2024-12-31-accounts - The Book Trade Charity

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The BookTrade Charity 8T8S Il AN REPO

Front cover credit: Robin Moreira is a freelance designer, illustrator and aspiring children’s book author-illustrator working with the UK book trade. Her beautiful front cover was inspired by Emilia’s Story on page 18. We are so grateful for her support. You can view her portfolio here: www.robinmoreiraillustration.com

This is the trustees’ Report and Financial Statements for the year to 31 December 2024 as required by charity law and regulators and constitutes a directors’ report for the purpose of company legislation. The financial statements have been prepared in accordance with the accounting policies and comply with the charity’s trust deed, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The trustees assert that this annual report shows BTBS’ trustees and co-opted committee members are effective, offering appropriate skills, knowledge and experience in support of clear aims, values and objectives, reflecting the tenets of the Charity Governance Code.

The Book Trade Charity exists to support colleagues across the book trade and their families, providing grants and housing when they need it most. Since 1837 we have been a safety net providing vital funding to help when crisis strikes.

We can help with: utility bills, groceries, transport, medical costs, funeral costs, counselling, household items, relocation, training, development and housing needs. We even have our own housing for colleagues based in Hertfordshire and London.

Beyond our work with individuals, we work hard to support a healthy and vibrant book trade and to break down barriers for young entrants to the trade. We believe in a diverse and inclusive book trade and our approach reflects our commitment to underrepresented groups.

A S A F E T Y N E T

We act fast to help colleagues at the point of crisis. Putting food on tables, heating homes and keeping lights on. For hundreds of families.

A S P R I N G B O A R D

But we don’t stop there. We actively drive positive change across the trade and are strongly committed to building a more inclusive and diverse book trade. We have helped hundreds more gain the skills they need to go further and to realise their potential.

M I S S I O N A N D P U B L I C B E N E F I T

We exist to support colleagues across the book trade and their families, providing grants and housing when they need it most. In determining the objectives and activities of the charity, the trustees confirm that they have had due regard to the Charity Commission guidance on Public Benefit and consider that the activities undertaken provide a public benefit. In determining the objectives and activities of the charity, the trustees confirm that they have had due regard to the Charity Commission guidance on Public Benefit and consider that the activities undertaken provide a public benefit.

(Photo: Tamarcus Brown)

Welcome to The Book Trade Charity (BTBS) Annual Report for 2024. This year, we mark 187 years of providing a crucial safety net for our colleagues in the book industry. In 2024, we continued our essential work, spending over £275,000 delivering grants to 177 current and former members of our trade. We also offered high-quality housing to 67 residents, many of whom would otherwise face challenging living conditions or, in some cases, homelessness. Through our grants programme and our accommodation at the Bookbinders facility in North London, we’ve supported countless young people embarking on their careers in the book industry. 2024 has proven tough for many of our colleagues; the continuing cost of living pressures, fluctuating energy costs, political instability, and a wider global landscape marked by uncertainty and conflict. As a charity, we’ve never faced such an intense period of demand for our services. The physical and mental toll these crises have taken on our colleagues cannot be understated. Taking this opportunity on the Trustees’ and my behalf, I would like to express my huge gratitude to Vic Perry and her brilliant team for the compassion and support they continue to offer to those who need it most.

We are incredibly grateful for the continued generosity from the book industry and our trusted partners. Your increased donations have made it possible for us to extend our reach and assist more people than ever before. However, let us not sit on our laurels, as there is so much more to be done this year, and I am confident that we will all excel in supporting our wonderful trade.

Ian Chapman | Chair

It has been a tumultuous year for the not-for-profit sector and this report echoes that challenge. Charities of all sizes have sadly closed their doors and the continuous pressure of the cost-of-living crisis has left many funders grappling with unprecedented demands. The Book Trade Charity (BTBS) is not immune to these pressures and we now spend almost £100,000 more per year than just a decade ago to run our vital grants programme, supporting individuals when life takes a turn. This crucial support enables colleagues to withstand unexpected life challenges and we know that providing timely assistance can prevent a crisis from escalating. The stories in this report are real and serve as a powerful reminder that our charity is needed and that every pound donated can change lives.

It is true that our work is only achievable thanks to help from the book trade itself. I would therefore like to thank each and every donor and friend of BTBS - you are all heroes in my book and your support makes a difference! With your continued support we will work around the clock to provide dignified and confidential support to colleagues and their families.

Vic Perry | Chief Executive

O U R A I M S

Overall our grants and housing supports colleagues to:

improve quality of life for themselves and their families
relieve distress and face crises
take up education and training
build their career in the book trade

O U R W AY O F W O R K I N G

is tangible, practical and personal. It often starts with an email or a phonecall to talk through eligibility and to run through the application steps together. We can help with - utilities bills, groceries, transport,å medical costs, funeral costs, counselling, household items, relocation, training, development and housing needs.

C R I S I S D O E S N ’ T D I S C R I M I N AT E , A N D N E I T H E R D O W E

We believe in a workplace committed to the principles of equity, inclusivity and diversity. All applications for support are considered in ways which do not discriminate on the basis of age, gender, ethnicity, race, religion, disability, sexual orientation or socio-economic background.

(Photo: Ron Lach)

G O V E R N A N C E S T R U C T U R E

Our trustees are also directors of The Book Trade Charity (BTBS) for the purposes of company law and are responsible for preparing this report and financial statements in accordance with applicable law and United Kingdom Accounting Standards. The Chair leads the board, acts as the principal interface between the board and the Chief Executive and provides the trustees with information, advice and support on strategic issues. The Chief Executive is the senior member of staff, who reports to and is accountable to the board for all operational and strategic matters. The board’s remit is formally documented. We are satisfied that we comply with relevant charity and company laws and regulations on good governance and that we have sufficient scrutiny of day-to-day operations, including our duties to:

comply with the objects and purposes as set out in the governing instrument;
approve policies, plans and budgets in support of its aims and objectives;
ensure the charity is solvent and well run with appropriate controls and delegated powers;
scrutinise all activities of the charity;
approve financial statements, ensuring these give a true and fair picture of the charity;
report to the Charity Commission serious incidents (2024: none); and
appoint a Data Protection Lead (GDPR) (Ann Woodhall).

K E Y R I S K S I N P R I O R I T Y O R D E R

Increased cost of living for beneficiaries

This risk disproportionately affects some of our grantees who were already living under the Joseph Rowntree suggested minimum income guidelines.

Increased community need exceeds grants available

This would lead us to decline eligible applications unless additional funding can be sourced. To mitigate this risk, we are proactively working with trusts, foundations and corporate donors to grow our grants programme.

Our homes at The Retreat and Bookbinders Cottages become under-occupied Maintain a list of potential residents, ensure we have a plan following any planned or unplanned vacancies.

Loan repayments compromise other charitable activities

T R U S T E E S ’ R E S P O N S I B I L I T I E S

Company law requires us to prepare financial statements for each financial year which give a true and fair view of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:

A working group will be convened to explore the options to actively manage and reduce this risk.

Loss of key staff with a small staff team, the loss of their experience, knowledge and skills could adversely impact operations e.g., the ability to process grants for beneficiaries. This risk is mitigated by an agreed succession plan (for officers and staff); secure archive, filing and documentation systems and cooperative working practices.

select suitable accounting policies and then apply them consistently
observe the methods and principles in Accounting and Reporting by Charities
make judgements and accounting estimates that are reasonable and prudent
state whether applicable UK 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.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. We 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.

Monitoring end use of funds

We ensure that when practical grant payments are made directly to suppliers as appropriate or alternatively that receipts for items are provided by the grantee as proof of purchase. We maintain close communication with our grantees and carry out annual reviews for regular beneficiaries.

Situations which have the potential to lead to adverse publicity and loss of support

This risk is mitigated by the Board approving and keeping under regular review robust plans, policies and procedures, based on their commercial and book trade related knowledge and skills.

Health and safety issue(s) for staff, contractors and residents

2024 saw continued activity across site following the Unwin donation and subsequent programme of work.

“I’m writing to thank you and the team for all your hard work in getting the gas pipes installed, hooked up, and finally the gas boiler and radiators installed, and to let you know it has made a huge difference. It is just a different world, with even heating throughout the bungalow, ease of use, and my house stays warm even after it has been switched off.

SUSTAINABLE FUTURES: ensuring energy efficiency in our homes

2024 was another busy year and our energy efforts continued. We continue to receive feedback from residents who have had new, efficient central heating installed and are able to both reduce and control their heating costs. One resident recently shared that their heating bills have reduced by over 60 per cent since having new doors, windows and central heating installed. Another resident shared the following words:

It’s a real joy to be properly and also constantly comfortable, and also not to be running around adjusting the heating. The water pressure is improved as well, and that too is welcome. I want to put on record that I am so pleased with the outcome and express my thanks to you and everyone for all your work on the project. It is appreciated.”

ARCHIVE PROJECT

“The Book Trade Charity archives are a living, breathing form of history that we must strive to protect for the benefit of the entire book trade, local researchers and for future generations.”

For many years we have intended to bring some order to our extensive collection and to make the archive more accessible and during 2024 we were lucky to find two subject matter experts with the skillset and combined experience to make this project a reality - David Hicks and Maria Vassilopoulos.

In addition, thanks to support from the Old Possum’s Practical Trust we are now exploring ways to make our 19th Century library into a ‘living archive facility’ accessible to the trade more widely and indeed to interested members of the public and local community by appointment.

What archive material exists? The BTBS archive is currently stored in numerous large boxes. Some of the material dates back to the formation of the charity back in 1837 including primary source texts, prints and drawings of the original alms’ houses. In addition, there is a large body of more recent archive material including annual reports and documents which we believe to be of importance to the book trade as a whole, and local history of real potential interest to the local community. These have never been sorted or displayed and, having remained dormant for decades, are a valuable resource for the UK arts and culture sector. It is our ambition to bring these resources to life.

What is the process? Throughout 2024 Maria has worked hard with David to bring out incredible collection of photos, primary source texts and prints into an accessible, curated collection. The work will continue into 2025.

Diversifying our funding: we will actively grow our donor list throughout 2025 and work closely with our corporate supporters across the book trade, onboarding new members onto our annual giving list. This will provide a firm basis for growth and provide a sustainable way to grow our grants programme over time. This will provide the main development focus for 2025.

Strengthening our programmes: we will continue to firm up our housing model and grants programme to ensure that we are fit for purpose and making the most impact. We will continue to explore best practice across the world of subsidised, charitable housing and organisational benevolent societies to underpin our future plans.

Trustee recruitment: we will form a small committee to oversee the recruitment and selection process for three new trustees. Using the 2024 skills audit results we will ensure that we attract people with the complementary skills that will bolster our already strong board of trustees.

In addition, we will continue to develop our archive project to safeguard our history and develop our book sale model over 2025.

(Photo: Cottonbro)

We are proud to turn around grants in days not weeks, meeting every few days to ensure that we are helping people at the point of crisis. We have a series of grants on offer to support colleagues at different stages of their career and facing different pressures. These are outlined below. In addition to our grants, we signpost applicants and beneficiaries to government grants and allowances and to other charities and organisations offering specialist help with complex situations. We also “almonise” or share with other charities where there is a joint interest to provide support. We often help carers who may be unable to undertake paid work whilst they are responsible for the care of a family member. When the worst happens, we can also cover funeral costs for families, to carry the burden of this expense for them at a difficult time. In short, we aim to be there for every eligible colleague when they need us most

O U R Y E A R I N N U M B E R S

£ 2 7 6 , 2 0 6 A W A R D E D I N G R A N T S

2 9 8 A P P L I C AT I O N S

1 7 7 B E N E F I C I A R I E S

9 4 R E G U L A R B E N E F I C I A R I E S 1 9 E N T R A N T S T O T H E T R A D E 6 1 H O M E & H O U S E H O L D G R A N T S

W E L FA R E G R A N T S

For book trade people living in their own homes, the charity supports individuals and families in need by providing one-off grants for people facing a crisis. Here are some examples of what people use our grants for:

examples of what people use our grants for:
Impact area	How we might help
Low household income and savings, debt and insolvency	Essential furniture and appliances, help with household bills, heating and mainte- nance costs, travel and car costs
Unemployment and redundancy	Interview costs, funding training and de- velopment, CV support
Health and medical aid not easily or nor- mally provided by the NHS	Help towards dental work, medical aides such as wheelchairs, mobility scooters, stair lifts
Being a carer	Respite care costs, financial support
Emergencies and unforeseen circumstances	Cover funeral costs, transport and travel
Accidents, illness or bereavement	Deposits for Motability vehicles, mobility aids or stairlifts, counselling sessions
Housing difficulties and homelessness	Pay for accommodation, deposits for a new home, help with removal costs

For further information please go to www.btbs.org

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Emilia’s story

Emilia originally applied for an emergency welfare grant, and we are so grateful to her for sharing her story:

“I cannot express enough gratitude for the incredible support I received from The Book Trade Charity, during one of the darkest times in my life.

Oliver’s story

Oliver originally applied for an emergency welfare grant, and we are so grateful to him for sharing his story:

“I’ve been in book retail since 2006, the same year I got married. I have taken the well-worn path from bookseller to e-commerce.

Sometime early last year while my wife was heavily pregnant with our second child, my HR department delivered a presentation outlining our benefits and The Book Trade Charity was discussed. If it weren’t for that being quite fresh in my mind, I may not have thought to get in touch that spring when we were served a section 21 notice. My wife was on the minimum maternity pay being self-employed so facing eviction with a newborn and another about to start school we were faced with the grim reality that we could no longer afford to rent in London. We would need to find a new school with space and home within eight weeks. I checked the BTBS website and it seemed like my circumstances fit their mandate. Even so, the stigma I had attached to asking for help almost stopped me from picking up the phone but I’m so glad I did.

Victoria answered and right away reassured me that I had done the right thing by calling and took the time to really listen. That in itself helped my head to stop spinning and focus on other things we needed to do. And they were able to help in such a timely and meaningful way. Due to our employment circumstances we were already treating our only savings like an emergency fund to bolster the maternity pay my wife was getting to live off and cover essential needs. There were many costs associated with the move and the biggest was the actual movers. The grant covered that almost to the pound which took an immense pressure off the situation. Without that we’d still be swamped by debt we can’t afford to pay back.

Now roughly six months after the move we’re getting close to a two-income house with heads just above water. We found a school and a potential nursery and we’re all healthy and happy. The Book Trade Charity are crucial to the industry. There’s nothing like it out there. The utter good will they showed us restored any faith humanity I’d lost after what we’d been through. Let’s face it, many people in the trade don’t have the liquidity to weather some financial storms. I would encourage anyone to pick up the phone if you’re facing financial difficulties.”

I was a victim of domestic abuse last April, and leaving my home with no savings and debts tied to my name felt like an impossible situation. I didn’t know how I could live within my means while staying safe and away from my abuser. For months, I was fleeing from one place to another, unsure of what my future held.

Thanks to the help of The Book Trade Charity, I was able to find stability. They provided me with the financial support I needed to cover essential bills, which gave me the dignity to go to work and carry on with my life. Their assistance not only eased the financial burden but also helped me preserve my mental health during such a challenging time. Knowing that someone out there truly cared gave me hope and reminded me that kindness still exists in the world. I am now, in a place that is safe and affordable, close to work, and I am slowly rebuilding my life. One day, I hope to stand on the other side and help others who are in situations like mine. I will forever be grateful for the compassion and generosity of this Charity, who showed me that I wasn’t alone and gave me the strength to continue moving forward.”

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(Photo: Abi Ismail)
Paul’s story
Paul originally applied for an emergency welfare grant, and we are so grateful to him for
sharing his story:
James’ story “I started in the Book Trade in my mature years, and I always enjoyed the camaraderie
James originally applied for an emergency welfare grant, and we are so grateful to him for working in that trade. Around five years ago, I suffered an injury and had to give up working
sharing his story: which was a very tough time in my life. My condition has got worse over the years sadly and I
am very restricted now on living my normal life.
“I worked as a printer serving my apprenticeship upon leaving school. I worked in the trade
for 25 years up until I was 40. My long-term relationship then ended and I moved away from As my situation worsened, I realised that I needed some extra help with items to support my
my hometown and also lost my job during Covid. I also unfortunately lost my home. I was disability and with living costs in general. I would never have contacted a charity for help
placed in temporary housing by the local council. Upon them finding me a permanent home I because I have believed that that there are people much worse than me. But by chance I was
was still unemployed so had no way of furnishing the new house. talking to an old colleague from the book trade, and she suggested me contacting The Book
Trade Charity as they would possibly help me. Reluctantly I made the next move and spoke
I literally had nothing. I was at my wits end with worry and out of desperation visited the to the amazing Glenda, who listened to me and suggested she may be able to help. I filled in
citizens advice centre. The lady there asked about my circumstances. She advised there were a few forms and sent back by email. I needed help with household products as I was moving
some charities who may be able to help me due to my line of work. One of which was The into a new flat due to personal reasons, and Glenda and the charity supported me with a grant
Book Trade Charity. I emailed more in hope than expectation, but I was emailed back and to help buy that important stuff.
called by a lovely, kind, non-judgemental lady called Glenda. She helped me enormously and I
was awarded a grant of £2,500. Since then the charity have supported me (and I really do stress the word 'supported') on a
few more occasions like helping me purchasing a reclining chair for sleeping in. The charity
I honestly don’t know how I would have done it without you guys. This helped me furnish and really has been a Godsend to me and I am so truly grateful to The Book Trade Charity for
carpet my home and have a wee house where my children love to come and visit. I can’t speak their lovely support over the years. It has been a life changer for me. The process is very
highly enough about this charity or the people working for it. Absolute stars one and all and straightforward providing you have been in the book trade in your life, and if you are
their kindness in my hour of need will never be forgotten.” genuinely struggling, my advice is to make that move and contact them.”
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Ida’s story

Ida originally applied for an emergency welfare grant, and we are so grateful to her for sharing her story:

“My name is Ida, I live and work in South Wales. I worked in a bookstore about a decade ago and ever since was in one way or another connected with the book trade — my last job was in a local library, I self-published zines, wrote for magazines and anthologies and this year my first memoir comes out.

I found out about BTBS by a stroke of luck. I was in my home country for a week, helping my mother to care for my dying father, when I found out that my Universal Credit would be cut short that month. This wasn’t unexpected as such, but the costs of my journey back home were, and the situation would mean I wouldn’t be able to pay the bills. This is always stressful and unpleasant, but with the added family situation and the anticipatory grief it could be a thing to push me and my fragile at best mental health off the edge. I simply googled emergency grants and was matched with BTBS.

The most important thing to me was ease of application. I’ve planned to apply for several grants at the time but the application process for the majority of them seemed undoable in the time and headspace I was in. Also Glenda, the real world good witch, was extremely helpful and accommodating. Luck would have it that my application was submitted on a day of the charity’s weekly grant meeting so the positive decision came the same evening.

I was about to leave to travel to another city to purchase my father’s pain medication and the email made me cry. It meant the world of difference to me, it felt like a literal weight had been removed from my shoulders, all during the most painful and unbearable week of my life. I would recommend BTBS to everyone connected to a book trade needing a helping hand, the help was literally life changing and I will never, ever forget it. I’m hoping to regularly support the charity myself once I’m on more stable financial grounds. Thank you.”

(Photo: Karolina Grabowska) 25

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E N T R A N T S T O T H E T R A D E
Anna’s story
Anna is a mid-career new entrant to the book trade, and we are so grateful to her for sharing
her story:
Tell us a little about yourself and your connection to the book trade
I’m taking part in a traineeship designed for people changing careers to enter the publishing
industry. I spent several years as a magazine editor and journalist and have wanted to get into
books for a long time. This has been a big sacrifice for my family as we’ve had to make do on a
much lower salary (but thankfully, the traineeship is still a paid role!) as I try to change career.
How did you hear about us and what led you to apply to us?
I heard about the Book Trade Charity through the HR team at my company. I was hesitant
at first, because my husband and I have been quite self-sufficient about money management.
But, when we went through our budget ahead of taking the new role, I realised it was basically
impossible to make ends meet and especially to pay for our daughter’s nursery fees on my new
salary. This was particularly difficult because I was going from a four-day work week to a five-
day one, meaning I had to pay for an extra day at nursery for my daughter.
Was the process of applying easy?
The process of applying was straightforward and uncomplicated, but it did require a
considerable amount of information. And that’s fair enough!
What difference has our support made to you (if you feel it has)?
I can’t even express how much of a difference the support of the Book Trade Charity has made
this year. I honestly was so close to not taking my traineeship because of finances, so knowing
where a bit of the money was coming from each month has been such a huge help. It has given
my family some peace of mind, knowing that I can pay our bills and still make this big career
(Photo: Blue Bird) change. I’ve been able to keep sending my daughter to nursery – which she absolutely loves –
with the help of the Book Trade Charity while taking on my new position. I can’t ever thank
the organisation enough for its generosity and understanding. It’s made all the difference.
What do you think about our charity?
R E G U L A R G R A N T S I’m so grateful to the Book Trade Charity and so pleased that it exists. It’s such a wonderful
resource to publishing industry professionals and hopefuls. It has definitely made my entry
Sometimes we work with colleagues who find themselves on a fixed, low income and who may into the book trade easier and made me feel like I’m part of a wider community.
be eligible for regular support from The Book Trade Charity. They may be retired or indeed
starting out in the trade. We are extremely passionate about our regular grants programme
which supports over 70 people with a means-tested grant of up to £175 per month. We Would you recommend us?
know that this ongoing support can be a lifeline for our beneficiaries and enables us to play a Absolutely! I have already recommended the charity to some of my cohort on the traineeship,
sustained and meaningful role. some of whom had no idea such a resource existed.
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Beatrix’s story (Photo: Kei Scampa)
Beatrix is a new entrant to the book trade, and we are so grateful to her for sharing her story:
“I used to work in the classical music industry but in 2023 I decided to take a leap of faith Craig’s story
and break into the world of publishing. After months of applications and job interviews, I Craig is a new entrant to the book trade, and we are so grateful to him for sharing his story:
was delighted to secure a position with an academic publisher. My first 18 months at the “I was in the publishing industry for two years as a Publishing Assistant, and was desperate
organisation were a financial struggle - I was managing the relocation costs for the new job to try make the transition to working in editorial as my career goal is to become an editor in
and the rising cost of living alongside an entry-level salary. trade publishing. As most job opportunities in trade publishing are in London, I really wanted
to move there to begin my career but being from a low-income background, I couldn’t afford
I heard about The Book Trade Charity at the London Book Fair in 2023. During a presentation the costs involved with such a move, partially the deposit for renting which is extremely high.
the charity explained how they helped individuals trying to build their publishing careers and I searched for any possible support and found the Book Trade Charity. I saw that they existed
supported them through those early years through their welfare grants. to help people in similar situations as myself. I decided to apply and was so delighted to find
out my application for financial support towards moving to London for a job had been accept-
I am incredibly grateful to have been supported by The Book Trade Charity over the last 18 ed, pending me receiving a job offer. I was over the moon, as it was now possible for me to
months. The welfare grants the charity have provided covered a portion of my relocation costs, make such a big move.
and helped when I was initially struggling to make ends meet within my first full year in my
publishing job. I am incredibly grateful for the financial security the charity afforded me. I’ve now been living in London and working as an editorial assistant for six months which
I think The Book Trade Charity is a fantastic organisation, and I could not recommend them wouldn’t have been possible without the transformative support from The Ernest Hecht Bur-
more highly! It is great to know that there is an organisation out there dedicated to helping sary administered by the Book Trade Charity. The support you have given me has had such an
individuals in need in the publishing industry.” immense impact on my career and my life - thank you.
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W H AT D I D P E O P L E A S K F O R S U P P O R T W I T H ?

In 2024 our work supported beneficiaries across the UK. Here is a breakdown of our grants programme for the past three years:

H O W D I D W E	H E L P ?	H E L P ?	H E L P ?
Welfare grants, (one-off & regular), Entry to å trade grants and Project grants (not including Covid Hardship Grants)	2024	2023	2022
Beneficiaries:	177	158	167
New contacts:	87	84	68
Applications for assistance (total):	298	284	248
Applications funded:	236	208	205
Applicant did not pursue:	25	41	28
Applications rejected (ineligible or not within financial criteria) :	37	35	15

	2024	2024	2023	2023	2022	2022
Regular support: (supported for full 12 months)	94 (73)	£154,840	85 (59)	£144,430	75 (65)	£129,105
Winter Support grants	70	£6,500	61	£8,200	60	£8,350
Housing/rent arrears/debt	34	£35,207	29	£35,703	22	£26,073
Travel (inc. commuting costs, car repairs and re- spite holidays)	11	£6,709	7	£6,027	2	£980
Household (inc. carpets, white goods, medical costs and disability aids)	27	£17,521	37	£28,645	30	£15,545
Retraining & redundancy	28	£9,696	23	£8,414	17	£5,745
Interns & Entry to the Book Trade (inc. Ernest Hecht Charitable Foundation)	19	£26,393	21	£31,268	41	£28,307
Project grants (inc. Mat- thew Hodder Foundation)	6	£8,005	5	£9,525	2	£3,850
Covid Hardship Fund	N/A	N/A	1	£2,000	16	£32,000

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W H AT D I D P E O P L E A S K F O R
S U P P O R T W I T H D U R I N G 2 0 2 4 ?
70 34
Christmas one-off grants Housing/rent arrears/debt
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94
Regular support
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11 Travel, commuting, car repairs & respite holdiays

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19 28
Interns & Entry to the Book Trade Retraining & redundancy
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27 0
Household, including carpets, Covid Hardship
white goods
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Our housing in Hertfordshire and London offers the opportunity to be part of a book trade community. Residents at both sites play an active part within their local communities.

The Retreat in Hertfordshire

The Retreat at Kings Langley provides independent living in a community of self-contained accommodation for book trade people who need housing for social and economic reasons - a ‘safe port’ to start afresh after a difficult time. The estate provides homes for colleagues of all ages who have worked in the trade. People can apply to live there as the result of housing need or simply because they wish to live or retire amongst others who love books and share experience in the book trade. Properties are let to eligible applicants on assured short-hold tenancies at subsidised rents/utilities.

Occupancy: 90% (2023: 98%)

Average resident age at 31 December 2024 was 69 (2023: 68 years). Our oldest resident is 93 and youngest is 46.

Patsy’s Story

“I've lived at The Retreat for 18 years. It's a quiet, peaceful place to live set in four acres of lovely grounds.

We are a close-knit community and have regular coffee mornings, shopping trips, film nights and the occasional quiz night.

Nothing is too much trouble for the staff in the office and if any repairs are needed in our properties they are dealt with promptly.

I really wouldn't want to live anywhere else.”

(Photo: The Retreat)

Pat’s Story

“I came into the publishing industry after a somewhat checkered career history when, after leaving school, I spent the next few years studying to be an architectural technician. However, music had always been a big part of my life from early childhood and after combining my day job with increasing work as a disc-jockey at night and weekends, I turned professional DJ at the age of 21. During the following seven years, I worked in nightclubs and discotheques in the UK and abroad including periods in Norway, Sweden, Germany, the Netherlands and Thailand. When I returned to the UK after what I’d decided would be my final stint overseas, I was ready for a change of direction. Apart from music, I also had a life-long love of books and reading so I decided that selling books as a publishers’ representative would be my ideal next career move.

Fast forward many years since then and I’ve enjoyed working for Wm. Collins, Ian Allen Publishing, World International, Harlequin Mills and Boon, Encyclopedia Britannica and the GL Education Group in roles that have included twenty five years in export sales/marketing with all the related international travelling so I’ve been to many international book fairs and seen more airports and hotels than I care to mention. However, I’ll never forget all the wonderful people around the world I’ve met along the way, some of whom I’m still in touch with. I still work from home two days a week for an educational/health & psychology publisher managing their international right and licensing business.

I was already aware of BTBS, its good works and support for people in various aspects of the book business but then my own personal circumstances changed and led me to contact them. The management team couldn’t have been more helpful and supportive when I enquired about a possible move to The Retreat.I eventually moved in six years ago and I have never been happier here than in any other place I’ve lived. It’s a lovely, lush estate with communal green spaces and excellent road/rail transport links with the M25 motorway nearby; we even have our own private entrance to Kings Langley station.

Over the last two years, the Trust has invested significantly in upgrading the various types of accommodation on the estate with new, energy-efficient doors and windows and installing gas central heating to replace the old, expensive to run all-electric systems. This has resulted in a considerable and welcome reduction in my energy costs for which I am very grateful. I love being able to chat to fellow residents about all things books and publishing related and I also enjoy helping with the book sales which take place four times a year where the highlight for me is meeting and talking to the customers. In addition to the book sales, the “main event” is the annual London Book Fair when a team of us volunteers assemble to collect and pack all the books generously donated by the exhibiting publishers. It’s a lot of hard work but there is a great camaraderie amongst us all on the day.

(Photo: Vic Perry

Finally, I couldn’t put it better than a fellow resident when he described The Retreat as “a unique and lovely place”.

(Photo: Felix Friedmann)

Bookbinders Cottages in London, N20

The Bookbinders Cottages form a small and unique development of tailor-made flats in North London providing a ‘place to call home’ for young people starting their Book Trade career in London as well as older residents. The development provides independent living in a community of self-contained flats for book trade people. Occupancy: 96% (2023: 97%) Average resident age at 31 December 2024: 48 (2023: 45). Our oldest resident is 101 and youngest 23.

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Fundraising income largely comes from companies within the book trade supporting
with an annual donation. BTBS does not employ any professional fundraising individual
or organisation and is not involved in any commercial participation to raise funds. The
charity's approach to fundraising is to comply with the provisions of the Charities Act 2011 in
relation to any direct fundraising when this occurs and to encourage supporting individuals,
companies and trade bodies to adhere to and comply with the provisions of the Fundraising
Standards Board as part of BTBS' membership during the year.
The Board records its thanks and appreciation to the following supporters:
AAA
Blake Friedmann
Bloomsbury
Book Society, The
Bookbrunch
Booksellers Association
Bookseller, The
Clays (Photo: Maddie Hanson)
David Grossman
Ernest Hecht Charitable Foundation Foyle Foundation
Hachette
We would also like to express our thanks to those companies who donated to us in lieu of
HarperCollins
Christmas cards during 2024 including Gardners and Nielson.
Indigo Press
Ingram/Lightning Source
In addition, we would like to thank our amazing Marathon runners and our Cycling team who
Kogan Page
Old Possum's Practical Trust raised an incredible sum of money for us during 2024.
Pan Macmillan
Marathon – Lily Evans, Jonathan Green, Maddie Hanson, Nick Walters and Nicky Ross
Penguin Random House
Profile Cycling – Jeremy Brinton, Oliver Gadsby,
Severn House (Canongate)
Simon & Schuster The overall reduction in 2024 income should be viewed in the context of exceptionally high
trust and foundation contribution in 2023, thanks to our friends at The Unwin Charitable
Sue Thompson Charitable Trust Unwin Charitable Trust Waterstones
Trust.
41
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(Photo: Vic Perry)
We wish to record our thanks and appreciation to all volunteers who contributed greatly to the
charity’s achievements and developments during the year. Without this support, we would not
be able to transform lives.
Particularly, the trustees record thanks to David Hicks and ‘the cavalry’ of book sorters who
prepare us for our book sales and support us at the London Book Fair each year.
The Board records its thanks and appreciation to the small staff team of Vic Perry, Glenda
Barnard, Nicki Cattle and Keith Foster who are professional and dedicated in all that they do,
including many voluntary hours in support of Book sales and other events.
This report is prepared in accordance with the special provisions of Part 15 of the Companies
Act 2006 relating to small companies.
43
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INCOME
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Restricted donations
Unrestricted donations
Book sales and events
Rental income
Investments
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The statement of financial activities shows net expenditure of £1,000,546 for the year ended 31 December 2022.

	2024	2023
Total income:	£910,633	£1,493,303
Total expenditure:	£1,096,519	£1,199,257
Investment (losses)/gains	£20,714	£7,965
Net expenditure	(£165,172)	£302,011

Recurring income for the charity comprises income from voluntary sources, events, rents and investments.

Corporate and personal donations, and grants from charitable trusts contributed £275,005 (2023: £145,126) to unrestricted funds and £17,675 (2023: £736,438) to restricted funds.
Trading and events income totalled £82,592 (2023: £61,886) mainly from book sales.
Rental income amounting to £522,453 (2023: £540,734).

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EXPENDITURE
Raising funds
Grants programme
Provision of homes
Trading
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Gross investment income was £12,908 (2023: £9,119). Movement in the stock market during 2024
resulted in net unrealised and realised gains totalling £20,714 (2023: net gain of £7,965).

Costs for the year are £1,096,519 (2023: £1,199,257):

Grants in the year, including provisions for regular grant commitments in 2024, amounted to £331,417 compared with £382,266 in 2023.

I N V E S T M E N T S

The charity’s investments are invested into the Rathbone Core Investment Fund for Charities, a pooled fund specifically designed for charities. Rathbones provided the following report in respect of the Core Fund for 2024:

Equity markets demonstrated resilience in 2024 as global economic growth held up better than expected, as central banks remained focused on managing inflation, implementing a more cautious approach to interest rate cuts than previously anticipated. The year also saw a several countries hold significant political elections, notably a Labour victory in the UK and the re-election of Donald Trump in the US, in late 2024. Against this economic and political backdrop, equity markets extended the rally from 2023, particularly in the US, driven by a few key sectors. Technology stocks, particularly those related to AI and cloud computing, remained in the spotlight but experienced sell-offs towards the end of the year. In contrast, financial stocks showed resilience amid higher interest rates, benefiting from improved net interest margins. Amidst this market environment, the UK equity market (as measured by the FTSE All Share) rose +9.5%, while overseas equities (as measured by the FTSE All- World ex UK) saw a stronger gain of +20.2%. Fixed income performance lagged in 2024 due to significant volatility, particularly in late 2024. This was driven by central banks’ cautious approach to rate cuts, macroeconomic events such as Labour’s late-year budget announcement and an unexpected rise in inflation in late 2024, which led to higher yields and lower bond prices.

In 2024, the Rathbone Core Investment Fund for Charities, returned +9.7% net of all fees. This was slightly behind Rathbones’ composite index benchmark which rose +10.1%, but comfortably ahead of the peer group (as measured by the ARC Charity Steady Growth Index), which returned +8.2%.

I N V E S T M E N T P O L I C Y

Overall, the trustees wish to pursue a policy which provides revenue and growth to support the charity’s current purposes and enhances income and capital growth over the longer term, thereby enabling them to meet the current and future objectives in accordance with the purposes of the charity. The investment objective of the Fund is to produce a return of inflation (CPI) plus 3%, net of fees. The Board has agreed to dispense with the income requirements and re-invest income to support capital growth, subject to any withdrawals the charity finds it necessary to make. This requirement is subject to annual review.

The trustees have delegated the day-to-day decision making and control of the charity’s investments to Rathbones Investment Management, through a managed fund, to be informed

by the policies and guidelines agreed annually at a meeting of trustees and monitored by regular contact with the Chief Executive, by formal quarterly reports and presentations to the finance committee of The Book Trade Charity. The trustees, in delegating their investment management, require the Managers to pay attention to the standard investment criteria, namely the suitability of the class of investment and the need for diversification insofar as it is appropriate to the circumstances of the charity and these requirements are to be met by the management of the fund. There are few restrictions on the type of investments or markets in which the Managers would invest on the charity’s behalf and the trustees see no conflict with the overall objectives of the shared fund. The Charity intends to actively learn more about ethical investment over the coming twelve months.

The trustees accept a medium risk approach to investment (definition below*) with a medium-to-long term objective of meeting the requirement for a returns target of inflation plus 3%, recognising that there will be short term fluctuations, and are satisfied the fund proposed for BTBS by Rathbones can achieve this. Note, we are less dependent on income from investments, given the significant reduction in value of reserves.

*The volatility target, as measured by standard deviation, aims to be high single digit (810%) i.e., roughly halfway between that of equities and government bonds. If we assume an expected return of +6% per annum (gross of fees) and that the volatility is 9%, then the expected range of returns (in th eory) for the portfolio would be between -12% and +24% each year with a 95% degree of confidence.

R E S E R V E S P O L I C Y

As at 31 December 2024, the charity held designated funds (comprising the property reserve, which is based on the net book value of the fixed assets of the charity, less loans secured against the properties) of £8,880,811, with unrestricted reserves of £256,072 (representing four months of unrestricted expenditure).

The charity’s target is to hold sufficient reserves in investments to cover four key areas of need:

Continuity – funds used to bridge any delays in regular receipts – the estimated value of 3 months of donation income, £65,000.
Cyclical Maintenance – funds used for major maintenance to buildings and interiors – this is estimated at £100,000
Restructuring – funds used to cover essential trading activities if sources of income were reduced, such as a fall in occupancy of the property – this is identified as 4 months of budgeted expenses £256,000
Dissolution – funds used should the charity be unable to continue. Only to be used in the event of the trustees’ deciding the charity should cease to exist – this is identified as three months running

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costs plus three months residual salaries £82,000
Minimum required unrestricted reserves are approximately £503,000. The charity will
continue to review their reserves and reserves policy on an annual basis and work towards
achieving the minimal target level of coverage. During recent years we have consciously
made significant investment in the capital redevelopment of Bookbinders Cottages which
has temporarily reduced the level of reserves below the policy target.
G O I N G C O N C E R N
The trustees have assessed the position of the charity as a going concern in preparing this
report and financial statements and have made this assessment in respect to a period of
over one and half years from the date of approval of these accounts, based on budgets and
cashflow forecasts to December 2025, the forecast reserves position at 31 December 2025
and the expected level of activity during 2025/2026. The charity’s net current assets at 31
December 2024 are covered by fixed asset investments which can be converted to cash if
necessary.
The trustees considered options for repayment or refinancing the loan and it has been
decided to refinance the outstanding value of the loan, £1.13m, with repayment of the
loan over a 20-year period. This was successfully renegotiated subsequent to the year end.
In refinancing, the charity have reduced the yearly capital requirements for repayment,
ensuring the charity continues to have sufficient funds to service its objectives. The trustees
also assessed key risks in the assumptions to these budgets and cashflow forecasts, including
reductions in key revenue streams, increases in costs and fluctuations in interest rates
and reviewed the impact that a significant change could have on the forecast to ensure the
charity position. Mitigations against these risks were considered and would entail reducing
the level of grants offered or the number of beneficiaries supported, re- assessing the criteria
for providing housing and increasing the fundraising activity of the charity.
The trustees have concluded that there are no material uncertainties related to events or
conditions that may cast significant doubt on the ability of the charity to continue as a going
concern, and the charity will have sufficient resources to meet its liabilities as they fall due.
(Photo: Robin Moreira)
49
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Other information (continued)

Opinion

We have audited the financial statements of The Book Trade Charity (BTBS) (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statements of cash flows, the principal accounting policies and notes to the financial statements. 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).

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially 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 there is a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 December 202 4 and of its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
the information given in the Trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements.
have been prepared in accordance with the requirements of the Companies Act 2006.

Matters on which we are required to report by exception

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 ethic al 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.

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 Trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to 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 in respect to the remuneration of Trustees specified by law are not made; or

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 Charity’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.

we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Trustees’ responsibilities

As explained more fully in the statement of trustees’ responsibilities , the Trustees (who are also the directors 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.

Other information

The other information comprises the information included in the Annual Report , including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In 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 has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice Accounting and Reporting by Charities preparing this accounts in accordance with the Financial reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and the Companies Act 2006), those that relate to data protection (General Data Protection Regulation) and those in relation to safeguarding.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Auditor’s responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 this report

This report is made solely to the charitable company’s Trustees, 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 Trustees those matters that we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company’s and the company’s Trustees as a body, for our audit work, or the opinions we have formed.

making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we:

performed analytical procedures to identify any unusual or unexpected relationships;
performed substantive testing of expenditure including the authorisation thereof; and
reviewed journal entries to identify unusual transactions.

Gumayel Miah, Senior Statutory Auditor for and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

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Total Total
Unrestricted Designated Restricted funds funds
funds funds funds 2024 2023
Notes £ £ £ £ £
Income from:
Donations and legacies 1 275,005 - 17,675 292,680 881,564
Charitable activities
. Rental income 522,453 - - 522,453 540,734
Other trading activities 2 82,592 - - 82,592 61,886
Investments and interest receivable 3 12,908 - - 12,908 9,119
Total income 892,958 - 17,675 910,633 1,493,303
Expenditure on:
Raising funds
. Publicity and fundraising 42,692 - 12,120 54,812 59,676
. Fundraising trading
.. Costs of selling donated goods 13,711 - - 13,711 10,318
Charitable activities
. Grants programmes 307,954 - 23,463 331,417 382,266
. Provision of residential accommodation 481,989 214,590 - 696,579 746,997
Total expenditure 4 846,346 214,590 35,583 1,096,519 1,199,257
Net (expenditure) income before investment
gains 46,612 (214,590) (17,908) (185,886) 294,046
Net investment gains 20,714 - - 20,714 7,965
Net (expenditure) income 67,326 (214,590) (17,908) (165,172) 302,011
Transfer between funds 15 (49,577) 158,573 (108,996) - -
Net movement in funds 17,749 (56,017) (126,904) (165,172) 302,011
Reconciliation of funds:
Fund balances brought forward
at 1 January 2024 238,323 8,936,828 332,776 9,507,927 9,205,916
Fund balances carried forward
at 31 December 2024 256,072 8,880,811 205,872 9,342,755 9,507,927
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C o m p a r a t i v e i n f o r m a t i o n Notes	Unrestricted funds £	Designated funds £	Restricted funds £	Total funds 2023 £ 881,564 540,734 61,886 9,119 1,493,303 59,676 10,318 382,266 746,997 1,199,257 294,046 7,965 302,011 — 302,011 9,205,916 9,507,927
Income from: Donations and legacies 1 Charitable activities . Rental income Other trading activities 2 Investments and interest receivable 3 Total income Expenditure on: Raising funds . Publicity and fundraising . Fundraising trading .. Costs of selling donated goods Charitable activities . Grants programmes . Provision of residential accommodation Total expenditure 4 Net income (expenditure) before investment gains and losses Net investment gains (losses) Net (expenditure) income Transfer between funds Net movement in funds Reconciliation of funds: Fund balances brought forward at 1 January 2023 Fund balances carried forward at 31 December 2023	145,126 540,734 61,886 9,119	— — — —	736,438 — — —
	756,865	—	736,438
	59,676 10,318 337,305 445,667	— — — 204,013	— — 44,961 97,317
	852,966	204,013	142,278
	(96,101) 7,965	(204,013) —	594,160 —
	(88,136) (48,430) (136,566)	(204,013) 400,926 196,913	594,160 (352,496) 241,664
	374,889	8,739,915	91,112
	238,323	8,936,828	332,776

All of the charity’s activities derived from continuing operations during the above two financial periods .

The charity has no recognised gains or losses other than those shown above.

The notes on pages 35 to 43 form part of these financial statements.

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2024 2024 2023 2023 2024 2023
Notes £ £ £ £ Notes £ £
Fixed assets Cash flows from operating activities:
Tangible assets 9 10,026,743 10,129,224 Net cash (used in) provided by operating activities A (31,366) 456,788
Investments 10 266,928 337,675
Total fixed assets 10,293,671 10,466,899 Cash flows from investing activities:
Dividends and interest from investments 12,909 9,119
Current assets Purchase of tangible fixed assets (112,109) (352,496)
Debtors 11 70,624 30,406 Proceeds from the disposals of investments 105,406 -
Cash at bank and in hand 228,328 317,363 Purchase of investments (13,945) (8,472)
Total current assets 298,952 347,769 Net cash used in investing activities (7,739) (351,849)
Current liabilities Cash flows from financing activities
Creditors: amounts falling due within one year 12 (1,249,868) (163,923) Movement in borrowing (49,929) (48,432)
Net current (liabilities) assets (950,916) 183,846 Change in cash and cash equivalents in the year (89,034) 56,507
Total assets less current liabilities 9,342,755 10,650,745 Cash and cash equivalents at 1 January B 317,599 261,092
Non-current liabilities Cash and cash equivalents at 31 December B 228,565 317,599
Creditors: amounts falling due outside of one year 13 - (1,142,818)
Net assets 9,342,755 9,507,927 Notes to the statement of cash flows for the year to 31 December 2024
A Reconciliation of net movement in funds to net cash flow from operating activities
The funds of the charity 2024 2023
£ £
Unrestricted funds
. Free reserves 256,072 238,323 Net movement in funds (as per the statement of financial activities) (165,172) 302,011
. Designated funds 14 8,880,811 8,936,828 Adjustments for:
Total unrestricted funds 9,136,883 9,175,151 Depreciation charge 214,590 204,013
Gains on investments (20,714) (7,965)
Restricted funds 15 205,872 332,776 Dividends and interest from investments (12,909) (9,119)
Increase in debtors (40,218) (2,482)
Total charity funds 9,342,755 9,507,927 Decrease in creditors (6,945) (29,670)
Net cash provided by operating activities (31,366) 456,788
The financial statements were approved and authorised for issue by the Board by:
B Analysis of changes in net debt
At Non-cash At
1 Jan 2024 Cash flows movements 31 Dec 2024
£ £ £ £
Honorary Treasurer
Cash at bank and in hand 317,363 (89,034) - 228,329
Date: Cash held by investment managers 236 - - 236
Total cash and cash equivalents 317,599 (89,034) - 228,565
Loans falling due within one year (49,577) - (1,092,889) (1,142,466)
Loans falling due outside of one year (1,142,818) - 1,142,818 -
The notes on pages 35 to 43 form part of these financial statements. Total (874,796) (89,034) 49,929 (913,901)
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The financial statements were approved and authorised for issue by the Board by:

Honorary Treasurer

Date:

The notes on pages 35 to 43 form part of these financial statements.

Company number: 06725178 (England and Wales)

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2024.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

estimating the useful economic life of tangible fixed assets;
estimating the value of regular grants that had been committed to be disbursed at the year end; and
estimating future cash flows for the purpose of assessing going concern (see below).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. This is based on budgets and cash flow forecasts to December 2025 and projections beyond.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. They are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. Despite the continued uncertainty in relation to inflation and interest rate rises, there are no concerns regarding the charity’s ability to continue as a going concern.

At year end, the unrestricted fund is in a net current liability position, however the re-financing of the loan has been agreed post year-end. More detail on this can be found at Note 13. With regard to the next accounting period, the year ending 31 December 2025, the most significant areas that affect the carrying value of the assets held by the charity are the performance of housing markets and, to a lesser extent investment markets.

Income recognition

All income is included in the statement of financial activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. The following specific policies apply to categories of income:

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, investment income and other income including the surplus on the disposal of tangible fixed assets.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised with a financial value.

Estimating the fair value of donated books and similar items for resale is impractical because of the volume of low-value items received and the absence of detailed stock records. Donated goods for resale are therefore not recognised on receipt and instead the value to the charity of the donated goods sold is recognised as income when sold.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash, or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Tangible fixed assets and depreciation (continued)

Depreciation is provided to write off the cost or valuation, less estimated residual values, of all fixed assets evenly over their expected useful lives. It is calculated at the following rates:

Fixtures and fittings	-	between 10% and 20% straight line
Motor vehicles	-	20% straight line
Freehold buildings	-	between 2% and 5% straight line

The charitable company has a policy of capitalising assets which cost more than £1,000.

Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes investment management fees, staff costs associated with fundraising, and an allocation of support costs.

Freehold land is not depreciated.

Borrowing cost

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitable grants and donations, direct and support costs in respect on the charity’s primary charitable purposes as described in the trustees’ report and includes governance costs .

Borrowing costs that are directly attributable to the acquisition, construction or production of a tangible fixed asset are capitalised as part of the cost of that asset and depreciated in line with estimated useful life of the associated asset.

Investments

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or must fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value of investments at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned as detailed in notes 6 and 7.

Pension costs

The charitable company offers staff contributions towards a pension scheme, established with the Pensions Trust. Contributions to this scheme, and previously existing personal pension schemes are charged to the statement of financial activities in the year in which they become payable. The charity’s contributions are restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Tangible fixed assets and depreciation

Freehold land and buildings are stated at a trustees’ valuation made, with professional assistance, in 2010 – based on market value for existing use under the transition provisions of FRS 102 this valuation has been treated as deemed cost. Freehold land and building acquired since then are stated at cost, or where they have been acquired for £nil consideration the fair value at the date of acquisition has been used as deemed cost. All other fixed assets are stated at cost.

Fund accounting

Funds held by the charity are:

Unrestricted funds

these are funds which can be used in accordance with the charitable company's objects, at the discretion of the Board.

Fund accounting (continued)

Designated funds

these are unrestricted funds set aside by the Board for specific purposes.

Restricted funds -

these are funds that can only be used for particular restricted purposes, within the objects of the charitable company. Restrictions arise when specified by the donor or implied by the terms of an appeal.

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.

1. Donations and legacies

	Unrestricted £	Designated £ — — — —	Restricted £ — 17,675 — 17,675	2 0 2 4 £	2023 £
Legacies Donations and appeals . Donations . Cost of Living Appeal T o t a l 2 0 2 4 f u n d s	— 275,005 —			— 2 9 2 , 6 8 0 —	500 860,666 20,398
	275,005			2 9 2 , 6 8 0	881,564
		Unrestricted £ 500 144,626 — 145,126	Designated £ — — — —	Restricted £ — 716,040 20,398 736,438	2023 £ 500 860,666 20,398 881,564
Legacies Donations and appeals Donations Cost of Living Appeal Total 2023funds

2. Other trading activities

	Unrestricted funds 2 0 2 4 £ 2023 £ — 5,896 1 2 , 9 7 9 7,370 1 5 , 0 5 2 — 5 4 , 5 6 1 48,620 8 2 5 9 2 61886	Unrestricted funds 2 0 2 4 £ 2023 £ — 5,896 1 2 , 9 7 9 7,370 1 5 , 0 5 2 — 5 4 , 5 6 1 48,620 8 2 5 9 2 61886
		2023 £ 5,896 7,370 — 48,620 61886
Marathon donations Events/collections Other income Sales of donated goods T o t a l 2 0 2 4 f u n d s

3. Investment income

Unrestricted funds

----- Start of picture text -----
2024 2023
£ £
Listed investments 12,908 9,119
Total 2024 funds 12,908 9,119
----- End of picture text -----

4. Expenditure

5. Grants payable

Included within grants programmes expenditure are the following grants:


	Direct costs £	Support costs (note 6) £	T o t a l f u n d s 2 0 2 4 £		Total funds 2023 £
Raising funds . Publicity and fundraising . Fundraising .. Costs of selling donated goods Charitable activities . Grants programmes (note 5) . Provision of residential accommodation	10,452 13,711 277,388 632,262	44,360 — 54,029 64,317	5 4 , 8 1 2 1 3 , 7 1 1 3 3 1 , 4 1 7 6 9 6 , 5 7 9		59,676 10,318 382,266 746,997
	933,813	162,706	1 , 0 9 6 , 5 1 9		1,199,257
		Direct costs £	Support costs (note 6 £	)	Total funds 2023 £
Raising funds Publicity and fundraising Fundraising .. Costs of selling donated goods Charitable activities Grants programmes (note 5) Provision of residential accommodation		12,213 10,318 318,461 674,048	47,463 — 63,805 72,949		59,676 10,318 382,266 746,997
		1,015,040	184,217		1,199,257

Included in expenditure are:

Staff costs amounting to £216,023 (2023: £204,804)
Payments under operating leases for equipment amounting to £3,098 (2023: £3,098)
A charge for depreciation amounting to £214,590 (2023: £204,013)
Fee paid to the auditor in respect of the statutory audit amounting to £13,000 (2023: £11,500) excl. of VAT

Trustees’ indemnity insurance is provided by the charitable company’s insurers at no additional cost to the charitable company.

	2 0 2 4 £	2023 £
Individuals . The welfare of people in financial need . Medical costs of beneficiaries . Support to people in training, retraining and education . COVID-19 Hardship fund Institutions . MHCT	1 8 3 , 3 9 1 - 9 3 , 9 9 7 - -	264,064 2,690 15,119 2,000 34,588
	2 7 7 , 3 8 8	318,461

Grants were awarded to 177 beneficiaries (2023: 158 individuals). Grants were awarded to the following institutions: Bound by Veterans and Southam Book Festival.

6. Support costs allocation

6 . S u p p o r t c o s t s a l l o c a t i o n
	Office staff £	Chief executive £		Travel, training, etc £	Office expenses £		Govern- ance (note 7) £	Bank charges £	T 2	o t a l 0 2 4 £	Total 2023 £
Raising funds .. Publicity and fundraising Charitable expenditure . Grants programmes . Provision of residential accommodation	8,321 9,985 14,978	29,069 33,913 33,913		2,538 843 6,149	3,881 2,208 2,198		— 6,529 6,529	551 550 550	4 4 , 5 4 , 6 4 ,	3 6 0 0 2 8 3 1 7	47,463 63,805 72,949
	33,284	96,895		9,530	8,287		13,058	1,651	1 6 2 ,	7 0 5	184,217
		Office staff £			Travel, training, etc £	Office expenses £		Govern- ance (note 7) £	Ban charg	k es £ 65 65 65 95	Total 2023 £ 47,463 63,805 72,949 184,217
Raising funds .. Publicity and fundraising Charitable expenditure . Grants programmes . Provision of residential accommodation		7,270 8,720 13,081	31,103 36,287 36,287		1,657 320 5,110	6,868 4,444 4,437		- 13,469 13,469	5 5 5
		29,071	103,677		7,087	15,749		26,938	1,6

Cost allocation includes an element of judgement and the charitable company has had to consider the cost/benefit of detailed calculations and record keeping.

Basis for support costs allocation:

Office staff, estimated time spent on activities.
Travel, allocated according to usage.
Office expenses, allocated according to usage of resources.
Governance costs, specifically incurred professional fees are allocated directly to the relevant activity and other fees are allocated equally between the charitable activities.

7. Governance

	2 0 2 4 £	2023 £
Legal and professional Audit and accountancy fees	5 8 1 3 , 0 0 0	11,717 15,220
	1 3 , 0 5 8	26,936

8. Staff costs and remuneration of key management personnel

	2 0 2 4	2023
	£	£
Wages and salaries Social security costs Pension costs	1 8 4 , 1 0 2 1 5 , 3 0 7 1 6 , 6 1 4	178,102 14,486 12,216
	2 1 6 , 0 2 3	204,804

9. Fixed assets

----- Start of picture text -----
Fixtures
Freehold and Motor IT Bookbinders
property fittings vehicles Equipment Development Total
£ £ £ £ £ £
Cost
At 1 January 2024 8,190,033 163,444 16,800 6,505 3,112,901 11,489,683
Additions 12,678 99,431 — — — 112,109
At 31 December 2024 8,202,711 262,875 16,800 6,505 3,112,901 11,601,792
Depreciation
At 1 January 2024 1,060,612 28,144 13,440 3,903 254,360 1,360,459
Charge for the year 98,855 26,287 3,360 1,301 84,787 214,590
At 31 December 2024 1,159,467 54,432 16,800 5,204 339,147 1,575,049
Net book value
At 31 December 2024 7,043,244 208,443 — 1,301 2,773,754 10,026,743
At 31 December 2023 7,129,421 135,300 3,360 2,602 2,858,541 10,129,224
----- End of picture text -----

The average number of employees during the year, analysed by function, was as follows:

Included in freehold property is land with a carrying value of £4,025,967 (2023: £4,025,967) which is not depreciated. The freehold property is entirely occupied by the charitable company for its own activities.

	2 0 2 4 £	2023 £
Estate management Support	2 . 0 2 . 0	2.0 2.0
	4 . 0	4.0

One employee received remuneration of between £80,001 and £90,000 in 2024 (2023: One employee received remuneration of between £80,001 and £90,000).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees and the senior management team. The total remuneration (including taxable benefits and employer's pension contributions) of the key management personnel for the year was £96,498 (2023: £103,677). Trustees are not remunerated. During 2024 no amounts were paid on behalf of/reimbursed to trustees for travel costs (2023: £nil).

10. Investments

----- Start of picture text -----
2024 2023
£ £
Listed investments
Market value at 1 January 2024 337,439 321,002
Additions at cost 13,945 8,472
Disposal at opening market value (105,406) —
Net gains on investments 20,714 7,965
Market value at 31 December 2024 266,692 337,439
Cash held by investment managers for reinvestment 236 236
266,928 337,675
Historical cost of listed investments at 31 December 2024 220,164 295,546
----- End of picture text -----

At 31 December 2024, the following investment holding was material.

At 31 Db 2024 th flli itt hldi til
ecemer , e oowng nvesmen ong was maera.	2 0 2 4 £
Rathbone Core Investment Fund For Charities	2 6 6 , 6 9 2
At 31 December 2023, the following investment holding was material.	2023 £
Rathbone Core Investment Fund For Charities	337,441

10. Investments (continued)

All listed investments were dealt in on a recognised stock exchange and comprised the following classes of assets:

	2 0 2 4 £	2023 £
Unit trusts	2 6 6 , 6 9 2	337,441
	2 6 6 , 6 9 2	337,441

11. Debtors

	2 0 2 4 £	2023 £
rade debtors repayments and accrued income	7 , 7 4 0 6 2 , 8 8 4	12,521 17,885
	7 0 , 6 2 4	30,406

12. Creditors: amounts falling due within one year

	2 0 2 4 £	2023 £
rade creditors AT and payroll taxes Grants payable ccruals and deferred income ank loans (see note 13)	1 0 , 8 0 8 4 , 8 2 6 7 5 , 0 0 0 1 6 , 7 6 8 1 , 1 4 2 , 4 6 6	10,647 7,477 75,000 21,222 49,577
	1 , 2 4 9 , 8 6 8	163,923

13. Creditors: amounts falling due outside of one year (continued)

The bank loan included within year end creditors above was repayable in monthly instalments of £10,523 (inclusive of interest) and bore interest at 3% over base rate.

The total agreed facility was £1,400,000 of which £1,142,466 had been drawn down at the balance sheet date. The facility was for a period of 60 months, dated from October 2020 when the first drawdown took place and capital repayments commenced in November 2021. The facility was scheduled to expire in October 2025.

Post balance sheet event

Following the year-end, the charity has successfully renegotiated an extension to the original loan facility which was scheduled to expire in October 2025. The new re-financed loan was agreed in April 2025 and is of a value of £1,130,000. The loan has a te rm of 20 years, and carries a variable interest rate of 2.75% + the Bank’s base rate (which at April 2025, was 4.5%). The monthly repayments of the loan are £8,881.

The loan has been secured by way of a fixed charge over the charitable company's freehold property.

14. Designated funds

4 . D e s i g n a t e d f u n d s	At 1				A t 3 1
	January 2024 £	New designations £	Utilised/ released £	Transfers £	D e c e m b e r 2 0 2 4 £
angible Fixed Assets Fund	8,936,828	—	(214,590)	158,573	8 , 8 8 0 , 8 1 1
	8,936,828	—	(214,590)	158,573	8 , 8 8 0 , 8 1 1

The tangible fixed assets fund represents the amount of funds locked up in fixed assets which are needed for operational purposes, less the outstanding value of bank loans secured against the properties of the charity. Depreciation of fixed assets released from the designated fund annually.

13. Creditors: amounts falling due outside of one year

	2 0 2 4 £	2023 £
ank loan	-	1,142,818

The bank loan may be analysed:

	2 0 2 4 £	2023 £
Due within one year (see note 12) Due between one and two years Due between three and five years	1 , 1 4 2 , 4 6 6 — —	49,577 1,142,818 —
	1 , 1 4 2 , 4 6 6	1,192,395

Transfers from the fund in the year represent the movement in the drawn down loan facility (transfer in from general funds of £49,577) and capital additions in the year (transfer in restricted funds of £108,996).

	At 1 January 2023 £	New designations £	Utilised/ released £	Transfers £	At 31 December 2023 £
angible Fixed Assets Fund	8,739,915	—	(204,013)	400,926	8,936,828
	8,739,915	—	(204,013)	400,926	8,936,828

15. Restricted funds

	At 1				A t 3 1
	January 2024 £	Income £	Expenditure £	Transfers £	D e c e m b e r 2 0 2 4 £
Ernest Hecht Fund Unwin Charitable Trust Fund Archive Project from Old Possums	113,437 219,339 —	— — 17,675	(23,463) — (12,120)	— (108,996) —	8 9 , 9 7 4 1 1 0 , 3 4 3 5 , 5 5 5
	332,776	17,675	(35,583)	(108,996)	2 0 5 , 8 7 2

The Ernest Hecht Fund was set up in 2020, this fund provides a bursary scheme for young people entering the trade from diverse and/or financially disadvantaged backgrounds

The Unwin Charitable Trust Fund is to be utilised with respect to improvement works to the property of the Charity with a particular focus on energy efficiency. Costs on the project work began to be incurred in 2022. Amounts capitalised are shown as transfers from the Unwin Charitable Trust Fund to the designated capital fund.

The Old Possums Practical Trust support agreed additional funding in 2024 to support our archive project. This one off additional support was restricted to supporting the work to revive our archive material and start the work of housing and displaying key documents.

	At 1 January 2023 £	Income £	Expenditure £	Transfers £	At 31 December 2023 £	At 31 December 2023 £
Ernest Hecht Fund Cost of Living appeal Unwin Charitable Trust Fund	138,000 — (46,888)	— 20,398 716,040	(24,563) (20,398) (97,317)	— — (352,496)	113,437 — 219,339
	91,112	736,438	(142,278)	(352,496)	332,776
1 6 . A n a l y s i s o f n e t a s s e t s b e t w e e n f u n d s		Unrestricted funds: Free reserves £	Unrestricted funds: Designated funds £	Restricted funds £	T o t a l f u n d s 2 0 2 4 £
Fixed assets Current assets Current liabilities		266,928 93,080 (103,936)	10,023,277, - (1,142,466)	- 205,872 -	1 0 , 2 9 3 , 6 7 1 2 9 8 , 9 5 2 ( 1 , 2 4 9 , 8 6 8 )
		256,072	8,880,811	205,872	9 , 3 4 2 ,	7 5 5
		Unrestricted funds: Free reserves £	Unrestricted funds: Designated funds £	Restricted funds £	Total funds 2023 £
Fixed assets Current assets Current liabilities Non-current liabilities		337,675 14,993 (114,345) _— _	10,129,223 — (49,577) (1,142,818)	— 332,776 — _— _	10,466,899 347,769 (163,923) (1,142,818)
		238,323	8,936,828	332,776	9,507,927

17. Volunteers

Volunteers constitute the Board of trustees, with co-options to the committees and, recognition given to their contribution to the charity’s achievements and developments during the year, without which the charity would not be able to achieve all that it does to relieve need. The support of the President and the honorary Treasurer is particularly significant
Book trade colleagues who help to collect books for book sales at The Retreat and at London Book Fair and who support our book sales throughout the year.
The Retreat residents and friends who organise social occasions and outings, and volunteer Graham Hogben drives the minibus for the weekly supermarket trips, and other occasional outings.

18. Contingent asset

The Trustees of Old Possum’s Practical Trust have agreed to donate £10,000 to the charitable company annually, as long as the Trust's funds permit. No debtors have been recognised in the financial statements in respect of future donations as it is not possible to determine how long the Trust will continue to donate to the charitable company.

19. Lease commitments

At 31 December 2024, the charity had the following future minimum commitments in respect to non-cancellable operating:

	E q	e n t
	2 0 2 4 £ 3 , 0 9 8 9 , 6 4 0 — 1 2 , 7 3 8	2023 £
Within one year Within two and five years More than five years		3,098 11,669 1,068
		15,835

16. Capital commitments

As at 31 December 2024, the charitable company had contracted for capital commitments amounting to £nil (2023: £nil).

17. Control

The charitable company is controlled by the members who are the trustees of the charitable company.

18. Related party transactions

During the year, £67,497 (2023: £72,533) was received as donations from various organisations in which some trustees are involved and in donations from trustees as individuals.

Other than the above and the matters disclosed within note 8 to the financial statements, there were no other related party transactions during the period of report (2023: none)

P R E S I D E N T

Isobel Dixon

PAT R O N S

Nigel Batt Kip Bertram Edwin Buckhalter John Elsley Trevor Hing Bill Samuel Timothy Wright

A M B A S S A D O R S

Andrew Franklin Ian Hudson Ursula Mackenzie John Seaton David Shelley David Young

A U D I T O R

Buzzacott LLP, 130 Wood Street, London, EC2V 6DL

B A N K E R S

Unity Trust Bank PLC, Nine Brindleyplace, Birmingham, B1 2HB

S O L I C I T O R S

Sherrards LLP, 4 Beaconsfield Road, St Albans, Hertfordshire, AL1 3RD

I N V E S T M E N T

A D V I S E R S

Rathbone Investment Management, 8 Finsbury Circus, London, EC2M 7A2

S TA F F

Chief Executive: Victoria Perry Operations Manager: Glenda Barnard Finance & Admin Manager (p/t): Nicki Cattle Special Projects (p/t): Keith Foster

B O A R D O F T R U S T E E S

Chair: Ian Chapman Vice Chair: Ann Woodhall Honorary Treasurer: Emily-jane Taylor

T R U S T E E S A N D

B O A R D M E M B E R S

Jeremy Brinton Meryl Halls David Neale

Jonathan Nowell Jasmine Richards

Elise Burns (until 22 July 2024) Kate McFarlan (until 22 July 2024) Gemma Woodward (until 22 July 2024) Samantha Smith (until 9 January 2025)

C O M PA N Y S E C R E TA R Y Victoria Perry

H O W Y O U C A N H E L P

To help fund our vital work please scan the QR code above with your phone - thank you for your help!

We welcome support of all kinds - please contact Vic at victoria@btbs.org to discuss how you can make a difference or visit www.btbs.org to learn more.

Some photos used are representative to maintain confidentiality.

Registered Office: The Foyle Centre, 28 The Retreat, Kings Langley, Hertfordshire, WD4 8LT (t) 01923 263128 (w) www.btbs.org (e) info@btbs.org Registered company number: 06725178 | Registered charity number: 1128129