Company registration number. 09822597
Charity registration number. 1170092
Libraries Unlimited South West
(A company limited by guarantee)
Annual Report and Financial Statements
for th6 Year Ended 31 March 2024
WESTCOTTS
CWARTeRED ACCOVNTAP4TS
I BiISINESS ADVISERS

Llbraries Unllmltsd South West
Contents
Reference and Administrative Details
1to2
Twstees, R8POrt
3to10
Independent Audltors, Report
11to14
Statement of Financlal Activities
15
Balance Sheet
16
Stat8ment of Cash Flows
17
Notes to the Financial Statements
18to37

Librarles Unlimited South West
Reference and Administrative Details
Llbrarles Unlimited South West (commonly rafarred to as 'Librdries Unlimited") is a Registered Charfty
and Company Limited by guaranle8 and does not have ary share capital. Its govemlng document is
the Articles of A550ciation which was updated and approved by members on the 21 May 2020 and 20
October 2020.
The company was incorporated on 13 October 2015. commenced trading on 1 April 2016 and
registered as a charity on g November 2016.
Chair
Marie Chadwick
Will Harvey (resigned 16 September 2023)
And￿W Prince
Marie Chadwick
Deputy Chair
Trustees:
Eve Ashlon (appointed 8 March 20241
Crystal Carter
Marie Chadwick
Alex Kittow
Will Harvey {resigned 16 September 2023)
George Lossius (resigned 6 June 2024>
Lynn Morris
Alan Nash (appointed 8 March 2024)
Andrew Prin
Chloe Reynolds (resigned 19 October 20231
Sue Simmons
Marwa Tourky (appointed 19 October 20231
Morgen Witzel
Zoe Woodbridge (resigned 19 October 2023)
Page 1

Llbrarles Unllmited South West
Reference and Admlnistrative Details
Chief Exo¢utlve
Alex Ktttow
Key Management Personnel
Chief Finance Officer- Tom Glanville (appointed 3 July 2023)
Chief Operating Offi￿r (previousty Head of Commercial &
Innovation) - Steve Turner
Head of Library Service and Customer Experience - Kate Tumer
{appointed 13 December 2023). Tabilha Witherick (resigned 31
August 2023)
Chief People offi￿r- Beth Reynolds (appointed 10 July 2023}
Charity Registration Number
1170092
Company Reglstrallon Number 09822597
The charity is incorporat8d in England and Wales.
Exeter Library
Castle Street
Exeter
D8von
EX4 3PQ
Westcotts (SW) LLP
47 Bouttth Street
Bamstaple
Devon
EX31 1SQ
Kitstons Soliciiors
Torquay
Devon
TQ2 7FA
Principal Offl¢e
Auditor
Solicitors..
Bankers
Bardays Bank PIC
Exeter
Devon
EX1 1LX
Page 2

Librarles Unllmlted South West
Trustees. Report
The trustees, who are dlrectors for the purposes of company law, present the annual report together
wlth the financial statements and audltors, report of the charitsble company for Ihe year ended 31
March 2024.
This report satisfies the legal requirements for:
a Directors, Report for a charitable company
a Trustees, Annual Report under the Charities Act 2011.
OUR MISSION
'To bring ideas. imagination, creativity and knowledge to enrich lives and build thriving communities."
OUR CORE PURPOSES
The Chariws core purposes set out how we achieve our vision:
Promoting a love of reading;
Providing free access to resources and infomiation",
Inspiring everyonè to learn, create and reali5e their potential;
Enabling ev8ryone to explore and connect to the wider world.
Offering welcoming spaces;
Supporting the hèalth and wellbeing of individuals and communities.
LEGAL OBJECTS
The Charity has been established for public benefit to:
promote the advancement of education by th8 establishrnent andlor mainlenance of a library
andlor library service
establish andlor maintain a library andlor library service in and throughout Devon, including, but
not limited to, rural communities and with a particular focus on children and young people
provide or assist in the provision of community facilities referred to as "Community Hubs" to be
available to all sections of the ￿mMunitY without distinction, including use for meelings, learning,
reading, sharing andlor for other educational andlor recreational or leisure time activities provided
in the interests of social welfare. with the object of improving the conditions of life for all those who
use the facilitses; andlor
promote the advancement of education of the arts by the establishment and maintenance of 8
museum andlor art gallery
develop the capacity and skills of the members of the local communlty, and particularly children
and young people, who are socially or economically disadvantsged in such a way that they are
better able to identify, and help meet, their needs and to participate more fully in soclety,
pursue such other charitable purposes consistent with the above.
PUBLIC BENEFIT
The trustees have ensured that the charitvs activities are to the public benefrt and they hav8 had
regard to the Charty Commission's guidance on public beneflL
Page 3

Libraries Unlimited South West
Trustees. Report
STRATEGIC REPORT
STRATEGIC AIMS
In delivering its over811 charitab18 purposes. Librarles Unlimited established five strateglc plllars to
drive activities and assess its effectiveness. These are as follows:
People
Community
Diversification
Environment
Infrastrudure
ACTIVITIES AND ACHIEVEMENTS IN THE YEAR
Core Library Servlces
The Charity has contracts wilh Devon County Council and Torbay Council for the provision of library
and infomiats'on services to residents, businesses and visitors to Devon and Torbay. The Cwncils
have the ability to extend these contracts or to renew as part of a tender process subjèct to effective
perfoman¢e. We work in collaboration with the Councils to support their statutory duties under the
Public Libraries and Museums Act 1964 and spacifically to ensure that local servlces:
serve both adults and children
work in partnership with other groups, organlsations and agencies
are available to everyDne and meet any special needs or requirements of members of the local
community
encourage participation and full use of the services, and
provide value for money.
We deliver this servic8 through 54 static libraries across D&von's communities. Librartes Unllmlted
and the Councils are committed to maintaining the current provision of physlGal libraries, along with
the number of hours that libraries are open to th8 public and supported by paid library professionals.
In addition to static libraries, during the year we provided four mobile libraries that served rural areas.
Following a public consultation undertaken by Devon County Council the provision of a mobile library
service was ￿aSed during the year. We offer a home delivery service to customers that are unable to
a￿sS other seNices,
In line with the rest of the country, it has been a challenging year wtth rising costs and significant
pressures on our organisation and staff. We have had to negotiate significant increases in the energy
bills for our buildings and rises In other expenses due to inflation.
The Trustees have focused intensely on these funding challenges. and are pleased to report that with
strong financial management the Charity has ended the year in a satisfactory position. We have
limited the size of our unrestricted deficlt. dellvered savings on our expenditure. reduced the Impact of
changes to our funding income and increased our income in areas such as room hire, donations and
events. We are grateful to have such an accomplished group of slaff. managers and leaders to take
us through these globally challenging economlc Ilmes.
Page 4

Llbraries Unlimited South West
Trustees. Report
Despite the challenging economic picture, we continue to locus and develop our servlce and whilst
physical borrowing remalned consistent at 1.5M In 2023-24 (1.5M 2022-23), dlgital borrowing
increased by 28°/o. Customers continued to use other resources such as accessing ICT and enjoying
leaming and social activilies with visits to Libraries Increasing from 2.2M in 2022-23 to 2.3m in
2023-24. Customers logged in to our free WiFi 161,000 (sessions) in 2023-24. Our new WiFi printing
facility. which was launched in every library in 2022-23, has added yet another useful offering to help
with daily living. enabling people to print easily and quickly from their laptops or phones via a digitsl
portal from wherever they are, pick up their doojrnents and take them home. The Secret Book Quest
continues to bring a love of reading to children, with over 2,000 signing up per year over the last 2
years. The Inltiative has been so successful, Libraries Unllmited is now marketing It to other library
services around the country.
At Libraries Unlimited our purpose is to build lives and enrich communities and as such it is extremely
encouraging to see attendance at events mora than double from 190k in 2022-23 to 425k in 2023-24.
The Charty was r&appointed as a National Portfolio Organisation (NPO) with Arts Council England
for another 3 years (up to 2026) and continued to develop and deliver various arts and culture events
throughout our libraries durlng the year.
Our Libraries for Life campaign ran throughout the winter, offering everything from free hot drinks, a
warm place to sit and a frlendly face, to clothing rails. budgeting and cooking advice with acc&ss to
community fridges combatting food waste. Our warm welcoming spaces were dearly offering extra
value and that shows in our statlsllcs.
Key Operating Indicators (April to March)
2023-24
2,287,562
1.527,238 1
364.431
425,346
136.649
Libra
Visits
Book loans
Computer & W-FI sessions
Attendance at events
Active borrowers
2.234.4571
1.534.610 1
328.747
190.834
131,663
In addition to the above, we have also seen other significant statistics as follows:
A 28.￿ increase in total e-Audiobook downloads up to nearfy 292,000.
Total audiobooks borrowed: 24,477.
Large print loans". 53,310.
WiFi sessions increased by 23.fi in the year to nearly 165,000.
eBook downloads w8nl up 60/(p to over 253,000.
A 240/0 rise in ePress downloads (newspapers and magazines) downloads to over 302.000.
Public computer sessions: 161,309.
Volunteer hours up over 24,000 - a rise of 13%.
More than 13.000 Ghildren took part in our Summer Reading Challeng8 - a 250/0 increase on last
year.
Page 5

Llbraries Unlimited South West
Trustees. Report
FINANCIAL REVIEW
Flnancial Perfornlance
Headline Indicators
2023-24
£9.542.000
£80.000
0.8% :,
£115.000 1
2.88
£3.241,000
2022-23
£8.504.000
1£500.000)
nla
£332.000)
5_08
£3.208.000
Total income
Total surDlus I (def￿rt}
Net su
lus mar
in
Net increase l (decrease) in cash
Current ratio
Unrestricted reserves
Financial Performance
Income and Surplus
The Statement of Financial Activities shows that the Charty generated a net increase in funds of £80k
(2022123: net decrease of £500.000) on an annual income of £9,542,000 (2022123: £8.504.000). The
budgeted deficit for 2023124 was £255.000. The result for 2023-24 was better than budgel due to the
following factors".
Proactive staff vacancy and cost management throughout the period.
Great8r than forecast investment income.
The surplus generated on restricted funds where the costs wlll follow in the new financial year.
Balance sheet position and cash flows
The Charity is primarily a service provider organisation that ¢Joes not hold propety. A5 a result,
balance sheet strength is driven by an excess of curront assets over current liabilities. The cash
position. £3.3m as at 31 March 2024 (2023.. £3.2m). remains strong and payments under local
authorlty service contracts and th8 Arts Council England funding for NPO will continue to be receiv8d
quarterly in advance. In addition, the Charity is debt free which eliminates any interest rate risk from
UK monetary policy.
Reserves Policy
During the year the trustees adopted a new reserves policy following a review of the existing pclicy.
The Charity needs to provide resllience and stability to its services. The reservés pdicy has been set
to support us in delivering our mission by ensuring that our work is protected from the risk of
disruption at short notice due to a lack of funds. whilst at the same time ensuring that we do not relain
income for any longer Ihan required.
We have calculated the appropriate free reserves range for our organisation is £1.1 m to £1.3m. The
Board of Tmstees consider that this target range provides sufficient flexibility in the context of
operational requirements, the consideration of the need for the charity to have ￿si11ence against risk
and for an organisation of our size and ￿mplexIty.
At 31 March 2024. unrestricted reserves amounted to £3.2m (2023: £3.2m) of which free reserves
totalled £2.2m (2023: £2.7m). The Trustees acknowledge that the current level of reseNes is in
excess of the reserves policy. In 2024-25 the service fee from Devon County Council was cut by
£200k with a fvrther cut expected in 2025-26. We currently have forecast deficits for the next
years of £500k and exp8Ct to use £1 m+ of those reserves to plug the funding gap over the next two
y8ars.
The Trustees will Continue to review the reseNes policy on an ongoing basis.
Page 6

Libraries Unlimlted South West
Trustees. Report
PRINCIPAL RISKS AND UNCERTAINTIES
The Trustees are responsible for the identification, mitigalion and management of risk and have
established a formal risk rnanagement framework to assess business risk and to implement risk
managemerrt strategies. Trustees havé detemiined that the Charity should be risk aware not risk
averse. recognising that it will need to take risks in order to innovate and improve services to
beneficiaries.
A risk register is maintained by the Charity. Risks are scored on a multiplier of impact and probability
and are reported quarterly to the Finance and Audit Committee and the full Board. Principal risk5 at
the balance sheet date and actions taken or planned to mitigate them are as fcAIows:
Main risks
Further reductions in service contract fees. plus contract renewals and Pricing in the context of
public sector austerity and fvnding for local authorities
Business and finanGial planning
Review of potential alternative income streams
Strong collaborative relationships with relevant commissioners
Continued economic Un￿rtaInty and the potential impact on staffing, supply chain and future
contracts and funding
Engagement with relevant commissioners
Strengthen and diversify supply chain
Future prospects
Trustees believe the charity is well positioned lo be a leading provider of library and information
services. It has a contract with Devon County Council until March 2026 and the contract with Tort)ay
Councll provldes certainty of funding un￿1 March 2028 after a 5-year Contract extension was agreed
and signed in December 2022. Truste8s are also exploring the possibilities of dèlivering
complementsry seNces from libraries which will help to strengthen footfall and broaden income
generation opportunities further.
The charity continues to widen its customer base within the wider cultural and business sectors. It has
secured grant fundiryJ until March 2026 in relation to its successful bid to become a Nalional Portfolio
Organisation of Arts Council England which will be used to enhance the arts and cuttural offer across
Devon. Similady. it has secured grant funding until March 2024 in relation to the expansion of
business SUPPOrt services across Devon with funding from the British Library.
The charity is also well positioned to play an active role in the economic and social development of
local communities. It will continue to demonstrate the impact of providing existing ServI￿S as well as
piloting new offerings and channels. With a wide geographic read). the charity can be proactive in
supporting community regeneration. disadvantaged families. local businesses and those adversely
impacted by the pandemic and resultant lockdown ￿strICtl0ns. Our five-year strategy lays out our
ambitions and how we will measure our progress against specific goals.
STRUCTURE AND GOVERNANCE
Membershlp and control
Libraries Unlimited South West is a membership organisation. The Ilability of any member 15 limlted to
a sum not exceeding £1. Membership dasses are as follows..
Slaff Membership Group - any member of staff employed by the Charty is entitled to apply.
Page 7

Libraries Unllmlted South West
Trustees. Report
Community Membership Group - any Llbrary Friends Group Is antitled to apply.
Trustee Membership Group - all appointed Trustees shall be members of the Charity.
Staff and Community members each control 33% of voting rights at General Meeting, with Trustees
controlling the remaining 340/..
The Board of Trustees
The Board of Trustees oversees the management of the Charity and comprises:
up to two Staff Trustees;
up to two Community Trustees.,
Chief Executive, ex officio.,
up to seven Independent Trustees.
Stsff Trustees ar8 appointed for a fixed term of three years by a majority vote of the employees of the
Charity. Community Trustees are similarly appointed for a fixed temi of three years on a majority vote
of the Friends. Groups. Independent Trustees are also appointed fr)r a fixed term of three years.
expiring at the end of the AGM in the third year following their appointment, by ordinary resolution.
As part of induction and training all new Trustees meet with the Chair. senior managers and HR
Manager and have a programme of site visits to understand the charitys Gultur8, operations and
processes. A Trustee Handbook is maintained by all Trustees and contains information on the Charity
Articles of Association, kay operations and summary business plan. It also provides advice on
govemance framework within the organisation, induding Ihe duties of Trustaas and arrangements to
avoid conflicts of interest.
Committees
The Board of Trustees hav8 the followlng committees in place for the efficient conduct of buslness:
Finance and Audit
People and Operalions
Business Innovations and Partnerships
Trustèe Nominations.
Fundraising Committee
Temis of reference exist for each commitlee.
Remuneration of Senior Management
The Chief Executive and staff trustees (Iwo in the reporting period) were paid during the year by virtue
of their employment. No other trustees were paid during the reporting period.
Senior management salary levels are currently detemiined through a combination of role and
responsibilitias, coupled with an assessment of the local market for specific sectors. Salary levels are
considered and approved by the PeO1￿e and OpeThgtions Committee. Senior managers are employed
on stsndard terms and conditions in relation to annual leave. pension contributions and 8xpenses as
applied to members of staff. The cost of salaries paid to $8nior managers Ss includ8d in Note 11.
Gender Pay Gap
Page 8

Libraries Unlimited South West
Trustees. Report
As an organlsatlon wlth mora than 250 employees, we are legally requlred to comply wlth the Equalty
Act 2010 (Speclfic Duties and Publi¢ Authorities) Regulations 2017 and publish Gender Pay Gap
reporting infomiation on an annual basis. This requires us to report on g8nders only, which w8
recognise does not reflect everyone's lived experience of gender but is the legal obligation. However,
as part of our diversity data, we ask people to provide their gender identity. so we have looked at this
in addition to our legal duty, but the numbers are very small and further analysis is not possible
therefore without potentially revealing identities. We still hope to be able to develop this further in
future years.
As at 5th April 2023, our median gender pay gap was s.80￿ (8.5Vo as at 5th April 2022> and our mean
gender pay gap was 16.87°A (16.34% as at 5th April 2022).
It is disappointing to see that we continue to have a Gender Pay Gap, particularty as this is largely
driven by the same factors that we have identified as issues in past years. However, it is positive to
see that our Medlan Génd8r Pay Gap has slighuy reduced since 2022.
We continue to work towards becoming a Real Living Wage employer. by putting all of our employees
onto the 2023 Real Living Wage rate of £10.90 per hour, a 10OA In¢r8ase for some of our Iow8St paid
staff compared to their 2022-23 rates.
Addresslng our GPG is something that we remain committed to continually working on. fo¢ussing on
creating gr8at@r diversity in our staff across the whole organisation to better represent Ihe
Cofnmunltles we work in. Whilst we are frustrated to not have made further progress yet, we also
recognise that some of the factors affecting our Gender Pay Gap are deeply ingrained and also wider
SOCl8tal issues. This is never intended as an excuse but is a recognstion that it will take time to bring
about change. and that it is not something we are therefore going to give up on if we find it takes a
while to make that change. As an organisation, however. we are not giving up on our ambition to
ensure Gender Pay Gaps are eliminated and we ar8 cDmmitted to playing a rol8 in that, focussing on
doing what we can to push forward that change.
Employment of Disabled People
The Charity is committed to ensuring that its staff base is rellective of the communities it serves. The
Charity has high levels of part-time working and will always consider workplace adjustments and job
carving techniques to help employees manage long term health ￿nditions.
We are mindful of any reasonable adjustments required to ensure disabled job candidates are not
disadvantaged at re¢ruitm8nt interviews and assessment centres.
Statement of trustees. responslbilities
The trustees (who are also the directors of Libraries Unlimited South West 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 Accounting Practice), including FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland" Th6 report and accounts have been prepared in
accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requlres the trust8es to prepare financlal stat8ments for each financial year. Under
company law the trustees must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the charitable company and of the incoming
resources and applicalion of resources, including its In¢ome and expenditure, of the charitable
company for Ihat period. In preparing these financial statements, the Irustees are required to".
select suitable accounting policies and apply them consistently.
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Llbraries Unlimited South West
Trustees. Report
obs8rv8 the methods and princlples In the Charities SORP"
make judgements and èstlmates that are reasonable and prudent;
stste whether applicable accountlng standards, comprising FRS 102 have been followed. subject
to any material departures disclosed and explained In the financial statements; and
prepare the financial ststements on Ihe going concem basis unless it is inappropriate to presume
that the charitable company will continue in business.
The truste8s are responsible for keeping proper accounling records that can disclose with reasonable
accuracy at any lime Ihe 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 the assets of the charitable company and hen￿ for tsking reasonable steps for the
prevention and detection of fraud and other irregularilies.
The trustees are responsible for the maintenance and integrity of the corporate and financial
information included on the charitable cOmpan￿S webslte. Legislation governing the preparation and
dissemination of financial statements may drffer from legislation in other jurisdictions.
Disclosure of Informatlon to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make thernselves
aware of any relevant audit information and to establish that the charity's auditor is aware of that
infomiats-on. The trustees confirm that there is no relevant infomiation that they know of and of which
they know the auditor is unaware.
Small companies provlslon statement
This report has been prepared in accordan￿ with the small companies regime under the Companies
Ad 2006.
The annual report was approved by the trustees of the charity on 16 September 2024 and s￿ned on
its behalf by:
Marie Chadwick
Chairman and Trustee
Alex Klttow
Chlef Executive Officer and Trustee
Page 10

Llbraries Unlimlted South West
Independent Auditorfs Report to the Members of Libraries Unlimited South
West
Oplnlon
We have audited the financial statements of Libraries Unlimited South Wesl (the 'charity') for the year
ended 31 March 2024, which cornprise the Statement of Financial Activities. Balance Sheet,
statement of Cash Flows. and Notes to the Financial Statements, induding a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is
United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland, and applicable law {United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the stste of the tharitys affairs as at 31 March 2024 and of its incoming
resources and application of resources, including its income and expenditure. for the year then
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice: and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with Internatlonal Standards on Audltlng (UK) {ISAs (UK}) and
applicable law. Our responsibilities under those standards are further described in the 8uditor
responsibilities for the audit of the financial statements sedion of our report. We are independent of
the charity in a¢¢ordance wilh the ethical requirements that are relevant to our audit of the financial
statements in the UK, induding the FRC'S Ethical Standard. and the provisions available for small
entities, in the circumstances set out in note to the financial statements, and we have fulfilled our
other ethical responsibilities in accordan￿ with these requirements. We believe that the audit
evidence we have obtained is sufflclent and approptiate to provlde a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have concluded that the Irustees use of the going concern
basis of accounting in the preparation of the financial ststernenls is appropriate.
Based on the work we have performed. we have not identified any mateTial uncertainties relating to
events or conditions that. individualty or (xjllectivety. may cast significant doubt on the charity's ability
to continue as a going concern for a period of at least thlve months from when the original financial
ststements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect lo going concern are
described in the relevant sections of this report.
other inforniation
The twstees are responsible for the other infomiation. The other infomiation comprises the
infomiation induded in the annual report. other than the financial statements and our auditorfs report
thereon. Our opinion on the financial statements does not cover the other infomation and, except to
the extent otherwise explicitty stated in our report, we do not express any fonn of assurance
conclusion thereon.
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Libraries Unlimited South West
Independent Auditorfs Report to the Members of Libraries Unllmited South
West
In connection with our audit of the financial statem8nts. our responslbilty is to read the other
infomiation and. in doing so, consider whether the other information is materially inconsistent wilh the
financial ststements or our knowledge obtained in the audit or othepNise appears to be materially
misstated. If we identify such material inconsistencies or apparent fflaterial misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
material misstatement of the other information. If. based on the Work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescrlbed by the Companies Act 2006
In our apinion, based on the work undertaken in the course of the auditr.
the information given in the Tnjstees. Report for the financial year for which the financial
ststements are prepared is consistent with the financial statements: and
the Trustees, Report has been prepared in accordance wilh applicable legal requirements.
Matters on whlch we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the
¢ourse of the audit. we have not identified material mlsstat8ments in the Trustees. Report.
We have nothing to report in respect of the following matter5 where the Companies Act 2006 rèquires
us to report to you rf, in our opinlon:
adequate accounting records have not been kept, or returns adequate for our audit have not been
re￿iVed from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees ￿MuneratiOn specified by law are not made. or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fuSly in the Statement of trustees, responsibilities (set out on page 9 and 10), the
trustees are responsible for the preparation of the financial statements and for being satisfied that
Ihey give a true and fair view. and for such intemal control as ihe trustees determine 15 necessary to
enable the preparation of financial statements that are f￿e from material misstatement. whether due
to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charity's ability to
continue as a going concem. disclosing. as applicable. matters related to going concern and using Ihe
going concern basis of accounting unless the tnistees either inlend to liquidate the charity or to Gease
operations, or have no realistic altemative but to do so.
Audltor responsibilities for the audit of the financlal statements
Our objectives are to obtain reasonable assurance aly)ut whether the financial ststements as a whole
are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report
that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarante8
that an audit conducled in accordance with ISAS (UK) will always detect a material misstatement
when it exists. Misststements can arise from fraud or error and are considered material if. individually
or in the aggregate, they could ￿asOnablY be expected to influence the economic decisions of users
taken on the basis of these financial statements.
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Libraries Unlimited South West
Independent Auditor's Report to the Members of Libraries Unlimited South
West
The extent to which our procedures are capable of d8t8cting irregularities, including fraud Is detai58d
below:
Irregularities. including fraud, are instances of non-Gompliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, including fraud. The extent to whith our procedures are capable of detecting
irregularities, including fraud 15 detailed below:
We identified areas of laws and regulations that could ￿8$OnablY be expected to have a material
effect on the financial statements from our general commercial and sector experience and through
discussion with the trustees and other management. We communicated identified laws and
regulations throughout our tearn. and remained alert to any indications of non-compliance
throughout the audit.
The charity is subject to laws and regulations that govern the preparation of Ihe financial
statements, including financial reporting legislation, and other companies legislation. The company
is also subject to other laws and regulations where the consequences of non-compliance could
have a material impact on the amounts or disdosures within the financial statements. induding
employrnent. anti-bribery, antl-money laundering and certain aspects of companies legislation.
Owing lo the inh8rent limitation5 of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have properly
planned and performed our audit in accordance wilh auditing standards. In any audit. there
remains a highar risk of non-detection of irregularities, as these may involve collusion. forgery.
intentional omissions, misrepresentations, or the override of intemal controls. We are not
responsible for pravanting non-compliance and cannot be expected to datect non-compliance with
all laws and regulations.
As part of an audit in accordanc8 With ISAS (UK). we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perfomi audit procedures responsive to those risks, and obtsin 8udit
evid8nce that is sufficient and appropriate to provide a basis for our opinion. Th8 risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involv8 collusion, forgery, intentional omissions, misrepresentations, or the override
of internal CDntrol.
Obtain an understanding of internal control relevant to the audit in order to de5￿gn audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on th8
effectiveness of the charity's internal control.
Conclude on the appropriateness of the trustees use of the going concern basis of accounting and.
based on the audit evidence obtained, whether a material uncertainty exists related lo events or
conditions that may cast significant doubt on the tharity's ability to continue as a going concem. If
we condude that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the financial statements or, if such disclosures are inadequate.
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor's report. However. futu￿ events or conditions may cause the charity to cease to
continue as a going concem.
Evaluate the overall presentation, structure and content of the financial statements. including the
disclosures. and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Page 13

Librarles Unlimited South West
Independent Audito￿$ Report to the Members of Librarles Unlimited South
West
Use of our report
This report is made solely to the chariiable companrfs trustees, as a body. in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we
might state to Ihe charty's trustees those matters VR are required to state to them in an auditorfs
report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume
responsibility to anyone olher than the charitable company and its twstees as a body. for our audit
work, for this report, or for the opinions we have fomied.
Catherine Williams FCA DChA (Senior Statutory Auditor)
For and on behalf of
Westcotts (SW) LLP
47 Boutport street
Bamstaple
Dèvon
EX31 1SQ
Date:.2-. ...Q..ty*)}aQf &oz4
Page 14

Libraries Unlimited South West
ststement of Financial Activities for the Year Ended 31 March 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted Designated Restricted
funds
funds
funds
£000
£000
£000
Total
2024
£000
Total
2023
£000
Note
Income and Endowments from:
Donalions and legacies
Charitable activities
Other trading activities
Investment income
46
8.003
518
204
657
100
14
703
8.103
532
204
608
7.449
393
Total income
8.771
771
9,542
8.504
Expenditure on:
Raising funds
Charitable activities
{47)
8.896)
(21
(517)
(49)
(9.413)
(153)
(8,851
(9,004)
Total expenditure
Nel
(expenditure)lincome
Transfers batween
funds
18,943)
(519)
(9,462)
{172)
252
80
(500)
1,105
(900)
(205)
Net movement in funds
933
(goo)
47
80
(500)
Reconclllatlon of funds
Totsl funds brought
fonvard
2.308
3,392
3.892
Totsl funds carried
forward
21
3,241
231
3,472
3,392
All of the charity's activities derive from continulng operations during the above periods.
The funds breakdown for 2023 is shown in note 21.
The notes on pages 18 to 37 fomi an integral part of these financial statements.
Page 15

Llbraries Unlimited South West
(Registration number: 09822597)
Balance Sheet as at 31 March 2024
2024
£000
2023
£000
Note
Flxed assets
Intangible assets
Tangible assets
Investments
14
15
16
233
595
190
263
190
1,018
457
Cu￿ent assets
Debtors
Cash at bank and in hand
17
18
500
3,155
3,270
3.758
3.655
Creditors: Amounts falling due within one year
19
(1,3031
(720)
Net current assets
2,455
2.935
Net assets
3,472
3.392
Funds of the charlty:
Restrlcted income funds
R8Stricted funds
231
184
Unrestrlcted Incoma funds
Designated Funds
General Funds
900
2,308
3,241
TotsS unrestricted funds
3,241
3.208
Total funds
21
3,472
3.392
Thèse financial statements have been prepared in accordan￿ with the special provisions relating to
companies subject io the small companies regirne within Part 15 of the Companies Act 2006.
The financial statements on pages 15 to 37 were approved by the trustees. and authorised for issue
on16
ptember 2024 and signed on their behalf by:
Marie
hadwick
Chairman and Trustee
Alex Kittow
Chief Executive Officer and Trustee
The notes on pages 18 to 37 fom an integral part of these financial statements.
Page 16

Llbraries Unlimited South West
Statement of Cash Flows for the Year Ended 31 March 2024
2024
£000
2023
£000
Note
Cash flows from operatlng activities
Net cash incomel(expenditure}
Adjuslments to cash flows from non-cash items
DepreGiation
Amortisation
80
(500)
172
19
173
271
(326)
Working capital adjustments
Decrease in debtors
Increasel(decrease) in creditors
Increasel(decrease) in deferred income
N8t cash flows from operating activiiies
17
19
12
506
77
503
(289)
(35)
(147}
866
Cash flows from investing actlvities
Pur¢hase of intangible fixed assets
Purchase of tangible fixed assets
Net cash flows from investing activities
Net Increasel(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equlvalents at 31 March
14
15
(248)
(503)
(1851
(751)
185
115
(332)
3,488
3,155
3,270
3,155
All of the cash flows are derived from conlinuing operations during the above two periods.
The notes on pages 18 to 37 fomi an integral part of these financial statements.
Page 17

Librarfes Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Charity Status
The charity is limited by guarantee, incorporated In England and Wales, and consequently does not
have share capital. Each of the tnjstees is liable to contribute an amount not exceeding £1 towards
the assets of the charity in the event of liquidation.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounts.ng policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented. unless otherwise
stsled.
Statement of compliance
The financial statements hava been prepared in accordance with Accounting and Reporting by
Charities: Statement of Recommended Pradice (applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)) (issued in October 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Ad 2006.
Basis of preparatlon
Libraries Unlimited South West meets the definition of a public beneffl entity under FRS 102. Assets
and liablllties are initially recognised at historical cost or transactlon value unless otherwise stated in
the relevant accounting policy notes.
Golng concern
The trustees consider that there are no material uncertainties about th6 charivs ability to continue as
a going concem nor any slgnificant areas of uncertainly Ihat affect the carrying value of assats held by
the charity.
Statement of compllance
The financial statemenls have been prepared in accordan￿ with Accounting and Reporting by
Charities: Statement of Recommended Practice {applit2ble to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS
102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Consolidation
Libraries Unlimited South West Limited has a subsidiary company (Libraries Unlimited Enterprises
Limited). The subsidiary has never traded and therefore consolidated accounts have not been
prepared on the basis that the subsidiary is wholly immaterial to the group.
Income and endowrnents
All income is recognised once the charity has entiilement to the income, it is probable that the incomg
will be received and the amount of th8 income receivable Can b8 measured reliably.
Page 18

Llbraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Donations and legacles
Donations are recognised when the charity has been nolrfied in writing of both the amount and
setuement date. In the event that a donation is subject to conditions thal requiie a level of
perfofmance by the charity before the charity is entitled to the fvnds, the income is deferred and not
recognised until either those conditions are fijlly meL or the fuifilment of those conditions is wholly
within the control of Ihe charity and il is probable that these conditions will be fulfilled in the reporting
period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the
administratorlexecutor for the estate has communicated in wrstsng both the arnount and setuement
date. In the event that the gift is in Ihe fonn of an assel olher than cash or a financial asset traded on
a recognised stock exGhange. recconition is subject to the value of the gift being reliably measurable
with a degree of reasonable accuracy and the title to the asset having been transferred to the tharity.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to
the grants have been met. Where performance conditions are attached to the g￿nt and are yet to be
met, the income is recognised as a liability and included on the balance sheet as deferred income to
be ￿leased.
Deferred income
D8f8rred income represents amounts re￿iVed for future periods and is released to incoming
reSoUr￿S in Ihe period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in fLrture accountlng periods; or
The donor has imposed Conditions which must be met before the charity has unconditional
entitl8menL
Investment income
Dividends are recognised once the dividend has been derJar8d and notification has bèen received of
the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligatton to that expenditure, it is
probable settlement is required and ihe amount can be measured reliably. All Gosts are allocated to
the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot
be direGtly attributed to partiajlar headings they have been allocated on a basis consistent with Ihe
use of resources, with central staff costs alk)cated on the basis of time spent. and depreciation
charges allocated on the portion of the asset's use. Other support c()sts are allocated based on Ihe
spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its aGtivities
and services for its b8n8ficiaries. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nalure necessary to support them.
Page 19

Librarles Unllmited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The
aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on
a St￿ight4Ine basis.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis
consistent with the use of resources. for example. allocating property costs by floor areas, or per
capita. staff costs by the time spent and other costs by their usage.
Goodwill
Goodwill is amortised over its useful life. which shall not exceed ten years if a reliable estimate of the
useful life cannot be made.
Intangible assets
Intangible assets are initially re￿rded at cost. and are subsequentty stated at cost less any
accumulated amortisation and impaimi8nt losses. Any intangible assets c8med at revalued
amounts, are recorded at the fair value at the date of revaluation, as detemiined by referen￿ to
an active market. less any subsequent accumulated amortisation and subsequent a¢¢umulated
impalrment Ioss8S.
Intangible assets a¢quirgd as part of a buslness comblnation are only re¢ognlsed separately from
goodwill wh8n they arise from contractual or oth8r18gal rights, are separab18, the expected future
economic benefits are probable and the cost or value can be measured reliably.
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequendy stated at cost less any accumulated
depreciation and impairment losses. Fixed assets costing £1,000 or more are capitallsed at cost.
Amortlsatlon
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated
residual value, over their expected us8ful economic lrfe on a straight line basis as follows:
So￿are
3 to 4 years
Goodwill
10 years
Depreciation and amortisation
Depreciat50n is provided on tangible fixed assets so as to write off the cost or valuation. less any
estimated residual value. over their expected useful economic life as follows:
5 to 10 years (or length of lease if
shorter)
3 to 4 years
3 years
3 to 5 years
3 to 7 years
Building Improv8ments
ICT Hardware
Motor Vehides
Operatlonal Equipment
Flxture, Fittings and Equipment
Page 20

Libraries Unllmlted South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Investment properties
Investrnent property is carried at fair value, derived from the current market prices for comparable real
estate determined annually by external valuers. The valuers us8 observable market prices, adjusted if
necessary for any difference in the nature. location or condition of the specrfic assel. Changes in fair
value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash 8quivalents comprise cash on hand and call deposits, and Other short-term highly
liquid investments that are readity convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
Fund Structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in
furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for sp8crfic Pu￿OseS at the discretion of the
trustees.
Restricted income funds ar8 those donated for use in a particular area or for specific purposes, the
use of which is restricted to that area or purpose.
Deflned contrlbutlon plans
Contributions to defined contribution plans are recognised as an expense in the period in which the
related setvice is provided. Prepaid contributions are recognised as an asset to the extent that the
prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly withln 12 months of the end of the reporting
date in which the empkjyees render the related service, the liability is measured on a dlscounted
present value basis. Th8 unwinding of the discount is recognised as an expense in the period in which
it arises.
Flnancial instruments
Classification
Financial assets and financial liabilities are recognised when the charity be¢ornes a party to the
contractual provisions of the instrument.
Financial liabilities ar¢d equity instwments are dassified according to the substance of the contractual
arrangements entered Into. An equity instrument is any contract that evidences a residual Interest in
the assets of the Charity aft8r deducting all of its liabilitles.
Pag8 21

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Recognition and measuTrment
All financial assets and liabilities are initially mèasured at transaction price (including transaction
costs). except for those financial assets classified as at fair value through profit or loss. which are
initially measured at fair value (which is nomally the transaction price exduding transaction costs),
unless the arrangemènt constitutes a financing transaction. If an arrangement constitutes a financing
transaction, the financial asset or financial liability is measured at Ihe present value of Ihe future
payments discounted at a market rate of interest for a sirnilar debt instwment.
Financial assets and liabilities are only offset in the ststement of financial position wh8n, and only
when there exists a legally enforceable rlght to set off the recognised amounts and the charlty Intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneousty.
Financial assets are derecognised when and only when a) the Contractual rights to the Cash flows
from the financial asset expire or are settl8d, b) the charity transfers to another party substantially all
of the risks and rewards of ownership of the financlal asset, or c) the charlty, despite having retalned
some, but not all, significant risks and rewards of ownership. has transferred control of the asset to
another party.
Financlal Ilabilltles are d8recognised only when the obligation speclfied in the contract is dlscharged,
cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or pr8fer8nce shares
(where shares are publicly traded or their fair value is reliably measurable) are measured at fair value
Ihrough profrt or loss. Where fair valu8 cannot be measured rel￿bly, investments are measured at
cost less impairment.
Investrnents in subsidiaries and associates are measured at cost less impairment. For investments in
subsidiarles acquired for wnsideration Including the issue of shares qualifying for merger rellef, cost
is measured by reference to the nominal value of the shares issued plus fair value of other
consideration. Any premium is ignored.
3 Income from donatlons and legacies
Unrestricted
funds
General
£000
Restricted
funds
£000
Total
2024
£000
Donatlons
Donations
Legacies
Grants
British Library Grants
Art Council Eng18nd
Other
43
52
263
375
263
377
46
657
703
Page 22

Libraries Unlimlted South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Unrestrlctsd
funds
General
£000
Restrictsd
funds
£000
Total
2023
£000
Donations
Donations
Grants
British Library Grants
Art CounGiI England
other
111
115
20
186
287
20
186
287
111
497
608
4 Income from charitable adivities
Unrestrictod
fvnds
General
£000
7.687
151
104
Restricted
funds
£000
100
Total
2024
£000
7,787
151
104
Local Authorlty contracts
Service user payments & collection fees
Printing & Photocopying income
other income
Membershlp and subscriptions
59
59
8,003
100
8.103
Unrestrlcted
funds
General
£000
7.166
188
77
18
Restricted
funds
£000
Total
2023
£000
7.166
188
77
18
Local Authority contracts
Service user payments & collection fees
Printing & Photocopying income
other income
7.449
7,449
Page 23

Librarles Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
S Income from other trading actlvltles
UnrestrlGted
funds
General
Restricted
funds
£000
14
Total
2024
£000
93
18
Retail income
Other trading income
Catgring
Room hire
79
18
420
420
518
14
532
Unrestricted
funds
General
£000
26
13
Restricted
funds
£000
12
Total
2023
£000
38
13
Retail income
Other trading income
Catering
Room hire
335
335
381
12
393
6 Investment income
Unrestrlcted
funds
General
£000
189
15
Total
2024
£000
189
15
Bank interest receivable
Income from investment property
204
204
Unrestricted
funds
General
£000
36
18
Total
2023
£000
36
18
Bank interest receivable
Income from investment property
Page 24

Llbraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
7 Expendlture on ralslng funds
a) Costs of trading activlties
Unrestrlcted
funds
General
£000
36
Restricted
funds
Total
2024
£000
38
Costs of other trading activities
36
38
Unrestricted
fvnds
General
Restricted
funds
£000
Total
2023
£000
142
Costs of other trading activities
139
139
142
b) Investmont management costs
Unrestrictsd
funds
General
£000
11
Totsl
2024
£000
11
Property management fees
Unrestricted
funds
General
£000
Total
2023
£000
Property management fees
11
Page 25

Llbrarfes Unlimited South West
Notes to the Financlal Statements for the Year Ended 31 March 2024
8 Expendlture on charitable activitles
Unrestricted
funds
General
Restricted
funds
£000
329
188
Total
2024
£000
Note
Charitable activities
Allocated support costs
8.616
280
468
8.896
517
9.413
Unrestricted
funds
General
£000
7.757
234
Restricted
funds
£000
532
328
Total
2023
£000
8,289
562
Note
Charitable activitses
Allocated support costs
7.992
860
8.851
Page 26

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
9 Analysis of support eosts
Support costs allocated to charitable activities
Total
2024
£000
116
99
Total
2023
£000
130
254
35
143
Communications and IT
General offi
Auditors remuneration
Other support costs
245
468
562
10 Nel Incomingloutgoing resources
Net incomin￿(ouÈg0ing) resources for the year indude-
2024
£000
172
2023
£000
172
Depreciation of tangible fixed assets
Depreciation of inlangible fixed assets
11 Trustees remuneration and expenses
None of the trustees are remunerated for their services as truste8s. but the Chief Executive and
staff trustees were paid in respect of their employment with the ch8rity (as permitted by the
Memorandum & Artides of Association)
Th& remuneration of the Chief Executive was betrNeen £80,000 and £90,000 (2023: £80,000 &
£90,000) including pension conlributions. No other employees earned mc*e than £60,000.
In the year ended 31 March 2024, Iwo staff trustees were paid between £20.000 and £30,000 each. In
the previous year two staff trustees were paid between £20 000 and £30 000.
During the reporting period. the tharily paid expenses totalling £870 to six trustees (2023: £903 to
three trustees) primarily in relation to travel and subsisten￿.
The key management personnel comprise Ihe Trustees in their roles as Trustses, Chief Executive
and four Heads of Service covering the folbwing areas. Service delivery, Finance, People &
Operations and Commercial & Innovation. The aggregate employee beneffts payable to key
management personnel for the reporting perlod was £354,000 (2023: £315.000). During 2023 the
CFO was only in plac8 for 6 months.
Page 27

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
12 Staff costs
The aggregate payToII costs were as follows:
2024
2023
£000
staff costs durfng the year were:
Wages and salaries
Social security costs
Pension costs
5,271
340
354
4,948
329
356
5,965
5,633
The average head count of employees during the year was 371 (2023: 3831. The average number of
full-time equivalent employees during the year is analysed as fdlows:
2024
No
129
50
2023
Library stsff
Management, service, development and support servlc8S
129
57
179
186
13 Auditors. remuneratlon
2024
£000
2023
£000
35
Auditors remuneration
14 Intangible fixed assets
Goodwlll
£000
Software
£000
Total
£000
Cost
At 1 April 2023
Additions
73
123
73
126
At 31 March 2024
126
196
322
Amortisation
At 1 April 2023
Charge for Ihe year
At 31 March 2024
70
10
70
19
80
89
Net book value
At 31 March 2024
118
116
233
At 31 March 2023
Page 28

Libraries Unlimited South West
Notes to the Flnanclal Statements for the Year Ended 31 March 2024
15 Tanglble flxed assets
Fixtures and
Fittings
£000
Motor
vehicles
£000
Equipment
£000
Furniture
£000
Total
£000
Cost
At 1 April 2023
Additions
19
35
293
460
214
43
561
503
At 31 Marth 2024
19
35
753
257
1.065
Depreciation
At 1 April 2023
Charge for Ihe
year
19
14
163
103
21
91
59
172
At 31 March 2024
19
35
254
162
470
Net book value
At 31 March 2024
499
95
595
At 31 March 2023
21
131
111
263
Page 29

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
16 Flxed assat investments
Investment propertles
Inveslment
property
£000
Cost or Valuation
At 1 April 2023
190
Provlsion
At 31 March 2024
Net book value
At 31 March 2024
190
At 31 Marth 2023
190
All investments shown above are held at valuation.
The investment property was revalued in April 2022 by an independent valuer, Luscombe Maye. The
value of the property was based on market value. the Trustses have confirmed the valuatlon remains
approprtate as at 31 March 2024.
17 Debtors
2024
£000
136
267
2023
£000
72
259
85
Trade debtors
Prepayments
Accrued income
Other debtors
51
500
18 Cash and Gash equivalents
2024
£000
3.270
2023
£000
3.155
Cash at bank
Page 30

Librarfes Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
19 Creditors: amounts falllng du8 within one year
2024
£000
450
397
53
2023
£000
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income
296
56
144
42
119
1,303
720
2024
£000
2023
£000
Deferred income
As at 1 April 2023
Amount released to incoming resources
Amount deferred in the year
Deferred income at year @rKI
42
(42)
119
(77)
42
119
42
20 Penslon and other post retirement beneflts
The Organisation participates In three pension schemes:
Defined benefit pension schem88
Devon County Council
Staff that transferred ulld8r TUPE to Libraries Unlimited on 1 April 2016 are entitled to participate in
the local Government Pension SGheme (LGPS) as administered by Devon County Council. Libraries
Unlimited participates in this scheme on a closed admission basis. and staff participation is limited to
contributing employees at 1 April 2016. The LGPS is a contribution based funded defined benefft
scheme that currently provides retirement benefits based on career average revalued salary and
lengih of service in employment.
Subject to ￿rtain conditions. which Libraries Unlimited has fully complied with in 2023124, Devon
County Council acts as guarantor to the pension scheme. Under Ihis arrangement Libraries
Unlimited's liability is capped at the payments actually made under triennial revaluation and the
funding risk remains with Devon County Counal. Pension ￿$ts are therefor8 accounted for as in a
defined wntribution schem8.
Employer contribution rates into this scheme amount to 12Yo of pensionable pay in 2023124, wilh
employee contributions ranging from 5.5Yo to 12.5 % dependant on salary.
Page 31

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Torbay Council
Stsff that transferred under TUPE to Libraries Unlimited on 1 April 2018 are entilled to partiapate in
the Local Government Pension Scheme (LGPS) as administered by Torbay Council. Libraries
Unlimited participates in this sdieme on a closed admission basis, and stsff participallon is a
contributlon based funded defined benefit scheme that cu￿entlY provides retlrement benefrts based
on career average, revalued salary and length of seNice in employment.
Subj8Ct to certain conditions. which Libraries Unlimited has fully complled with in 2023124, Torbay
Council acts as guarantor to the Pension Scheme. Under this arrangem8nt Libraries Unlimited's
liability is Capped at the payments actually made undar triennial revalualion. and the funding risk
rèmains with Torbay Council. Pension costs are Iherefore accounted for as in a defined contribution
scheme.
Employer contribution rdtes into this scheme amount to 120/0 of pensionable pay in 2023124, with
employee contributions ranging from 5.5% to 12.5¥0 dependant on salary.
At 31 March 2024, 129 employees (2023: 1 $1 employees) participated in the scheme and employerfs
costs charged to the Statement of Financial Activities, amounted to £194k (2023: £209k).
Defined Contribution Scheme
Devon staff that commenced employment after 31 March 2016 and Torbay staff that commenced
employment after 31 March 2018 participatè in the Flexible Retirement Plan administered by TPT
Retirement Sdutions (formerly the Pensions Trust). This is a defined contrtbution pension scheme.
Under this scheme. the employer matches employees, contributions up to 60h of pensionable pay.
At 31 March 2024. 181 empbyees (2023: 216 employees) participated in the scheme and employe¢s
costs charged to the Ststem8nt of Financial Activities amounted to £160k {2023: £145k).
21 Funds
Balance at
1 April
2023
£000
Balance at
31 March
2024
£000
Incoming Resources
resources
expended
£000
£000
Transfers
£000
Unrestrl¢ted funds
General
General Funds
2,308
8,771
(8,943)
1,105
3,241
Designated
Property development
Infrastructure
Project development
250
500
150
(250)
(500)
(150)
(900)
900
Total unrestrlcted funds
3.208
8,943
205
3,241
Page 32

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Balance at
1 April
2023
£000
Balance at
31 March
2024
£000
Incoming Resources
resources
oxpended
£000
£000
Transfers
£000
Restricted funds
British Library
Arts Counal
Good Things Foundation
other
Purchase of Kiosks (DCC
Funding)
Reminis￿nce Project
(Crediton)
Libraries On Funding
Torridge - Know Your
Neighbourhood
Workhubs (Work Club
Funding)
Workhubs (Multiply)
She Started It
Decarbonisation Project5
(59)
(219)
(6)
(123)
35
263
(2)
77
89
105
71
100
(100)
14
106
(6)
(2}
(103)
35
(6}
29
37
17
10
75
(25)
(18)
(5)
(52)
(519)
12
23
771
(205)
231
Total funds
3,392
9,542
9,462
3,472
Balance at
31 March
2023
£000
Balance at 1
April 2022
Incoming
resources
£000
ResOU￿e8
expended
Unrostricted funds
General
General Funds
2.454
7,995
{8.141)
2,308
Deslgnated
Propety development
Infrastructure
Project development
250
500
150
250
500
150
900
900
Total unrestricted funds
3,354
7.995
(8,141)
3.208
Page 33

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Balance at
31 lJJarch
2023
£000
Balance at 1
Aprll 2022
£000
Incoming
resources
£000
Resources
expended
£000
Restricted funds
British Library
Arts Council
Good Things Foundation
Other
347
49
21
121
20
198
(313)
(211)
(15)
{323)
(863)
54
35
291
89
538
509
Total funds
3.892
8,504
(9,004)
3.392
Designated Fund.5
The purpose of the designated funds wa5 to support property development. primarily focused on
purchasing new buildings. to explore new business initiatives, including potential strategic
partnerships and to focus on upgrading and replacing infRstruciur8, for example self-service kiosks
and IT equipment.
In line with the trustees new reserves policy the funds previously designated have b88n transferred
bad( to general funds during 2024.
Page 34

Libraries Unlimlted South West
Notes to the Financial Statements for the Year Ended 31 March 2024
Purpose o.f restrict_ed_f.un.ds
Art's Council funding as an NPO in respect of Creative Communities. This is the programme of
cultural activity in our libraries supported by the Arts Council England (ACE) National Portfolio
Organisation (NPO) funding and Exeter City Council. It brings together a wide range of creative
events to communities across Devon and Torbay.
Purchase of kiosks - this is a contribution from Devon County Council towards the installation of new
customer kiosks in all librari85 across Devon. It has been transferred to unrestricted funds at the
year-end as the restriclton on the fijnds has been litted due to the outright purchase of the kiosks.
Reminiscence Project (Crediton)
awarded by the National Lottery Heritage Fund to fund to
establish and deliver at least 5 monthly reminiscence groups and deliver of an outreach and
ollections engagement programme.
Libraries On Funding ACE has awarded the British Library a grant to run a grant programme
enabling local library services to upgrade their website and local digital presence, to enhance library
service buy in and public benefit, and to Gontribute to the national impact and sustainability of the
proposal. Libraries Unlimited has used this funding to establish a new online system for room
bookings and also set up a new websila for the Secret Book Quest. It has been transferred to
unrestricted funds at the year-end as the restriction on the funds has been lifted due to the outright
purchase of the necessary assets.
Torrldgè (Know Your Neighbourhood) - a package of funding from the Department for Culture,
Media and Sport {DCMS), designed to widen participation in volunteering and tsckle lon@liness in 27
disadvantaged areas across England. Our participation is coordinated via Libraries Connected.
Workhubs joint venture with Devon County Council to establish refug8e-friendly work clubs in
libraries across Devon.
Decart)onisation Projects - funding from West Devon and South Hams to develop decarbonisallon
plans wilh businesses, helping them to innovate and achieve clean growth as part of the UK Shared
Prosperity Fund's local business investment priorty
Frlends Groups - To support individual libraries to enhance thelr community.
Other- this includes a number of smaller grants expended during the year and does include initiatives
around warm spaces. growing Gommunities and locality Funding (small grants given by individual
councillors. this enables them to use their local knowledge to support local projects being run through
our libraries).
Page 35

Llbraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
22 Analysls of net assets between funds
Unrestrfctad
funds
General
£000
233
595
190
3.527
(1.303)
3.241
Total funds
at 31 March
2024
£000
233
595
190
3.758
(1.303
3.472
Restricted
funds
£000
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
231
Total net assets
231
Totsl funds
at 31 March
2023
£000
Unrestricted fvnds
General
Designated
£000
£000
Restrfcted
funds
£000
Intangible fixed assets
Tangible fixed assets
Fixed asset investmenls
Current assets
Current liabilities
263
190
2.571
(720)
2,308
263
190
3,855
(720)
3,392
900
Total net assets
900
Page 36

Libraries Unlimited South West
Notes to the Financial Statements for the Year Ended 31 March 2024
23 Agency arrangements
The Charity receives grant income from Devon County Council and Torbay CouncII as agent in
respect of the purchase of books and other resources. In the accounting year ended 31 March 2024
the charity receiv8d £597,614 (2023". £645.700) and disbursed £614,43512023.. £589,804) from the
fund. An arnount of £51,388 (2023.. £84,704) is Included within debtors and £nil {2023: £11.600) is
induded in creditors relating to these funds
24 Obligatlons under leases and hire purchase contracts
Operating lease commitments
Total future minimum lease payrnents under non-canGellable operating leases are as follows:
2024
£000
2023
£000
Other
Within one year
Be￿een one and five years
After five years
137
172
117
89
191
136
427
416
25 Related party transactions
There were no related paty transactions in the year.
Page 37