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2025-12-31-accounts

Charity registration number: 1204735

The Morrab Library

(A Charitable Incorporated Organisation) Annual Report and Financial Statements for the Year Ended 31 December 2025

The Morrab Library

Contents

Contents
Trustees' Report 1 to 6
Independent Examiner's Report 7 to 8
Statement of Financial Activities 9 to 10
Balance Sheet 11
Notes to the Financial Statements 12 to 28

The Morrab Library

Trustees' Report

Charity Information

The Trustees present their Annual Report and accounts of The Morrab Library for the year ended 31 December 2025. The Library is a Charitable Incorporated Organisation (CIO) which came into effect on 1st February 2024 following the transfer of the assets and liabilities of the former Morrab Library Charity.

Reference and Administrative Information

Charity name – Morrab Library

Charity registration number – 1204735

Principal address – Morrab Gardens, Penzance, Cornwall, TR18 4DA

President

Michael Grandage CBE

Trustees

Harry Spry-Leverton – Chair and Hon. Librarian

Christina Carson - Vice Chair (appointed - April 2025)

Stephen Oliver - Hon. Secretary

Ian Summers - Hon. Treasurer

Peter Chapman (resigned - 6th May 2025)

Richard Davies

Paul Inman

Doreen Pinfold (appointed - June 3rd 2025)

Bertie Herrtage (appointed - July 2nd 2025)

Daniel Garside (appointed - October 7th 2025)

Harry Spry-Leverton resigned as Chair (but continues as a trustee and Hon. Librarian) with effect from 6th January 2026. On that date, Stephen Oliver was appointed as Chair, Doreen Pinfold as Vice Chair, and Christina Carson as Hon Secretary.

Page 1

The Morrab Library

Trustees' Report

Independent Examiner

Mr Neil Hallam FCCA Crane & Johnston Chartered Certified Accountants 11 Alverton Terrace Penzance Cornwall TR18 4JH

Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Investment Advisors

Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS

Governing document

The charity was registered as a CIO (association model) on 15 September 2023 and commenced operations on 1 February 2024.

Recruitment and Appointment of Trustees

The Trustees are either elected at an Annual General Meeting or co-opted by the Trustees at any time during the year, in which case their appointment must be confirmed at the next AGM. Trustees are eligible to hold office for three years from the date of appointment. Thereafter, they are eligible for reappointment for a second term of three years. The term of office applies to membership of the Board of Trustees in whatever capacity. In exceptional circumstances, the term of office can be extended by one further year, to a total of seven years. Trustees are required to provide a CV and two references upon entering office.

The trustees are required to appoint a Chair, Vice Chair, Secretary and Treasurer from among their number.

Page 2

The Morrab Library

Trustees' Report

Organisational Structure

Trustees meet on a monthly basis and are responsible for the strategic direction and policy of the charity. The Librarian is a full-time employee and is responsible for the day to day management of the Library.

Objectives and Activities

The Charity's objectives state that:

The aims of the library shall be, for the public benefit in West Cornwall and beyond: the advancement of education, the diffusion of knowledge, and the provision of literature and for such purposes to provide its members and the public with library, reference and research facilities (including photographic and other archives), and lectures, exhibitions, and other similar events.

The main activities for the period were:

Page 3

The Morrab Library

Trustees' Report

Staffing

Harriet commenced Maternity Leave in September. James is currently working 5 days per week and Alison 22.5 hours per week to cover her absence.

The Trustees are responsible for determining the employees’ pay and conditions of services.

Volunteers

In addition to the staff and trustees, the library relies heavily on more than 70 volunteers to assist with a range of activities including conservation, fundraising, cataloguing, reception, digitisation and financial management.

Premises

Under the terms of the 99-year lease for the building with Cornwall Council, the charity has full responsibility for repairs, maintenance and insurance.

2026 Plans

During the year ending 31 December 2026 we aim to deliver the strategy and business plan, and in particular:

Review of Financial Position

The Library secured income of £144,470 (£154,640 for the 11 months to 31st December 2024), and incurred expenditure of £191,228 (£182,009 for the previous 11 months), resulting in a net deficit of £46,758 (£27,369 for the previous 11 months). Funding from The Myner Trust continued to be the largest single source of regular income, at £48,000. Other than staff costs, which totalled £85,924, the most significant items of expenditure were repairs and maintenance £14,923, premises costs £15,395, and continued preliminary work on the basement renewal project £29,697.

During 2025 the Library received legacies and donations of £69,118 (2024: £95,574).

Total funds carried forward at 31st December 2025 were £804,355 (£806,807 at 31st December 2024). Further details on the funds held can be found in note 15.

Page 4

The Morrab Library

Trustees' Report

As at 31st December 2025, the Library’s tangible fixed assets had a book value of £Nil (2024: £6,607). This comprises furniture and equipment. Computer equipment is depreciated over 5 years, and other assets over 10 years.

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and projects.

Risk Management

To safeguard the Library assets, the conduct of the Library's financial business involves a clear separation of the responsibilities of the Hon. Treasurer (financial systems, controls, record keeping 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 online payments, nor have the authority to make changes to the Library's Portfolio Investments.

The financial business of Morrab Library is now overseen by the Board of Trustees guided by the Hon Treasurer.

The Trustees are also responsible for assessing the major risks to which the charity is exposed and have a risk register in place, which is reviewed every six months.

Investment Policy

Investment activities are managed in line with the requirements of the Trustee Act 2000. The Trustees have appointed Charles Stanley as investment manager. Our investment policy is a medium-low risk approach for both some income and some growth from the portfolio of investments.

Level of Reserves

The Trustees updated the reserves policy of the charity in November 2021, and since then it has been reviewed annually. It was agreed that:

In 2025, the Board agreed to progress with the design work, costings, and securing the necessary regulatory approvals for the basement refurbishment project, in order to be able to prepare a full business case. The cost of this preliminary work is being met from restricted funds.

Page 5

The Morrab Library

Trustees' Report

Statement of trustees' responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Charity law requires the trustees to prepare financial statements for each financial year. The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources 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:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The annual report was approved by the trustees of the charity on 2 March 2026 and signed on its behalf by:

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 period ended 31 December 2025.

Responsibilities and basis of report

As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 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 report 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 I am a Partner provided management accounting services to the charity for part of the financial year reported on. We have complied with the FRC's Revised Ethical Standard in this regard.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. 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 requirements 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 as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities 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 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 7

The Morrab Library

Independent Examiner's Report to the trustees of The Morrab Library ('the Charity')

...................................... N Hallam FCCA Crane & Johnston Chartered Certified Accountants

11 Alverton Terrace Penzance Cornwall TR18 4JH

3 March 2026

Page 8

The Morrab Library

Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Statement of Financial Activities for the Year Ended 31 December 2025
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)		 Statement of Financial Activities for the Year Ended 31 December 2025
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
Restricted
Total
31 December
2025
Total
1 February
2024 to 31
December
2024
Note
£
£
£
£
Income and Endowments from:
Donations and legacies
3		 67,093
2,025
69,118
95,574
Charitable activities -
Subscriptions 34,235
-
34,235
20,500
Investment income 23,481
-
23,481
23,354
Other income
4		 17,636
-
17,636
15,212
Total income
142,445
2,025
144,470
154,640
Expenditure on:
Raising funds
5		 (4,822)
-
(4,822)
(3,443)
Charitable activities
6		 (151,734)
(34,672)
(186,406)
(178,566)
Total expenditure
(156,556)
(34,672)
(191,228)
(182,009)
Gains/losses on investment
assets 44,306
-
44,306
6,951
Net income/(expenditure)
30,195
(32,647)
(2,452)
(20,418)
Transfers between funds 3,840
(3,840)
-
-
Net movement in funds
34,035
(36,487)
(2,452)
(20,418)
Reconciliation of funds
Funds transferred from
unincorporated charity -
-
-
827,225
Total funds brought forward
544,786
262,021
806,807
-
Total funds carried forward
15
578,821
225,534
804,355
806,807

The notes on pages 12 to 28 form an integral part of these financial statements. Page 9

The Morrab Library

Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Prior Year

Prior Year Prior Year
Unrestricted
funds
Restricted
funds
Total
2024
Note
£
£
£
Income and Endowments from:
Donations and legacies
3		 65,812
29,762
95,574
Charitable activities - Subscriptions 20,500
-
20,500
Investment income 23,354
-
23,354
Other income
4		 15,212
-
15,212
Total income
124,878
29,762
154,640
Expenditure on:
Raising funds
5		 (3,443)
-
(3,443)
Charitable activities
6		 (154,181)
(24,385)
(178,566)
Total expenditure
(157,624)
(24,385)
(182,009)
Gains/losses on investment assets 6,951
-
6,951
Net(expenditure)/income
(25,795)
5,377
(20,418)
Net movement in funds
(25,795)
5,377
(20,418)
Reconciliation of funds
Funds transferred from unincorporated
charity 570,581
256,644
827,225
Total funds carried forward
15
544,786
262,021
806,807

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 15.

The notes on pages 12 to 28 form an integral part of these financial statements. Page 10

The Morrab Library

(Registration number: 1204735) Balance Sheet as at 31 December 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 10 - 6,607
Investments 11 534,407 497,097
534,407 503,704
Current assets
Debtors 12 10,315 10,807
Cash at bank and in hand 276,294 311,127
286,609 321,934
Creditors: Amounts falling due within oneyear 13 (16,661) (18,831)
Net currentassets 269,948 303,103
Netassets 804,355 806,807
Funds of the charity:
Restricted income funds
Restricted funds 225,534 262,021
Unrestricted income funds
Unrestricted funds 578,821 544,786
Total funds 15 804,355 806,807

The financial statements on pages 9 to 28 were approved by the trustees, and authorised for issue on 2 March 2026 and signed on their behalf by:

The notes on pages 12 to 28 form an integral part of these financial statements. Page 11

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

1 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 & liabilities of the former Morrab Library (Charity no: 309250) were transferred to the CIO on 1 February 2024.

The comparative figures for 2024 cover an 11 month period from 1 February 2024.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Morrab Library meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Page 12

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is 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 directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff 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 attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Page 13

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 14

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 15

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised 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 ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

3 Income from donations and legacies

Unrestricted funds
Restricted
Total
Designated
General
funds
funds

£
£
£
£
Donations and legacies;
The Myner Trust -
48,000
-
48,000
Donations - other -
12,659
-
12,659
Donations - Photo archive -
-
1,800
1,800
Friends -
3,184
-
3,184
Gift aid reclaimed -
3,250
-
3,250
Poetrycompetition -
-
225
225
Total for period ended 31
December 2025 -
67,093
2,025
69,118
Total for period ended 31
December 2024 5,004
60,808
29,762
95,574

Page 16

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Prior year

Prior year
Unrestricted funds Restricted Total
Designated
£		 General
£		 funds
£		 2024
£
Donations and legacies;
The Myner Trust - 44,000 8,000 52,000
Donations - other 5,000 6,268 2,000 13,268
Donations - Photo archive - - 1,981 1,981
Legacies 4 - - 4
Friends of Morrab - 903 - 903
Gift aid reclaimed - 9,637 - 9,637
Poetry - - 17,781 17,781
5,004 60,808 29,762 95,574

4 Other income

4
Other income
Unrestricted funds
Total
Designated
General
funds

£
£
£
Other operating income 1,858
12,206
14,064
Books -
3,572
3,572
Total forperiod ended 31 December 2025
1,858
15,778
17,636
Total forperiod ended 31 December 2024
2,900
12,312
15,212
5
Expenditure on raising funds
Total
Total
Direct costs
2025
2024
£
£
£
Investment management costs 4,822
4,822
3,443

Page 17

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

6 Expenditure on charitable activities

Unrestricted funds
Restricted
Total
Designated
General
funds
funds
Note
£
£
£
£
Fundraising costs 984
1,173
-
2,157
Poetry costs -
-
1,059
1,059
Books -
3,435
-
3,435
Repairs,
maintenance and
conservation -
11,007
33,613
44,620
Telephone,
printing, stationery
and software -
11,813
-
11,813
Premises costs -
15,395
-
15,395
Legal and
professional fees -
6,910
-
6,910
Subscriptions -
877
-
877
Other expenses 333
2,692
-
3,025
Depreciation 6,607
-
-
6,607
Staff costs -
85,924
-
85,924
Governance costs
7		 -
4,584
-
4,584
Total for period
ended 31
December 2025 7,924
143,810
34,672
186,406
Total for period
ended 31
December 2024 16,845
137,336
24,385
178,566

Page 18

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Prior year

Prior year Prior year Prior year
Unrestricted funds
Restricted
Total
Designated
General
funds
2024
Note

£
£
£
£
Fundraising costs
1,781
703
-
2,484
Poetry costs
-
-
13,107
13,107
Poet in residence
-
-
8,000
8,000
Books
-
3,715
-
3,715
Repairs,
maintenance and
conservation
2,626
8,156
878
11,660
Telephone,
printing, stationery
and software
-
10,749
-
10,749
Premises costs
-
18,570
-
18,570
Legal and
professional fees
-
7,074
-
7,074
Subscriptions
-
676
-
676
Other expenses
-
2,085
-
2,085
Depreciation,
amortisation and
other similar costs
12,438
-
-
12,438
Staff costs
-
75,394
2,400
77,794
Governance costs
7
-
10,214
-
10,214
16,845
137,336
24,385
178,566
7
Analysis of governance and support costs
Unrestricted
Governance costs funds Total
General 2025
£ £
Independent examiner fees
Examination of the financial statements 2,922
2,922
Legal fees 1,266
1,266
AGM and other meetingcosts 396
396
4,584
4,584
7
Analysis of governance and support costs
Unrestricted
Governance costs funds Total
General 2025
£ £
Independent examiner fees
Examination of the financial statements 2,922 2,922
Legal fees 1,266 1,266
AGM and other meetingcosts 396 396
4,584 4,584

Page 19

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Prior year

Prior year
Unrestricted
funds Total
General 2024
£ £
Independent examiner fees
Examination of the financial statements 2,838 2,838
Legal fees 6,761 6,761
AGM and other meetingcosts 615 615
10,214 10,214

8 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

Two trustees were reimbursed £205 in respect of costs personally incurred on the charity's behalf in 2025.

Page 20

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

9 Staff costs

The aggregate payroll costs were as follows:

9
Staff costs
The aggregate payroll costs were as follows:
31 December
31 December
2025
2024
£
£
Wages and salaries 82,987
75,566
Employers NI 467
204
Pension costs 1,687
1,410
Other expenses 783
614
85,924
77,794

Number of employees

Full time equivalent staff numbers were 2.9 (2024: 2.7).

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

2025
2024
No
No
Operational 3
3
Support 2
2
5
5

No employee received emoluments of more than £60,000 during the year.

Page 21

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

10
Tangible fixed assets
Plant and
machinery
Total

£
£
Cost
At 1 January2025 82,921
82,921
At 31 December 2025
82,921
82,921
Depreciation
At 1 January 2025 76,314
76,314
Charge for theyear 6,607
6,607
At 31 December 2025
82,921
82,921
Net book value
At 31 December 2025
-
-
At 31 December 2024
6,607
6,607

Page 22

Notes to the Financial Statements for the Year Ended 31 December 2025

The Morrab Library

11 Fixed asset investments

Other investments

Listed
investments
Total
£
£
Valuation
At 1 January 2025 497,097
497,097
Revaluation 41,982
41,982
Additions 34,592
34,592
Disposals (39,264)
(39,264)
At 31 December 2025
534,407
534,407
Net book value
At 31 December 2025
534,407
534,407

The market value of the listed investments at 31 December 2025 was £534,407 (2024 - £497,097).

The historic cost of the investments at year end is £456,374 (2024: £462,449).

The charity's investments are managed by Charles Stanley & Co.

12 Debtors

12
Debtors
2025 2024
£ £
Prepayments 2,574 2,164
Accrued income 5,108 5,000
Other debtors 2,633 3,643
10,315 10,807

13 Creditors: amounts falling due within one year

2025
2024
£
£
Trade creditors 11,682
12,247
Other taxation and social security 139
2,024
Other creditors 377
317
Accruals 4,463
4,243
16,661
18,831

Page 23

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

14 Commitments

Other financial commitments

Operating leases

The total amount of other financial commitments not provided in the financial statements was £982 (2024 - £1,543).

Page 24

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

15 Funds

15
Funds
Balance at
1 January
Incoming
Resources
Other
recognised
gains/
Balance at
31
December
2025
resources
expended
Transfers
(losses)
2025
£
£

£
£

£
£
Unrestricted funds
General
132,389
140,587
(148,632)
5,833
44,306
174,483
Unrestricted
designated funds
KOHA 5,000
-
(333)
-
-
4,667
Basement renewal
project 183,348
-
-
-
-
183,348
Le Carre lecture 1,119
1,858
(984)
(1,993)
-
-
Capital fund 6,607
-
(6,607)
-
-
-
Building maintenance
reserve 216,323
-
-
-
-
216,323
Designated
412,397
1,858
(7,924)
(1,993)
-
404,338
Total unrestricted
funds 544,786
142,445
(156,556)
3,840
44,306
578,821
Photo archive 6,346
1,800
(1,916)
-
-
6,230
Painting restoration 2,000
-
(2,000)
-
-
-
Poetry competition 4,674
225
(1,059)
(3,840)
-
-
Poetry collection 48,200
-
-
-
-
48,200
Basement renewal
project 200,500
-
(29,697)
-
-
170,803
Foxes Book of Martyrs 301
-
-
-
-
301
Restricted funds
262,021
2,025
(34,672)
(3,840)
-
225,534
Total funds
806,807
144,470
(191,228)
-
44,306
804,355

Page 25

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

Transferred
on 1
Other
recognised
Balance at
31
February
Incoming
Resources
gains/
December
2024

resources
expended

(losses)
2024
£
£

£

£
£
Unrestricted funds
General
General Funds 149,243
116,974
(140,779)
6,951
132,389
Designated
KOHA -
5,000
-
-
5,000
Basement renewal project 185,970
4
(2,626)
-
183,348
Le Carre lecture -
2,900
(1,781)
-
1,119
Capital fund 19,045
-
(12,438)
-
6,607
Building maintenance
reserve 216,323
-
-
-
216,323
421,338
7,904
(16,845)
-
412,397
Total unrestricted funds
570,581
124,878
(157,624)
6,951
544,786
Restricted funds
Photo archive 5,243
1,981
(878)
-
6,346
Painting restoration -
2,000
-
-
2,000
Poetry competition -
17,781
(13,107)
-
4,674
Poet in residence -
8,000
(8,000)
-
-
Poetry collection 48,200
-
-
-
48,200
Basement renewal project 200,500
-
-
-
200,500
Library assistant post 2,400
-
(2,400)
-
-
Foxes book of Martyrs 301
-
-
-
301
256,644
29,762
(24,385)
-
262,021
Total funds
827,225
154,640
(182,009)
6,951
806,807

Page 26

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

The specific purposes for which the funds are to be applied are as follows:

Designated funds

KOHA - Unrestricted donation earmarked towards new cataloguing system.

Basement renewal project - This fund represents income designated by the trustees towards the project.

Le Carre lecture - Income and expenditure in relation to annual John Le Carre lecture.

Capital fund - This fund has been created to recognise that the net book value of fixed assets cannot be readily 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 building survey, the trustees had previously established a designated reserve for major repairs to the building of £250,000. This balance represents the unspent funds at year-end.

Restricted funds

Photo archive - Funding received from The Myner Trust and other donors towards the photo archive project. The year end balance represents funds available to carry forward for specific expenditure in relation to the photo archive.

Painting restoration - Funding received in the prior year towards restoration of two portraits.

Poetry competition - The Myner Trust sponsored the Patricia Eschen Poetry competition. The charity is able to retain the surplus for use in accordance with its charitable objects, and therefore the balance has been transferred to the unrestricted general fund.

Poet in residence - Funding from The Myner Trust for the poet in residence.

Poetry collection - Legacy received towards funding for the poetry collection.

Basement renewal project - Donation received from the Unwin Charitable Trust in respect of the planned basement project work.

Library assistant post - Funds received towards the library assistant post.

Foxes Book of Martyrs - This fund relates specifically to monies towards the conservation project.

Page 27

The Morrab Library

Notes to the Financial Statements for the Year Ended 31 December 2025

16 Analysis of net assets between funds

Total funds at
Unrestricted funds
Restricted
31 December
General
Designated
funds
2025
£

£
£
£
Fixed asset investments -
308,873
225,534
534,407
Current assets 191,144
95,465
-
286,609
Current liabilities (16,661)
-
-
(16,661)
Total net assets
174,483
404,338
225,534
804,355
Total funds at
Unrestricted funds
Restricted
31 December
General
Designated
funds
2024
£

£
£
£
Tangible fixed assets -
6,607
-
6,607
Fixed asset investments -
235,076
262,021
497,097
Current assets 151,220
170,714
-
321,934
Current liabilities (18,831)
-
-
(18,831)
Total net assets
132,389
412,397
262,021
806,807

Page 28