``` 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 ```