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) T￿asurer,. 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 provIs￿n$ 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 & AfrI￿n 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 G￿enwICh
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 prepa￿d 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