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2024-03-31-accounts

Registered charity number 1125610 Company number 05747142

English PEN Report and financial statements for the year ended 31 March 2024

English PEN Report and financial statements for the year ended 31 March 2024

Contents

Page(s)
Legal and administrative details 2
Trustees’ annual report 3 - 15
Independent auditor’s report 16 - 19
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Notes to the financial statements 23 - 35

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Report and financial statements for the year ended 31 March 2024

English PEN

Legal and administrative details

Registered office 24 Bedford Row London WC1R 4EH Registered charity number 1125610 Company number 05747142 (England and Wales)

Trustees

The Trustees, who are also directors of the company under Company Law, in office during the year and up to the date of signing the financial statements were:

Arifa Akbar, Resigned 30 January 2024 L Beresford-Know Appointed 25 January 2023 R Borthwick Appointed 19 March 2019, elected Chair 7 December 2021 (reappointed 8 December 2022) M Buyum Appointed 23 June 2020 (reappointed 7 December 2023) R Davis-Featherstone Appointed 30 January 2024 C Galvin Resigned 7 December 2023 G Godwin Appointed 25 June 2019 (reappointed 8 December 2022) T Hodgkinson Appointed 23 June 2020 (reappointed 7 December 2023) G Lindvall Gunaratne Appointed 23 June 2020 (reappointed 7 December 2023) D Miller Appointed 1 October 2017 (reappointed 7 December 2021) D Nayeri Appointed 30 January 2024 N Parker Appointed 30 January 2024 S Quraishi Resigned 7 December 2023 A Schilz Appointed 19 October 2021 J Stocks Appointed 22 June 2021 V Yeginsu Appointed 26 January 2021 Honorary president M Busby (appointed 19 April 2023) Director D Gorman Independent auditors Knox Cropper LLP 65 – 68 Leadenhall Street London EC3A 2AD Bankers HSBC 76-78 Kings Road London SW3 4TZ Triodos Bank Deanery Road Bristol BS1 5AS

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Structure, governance and management

English PEN was incorporated on 17 March 2006 and registered as a charity on 26 August 2008. The company was established under a Memorandum of Association which established the objects and powers of the charitable company, and is governed by Articles of Association (as amended 27 June 2017) and a deed of trust. The company is limited by guarantee as defined by the Companies Act 2006 and in the event of the company being wound up, company directors are required to contribute an amount not exceeding £1.

Membership of English PEN is open to poets, playwrights, essayists, editors, journalists, novelists, translators, publishers and other persons who share the organisation’s aims of promoting literature and human rights. Members have the right to stand and vote in elections to the Board, ensuring a high standard of internal transparency and accountability.

The board of trustees, led by the chair, is responsible for the organisation’s governance. The board meets quarterly and at each meeting considers a full report form the director, including the latest management accounts.

Several subcommittees, each governed by their own terms of reference, exist to support board oversight and decision-making. This includes the finance and audit committee. Subcommittees regularly throughout the year to consider specific business.

Responsibility for the day-to-day management of the charity is delegated to the director, who oversees the work of staff and volunteers. The director attends all board meetings.

Trustee recruitment and induction

New trustees are selected having regard to the skills and competencies required by the charity in delivering its objects. Current trustees have experience and knowledge of the organisation’s activities, as well as finance and development expertise.

New trustees receive background material to familiarise themselves with the history and activities of the charity as well as Charity Commission documentation to inform them of their responsibilities and obligations under charity law. In addition, they are briefed by the director on key policy and operational issues facing the organisation.

Board performance is reviewed annually at an away day, where annual progress is also reviewed and future strategy and targets agreed.

Public benefit

English PEN constitutes a public benefit entity as defined by FRS 102.

In shaping English PEN’s objectives and planning the charity’s activities, the trustees have considered the Charity Commission’s guidance on public benefit.

English PEN’s registration as a charity on 26 August 2008 marked the Charity Commission’s acceptance of the organisation’s public benefit throughout its activities. The Charity Commission agreed with the trustees that ‘writers, authors, editors, publishers and other persons similarly engaged throughout the world’ constitute a ‘particularly vulnerable’ class of beneficiaries. This ruling enables English PEN to concentrate its resources most effectively on this beneficiary class, while benefiting the public generally.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Related parties

English PEN is the founding centre of PEN International, and has voting rights at the Assembly of Delegates, which constitutes PEN International’s Annual General Meeting.

Strategic report

Aims and objectives

The objectives of the charity are:

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Chair’s Report

For over a century, English PEN has held true to its mission to defend, support, and champion the freedom to write and the freedom to read. In response to the turmoil raging across many parts of the world in 2023–24, we have engaged in urgent campaigning efforts. Freedom of expression is one of the first casualties of war, as the founders of PEN had witnessed and as we remain determined to challenge.

Throughout the year, our work with PEN Ukraine has been steadfast, as detailed in the Impact section of the report which follows. The tragic news of Victoria Amelina’s death in July 2023, from injuries sustained in a Russian missile strike on a restaurant in Kramatorsk, was devastating. With our colleagues at PEN Ukraine and across the wider PEN family, we continue to mourn Victoria Amelina, an exceptional writer, friend, and colleague.

The Israel-Gaza war began in October 2023 and English PEN joined the call for an immediate ceasefire alongside PEN International. Since then, we have been actively supporting writers directed affected by the conflict, as detailed in the Impact section of the report.

Our work to support writers at risk remains a cornerstone of English PEN’s mission. Our actions are always tailored to individual cases, taking many forms: solidarity, awarenessraising, financial support, public events, meetings with writers at risk and/or their representatives, and the provision of behind-the-scenes care. During this period, we supported more than 40 writers in various ways (including those in prison, in exile, and otherwise at risk). We also continued our PENWrites programme – a letter-writing campaign encouraging members to send messages of solidarity to writers in prison and at risk.

Defending and promoting freedom of expression in the UK continues to be of paramount importance, with a strong focus on shaping legislation and policy to safeguard this right for everyone in England. This year, we continued our work to combat the use of Strategic Lawsuits Against Public Participation (SLAPPs) and joined the ‘Art not Evidence’ coalition, campaigning for judicial reform to limit the use of creative and artistic expression as evidence in criminal trials, specifically Rap and Drill music.

Our work to support literature in translation built on previous successes in grant-giving, online publishing, events programming, and advocacy. Through our flagship grant PEN Translates, we awarded sums worth £90,000 to 25 books from 21 regions, and through PEN Presents we awarded 16 translators in the production of sample translations. Our online magazine PEN Transmissions commissioned work from 28 writers and translators, reaching 28,000 readers across the world, and our programme for International Translation Day was attended by 230 translators and literary professionals.

English PEN curated a rich and diverse events programme, both online and in-person, with total audiences of over 9,500. We hosted events with writers including Edmund de Waal, Sheena Patel, Derek Owusu, Juliet Jacques, Aviah Sarah Day, Dr Annabel Sowemimo, Omar Robert Hamilton, Kamila Shamsie, Olivia Laing, Hamed Sinno, and Yara Rodrigues Fowler. Partners for our events programme included Bath Festival, Norfolk Schools of Sanctuary, Bradford Literature Festival, Southbank Centre, Shubbak, Burnley Words Festival, and Frontline Club among many others.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Michael Rosen was announced as the winner of the 2023 PEN Pinter Prize, shared with Uyghur academic and writer Rahile Dawut. The PEN Hessell-Tiltman Prize for historical nonfiction was awarded to Kojo Karam for his book Uncommon Wealth: Britain and the Aftermath of Empire. The 2023 PEN HG Wells lecture was delivered by Monica Ali in partnership with New Writing North.

Throughout this period, our dynamic staff team, led by Director Daniel Gorman, continued to work for and drive English PEN’s work forward. I am deeply grateful to Daniel and the entire team for their dedication, and to the Board of Trustees, whose unwavering commitment and guidance have been invaluable. And I also wish to express my profound gratitude to our inspiring new President, Margaret Busby.

English PEN is a charity operating at the intersection of arts and human rights, and partnership is central to every piece of work that we undertake. We extend our sincere thanks to our members, our Patrons, our Silver PEN partners, our campaign collaborators, and our programme partners for their support for the organisation and our work.

Ruth Borthwick, Chair

Director’s Report

It was once again my honour to lead English PEN as Director. This incredible organisation is very much the product of its parts, and I am privileged to witness on a daily basis the work of our deeply driven and highly effective team.

Against a backdrop of global conflict and the erosion of human rights, the need to defend the freedom of expression has never been more urgent. We are deeply grateful to our community of partners and funders who stand with us, supporting our mission to celebrate great literature and the transmission of ideas in myriad ways.

In particular, I would like to thank our core funders, Arts Council England, Hawthornden Foundation, and the T. S. Eliot Foundation. Thank you also to our Silver PEN Partners, a community of corporate partners who share our core belief that everyone should have the freedom to read and the freedom to write.

We are also hugely thankful to the funders of specific strands of our work. This includes the Booker Prize Foundation; the British Council; the Authors’ Licensing and Collecting Society; Bloomberg Philanthropies; and Open Society Foundations. Along with core support, Arts Council England also awards us the funding to deliver PEN Translates.

There are many other funders and individual donors who have contributed to prizes, to our campaigning, and to our core costs. To each of you, we extend our sincere gratitude.

Members are the backbone of English PEN’s work, and we benefit from a dedicated membership who believe strongly in English PEN’s values. Members support our work in various ways, from lending their voices to provide us with gravitas to actively participating in our campaigns, events, and translation initiatives. We are honoured to have you with us. Last year, we launched our PEN Patrons programme and were pleased to welcome a new circle of supporters into our community. Your generosity is deeply appreciated and I look forward to working with you over the years to come.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

English PEN is committed to celebrating the diversity of literature, with a vision is of a world where free expression and equity of opportunity are accessible to all readers and writers. While this vision may sometimes seem distant, it becomes tangible and present in our conversations with those directly involved in our work. We will continue to defend and advance the freedom to write and the freedom to read. We are so grateful to all of you who engage with our work – thank you.

Daniel Gorman, Director

Impact

Defending the freedom to write and the freedom to read

In 2023–24, English PEN campaigned to support individuals whose freedom of expression was curtailed, and addressed broader, structural issues relating to freedom of expression in the UK.

Writers at Risk

We continued to support writers in prison and at risk around the world. While this work has traditionally focused on international writers, in recent years we have seen an increasing need for support from writers in the UK.

As ever, our support is tailored to the individuals we work with, subject to informed consent, and takes various forms:

During this period, we supported over 40 writers from more than 20 countries (including those in prison, in exile, and otherwise at risk). Key cases of concern include:

Alaa Abd el-Fattah

British-Egyptian writer and activist Alaa Abd El-Fattah, an Honorary Member of English PEN, remains imprisoned in Egypt in violation of his right to freedom of expression. Our activities in 2023–24 included: working with PEN International to host a side event at the United Nations Human Rights Council in Geneva; supporting Alaa’s family and international legal team with a submission to the UN Working Group on Arbitrary Detention and coordinating related letters of support; and asking members to write to their MPs to request they raise Alaa Abd el-Fattah’s case in Parliament.

Rahile Dawut

In October 2023, Professor Rahile Dawut, an internationally acclaimed academic, anthropologist, and leading expert on Uyghur folklore and cultural traditions, was announced as the Writer of Courage by PEN Pinter Prize winner Michael Rosen and also was featured in the PENWrites campaign.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Mahvash Sabet

Following the re-arrest of 2017 PEN Pinter Prize Writer of Courage award-winner Mahvash Sabet in Iran in July 2022, we have sought to raise further awareness of her situation. During this period, we announced Sabet as an Honorary Member of English PEN; featured her in the PENWrites campaign; and published an extract from her forthcoming memoir on PEN Transmissions .

Julian Assange

We continued to monitor hearings in the case of Wikileaks founder Julian Assange, who remained in prison in the UK, facing extradition to the USA. Together with PEN International and sister PEN centres, we continued to call for his immediate release and for all charges to be dropped.

Jimmy Lai

To mark World Press Freedom Day 2023, we launched a joint campaign with PEN International for imprisoned writer, activist, and British citizen Jimmy Lai, announcing him as a newly featured writer in the PENWrites campaign. We also highlighted Lai’s case, alongside Alaa Abd el-Fattah’s, at an event to mark the annual Day of the Imprisoned Writer at the Frontline Club in London.

Thematic Campaigns

During the reporting period, we collaborated with writers and partner organisations in the UK and globally, including those affected by the wars in Gaza and Ukraine, along with continuing a strong focus on legislation and policy efforts in England to support freedom of expression for all.

Work with PEN Ukraine

The majority of our work focusing on Ukraine was carried out in cooperation with PEN Ukraine and PEN International, and included:

In June 2023, we received the devastating news of Victoria Amelina’s death from injuries sustained in a Russian missile strike on a restaurant in Kramatorsk, Ukraine. With our colleagues at PEN Ukraine and across the wider PEN family, we continue to mourn Victoria Amelina, an exceptional writer, friend, and colleague.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Responses to the Israel-Gaza war

Our work has focused on supporting writers under bombardment as well as those who have been able to leave, and amplifying PEN International’s call for an immediate ceasefire. Other activities have included:

SLAPPs (Strategic Lawsuits Against Public Participation) During this period, English PEN was actively involved in the UK Anti-SLAPP Coalition, advocating for robust measures to counter SLAPPs in the UK. Our efforts included:

In September 2023, we were invited to join a task force on SLAPPs established by the Department for Digital, Culture, Media & Sport in collaboration with the Ministry of Justice. While campaigning for independent anti-SLAPP legislation, we actively contributed to the presentation of a stand-alone anti-SLAPP legislation in the form of a Private Members Bill (PMB). Wayne David MP presented the Bill in January 2024, with support also provided by the Government. We remain committed to ensuring that the Bill is robust enough to fully protect individuals and organisations from SLAPPs.

Art not Evidence

English PEN joined the ‘Art not Evidence’ coalition to campaign for judicial reform to limit the use of creative and artistic expression as evidence in criminal trials, specifically Rap and Drill music.

Residencies

We were delighted to continue hosting resident writers in 2023–24. Residents included Kurdish poet and journalist Nedim Türfent and PEN Ukraine’s Executive Director, Tetyana Teren. We are hugely grateful to our partners at the Goethe-Institut London for their invaluable support of this programme.

Writers in Exile

2023–24 saw us further develop our support for writers in exile or displacement in the UK, with a particular focus on creative practice. We remain grateful to key partners, including the London Library and the West Lodge Project, for their assistance in this work.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Championing the Freedom to Write and the Freedom to Read

Our work on championing freedom of expression takes a variety of forms, reflecting our comprehensive engagement with this fundamental right. This includes our highly regarded work on bibliodiversity, including PEN Translates, PEN Presents and International Translation Day, along with our strong nationwide events and prizes programmes.

PEN Translates

PEN Translates has now supported over 350 books from more than 90 languages with over £1.1m of funding, developing literary diversity in the UK while ensuring translators are paid properly for their work. In 2023–24, PEN Translates:

PEN Translates-supported titles continue to be recognised by national and international prizes. In 2023–24, this included:

In 2023–24, we developed a partnership with the South Asian Literature in Translation (SALT) project at the University of Chicago, to run grants for new South Asian translated literature over the next five years. These awards will be administrated through PEN Translates and PEN Presents from 2024 onwards.

In the reporting period we also held a showcase of PEN Translates-supported titles at Cheltenham Literature Festival and commissioned an external evaluation of the programme.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

PEN Presents

In 2023–24, we continued our new PEN Presents programme, supporting and showcasing sample translations, funding the often-unpaid work of creating samples, and helping diversify the translated literature landscape. An open round of the programme, in partnership with the University of Exeter, received 125 submissions from 51 languages, awarding grants to 16 shortlisted translators to create samples from 10 languages and 13 territories. The seven winning projects received editorial support from English PEN, were announced at International Translation Day and subsequently promoted to UK publishers. Five books have now been acquired through the programme.

In the reporting period, we also formed a partnership with the Booker Prize Foundation to run a round of PEN Presents open to translators from the Global Majority working with literature from any language and region. This project will run Autumn 2024–Spring 2025.

International Translation Day

On Friday 29 September 2023, we held a fully hybrid programme for International Translation Day 2023, online and at the British Council headquarters in Stratford, London. The programme featured “translation clinics” and workshops on negotiating contracts and translating sensitive or traumatic work; talks including an “ask me anything” with five UK publishers, a discussion on acquiring and selling rights (with translators, scouts, agents and foreign rights professionals), and a panel on reaching readers (with booksellers, programmers and critics); and a headline “state of the translation nation” roundtable with eight leading figures in the sector.

The day was attended by over 230 translators from 30 countries, and was generously supported by the British Council and ALCS.

PEN Transmissions

PEN Transmissions is English PEN’s online magazine for international and translated literature. In 2023–24, personal essays and interviews on PEN Transmissions reached 28,000 readers in 155 countries. Across the year:

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Events

English PEN delivers an annual programme of events to showcase and celebrate writers who engage with freedom of expression issues, or whose own freedoms have been challenged. We prioritise elevating voices that are underrepresented and aim to create engaging and accessible cultural opportunities for audiences. Our events also provide spaces for open dialogue. In 2023–24 we reached a total combined audience of over 9,500 people. Our events included:

London Book Fair

The reporting period included two London Book Fairs, in April 2023 and in March 2024. The English PEN Literary Salon returned as a three-day programme at both editions of the Fair, with conversations that spanned the breadth of English PEN’s work. Events included:

Tetyana Teren and Victoria Amelina at the British Library

Ahead of their panel discussion at the London Book Fair, Executive Director of PEN Ukraine, Tetyana Teren, and Ukrainian writer Victoria Amelina took part in a conversation with Claire Armitstead in the Entrance Hall of the British Library. The conversation on the role of the writer and of art during times of war was incredibly powerful, with a pre-recorded video featuring several writers on the frontline screened during the discussion.

Following the devastating news of the loss of our colleague and friend Victoria Amelina, we continued to mark her remarkable legacy with tributes across the year.

H G Wells Lecture with Monica Ali

This year’s PEN HG Wells Lecture was delivered by acclaimed author Monica Ali in Newcastle’s Common Room in partnership with New Writing North. Her lecture focused on the risks of Artificial Intelligence to the craft of writing and an extract was published in the Guardian , along with the full lecture on PEN Transmissions .

Other events

English PEN was a partner on many other events throughout the year, working with writers including Edmund de Waal, Sheena Patel, Derek Owusu, Juliet Jacques, Aviah Sarah Day, Dr Annabel Sowemimo, Omar Robert Hamilton, Kamila Shamsie, Olivia Laing, Hamed Sinno, Yara Rodrigues Fowler. Partners for our events programme included Bath Festival,

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Norfolk Schools of Sanctuary, Bradford Literature Festival, Southbank Centre, Shubbak, Burnley Words Festival, and Frontline Club, among many others.

Prizes

Our prizes recognise and award contributions to literature and freedom of expression, and bring attention to global cases of persecution and censorship. In the reporting period, this included:

2023 PEN Pinter Prize – Michael Rosen

The PEN Pinter Prize, judged in 2023 by Ruth Borthwick, Raymond Antrobus and Amber Massie-Blomfield, was awarded to Michael Rosen, the author of more than 200 books for children and adults. The award was presented in the British Library’s Pigott Theatre on 11 January, where the Waterstones Children’s Laureate Joseph Coelho and a group of local primary school children delivered a joyous performance of a poem, written by Coelho, to celebrate Rosen’s literary career. Rosen delivered a powerful and moving acceptance speech, which was later published on PEN Transmissions and became the magazine’s most-read piece of 2023. Rosen announced Rahile Dawut – internationally acclaimed academic, anthropologist, and a leading expert on Uyghur folklore and cultural traditions – as the winner of the 2023 PEN Pinter Prize Writer of Courage. The award was accepted on her behalf by academic and personal friend Dr Rachel Harris.

2023 PEN Hessell-Tiltman Prize – Kojo Karam

Kojo Koram was announced as the winner of the 2023 PEN Hessell-Tiltman Prize for his book Uncommon Wealth: Britain and the Aftermath of Empire, at a ceremony held at the Bodleian Library in Oxford. The judges of the prize were Dan Hicks (chair), Sria Chatterjee and Aditi Anand.

PEN Heaney Prize

In partnership with the Seamus Heaney Estate and Irish PEN/PEN na hÉireann, we developed the new PEN Heaney Prize across 2023–24, with the first year of the prize launching in 2024–25.

Membership

In 2023, we conducted English PEN’s first in-depth audiences research, funded by Bloomberg Philanthropies Digital Accelerator Programme, and in collaboration with external consultants, Indigo and Jane Macpherson. The objectives set for this research were to better understand our existing communities, reach new audiences, and grow and diversify our membership. This work was a crucial first step in our Digital Accelerator Programme, as it provided us with quantitative and qualitative data to help us select our new CRM and update our website to improve UI/UX and navigation. Qualitative research was carried out with 18 individuals who had volunteered to take part at the end of an audience survey. 12 of these took part in small online focus groups and six were interviewed individually. Participants were selected and grouped based on membership status, profession and a preliminary segmentation model. The findings have informed our audiences strategy.

Our current number of members is at 961 (July 2024). This year we welcomed two new Honorary Members – Mahvash Sabet and Nayrouz Qarmout.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Communications

Website

The findings from our audiences research has helped inform our website development, which forms part of our Bloomberg Philanthropies Digital Accelerator project. The aims of the website redevelopment are to improve user experience and integrate our new CRM (Beacon).

Press highlights

2024–24 media coverage highlights include: the publication of Monica Ali’s PEN HG Wells lecture in The Guardian , an interview with Director of English PEN, Daniel Gorman, in the New Statesman , coverage of the PEN Pinter Prize in media outlets internationally, coverage of our London Book Fair events programme in The Guardian , and many more.

All our translation and prize announcements, including the launch of the new PEN Presents programme, were featured in book industry publications including The Bookseller , Publishing Perspectives and BookBrunch .

Social media & email marketing

Our Twitter/X following is 51,405, 6,009 on Instagram, 12,377 on Facebook and 27,151 on LinkedIn.

We have continued regular emails to our three core audiences (members, bulletin subscribers, PENWrites subscribers).

Financial review

The net result for the year, an overall surplus of £159k comprises a surplus of £265k on unrestricted and a deficit of £106k on restricted funds. The deficit on restricted funds is due to expenditure made using restricted funds received in previous years.

Income for the year showed a decrease on the previous year, at £973k (2023: £1.48m). The difference is largely attributable to the income returning to more usual levels after a large amount of unrestricted income being raised in 2023 from the FEST auction and a one-off unrestricted grant in the 2023 accounts from the Open Society Foundation, although this was offset by funding received from the Hawthornden Foundation to fund core costs for 3 years.

Expenditure for the year was marginally lower than the previous year at £818k (2023: £842k). This was mainly due to lower expenditure on the Writers in Translation programme and also in raising funds, particularly costs associated with the FEST auction.

At 31 March 2024, unrestricted free reserves – that is, unrestricted funds excluding those represented by fixed assets and designated funds – were £712k. This is greater than the reserve policy of holding the equivalent of a minimum of six months’ operating costs. Designated funds were £547k. Restricted funds of £321k, were held at the year end.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

The charity maintains and reviews a risk register, which focuses on the major strategic and operational risks the charity faces, including mitigating actions to reduce each risk to a level the trustees consider acceptable. The risk register is reviewed and maintained by the director and reviewed in detail by the trustees annually.

The major risks faced by the charity are:

Reserves policy

The trustees have adopted a risk-based approach to determine an appropriate level of reserves and it is the charity’s policy to hold unrestricted free reserves to cover operating costs for six months. At 31 March 2024, unrestricted free reserves were £712k, of which £262k is equivalent to approximately six months running costs.

Going concern

The financial statements have been prepared on a going concern basis.

The trustees have given due consideration to the working capital and cash flow requirements and consider current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for at least 12 months from the date of signing this report and the financial statements.

Statement of trustees’ responsibilities

The trustees (who are also the directors of English PEN for the purpose of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware:

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English PEN Report and financial statements for the year ended 31 March 2024

Trustees’ annual report

Statement as to disclosure of information to auditors

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company’s auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of audit information and to establish that the charitable company’s auditors are aware of that information.

On behalf of the board:

Ruth Borthwick

Ruth Borthwick (Nov 19, 2024 11:11 GMT)

Ruth Borthwick, Chair

19/11/24

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English PEN Report and financial statements for the year ended 31 March 2024

Independent Auditor’s Report to the members of English PEN

Opinion

We have audited the financial statements of English Pen (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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English PEN Report and financial statements for the year ended 31 March 2024

Independent Auditor’s Report to the members of English PEN (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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English PEN

Report and financial statements for the year ended 31 March 2024

Independent Auditor’s Report to the members of English PEN (continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

21/11/24

Simon Goodridge Senior Statutory Auditor for and on behalf of Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD

19

English PEN

Report and financial statements for the year ended 31 March 2024

Statement of financial activities for the year ended 31 March 2024

Unrestricted
Notes
funds
£
Income and endowments from:
Donations and legacies
2
188,754
Charitable activities:
Community Engagement
-
Writers in Translation
-
Campaigns & Writers at Risk
-
Prizes
-
Other charitable income
416,067
Other trading activities
3
1,868
Investments
4
24,175
Other
5
60,098
Total income
690,962
Expenditure on:
Raising funds
7
53,164
Charitable activities:
7,8
Community Engagement
13,806
Writers in Translation
179,440
Campaigns & Writers at Risk
153,263
Prizes
12,382
Other charitable expenditure
15,555
Total expenditure
427,610
263,352
Net (losses)/ gains on investments
14
1,616
Net movement in funds
264,968
Funds brought forward
1,008,190
Funds carried forward
1,273,158
Net operating income/ (expenditure)
before gains/ (losses) on investments		 Restricted
funds
£
-
19,640
130,497
95,767
34,571
-
-
1,443
-
281,918
-
64,164
174,144
130,326
21,676
-
390,310
(108,392)
2,827
(105,565)
426,774
321,209		 Total
2024
£
188,754
19,640
130,497
95,767
34,571
416,067
1,868
25,618
60,098
972,880
53,164
77,970
353,584
283,589
34,058
15,555
817,920
154,960
4,443
159,403
1,434,964
1,594,367		 Total
2023
£
205,822
167,350
251,962
217,873
20,028
117,264
465,929
9,085
21,787
1,477,100
117,486
81,703
383,113
208,510
30,717
20,578
842,107
634,993
(10,829)
624,164
810,800
1,434,964

All of the above results are derived from continuing activities and there are no other gains or losses than those stated above.

A comparative statement of financial activities is presented on page 35

20

English PEN Report and financial statements for the year ended 31 March 2024

Balance sheet as at 31 March 2024

Unrestricted
Notes
funds
£
Fixed assets
Tangible fixed assets
13
13,642
Investments
14
169,708
183,350
Current assets
Debtors
15
9,172
Cash at bank and in hand
1,117,650
1,126,822
Creditors
Amounts falling due within one year
16
(37,014)
Net current assets
1,089,807
Net assets
1,273,158
Funds
17
Unrestricted - general
725,959
Unrestricted - designated
547,199
Restricted
-
Total funds
1,273,158		 Restricted
funds
£
-
64,544
64,544
-
273,473
273,473
(16,808)
256,665
321,209
-
-
321,209
321,209		 31 March
2024
£
13,642
234,252
247,894
9,172
1,391,123
1,400,295
(53,822)
1,346,472
1,594,367
725,959
547,199
321,209
1,594,367		 31 March
2023
£
8,922
229,809
238,731
63,609
1,213,101
1,276,710
(80,477)
1,196,233
1,434,964
553,190
455,000
426,774
1,434,964

The financial statements were approved by the Board on 19/11/24

and signed on its behalf by:

Ruth Borthwick

Ruth Borthwick (Nov 19, 2024 11:11 GMT) Ruth Borthwick Chair

Joanna Stocks Joanna Stocks (Nov 19, 2024 13:28 GMT) Joanna Stocks Treasurer

Company number: 05747142

21

English PEN

Report and financial statements for the year ended 31 March 2024

Statement of cash flows for the year ended 31 March 2024

Total Total
Note 2024 2023
£ £
Net cash provided by/ (used in) operating activities A 160,737 510,588
Cash flows from investing activities:
Interest on bank deposits 17,568 2,557
Dividends on investments 8,050 6,528
Net cash provided by investing activities 25,618 9,085
Cash flows from financing activities:
Purchase of fixed assets (8,334) -
Net cash used in financing activities (8,334) -
Change in cash and cash equivalents in the year 178,020 519,671
Cash and cash equivalents brought forward 1,213,101 693,430
Cash and cash equivalents carried forward 1,391,121 1,213,101
Note A: Reconciliation of net expenditure to net cash flow from operating activities
Net income/ (expenditure) for the year (as per the
statement of financial activities) 159,403 624,164
Depreciation charges 3,614 2,974
Interest on bank deposits (17,568) (2,557)
Dividends on investments (8,050) (6,528)
(Gains)/losses on revaluation of investments (4,443) 10,829
Decrease/ (increase) in debtors 54,437 (57,655)
(Decrease)/ increase in creditors (26,656) (60,640)
Net cash provided by/ (used in) operating activities 160,737 510,588

22

English PEN Report and financial statements for the year ended 31 March 2024

Accounting policies

a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Companies Act 2006.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

b) Income

Income is recognised and included in the accounts when the following criteria are met: the charity is entitled to the funds; any performance criteria attached to the item(s) of income have been met; there is sufficient certainty that the receipt of the income is probable; and the amount can be measured reliably.

Income received in advance of an event or a provision of other specified service is deferred until the criteria for income recognition are met.

c) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Wherever possible, costs are directly attributed to these headings. Where costs cannot be directly attributed to particular headings they, have been allocated to activities on a basis consistent with the use of resources.

d) Fund accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the funds raised for particular restricted purposes.

Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the charitable objectives of the charity.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund, and the basis of transfers to or from them, are set out in Note 17.

23

English PEN Report and financial statements for the year ended 31 March 2024

Accounting policies

e) Tangible fixed assets

Items with a value greater than £1,000 are capitalised. Tangible fixed assets are stated at cost less accumulated depreciation. Provision is made for depreciation on all tangible assets at rates calculated to write off the cost of each asset over its expected useful life, as follows:

f) Investments

Investments are stated at market value as at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities in the period to which they relate.

g) Pension costs

Pension contributions payable to employee defined contribution pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

h) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. They have considered the impact of external influences such as the cost-of-living crisis on both its income and expenditure for at least a period of twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

24

English PEN Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

2
Donations and legacies
Donations
Memberships
Silver PEN members
Silver PEN partners
PEN Patrons
3
Other trading activities
Fundraising events
Other		 Unrestricted
£
53,558
52,946
2,000
70,000
10,250
188,754
Unrestricted
£
-
1,868
1,868		 Restricted
£
-
-
-
-
-
-
Restricted
£
-
-
-		 2024
£
53,558
52,946
2,000
70,000
10,250
188,754
2024
£
-
1,868
1,868		 2023
£
72,553
59,269
2,000
72,000
205,822
2023
£
465,929
-
465,929

4 Investment income

Dividends
Bank interest
Other income
Royalty income
Other
Analysis of expenditure on raising funds
Direct costs
Governance costs (note 8)
Support costs (note 8)		 Unrestricted
£
6,607
17,568
24,175
Unrestricted
£
54,467
5,631
60,098
Unrestricted
£
33,838
648
18,679
53,165		 Restricted
£
1,443
-
1,443
Restricted
£
-
-
-
Restricted
£
-
-
-
-		 2024
£
8,050
17,568
25,618
2024
£
54,467
5,631
60,098
2024
£
33,838
648
18,679
53,165		 2023
£
6,528
2,557
9,085
2023
£
21,079
708
21,787
2023
£
81,308
2,061
34,117
117,486

5 Other income

6 Analysis of expenditure on raising funds

25

English PEN Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

7
Analysis of expenditure
Raising funds
Direct costs of fundraising
Charitable activities
Community Engagement
Writers in Translation
Campaigns & Writers at Risk
Prizes
Other charitable expenditure
Total expenditure		 Direct staff
costs 2024
(note 11)
£
29,467
38,058
72,954
87,037
6,500
-
204,549
234,016		 Direct costs
(non-staff)
2024
£
4,371
11,567
152,088
93,456
15,177
9,899
282,187
286,558		 Support
costs 2024
(note 8)
£
19,327
28,345
128,542
103,096
12,381
5,656
278,020
297,347		 Total
2024
£
53,164
77,970
353,584
283,589
34,058
15,555
764,756
817,821		 Direct staff
costs 2023
(note 11)
£
7,193
30,916
69,555
85,534
6,500
-
172,465
179,658		 Direct costs
(non-staff)
2023
£
74,115
25,628
195,585
58,769
14,758
14,242
300,279
374,394		 Support
costs 2023
(note 8)
£
36,178
25,159
117,973
64,207
9,459
6,336
198,851
235,029		 Total 2023
£
117,486
81,703
383,113
208,510
30,717
20,578
724,621
842,107

26

English PEN

Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

Expenditure
on charitable
activities 2024
Total support
costs 2024
Support costs
£
Staff costs (note 11)
11,860
170,601
182,461
Printing, postage and stationery
321
4,624
4,945
Travel, accommodation & subsistence
195
2,810
3,005
IT & web costs
290
4,179
4,469
Insurance
213
3,059
3,272
Rent
2,645
38,047
40,692
Subscriptions
254
3,646
3,900
Bank charges & similar
83
1,189
1,272
Other costs
2,583
37,163
39,746
Depreciation
235
3,379
3,614
Governance costs (note 9)
648
9,323
9,971
19,327
278,020
297,347
Support and Governance costs are allocated based on the direct spend on those activities.
Governance costs
Governance costs are broken down as follows:
Expenditure
on charitable
activities
Total
governance
costs
2024
Legal fees
2
33
35
Audit fees
390
5,610
6,000
Board costs
70
1,005
1,075
Insurance
186
2,675
2,861
Other
-
-
-
648
9,323
9,971
The charity allocates its support costs (including Governance costs) as follows:
Expenditure on raising
funds 2024
Expenditure on raising
funds		 Expenditure
on raising
funds 2023
20,532
309
442
1,646
1,225
5,476
32
278
3,763
415
2,060		 Expenditure
on charitable
activities 2023
126,638
1,903
2,723
10,153
7,556
33,776
195
1,713
23,211
2,557
12,709		 Total support
costs 2023
£
147,170
2,212
3,165
11,799
8,781
39,252
227
1,991
26,974
2,972
14,769
36,178 223,134 259,312
Expenditure
on raising
funds 2023
-
732
498
242
588		 Expenditure
on charitable
activities 2023
-
4,518
3,072
1,494
3,625		 Total
governance
costs
2023
-
5,250
3,570
1,736
4,213
2,060 12,709 14,769

9 Governance costs

10 Net income/ (expenditure) for the year

This is stated after charging:
Operating leases - equipment
Depreciation
Loss on disposal of fixed assets
Auditors' remuneration		 Total
2024
£
-
3,614
-
6,000
9,614		 Total
2023
£
-
2,974
-
5,250
8,224

27

English PEN Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

11 Staff costs and trustees' remuneration and expenses

The aggregate payroll costs were:

Staff costs and trustees' remuneration and expenses
The aggregate payroll costs were:
Wages and salaries
Social security costs
Pension costs
Subtotal payroll costs
Temporary staff and interns
Other staff costs
Total staff costs		 Total
2024
£
357,354
31,658
17,119
406,130
-
4,707
410,837		 Total
2023
£
305,660
27,629
13,497
346,786
-
13,141
359,927

The charity considers its key management personnel comprise the trustees and the director. The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

£60,000 - £69,999

£60,000 - £69,999
2024 2023
£ £
£60,000-£69,999 1 1

During the year, trustees received £400; £150 to one trustees, £250 to one trustee (2023: £550)

During the year, two trustees received reimbursed expenses in connection with Board meetings and Congress amounting to £542 (2023: £498 to one trustee).

The average number of full-time equivalent employees (including casual and part-time staff) during the year were as follows:

Writers in Translation
Campaigns & Writers at Risk
Public Programmes
Development
Management, administration & governance		 Total 2024
1.8
2.3
1.0
1.6
2.7
9.4		 Total 2023
1.4
2.0
0.9
0.1
3.2
7.6

The average head count number of staff during the year was 10 (2023: 9)

28

English PEN

Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

12 Grants payable

The charity made the following grants during the year:

Writers in Translation
Writers at Risk (relief grants)		 Grants to institutions
£
78,759
33,279
112,038		 Grants to
individuals
£
6,500
23,190
29,690		 Total 2024
£
85,259
56,469
141,728		 Total 2023
£
109,071
16,500
125,571

12 Grants payable continued

Recipients of institutional grants for PEN projects were as follows:

ACA Publishing Ltd
And Other Stories Publishing
Arc Publications
Balestier Press
Bloodaxe Books
Charco Press
Comma Press
Dar Arab
DAS Editions
Daunt Books
Dedalus Ltd
Fitzcarraldo Editions
Flipped Eye Publishing
Heloise Press
Honford Star
Istros Books
Jantar Publishing
Little Tiger Press
Lolli Editions
Momentum Books
Oneworld Publications
Parthian
Peirene Press Ltd
A PEN Centre
PEN Emergency Fund
Penguin Random House UK
Pluto Press
Polari Press
Praspar Press
Profile Books
Prototype Publishing
Pushkin Press
Scotland Street Press
Scribe Publications
Shearsman Books
The Emma Press
The Indigo Press
The Poetry Translation Centre
Tilted Axis Press CIC
University College London
World Editions		 Total
2024
£
3,079
8,462
-
-
1,556
6,712
4,460
-
1,000
1,000
4,040
-
-
6,691
1,750
2,500
-
1,000
-
-
-
1,018
1,700
23,689
9,589
-
3,925
-
2,069
5,758
3,525
1,250
-
3,000
500
267
1,772
-
8,242
3,484
-
112,038		 Total
2023
£
-
10,609
652
3,523
2,000
937
10,500
2,703
1,000
-
2,000
3,659
1,871
1,527
-
6,500
1,853
1,300
1,500
1,000
4,418
1,131
-
-
500
19,641
2,612
-
2,275
1,125
1,250
2,000
-
1,002
267
1,583
2,750
4,650
3,483
1,250
103,071

29

English PEN Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

13 Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net Book Value
At 31 March 2024		 Fittings,
computers &
software
£
18,260
8,334
26,594
9,338
3,614
12,952
13,642		 Total 2024
£
18,260
8,334
26,594
9,338
3,614
12,952
13,642		 Total 2023
£
18,260
-
18,260
6,364
2,974
9,338
8,922

14 Fixed asset investments

Market value as at 1 April
Unrealised gains/ (losses) on investments
Market Value as at 31 March
Historical Cost
City of London Investment Trust
M&G Investment (Charifund)
Halifax (Bankers Investment Trust)
Witan Investment
COIF Fixed Interest (CCLA)		 Market Value
2024
£
60,264
70,227
17,867
21,350
64,544
234,252		 Cost
2024
£
31,397
44,160
9,334
19,343
66,317
170,551		 Total
2024
£
229,809
4,443
234,252
170,551
Market Value
2023
£
61,603
71,533
16,170
18,788
61,715
229,809		 Total
2023
£
240,638
(10,829)
229,809
170,551
Cost
2023
£
31,397
44,160
9,334
19,343
66,317
170,551

30

English PEN

Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

15 Debtors

**15 ** Debtors
Total Total
2024 2023
£ £
Trade debtors 455 15,000
Accrued income - 41,900
Prepayments 8,717 6,709
9,172 63,609
**16 ** Creditors: amounts falling due in less than one year
Creditors: amounts falling due in less than one year
Total Total
2024 2023
£ £
Trade creditors 31,121 51,626
Social security and other taxes 148 187
Deferred income 204 10,204
Accruals and other creditors 22,409 18,459
53,882 80,476

Deferred income relates to grant income received in advance, which is deferred to the accounting period to which it relates.

Movement in deferred income during the year was as follows:

Deferred income brought forward
Released in year
Deferred in year
Deferred income carried forward		 Total
2024
£
10,204
(244,216)
234,216
204		 Total
2023
£
98,561
(332,573)
244,216
10,204

31

English PEN

Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

17 Movement in funds

Restricted:
Community Engagement
Arts Council England
Bloomberg
British Council
Essex Book Festival
Prison Writing Competition Campaign
Salusbury World
Writers in Translation
ALCS
Arts Council England
British Council
Fondation Jan Michalski
Lulu Norman
Norman Trust
University of Exeter
Campaigns & Writers at Risk
Anonymous donors
Garrick Charitable Trust
Hawthornden Foundation
Justice for Journalists
Open Society Foundations (OSF)
Prisoners of Conscience Appeal Fund
Open Rights Group
The Joseph Rowntree Charitable Trust
Valentines for Palestine
Prizes
Blavatnik Family Foundation
Hawthornden Foundation (Heaney Prize)
Hessell-Tiltman Prize fund (dividends)
Ruth Maxted (PEN Pinter)
The Estate of Seamus Heaney
Investments
Hessell-Tiltman Prize fund
Subtotal restricted funds
Unrestricted:
General fund
Designated funds:
Fundraising
Campaigns & Writers at Risk
Extending organisational capaity
Hawthornden
Subtotal unrestricted funds
Total funds		 At 31
March
2023
£
1,744
103,020
-
249
2,270
1,870
109,153
-
126,220
61,855
660
-
-
15,545
204,280
800
-
-
-
60,565
2,480
6,292
1,666
-
71,803
635
-
(24,811)
-
4,000
(20,176)
61,714
426,774
553,190
10,000
100,000
345,000
1,008,190
1,434,964		 Income and
transfers
£
-
-
19,640
-
-
-
19,640
5,000
116,952
-
500
1,000
2,500
4,545
130,497
-
2,500
69,918
6,532
-
-
-
-
16,817
95,767
10,000
19,571
1,443
5,000
-
36,014
-
281,918
447,159
-
-
-
243,803
690,962
972,880		 Expenditur
e and
transfers
£
1,744
58,385
3,786
249
-
-
64,164
5,297
120,614
28,406
660
-
150
19,017
174,144
-
1,366
50,537
6,532
60,622
1,000
-
680
9,589
130,326
9,476
-
7,200
5,000
-
21,676
-
390,310
276,006
4,046
43,828
63,095
40,635
427,610
817,920		 Gain/(loss)
on
investments
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,827		 At 31 March
2024
£
-
44,635
15,854
-
2,270
1,870
64,629
(297)
122,558
33,449
500
1,000
2,350
1,073
160,633
800
1,134
19,381
-
(57)
1,480
6,292
986
7,228
37,244
1,159
19,571
(30,568)
-
4,000
(5,838)
64,541
2,827 321,209
1,616
1,616
4,443		 725,959
-
5,954
56,172
281,905
203,168
1,273,158
1,594,367

32

English PEN Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

17 Purposes of restricted funds

Community Engagement

• The Hessell-Tiltman Prize Fund supported an annual literary prize awarded for a non-fiction book of specifically historical content. Marjorie Hessell-Tiltman was a member of PEN. As well as the capital sum, English PEN benefits from dividends received quarterly

Purposed of designated funds

Development

Funds to support the post of Events and Development Manager following the conclusion of the centennary programme.

Fundraising

Funds to support ad hoc fundraising costs.

Campaigns & Writers at Risk

Funds to support the post of Campaigns and Writers at Risk Manager over a two-year period.

Extending organisational capacity

Funds to support a detailed plan to extend and strengthen organisation capacity over a 3-year period. Including new posts of Head of Development and Membership and Communications Officer, IT and office adjustments, travel and campaigns budgets.

Hawthornden

To support core operations over three years.

33

English PEN Report and financial statements for the year ended 31 March 2024

Notes to the financial statements

18 Analysis of net assets between funds
£
Restricted funds
-
Unrestricted - general
13,642
Unrestricted - designated
-
Total funds
13,642
Tangible
fixed assets		 Investments
£
64,544
169,708
-
234,252		 Net current
assets
£
256,665
542,609
547,199
1,346,473		 Total funds
2024
£
321,209
725,959
547,199
1,594,367		 Total funds
2023
£
426,772
553,192
455,000
1,434,964

19 Operating lease commitments

At 31 March 2024 the charity had future minium lease payments under non-cancellable operating leases, with payments falling due as follows:

with payments falling due as follows:
Land/buildings
Due 2024 2023
Within one year 23,000 23,000
Between one and five years 23,000
 46,000

20 Related party transactions

There were no related party transactions during the year, other than those disclosed in note 11 to the financial statements.

34

English PEN

Report and financial statements for the year ended 31 March 2024

Comparative statement of financial activities for the year ended 31 March 2023

Income and endowments from:
Donations and legacies
Charitable activities:
Community Engagement
Writers in Translation
Campaigns & Writers at Risk
Prizes
Other charitable income
Other trading activities
Investments
Other
Total income
Expenditure on:
Raising funds
Charitable activities:
Community Engagement
Writers in Translation
Campaigns & Writers at Risk
Prizes
Other charitable expenditure
Total expenditure
Net (losses)/ gains on investments
Net movement in funds
Funds brought forward
Funds carried forward
Net operating income/ (expenditure)
before gains/ (losses) on investments		 Unrestricted
funds
£
205,822
-
35,000
131,975
28
117,264
465,929
7,395
21,787
985,200
117,486
9,561
164,525
110,728
9,459
20,578
432,337
552,863
(6,982)
545,881
462,311
1,008,192		 Restricted
funds
£
-
167,350
216,962
85,898
20,000
-
-
1,690
491,900
-
72,142
218,588
97,782
21,258
-
409,770
82,130
(3,847)
78,283
348,489
426,772		 Total
2022/23
£
205,822
167,350
251,962
217,873
20,028
117,264
465,929
9,085
21,787
1,477,100
117,486
81,703
383,113
208,510
30,717
20,578
842,107
634,993
(10,829)
624,164
810,800
1,434,964

35