Charity registration number.. 1196686 Exeter City of Literature Annu81 Report and Financial Slalemenls for the Year Ended 31 March 2025 WESTCOTTS eHARTÉfiÈD A¢¢OUtlTANTS & BU51t4E5S AD¥iser¢s
Exotor City of Literature Contents (continued) Reference and Administrative t)etails Twstees. Report 2to7 Independent Examinerfs ReFQrt Ststement of Financial ActivrtiÈs BalanGe Sheet 10 Notes to the Financial Ststements 11to19
Exetsr City of Literatur• Reference and Admlnistrativo Details Truslee$: Sharifa miard Al Hashemy. Chair {appointed 16 April 2024) Dr Adam Watt May Arge Sophia Pavello Dee Rowett Esmie Jikiemi-P&arson (appointed 16 April 20241 Hannah Miller {appointed 16 April 20241 Tom Stsnrford lappoinled 16 April 20241 Laura Wright {re&gned 23 May 20241 Charty Reglstratlon Number 1196686 Prlnclpal Office Exeter Phoenix Bradnineh Place Gandy Street Exeter Devon EX4 3LS Independent Examlner Westcotts (SWI LLP 47 BoutkY)rt Street Bamstaple Devon EX31 1SQ Pag? 1
Exetsr Clty of Literature Trustees. Report The trustees pfftsent the annual report together with the financial statements of the charty for the ygar ended 31 Mar¢h 2025. Structure, Governance, and Management Nature of Govemlng Docurnont The charity is a charitable incorporated organisation and is a registered chanty. It 15 operated under the rules of i(s Constitution dated 19th November 2021. The liability of each member in the event of winding up is limited lo £1. Rocrultmont and Appolntment of Trusteas The trustees who served during the period a listed in this document. Trustees are appointed by resolLttion passed at a property convened meeting of the charity trustees. The Board shall consist of at least three charity Iruslees. There is currenlty no m8MuM of trustees that may be appointed to the cio. Indu¢tlon and Tralnlng of Trustees In selecting individuals for appointrnent as charty Irustees, the trustees must have regard to the skills, knowledge, and experience needed for the effective administration of the CIO. Before their first appointment, new trustees receivg a copy of the current ver5iDn of the CIO'S constitulion and a copy of the CIO'S Lqtesl Annual Report and ststement of account5. Oryanisational Structhrg The charity trustees manage the affairs of the CIO and exercise all power5 of the CIO. Therg ar ¢urrently eight trustees who meet quarterly at fomial board meetings. Been formal meetings, th8 board wll discuss any relevant matters as and when they arise, eTthèr as part of their sub-committee work or in addition. The sub4ommittees are P8ople & Govemance. Finan, and Youth. The trustses delegate the day-to4ay management to the Executive Director. During the period, there have been no material changes in the policies pursued by the Board. Objectlves and Actlvities The CIO has b8en estsblished for the public bengfft for the lollowing Purpos.. A. the advanment of education and the arts. by providing or assisting in the provi5ton of opportunilies lo discover, acces5, engage in, Igam ab04Jt, understand and enjoy literature, writing, reatiwty, culture and heritage,. and B. such other charitable purposes that benefrt the public consistent wth the object above as the ¢harty tru5te8s shall detemiine. In support of our objectives. it is envisaged the charty will work with our partners across Exeter, Devon, and the UNESCO Cty of Literature NeOrk to: A. Improve cultural and creative well-being. B. Increase literary engagement and involvemont and a greater love of reading and sloryt&lling C. Bring a greater awareness of the social and economic valuè of literature. D. Increase recognition for Exelgr and wider Devon as a destination for literary tourism. E. Increase quality, quantity, and diversity of stories and storytelling. F. Provide a MO equitable and inclusive literary offer for a Whder array of diverse audiences. Page 2
Exeter City of Literature Trustees, Report (continued Financial Review ReseNeg Pollcy Th8 Irusle8$ wognise the importance of maintsining adequate reseNes to ensure the charty's financial resilience and abilty lo deliver its charitable objectives in the arts. For the purposes Of this polity, reserves are those unrestricted fund5 freely availab for use at the trustees, discretion. They exclude reslricled funds, fixed assets held for charity use. and any funds designatfjd for a particular purpos9. The Charity will hold reseNes for the following purpose5.' To allow the Trustees to prepare lor an unexpected drop in income or other change of Circumstances in a volatile environment. This will be a sum not less than three months, operating costs and will allow the charty to respond to Sudden change and manage the impact in an orderly manner. • To set asKJe funds for the chari$ empbymenl wmrnrirnenls. This will be the sum relating to the Executive Team's contracts. . To invest in speeific activty to advance the tharrtable objeetlves that would not otherwse happen. At 31 March 202S, the fKJur8 for reserv95 1$ £55,000. equivalent to approximately thre8 months, operating costs plus additional contingency. Reserves can be spent onty with approval by the Trustees at an ordinary or extraordinary Board meeting. The trustees will review and approve the reserves policy in April eath year as part of the preparation of the annual report and audit accounts. Our Vlsion and Valuos Our vision is for everyone to love stories and stoelling. Our mission 15 to work wth our bcal and global ¢ommunities to celebrate the dwrse stories within. Exeter City of Literature staff. Tru$tee$. Partnership Network members. and ¢yJllaborative partners Treat all indmduals and groups with dKJnity, respect, fairne, and compassKJn so that we ¢reate an environment that is welcoming to all. Slrwe fr>r &xc&llence in all that we do. pushing boundaries and reimagining realities whgrgver possible. Champion a literary culture and the literary arts in and around Exeter, exp8cting the hKJhest quality and innovatNe imagination in our programming, projects, and funding support. Uphold values that oppose raeism, sexism, classism, homophobia, transphobia. xenophobia, ableism, ageism, religious prejudice, and other covert and overt fo3 of discrimination and bias. Recognise that words and actions matter and understand that the absence of words and actKJns also matter. Impact is just as crucial as intent. AppcIate that becoming inclusive and respecltul is a continuous process and Ihat we 811 act in imperfect ways sometimes. Remain self-aware of our own limitations and fla. recognising when are not at our best and communicating openly lo reS0e problems. Ensure the experionces, values, and needs of under-represented. minorty. anOr oppressed groups are represented and increased in poli¢y. prcgrams. practices, sponsorship, and leadership. OurAims Our strategic aims set out the key things wg want to achieve in support of our objectNes. We aim lo: Page 3
Exgtsr City of Llt6rature Trustees. Report (continued) 1. D8vebp an ongoing progfam of literary-based projects, events, and inttiatives that stimulat8 cultural welkbeing and contribute lo the literary 8cology of Devon. 2. Grow, expand, and further dev81op the Exeter City of Liieralure Partnership Netsvork. sharing and making best use of the valuable literary resources and heritage assets we collectivety hold. 3, Deliver an indusive talent development program that supports and encourages lrteracy and literary engagement. 4. Establish a vibrant Cenlre, or cent (county-wide 'hubs', induding dvJital hubs), for stOry4naklng and $lorytglling. Program of Actlvlty and K•y A¢hlovgments 2024-2025 was Exoler City of Lsterature's second year as an Arts Council NPO and the third full year of operation as a registered charity. which was mnstiluted in November 2021. The charity 5UPPOrts the literary and cultural seetors and d8velops resources for hNJh44ualty literary actiwty across Exeter and Devon with a variety of partners. Since 2021. the organisation has &slablished a number of long-temi programs that deliver impact across our three strategic pillars.. Place-shaping, Wellbeing, and Talent Development. Beeen April 2024-MarGh 2025, the programs and projects that fell under these categories induded.. Placg-shaping . The expansion of the Partnership Netrrk Producing the fourth annual Book Markel • Attending and Prnting at the annual Cities of Literature conferenc& in Edinburgh • Establishing the Lle Fraw public eonsulialion rnethl Revising our Literary Map of Exeter and Devon • Taking over the running of the Penguin Book Vending Machine • Celebrating Exetels fffth year as a UNESCO City of Literatur8 Mth the Cty Reads initiatN8 • Released our first UNESCO Membgrship Monitoring Report Wellbeing Launching the first pard Introduction to Bibliotherapy-counselling Skills vr$e Bringing Book Fairies to Devon Don81ing additional books to our Book Nooks in Warm Spaces across Devon Establishing an official Silent Book Club in Exeter Free DEI mgmberships for low income Devon creatives Talent Developm•nt Hosting the second Exeler-Barcebna UNESCO Writer Residency • Working in partnership with Jakarta Cty of Li(erature on the Bridging Cities project Illustrating The Word exhibf(ion al the Universty of Plymouth Author Resource pad( taunehed Ukrainian Poets in Exeter as part of the UK Cities of Literature lour Exeter representgd on the global stage at Slamovision in Manchester The Gharity delivered mony other ini(ialives across Exèlgr and Devon and with international partners to further the charitable aims and lo deliver on the vision for Exeter Ctty of Literatur8. In 2024, the charity submitted ils Membership Monitofing Report lo UNESCO, whKh demonstrated the collectNe impact of the designation on the city belween 201&2024. Page 4
Exeter Clty of Literature Trustses. Report (continued) Our key programs. and the objectiveg and amns they corre¥ond with. ar8 listed below along with thg achievements delivered during this time perio(l. The 8ook Market.. June 2024 Objective: Increase literary engagement 8nd invofvemenl, and a greater love of reading and stoelling,- Increase greater awareness of the social and economic value of literature.. Provide a more equitable and inclus¢ve literary offer for a wider array of diverse audien$. Alm: Develop an ongoing program of literary-ba5ed projects, events, and initiatives that stimulate curtural well-being and contribute to the literary ecology of Devon. A¢hlevements: The Book Market has become a staple of Exeterfs summer. The central locats'on on the Cathedral Green brings nèw audiences lo the free evgnt every year, seeing approximately 1,500 visitors in 2024. We had 11 booksellers from across Devon, four book-themed vendors, four food vendors, and 10 activi(ies including a wheolchair lette1pSs. bibliotherapy, and a Youth Adviso haiku activty. All vendors reported a profit and feedback from the public was very pc>silN8. Llttle Fraws {Public Consultation) Oblocllvo: In¢aSed literary engagement and involvement,. Increase qualrty. quantty. and diversty of stories and storytelling.. Provide a more equitable and inclusive literary offer for a wider array of diverse audlenc*s. Alm: Develop an ongoing program of lrterary-based projects, events, and initiatives that stimulate ¢ultural well-being and contribute to the literary ecology of Devon. Achievgmgnts.. Using best practKe from the UNESCO Cities of Literature Netwoth, we devebped a vèrsion of Lillehammer Cty of Literature's public consullalion methodology known as gjgslebud. For the Little Frawzys, a small group of members of the public are brought together by an indiwdual in their home, a Cafe. or Dul walking lo discuss topics and questions given lo them by Exeter Cty of Literature. It'$ a way of gathering public feedback on thè cultural sector and literary life in Exeter and Devon wf(houl a member of the staff. board. or any other official prèsent. Thg host is paid for their timè and refreshment5 to create a convNial and w91comiThJ atmosphere, and a report 15 delivered to EXCOL. So far, six Frawzys have taken place across the city with 40Vo of participants seif4escribed as disabled and 200h had free school meals as children. The feedback from all Frawzys 18 consolidated, anonymized. and shared wf(h the Partnership Nthork so that all cuhur81 partners and gtskeholders benefit from this methodology and this feedback. EXCOL refers to this feedback during planning stsges for public programming and organizational slralggy. Introduction to 8ibliotherapy£ounselling Skills Oblective: Improve cultural and cr9ats.ve well-being-, Increase literary engagement and invownenl, and a greater bve of reading and storytelling,. Provide a more equitable and indusive literary offer for a wider array of diverse audiences. Aim: Develop an ongoing program of literary-based projects. events. and initiatives that stimulates cultural wèll-bèing and contributes to the literary eeology of Devon., Deliver an inclusive talgnl development program that supports and encourages literaw and li(erary engagement. Achi8vements: Eight students partiupated in our first commercial COUTse ben January-march 2025, bringing in an additional InMe stream lo the charity. Sixty-one students in totsl have now completed the course. Leadership from Exelgr City of Lf(eralure and Exeter College devgloped the course further in preparation for accreditation from the National Counseling and Psychotherapy Society in the summer of 2025. Page S
Exeter City of Litsrature Trustees, Report (continued) Silent Book Club Objective- Improve cumural and creative welkbeing", Increase literary engagement and involvement and a greater love of reading and storytelling,. Bring a greater awareness of the social and economic value of litèrature,. ProvKle a more equitable and inclusivg literary offer for a wider aaY of divgrsfj aUdienS. Alm: Develop an ongoing program of literabaSed projects, events. and inrtialives that stimulate cuttural well-being and ¢tsntribule to the literary ecology of Devon. Achiovomènts: In April 2024, we launched the lirgl offieial chapter of the Silent Book Club in Exelgr. The mission of a Silent Book Club is to create a welcoming, inclusive space for readers to gather and enjoy quiet, communal feading. 11 offers a social experience wilhoul the pressure of assigned books or structured discussion. and is entirely free to attend. EXCOL promdes free National Book Tokens to anyone who m8y not be able lo afford lo purchase 8 new book. Starting from just under 30 people al the first Ses$1n. we now see upwards of 50 people al each of the two sessions per month we now hDSt. Using a mood board trackef, we know that. after 8 Silent Book Club sessron. attendees, moods have irnprovgd by 33%. UNESCO Actlvltles Objqcthie: Improved cultural and cr88twe WelbeIng.. Inereasod lilorary engagement and involvemfjnt and a greater love of reading and storytelling., Increased quality, quantity, and divèrsty of stories and $lorytelling.' More equitable and inclusNe literary offer for a wider array of dNerse audien5. m: Develop an ongoing pro3ram of Ir(er8ry-based projects, events, and initiatives that stimLblate cuUral w8lkbeing and contribute to the literary ewlogy of Devon., Deliver an inclusive talent development program that supports and encouraggs literacy and li(er8ry engagement. Achiovoments: The charity prtyjuced and participated in a 8rrtish Councikfunded writer development prtrject with Jakarta Cty of Literature, an author residency with Barcelona City of Literature. and Slarnowsion with dozens of Cilies of Literature. The results of these projects led to a joint exhibf(ion of local and intsrnational writing in Exeter and Jakarta. a deepening of Exelefs relationship wrth Lwv City of Literature, and signrficanl writer development opportunits.es for young people in Devon. Partnershlp NetyA)rk Membo Africa Wrf(es. Agile Rabbf(, Arts & Culture - University of Exeter, Arvon, Bookbag. Devon & Exeter Institution. Documental Theatre. Exeter Cathedral, Ex8ler City Council, Exeter College, Exeter Phoenix, First Draft Bookshop, Gnash Bookshop, InExeler, Libraries Unlimited, Lrt8ralure Works & Quay Words, MakeTank, Northcott Th8alre, Oxfam Bookshop, The Pelican Project. Quirk Theatre, RAMM, South West Heritsge Trust, Sporkl Theatre Alibi, University of Exeter- English Department, Universty of Exeter Library & Special Colleolions, University of Exèter Modem Languages, Students Guild (University of Exeterl, Villaggs in Acti)n, Visit Exeter, Wellcome Cenire for cure5 & Environments of Health. Word Kitchen. Flnanclal Rovlew Tha Trustees are pleased with the progre88 on organisatK)nal set-up, operational delivery, and the financial heawh of Exeter City of LTteralure in its third fvll year of operation. The Trustees are grateful to the primary funder, Art5 Council England. for its commitrngnt lo the wsion of Exeter Cty of Literature and its funding to establish and grow the eharty- Page 6
Exeter Clty of Llterature Trustees. Report (conllnuedl At 31 March 2025, the figure for Restricted fund res8rves is £6,976 and for general fund reswvas is £140,302. RestrKted and general fijnd reserves can be spent only with appfoval by the Trustees al an ordinary or extraordinary Board meeting. The Truste&s will review and approve the reseNes policy in April each year as part of the preparation of the annual report and audited a¢nts. The general funds iesetve will be used lo $upplgment specific community gngagement and program activity as approved by Trustees over th8 n&xt 12 months. Statemgnt of Trust8es' Rosponsibllitles The Iru$tee$ are responsible for preparing the Iruslees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom G0neral Accepted Accounting Praclicel and appIlble law and regulations. The law applicab to charities requires the trustees lo prepare financial statements for each financial year whKh give a true and fair VEW of the stale of affairs of the eharily and of the incoming resourc85 and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to- Seet suitable aecounting policies and then apply them con8lStently- observe the methods and principles in the Charities SORP; makejudgements and estimates that are reasonable and pruderst- state whether applicable accounting standard$ have been followed, subj'ect 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 presuff th* the charity 11 continue in business. The trustees are responsible for keeping proper accounting records that disc10s9 with reasonable accuracy at any time the financial positM?n of the charity and enable them to ensur8 that th8 financial statement5 compty with the Charit$ Act 2011. thg Charities IAccounts and Reportsl Regulations 2008, and the provisvjns of the constitution. The Iru518es are also responsible frjr safeguarding the a5$9ts of the charity and hence for taking reasonable steps for the prevention and detection of fraud and olh8r irregulanties. The trustees are responsible for the maint8nance and integrity of the corporate and financial information included on the charitable company's website. Legislalv)n governing the preparation and dissemination of financial statements may differ from legislation in otherjuri$diclions. 1411112025 Th8 annual report was approved by the trustees of the charity on behalf by.. and signed on its Sharrfa Miword Al Hashemy Chair and Trustee Page 7
Exetgr City of Litsrature Independent Examinerfs Report to the trustees of Exeter City of Llteratu I report to the trustees on my gxamination of the account$ of Exeter Cty of Literatur8 for the year ended 31 March 2025. ResponslbllltSe$ and basis of rèp)rt As the charity Iruslees of Exeter City of Literature you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe Act'l. I rep)rt in respect of my gxamination of the Exeter City of Literature's accounts carried out under section 145 of the 2011 Act and in carrwng out my exarnination I have followed all the applicable Dire¢tion5 given by the Charity Commission under ¥e¢tK)n 14515llbl of the Act. Indepndont ex•minei'$ statement I have completed my examination. l ¢onfirn that no material matters have come to my att&nb'on in connection wi(h the examination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of Exeter Cty of Literature as required by sertion 130 of the ACL or 2. the accounts do not accord with those records. or 3. the accounts do not compty swth the accounting requirements conceming the fomi and wnlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair wew, which is not a matter nSKIered as part of an independent examinatKJn. I have no concerns and have come acros$ no other matters in connection with the examination to which attention should be dIn in this report in ord&r to enable a proper understanding of the accounts to be reached. Catherine Williams FCA DChA Independent Examiner Wesl¢otts {SWI LLP 47 Boutport Street Bamslaple Devon EX31 1SQ Dalè.. Page 8
Exeter Clty of Llterature statement of Financial Activitles for the Year Ended 31 March 2025 Unrestrlcted fiJnd$ Rostrictgd funds Total 2025 Totsl 2024 Note Income and Endowrnonts from: Donations and legacies Charitable xtMtKgS 155,000 8,006 19,660 174,660 8,006 237.650 18,708 Totsl income 163.006 19.660 182,666 256,358 Expanditure on: Charitable aetNTties 1162,9281 113,607 13.6071 1176,535) 174,099 Total expendttu 1162.9281 1176,5351 174,099) Net income Gross transfers been funds 78 6,053 6,131 82.259 108,078 1108,078 Net movement in funds 108,156 (102,025) 6.131 82,2S9 Reconclliation of funds Total funds brought fomard Total funds carried forward 16 32,146 109,001 141.147 58.888 140,302 6,976 147,278 141.147 All of tha charty'$ aGtivitie$ dèrive from continuing OlatIOnS during the above two perK)ds. The fijnds breakdown for 2024 is shown in note 16. The notes on pages 11 to 19 fomi an integral part of these financial statements. Page 9
Exeter City of Literature (Registration number: 1196686) Balance Sheet as at 31 March 2025 2025 2024 Flxed assets Tangible assets Current assets Debtors Cash at bank and in hand 11 802 1,202 12 13 429 150,910 151.339 83 149.561 149,644 Credltors: Amounts falllng duo wlthln one year Net current assets 14 14,8631 (9,699 146,476 139,945 Net assets 147.278 141,147 Fund$ of the charlty: R8strict8d incomè funds Restricted funds 6,976 109,001 UnStrICted Income funds Unrestricted funds 140.302 32,146 Total funds 16 147,278 141,147 The financial statements on pag&s 9 to 19 were approved ty the Irusteg$. and authorised for issue on 1411.11202s....... and signed Dn their behalf by. Sharifa Mil ord Al Hashemy Chair and Trustee The notes on pages 1110 19 forni an integral part of these financial statements. Page 10
Exeter City of Literature Notes to the Financlal Statements for tho Year Ended 31 March 2025 1 Accounting pollcle$ Statement of compliance The financial slalements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019. the Financial Reporting Stsndard applublo in th¢ United Klngdom and Republic of Ireland IFRS 1021 and the Charities Ad 2011. Basls of preparatlon Exeter Cty of L((erature meets the definition of a public beneffil entty under FRS 102. The accounts (financial stalementsl have been prepared under the historical cosl convention with items rewgnised at cost or transaction value unless otherwise staled in tho relevant notelsl to thes& aonts. The financial slalemenl$ havg been prepared in sterling which is thg function81 currency of the charty. Golng ¢oncem The trustees consider that there are no material uncertainties about the eharws abilty lo continue a$ a going concern. Income and endowments Voluntary income including donations. grfts, legacies and grants that provide core funding or are of 9eneral nature is recognised when the chanty has entrtlement to the income, rt 1$ probable that the income will be receNed and the amount can be measured with sufficient reliability. Grnnts re¢efvable Grants are recognised when the charty has an entitlement to the funds and any conditions linked to the grants have been met. Where performance ¢ondf(ions are attached lo th& grant and are yel to be mel, the income is recognised as a liabilty and included on the balance sheet as deferred income lo be released. Exp8nditur& AJI expendrture 15 rewgnised once there is a legal or constructive obligation lo that expendriure, (( is probable settl&menl 1$ required and thè amount can be measured reliably. All eosls are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to PartUlar headings they have been allocated on a basis CDnSlStenl with the use of resources. wlh central staff costs allocated on the basis of time spent, and dgpreeiation Charges allocated on the portion of the asset's use. Other support wsts are allocated based on the spread of staff costs. Charitoblo a¢tivili•s Charitsble expendrture wrnprises those costs incurred by the charty in the delNery of its actiwties and servic8s for its beneficiaries. 11 includes both eosts that can be allocated directly to such activrties and those costs of an indirect nature necessary lo support them. Pago11
Exoter City of Litsrature Notes to th8 Financial Statements for the Year Ended 31 March 2025 Icontinued> Support costs Support costs indude central functions and have been allocated to actmty cost eategori8s on a basis onsistent with the use of resources. for example. albcating propety costs by fioor areas, or per capita. staff costs by the tinie spent and other costs by their usage. Governance costs These include the costs attributsble to the charivs compliance with constilulional and statutory requirements, including 8udrt, strateg management and trustees meetings and reimbursed expenses. Tanglble flxed assets Indimdual fixed assets are inrtialty rgcorded at cost. less any subsequenl accumulated deprecAatton and subsequent 8ccumulated impaimient losses. D•prfjciation and amortisation Depreciation is provided on tangib fixed a558ts 50 as to write off the cost or valuatn. tess any estimated residual value. over their expected useful economic lrfe as follows.. Asset class Office Equipmant Depreciation method and rate 25'h straijht line R&search and dovelopment Research and dovebpment expenditufe is written off as incurred. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and ara subject to an insignfficant risk of change in value. Fund structure Unrestricted income funds are general funds that are availabte for use at the trustees discretion in furtherance of the objedwes of the charity. Restricted income funds a those donated for use in a partlar 8r¢a or for specific purposes. the use of which is restricted to that area or purpose. Pensions and other post rntirement obligatlons The charity operates a defined contribution penston scheme whh is a pension plan under which fixed conlributions are paid into a pènsion fund and th& charity has no legal or constructive obligation to pay fvrther contributions even rf the fund does not hold suffiGienl assets lo pay all employees the benefrts rel*ing to 8mploy99 sorvice in Ihe current and prior Feriods. Contributions to defined contribution plans are recognised in the Stalem8nt of Financial Activi(ies when they are due. If contribution payments exceed the contribution due for se, the excess is reeognised 85 a pr¢payment. Page 12
Exeter City of Literature Notes to the Financial Statements for the Year End6d 31 March 2025 Icontlnued) FlTranclal Instruments ClasslNeadon Financial assets and financial liabilities are recognisad when the charty becomes a party to the ntractual prowsions of the inslnsment. Financial liabilities and equity instrumen15 are elassified according to the substanGe of the conlraclual arrangements entered into. An equity instrument is any contract that evidenc&s a rgsidual interest in the as5els of the charity after deducting all of ils liabilities. Recognltlon and measurement All financial ass8ts and liabilf(ig5 are ini(ialty measured at transadion price (including transaction costs), except for those financial assets classified as al fair value through profil or loss, which are initialty measured at fair value {which is normally the transaction price excluding transaction costs). unless the arrangement constitutes a financing lrnnsaclion. If an arrangement consliiutes a financing transaction, the financial asset or financial liabilrty is measured at the present value of the future payments discounted at a market rate of Inte$1 for a similar debt instrument. Financk41 assets and liabilities are only offset in the statement of financial posr(ion when. and only when the exists a legalty enforceable right to S81 off the recognisèd amounts and the charity intends either to settle on a net basi$. or to realise the asset and Settle the lobility 3ifflultsneously. Finaneial assets are dereeognised when and OTh when al the contractual rights to the cash flow5 from the financial asset expire or are settled, bl the charty transfers to another paty sub8tanlially 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 rv•vard5 of (y•vnehlp. has transferred control of the asset to another paty. Financial liabilitses are derecognised On when the obligation specrfied in the contract is drs¢harged. anlled or expires. 2 Incomg from donations and leg•¢igS Unre8trlcted funds Rostricted funds Total 2025 Grants 155,000 19,660 174,660 Unrestrict funds Restrlcted funds Total 2024 Grydnts 5.000 232.650 237,650 Page 13
Exetsr City of Lit•raturo Notès to the Financial Ststements for the Year Ended 31 March 2025 (continued) 3 InGome from charltable actlvltles Unrestricted fund8 Totsl 2025 Artlty event income Contribution ineome 4.948 3.058 8,006 4,948 3,058 8.006 Unrostrlcted funds Restricted funds Total 2024 Activity event income Conlributiort income 3,406 13.896 17,302 406 1.000 3,812 14,896 1,406 18,708 4 Expendlturo on charitabl8 activities Unregtrlcted funds Restrictgd fund$ Total 2025 Programme costs Artistic & Culiural Spend Education & Outreach Book Vending Machine Charitsble actiwties Allocated support Gosl$ 20.224 5,486 1.165 1,684 129,537 4,832 1 $2,928 7.598 2,505 27.822 7.991 1.172 1,684 133,034 4,832 3,497 13.607 176.535 Unrestrlcted fund$ Restricted funds Total 2024 Programme eosts Artistic & Cultural Spend Charitable acti11•S Allocated support Costs 1,184 10.009 5.744 32,734 118,500 4,534 161,512 6,928 42,743 118,944 5,484 174,099 950 12,587 Page 14
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2025 (contlnued) S Analysls of governance and support costs Support ¢osts allo¢at¢d to charltablo actlvltles Support costs Total 2025 Totsl 2024 Bank charges Subs¢riplions Consuttants fees Legal and professional fees Indepondenl Examin8rfs r&muneration 17 301 2.000 177 177 2,220 2,427 2,220 2,427 3,166 5,484 4,832 4,832 6 Nèt Incom1noUtg0lnq resources Net incoming resources for the year include". 2025 2024 Depreciation of fixed assets 400 400 T Trusts•$ r•mun•ration and eXSe9 No trustees, nor any person$ ¢onnected wi(h them, have received any remunerallon from th8 charty during tho year. No trustees have received any 1mbursed expenses from the charity during the year. Pag&15
Exeter Clty of Literature Notes to the Financlal Statements for the Year Ended 31 March 2025 (contlnu•d) 8 Stsff costs The aggregate payroll Gosls were as follows.. 202S 2024 Staff c¢)sts durfng tho year woro." Wages and salaries Social security costs Pension costs 92,056 3,938 2,762 98.756 74.813 2.432 2,230 79,475 The monthty average number of persons {ineluding senior management I leadetship team) gmployed by the charity during the year was as follows.. 2025 No 2024 Chartsble actNities No employee receNed emoluments of mor& than £60.000 during the year 9 Independent oxamlnerfs remuneratlon 2025 2024 Examination of the financial statements 2,427 3,166 10 Taxatlon The Charty is a registered charity and is therefore gxgmpt from taxation. Page 16
Exeter City of Literature Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 11 Tanglble fixed assets Fumiture and equipment Total Cost At 1 April 2024 At 31 March 2025 1,602 1,602 1,602 1.602 Depreclallon At 1 April 2024 Charge for the year 400 400 400 400 At 31 March 2025 800 800 Net book value At 31 March 2025 802 802 At 31 March 2024 1,202 1,202 12 Debtors 2025 2024 Trade debtors Prepayments 50 429 429 83 13 Cash and cash equiYalent8 2025 2024 Cash at bank 150,910 149,561 14 Credltorg: amounts falllng duo wlthin one year 2025 2024 Trade creditors Other taxation and social securty Pension creditors Accruals 70 2.009 537 2,247 4,863 875 6,203 521 2.100 9,699 Page 17
Exetar City of Literature Notes to the Flnancial Statements for the Year Ended 31 March 2025 (continued) 15 Pension and other heM0$ Deflned ¢ontrlbution p•n51on schemg The charity op&rates a defined contribution pension scheme. The penSn cost charge for the yoar represents contributions payable by the ehlrity to the scheme and amounted to £2,762 {2024 £2,230). 16 Fund¥ Balance at 1 April Incomlng Resourc95 2024 resourcas oxpended Balance at 31 March 2025 Transfers Unrestricted funds General Funds 32,146 163.006 1162,928) 108,078 140,302 Restrlcted funds ACE NPO ACE Project Grant 1 ACE Project Grant 2 GWR Communty Fund Hilden Charrtable Trust Fund Bridging Cities Biitish CounThl Connections Through Culture British Council 55,630 8.042 17.689 27.640 (55,6301 {8.0421 (17,6891 (27,3631 {277) 6.875 {1,380) 5.495 10,000 {8,519) 1,481 2.785 3,431 109.001 19,660 13,607 108.078 6.976 Total fund$ 141,147 176,535 147,278 Pag818
Exeter Clty of Llterature Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) Balanc& at 1 April 2023 Balanco at 31 March 2024 Incomlng Resources rpsource5 expended Trnnsfgrs Unrgstrfctsd funds General Funds 20.829 22,302 112,5871 1,602 32,146 Restricted funds ACE NPO ACE Project Grant 1 ACE Project Grant 2 GWR Community Fund 1,471 5,425 21,863 9,300 159,870 18,C60 1.026 55.100 1105.5641 114,346) {4.842} 136,760) 1161.512) 1147} 11,0971 13581 55,630 8,042 17,689 27,640 109,001 38,059 234,056 11.6021 Tolal funds 58,888 256.358 1174,099) 141,147 Rgstrfded Funds The rèstricted funds are to be SFent on lh8 literary projects in which they were given. In order to assist Users of the accounts, add(tional disck)sure has beon included within the 2024 accounts to show more clearfy the indivhjual restricted funds. 17 Anatysls of net assets bgtween ndS Total funds at 31 March 2025 Unrestricted funds Restricted funds Tangible fixed assets Current assets Current liabili(ies 802 144,363 4,863 802 151.339 14.863) 147,278 6.976 Total net assets 140,302 6,976 Total funds at 31 March 2024 UnrestriGtgd funds Restricted funds Tangibte fixed assets Current assets Current liabilities 1,202 40,643 (9,6991 32,146 1,202 149,644 9,699) 141,147 109.001 Total net assets 109,001 18 Rglatod party transactions There were no reLgted paty transactions in the year, Page 19