Company registration numbèr.. 09822597 Charity registration number. 1170092 Libraries Unlimited South West (A company Ilmited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2025 WESTCOTTS HARTEIIID ACCOU14TANTS 1 8USINÉSS ADVISEA$ *AEIIOR3N* 23112r2025 C(NPANIES HOUSE A43 Libraries Unlimitod South West Cont•nts Reference and Administrative Details 1to2 Trustees, Report 3to12 Independent Audttors, Report 13to16 Statement of Financial Activities 17 Balance Sheet 18 statement of Cash Flows 19 Notes to the Financial Statements 20to39 Libraries Unlimited South West Ref•r•nce and Administrative Details Llbraries Unlimited South West (commonly referred to as"Llbraries Unlimited") is a Registered Charity and Company Limited by guarantee and does not have any share capital. Its governing document is the Articles of Association 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 9 November 2016. Chair Marie Chadwick Deputy Chalr Morgen Witzel (appointed November 2024) Trust•es: Eve Ashton Crystal Carter Marie Chadwick James Anthony-Edwards (appointed 22 October 2025) Alex Kittow George Lossius (resigned 6 June 2024) Lynn Morris Joy Morrison (appointed 16 Septernber 2025) Alan Nash Andrew Prince {resigned 16 September 2025) Emma Prudden (appointed 22 October 2025) Sue Simmons (resigned 5 March 2025) Marwa Tourky Katie Villa (appointed 6 June 2024) Steven Williams (appointed 6 June 2024) Morgen Wilzel Page 1 Libraries Unlimited South West Reference and Administrativ• Details Chl•f Ex¢¢utiv• Alex Kittow K•y Management P•rsonn•l Head of Library Service and Customer Experience - Kate Turner Chief Finance OffKer- Tom Glanville Chief Operating Officer - Steve Turner Chief People Officer- Beth Reynolds Charlty R•glstratlon Numb•r 1170092 Company Reglstratlon Number 09822597 The charity Is Incorporated in England and Wales. Exeter Library Castle Street Exeter Devon EX4 3PQ Westcotts {SW) LLP 47 Boutport Street Bamstaple Devon EX31 1SQ Kitson Boyce Solictors Ashleigh Way Language Business Park Plympton Plymouth PL7 5JX Prlnclpal Offlo• Audlt•r Sollcltors: Bankers Barclays Bank PIC Exeter Devon EX1 1LX Page 2 Libraries Unlimit•d South West Trustees. Roport The trustees, who ar8 directors for the purposes of company law, present the annual report together with the financial statements and auditors. report of the charitable company for the year ended 31 March 2025. 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 Charity's core purposes set out how we achieve our vision: Promoting a love of reading. . Providing free access to resources and inforrnation., Inspiring everyone to leam, create and realise their potential., Enabling everyone to explore and connect to the wider world,. . Offering welcoming spaces; Supporting the health and wellbeing of individuals and communities. LEGAL OBJECTS The Charity has been established for public benefit to,. Promote the advancement of education by the establishment andlor maintenance of a library andlor library seNice • Establish andlor malntain a library andlor library service in and throughout Devon, including, but not limited to, rural communities and with a particular focus on chlldren 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 community without distinction, including use for meetings, leaming, reading, sharlng andlor for other educational andlor recreational or leisure tirne activities provided in the interests of social welfare, with the object of improving the conditions of life for all those vtho use the facilities; andlor Promot8 th8 advancement of education of the arts by the establishment and maintenance of a museum andlor art gallery Develop the capacity and skills of the members of the local community, and particularly children and young people, who are socially or economically disadvantaged in such a way that they are better able to identify. and help meet, thelr needs and to participate more fully in society; Pursue such other charitable purposes consistent with the above. PUBLIC BENEFIT The trustees have ensured that the charity's activities are to the public benefit and they have had regard to the Charity Comrnission's guidance on public benefit. Page 3 Libraries Unlimitsd South West Trustses. Report STRATEGIC REPORT STRATEGIC AIAIS In dellvering its overall charitable purposes, Llbraries Unlimlted established five strategic pillars to drive activities and assess its effectiveness. These ar8 as follows.. • People . Community Diverslfication Environment Infrastructure ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Core Library Servl¢•s The Charity has five-year contracts with Devon County Council and Torbay Counc51 for the provision of library and information services to residents. businesses and visitors to Devon. The Councils have the ability to extend these contracts for a further fiv8 years subject to effective performance. In both cases the option to extend was tsken by the Councils. We work in collaboration wlth the Councils to support their statutory duties under the Public Libraries and Museums Act 1964 and specifically to ensure that local services: SeNe both adults and children Work in partnership with other groups, organisations and agencies Are available to everyone and meet any special needs or requirements of members of the local cornmunlty Encourage participation and full usè of the services, and Provide value for money. We deliver this seriice through 54 static libraries across Devon's communities. Libraries Unlimited and the Councils are committed to malntaining the current provision of physical libraries, along with the number of hours that libraries are open to the public and supported by paid library professionals. We offer a home delivery service to customers that are unable to access other services. In 2024-25, Devon County Council reduced the amount of funding for the Library Service contract as part of wider cost saving measures taken by the council. Lik8 all charities, we faced a tough economic environment and while inflationary pressures cooled towards the end of the financial year, c05ts remained h￿h at a time when core funding is being reduced. The Trustees have focused intensely on these fijnding challenges, acknowledging that the cut in funding would require them to support a larger deficit from the Charity's reserves in the run up to the end of our current contract with Devon County Councll. The Trustees approved a budget for 2024-25 with an unrestricted deficit of £496k and are pleased to report that with strong financial management the Charity has ended the year ahead of this position. We have limited the size of our unrestricted deficit. delivered savings on our expenditur8 and increased our income in areas such as room hire, donations and events. We are grateful to have such an accomplished group of staff, managers and 16aders to take us through these challenging ecA)nomic times. Desplte the chaI￿ngIng economic picture, we conts'nue to focus and develop our service and whilst physical borrowing remained consistent at 1.6m in 2024-25 {1.6m 2023-24), digital borrowing increased by 400h. Customers continued to use other resources such as accessing ICT and enjoying leaming and social acts'vities with visits to Libraries increasing from 2.3m in 2023-24 to 2.6m in 2024-25. Page 4 Libraries Unlimited South West Trustees. Report Customers logged in to over 220k wi-fi sessions in our libraries during 2024-25, an increase of 18k {9Vo) compared with 2023-24. At Libraries Unlimited our purpose is to build lives and enrich comrnunities and as such it is extremely encouraging to see attendance at events increase from 232k in 2023-24 to 260k in 2024-25. We organised 14k events in 2024-25 compared with 12.4k in 2023-24. The Charity was re-appointed as a National Portfolio Organisation (NPO) with Arts Council England for another 2 years (up to 2027) 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 fre8 hot drinks, a warm place to sit and a friendly face. to clothing rails, budgeting and cooking advice with access to community fridges combatting food waste. Our warm welcoming spaces were clearly offering extra value and that shows in our statistics. K•y Operatlng Indicators (April to March) 202*25 2 662 099 1.495.935 34.735 381,998 260.095 202>24 2 287,562 1.605.273 2022.23 2 234,457 1,625.905 UbTa Vlslts Ph Ical loans Volunteer Hours Com uter & wi-Fl sesslon5 Attendance at events Active borr¢)wers 364,431 232 215 328,747 131663 In addition to the above, we have also seen other significant statistics as follows.. . A 21Vo increase in total e-Audiobook downloads up to over 350,OIJO. . eBook downloads went up 3Vo to over 261,000. . A 89% ris8 In ePress downloads (newspapers and mag8zines) downloads to over 572.000. Public computer sessions- 161,141. Volunteer hours up by 10,000 to over 34,700 - 8 rise of 43%. More than 10,000 children took part in our Summer Reading Challenge. Page 5 Libraries Unlimitsd South West Trust•os' Report FINANCIAL REVIEW Financial Perfornianc• - Headlinè Indi¢ators lo￿25 £9,415,000 (£248,000) n/è 1£457.IXIOI 3.05 £2.930,OOQ 1023-24 £9,542.000 É80.000 0.8% £114,000 2.88 £3.241,000 2022-23 £8,504,000 {£500.0001 n/8 1£332,0001 5.08 É3.208,000 Total income Total surplus I Ideficitl Net surplus margin Nei incfease I Idecreasel in c•5h Current ratio Unrestricted reserves Financial P•rforman¢e . Inaom• and Surplus The Statement of Flnancial Activities shows that the Charlty generated a net decrease in funds of £248k {2023124: net increase of £80,000) on an annual income of £9,415.000 (2023124.. £9.542,000). The budgeted deficit for 2024125 was £496,000. The result for 2024-25 was better than budget due to the following factors.. • Proactive staff vacancy and Cost management throughout the perlod. Greater than forecast investment income. . The surplus generated on restricted funds where the costs will follow in the new financial year. Balan¢• sh•et position and eash flows The Charity Is primarily a serrfice provider organisation that does not hold propety. As a result, balance sheet strength is driven by an excess of current assets over current Ilabilities. The cash position, £2.8m as at 31 March 2025 (2024.. £3.3m), remains strong and payments under local authority sepiice contracts and the Arts Council England funding for NPO wlll continue to be received quarterly in advance. In addition, the Charity is debt free which eliminates any interest rate risk from UK monetary pollcy. Res•rv•s Polloy During the year the trustees adopted a new reservès policy following a revlew of the exlsting policy. The Charity needs to provide resilience and stability to its services. The reserves policy 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 retairF income for any longer than required. We have calculated the appropriate free reserves range for our organisatlon Is £1.1 m to £1.3m. The Board of Trustees consider that this tsrget range provides sufficient flexibility in the context of operational requlrements, the conslderatlon of the need for the charity to have resilience against risk and for an organisation of our size and complexity, At 31 March 2025, unrestricted reserves amounted to £2.9m (2024: £3.2m) of which free reserves totalled £1.9M (2024.. £2.2m). The Twstees acknowledge that the current level of reserves is in excess of the reserves policy. In 2025-26 Devon County Council hav8 Cut core funding for the Library servi￿ by a further £300k. In addition, the changes to Employers, National Insurance that came into effect from April 25 are forecast to cost the Charity an additional £200k which has not been supported by a funding increase from either of our commissioning Councils. As such, the Trustees expect to be deploying the Charity's reserves supporting the current funding gap while negotiations continue with Devon County Council. Page 6 Libraries Unlimited South West Trustees, Report The Trustees will continue to review the reserves policy on an ongoing basis. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees are responsible for the identification, mitigation and management of risk and have established a formal risk management framework to assess business risk and to implement risk management strategies. Trustees have determined 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 risks at the balan￿ sheet date and actions taken or planned to mitigate them are as follows: Maln rlsks 1. Ongoing negotiations with Devon County Council regarding an extension of the current Library servi￿ contract following the announcement of Local Government Reorganisation. Strong collaboratlve relationships with relevant commlssloners Business and financial planning 2. Further reductions in service contract fees, plus contract renewals and priclng In the context of public sector austerity and funding for local authorities • Business and financial planning Review of pot8ntial alternative income streams Strong collaborative relationships with relevant commissioners 3. Continued economic uncertainty and the potential impact on stsffing, supply chain and future contracts and funding Engagement Wtth relevant commissloners Strengthen and diversify supply chain Futur• prospects Trustees are currently focused on securing an extension to the Charity's service contract with Devon County Council. This contract currently expires in March 2026. There was an expectation that this contract would be put out for tender in advance of expiry, but as a result of the announcement of Local Government Reorganisation. the Trustees are currently in negotiations with Devon County Council over the temis of an exlension to the current contract. Devon County Council {DCC) Cabinet held a meeting in October where they agreed, in principle to the extension of the current term for Llbraries by two years, to cover the period from the 1 st April 2026 to 31st March 2028, with a further one year if required. This will be formally discussed and agreed at the DCC Cabinet meeting on the 12th November 2025. DCC has also agreed to carry out a fvll public consultats'on starting In late November 2025 which will help to shape the future of the Library seniice in Devon and Libraries Unlimited and its staff. cuslomers and supporters will be fully involved in this process. The Trustees are confident that our strong relationship with Devon County Council and the perf0rrnan￿ of the Charity in delivering the serrfice contract over the last 10 years places us in a strong position to complete and deliver into the future. Our contract with Torbay Council runs until March 2028. Page 7 Librari•s Unlimited South West Trustses. Report The charty continues to widen its customer base within the wider cultural and business sectors. It has secured grant funding until March 2027 in relation to its successful bid to become a National Portfolio Organisation of Arts Council England which will be used to enhan￿ the arts and cultural offer across Devon. Additionally, the Charity was also grateful to receive £200k from the Clore Duffield Foundation which. along with fantastic support from local companies, will be used to renovate the children's library in Exeter during 2025-26. After the end of the financial year the Charity secured National Lottery funding totalling £1.5M over 5 years for the Together for Tomorrow programme of supporting local communities in Devon to tackle climate change. This is indicative of the Charity's continued and growing success in securing funding to deliver community focused projects across the county. The charity is also well positioned to play an active role in the economic and social development of local communitles. It will conts'nue to demonstrate the impact of providing existing services as well as piloting new offerings and channels. With a wide geographic reach. the charity can be proaciive in supporting community regeneration. disadvantaged families, local businesses and those adversely impacted by the pandemic and resullant lockdown restrictions. Our five-year strategy lays out our ambitions and how we will measure our progress against specific goals. STRUCTURE AND GOVERNANCE M•mb•rship and oontr•l Libraries Unlimited South West is a membership organisation. The liability of any member is Ilmited to a sum not exceeding £1. Membership classes are as follows: • Staff Membership Group - any member of staff employed by the Charity is entitled to apply. . Community Membership Group- any Library Friends Group is entitled to apply. . Trustee Membershlp Group - all appointed Trustees sh811 be members of the Charity. Staff and Communlty members each control 33Vo of votlng rlghts at General Meeting. with Trustees controlling the remaining 340h. Th• Board of Trust••s The Board of Trustees oversees the management of the Charity and comprises.. . Up to bNo Staff Trustees., . Up to iwo Community Trustees; Chief Executive, ex officio., Up to seven Independent Trustees. Staff Trustees are appointed for a fixed terni of three years by a majority vote of the employees of the Charity. Community Trustees are similarly appointed for a fixed term of three years on a majority vote of the Friends. Groups. Independent Trusle8s are also appointed for a fixed tem 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 wlth the Chair, senior managers and HR Manager and have a programme of site visits to understand the charity's culture, operations and processes. A Trustee Handbook Is maintained by all Trustees and contains information on the Charity Articles of Association, key operations and summary business plan. It also provides advice on governan￿ framework within the organisab'on, including the duties of Trustees and arrangements to avoid conflicts of interest. Page 8 Libraries Unlimited South West Trust•os' Roport Commlttees The Board of Trustees have the following committees in place for the efficient conduct of business.. Finance and Audit . People and Operations Business Development Trustee Nominations Fundraising Committee Terms of reference exist for each committee. R•muneratlon of Senlor Manag•m•nt The Chief Executive and staff trustees (trwo in the reporting period) were paid during the year by virtue of their employment. No other trustees were paid during the reporting period. Sènior m8nagem8nt salary levels are currently determined through a combination of role and responsibilities, coupled with an assessment of the local market for specific sectors. Salary levels are considered and approved by the People and Operations Committee. Senior managers are employed on stsndard terms and conditions in relation to annual leave, pension contrlbutions and expenses as applied to members of staff. The cost of salaries paid to senior managers is included In Note 12. G•nd•r Pay Gap As an organisation with more than 250 employees, we are legalty required to comply with the Equality Act 2010 (Specific Duties and Public Authorities) Regulations 2017 and publish Gender Pay Gap reporting information on an annual basls. Thls requlres us to report on tsvo genders only, which we 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 addilion to our legal duty, but the numbers are very small and further analysis is not possible therefore without potentlally revealing identities. We still hope to be able to develop this further in future years. As at 5th April 2024, our median gender pay gap was O.OOh (5.8% as at Sth Aprll 2023) and is less than the ONS 2023 national average of 14.3¥0. Compared to other Library Sep4ices' figures from 2023 (2024's has not been published yet), our GPG is better. Our mean gender pay gap was 16.87% whlch shows no change from last year. Whilst we have seen an improvement in our Median GPG and no change in the Mean GPG this year, we continue to be aware that some of the factors affecting our Gender Pay Gap as sel out above are deeply ingrained and are wider societsl issues. This is never intended as an excuse but is a recognition that it will take time to bring about change and that this will be challenging. sin￿ 1997. there has been a steady decrease in the overall pay gap nationally, which is positive but unfortunately gradual. As an organisatlon, we remain committed to our ambition to ensure Gender Pay Gaps are eliminated and will play our role in that, focussing on doing what we can to push fotward that change. We set out a number of actions we proposed to take in October 2021 when reporting on our Apri 2021 figures. and vrfe continue to work to work towards those. Page 9 Libraries Unlimited South West Trustso5' Report We will continue to work on encouraging more men into frontline roles, women Into senlor roles in all areas of the organisation especially traditionally male dominated sectors, and men to utilise flexible working and family friendly policies such as Shared Parental Leave. However. it is also important to recognise that these actions will be part of a large cultural shift that is required, both within tha organisation and as a wider society. so we recognise that this is a direction of travel that we a￿ very committed to, rather than actions that will automatically result in change immediately. Employment of Disabled Peopl• The Charity is committed to ensuring Ihat its staff base Is reflective 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 conditions. We are mindful of any reasonable adjustments required to ensure disabled Job candidates are not disadvantaged at recruitment inteNiews and assessment centres. TRUSTEE RESPONSIBILITIES The Trustees are responsible for preparing the annual ￿port and the financial statements in accordance wlth applicable law and regulations. Company law requires the Trustees (as Dlrectors) to prepare financial statements for each financlal year. Under that law the Trustees have elected to prepare the financial stat8m8nts in accordance with United Kingdom Generally Accepted Accounting Practice and applicable law. Under company law the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of the affairs of Libraries Unlimited South West and of the surplus or deficit of Libraries Unllmited South West for thal p8ri0d. In preparing these statements th9 Trustees are required to.. Select surtable accounting policies and apply them consistently Observe methods and principles in the Charities SORP (FRS 102) Make judgements and estimates that are reasonable and prudent • State whether applicable accK>unting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue in operation. The Trustees are also responslble for keeplng proper accounting records that disclose with reasonable accuracy at any time the financial position of Libraries Unlimited South West and enable them to ensure that the financial statements comply with the Compani8s Act 2006. They are also responsible for safeguarding th8 assets of the company and for taking reasonable st8ps for the prevention and detects'on of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in Libraries Unlimited South Wesvs website. Legislation in England and Wales governing the preparation and dissemination of financial statements and other information included in Annual Reports may differ from legislation in other jurisdictions. Page 10 Libraries Unlimited South West Trustses. Report STATEMENT OF DI8CLO8URE TO THE AUDITORS So far as the Trustees are aware: There is no relevant audit information of which Libraries Unlimited South Wesvs auditors are unaware, and We have taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant audit infonnation and to establish that auditors are aware of that information. APPOINTMENT OF AUDITOR8 The re-appointment of Westcotts (SW) LLP as auditors to Libraries Unlimited South West will be proposed at the Annual General Meeting. 8tatem•nt of trust••s' r•sponsibllltl•s The Irustees (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 ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements 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 application of resources. including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are requlred to; select suitable accounts'ng policies and apply them consistently. observe the methods and principles In the Charities SORP., make judgements and estlmates that are reasonable and prudent; state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsib16 for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are r8sponsible for the Maintenan￿ and integrity of the corporate and financial information included on the charitable companws website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of infomiation to audltor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confim that there is no relevant information that they know of and of which they know the auditor is unaware. Page11 Libraries Unlimited South West Trustoes. R•port Small ¢ompani•s provlsion stat•ment This report has been prepared in accordance with the srnall companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on behalf by.. iÈ-i?-aC and signed on its e Chadwick Chair and Trustee Alex Kittow Chief Executlve Officer and Trustee Page 12 Libraries Unlimited South W•st Independent Auditorfs Report to the Mèmbers of Librarios Unlimited South West Opinion We have audited the financial statements of Libraries Unlimited South West (the 'charity') for the year ended 31 March 2025. which comprise 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 applScabl8 law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been preparéd In accordance with the requlrements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audil of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provldg a basls for our opinion. Conelusions relatlng to going ¢on¢ern In auditing the financlal statements, we have concluded that the trustees use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on Ihe charlty's ability to continue as a going concern for a period of at least tsvelve months from when the original financial statements were authorised for issue. Our responslbillties and the responsibilities of the trustees with respect to going concam are described in the relevant sections of this report. oth•r Information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the exlent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. Page 13 Libraries Unlimited South West Independent Auditor's Report to the Memb•rs of Libraries Unlimitsd South West In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material 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 perfomed, we conclude that there Is 8 rnaterial misstatement of thls other information. we are required to report that fact. We have nothing to report in this regard. Oplnion on oth•r matt•r pr•scrlb•d by th• Companles Act 2006 In our opinion. based on the work undertaken in the course of the audil: the information given in the Trustees, Report for the financial year for whlch the financial statements are prepared is consistent wilh the financial statements: and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we ar• r•qulr•d to report by exeepllon In the light of our knowledge and understandlng of the charity and Its environment obtained in the course of the audit, we have not identified material rnisstatements in the Trustees, Report. We have nothing to report in respect of Ihe following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate acu)unting records have not been kept, or returns adequate for our audlt have not been received trom branches not visited by us: or the financial siatements are not in agreement with the accounting records and retums. or certain disclosures of twstees remunerats'on specified by law are not made; or we have not rec8ived all the information and explanations we require for our audil. R•sponslbilltl•s of trusl••s As explained more fully in the Statement of trustees, responsibilities (set out on page 11). the trustees are responsible for the preparation of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable tha preparation of financial statements that are free 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 concern, dI￿loSIng, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Audltor r•sponsibiliti•s for the audit of th• financial stat•m•nts Our objectives are to obtain reasonable assurance about whether the financial statements 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 guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material rnisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Page 14 Librari•s Unlimited South West Independent Auditor's Report to tho Mombers of Libraries Unlimitsd South West The extent to which our procedures are capable of detecting irregularltles, includlng fraud Is detailed below.. Irregularities, including fraud, are instances of non - (Charities SORP (FRS 102)), the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Basls of pr•paratlon Libraries Unlimited South West meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Inltlalty recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements have been prepared in sterling which is the functional currency of the charity. Golng con¢•rn The trustees consider that there are no material uncertainties about the charltys ability to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charty. 8t4tom•nt Of ¢ompllanc• The financial statements have been prepared in accordance with Accounts'ng and Reporting by Charitles: Statement of Recommended Practs'ce (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 Act 2006. Consolldatlon 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. Page 20 Libraries Unlimited South W•st Notes to the Financial Statoments for the Year Ended 31 March 2025 Income and endowments All income is recognised once the charity has entrtlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity Is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it 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 cornrnunicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable wlth a degree of reasonable accuracy and the title to the asset havlng been transferred to the charity. Grants recelvable Grants are recognised when the charlty has an entitlement lo the funds and any condilions linked to the grants have been met. Where performance conditlons are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferrnd incom• Deferred income represents amounts received for future periods and is released to incoming resources in the perlod for whlch, it has been received. Such income is only deferred when: - The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions whlch must be met before the charity has unconditional entitlement. Investment Incom• Dividends are recognised once the divldend has been declared and notificalion has been received of the dividend due. Exponditur• All expenditure is ￿COgniSed once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the arnount Gqn be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of tiTne spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Page 21 Libraries Unlimited South West Notss to tho Financial Statsmonts for tho Y•ar Endod 31 March 2025 Charltabl• activities Charitable axpendlture comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Op•ratlng l•as•s Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentlves Is recognised 8s a reduction to expense over the lease term, on a straight-line 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, allocatlng property costs by floor arèas, or per capita, staff costs by the time spent and other costs by their usage. Goodwlll Goothvill is amortised over its useful life, which shall not exceed ten years if a reliable ests'mate of the useful life cannot be made. Intangibl• ass•ts Intangible assets are initially recorded at cost, and are subsequenlly stated at cost less any accumulated amortisation and impairment losses. Any intangible assets cemed at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market. less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or olher legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Amortlsatlon Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life on a straight line basis as follows.. Software 3 to 4 years Goodwill 10 years Tangible fixed assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Fixed assets costing £1.000 or more are capitalised at cost. D•pr•clatlon and arnortlsatlon Depreciation 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) Building Improvements Page 22 Librari•s Unlimited South West Notss to the Financial Statsments for the Yoar Endod 31 March 2026 ICT Hardware Motor Vehicles Operational Equipment Fixture, Fittings and Equipment 3 to 4 years 3 years 3 to S years 3 to 7 years Inv•stm•nt prop•rtl•s Investment property is carried at fair value. derived from the current market prices for cornparable real estate determined annually by external valuers. The valuers use obseNable market prices, adjusted if necessary for any drfference in the nature, location or condition of the specific asseL Changes in fair value are recognised in profit or loss. Cash and cash •qulval•nts Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund struetur• Unrestricted income funds are general funds that are available for use at the trustees dlscretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the U88 of whlch is restricted to that area or purpose. Defin•d oontrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in whlch the related ser4ic* is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduckn'on In future payments or a cash refund. When contributs'ons are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees r8nder the related service, the liability is measured on a discounted present value basis, The unwinding of the discount is recognised as an expense in the period in which it arises. Flnan¢ial Instrum•nts Classification Financial assets and financial liabilities are recognise(I when the charity becomes a party to the ntractual provisions of the instrument. Financial liabilities and equity instruments are classlfied 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 after deducting all of its liabilities. Page 23 Libraries unlimit￿ South West Notes to tho Flnancial Statsmonts ft>r the Yoar Ended 31 March 2026 Recognltlon and measurement All flnancial assets and Ilabilities are initially measured 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 normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a sirnilar debt instrument. Financial assets and liabilities are only offset in the ststement of financial position when, and only when there exists a legally enlorceable rlght to set off the recognised amounts and the charlty intends either to sethe on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets aré derecognised when and only when a) the contractual rohts to the cash flows from the financial asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c) the charity. despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Investm•nts Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or thelr fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably. investments are measured at cost less impalrment. Investments In subsidlarles and associates are measured at cost less Impalrment, For Investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost Is measured by reference to the nomlnal value of the shares issued plus falr value of other consideration. Any premium is ignored. 3 Incom• from donatlons and lega6l•s Unr•strl¢t•d funds £000 R•strl¢t•d funds £000 Total 2026 £000 Donatlons Donations Grants British Library Grants Art Council England Other 50 16 250 616 250 622 883 939 Page 24 Libraries Unlimited South W•st Not•s to th• Financial Statements for th• Y•ar End•d 31 March 2025 Unr•strlct•d funds £000 R•stri¢t•d funds £000 Totsl 2024 £000 Donations Donations Legacies Grants British Library Grants Art Council England Other 43 52 263 375 263 377 46 657 703 4 . In¢om• from ¢haritable actlvlti•s Unr•strl¢tsd funds £000 7.384 158 121 Restrl¢t•d funds £000 Total 2026 £000 7.384 158 121 Local Authorlty contracts Service user payments & collection fees Printing & Photocopying income Other income Membership and subscriptions 65 65 7,734 7,735 Unr•strlctod funds £000 7,687 151 104 R•strlet•d funds £000 100 Total 2024 £000 7,787 151 104 Local Authority contracts Service user payments & collection fees Printing & Photocopying income Other income Membership and subscriptions 59 59 8,003 100 8,103 Page 25 Libraries Unlimitod South Wost Notes to the Financial Statsments ft>r th• Y•ar Ended 31 March 2025 6 In¢om• from oth•r tradlng actlviti•s Unr•strlot•d funds £000 88 15 445 R•5trict•d funds £000 Total 2025 £000 Retail income Other trading inc￿rne Roorn hire 21 445 548 14 $62 Unr•strl¢ted funds £ooo' 79 18 Restricted funds £000 14 Total 2024 £000 93 18 Retail income Other tradlng Income Catering Room hlre 420 420 518 14 532 8 Inv•stm•nt inoom• Unr•strlBt•d funds £000 153 18 Total 2025 £000 153 18 Bank interest receivable Income from investment propety 171 171 Unrnstrl¢t•d funds £000 189 15 Total 2024 £000 189 Bank interest receivable Income from investment property 204 204 7 Other income Unr•strict•d funds £000 Total 2025 £000 Gains on sale of tangible fixed assets for charity's own use Page 26 Libraries Unlimitsd South West Notss to th• Financial Statsments for th• Y•ar End•d 31 March'2026 8 Exp•nditur• on ralslnq funds a) Costs of trading activities Unr•strloted funds £000 20 R•strlcted lunds £000 Total 2026 £000 26 Costs of other trading activities Unr•strictsd lunds £000 Restricted funds £000 Total 2024 £000 38 Costs of other trading activities b) Inv•stm•nt managem•nt ¢osts Unr•strlat•d funds £000 Totsl 2025 £000 21 Property management fees *• 21 Unr•strlet•d funds £000 Total 2024 £000 11 Property management fees Page 27 Libraries Unlimited South West Notss to the Financial Statomonts for tho Yoar Endod 31 March 2026 9 Exp•ftdltur• on aharltabl• aotlviti•s Unr•strl¢t•d fvnds £000 8,644 148 R•striot•d funds £000 526 303 Totsl 2025 £000 9,170 451 Not• Charitable activities Allocated support costs 10 8.792 829 9,621 Unrestrict•d lunds £000 8,616 280 R•stri¢ted funds £000 329 188 'Total 2024 £000 8,945 468 Note Charitable actlvities Allocated support costs 10 8,896 517 9,413 10 Analysls •f support Costs Support eosts all¢)oat•d to ¢harllabl• aollvlll•s Total 2026 £000 89 37 16 309 Totsl 2024 £000 116 Communications and IT General off￿ Auditors remuneration Other support costs 245 451 468 Page 28 Libraries Unlimit•d South West Notss to tho Financial Statsmonts for the Year Ended 31 March 2026 11 Net incomingloutgoing resour¢es Net (outgoing)fincoming resources for the year include.. 2025 £000 (8) 227 54 2024 £000 Profit on dlsposal of tangible fixed assets Depreciation of tangible fixed assets Depreciation of intangible fixed assets 172 12 Truste•s r•muneration and expens•s None of the trustees are remunerated for their services as trustees. but the Chief Executive was pald in respect of their employment with the charity (as pemitted by the Memorandum & Articles of Association) The.remuneration of the Chief Executive was beiween £go,000 and £100,000 (2024.. £80,000 & £90,000> including employer pension contributions. Two other ernployees earned belween £60.000 and £70,000 including employer pension contributlons. During the reporting period, the charity paid expenses totaS1ing £2.568 to six trustees (2024: £870 to three trustees) primarily in relation to travel and subsistence. The key management personnel comprise the Trustees in their roles as Trustees, Chief Executive and four Heads of Seryice covering the following areas., Library Seplice and Customer Experience. Flnance, Op6ratlons and People. The aggregate employee benefits payablé to key management personnel for the reporting period was £389,978 (2024.. £354,000). Page 29 Llbrarles Unlimitod South West Notss to the Financial Statsmonts ft>r the Year Ended 31 March 2025 13 Staff costs The aggregate payroll costs were as follows: 2026 £000 2024 £000 staff ¢osts during th• y•ar w•r•: Wages and salaries Social security costs Pension costs 5,489 390 368 .5,271 340 354 6,247 5,965 The average head count of employees during the year was 360 {2024: 371). The average number of full-time equivalent employees during the year is ana￿sed a8 follows.. 2026 No 125 2024, Llbrary Staff Management, service, development and support services 129 50 181 179 14 Auditors. r•mun•ratlon 2026 £000 16 2024 £000 Auditors remuneration 16 Intanglbl• flx•d ass•ts Goodwlll £000 Softwar• £000 Total £000 Cost At 1 April 2024 126 196 322 At 31 March 2025 126 196 322 Amortisation At 1 Aprll 2024 Charge for the year At 31 March 2025 80 41 89 13 22 121 143 Net book valu¢ At 31 March 2025 104 75 179 At 31 March 2024 116 116 233 Page 30 Librari•s Unlimited South West Not•s to the Financial Statsments for tho Year Ended 31 March 2025 16 Tangible fixed assets Fixtures Building and Smpfovements Flttings £000 £000 Motor vehicles Equlpment Fumltur• £000 £000 £000 Total £000 Cost At 1 April 2024 Additions Dlsposals 19 35 753 165 257 1,()65 230 {35) (35) At 31 March 2025 19 918 258 1,259 D•pr•¢latlon At 1 April 2024 Charge for the year Ellminated on disposals 35 254 162 162 S8 470 227 (35) (35) At 31 March 2025 19 416 220 662 Net book valu• At 31 March 2025 57 502 38 597 At 31 March 2024 499 95 595 Page 31 Libraries Unlimited South West Notss to the Financial Statements for the Year Ended 31 March 2026 17 Flxed ass•t inv•strnents Investment propertles Investment property £000 Cost or Valuation At 1 April 2024 Revaluation 190 At 31 March 2025 195 Provlslon At 31 fvlarch 2025 N•t book valu• At 31 March 2025 195 At 31 March 2024 190 All investments shown above are held at valuatlon. The investment property was revalued 31 May 2024 by an independent valuer, Luscombe Maye. 18 O0bto 2026 £000 2024 £000 136 267 Trade debtors Prepayments Accrued income Other debtors 268 130 37 51 533 488 19 Cash and ¢ash •qulval•nts 2025 £000 2.813 2024 £000 3,270 Cash at bank Page 32 Libraries Unlimited South West Notss to the Financial Statsments for tho Year Ended 31 March 2025 20 Cr•dltorn: amounts falling du• wlthln on• y•ar 2026 tooo 268 442 88 201 2024 £000 450 397 53 284 119 Trade creditors Other taxation and social security Other creditors Accruals Deferred income 1,093 1.303 2026 £000 2024 £000 D•f•rr•d In¢om• As at 1 April 2024 Amount released to incoming resources Amount deferred in the year Deferred income at year end 119 {119) 94 42 (42) 119 94 119 21 P•nslon and oth•r pgst r•tlr•m•nt b•n•flts The Organisation particlpates in three penslon schemes: D•fin•d b•n•fit p•nslan soh•ffl•s Devon County Council Staff that transferred und8r TUPE to Libraries Unlimlted on 1 April 2016 are entit18d to participate in the local Govemment Pension Scheme {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 length of Serv1￿ in employment. Subject to certain conditions, which Librarles Unlimited has fully complied with in 2024125, Devon County Councll acts as guarantor to the pension scheme. Under this arrangement Libraries Unlimited's liability is capped at the payments actually made under triennial revaluation and the funding risk remains with Devon County Council. Pension costs are therefore accounted for as in a defined contribution scheme. Employer contribution rates into this scheme amount to 12% of pensionable pay in 2024125. Wbth employee contributions ranging from 5.5% to 12.5% dependant on salary. Page 33 Libraries Unlimited South West Notes to tho Financial Statemonts for the Year Ended 31 March 2025 Torbay Coun¢ll Staff that transferred under TUPE to Libraries Unlimrted on 1 April 2018 are entitled to participate in the Local Government Penslon Scheme (LGPS) as administered by Torbay Council. Libraries Unlimited participates in this scheme on a closed admission basis, and staff participation is a contribution based funded defined benefit scheme that currently provides retirement benefits based on career average, revalued salary and length of sep4ice in employment. Subject to certain conditions, which Libraries Unlimited has fully complied with in 2024125, Torbay Council acts as guarantor to the Pension Scheme. Under this arrangement Libraries Unlimited's liability Is capped at the payments actually made under triennial revaluatlon, and the funding risk remains with Torbay Councll. Pension costs are therefore accounted for as in a defined contribution scheme. Employer contribution rates into this scheme amount to 12% of pensionable pay in 2024125. wlth employee wntributions ranging from 5.5% to 12.5% dependant on salary. At 31 March 2025, an average of 116 (108 as at 31 March 2024) employees {2024.'129 employees) participated in the scheme and 8mployerfs costs charged to the Statern8nt of Financial Actlvltles, amounted to £179k (2024.. £194k). D•llned Contrlbutlon 8Gh•m• Devon staff that commenced employment after 31 March 2016 and Torbay staff that comrnenced employment after 31 March 2018 participate in the Flexible Retirement Plan administered by TPT Retirement Solutions (fomerly the Pensions Trust). This is a defined contribution pension scheme. Under this scheme, the employer matches employees, contributions up to 6Q/o of pensionable pay. At 31 March 2025. an average of 201 {204 as at 31 March 2025) employees (2024'.181 employees) participated in the scheme and employevs costs charged to the Statement of Financial Activities amounted to £189k (2024.. £160k). Page 34 Libraries Unlimited South West Notss to the Financial Statements for thè Year Endod 31 March 2025 22 Funds Balance at1 April Incoming Resources 2024 r•sources expended Transfers £000 £000 £000 £000 Other Balan¢e r¢¢ognls•d at31 gainsl March (losses) 2025 £000 £000 Unr•strlcted funds G•n•ral General Funds . Property Revaluation 3,241 8.517 {8,833) 2,925 3,241 8,833 2,930 Restrlcted funds British Library Arts Council Other Reminiscence Project (Crèditon) Libraries On Funding Torridge - Know Your Neighbourhood Workhubs (Work Club Funding) Workhubs (Multiply) She Started It Decarbonisation Projects Health and Well Being - Funded Projects Teignbridge Business Support Library Improvement Fund Exeter Library - Refurbishment of the Children's Library (2) (283) {153) 77 71 256 112 so 32 12 (14) (1) 29 35 (54) 10 12 27 (23) 17 (1) 11 45 (14) (33) 23 35 20 (2) 18 144 136 (115) (136) 29 100 (7) 835 93 231 Total funds 3,472 9.668 3,224 Page 35 Libraries Unlimited South West Notes to the Financial Stat•ments for the Year Endod 31 March 2026 Balance at 1 April 2023 £000 Balance at 31 March 2024 £000 In¢oming Resources resour¢•s •xpended £000 Transfers £000 £000 Unrostrioted funds Genernl General Funds 2,308 8.771 (8,943) 1,105 3,241 Deslgnated Property development Infrastructure Project development 250 500 150 {250) {500) 150 900 900 Total unrnstrlet•d funds 3,208 8,943 205 3,241 Restricted funds British Library Arts Council Good Things Foundation Other Purchase of Kiosks (DCC Funding) Reminiscence Project {Crediton) Libraries On Fundlng Torridge - Know Your Neighbourhood Workhubs (Work Club Funding) Workhubs (Multiply) She Started It Decarbonisation Projects 54 35 (59) (219) (61 (123) 263 (2) 77 89 105 71 100 {100) 14 108 (6) (2) {103) 35 {6) 29 37 17 10 (25) (16) (5) 52 12 23 519 205 231 Total funds 3,392 9,462 3.472 Page 36 Libraries Unlimited South West Notes to the Financial Statements for tho Year Endod 31 March 2026 funds 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. Rtminis¢•n¢• Proleet {Cr•dlton> 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 collections engagement programme. Torrldg• (Know Your N•lghbourhood) a package of funding from th8 Department for Culture, Media and Sport {DCMS). designed to widen participation in volunteering and tackle loneliness in 27 disadvantaged areas across England. Our participation is coordinated via Libraries Connected. Workhubs joint venture with Devon County Council to establish refugee-friendly work clubs in libraries across Devon. Deaarbonlsatlon Projeots - funding trom West Devon and South Hams to develop decarbonisation plans with businesses, helping them to innovate and achieve clean growth as part of the UK Shared Prosperity Fund's local business investment priority. Health and Well 8•lng Funded Projects - funding from Devon County Council to pilot an innovative project, showcasing Devon's accessible outdoor trails through an autism friendly leaflet for children and families. The leaflet will use a map of Devon to highlight key spots, narrated using Libraries Unlimited 'Secret Book Quest, characters that children will be familiar with. Funding from University Hospitals Plymouth NHS Trust to support Cancer focused Community Outreach in Devon. T•ignbridg• Busin•ss Support . funding via the UK Shared Prosperity Fund to help deliver the 8usiness Support for Clean Grovlrth and Diversity project in Teignbridge. Library Improvement Fund - funding from the Library lrnprovement Fund via Devon County Council to improve specific areas withln Libraries Unlimited digital creation spaces within libraries. hybrid digltal hardware (laptops and chrome books), super-connected spaces (improved office spaces with upgraded AV equipment) and a creative media suite. Exet•r Llbrary Refurbishment - funding from the maln funder. the Clore Duffield Foundation, and other fundets including The Clare Milne Trust. Morrisons and the Bally Thomas Charitable Fund to support the complete refurbishrnent of the children's library in Exeter library. Friends Groups - To support individual libraries to enhance their community. Oth•r - this Includes a number of smaller grants expended during the y8ar and does include initiatives around warm spaces. growing communities and locality Funding {smaS1 grants given by individual councillors, this enables them to use their local knowledge to support local projects being run through our libraries). Page 37 Libraries Unlimited South W•st Notss to the Flnancial Statements for the Year Ended 31 March 2025 23 Anatysls of n•t ass•ts b•twe•n funds Total funds at 31 March 2025 £000 179 597 195 3,346 1,093 Unrestrlcted funds £000 179 597 195 3,052 1,093 R•strlet•d funds £000 Intsngible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liablllties Total net assets 2,930 294 3,224 Total funds at 31 March 2024 £000 233 595 190 3,758 1,303 Unrestrlcted funds £000 233 595 190 3,527 1,303 R•strlcted funds £000 Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 231 Total net assets 3,241 231 3,472 Page 38 Libraries Unlimited South West Notos to the Financial Statements for th• Y•ar Ended 31 March 2025 24 Agency arrangements The Charity receives grant income from Devon County Council and Torbay Council as agent in respect of the purchase of books and other resources. In the accounting year ended 31 March 2025 the charity received £623,589 (2024.. £597,614) and disbursed £647,758 (2024.. £614,435) from the fund. An amount of £46,775 (2024.. £51,388) is included within debtors and £nil (2024.. £Nil) is included in creditors relating to these funds. 26 Obllgatlons und•r l•as•s and hlr• purehas• eontraots Qp•rating l•as• ¢ommitm•nts Total future minimum lease payments under non-cancellable operating leases are as follows: 2026 £000 2024 £000 Oth•r Within one year 8e￿een one and five years After five years 126 137 172 117 181 427 26 R•l•t•d party transaetlons There were no related party transactions in the year. 27 Non4dlustlng events after the flnancial perlod In October 2025, Devon County Council agreed, in principle to the ext8nsion of the currenl agreement with the charity for tsvo years, covering the period from 1st April 2026 to 31st March 2028, with a further year if required. A public consultation will be undertaken by Devon County Council with the involvement of the charity to help shape the future of the library seNice. Page 39