Charity registration number.. 1204735 The Morrab Library (A Charltable Incorporated Organisation) Annual Report and Financlal Statements for the period from l February 2024 to 31 Decèmber 2024
The Morrab Library Contents Trustees, Report Ito6 Independent Examlnels Report statement of Finanaal Activitie5 Balan Sheet Notes to the Financial Statements ioto22
The Morrab Library Trustees, Report Charity Information The Trustees present their first report and accounts of The Morrab Library a new Charitsble Incorporated Organisation {CIO) - for the 11 month period ended 31 Dember 2024. The assets and liabilities of the former Morrab Library tharity {reglstered number 309250) wefft transferred to the CIO on l February 2024 and that charlty has Sin been dissolved. Reference and Administrative Information Charity name- Morrab Ubrary Charity regi5trafjon number- 1204735 Principal address- Morrab Gardens, Penzance, Cornwall, TR18 4DA President Michael Grandage CBE Trustees Horry Spry-Leverton - Chalr and Hon. brarian David Falcon - Vice Chalr (Reslgned July 20th 2024) Paget McDonald Hon. Secretsry (Reslgned November 12th 2024, replaced as Hon Sec by Stephen Oliver) Myfanwy Barrett- Hon. Treasurer (Resigned May 20th 2024, replaced as Treasurer by Ian Summers) Christina Carson Peter Chapman Vittorla Clare {ResigrEd - july 2nd 2024) Rlchard Davies Paul Phillips (Resigned May 7th 2024) stephen Oliver (February 16th 2024, appointed as Hon Sec November 12th 2024) lan Summers (June 4th 2024, appointed as Treasurer) Paul Inman (June 4th 2024) Page I
The Morrab Library Trustees, Report Independent Examiner Mr Neil Hallam FCCA Crane & Johnston Chartered Certlfied Accountants 11 Alverton Terrace Penzan Cornwall TR18 4JH Bankers CAF Bank 25 Kings Hlll Avenue Klngs Hlll West Malling Kent ME19 4JQ Investment Advisors Chades Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS Governing document The charity was registered as a CIO (association model) on 15 September 2023 and coMMend operations on l February 2024 followlng the transfer of assets and Ilablllties of the former unlncorporated association. Recruitment and Appointment of Trustees The Trustees are either elected at an Annual General Meetlng or co-opted by the Trustees at any tlme dudng the year, in which case thelr appointment must be conflrmed at the next AGM. Trustees are ellgible to hold Offi for three years from the date of appointment. Thereafter, they are eligible for re-appointment for a second term of three years. The term of offlce applies to membership of the Board of Trustees in whatever capaclty. In exceptional circumstances, the term of office can be extended by one further year, to a totsl of seven years. Trustees are requlred to provlde a CV and ljvo referenS upon entering offi. Page 2
The Morrab Library Trustees, Report Tre trustees are requlred to appoint a Chair, Deputy Chalr, Secretary and Treasurer from among their number. Organisational Structure Trustees meet on a monthly basis and are responsible for the strateglc direction and policy of the tharity. The Llbrarian 15 a full-time employee and Is responsible for the day to day management of the Library. Objectives and Activities The Charity's objectlves state that.. The alms of the library shall be, for the public benefit in West Cornwall and beyond.. the advancement of education, the dlffuslon of knowledge, and the proiqsion of literature and for such purposes tr) provide its members ènd the public with Ilbrary, reference and research facllities (includlng photogTrphic and other archlves), and lettures, exhibltlons, and other sirnilar events. The main activities for the perlod were.. The Trustees futher developed the vision, strategy and buslness plan. The Finance, HR, Operations, Fundralslng and Events and Outreach Sub-committees met regulady to provide advice and support to the Board. The Finance sub-committee was abolished in Decermber and all major finall Issues will now be consldered by the Board. The Health and Safety OffIr continued the implementation of the flndings from the buildlng suNeyi Considerable progress was made in relation to the Basement Refurbishment Project, and a feasibility study was completed. The brary was open 5 days per week, Tuesday to Saturday, from 10am to 4pm,. A number of successful talks, classes, wothshops, fundTrislng events and more were hosted or facilltated by the library; Volunteers continued to work, under supervlsion of the Library staff, on methodical Inspection, cleaning and repair, with ConservaOn materials, of bkS and newspapers throughout the brary. Work continued uslng the Library Management System {KOHA) to digitise the book catalogue; Work continued to digitise the Index of archived records on to the National Archlves DISCOVERY catslogue. Work continued to scan and Index the library's hlstoric photographlc collethon onto the publicly available brary website; A new customer management system (Alr Table) was implemented; The Library continues to be a member of the Independent Libraries AssociaOn (ILA) and the Natlonal Counal for Voluntary Organisations INCVO); The Llbrary membership at the end of 2024 stood at approxlmately 900, an increase on the prior year. There Is no true equivalent flgure at 31-1-24 due to the change in prO5S for annual membership renewals due to the Alr Table system being implemented. Page 3
The Morrab Library Trustees, Report The Library a150 hosted the Patricia Eschen InternaOnal Poety Competition, sponsored by the Mwer Trust, drawlng more than 3,000 entries. Stsffing I x Librarian Llsa Di Tommaso - 5 days per week (Tuesday to Saturday) 2 x Llbrary Asslstants - 21 hours eath per week I x BookkeeperlAdmlnistrator- 15 hoLJrs per week I x Cleaner 10 hours per week The Trustees are restK>nsible for determlning the employees, pay and conditions of seNices. Volunteers: In addition to Ihe staff and trustees, the library relies heavlly on more than 70 volunteers to asslst with a range of activities Includlng conservation, fundralslng, cataloguing, reception, digitisation and flnanclal management. Premises: Under the terms of the 99-year lease for the building with Cornwall Council, the Twstees h8ve full responsibility for repairs, maintenance and insurance. 2025 Plans During the year endlng 31 December 2025 we alm to deliver the strategy and business plan, and in particular.. Continue to develop detailed plans to refurbish the basement and secure fundlng,. Continue to address the findings in the bullding sutvey and improve acce55; Progress conseNation, catalogulng and digitisation of books and records,. Expand the programme of events and outreach actlvlty to reach new audiences; Run a Children's Short story Competition for the ch11dren of Cornwall; Ensure all staff and relevant volunteers have appropriate and up to date training in health & safety, safeguarding, and other relevant prodUreS. Develop new Ideas for incorne generatlon and wort< on new funding blds. Revlew of Financial Position The Ubrary secured income of £154,640, and Incurred expendlture of £182,009, resulting in a net deflclt of £28,169 before accounting for the revaluation of Investments. Funding from The Myner Trust contlnued to be the largest slngle Sour of regular income, at £44,000 for the 11 month period. Other than staff costs, which totall £77,794, the most significant Items of unrestricted expenditure were repairs and maintenance £10,749 and premises costs £18,570. On 1st February 2024 the funds of the unlncorporated Morrab Library charlty were transferred to The MorrBb Librèry. These funds totalled £827,225. The funds carried forward total £806,807, reflecting the deficit for the year. Page 4
The Morrab Library Trustees, Report Cash funds held at 31st Dember 2024 were £311,127, and the charity also had funds Inves with a market value of £497,097 at the year end. As at 31st Dmber 2024, the Library's tangible fixed assets had a book value of £6,607. This comprfses furniture and equipment. Computer equipment Is depreciated over 5 year5, and other assets over 10 years. Public Benefit The Trustees confirm that they have refeed to the gUIdan contsined in the Charlty Commission's general guldance on public beneflt when rewewing the Trust's alms and objectives and In planning future actIvIe5 and projetts. Risk Management To safeguard the brary assets, the conduct of the tibrary's financial buslness Involves a clear separatlon of the responsibilities of the Hon. Treasurer (financial systems, controls, recordkeeplng and accounts) from the authorisation of expenditure on the Library's behalf. Thus the Hon. Treasurer cannot be a cheque signatory, nor have sole authority to make onllne payments, nor have the authority to make changes to the Library's Portfollo Investrnents. The financlal business of Morrab Library Is now overseen by the Board of Trustees guided by the Hon Treasurer. The Trustees are also responsible for assess1ng the major risk5 to whlch the charity is exposed and have a risk register In place, which is reviewed every six months. Investment Policy Investment activities are managed In Ilne with the requlrements of the Trustee Act 2000. The Trustees have appointed Chades Stsnley as Investment manager. Our investment policy Is a medium-low risk approach for both some income and some growth from the portfollo of investrnents. Level of Reserves The Trustees reviewed the reserves pollcy of the charity in November 2021 and agreed that: In response to the bullding survey, the Llbrary should estsblish a deslgnated reseNe for major repairs to the building of £250k. The minimum level of unde5ignated reseNes to sustsln the operation5 of the charlty In the forthcomlng years and to mt any unforeseen expenditure that may occur should be £60k,' Up to £20k should be released from undesignated reserves to progress the basement refurbishment projert. Page 5
The Morrab Library Trustees, Report statement of trustees, responsibilities The trustees are responsible for preparing the trustees, report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" Charity law requir the trustees to prepare financial Statements for each financial kEriod. The trustees must not approve the financial statements unle5S they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resourtts and application of resources, including its income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them con51Stentlyi observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 hève been followed, subject to any material departures disclosed and explained in the financial ststements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the financial posltion of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detertion of fraud and other irregularities. The annual report was approved by the trustees of the charity on 3 March 2025 and signed on its behalf by.. Harry Spry-L Chairman Page 6
The Morrab Library Independent Examiner's Report to the trustees of The Morrab Library ('the Charity.) I report to the charity trustees on my examination of the accounts of the Charity for the perlod ended 31 December 2024. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Art 2011 ('the 2011 Act,). Having satisfied myself that the accounts of the charity are not required to be audited and are eligible for independent examination, I roport in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. I draw to your attention that the firm at which l am a Partner provides management accounting services to the charity. We have complied with the FRC'S Revised Ethical Standard in this regard. Independent examlner's statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records were not kept in respect of The Morrab Library 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 accounting requlrements concerning the form and content of accounts Set out in the Charities (accounts & reports) requirements 2008, other than any requirement that the accounts give a 'true and fair view, which is not a matter considered a5 part of an independent examination. or 4. the accounts have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examlnation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. N Hallam FCCA Crane & Johnston Chartered Certified Accountants 11 Alverton Terra Penzance Cornwall TR18 4JH 3 March 2025 Page 7
The Morrab Library Statement of Financial Activities for the Period from l February 2024 to 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 31 December 2024 Unrestricted Restrirted Note Income and Endowments from: Donations and legacies Charitable acbvib'es - Subscrlpvons Investment income Other income 65,812 20,500 23,354 29,762 95,574 20,500 23,354 15,212 Total income 124 878 Expenditure on: Raislng funds Charitable actlvltles {3,H3) 154 181 (3,443) 178 566 Total expenditure Gainsllosses on Investment a5ts {157,6241 {24,3851 {182,009) Net (expenditure)/income Net movement in funds (25,795) 5,377 (20,4181 Reconciliation of funds Funds transferred from unincoorated tharlty 570 581 256 644 827 225 Total funds carrled forward 15 544 786 262 021 806 807 All of the charity's acUIAtles derive from continuing operatlons during the above perlod. The notes on pages 10 to 22 form an integral part of these financial statements. Page 8
The Morrab Library (Registration number: 1204735) Balance Sheet as at 31 December 2024 2024 Note Fixed assets Tangible assets Investments io li 6,607 497 097 503 704 Current assets Debtors Cash at bank and in hand 12 10,807 311 127 321,934 Creditors: Amounts falling due within one year 13 Net current assets 303 103 Net assets 806 807 Funds of the charity: Restricted income funds Restricted funds 262,021 Unrestricted Income funds Unrestricted funds 544 786 Total funds 15 806 807 The ffinancial statements on pages 8 to 22 were approved by the trustees, and authorised for issue on 3 March 2025 and signed on their behalf by.. lan Summer PFA Harry pry-Le Chairmarj The note5 on pages 10 to 22 form an integral part of these ffinancial ststements. Page 9
The Morrab Library Notes to the Financial Ststements for the Period from l February 2024 to 31 December 2024 I Charity status The charity is a Charitable Incorporated Organisation, registered In England. The address of its registered office is.. Morrab Gardens PENZANCE TR18 4DA The assets & liabllities of the former Morrab Llbrary (Charity no.. 309250) were transferred to the CIO on l February 2024. 2 Accounting policies Summary of significant accounting policles and key accounting estlmates The prlndpal accounting policies applled in the preparation of these finanoal statements are set out below. These pollcles have been conslstendy applied to all the years presented, unless otherwise stated. statement of compliance The financlal statements have been prepared in accordance with Accounting and Reporting by Charib'es.. Ststement of RecorNmended Practice {appllcable to charities preparlng their accounts In accordance with the Rnancial Reporbng Stsndard applicable in the UK and Republic of Ireland (FRS 102)) (issued In October 2019) {CharitSes SORP IFRS 1021), the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The Morrab Llbmry meets the definition of a public benefit entity under FRS 102. Assets and liabiliues are initially recognIs at historical cost or transaction value unless otherwlse ststed in the relevant accounting policy notes. Going concern The trustees conslder that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of nrtaInty that affert the carrying value of ossets heSd by the charity. Exemption from preparing a cash flow statement The charity opted to early adopt BLJIlen I published on 2 February 2016 and have therefore not included a cash ftow statement in these financlal ststements. Income and endowments All Income is recognised once the charity has entidement to the income, it is probable that the income will be recelved and the arllount of the income receivable can be measured reliably. Page 10
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 December 2024 Donations andlegacies Donations are recognlsed when the charity has been notified in wrltlng of both the amount and settlement date. In the event that a donation is subjett to conditions that require a level of performance by the charity before the charity is entltled to the funds, the income is deferred and not rec¢wnised until either those conditions are fully met, or the fuifilment of those conditions Is wholly within the control of the charity and it 15 probable that these conditions will be fulfilled in the reporting period. Legacy glfts are recnISed on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and setuement date. In the event that the girt is in the form of an asset other than cash or a financlal asset traded on a recognlsed stock exchange, recognition Is subject to the value of the gift belng rellably measurable with a degree of reasonable accuracy and the fjtle to the asset having been transferred to the charity. Expenditure All expendlture Is recognised once there Is a legal or constructive obligation to that expendlture, It1s probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be direcuy attributed to partlcular headings they have been allocated on a basis consistent with the use of resour5, with central stsff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attrartlng voluntary Income, the management of Investments and those incurred In trading activltles that raise funds. Charitable activities Charitable expendiknre comprlses those costs incurred by the charity in the delivery of its activities and seNices for its beneficiaries. It Includes both costs that can be allocated dlrectly to suth activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attrbbutable to the charity's compliance wlth ConstituOnal and statutory requlrements, including audit, strateglc management and trustees meetings and reimbursed expenses. IThecoverable VAT IeCOVerable VAT Is charged against the category of reSoUrS expended for which it was incurred. Page 11
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 Dernber 2024 Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finarn Att 2010 and therefore It meets the definition of a charitable company for UK corpciration tsx purposes. Accordingly, the charity is potentlally exempt from taxation in respect of income or capital gains recelved within categories covered by Chapter 3 Part 11 of the Corporation Tax Art 2010 or Sethon 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such income or galns are applied excluslvely to charitable purposes. Tangible fixed assets Indlvldual fixed assets costing £500.00 or more are initlally recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangSble fixed assets so as to write off the cost or valuatlon, less any estimated residual value, over their experted useful economic life as follows= Fixed asset investments Fixed asset investments, other than prrarnme related investments, are Included at market value at the balance sheet date. Realised galns and losses on investments are calculated as the ditrerence between sales proTreds and their market value at the start of the period, or thelr subsequent cost, and are charged or credited to the Statement of Financlal Actlvlties in the period of disposal. Unrealised galns and losses represent the movement In market values during the period and are credited or charged to the Statement of Financial Activlties based on the market value at the period end. Trade debtors Trade debtors are amounts due from customers for merchandlse sold or servi5 perfomied in the ordinary course of buslness. Trade debtors are recognised Inltlally at the transattion price. They are subsequently measured at amortised cost using the effectlve interest method, less provision for impalrment. A provision for the impalrment of trade debtors is established when there is objertive evidence that the charfty wlll not be able to collect all amounts due according to the origlnal terms of the receivables. C?sh and cash equivalents Cash and cash equivalents comprlse cash on hand and call deposlts, and other short-term hlghly Ilquid Investments that are readily convertlble to a known amount of cash and are subjert to an insignificant rfsk of change in value. Page 12
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 December 2024 Trade creditors Trade creditors are obllgations to pay for goods or SeNS that have been acqulred In the ordinary course of business from suppliers. Accounts payable are classified as current liabllities if the charity does not have an unconditional right, at the end of the reporting period, to defer setuement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer setuement for at least twelve months after the reporting date, they are presented as non-current Trade credltors are recognised initially at the transacbon price and subsequently measured at amortised cost using the effertlve Interest method. Fund structure Unrestritted income funds are general funds that are avallable for use at the trustees discretion in furthera of the objectives of the charity- Designated funds are unrestrlcted funds set aside for specific purposes at the discretion of the trustees. Restrirted Income funds are those donated for use in a parbcular area or ft)r speciflc purposes, the use of which 15 restricted to that area or purpose. Financial instruments Classification Flnanclal assets and finanaal liabilities are recognised when the charlty becomes a party to the contrartual provlslons of the Instrument. Financial liabilitie5 and equ1ty Instruments are classifi& according to the substance of the contractual arrangements entered into. An equlty instrument is any contract that evidence5 a residual interest In the assets of the charity after deducbng all of its Ilabilltles. Page 13
The Morrab Library Notes to the Financial Ststements for the Period from l February 2024 to 31 Dember 2024 Recognition andmeasurement All financial assets and liabilities are Inidally measured at transacdon prlce (including traCbO costs), except for those financial assets classified as at fair value through profit or loss, which are Initially measured at falr value (which is normally the transartion pri excluding transartlon costs), unless the arrangement constltutes a financing transaction. If an arrangement constitutes a financlng tr8nCboll, the financia5 asset or finanaal liability is measured at the present value of the future payments discounted at a market rate of Interest for a slmilar debt instrument. Flnancial assets and liabilities are only offset in the statement of Nnancial position when, and only when there exists a legally enforceable right to set off the recognlsed amounts and the charity Intends elther to settle on a net basis, or to realise the asset and settle the IlabS11ty slmultaneously. Financial assets are derecognlsed when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownershipft has transferred control of the asset to another partv. Financial liabilities are derecognlsed only when the obligation specified in the contract Is dlscharged, cancelled or expires. 3 Income from donations and legacies Unrestricted funds Designated General Restrirted funds Total funds Donafjons and legaaes,. The Myner Trust Donations - other Donations - Photo archive Legacies Friends Gift ald reclalmed Poetry competition H,000 6,268 8,000 2,000 1,981 52,000 13,268 1,981 5,000 903 9,637 903 9,637 Total for period ended 31 December 2024 Page 14
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 December 2024 4 Other income Unrestricted funds Designated General Totsl funds other operatlng income Books 2,900 9,403 12,303 Total for period ended 31 Dember 2024 5 Expenditure on ralsing funds a) Investment management costs Unrestricted funds General Total funds Investment management costs Total for period ended 31 December 2024 Page 15
The Morrab Library Notes to the Financial Ststements for the Period from l February 2024 to 31 December 2024 6 Expenditure on charitable artivitie5 Unrestricted funds Designated General Restrirted funds Total funds Note Fundrèlslng costs Poetry costs Poet In residence Books Repairs, MaIntenan and conservation Telephone, printlng, stationery and software Prem15es costs Legal and pmfessional fees Subscrlptions Other expenses Depreciation Stsff costs Governance costs 1,781 703 2,484 13,107 8,000 3,715 13,107 8,000 3,715 2,626 8,156 878 11,660 10,749 18,570 10,749 18,570 7,074 676 7,074 676 2,085 12,438 77,794 2,085 12,438 75,394 2,400 Total for perii)d ended 31 December 2024 137 336 178 566 7 Analysis of governance and support costs Governance costs Unrestrlcted funds General Total funds Indepndent Examlner's rerlluneration Legal & consultancy fees AGM and other meeting costs 2,838 6,761 615 2,838 6,761 615 Total for perlod ended 31 December 2024 Page 16
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 Dember 2024 8 Trustees remuneration and expenses No trustees, nor any persons connerted with them, have received any remllneration from the tharity durlng the year. No trustees have recelved any relmbursed expenses or any other benefits from the charity during the year. 9 Staff costs The aggregate payroll costs were as follows.. 31 December 2024 Wages and salarles Employers Nl Pension costs Other expenses 75,566 204 1,410 614 Number of employees 31 December 2024 Operational Support Full tlme equlvalent staff numbers were 2,7, No employee recelved emoluments of more than £60,000 durlng the period. Page 17
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 December 2024 IOTangible fixed assets Plant and machinery Computer equipment Total Cost Transfer from unlncorporated charity At 31 December 2024 82,921 Depreciation Charge for the year Transfer from unincorporated charlty 4,233 8,205 42,644 12,438 At 31 December 2024 Net book value At 31 December 2024 Page 18
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 December 2024 11 Fixed asset investments Other investments Listed investments Total Valuation Transfer on l February 2024 Revaluètlon AddlonS Disposals 292,570 6,947 202,941 292,570 6,947 202,941 At 31 Dernber 2024 497 097 497 097 Net book value At 31 Dmber 2024 497 097 497 097 The market value of the listed investments at 31 December 2024 was £497,Q97. The historic cost of the investrnents at year end Is £462,H9. The chority's investments are managed by Charles Stanley & Co. 12 Debtors 2024 Prepayments Accrued income other debtors 2,164 5,000 13Creditors: amounts falling due within one year 2024 Trade credltors Other taxation and social secUty Other creditors Accruals 12,247 2,024 317 Page 19
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 December 2024 14Commitments other financial commitments Operating leases The total amount of other financlal commitments not provided in the financlal statements was £1,543. 15Funds Transfer onl February 2024 Balance at Other 31 Incoming Resources recognised Deomber resources expended gainsl{losses) 2024 Unrestricted funds General 149 243 116974 140 779 132 389 Unrestricted designated funds KOHA B3sement refurblshment project Le Carre lecture Capltal fund Bulldlng maintenance reserve 5,000 5,000 185,970 (2,626) (1,781) (12,438) 183,348 1,119 6,607 2,900 19,045 216 323 216323 Designated Total unrestricted funds Photo archive Painting restoration Poelry competition Poet in residence Books for poetry collection Basement refurblshment projert Library assistant post Foxes Book of Martyrs 421338 412 397 570 581 124 878 157 624 544 786 5,243 1,981 2,000 17,781 8,000 {878) 6,346 2,000 4,674 (13,107) (8,000) 48,200 48,200 200,500 2,400 301 200,500 (2,400) 301 Restricted funds 256,644 29762 262 021 Totsl funds 827 225 182 009 806 807 Page 20
The Morrab Library Notes to the Financial Ststements for the Period from l February 2024 to 31 December 2024 The speclflc purposes for which the funds are to be applied are as follows.. Deslgnated funds KOHA - Unrestrlcted donation earmad(ed towards new catsloguing system. Basement refurbishment project - Thls fund represents incorne designated by the trustees towards the projert. Le Qrre lecture - Income and expendlture In relatlon to annual John Le Carre lecture. pital fund This fund has been created to recognise that the net book value of fixed assets cannot readlly converted into working capital, and is therefore ringfenced and excluded from the unrestricted general funds of the charity. Building maintenance reserve In response to a bulldlng survey, the trustees had previously establlshed a designated re*rve for major repairs to the bulldlng of £250,000. Thi5 balan represents the unspent funds at year-end. Restricted funds Photo archive - Funding reiVed from The Myner Trust and other donors towards the photo archive project. The year end balance represents ftjnds avallable to carry forward for specific expenditure in relation to the photo archive. Paintlng restoratlon - Funding received in the year towards restoration of portralts. Poetry competition - The Myner Trust sponsored the Patsicia Eschen Poetry competition. Poet in residen - Funding frorn The Myner Trust for the poet in residence. BOO for poetry collection - Legacy reTrived towards funding for the purchase of poetry books. Basement refurblshment projert - Donation re1v from ttie Unwin Charitable Trust In respert of the planned basement refurblshment prolert work. Llbrary asslstant Post - Funds reiVed towards the library assistant post. Foxe5 Book of Martyrs - Thls fund relates specificalw to monles towards the conservatlon project. Page 21
The Morrab Library Notes to the Financial Statements for the Period from l February 2024 to 31 December 2024 16 Analysis of net assets between funds Total funds at31 December 2024 Unrestrlcted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments Current assets Current Ilabllltles 6,607 235,076 170,714 6,607 497,097 321,934 18,831 262,021 151,220 Total net assets 132 389 412 297 262 021 806 807 Page 22