M25 CONSORTIUM OF ACADEMIC LIBRARIES Companies House No. 06866895 Charity No. 1130877 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022
M25 Consortium of Academic Libraries Contents Page Page Reference and Administrativ8 Infomiatson Trustees. Report Independgnt Examiner's Report Slalemenl of Financial Activities 10 Balance Sheet Notes lo the Financial Statements 12-15
M25 Consortium of Academic Libraries Reference and Administrative Information Trusteès: Catherine Phillpolls Matthew Lawson Iresigned 30 June 20221 Michelle Wakè Sara Burnett lappoinled 1 August 20211 Stuarl Hunt lappc>inled 30 June 20221 Christophèr Cipkin lappoinled 14 November 20221 Sécretary: Michelle Wake Reglstered office- 6th Floor 9 Appold Street London EC2A 2AP Independent •xamlner: James Cross Moore Kingston Smith LLP Charttsred Accountants 6th Floor 9 Appold Street Londo EC2A 2AP Bankers: Barclays PIC Lei¢ester LE87 2BB Companies House No.: 06866895 Charities Commlsslon No.: 1130877 Pa9e 1
M25 Consortium of Academlc Libraries Chalrman's Report 2021-2 There have been five regular online meetings of the Steering Group this year.. in June, Seplernber and December 2021 and in March and May 2022. In addition, a planning day was held in January 2022 where we reviewed progress with the new strategy initiatives and planned for the coming year. I would like to lake this opportunity lo thank all Steering Group members for their attendance and contributions over the last year and for taking on responsibility for specific aspects of the Consortium's business. The Trustees (Cathy Phillpotts, Treasurer; Michelle Wake. Secretary., Sara Bumett. cpd25 Chair and 11 and the Executive Manager (Rachel Taylor) have continued lo meet to progress business matters and to consider draft papers in between Steering Group meetings. I would like to thank the Truslees for their support and guidance during the year. In April 2022 Rachel Taylor left the consortium after two very busy ye8rs and we wish her all the best for the future. The Trustees decided to pause recruitment of her successor while the job description was reviewed and we are grateful to Laura Scullion. Administrator (Events & Programmesl who has been helping with additional dulles during the interim. The team have again worked productively over the last year to support all aspects of the work of Ihe Consortium and thanks are due to bolh Laura and Jeni Kutaika Billiard, Administrator {Finance & Reporting}- Following the 2022 AGM elections Stuart Hunt. (University of Reading) was elected as Chair of the M25 Consortium and Helen Rimmer, (University of Weslminslerl and Michelle Wake, (UCL) as Secretary were re-ele¢led to the Steering Group In addition to me, the following representatives have stepped down from the Steering Group as their temi has now ended Cathy Phillpotts, (London Metropolitan University) Tasurer,. and Alison Chojna, (London SoLrth Bank Universilyl. I would like lo thank them both for their valuable contribution lo the Consortium and pay special tribute to Cathy for her sterling work as Treasurer over the last 8 years. As always, I was pleased to be able to attend the ¢pd25 planning session in April. It was interesting to tske part Sn discussions about possible enhancements to the operation of the task groups and ways in which workshops might buikl on the flexibility brought about during the pandemic. As you'll see from Sara Bumett's, (Kingston University) report it has been another successfvl year for cpd25 The past year has seen a great deal of activity in our task groups= including the completion of outputs from the Wellbeing task and finish group and further work from the Diversily task group-both having produced resources available on the M25 website. We have also taken the opportunity to leam from the pandemic. with a new tssk group reviewing and revising our existing Business Continuity resources. Other new initiatives have included a focus on our non-HE members with Ihe launch of the Curator and Exhibitions network (which plans to hold regular meetings and workshops bringing together colleagues from the scholarfy and specialist library membership) and the Access25 task (reviewing the M25 library arLe$s scheme to ensure the scope and benefits are clear to users}. This year we implemented an M25 mentoring scheme.. working closely wilh SCONUL so that the hvo schemes were aligned and provide mentoring opportunities for member staff throughout their careers. The scheme was launched at this year's conference, which also included updates from all of the task groups. a keynote from Prof. Graeme Atherton, Head of the Centre for Inequality and Levelling Up at the University of West London. and a wide variety of interesting and challenging talks around the subject of widening participation. This is my final annual report update as I have now completed my term of office and handed over to Stuart Hunt. I have enjoyed leading the Consortium and it has been a privilege to wot* with so many dedicated people from member libraries. l am sure the M25 will go from strength to strength with Stuart's guidance and the energy and enthusiasm of our members. Page-. 2
Trustees Annual Report Iunaudlled Annual Accounts 2021-22) M25 Consortium of Academlc Libraries Constitution M25 Consortium of Academic Libraries is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association and Rules for the Conduct of Business. The Consortium was incorporated on l April 2009. Membershlp fvA25 Consortium is a membership consortium Consisting of 55 member institutions (please see appendix 1. for delailsl- Membership of Ihe Consortium is open to Higher Education Institutions located in and around London and the east and south east of England, whose institutions are eligible for membership of the Sociely of College. National and University Libraries {SCONUL). East and south east England is defined as the counties of Berkshire. Bedfordshire, Buckingharnshire, Cambridgeshire, Essex, Hampshire, Hertfordshire, Kent. Norfolk, Oxfordshire, Suffolk, Surrey, East Sussex and West Sussex. Other academic and academi¢-related institutions in the same areas may be invited to join subject lo the Consortium's approval. Governance The Trustees, advised by the Steering Group, provide the goveman¢e of Ihg M25 Consortium. Each member institution has Ihe right lo nominate an M25 Representative, who is normally Ihe Director or equivalent of their institution's Library Service. All Represenlalives have full voting rights. Trustees The Truslees of the Consortium comprise the Consortium Chair, Treasurer, Secretary and Chair of the cpd25 programme of the Consortium. The Trustees are elected al the Annual General Meeting lo hold office until the end of the equivalent Annual General Meeting at the end of the term of office. The term of office for the Chair and Secretary is two years, renewable by vote for a further term of two years. The Treasurer may hold office for up to four two-year terms renewed by vote. The Chair of cpd25 is appointed by a panel approved by the Steering Group and confimied at the next business meeting of the Consortium. The cpd25 Chair will hold office for two years, renewable for a further term of two years by mutual consent of the Trustees and the Steering Group. Trustees are appointed based on holding the Offi of Chair, Treasurer, Secretary or Chair of cpd25. The Trustees are the managing body for the Consortium. responsible for policy, strategy and the financial affairs of the Consortium. Steering Group The Steering Group of the Consortium is the key advisory group lo the Trustees. supporting them on matters of policy. strategy and finance, as well as the conduct of business on behalf of the full body of member representatives. Steering Group members are expected to lead or othemse participate in Ihe activities of one or more of the Consortium's lask and finish groups or projects, depending on their areas of interest or expertise. The Steering Group is elected from among the representatives of M25 member institutions. The Steering Group meets to conduct business as often as is required and this normally equates to five meetings per year. The period of office for Steering Group members is two years with a possible extension of two years subject to election. Appointment and a second term of office is by election at the Annual General Meeting. Page: 3
Trustees, Responsibilities The Trustees (who are also directors of the M25 Consortium of Academic Libraries for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice.) Company law requires Trustees to prepare financial slatemenls for each financial year which give a true and fair view of the slate of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for thal period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consislentty Observe the methods and principles in the Charities SORP Make judgments and estimates that are reasonable and prudent Slate whether applicable UK accounting standards have been followed, subject to any malerial departures disclosed and explained in the financial statements Prepare Ihe financial statements on the going Concem basis unless it is inappropriate to presume that the charilable 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. They are also responsible for safeguarding Ihe assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for the maintenance and integrity of the corporate and financial information included on the charitsble company's website. Induction of Trustees and Steering Group memb8 The M25 Consortium gained charitable stalus on the 1 August 2009. Steering Group members all have prior knowledge of the M25 Consortium by virtue of their role in the profession. Trustees are appointed based on holding the office of Chair. Treasurer, Secretary or Chair of cpd25 and responsibilities are clarified through regular trustee meetings. New Trustees receive infomiation about the Consortium's requirements, responsibilities and expeclalions of them as Trustees and Members of the Steering Group. Objoctives and Actlvltles B8¢kground Founded in 1993, the Consortium has tsken the lead in expanding access to libraries in the region. From establishing the M25 Access and Borrowing Scheme. the Consortium has developed a suite of resource discovery seryices {Search25} that enabled searching across the catalogues of member institutions and. through cpd25. has offered an extensive programme of training activities for staff in Consortium libraries. Mission In 2018-19 the Consortium developed a new Ihree-year strategy, called "Connecting Librariés. Developing Staff,, to run until 2022. Its mission is focussed on supporting our members, staff al all stages of their career- by connecting people, providing development opportunit18s, and forming communities of practice lo address shared issues. Page.. 4
Slrategic objectives The themes of the Strategic Plan 2019-2022, approved at the AGM on 8th May 2019, are.. Inspiring and developing our staff Connecting and collaborating through our network Celebrating diversity through our collections and services The enabling slrands are: Effective communi¢ation Sustainable infrastructure Co-creation M25 Support Team The M25 Support Team has been pemianently home-based since the Consortium lerminaled the lease for office space with Senate House in July 2020. As projected, this has resulted in a significant financial saving for the Consortium of around £13k per annum. The move to home-based working has been successful and will continue for the foreseeable fulure. Members of staff continue to be employed by the University of London, and a secondment agreement is in place for each employee to divert their wot*ing hours lo the M25 Consortium. In 2019-20 the Trustees began exploring alternative employment arrangements for the staff which would eliminate the VAT liability on salaries. This work continued in 2020-21 with the membership voting at the 2021 AGM in favour of the Consortium becoming a subgroup of SCONUL. In 2021-22, the Trustees will continue to weigh up the most sustainable options for the Consortium's future and planned to move fotward with the preferred option of becoming a subgroup of SCONUL. Whilst this process is taking longer than initially anticipated with complications between the University of London. SCONUL and the M25 Consortium it remains the preferred option. Laura Howlett {part-lime Administrator Events & Programmesl and Jeni Kutaika Billiard {part-time Adminislralor Finance & Reporting). continue to work three days a week. Rachel Telfer {Execulive Manager} left the M25 Consortium in early 2022. A role remains vacant. Achievements and Perfom7ance The Steering Group held a virtual Planning Day in January 2022 to reflect on the third year of the 2019- 22 strategy and look ahead lo a new strategy. Despite the impact of the pandemic, Ihe Consortium continued to make excellent progress during the first three years of the strategy. Priorities lo be delivered in year three, notably, the continuation of the Diversity task and finish group and the new Business Continuity task and finish group. Additionally, a regional mentoring scheme for early and mid- career staff was eslablished. The Steering Group has priorilised developing scholarly and specialist library membership and increasing engagement with current scholarly members. Due to the pandemic. we were unable to hold the M25 annual networking event in 2022, but we gathered our members virtually in February for a Members, Quiz. The Annual Conference with the theme 'AII things being equal.. the regional Contribution of libraries, was also held virtually in 2022. The online conference was very successful and saw an increase in engagement from members of staff who wouldn't have been able to attend an in-person conference due to financial, geographical or lime restrictions. The Annual General Meeting, which would usually take place at the annu81 conference, was once again held virtually in the summer. This enabled the Consortium to carry out regular AGM procedures suth as appointing new Trustees and Steering Group members and approving the budget for 2022-23. At Page: 5
the AGM, Stuart Hunt was elected lo Chair and Trustees and Steering Group members eligible for re- election al the AGM were re-elected without opposition. The M25 Staff Development Awards were offered for the fifth year in a row. These allowed members of staff in M25 Member institutions lo apply for awards to help their continuing professional development. Three cash bursaries of £500 each to attend an appropriate conference were made available, along with one free place at the M25 annual conference and two allocations of free cpd25 training lof one day and two days each). Due to the impact of COVID-19 on events, Ihe majority of awards from 2020-21 were carried forward lo 2021-22. The Steering Group has agreed to continue the scheme in 2022. In June 2020 we launched the M25 Speedmeet. The Speedmeet is a monthly written interview using the Consortium's website as a virtual platform to showcase and introduce a range of individuals working in M25 member library services. The idea was formed 81 the Steering Group Planning Day and aligns with one of the strategic themes for 2019-22 connecting and collaborating through our network. Our aim is to provide a regional network whose members offer mumiple perspecltves that can inform decision making, and f2cililale opportunities for networking and joint working on shared issues. Since June 2020 21 members have contributed to the Speedmeet. The Consortium held virtual Directors, Briefings in 2021-22, the first was in May 2022 'From policy Soup to deliverable strategy, and Ihe second was in December 2022 on 'Diversity in the M25 Consortium. The cpd25 programme continued online in 2020-21. with a full range oflraining and development events on offer to members throughout the year. cpd25 is a major strength of the Consortium's work and the plan is to continue to offer virtual learning opportunities as well a5 face lo face events in the future. Advocacy During the year the Executive Manager has maintained links with other regional and national groups such as NOWAL, Northem Collaboralion, WHELF, Mercian, White Rose and SCONUL. Annu81 Report The M25 Consortium's Annual Report 2021-22 was produced and made available to members on the website. The Consortium's e-archive of annual reports from 2008 onwards continues lo be made available on the Consortium's website. Flnan¢lal Review 2021-22 financial year The vast majority of Consortium income derives from member subscriptions and in the 2021-22 financial year total income was £144.459. The continuation of online events has allowed the Consortium to carry on offering services to members during the recovery from the pandemic. The costs involved in holding online events are generally lower. but this is reflected in lower event fees and therefore income is also lower. The reduction in salary spend duè lo the resignation of the Executive Manager enabled the Consortium to bring in a small surplus and the overall position of the Consortium remained stable at the end of 2021-22. The original budget had planned for a deficit of £8,161. however the change in stsffing meanl that a surplus of£19,233 was 8chieved. Rèserves Polioy The Consortium maintains a ReseNes Policy which can be viewed al https'.Ilwww.m251ib.ac.ukJabout- the-consortiumlgovernancelfinan¢el. This is based on ensuring sufficient funds to continue operating for up to three months in the event the Consortium needs lo wind up. The Reserves Policy is linked lo the Consortium's risk register. The Policy determines what areas of risk we should provide for and the Page.. 6
actual amount is r8Vl8wed every year. At the end of Ihe 2021-22 financial year the total free reserye held was £88,923. The Trustees have determined the necessary reseNe for 2021-22 is £50,290. The reserves are reviewed as part of the annual budget cycle and any areas requiring special funding are identified and the impact on the reseNes discussed by the Trustees. The Treasurer monitors the reserves throughout the year and provides regular reports al Trustee and Steering Group meetings. Future plannlng The Trustees recognise that it's necessary to reduce core operational costs to ensure a financially sustainable future for the Consortium. During 2020-21 the Consortium's resource discovery lool, Search25, was decommissioned and those members who are interested have been provided with support through a buddying scheme and seminar lo transition to Jisc's national resource discovery tool. Library Hub. The Trustees ongoing financial planning strategy is to minimise risk by continuing to reduce the core cost base, wilh particular Priority given lo the VAT on staff salaries and reviewing Ihe Consortium's IT cosls. Public Benefit The public benefits of the Consortium continue to be the improvement of library and information services, including access to those services, in academic and scholarly libraries in London and the east and south east of England. This is achieved by facilitating cooperation amongst Consortium members and by collaborating with relevant regional and national organisations lo share knowledge and develop services for Ihe benefit of leamers and researchers. The Trustees confirm that they have complied with the duly in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. These financial statements have been prepared in accordan with the spècial provIsn$ of part 15 of the Companies Act 2006. This r&wt was approved by the Board of Trustees on 26" May 2023 And signed on its behalf by Stuart Hunt, Truslee Page: 7
Appendix 1.. list of M25 member libraries 2020-21 Angli8 Ruskin University 2. Birkbeck, University of London 3. British Library 4. Brillsh Museum 5. Buckinghamshire New University 6. Canterbury Christ Church Universty 7. City, University of London 8. Courtauld Institute of Art 9. Geryllan Historical Institute London 10. Goldsmiths, University of London 11. Homiman Museum 12. Imperial War Museum 13. King's College London 14. Kingston University 15. Lambelh Palace Library 16. London Business School 17. London Melropolilan University 18. London School of Hygiene & Tropical Medicine 19. London South Bank University 20. Middlesex University 21. Oxford Brookes University 22. Queen Mary, University of London 23. Ravensbournè 24. Regent's University London 25. Royal Central School of Speech and Drama, University of London 26. Royal College of Art 27. Royal College of Nursing 28. Royal College of Surgeons of England 29. Royal Holloway, University of London 30. Royal Society of Chemistry 31. Royal United Services Inslilule 32. Royal Veterinary College 33. School of Oriental & AfrIn Studies 34. Science Museum 35. Senate House and SAS Libraries 36. St George's, University of London 37. St Mary's University, Twickenham 38. The Nation81 Archives 39. The Wiener Holocaust Library 40. Univèrsity College London 41. University for the Creative Arts 42. University of Bedfordshire 43. University of Buckingham 44. University ol East London 45. University of Essex 46. University of GenwICh 47. University of Kent 48. University of Reading 49. University of Surrey 50. University of Sussex 51. University of the Arts, London 52. University of Wesl London 53. University of Westminster 54. University of Winchester 55. Victoria & Albert Museum Page.. 8
Independent Examiners, Report to the Trustees of M25 Consortium of Academic Libraries I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022 R¢$pon$lbilitie5 and basis of report As the charity's Iruslees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the raquirem8nls of the Companies Act 2006 I'the 2006 A¢t'l. Having satisfied myself that the accounts of the Cornpany are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounls as rried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I h8ve followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Acl. Ind•pènd•nt gxamln¢rf$ $tatoment I have Cofnpleted my examination. I confirm that no matters have come lo my attentson in connection wth Ihe examination 9iving me ¢8use lo believe.. a¢counling records were not kept In respect of the Company as requlred by section 386 of the 2006 Act., or 2. the a¢¢ounts do not accord with Ih05e records,. or 3. the accounts do not comply wlh the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination., OT 4. the a¢¢ounts have not been prepad in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charilies lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and hav8 come across no other matters In connection wth the examinatK)n lo which attention should be drawn in this r8POrt in ordèr to ènable a proper und&rstanding of the accounts lo be reached. O&Y& K, L James Cross Moorè Kingston Smith LLP Chartered Ac¢ounl8nls Date.. 30 May 2023 6th Fk)or 9 Appold Street London EC2A 2AP Page 9
M25 Consortium of Academic Libraries Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31st July 2022 Unrestricted Funds Total 2022 Total 2021 Note Incomè from: Charitable aclivili85 Investments 144,446 141.619 34 Total 144,459 141.653 Expenditure on: Charitable activitiès 125 226 146,Otio 146,000 Total 125,226 Net incom• 19,233 14,3471 Total funds brought forward 70,504 74,851 Total funds carrl•d forward 89,737 70.504 Page 10
M25 Consortium of Academic Libraries Balance Sheet as at 31st July 2022 Note 2022 2022 2021 2021 Flxed Assets 815 1,625 Currtrnt Assets Debtors Cash at bank and in hand 3,087 111,801 8,628 87,427 114.888 96.055 Crèdltors: Amounts falllng due within one year 10 25,965 27,176 Net Current Assets 88,923 68.879 Net Assots 89,738 70,504 Funds Unreslricled funds 89.737 70,504 Total funds 89,737 70,504 The Twslees st8t8'. lal For the year ended 31st July 2022 the charilable company was entitled to exemption under section 477 of the Compan*&s Act 2006. (bl No nolice from Trustees requiring an audit has been deposited under Section 476 of the Cornpanies Act 2006. Icl The Trustees acknowledgg their responsibilities for complying with the requirements of the Act with respect to accounting records and foi the preparation of a¢¢ounts. Idl The accounts have been prepared in accord8n¢e with the provisions applicable to companies subject lo the small companies regime. S Hunt Date: 1Jl.3 COMPANIES HOUSE NO. . 06866895 Page.. 11
M25 Consortium of Academic Libraries Notes to the Financial Statements For the year ended 31st July 2022 1. A¢¢ounting Policlo$ Bas1$ of preparatlon of financlal statèmènts The financial statements have been prepared on 8 going concern basis under the historical cost nventiOn. The financial stslemenls have beèn prepared in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021. The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also Prepares ils financial statements in accordance wlh the Statement of Re¢ornmended Practice applicable to charities preparing their a¢¢ounls in accordan¢é with the Financial Reporting Standard applicablè in the UK and Republic of Ireland IThè FRS 102 Charities SORPI and the Charities Acl 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetsry amounts in these financial slaternents are rounded to the nearest Pound. Going Concorn The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or condits'ons that might cast signifi¢ant doubl on the ability of the M25 Consortium of A¢ademic Libraries lo continue a5 a going concern. The trustees have made this assessment for a period of al least one year from the date of approval of the financial stalemenls. In parti¢ular, the trustees havè considered the M25 Consortium of Acad8rnic Libraries. forecasts and projections in light of the impact of COVID-19 on the Consortium's activities. After making onquiries. the trustees have concluded thal Iherg IS a reasonable expectation that the M25 Con50rtium of Acad&mi¢ Libraries has adequate resources to continue in operational existence for the foreseeable future. The M25 Consortium of Academic Libraries therefore continues to adopt the going concern basls in preparing its financial statements. Fund a¢counting Unrestricted funds are availablè for use at the discretion of the trustees in furtheran of the general objectives of the ¢harily and which have not been designated for ar)y other purtx)se. Incom¢ Income from charitable activities is included in the Statement of Financial A¢tlvrties ISOFAI in the period in which thero is unconditional entitlement to the income, the receipt is probable and the amount Can be measured reliably. Event income is recognised in the period where the event occurs. Event income received r8laUn9 to events in the 2022123 financial year is held as deferred income at the Balance Sheet dale. Subscription income is accounted for in the period lo which the subscription relates. Expenditure Expenditure is included in the Stalernent of Financial Activities on an accruals basis, inclusivg of VAT which cannot be recovered. Expenditure is recognised once there Is a legal or conslruclive obligation to transfer economic benefit to 8 third party, il is probable that a transfer of economic benefits will be required in setuemenl and the amount of the oUigalion ¢an be measured reliably. Charitable activities expenditure comprises the costs of B¢ts'vities in furtherance of the objects of the consortium. Governance costs which are included within Charitable Aclivilies, are the costs associated with ensuring the wnsortium meets its fidu¢iary duties. Page.. 12
M25 Consortium of Academic Libraries Notes to the Financial Statements For the year ended 31 st July 2022 (Continued) 1. Accountlng Poli¢les Icontlnuedl Flnan¢lal Instrum•nts The Charity only has basic financial instruments as defined by FRS 102. a. Cash and cash •qulval•nts Cash and cash equivalents include cash al banks and in hand and short term deposits wilh a maturity date of less than three months. b. Debtors and credttors Debtors and ¢r6dilors receivable or payable within one year of the reporting dale are carried initially al their transaction price and subsequently al settlement value. Debtors and crtrdilors Ihal are receivable or payable in more than one year and nol subject to a market rale of interest are measured al the present value of the expected future receipts or payment discounted at a market rate of interest. 2. Crlti¢¥l a¢¢ountlng •stimat•s and areas of judgements In the view of the Irusletrs in applwng the accounting policies adopted, no judgements were required that have a significant effect on the amounts re¢ogni$8d in the financial statements nor do any estimates or assumptions madtr ¢arry 8 significant risk of material adjustment in the next financia5 year. 3. Income from Charitable Activities 2022 2021 Subscription income cpd25 event income Voucher income Other income 110,416 11,700 19,645 2,685 116.727 7,554 16.003 1,335 144,446 141,619 4. Investment Income 2022 2021 Bank interest 13 5. Expèndlture on Charitable Actlvitles 2022 2021 Administration M25 èvent costs Staff development award scheme M8rkeling and communication Rent expense Salaries & associated staff costs Isee note 71 cpd25 event relalgd costs Govemance costs Isee note 61 3,716 77 500 5,978 300 1,500 3,602 124,274 3.225 6,987 146.000 111,783 2,484 6,582 125,226 Page= 13
M25 Consortium of Academic Libraries Notes to the Financial Statements For the year ended 31st July 2022 (Continued) Govornan¢e Costs 2022 2021 Independent examiners, fee- current year Other services 5,040 1,542 5,040 1.947 6,582 6,987 Staff costs 2022 2021 Salaries. national insurance and pension Costs 111,783 124,274 111,783 124,274 I siaff are employe¢J by the University of London and the total payroll costs for the Ihree employees {2021: three employees) are recharged to the Consortium the a¢Jdilion of VAT which is not recoverable by the Consortium. Key management personnel, comprising all of the trustees and the secretary, receive(I total remuneration of £Nil12021.' £Nill. All trustees give their tim8 voluntarily, therefore no remuneration was paid during the year. No Iruslee's expenses were reimbursed to the TrL*slees during the year12021.. £Nill. No employees received emoluments in excess of £60,000 during the year12021.. £60.0001- Fixed Assets Computer Equipment Cost Brought Forward Additions Al 31 July 2022 Dopreclatlon Brought Forward Chargg for the period Al 31 July 2022 2,454 829 810 Net book valuo Al 31 July 2022 815 Al 31 July 2021 1,625 Debtors 2022 2021 ¢pd25 event debtors M25 conference debtors 3,087 8,628 3,087 8,628 Page.. 14
M25 Consortium ofAcademic Libraries Notes to the Financial Statements For the year ended 31st July 2022 (Continued) 10. Creditors= Amounts falllng due within one year 2022 2021 Other creditors Accruals 14 6.660 19.291 5,556 21,620 Defèrred income 25.965 27,176 Deferred income relates to prfj-paid vouchers for events falling in the 2022123 financial year. See a deferred in¢omÈ breakdown below.. Brought forward Amount add Amount released Carried forward f•rr•d Incom• 2022 21,620 16,316 18,845 19,291 Deferred Income 2021 29.057 17.353 21,620 11. Shar• eapltsl The M25 Consortium of A¢ademic Libraries is a company limited by guarantee. In the event that the chafltable company is wound up, thtr liability of each member is lirniled lo £1. Page.- 15