Charlty Registratlon number: 1180073 Charltable Incorporated Organisation registration number.. CE015220 THE BRITISH LIBRARY COLLECTIONS TRUST COUNCIL MEMBERS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BRrrisH LIBRARY COLLECTIONS TRUST CONTENTS Page Charity Reference and Administrative Details Councll Members. Annual Report Independent Examine8 Report Statement of Financlal Actlvities Balance Sheet Notes to the Flnanclal Statements 8-18
THE BRITISH LIBRARY COLLECTIONS TRUST CHARTfY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Council Member8 Dame Marina Warner. Chair Revd Keith Stephenson FCMA, Treasurer Dr Geofftey Vvest. Secretary Stephanie Kenna Dr Christopher Wright OBE, Deputy Chair Cordelia Rogerson Dr Jeremy Silver (resigned 28th July 2023) Dr Xerxes Mazda Charity registored number 1180073 Rogistgred office 96 Euston Road London NW12DB Page 1
THE BRITISH LIBRARY COLLECTIONS TRUST CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Advisers Independent Examiner Cara Miller ACCA MHA Chartered Accounlanls 910 The Crescent Colchesler Business Park Colchester Essex C04 9YQ Bankeys Barclays Bank Holborn Branch London Sollcltora Russelkcooke 2 Putney Hill London SW15 6AB Page 2
THE BRITISH LIBRARY COLLECTIONS TRUST COUNCIL MEMBERS. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Council Members are pleased lo submit the annual report and the financial statements of The 8rit15h Library Collections Trust for the yearended 31 December 2023. The Trustees confirm that the annual report and financial statements of the Charitable Incorporated Organisalion comply with current ststutory requirements, the requirements of the CIO'S Constitution and 'Aceounling and Reporting by Charities.. Statement of Recommended Practice, applicable to charities preparing accounts in the UK and Republic of Ireland {FRS1021 issued on 16 July 2014, and amended July 2015, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, the Charities Act 2011, and UK Generally Accepted Practice as il applies from 1 January 2015. Structure, governance and management The British Library Collections Trust is a Charitable Incorporated Organisaliortr operating under a written Gonslitulion registered with the Charity Commission on 25 September 2018. Trustee recrultment There should be.. Not less than nor more than fve appointed Coun¢il Membérs (appointments to be made by the Council Membersl Not less than one no¥ more than three nominated Council Members {nominalions to be made by the British Library). The British Library Collections Trust has a close working relalionship with the British Library and the Friends of the British Library. Objectives, activities and achiovements The objects and purpose of the CIO, as per its conslilution. are to advance the nation's intellectual heritage and lo educate the public through the provision of support and assistance in relation lo the development, management, promotion and use ofthe British Library's collections and such other exclusively charitable activities of the British Library as the Council Members in their absolute discretion may determine. These were achieved through the payment of grants lo allow the improvement of the British Library collections or to assist with the exhibitions, activities or events held by. or linked lo, the British Library. In the year reported, The British Library Collections Trust made grants of £93,280 to the British Library. Graril requests were made fomially through departments of the British Library. These were considered by the Council Members taking into account the financial position of the CIO, the importance of the requested support, the funding available from elsewhere and the perceived priorities ol the members of the CIO. Financial rgview Total income for the year was £285.074 {2022'. £18,464). Giants committed to the Library tolalled £93,280 {2022'. £103,773). In addition, The British Library Colle¢lions Trust carries the commitments made by th8 Friends of the British Library for£6.000 of grants lo the British Library 12022.. £6,000). Excluding grants, total resources expended were £3,925 {2022.' £3,594). The govemanee cosl of an independent examination was £3,60012022.' £3.300}. The Trust's investments performed better in 2023 than in 2022. increasing in value by £41,924 or 10010 to £476,624 from £434,700 at 31 December 2023 and 2022 respectively. Page 3
THE BRITISH LIBRARY COLLECTIONS TRUST COUNCIL MEMBERS. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Thus, the net inflow of funds, including net gains on investments was £209,514 on the unrestricted funds. while there was a nel inflow of funds. including net gains on investments of £20,279 on the endowment fund. These figures compare to nel outhows in 2022 of £107,522, on the unrestricted funds, and net oufflows of £8.691 on the endowment funds. Net ¢Uffenl assets at the end of the year were £270,53812022'. £82,669). Plans for future periods The Council Members are focused on continuing their grant making in line with the CIO'S objects. Re8erie$ poll¢y In this initial period of the CIO'S existence the Council Members consider that the reserve is appropriate. The reserves are held to meet future funding requests from the British Library. The total Unreslricled and Endowment funds held at the year-end were £522,156 and £225,006 respectively {2022.' £312,642 and £204.7271. The year under Revlew The Council Members focused on grant making to the British Library. Public Beneflt The Trustees confirm that they have ¢omplied with their duty to have due regard to the guidance on publi¢ benefit published by the Charity Commission In exercising their powers and duties. The main aelivilies undertaken to rther the Charity's purposes for the public benefit have been outlined under 'Objectives, Activities and Achievements. above. This report was approved and 8Uthorised for issue by the Councll Members on..Ig&sfv¢and signed on their behalf by.. Dame M Chairman ina Warner Page 4
THE BRITISH LIBRARY COLLECTIONS TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE COUNCIL MEMBERS OF THE BRITISH LIBRARY COLLECTIONS TRUST {the'Charity') I report to the charity Council Members on my examination of the accounts of the CIO for the year ended 31 December 2023, which are set out on pages 6 to 18. RESPONSIBILITIES AND BASIS OF REPORT , As the Council Members of Ihe CIO, you are responsible for the preparation of th8 accounts in accordance with the requirements of the Charities Act 2011 {'the 2011 Act'l. I report in respect of my examination of the CIO'S accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ib} of the 2011 Act. INDEPENDENT EXAMINER'S sfATEMENT I have completed my examination. I can confi'rm that no material matters have come to my attention in ¢onne¢lion . with the examination giving me cause to believe that in any malerial respect: accoLsnting records were not kept in respect of the Charity as required by section 130 of the 2011 A¢t,' or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form arsd content of accounts set out in the Charities {Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fair, view which is not a matter considered as part ofan independent examination. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Signed: Dated. 171061 lit Cara Miller ACCA Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex C04 9YQ Page 5
THE BRITISH LIBRARY COLLECTIONS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Restrfcted funds 2023 Endowment funds 2023 Total funds 2023 Total funds 2022 Note INCOME FROM: Grants from Friends of the British Library Grant from the British brary Legacies Investments 255,000 10,000 265.000 20,074 20,074 18.464 TOTAL INCOME 275,074 285 074 18,464 EXPENDITURE ON: Charitable activities 87,20S 10,000 97,205 107,367 TOTAL EXPENDITURE 107 367 NET INCOME I (EXPENDITURE) BEFORE INVESTMENT GAINSI(LOSSESI 187,869 187.869 188,903) Net gains l {lossesl on investments 10 21,645 20,279 41,924 {27,310} NET MOVEMENT IN FUNDS 209,514 20,279 229,793 (116,2131 RECONCILIATION OF FUNDS: Totsl funds brought forward Net movement in funds 312,642 209,514 204,727 20.279 517,369 229,793 633,582 1116,213) TOTAL FUNDS CARRIED FORWARD 522,156 225.006 747,162 517,369 All income and expenditure derive from continuing activities. The notes on pages 8 to 18 form part of these financial statements. Page 6
THE BRITISH LIBRARY COLLECTIONS TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Investments 10 476,624 434,700 CURRENT ASSETS DebloTS Cash at bank and in hand 15 367,138 219,704 367,138 219,704 CREDITORS." amounts falling due wtthin one year 12 137 035 NET CURRENT ASSETS 270,538 82.669 NET ASSETS 747 162 517.369 CHARITY FUNDS Endowment funds 13 225,006 204,727 Unrestricted funds 13 522,156 312,642 Restricted funds 13 TOTAL FUNDS 747 162 517,369 The financial statements were approved by the Council Members on Is/os/g and signed on their behalf, by: Dam Marina Warner, Chair Revd Keith Stephenson, Treasurer The notes on pages 8 to 18 form part of these financial statements. Page 7
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1.1 General infomiation and basis of preparation The British Library Collections Trust is a Charitable Incorporaled Organisation (CIO) and is registered with the Charity Commission in England and Wales {Regislralion Number 11800731. The address of the registered office is given in the Charity information on page 1 of these financial stalemenls. The nature of the Charity's operations and principal activities are detailed in the Council Members, Annual Report. The CIO constitute$ a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act2011. The financial statements have been prepared to give a 'lrue and fail view and have departed from the Charities (Accounts and Reports} Regulations 2008 only lo the extent required lo provide a 'true and fair. view. This departure has involved following the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include rtain items at fair value. The financial statements are presented in sterling which is the functional currency of the CIO and rounded to the nearest pound. The signrficant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise statsd. 1.2 Funds Unrestricted lunds are available for use at the discretion of the Council Member$ in fvrtherance of the general objectives of the CIO and which have not been designated for other purpose$. Restricted funds are subject to any conditions made by their donors, within the general objectives of the CIO. Endowment funds represent those assets which must be held by the CIO. Income arising on the endowment funds can be used In accordance wrth the objects of the CIO and is included as unrestricted income. Any capital gains or losses arising on the investment5 form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. Investment income. gains and losses are allocated to the appropriate fvnd. Page 8
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {contlnuedl 1.3 Income re¢ognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the CIO is legally enlilled lo the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be Ceived. For donations tg be recognised the CIO will have been nots'fied of the amounts and the Settlement dale in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then incoffE is deferred until those conditions are fully mel or the fvlfilment of those conditions is within the control of the CIO and it is probable that they will be fuifilled. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balanee Sheet. Where income is received in advance of enliuement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entillemenl OCCUTS before income is received, the income is accrued. Interest on fvnds held on deposit is included when retsivable and the amount Can be measured reliably by the CIO,. this is normally upon notification of the income paid 01 payable by the investment manager. 1.4 Expenditure recognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation lo make payment$ lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Expenditure on charitable activities is incurred on directly undertaking the oclivilies which further the Group's objectives, as well as any associated support costs. -Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Vvhere grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control ofthe Charity. Page 9
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 1.6 Support costs allocouon Support costs are those that assist the worf( of the CIO but do not diTrctly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the CIO and are alICated on a basis consistent with the use of resources. Governance costs are those incurred in connection with the running of the Charity and compliance with conslitulional and statutory requirements. The analysis of these costs is included in Note 7. 1.6 Investments The CIO has equity investments in listed entities. Fixed asset investments are a form of basic financial instrument are initially recognised al their transaction value and subsequently measured at their fair value using the closing quoted market price. All gains and losses are taken to the Statement of Financial Activities as they arise. The Statement of Financial Activities includes all net gains and losses arising on revaluation and disposals throughout the year. As investments are revalued to fair value continuously, no alised gains or losses arise. 1.7 Debtors and ¢roditors receivable l.payablo within one year Debtors are recognised when the CIO is legally entitled to the incom8 after any performance conditions have been mel, the amount can be measured reliably and it is probable that the income will be received. Creditors are re¢ognised when the CIO has a present legal or constructive obligation resulting from a past event and the Settlement is expected to result in an oufflow of economic benefit5. 1.8 Tax The CIO is exempt within the meaning of schedule 3 of Ihe Charities Act 2011 and is Considered to Pass the tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and therefore il is able to take advantage of applicable Charity tsx exemptions for UK ¢orporation lax purposes. Page 10
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Icontlnued) 1.9 Going concern The Council Members have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the CIO to continue as a going concem. The Council Members have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a rea$onable expectation that the CIO has adequate resources to continue in operational estenCe for the foreseeable future. The CIO therefore continues to adopt the going concem basis in preparing these financial statements. 1.10 Flnanclal Instruments The CIO doe$ not have a material holding in complex financial instruments. The CIO only holds basic Financial Instruments. The financial assets and financial liabilities of the CIO are as follows.. Cash at bank- is classified as a basic financial instrument and is MeaSud at face value. Liabilities- grants accrued, accruals, bank loans and overdrafts, and other creditors wll be classified as financial instruments, and are measured at amortised cost as detailed in Note 12. Deferred income is not deemed lo be a financial liability, as the cash settlement has already tsken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument 1.11 Judgements and key sources of estlmatlon un¢ortainty The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial stalemenls. The key assumptions concerning the future and other key sources of estimation Ltncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include.. The CIO is a going ¢on¢ern Basis of valuation of financial investments Page 11
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 , GRANTS FROM THE FRIENDS OF THE BRITISH LIBRARY Unrestrl¢led funds 2023 Restricted funds 2023 Totsl Unrestricted Restricted funds funds funds 2023 2022 2022 Total funds 2022 Cash 255,000 10,000 256.000 Total 255 000 255 000 GRANT FROM THE 8RITISH LIBRARY Unrestricted funds 2023 Restrlcted funds 2023 Total Unrestrlcted Restrlcted funds funds funds 2023 2022 2022 Total funds 2022 Cash Grant Totsl INCOME FROM INVESTMENTS Unre$trieted funds 2023 Restricted funds 2023 Total Unrestricted Restricted funds funds funds 2023 2022 2022 Total funds 2022 Dividend In Schroders CAF Total 19,598 476 19,598 476 16,323 16,323 18,464 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Grant funding of actlvitles 2023 Grant funding of activitiè$ 2022 Support ¢osts 2023 Support costs 2022 Total 2023 Total 2022 Support of the British Library 93,280 3,925 97.206 103,773 3,594 107,367 Page 12
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GRANTS TO INSTITUTIONS 2023 2022 Brltlsh Llbrary George Augener Archive Greek Im8inland} material Elizabeth Barrett Browning correspondence The Course of the Exchange Fantasy Exhibition poster Endangered Archive Progiamme Shirley Vvllliams archive work James Burmester Collection Multi-speclral imaging of W Camden's Annals John Galsworthy Archive Thomas Robson Collection Timberlake Wertenbaker Archive1111 cataloguing Hay Festival Audio visual archiving internship Total 10,000 10,000 25,000 15,000 2,600 (5,9201 35,000 15,000 13,291 15,000 15,000 10,000 482 103,773 SUPPORT COSTS 2023 2022 Insurance Bank charges Govemance costs Totsl 220 105 3,600 3.925 192 102 3.300 3,594 Governance costs 8re analysed in Note 8. GOVERNANCE COSTS 2023 2022 Independent Examiner- Independent Examination Totsl 3,600 3,600 3,300 3.300 Page 13
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS AND EMPLOYEE BENEFITS The CIO employed no staff. The Council Members neither reiVed nor waNed any remuneration during the year12022.' £Nil}. No employer benefits lineluding employer's national insurance and pension contributions} were received by Key Management Personnel during the year {2022.. £Nill. The CIO considers its Key Management Personnel to comprise of the Council Members. The Council Members did not have any expenses reimbursed during the year12022.' £Nill. 10. FIXED ASSET INVESTMENTS Ll$t¢d securltle$ 2023 Listed 8e¢uritios 2022 Fair Value Al 1 January Additions Disposals Revaluations 434,700 52,986 {52,9861 41,924 462,010 {27,310) At 31 December 476 624 434,700 Investments at fair value compromlse: 2023 2022 Unil trusts quoted on London Stock Ex¢hange 476 624 434,700 All the fixed asset investments are held in the UK. The fair value of listed investments is detemiined by reference to the quoted price for identscal assets in an active market at the balance sheet date. 11. DEBTORS: Amounts falling due within one year 2023 2022 Accrued income Page 14
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. CREDITORS: Amounts falling due within one year 2023 2022 Accruals Grants accrued - British Library 3,600 93,000 3,300 133,735 96,600 137 035 13. STATEMENT OF FUNDS- CURRENT YEAR .Balance at 31 Galnsl DeGember (Losses} 2023 Balance at 1 January 2023 In¢ome Expenditure Unrgstricted funds General Funds 312.642 275 074 522 156 Restricted funds Restricted funds Endowment funds Endowment Funds 204 727 20.279 225.006 Total of fvnds 517,369 285 074 41.924 747,162 13. STATEMENT OF FUNDS - PRIOR PERIOD Balan¢e at 31 Gainsl December ILos$es} 2021 Balon¢e at 1 January 2021 Income Expenditure Unrestri¢tgd funds General Funds 420,164 107 367 312.642 Endowment funds Endowment Funds 213418 204.727 Total of funds 633.582 18,464 107.367 27,310 517,369 Page 15
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General funds are available for use at the discretion of the Council Members in furtheran of the gener81 objectives of the CIO and which have not been designated for other purposes. Restricted Funds Restricted fund$ are subject to any conditions made by their donors, wlthln the general objectives of the CIO. Endowment Fund$ The FBL'S Silver Jubilee endowment fund was an expendable endowment fund established in 2015 by the Council Members to commemorate 25 years since the creation of the Friends of the British Library. Along with the charity's other funds and investments this was transferred to the British Llbrary Collections TrusL 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestrlcted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 251,618 367,138 {96,600) 225.006 476,624 367,138 196,600) 522.156 225,006 747.162 ANALYSIS OF NET ASSETS BEfwEEN FUNDS - PRIOR PERIOD Unrestrlcted Endowment funds funds 2022 2022 Total funds 2022 Fixed asset investrnents Current assets Creditors due within one year 229,973 219,704 1137,035) 204727 434,700 219,704 (137,035) 204,727 517,369 15. ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash in hand 367,138 219.704 Total cash and cash equlvalents 367,138 219.704 Page 16
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3J DECEMBER 2023 16. ANALYSIS OF NET DEBT At31 December 2023 CURRENT YEAR At 1 January 2023 Cash flows Cash at bank and in hand 219.704 147,434 367,138 219.704 147,434 367.138 At31 December 2022 PRIOR PERIOD At 1 January 2022 Cash Ilows Cash at bank and in hand 266,376 (46,6721 219,704 266 376 219.704 17. RELATED PARTY TRANSACTIONS Five of the charity's Trustees are also Trustees of the Friends of the British Library. The three other Trustees are nominated by the British Library.. are members of staff of the British Library and one is a member of the British Library Board. During the year, unrestricted grants were received ftom the Friends of the British Library tolalling £265,000 12022.. £Nill, and unrestricted grants were made to the British Library totalling £93,280 12022.. £103,773). In the year. unreslricled grants of £Nil {2022.' £Nil} were received from the British Library. Page 17
THE BRITISH LIBRARY COLLECTIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SOFA PRIOR PERIOD COMPARISON Unrestricted Endowment funds funds 2022 2022 Total funds 2022 Note INCOPAE FROM: Grants from Friends of the British Library Grant from the Brltl$h Library Legacies Investments 18,464 18,464 TOTAL INCOME 18 64 18 64 EXPENDITURE ON.. Charitable activities 107,367 107,367 TOTAL EXPENDITURE 107.367 107.367 NET INCOME I IEXPENDITURE} BEFORE INVESTMENT GAINSIILOSSES) (88,9031 (88,903) Nel gains on investments 10 118,649) 18,6911 (27,310) NET MOVEMENT IN FUNDS 107,522 116 213 RECONCILIATION OF FUND8: Total fvnds brought forward Nel movement in funds 420,164 1105.8911 213,418 633,582 {8,6911 1116.2131 TOTAL FUNDS CARRIED FORWARD 312.642 204,727 517.369 Page 18