Literature Prize Foundation Trustees' Annual Report 2023
The annual cycle of the Prize was from June to March, when the award is made. This report covers the calendar year 2023, 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:
2023 Operations
2023 Prize
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Deciding the shortlist
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Shortlist announcement
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2023 Rathbones Folio Sessions
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Deciding the winner
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Award ceremony (online)
2023 Mentorships
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Selecting mentors
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Launching mentorships for 2023/24
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 2023 prize was the seventh 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 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 2023, day-today operations were overseen by Minna Fry, consultant Executive Director, and Tanya Andrews, prize administrator, 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 were:
Natasha Fairweather (joined 2017)
Kate Harvey (prize co-founder)
Andrew Kidd (prize co-founder and Chair)
Suzy Lucas
iii. The Administration
The Administration manages the day-to-day running of the Prize. It included two freelance consultants: Minna Fry, the Executive Director, and Tanya Andrews, Prize Administrator. 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 Prize Administrator 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 2023.
ii. Additional sponsors
Further contributions in 2023 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 fulfill 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 one hundred and has since more than tripled in size – at the time of writing there are 315 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 2023 Prize
The award process consists of three distinct parts.
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i. Judges are selected from the Academy.
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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.
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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 Ali Smith (chair), Jackie Kay and Guy Gunaratne 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 2023, the judges met to decide on a longlist of 20 books.
In February 2023, the judges met to decide on a shortlist of 8 books.
On 16 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. 2023 Events
i. Shortlist announcement
The shortlist was:
Non-fiction
Margo Jefferson Constructing a Nervous System (category and overall winner) Will Ashon The Passengers Amy Bloom In Love Jonathan Freedland The Escape Artist Darren McGarvey The Social Distance Between Us
Fiction
Michelle de Kretser Scary Monsters (Category winner) NoViolet Bulawayo Glory Sheila Heti Pure Colour
Daisy Hildyard Emergency Elizabeth Strout Lucy by the Sea
Poetry
Victoria Adukwei Bulley Quiet (category winner) Fiona Benson Ephemeron Safiya Kamaria Kinshasa Cane, Corn & Gully Zaffar Kunial England's Green Yomi Ṣode Manorism
News of the shortlist was picked up across media in the English-speaking world.
ii. The Award Ceremony
On Monday 27 March, a ceremony was held at the British Library.
Margo Jefferson was the recipient of the 2023 Rathbones Folio Prize of £30,000 for her book Constructing a Nervous System . The fiction category winner was Michelle de Kretser and the poetry category winner was Victoria Adukwei Bulley. They each received £2,000.
The prize win was widely covered in media, in the UK and abroad.
iii. Festivals
An online shortlist event was held in partnership with 5x15 in early March.
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 80 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 Folio Mentorships, and 2022-23 marked the sixth year of the scheme.
iii. UEA
2023 marked the fourth 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.
9. The Rathbones Folio Mentorships
In July 2023, the mentees for the sixth year of the scheme read their work in Showcase at the London Library, held in partnership with First Story and hosted by Arvon. The mentors were Folio Academy members Emily Berry, Sam Byers, Diana Evans, Frances Leviston, Momtaza Mehri and Chris Power.
In September 2023, the seventh incarnation of the Rathbones Folio Mentorships was launched. The mentors were Victoria Adukwei Bulley, Samantha Harvey, Peter Hobbs and Sunjeev Sahota.
The scheme, which has been widely praised, was further supported by a grant from Amazon Literary Partnership.
10. Outcomes
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 further enhanced throughout the year.
11. Summary
From its inception, the Folio Prize built a strong reputation for independence, integrity and a truly collegiate approach, becoming a unique and energetic forum for great writers of fiction to talk about and celebrate their art.
That new path was further realised over the course of 2023. It did, however, mark the end of Rathbones’ sponsorship, with a call for new sponsors in April 2023.
In October 2023, the board resolved there were sufficient funds remaining to warrant the possible continuation of the prize into 2024, in the event that adequate additional funding could be secured to deliver a more ‘stripped down’ version, without judges and with a more modest ceremony.
In the event sufficient funding could not be secured, it was agreed that remaining funds would be allocated to the Mentorships programme, for which separate funding was already in place. In this respect, the Charity was judged to remain a going concern, albeit with these strict financial conditions pertaining.
REGISTERED CHARITY NUMBER: 1151069
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
FOR
THE LITERATURE PRIZE FOUNDATION
KNOWN AS THE RATHBONES FOLIO PRIZE
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31st December 2023.
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 to administering the Rathbones Folio Prize, works to connect readers with fiction from around the world, through schools, libraries, book retailers, universities, the media, public events, and its own website.
Through The Folio Prize Academy, an international group of people who write, review and delight in books, it will discover and promote excellence in writing, encouraging people to put great literature at the centre of their lives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution, and is a Charitable Incorporated Organisation.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1151069
Principal address
77 Barnsbury Street London N1 1EJ
Trustees
A Kidd
Ms K Harvey
Ms S Lucas
N Fairweather
Independent Examiner
Holy Brook Associates Ltd Thames Tower Reading RG1 1LX
Page 1
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
Approved by order of the board of trustees on 18 June 2026 and signed on its behalf by:
A Kidd - Trustee
Page 2
Independent examiner's report on the accounts
Report to the trustees Sadaka On accounts for the year 31[st] December 2023 Charity no 1151069 ended Set out on page 1 I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2023.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's I have completed my examination. I confirm that no material matters have come to my statement attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set 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 matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
----- Start of picture text -----
Date: 19 [th] June 2026
Signed:
Name: Rachel Eden
Relevant professional Fellow of the Chartered Institute of Management Accountants
qualification:
Holy Brook Associates Ltd,
Address:
Thames Tower, Station Rd, Reading RG1 1LX
----- End of picture text -----
Page 3
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| INCOME AND ENDOWMENTS FROM Donations and legacies Investmentincome Total EXPENDITURE ON Charitable activities Events and activities Governance costs Total NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds broughtforward TOTAL FUNDS CARRIED FORWARD |
Notes 6 |
Unrestricted fund £ 234,018 98 234,116 203,253 540 203,793 30,323 - 30,323 27,175 57,498 |
Restricted fund £ - - - - - - - - - - - |
2023 Total funds £ 234,018 98 234,116 203,253 540 203,793 30,323 - 30,323 27,175 57,498 |
2022 Total funds £ 139,964 41 |
|---|---|---|---|---|---|
| 140,005 | |||||
| 224,796 540 |
|||||
| 225,336 | |||||
| (85,331) - (85,331) 112,506 |
|||||
| 27,175 |
Page 4
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE BALANCE SHEET 31ST DECEMBER 2023
| Notes CURRENT ASSETS Debtors 3 Cash at bank CREDITORS Amounts falling due within one year 4 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 6 Unrestricted funds TOTAL FUNDS |
2023 £ - 58,038 58,038 (540) 57,498 57,498 57,498 57,498 57,498 |
2022 £ - 27,175 |
|---|---|---|
| 27,175 - |
||
| 27,175 | ||
| 27,175 27,175 |
||
| 27,175 | ||
| 27,175 |
The financial statements were approved by the Board of Trustees and authorised for issue on 18 June 2026and were signed on its behalf by:
A Kidd - Trustee
Page 5
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
1. ACCOUNTING POLICIES
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.
Page 6 continued...
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
3. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 £ Other debtors - - . CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Other creditors 540 540 |
2022 £ - |
|---|---|
| - | |
| 2022 £ - |
|
| - |
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Current assets Current liabilities |
Unrestricted fund £ 58,038 (540) 57,498 |
Restricted fund £ - - - |
2023 Total funds £ 58,038 (540) |
2022 Total funds £ 27,175 - 27,175 |
|---|---|---|---|---|
| 57,498 |
6. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS Net movement in funds, included in the above a Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
At 1/1/23 £ Net movement in funds £ 27,175 30,323 - - 27,175 30,323 re as follows: Incoming resources £ Resources expended £ 234,116 (203,793) - - 234,116 (203,793) |
At 1/1/23 £ Net movement in funds £ 27,175 30,323 - - 27,175 30,323 re as follows: Incoming resources £ Resources expended £ 234,116 (203,793) - - 234,116 (203,793) |
At 31/12/23 £ 57,498 |
|---|---|---|---|
| - | |||
| 57,498 | |||
| Movement in funds £ 30,323 - 30,323 |
|||
| - | |||
| (203,793) |
continued...
Page 7
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
6. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/1/22 £ Net movement in funds £ Unrestricted funds General fund 112,506 (85,331) Restricted funds Restricted fund - - TOTAL FUNDS 112,506 (85,331) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Resources expended £ Unrestricted funds General fund 140,005 (225,336) Restricted funds Restricted fund - - TOTAL FUNDS 140,005 (225,336) |
At 1/1/22 £ Net movement in funds £ Unrestricted funds General fund 112,506 (85,331) Restricted funds Restricted fund - - TOTAL FUNDS 112,506 (85,331) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Resources expended £ Unrestricted funds General fund 140,005 (225,336) Restricted funds Restricted fund - - TOTAL FUNDS 140,005 (225,336) |
At 31/12/22 £ 27,175 |
|---|---|---|
| - | ||
| 27,175 | ||
| Movement in funds £ (85,331) - (85,331) |
||
| - | ||
| (225,336) |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2023
Page 8
This page does not form part of the statutory financial statements
THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Grants Investment income Bank interest Total incoming resources EXPENDITURE Charitable activities Award ceremony (incl. shortlist event) Judges fees and expenses Folio prize Academy mentoring activities Support costs Other Promotional expenses Website and IT costs Administration fees Sundry expenses Governance costs Independent examiner's fee Total resources expended |
2023 £ 234,018 98 234,116 234,116 25,471 23,895 37,922 35,498 122,786 18,000 1,112 55,722 5,633 80,467 540 203,793 |
2022 £ 139,964 41 |
|---|---|---|
| 140,005 140,005 |
||
| 136,592 | ||
| 88,744 | ||
| - | ||
| 225,336 |
Page 9
Net income/(expenditure)
30,323 (85,331)
Page 9
Independent examiner's report on the accounts
Report to the trustees Sadaka On accounts for the year 31[st] December 2023 Charity no 1151069 ended Set out on page 1
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2023.
Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set 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 matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
| Signed: Name: Relevant professional qualification: Address: |
19thJune 2026 | |
|---|---|---|
| Rachel Eden | ||
| Fellow of the Chartered Institute of Management Accountants | ||
| Holy Brook Associates Ltd, Thames Tower, Station Rd, Reading RG1 1LX |
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