## **Literature Prize Foundation Trustees' Annual Report 2024** The annual cycle of the Prize was from June to March, when the award is made. This report covers the calendar year 2024, 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: ## _2024 Operations_ ## _2024 Prize_ - Deciding the shortlist - Shortlist announcement - Deciding the winner - Award ceremony - ## _2024 Mentorships_ - Mentorships showcase - Selecting mentors - Launching mentorships for 2024/25 ## **1. Aim** ## _i. Overall objectives_ The Writers’ Prize (formerly 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 nonfiction), regardless of form or genre, and to bring it to the attention of as many readers as possible. The 2024 prize was the eighth 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 Writers’ 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 2024, 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. In 2024 the prize was rebranded as The Writers’ Prize and funded by a collection of donations from a wide range of sponsors, including The T.S. Eliot Foundation, the Esmee Fairbairn Foundation, Bloomberg and the African Arts Trust and the Prize’s previous principal sponsor, Rathbones PLC. ## _ii. The Board_ The trustees were: Natasha Fairweather 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_ There was no principal sponsor for the 2024 Prize. As previously noted, the Prize was funded in 2024 by generous donations form The T.S. Eliot Foundation, the Esmee Fairbairn Foundation, Bloomberg, the African Arts Trust, and the Prize’s previous principal sponsor, Rathbones PLC – as well as from generous individuals. ## _ii. Additional sponsors_ Further contributions in 2024 were secured from a generous grant from Amazon Literary Partnership to support the mentorships. ## **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 process. ## **6. Award of the 2024 Prize** In 2024 a decision was made that the shortlist and winner(s) should be selected by a straight Academy vote, without judges, in the manner of e.g. the BAFTAs and similar bodies. This was in part due to financial constraints and in part to a wish to mark the Prize’s rebranding as The Writers’ Prize. ## **7. 2024 Events** ## _i. Shortlist announcement_ The shortlist was: ## Poetry Liz Berry _The Home Child_ (category and overall winner) Jason Allen-Paisant _Self-Portrait as Othello_ Mary Jean Chan _Bright Fear_ ## Fiction Anne Enright _The Wren, The Wren_ (category winner) Paul Murray _The Bee Sting_ Zadie Smith _The Fraud_ ## Non-fiction Laura Cumming _Thunderclap: A Memoir of Life and Art and Sudden Death_ (category winner) Naomi Klein _Doppelganger: A Trip into the Mirror World_ Mark O'Connell _A Thread of Violence: A Story of Truth, Invention and Murder_ 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 London Book Fair in Olympia Liz Berry was the recipient of the 2024 Writers’ Prize of £30,000 for her book _The Home Child._ The fiction category winner was Anne Enright and the non-fiction category winner was Laura Cumming. 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** 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 Rathbones Folio Mentorships, and 2023-24 marked the seventh year of the scheme (at which point the mentorships were rebranded as the Folio Academy Mentorships). ## **9. The Folio Academy Mentorships** In July 2024, the mentees for seventh year of the scheme read their work in a Showcase at the London Library, held in partnership with First Story. The mentors were Folio Academy members Victoria Adukwei Bulley, Samantha Harvey, Peter Hobbs and Sunjeev Sahota. In September 2024, the eighth incarnation of the Folio Academy Mentorships was launched. The mentors were Caroline Bird, Guy Gunaratne, Will Burns and Joelle Taylor. 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 Writers’ Prize (formerly the Folio Prize and Rathbones 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. As there was no ongoing principal sponsor in place by year end, a decision was taken to ‘mothball’ the prize until further notice. As sufficient funding remained for the continuation of the Folio Academy Mentorships, a further decision was taken that these should continue, and that the Charity remained a going concern as it had no liabilities beyond the costs associated with running the Mentorships programme, for which adequate funding was in place. **REGISTERED CHARITY NUMBER: 1151069** ## **REPORT OF THE TRUSTEES AND** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31ST DECEMBER 2024** **FOR** **THE LITERATURE PRIZE FOUNDATION KNOWN AS THE WRITERS’ PRIZE** ## **THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024** The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. ## **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 The Writers’ 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 2024** 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 2024 **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 31/12/2024. **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: - 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. **----- 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 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Events and activities
Governance costs
**Total**
**NET INCOME/(EXPENDITURE)**
Transfers between funds
6
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
45,011
66
**45,077**
86,943
360
**87,303**
**(42,226)**
-
**(42,226)**
57,498
**15,272**|Restricted
fund
£
-
-
**-**
-
-
**-**
**-**
-
**-**
-
**-**|2024 Total
funds
£
45,011
66
**45,077**
86,943
360
**87,303**
**(42,226)**
-
**(42,226)**
57,498
**15,272**|2023 Total
funds
£
234,018
98| |---|---|---|---|---| |||||**234,116**| |||||203,253
540| |||||**203,793**| |||||**30,323**
-
**30,323**
27,175| |||||**57,498**| Page 4 ## **THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE BALANCE SHEET** ## **31ST DECEMBER 2024** |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**|2024 £
-
16,172
**16,172**
(900)
**15,272**
**15,272**
**15,272**
15,272
**15,272**|2023 £
-
58,038| |---|---|---| |||**58,038**
(540)| |||**57,498**| |||**57,498**
**57,498**| |||57,498| |||**57,498**| The financial statements were approved by the Board of Trustees and authorised for issue on 18 June 2026 and 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 2024** ## **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 2024. continued... Page 6 **THE LITERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **3. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||||||2024|£|2023 £| |---|---|---|---|---|---|---|---| |Other debtors||||||-|-| |||||||-|-| |**4.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||||| ||||||2024|£|2023 £| |Other creditors|||||900||540| ||||||900||540| |**5.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**|||||||| ||Unrestricted||Restricted|2024 Total funds £||2023|Total funds £| ||fund £||fund £||||| |Current assets|16,172||-||16,172||58,038| |Current liabilities|(900)||-||(900)||(540)| ||**15,272**||**-**||**15,272**||**57,498**| |**6.**
**MOVEMENT IN FUNDS**|||||||| |||At 1/1/24 £||Net movement in|||At 31/12/24 £| ||||||funds £||| |**Unrestricted funds**|||||||| |General fund|||57,498||(42,226)||15,272| |**Restricted funds**|||||||| |Restricted fund|||-||-||-| |**TOTAL FUNDS**|||**57,498**||**(42,226)**||**15,272**| |Net movement in funds, included in the above are as follows:|||||||| ||Incoming||
Resources||Movement|in|| ||resources|£|
expended £||funds £||| |**Unrestricted funds**|||||||| |General fund|45,077||(87,303)||(42,226)||| |**Restricted funds**|||||||| |Restricted fund||-||-||-|| |**TOTAL FUNDS**|**45,077**||**(87,303)**||**(42,226)**||| 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 2024** ## **6. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** At 1/1/23 £ Net movement in At 31/12/23 £ funds £ **Unrestricted funds** General fund 27,175 30,323 57,498 **Restricted funds** Restricted fund - - - **TOTAL FUNDS 27,175 30,323 57,498** Comparative net movement in funds, included in the above are as follows: Incoming Resources Movement in resources £ expended £ funds £ **Unrestricted funds** General fund 234,116 (203,793) 30,323 **Restricted funds** Restricted fund - - - **TOTAL FUNDS 234,116 (203,793) 30,323** Comparative net movement in funds, included in the above are as follows: ## **7. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31st December 2024 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 2024** |**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**
**Net income/(expenditure)**|2024 £
45,011
66
45,077
**45,077**
2,015
2,000
36,505
21,427
61,947
-
1,590
22,180
1,226
24,996
360
**87,303**
**(42,226)**|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**| |||**30,323**| Page 9 Page 9 **Independent examiner's report on the accounts** **Report to the trustees** Sadaka **On accounts for the year** 31[st] December 2024 **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 31/12/2024. **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|| 1