Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B # **Charity Registration number: 1180073 Charitable Incorporated Organisation registration number: CE015220** # **THE BRITISH LIBRARY COLLECTIONS TRUST** **COUNCIL MEMBERS' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** |**CONTENTS**|| |---|---| ||Page| |**Charity Reference and Administrative Details**|1 - 2| |**Council Members' Annual Report**|3 – 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Notes to the Financial Statements**|8 - 18| Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Council Members** Dame Marina Warner, Chair Revd Keith Stephenson FCMA, Treasurer Dr Geoffrey West, Secretary Stephanie Kenna Dr Christopher Wright OBE, Deputy Chair Cordelia Rogerson Dr Xerxes Mazda (resigned 3[rd] February 2025) ## **Charity registered number** 1180073 ## **Registered office** 96 Euston Road London NW1 2DB Page 1 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Advisers** ## **Independent Examiner** Cara Miller ACCA MHA Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ ## **Bankers** Barclays Bank Holborn Branch London ## **Solicitors** Russell-Cooke 2 Putney Hill London SW15 6AB Page 2 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **COUNCIL MEMBERS' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** The Council Members are pleased to submit the annual report and the financial statements of The British Library Collections Trust for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the Charitable Incorporated Organisation comply with current statutory requirements, the requirements of the CIO's Constitution and 'Accounting and Reporting by Charities: Statement of Recommended Practice’ applicable to charities preparing accounts in the UK and Republic of Ireland (FRS102) issued on 16 July 2014, and amended July 2015, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015. ## **Structure, governance and management** The British Library Collections Trust is a Charitable Incorporated Organisation operating under a written constitution registered with the Charity Commission on 25 September 2018. ## **Trustee recruitment** There should be: - Not less than two nor more than five appointed Council Members (appointments to be made by the Council Members) - Not less than one nor more than three nominated Council Members (nominations to be made by the British Library). The British Library Collections Trust has a close working relationship with the British Library and the Friends of the British Library. ## **Objectives, activities and achievements** The objects and purpose of the CIO, as per its constitution, are to advance the nation’s intellectual heritage and to educate the public through the provision of support and assistance in relation to the development, management, promotion and use of the 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 to allow the improvement of the British Library collections or to assist with the exhibitions, activities or events held by, or linked to, the British Library. In the year reported, The British Library Collections Trust made grants of £145,140 to the British Library. Grant requests were made formally 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 of the members of the CIO. ## **Financial review** Total income for the year was £55,965 (2023: £285,074). Grants committed to the Library totalled £145,140 (2023: £93,280). In addition, The British Library Collections Trust carries the commitments made by the Friends of the British Library for £71,111 of grants to the British Library (2023: £93,000). Excluding grants, total resources expended were £4,027 (2023: £3,925). The governance cost of an independent examination was £3,700 (2023: £3,600). The Trust’s investments performed better in 2024 than in 2023, increasing in value by £36,105 or 8% to £512,729 from £476,624 at 31 December 2024 and 2023 respectively. Page 3 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **COUNCIL MEMBERS' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** Thus, the net outflow of funds was £57,097 on the unrestricted funds. This figure compares to net inflows in 2023 of £209,514, on the unrestricted funds, and net gains of £20,279 on the endowment funds. Net current assets at the end of the year were £182,336 (2023: £270,538). ## **Plans for future periods** The Council Members are focused on continuing their grant making in line with the CIO’s objects. ## **Reserves policy** 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 Unrestricted and Endowment funds held at the year-end were £465,059 and £225,006 respectively (2023: £522,156 and £225,006). ## **The year under Review** The Council Members focused on grant making to the British Library. ## **Public Benefit** The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The main activities undertaken to further the Charity's purposes for the public benefit have been outlined under 'Objectives, Activities and Achievements' above. This report was approved and authorised for issue by the Council Members on……………..…. and signed on their behalf by: Dame Marina Warner Chairman Date: 04 July 2025 Page 4 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 2024, which are set out on pages 6 to 18. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the Council Members of the CIO, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). 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 145(5)(b) of the 2011 Act. ## **INDEPENDENT EXAMINER'S STATEMENT** I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: July 7, 2025 Dated: Cara Miller ACCA MHA Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 5 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |**Note**
**INCOME FROM:**
Grants from Friends of
the British Library
2
Grant from the British
Library
3
Legacies
Investments
4
Interest on deposits
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
5
**TOTAL EXPENDITURE**
**NET INCOME /**
**(EXPENDITURE)**
**BEFORE**
**INVESTMENT**
**GAINS/(LOSSES)**
Net gains / (losses) on
investments
10
**NET MOVEMENT IN**
**FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED**
**FORWARD**||**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total**
**funds**
**Total**
**funds**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**25,000**
**-**
**-**
**25,000**
**265,000**
**-**
**-**
**-**
**-**
**-**
**6,000**
**-**
**-**
**6,000**
**-**
**21,683**
**-**
**-**
**21,683**
**20,074**
**3,282**
**-**
**-**
**3,282**
**-**| |---|---|---| |||**55,965**
**-**
**-**
**55,965**
**285,074**| |||**149,167**
**-**
**-**
**149,167**
**97,205**| |||**149,167**
**-**
**-**
**149,167**
**97,205**| |||**(93,202)**
**-**
**-**
**(93,202)**
**187,869**
**36,105**
**-**
**-**
**36,105**
**41,924**| |||**(57,097)**
**-**
**-**
**(57,097)**
**229,793**| |||**522,156**
**-**
**225,006**
**747,162**
**517,369**
**(57,097)**
**-**
**-**
**(57,097)**
**229,793**| |||**465,059**
**-**
**225,006**
**690,065**
**747,162**| All income and expenditure derive from continuing activities. The notes on pages 8 to 18 form part of these financial statements. Page 6 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **BALANCE SHEET AS AT 31 DECEMBER 2024** |**Note**
**FIXED ASSETS**
Investments
10
**CURRENT ASSETS**
Debtors
11
Cash at bank and in hand
15
**CREDITORS:**amounts falling due within
one year
12
**NET CURRENT ASSETS**
**NET ASSETS**
**CHARITY FUNDS**
Endowment funds
13
Unrestricted funds
13
Restricted funds
13
**TOTAL FUNDS**|**2024**
**£**
**£**
**512,729**
**-**
**252,147**
**252,147**
**(74,811)**
**177,336**
**690,065**
**225,006**
**465,059**
**-**
**690,065**|**2024**
**£**
**£**
**512,729**
**-**
**252,147**
**252,147**
**(74,811)**
**177,336**
**690,065**
**225,006**
**465,059**
**-**
**690,065**|**2023**
**£**
**£**

**476,624**
**-**
**367,138**
**367,138**
**(96,600)**
**270,538**
**747,162**
**225,006**
**522,156**
**-**
**747,162 **|**2023**
**£**
**£**

**476,624**
**-**
**367,138**
**367,138**
**(96,600)**
**270,538**
**747,162**
**225,006**
**522,156**
**-**
**747,162 **| |---|---|---|---|---| ||**252,147**
**(74,811)**||**367,138**
**(96,600)**|| |||||| |||**690,065**||**747,162**| |||**225,006**
**465,059**
**-**||**225,006**
**522,156**
**-**| |||**690,065**||**747,162 **| The financial statements were approved by the Council Members on and signed on their behalf, by: ................................................ ................................................ **Dame Marina Warner, Chair** 04 July 2025 **Revd Keith Stephenson, Treasurer** 27 June 2025 The notes on pages 8 to 18 form part of these financial statements. Page 7 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ## **1.1 General information and basis of preparation** The British Library Collections Trust is a Charitable Incorporated Organisation (CIO) and is registered with the Charity Commission in England and Wales (Registration Number 1180073). The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are detailed in the Council Members’ Annual Report. The CIO constitutes 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) 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 certain 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 significant 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 stated. ## **1.2 Funds** Unrestricted funds are available for use at the discretion of the Council Members in furtherance of the general objectives of the CIO and which have not been designated for other purposes. 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 with the objects of the CIO and is included as unrestricted income. Any capital gains or losses arising on the investments 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 fund. Page 8 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** ## **1.3 Income recognition** All incoming resources are included in the Statement of Financial Activities (SoFA) when the CIO is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. For donations to be recognised the CIO will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the CIO and it is probable that they will be fulfilled. 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 Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the CIO; this is normally upon notification of the income paid or payable by the investment manager. ## **1.4 Expenditure recognition** 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 to make payments to 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 activities 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. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity. Page 9 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** ## **1.5 Support costs allocation** Support costs are those that assist the work of the CIO but do not directly 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 allocated 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 constitutional 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 at 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 realised gains or losses arise. ## **1.7 Debtors and creditors receivable / payable within one year** Debtors are recognised when the CIO is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Creditors are recognised when the CIO has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits. ## **1.8 Tax** The CIO is exempt within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it is able to take advantage of applicable Charity tax exemptions for UK corporation tax purposes. Page 10 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** ## **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 concern. 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 reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. The CIO therefore continues to adopt the going concern basis in preparing these financial statements. ## **1.10 Financial instruments** The CIO does 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 measured at face value. Liabilities – grants accrued, accruals, bank loans and overdrafts, and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 12. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken 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 estimation uncertainty** 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 statements. The key assumptions concerning the future and other key sources of estimation uncertainty 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 concern - Basis of valuation of financial investments Page 11 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. GRANTS FROM THE FRIENDS OF THE BRITISH LIBRARY** |**3.**
**4.**
**5.**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**
Cash
**25,000**
**-**
**25,000**
**255,000**
**10,000**
**265,000**
Total
**25,000**
**-**
**25,000**
**255,000**
**10,000**
**265,000**
**GRANT FROM THE BRITISH LIBRARY**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**
Cash Grant
**-**
**-**
**-**
**-**
**-**
**-**
Total
**-**
**-**
**-**
**-**
**-**
**-**
**INCOME FROM INVESTMENTS**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
Dividend
income
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**
Schroders
**21,683**
**-**
**21,683**
**19,598**
**-**
**19,598**
CAF
**-**
**-**
**-**
**476**
**-**
**476**
Total
**21,683**
**-**
**21,683**
**20,074**
**-**
**20,074**
**ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
**Grant**
**funding of**
**activities**
**Support**
**costs**
**Total**
**Grant**
**funding of**
**activities**
**Support**
**costs**
**Total**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**
Support of the
British Library
**145,140**
**4,027**
**149,167**
**93,280**
**3,925**
**97,205**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**
**25,000**
**-**
**25,000**
**255,000**
**10,000**
**265,000**| |---|---|---| |||**25,000**
**-**
**25,000**
**255,000**
**10,000**
**265,000**| |||**THE BRITISH LIBRARY**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**| |||**-**
**-**
**-**
**-**
**-**
**-**| |||**21,683**
**-**
**21,683**
**20,074**
**-**
**20,074**| |||**EXPENDITURE ON CHARITABLE ACTIVITIES**
**Grant**
**funding of**
**activities**
**Support**
**costs**
**Total**
**Grant**
**funding of**
**activities**
**Support**
**costs**
**Total**
**2024**
**£**
**2024**
**£**
**2024**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**| |||**145,140**
**4,027**
**149,167**
**93,280**
**3,925**
**97,205**| Page 12 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** |**6.**
**GRANTS TO INSTITUTIONS**
**British Library**
George Augener Archive
Greek (mainland) material
Elizabeth Barrett Browning correspondence
The Course of the Exchange
Fantasy Exhibition poster
Endangered Archive Programme
Hay Festival Audio visual archiving internship
Robin de Beaumont
Edward III
Henry VIII Broadside Mandate
Public event September 2024
Longleat Manuscripts
**Total**
**7.**
**SUPPORT COSTS**
Insurance
Bank charges
Governance costs
Total
Governance costs are analysed in Note 8.
**8.**
**GOVERNANCE COSTS**
Independent Examiner - Independent Examination
Total|**2024**
**£**
**2023**
**£**
**-**
**10,000**
**-**
**10,000**
**-**
**25,000**
**-**
**15,000**
**(200)**
**2,600**
**-**
**(5,920)**
**38,340**
**36,600**
**20,000**
**-**
**5,000**
**-**
**30,000**
**-**
**2,000**
**-**
**50,000**
**-**| |---|---| ||**145,140**
**93,280**| ||**2024**
**£**
**2023**
**£**
**220**
**220**
**107**
**105**
**3,700**
**3,600**| ||**4,027**
**3,925**| ||**2024**
**£**
**2023**
**£**
**3,700**
**3,600**| ||**3,700**
**3,600**| Page 13 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **9. STAFF COSTS AND EMPLOYEE BENEFITS** The CIO employed no staff. The Council Members neither received nor waived any remuneration during the year (2023: £Nil). No employer benefits (including employer's national insurance and pension contributions) were received by Key Management Personnel during the year (2023: £Nil). The CIO considers its Key Management Personnel to comprise of the Council Members. The Council Members did not have any expenses reimbursed during the year (2023: £Nil). ## **10. FIXED ASSET INVESTMENTS** |**Fair Value**
At 1 January
Additions
Disposals
Revaluations
At 31 December
**Investments at fair value compromise:**
Unit trusts quoted on London Stock Exchange||**Listed**
**securities**
**2024**
**£**
**476,624**
**-**
**-**
**36,105**
**512,729**
**2024**
**£**
**512,729**|**Listed**
**securities**
**2023**
**£**
**434,700**
**52,986**
**(52,986)**
**41,924**| |---|---|---|---| ||||**476,624**| ||||**2023**
**£**
**476,624**| All the fixed asset investments are held in the UK. The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. ## **11. DEBTORS: Amounts falling due within one year** |Accrued income|**2024**
**2023**
**£**
**£**
**-**
**-**| |---|---| ||**-**
**-**| Page 14 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **12. CREDITORS: Amounts falling due within one year** ||||||**2024**
|**2023**| |---|---|---|---|---|---|---| ||||||**£**|**£**| ||Accruals||||**3,700**|**3,600**| ||Grants accrued – British Library||||**71,111**|**93,000**| ||||||**74,811**|**96,600**| |**13.**|**STATEMENT OF FUNDS – CURRENT YEAR**|||||| |||||||**Balance at**| |||**Balance at**||||**31**| |||**1 January**|||**Gains/**|**December**| |||**2024**|**Income**|**Expenditure**|**(Losses)**|**2024**| |||**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds**||||||| |General Funds||**522,156**|**55,965**|
**(149,167)**|**36,105**|**465,059**| |**Endowment funds**||||||| |Endowment Funds||**225,006**|**-**|**-**|**-**|**225,006**| |Total|of funds|**747,162**|**55,965**|
**(149,167)**|**36,105**|**690,065**| |**13.**|**STATEMENT OF FUNDS – PRIOR**|**PERIOD**||||| |||||||**Balance at**| |||**Balance at**||||**31**| |||**1 January**|||**Gains/**|**December**| |||**2023**|**Income**|**Expenditure**|**(Losses)**|**2023**| |||**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds**||||||| |General Funds||**312,642**|**275,074**|
**(87,205)**|**21,645**|**522,156**| |**Restricted funds**||||||| |Restricted Funds||**-**|**10,000**|**(10,000)**|**-**|**-**| |**Endowment funds**||||||| |Endowment Funds||**204,727**|**-**|
**-**|**20,279**|**225,006**| |||||||| |Total|of funds|**517,369**|**285,074**|
**(97,205)**|**41,924**|**747,162 **| Page 15 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** General funds are available for use at the discretion of the Council Members in furtherance of the general objectives of the CIO and which have not been designated for other purposes. ## **Restricted Funds** Restricted funds are subject to any conditions made by their donors, within the general objectives of the CIO. ## **Endowment Funds** 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 Library Collections Trust. ## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |**Unrestricted**
**funds**
**2024**
**£**
Fixed asset investments
**287,723**
Current assets
**252,147**
Creditors due within one year
**(74,811)**
**465,059**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
**Unrestricted**
**funds**
**2023**
**£**
Fixed asset investments
**251,618**
Current assets
**367,138**
Creditors due within one year
**(96,600)**
**522,156**
**15.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**Total cash and cash equivalents**|**Unrestricted**
**funds**
**2024**
**£**
**287,723**
**252,147**
**(74,811)**|**Endowment**
**funds**
**Total**
**funds**
**2024**
**£**
**2024**
**£**
**225,006**
**512,729**
**-**
**252,147**
**-**
**(74,811)**| |---|---|---| ||**465,059**|**225,006**
**690,065**| |||**Endowment**
**funds**
**Total**
**funds**
**2023**
**£**
**2023**
**£**
**225,006**
**476,624**
**-**
**367,138**
**-**
**(96,600)**| ||**522,156**|**225,006**
**747,162**| |||**2024**
**2023**
**£**
**£**
**252,147**
**367,138**| |||**252,147**
**367,138**| Page 16 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **16. ANALYSIS OF NET DEBT** |**CURRENT YEAR**
Cash at bank and in hand
**PRIOR PERIOD**
Cash at bank and in hand|**At 1 January**
**2024**
**Cash flows**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**367,138**
**(124,981)**
**242,157**| |---|---| ||**367,138**
**(124,981)**
**242,157**| ||**At 1 January**
**2023**
**Cash flows**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**219,704**
**147,434**
**367,138**| ||**219,704**
**147,434**
**367,138**| ## **17. RELATED PARTY TRANSACTIONS** Five of the charity’s Trustees are also Trustees of the Friends of the British Library. The two other Trustees are nominated by the British Library: both are members of staff of the British Library. During the year, unrestricted grants were received from the Friends of the British Library totalling £25,000 (2023: £265,000), and unrestricted grants were made to the British Library totalling £145,140 (2023: £93,280). In the year, unrestricted grants of £Nil (2023: £Nil) were received from the British Library. Page 17 Docusign Envelope ID: E3AA3BDE-D648-4963-964B-ABE08406373B ## **THE BRITISH LIBRARY COLLECTIONS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **SoFA PRIOR PERIOD COMPARISON** |**Note**
**INCOME FROM:**
Grants from Friends of the British Library
2
Grant from the British Library
3
Legacies
Investments
4
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
5
**TOTAL EXPENDITURE**
**NET INCOME / (EXPENDITURE) BEFORE**
**INVESTMENT GAINS/(LOSSES)**
Net gains on investments
10
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total**
**funds**
**2023**
**£**
**2023**
**£**
**2023**
**£**
**2023**
**£**
**255,000**
**10,000**
**-**
**265,000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**20,074**
**-**
**-**
**20,074**| |---|---| ||**275,074**
**10,000**
**-**
**285,074**| ||**87,205**
**10,000**
**-**
**97,205**| ||**87,205**
**10,000**
**-**
**97,205**| ||**187,869**
**-**
**-**
**187,869**
**21,645**
**-**
**20,279**
**41,924**| ||**209,514**
**-**
**20,279**
**229,793**| ||**312,642**
**-**
**204,727**
**517,369**
**209,514**
**-**
**20,279**
**229,793**| ||**522,156**
**-**
**225,006**
**747,162**| Page 18