## **Folio Prize Trustees' Annual Report 2022** The annual cycle of the Prize was from June 2021 to March 2022, when the award is made. This report covers the calendar year 2022, to coincide with our accounting period; as well as addressing the principles and organisation of the Prize, it describes the following specific activity that took place during the year: ## _2022 Operations_ ## _2022 Prize_ - Deciding the shortlist - Shortlist announcement - 2022 Rathbones Folio Sessions - Deciding the winner - Award ceremony ## _2022 Events 2022 Partnerships 2022 Mentorships_ - Selecting mentors - Launching mentorships for 2022/23 ## **1. Aim** ## _i. Overall objectives_ The Rathbones Folio Prize was the first major English language book prize open to writers from around the world. By the end of 2016 it had decided to expand its aim: to celebrate the best work of literature (now including non-fiction), regardless of form or genre, and to bring it to the attention of as many readers as possible. The 2022 prize was the sixth to operate under these new parameters. Two distinctive qualities define the Prize. First, it is a global prize for literature written in English; any work of fiction, non-fiction or poetry published in the UK in a given year is eligible, regardless of the author’s country of origin. Second, the process by which books are selected, considered and finally rewarded is governed by an Academy of writers and critics, who are independent from the founders, sponsors and administrators of the Prize. The Prize has been designed in this way to allow a breadth of writing and opinion to be represented, while encouraging a consistent focus on excellence. The Prize aims to promote reading and an appreciation of literature for the public benefit by selecting and raising the profile of the very best works of fiction and nonfiction published each year. Through its events (‘Sessions’), website and other media, it seeks to engage readers and writers throughout the English-speaking world in cultural debate, and in the celebration, sustainment and furtherance of the art of literature. ## **2. Governance** ## _i. The Literature Prize Foundation_ The Rathbones Folio Prize is managed by the Literature Prize Foundation which is a charity registered in the jurisdiction of England and Wales (charity number 1151069). The charity is also informally known as the Folio Academy Foundation. The Foundation is a body that incorporates the original vision and founding principles of the Prize, whose co-founders are Andrew Kidd and Kate Harvey. In 2022, day-today operations were overseen by Minna Fry, consultant Executive Director and Folio Academy Manager Tanya Andrews, with the mentorships overseen by Ralf Webb. The Foundation is governed by a board of trustees who meet at least twice a year to review the operational, financial and commercial performance of the Prize and to ensure it is fulfilling its duty of public benefit. The Foundation alone has the right to engage staff, either permanent or temporary, to engage contractors for the provision of services, and to enter into any legal contracts on behalf of the Prize. All payments for goods or services are made through the Foundation. All decisions relating to the activities and conduct of the Foundation are made by its trustees. The Foundation works closely with the Sponsor to ensure the harmonious and productive operation of the Prize. It is in the Foundation’s gift to determine the Sponsor, except where an existing Sponsor is exercising its option to renew. ## _ii. The Board_ The trustees re: Cecily Engle (legal advisor) Natasha Fairweather (joined 2017) Kate Harvey (prize co-founder) Andrew Kidd (prize co-founder and Chair) Amy Lashinsky Jonathan Levy (Treasurer) Suzy Lucas Tanya Seghatchian Sandra Taylor _iii. The Administration_ The Administration manages the day-to-day running of the Prize. It includes two freelance consultants: Minna Fry, the Executive Director, and Tanya Andrews, Folio Academy Manager. Together, their job is to facilitate communication between all the parties above, to engage with contractors and to otherwise ensure that tasks are correctly assigned and accomplished. The Executive Director and Academy Manager report to the Board of the Foundation. ## **3. Finances** See separate reporting ## **4. Sponsorship** _i. Principal sponsor_ In December 2019 a renewed sponsorship agreement was signed with Rathbone Investment Management PLC, with a three-year commitment, running through 2022. _ii. Additional sponsors_ Further contributions in 2022 were secured from a generous grant from Amazon Literary Partnership. ## **5. Academy** The Folio Academy is a group of individuals drawn from the world of books who have demonstrated a commitment to excellence in fiction. The great majority are writers themselves, and the remainder are literary critics. Many have strong connections to the UK, as the home of the Prize, but a large component is international. The Academy plays a critical role in selecting titles to be considered by the Prize judges, who are drawn from its number. They are also invited to take part in events and campaigns to promote the prize and help fulfil its aims. Academy members are nominated by the Foundation. Invitations are issued by the Foundation and the Executive Director. Existing Academy members are also able to suggest names to the Foundation. There is no fixed size for the Academy. At the launch of the Prize, its membership was in excess of 100 and has since more than tripled in size – at the time of writing there are 348 members. As the prize evolves, its membership will grow organically, just as members may resign at any time. Members for whom there is a perceived conflict of interest in any given year can recuse themselves from taking part in the nomination or judging process. ## **6. Award of the 2022 Prize** The award process consists of three distinct parts. - i. Judges are selected from the Academy. - ii. 60 books are nominated by the Academy for consideration by the judges. An additional 20 books are called in by the judges once they have considered recommendations made by publishers, who are invited to write in on behalf of five titles per imprint. - iii. The judges read the 80 books and produce a shortlist of eight, from which they choose a winner, who receives a cheque for £30,000. Details of parts one and two are recorded in our 2014 Trustees’ Report. The rest of this section will address the process by which the shortlist and winner were decided. - i. _Shortlist and winner_ The judges Tessa Hadley (chair), Rachel Long and William Atkins (all members of the Academy) had 80 titles to consider. The prize administration was deliberately non-prescriptive, stating simply that each judge was expected to read all 80 books and to consider the texts before them purely on their own merit. In early January 2022, the judges met to decide on a longlist of 20 books. In early February 2022, the judges met to decide on a shortlist of 8 books, which was announced on 9 February 2022. On 14 March, the judges met to decide on a winner. Throughout the process the three judges stuck with great commitment and alacrity to their brief: namely to disregard an author's nationality, ethnicity, gender or life story and to concentrate solely on the quality of the books in question. The freedom afforded them by the prize allowed them to shape the judging process as they saw fit, leading to a rigorous and fair debate. ## **7. 2022 Events** - _i. Shortlist announcement_ The shortlist was announced at a reception at the Rathbones offices on 9 February 2022. The shortlist was: - Natasha Brown: _Assembly_ - Damon Galgut: _The Promise_ - Selima Hill: _Men Who Feed Pigeons_ - Philip Hoare: _Albert & the Whale_ - Claire Keegan: _Small Things Like These_ - Gwendoline Riley: _My Phantoms_ - Sunjeev Sahota: _China Room_ - Colm Tóibín: _The Magician_ Judges, shortlisted and longlisted authors were all in attendance as well as 80 Academicians, journalists, publishers and critics. News of the shortlist was picked up across media in the English-speaking world. ## _ii. The Award Ceremony_ On Tuesday 22 March, the winner of the Prize was announced in a live ceremony at the British Library. Colm Tóibín was the recipient of the 2022 Rathbones Folio Prize of £30,000 for his book _The Magician._ Some 300 people were in attendance, with the winner accepting his award live online from California. The prize win was widely covered in media, in the UK and abroad. ## _iii. Festivals_ With festivals back in operation post pandemic, Prize authors were able to take part in many partnership events, as follows: May – Bath Festival, two events with Justin Webb, Richard Beard, Elif Shafak and Abdulrazak Gurnah August – Edinburgh Festival, Colm Tóibín interviewed by Tessa Hadley September - Laura Cumming at Chichester Culture Spark festival & Pallant Gallery; Sebastian Faulks at Jersey Festival October – Damon Galgut interviewed by Will Atkins at Cheltenham Festival ## **8. Partnerships** ## _i. The British Library_ Since the launch of the prize in its original incarnation, in March 2013, the prize's partnership with one of the world's most renowned literary institutions has been a key part of its identity. That relationship continues to deepen and grow year on year. ## _ii. First Story_ In March 2017 a new partnership with the literary charity, First Story, was announced. First Story, founded by former teacher Katie Waldegrave and the writer William Fiennes, brings talented professional writers into over 60 secondary schools serving low-income communities to work with teachers and students to foster creativity and communication skills. The new initiative was to be known as the Rathbones Folio Mentorships, and 2022/23 marked the sixth year of the scheme. ## _iii. UEA_ 2022 marked the third year of a partnership with the University of East Anglia, in which the winner or a shortlisted author from the previous year is offered a Rathbones Folio/UEA Fellowship to present a series of workshops and lectures to UEA creative writing students. Elaine Feeney was the Fellow in 2022. ## iv. _5 x 15_ As live audiences were still depleted due to the COVID pandemic, the Prize partnered with online events company 5 x 15 to deliver three shortlist ‘Sessions’ throughout March 2022 to promote the shortlist books. All the shortlisted authors participated and these Sessions were moderated by James Naughtie; there was strong participation and audience figures. ## _v. The London Library_ For the first time, the Prize partnered with the London Library to host the Rathbones Folio Mentorships, due to its resonant surroundings and intimate space. ## _vi. The University of Chichester_ In May 2022 the Prize was approached by the University of Chichester to partner on a Digital Ukrainian Writer in Residence programme. Ukrainian writer Volodymyr Rafeienko had been displaced by the war and was beginning a series of workshops and lectures with university students, culminating in a public event in partnership with the Prize and an Academy member to take place in February 2023. ## _vii. Horatio’s Garden_ The Prize was approached to work in partnership with spinal injuries charity Horatio’s Garden to source Academy members to run creative writing workshops with their patients. Robert Macfarlane took part in 2022, and the project received highly positive feedback, and will be repeated in 2023. ## **9. The Rathbones Folio Mentorships** With additional funding secured for 2022, the scheme was able to mentor six of the "most outstanding" First Story students, selected via an application process, to be paired with a member of the Folio Academy for one-on-one guidance on a writing project over the course of a school year. In July 2022, the mentees for the fifth year of the scheme read from their work in a Showcase held in partnership with First Story and hosted at the London Library in St James. The mentors were Folio Academy members Caleb Azumah Nelson, Chloe Aridjis, Fiona Benson, Stephanie Cross, Will Eaves and Will Harris. In September 2022, the sixth incarnation of the Rathbones Folio Mentorships was launched. The mentors were Emily Berry, Sam Byers, Diana Evans, Frances Leviston, Chris Power and Momtaza Mehri. The scheme, which has been widely praised, was supported by a grant from the Amazon Literary Partnership. ## **10. Outcomes** - A sixth successful year for the Prize in partnership with its sponsor Rathbones - The expansion of the Rathbones Folio Mentorships - An expanded Sessions programme working with new festivals and platforms - - An expanded partnerships strand featuring new projects with universities and charities. The Foundation’s aim – to promote reading and an appreciation of literature for the public benefit by selecting and raising the profile of the very best works of fiction and non-fiction published each year, as well as to generate conversation about and around the ideas that writing, and writers, create – was enhanced throughout the year through an increased PR, marketing and social media presence. In addition, successful crosspromotion of the shortlisted books took place with Waterstones.com, the London Review Bookshop and the Guardian Bookshop through targeted competitions and marketing. The Academy Manager expanded Academy membership, with a particular focus on recruiting and engaging poets and younger member of the writing community. Several social and discussion events were mounted for Academy members, including gatherings at Cheltenham and Edinburgh Festivals, as well as in London. In November 2022 Rathbones announced that regrettably it would no longer be able to sponsor the Prize beyond the end of its current agreement (in December 2023). The Foundation resolved to delay announcement until the following year, and to actively fundraise and explore new options for sponsorship with immediate effect. ## **11. Summary** From its inception, the Folio Prize built a strong reputation for independence, integrity and a truly collegiate approach. This was consolidated throughout 2022 as the Prize gained greater media traction, brokered new partnerships, diversified and refreshed its Academy and invested in more thorough engagement and communication with Academy members. With the developments of 2022, the Prize Foundation stands ready to capitalise on the progress made as it moves towards a new headline sponsor and further partnerships that will help underscore its belief that great books, and the ideas that underpin them, have the capacity to change lives. REGISTERED CHARITY NUMBER.. 1151069 REPORT OF THE TRUSTEES AND UNAUDITEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 FOR THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE Sheppards Chartered Accountants Suile A, 2nd Floor Kennedy House 31 Stsmford Street Altnncham Cheshire WA14 1ES THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 Page Report of the Trustees Independent Examinerfs Report Statement of Flnanclal ActNitiès Balan¢e Sheet Notes to the Flnancial Statements Detailed Statement of Flnancial Activities THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022 The Iruslees present their report with the finanoal ststements of the charity IDr the yea¥ ended 31st December 2022. The trustees have adopted the provisions ol AccoLJnling and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191 OBJECTIVES AND ACTIVITIES Objectives and aims The aim of the charity is to bring great writing and an enthusiasm for reading to the public. In addition lo administering the Folio Prize. rt will work to connecl readers wlh fiction from around the worfd, through schcK)15, libraries, book retailer5. universrties, Ihe media. public events. and its own webslte. The Folio Prize is the firsl major English language book pnze open to writers from afwnd the worfd. 115 8im is simple= lo celebrale the best fiction of our b"rne, regardless of form or genre, aThJ lo tTrring it lo the attention ol as rnany Teaders as possible. Through The Folio Prize Academy. an inlemalional group of people who write. review and delight in books, it will discover and promote excellence in wriling. encouraging people lo put great literature at the centre of their INes. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity Is Gontrolled by rts governing d¢xument, a constitLtlion, and 15 a Chartlable Incorporated Organisation. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1151069 Principal addres5 45 Linden Avenue London NW10 5RA Trustees A Kidd Ms C Engle Ms K Harvey J Levy S Taylor Ms T Seghatchian Ms A Lashinsky Ms S LLJcas N Fairwealher Indepèndènt Examiner Charles Levine BA FCA Sheppards Chartered Accountants Suite A, 2nd Floor Kennedy House 31 Stamford Street Allrincham Cheshire WA14 1ES Page 1 THE UTERATURE PRIZE FOUNDATION KNOWN AS THE RATH8ONES FOUO PRIZE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022 6. 1ts.ZoL> Approved by order of the board oftrustees C￿ ............................ and svJ)ed ￿ it5 tehall by: A lQdd- Tnjstèe Page 2 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LITERATURE PRIZE FOUNDATION Independent examiner's report to the trustees of The Llteralure Prtze Foundation I report to the charity trustees on my examinatson of the acwunts of The Lilerature Prize Foundation (the Trust) for the yeai ended 31 st December 2022. Responsibilities and basis of report As the charity Iruslees ol the Trust you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Charrties Act 2011 Ilhe Act.). I report in respect ol my examination of the TruBfs accounls carried out under section 145 of Ihe Acl and in carrying out my examination I have followed all applicable Directions given by the Charity Comrnission under section 14515llbl of the Act. Independent examinerf5 Statement I have completed my examination. I confirni Ihat no material matters have ¢orne to my attenth)n in connection with the examination giving me ¢ause lo believe that in any material respect.. accounts.ng record5 were not kept in respect of the Twst as ￿quired by section 130 of the Act.. or the accounts do nol accord with those records. or the accounts do not comply ￿1th the applicable requirements Conceming the form and Content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a malter considered as part of an independent examthnalion. I have no Concerns and have Come across no other matters in connection with the examination lo which attention should be drawn in this fery)rt In orrler to enable a proper understanding Df the accounts to be reached. Charles Lemne BA FCA Sheppards Chartered Accountants Suite A, 2nd Floor Kennedy House 31 Stamford Street Alliincham Cheshire WA14 1ES Page 3 THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022 2022 Total funds 2021 Total lunds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 138.500 1,464 139,964 228,500 Investment income 41 41 Total 140 005 228,500 EXPENDITURE ON Charitable actlvlties Events and activities Govemance costs 207,360 1.464 208,824 167,289 Totsl 208.872 210 336 168 705 NET INCOMEIIEXPENDITUREI 170.3311 170.331) 59,795 Transfers betweÈn funds Net movement in funds (70.3311 {70,331) 59.795 RECONCILIAnON OF FUNDS Totsl funds brought fonvard 107,076 107,076 47,281 TOTAL FUNDS CARRIED FORWARD 36.745 36,745 107.076 The notes form part of these financial ststements Page 4 THE UTERATURE PRIZE FOUNDATION KPIOWN AS THE RATHBONES FOLIO PRIZE BALANCE SHEET 31ST DECEMBER 2022 2021 CURRENT ASSETS Debttys Cash at bank 15,170 27.175 170 112.5C 42.345 112.676 CREDrroRS Amounts falling duè within c￿e year 5.6CQI {5.6LK)) NET CURRENT ASSETS 36.745 107.07fj TOTAL ASSEfs LESS CURRENT LIABILMES 36.745 107,076 ASSETS 36,745 107.076 FUNDS UnTe5tricted funds 107 076 TOTAL FUNDS 36.745 107.076 The financtgl slatements werè approved by the Bwd of Tr￿lee& aThJ aulhorised for Éssut on .. 3nd weie signed on ts beha￿ by". A Kald- Trusiee Thè notes fcTh part fin*rial stalements Pdgè 5 THE LTTERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalements ol the charity, which is a public benefrt entty under FRS 102, have been prepared in a¢¢ordance with the Charrties SORP IFRS 1021 'Accounling and Reporting by Charities". staternent of Recommended Practice applicable to charities prepanng Iheir accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effective 1 January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Chanties Act 2011. The financial statements have been prepared under the historical cosl convention. Income All income is recognised in the Statement of Financial Activities On￿ Ihe charity has enliuement to the fvnds, Il Is probable Ihat the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as scK)n as there is a legal or constructive obligation committing the charity lo that expenditure. it is probable Ihal a Iransfer of economic benefits will be required in settlemenl and the amount of the obligation can be measured reliabty. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Vvhere costs cannol be directly attributed to particular headings they have been allocated to activities on a basis consistent with the Lbse of resources. Taxation The charity is exempl from lax on ils charrtable activrties. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Iruslees. Restricted fund5 can only be used for particular ￿$tride￿ purposes within Ihe objects of the chaflty. Restrictions arise when specified by the donor or when ftjnds are raised for particular restricted purposes. TRUSTEES, REMUNERATION AND BENEFITS T￿re were no trustees. remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021. Trustees. expenses There were no Iruslees. expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021. Page 6 continued... THE LTTERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS- continuÈd FOR THE YEAR ENDED 31ST DECEMBER 2022 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Other debtors Prepayments 170 15,000 170 170 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2022 2021 Other creditors 5.600 5,600 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 Total funds 2021 Total funds Unreslricted fund ReslTrcled fund CurTent assets Current liabilities 42,345 42,345 112,676 5,6001 36,745 36,745 107,076 MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31112122 At 111122 Unrestricted funds General fund 107.076 {70.3311 36,745 Re5trlcted funds Restricted fund TOTAL FUNDS 107.076 703311 36,745 Net movement in funds. included in the above a￿ as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds Genera1 fund 138,541 1208,872) 170.3311 Restricted funds Reslricled fund 1.464 11,464) TOTAL FUNDS 140,005 210.3361 70,331) Page 7 continued... THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022 MOVEMENT IN FUNDS- continued Comparative5 for movernent in funds Net movement in fund5 Transfers behveen funds Al 31112121 Al 111121 Unrestricted fund5 General fund 47,281 69.873 110.0781 107.076 Restrlcted funds Restricted fund 110.078} 10.078 TOTAL FUNDS 47,281 107,076 Comparative net movement in funds. Incr￿ed in the above are as follows- Incoming resour￿$ Resources expended Movement in funds Unrestrlcted funds General fund 220.000 1150.1271 69.873 Restrlcted funds Restricted fund 8.500 (18,5781 110,078) TOTAL FUNDS 228,500 168.7051 59,795 RELATED PARTY DISCLOSURES There were no related party transactKJns for Ihe year 8nded 31st Decernber 2022. Page 8 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LITERATURE PRIZE FOUNDATION Independent examiner's report to the trustees of The Llteralure Prtze Foundation I report to the charity trustees on my examinatson of the acwunts of The Lilerature Prize Foundation (the Trust) for the yeai ended 31 st December 2022. Responsibilities and basis of report As the charity Iruslees ol the Trust you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Charrties Act 2011 Ilhe Act.). I report in respect ol my examination of the TruBfs accounls carried out under section 145 of Ihe Acl and in carrying out my examination I have followed all applicable Directions given by the Charity Comrnission under section 14515llbl of the Act. Independent examinerf5 Statement I have completed my examination. I confirni Ihat no material matters have ¢orne to my attenth)n in connection with the examination giving me ¢ause lo believe that in any material respect.. accounts.ng record5 were not kept in respect of the Twst as ￿quired by section 130 of the Act.. or the accounts do nol accord with those records. or the accounts do not comply ￿1th the applicable requirements Conceming the form and Content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a malter considered as part of an independent examthnalion. I have no Concerns and have Come across no other matters in connection with the examination lo which attention should be drawn in this fery)rt In orrler to enable a proper understanding Df the accounts to be reached. Charles Lemne BA FCA Sheppards Chartered Accountants Suite A, 2nd Floor Kennedy House 31 Stamford Street Alliincham Cheshire WA14 1ES Page 3