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 De￿mber 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 coMMen￿d
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 referen￿S 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 OffI￿r 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 Conserva￿On materials, of b￿kS 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 Associa￿On (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 prO￿5S 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 Interna￿Onal 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 pro￿dUreS.
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 De￿mber 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 D￿mber 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 refe￿ed 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 actIvI￿e5 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 m￿t 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 a5￿ts
{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 uninco￿orated
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 ￿n￿rtaInty that affert the carrying value of ossets heSd
by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt BLJIle￿n 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 rec￿nISed 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 resour￿5, 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 Constitu￿Onal and statutory
requlrements, including audit, strateglc management and trustees meetings and reimbursed
expenses.
IThecoverable VAT
I￿eCOVerable VAT Is charged against the category of reSoUr￿S 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 De￿rnber 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 pr￿rarnme 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 servi￿5 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 SeN￿S 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 De￿mber 2024
Recognition andmeasurement
All financial assets and liabilities are Inidally measured at transacdon prlce (including tra￿￿CbO￿
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
tr8n￿Cboll, 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 De￿mber 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 De￿mber 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
Addl￿onS
Disposals
292,570
6,947
202,941
292,570
6,947
202,941
At 31 De￿rnber 2024
497 097
497 097
Net book value
At 31 D￿mber 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 secU￿ty
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 re￿iVed 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 re￿1v￿ from ttie Unwin Charitable Trust In respert of
the planned basement refurblshment prolert work.
Llbrary asslstant Post - Funds re￿iVed 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