 1807-1808.Itwassubstantially added
toin1821(MainRoomGallery),1880-1881(NewRoom)and1899-1900(NewRoomGallery).ItisagradeII* listed
building,agradingwhichrecognisesthatitisaparticularlyimportantbuildingofmorethanspecialinterest, and
applies to less than 6% of listed buildings.There were four ground floorshops in the original1807-1808building,and these
weresubsequentlyconvertedintotwolargerunits.ThebasementundertheshopsandtheLibraryentranceis currently
sharedby oneshoplesseeand the Library.Theotherextantobjectscollectedby TheLeedsLibrarysinceits foundation in
1768, were also gifted to the charitable company including equipment, furniture and ornaments.
TheongoingbasisofvaluationofHeritageassetsisdetailedintheAccountingpolicies(note2).Disposalsinthe year
representtheeliminationofthecarryingvalueofalimitednumberofselectedbookssoldduringtheyear,in accordance
with that policy.
19. STOCKS
Stocks
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
Accrued income |
2025
£
340
2025
£
11,924
8,960
84,177
105,061 |
2024
£
-
2024
£
66,336
13,384
112,839 |
2024
£
- |
|
|
192,559 |
|
20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
21. CASH IN HAND
Cash in hand
Bank account
Total |
2025
Total
funds
£
333
-
333 |
2024
Total
funds
£
2,053
11,265 |
|
|
13,318 |
continued...
Page 23
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2025
22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 24)
Other loans (see note 24)
Trade creditors
VAT
Member loans
Accrued expenses
Deferred income |
2025
£
24,839
24,194
5,732
31,665
52,000
29,321
31,503
199,254 |
2024
£
10,612
20,381
32,355
-
40,000
179,506
32,008 |
|
|
314,862 |
There is £31,463(2024:£31,968)of deferredincomein respectof subscriptionsreceivedbeforethe year end that relate to
the next financial period.
23. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 24)
Other loans (see note 24)
Member loans- 2-5 years |
2025
£
875,550
151,563
115,620
1,142,733 |
2024
£
862,897
168,919
106,500 |
|
|
1,138,316 |
Thebankloanrepresentsa mortgagewhichis repayableovera periodof30yearsata variablerateofintereststarting at
4.15%andwithafloorof4%,commencinginMarch2022,withinterestpaymentsonly,andfromMarch2024for capital
and interest repayments to commence.
Theotherloanisrepayableover5yearsatavariablerateofinterestof7%overtheBankofEnglandBase Rate,
commencing in March 2022 for interest, and from February 2023 for capital and interest repayments.
Member loans are repayable at the end of their term, including interest accumulated to the end of that term.
24. LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
Bank loans
Other loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Other loans - 1-2 years |
2025
£
7,291
17,548
24,194
49,033
17,548
24,194
41,742 |
2024
£
-
10,612
20,381 |
|
|
30,993 |
|
|
10,612
20,381 |
|
|
30,993 |
continued...
Page 24
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025
24. LOANS - continued
Amounts falling due between two and five years:
Bank loans - 2-5 years
Other loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
SECURED DEBTS
The following secured debts are included within creditors:
Bank overdraft
Bank loans
Other loans |
|
|
|
25. SECURED DEBTS
Thebankoverdraftissecuredbyafixedandfloatingchargeovertheassetsandundertakingsofthecharity.The bank
(mortgage)loan is secured by a 1st fixed charge over 15 CommercialStreet. The other loan is secured by a 2nd charge over
15CommercialStreet,andadeedofpriorityinfavourofthelenderinrespectofotherassetsandundertakingsof the
charity.
26. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed assets
Current assets
Current liabilities
Long term liabilities |
Unrestricted
funds
£
8,541,897
105,734
(199,254)
(1,142,733)
7,305,644 |
Restricted
fund
£
-
-
-
-
- |
2025
Total
funds
£
8,541,897
105,734
(199,254)
(1,142,733)
7,305,644 |
2024
Total
funds
£
8,633,271
205,877
(314,862)
(1,138,316) |
|
|
|
|
7,385,970 |
continued...
Page 25
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025
27. MOVEMENT IN FUNDS
At 1/1/25
£
Unrestricted funds
General fund
(37,994)
Extension of Library Premises
1,047,797
Furniture and Equipment
16,135
Heritage Assets Build
3,360,000
Heritage Assets Books
3,000,032
Heritage Assets Fixtures & Fittings
41,000
7,426,970
Restricted funds
Grant Income for Library Extension
-
TOTAL FUNDS
7,426,970
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Grant Income for Library Extension
TOTAL FUNDS
Comparatives for movement in funds
At 1/1/24
£
Unrestricted funds
General fund
160,181
Extension of Library Premises
541,270
Furniture and Equipment
17,596
Heritage Assets Build
3,360,000
Heritage Assets Books
3,000,032
Heritage Assets Fixtures & Fittings
41,000
7,120,079
Restricted funds
Grant Income for Library Extension
-
TOTAL FUNDS
7,120,079 |
Net
movement
in funds
£
(203,618)
-
-
-
-
-
(203,618)
123,292
(80,326)
Incoming
resources
£
604,728
130,290
735,018
Net
movement
in funds
£
60,365
-
-
-
-
-
60,365
246,526
306,891 |
|
Transfers
between
funds
£
241,833
146,742
(9,283)
-
(256,000)
-
123,292
(123,292)
-
Resources
expended
£
(808,346)
(6,998)
(815,344)
Transfers
between
funds
£
(258,540)
506,527
(1,461)
-
-
-
246,526
(246,526)
- |
At
31/12/25
£
221
1,194,539
6,852
3,360,000
2,744,032
41,000
7,346,644
-
7,346,644
Movement
in funds
£
(203,618)
123,292
(80,326)
At
31/12/24
£
(37,994)
1,047,797
16,135
3,360,000
3,000,032
41,000
7,426,970
-
7,426,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 26
THE LEEDS LIBRARY
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2025
27. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Grant Income for Library Extension
TOTAL FUNDS |
Incoming
resources
£
678,428
254,260
932,688 |
Resources
expended
£
(640,876)
(7,734)
(648,610) |
Gains and
Movement
losses
in funds
£
£
22,813
60,365
-
246,526
22,813
306,891 |
Gains and
Movement
losses
in funds
£
£
22,813
60,365
-
246,526
22,813
306,891 |
|
|
|
|
306,891 |
General fund represents funds available for general use in furtherance of the charity's objectives.
Designated funds have been set aside as follows:
ExtensionofLibraryPremisesfund-thisrepresentsthenetbookvalueofNo.15CommercialStreetless outstanding
mortgage loan, other loan and member loan funding received towards the renovation and refurbishment of the property.
Furniture and Equipment fund - this represents the net book value of furniture and equipment.
Heritage Asset Building fund
Heritage Assets Book fund
Heritage Assets Fixtures and Fittings fund
- these represent the net book value of the Heritage assets of the charity.
Restricted funds have been set up as follows:
GrantincomeforLibraryExtension-thisrepresentedgrantmoniesreceivedspecificallytowardstherenovation and
refurbishmentofNo.15CommercialStreet.Theseworkswerefullycompletedintheyear,andthefundfullyexpended in
accordance with the terms of the awards.
28. CAPITAL COMMITMENTS
CAPITAL COMMITMENTS |
|
|
|
|
2025 |
|
2024 |
|
£ |
|
£ |
Contracted but not provided for in the financial statements |
|
- |
264,793 |
At31December2025,theLibrarywascontractuallycommittedto£nil(2024-£264,793)inconstructioncostsrelating to
the completion of No.15 Commercial Street. These works were completed and fully paid in 2025.
29. RELATED PARTY DISCLOSURES
During the year the charity made the following related party transactions:
Thoresby Society
In 2018theLibraryformedanagreementwiththeThoresbySociety,aregisteredCharityunder whichthe Thoresby
SocietypaystheLibrary£14,342(2024:£12,595)fortheuseofthepremisesandthe managementoftheir library
and archive.
Transactions with Trustees
During the period there were no transactions with trustees.
Page 27