The Royal Society of Literature TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 Registered Charity No. 213962 ## **The Royal Society of Literature** ## **Contents** ||Pages| |---|---| |Reference and administrative details|1 to 2| |Trustees' report|3 to 19| |Statement of Trustees' responsibilities|20| |Independent Auditor' Report to the Trustees|21 to 22| |Statement of Financial Activities|23| |Balance Sheet|24| |Statement of Cash Flow|25| |Notes to financial statements|26 to 39| The Royal Society of Literature Reference and Administrative Details Registered charity number: 213962 Date of foundation: 1820 (Royal Charter 1825, varied 20171 Address and contact details: Somerset House. Strand, London WC2R 1 LA info@rsliterature.org 020 7845 4679 Trustees= President= Dame M8rin8 Wamer FBA FRSL (to De¢ernber 20211 B8rnardin8 Ev8risto OBE FRSL (from 08C8tnber 20211 Chair.. Daljit Nagra Ifrotn January 20211 Vice-Chair5'. Iren05en Okojie MBE Ifrotn January 20211 TraasuNr: Colin Chisholm Council Membèrs: Imtiaz Dharker Louise D()ughty Inua Ellams Sir Richard Eyre CBE (to November 20211 Abdulrazak Gurnah Ito November 20211 Tessa Hadley Catherine Johnson Ilrom November 20211 Jonathan Keates Ito October 20221 Dame Hemione Lee FBA (to October 20221 Helen Mort (from November 20211 Susheila Nasta MBE FRSA Michèle Roberts Roger Robinson lfrorn November 20211 Ruth Scurr Boyd Tonkin Honorary Officers: Presidents Emeriti= Sir Michael Holroyd CBE CRSL Colin Thubron GBE CRSL Dame M8rin8 W8mer CBE FBA Ifrotn J8nu8ry 20221 Vice-Pr85idents= Lisa Appignanesi OBE (from May 20211 Simon Armitage CBE Mary Beard DBE FSA FBA Anne Chisholm OBE Maureen Duffy 8ernardine Evaristo OBE FRSA FEA (to December 20211 Maggie Gee OBE The Hon Victoria Glendinning CBE Jackie Kay CBE FRSE Dame Hilary Mantel CRSL (to September 20221 Blake Morrison Grace Nichols Sir Philip Pullman CBE CRSL Elif Shalak Kamila Shamsie Colm Toibin Claire Tomalin The Royal Society of Literature Reference and Administrative Details Key Management.. Molly Rosenberg (Director) Martha Stenhouse (General Manager) Royal Patron.. Her Majesty The Queen Consort Independent Auditor: ets Audit Services, Chartered Accountants 2, Floor. Regis House. 45 King William Street, London EC4R 9AN Bankers.. B8rd8ys Bank PLC Investment managers.. Veritss Inv8strn8nt Management LLP 90 Long Acre, London WC2E 9RE The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 The Tiustees p￿sent their report and the unaudited financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and oomply with the charity's Trust Deed, the Charities Act 2011 8nd Accounting and Reporting by Charities.. St8tern8nt of Recomrnend8d Practice 8pplicab18 to ch8riti8s pr8P8ring their 8ccounts in 8ccord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 and update bulletin 1. Objectives and Activities The aim of the Society under its Royal Charter is the advancement of literature. This aim is rnet through three objectives.. il acting as a voice for the value of literature., ill engaging people in literature.. and iiil honouring and encouraging writers. The Society's activities have been developed and organised to meet these objectives. In developing the Society's objectives and activities. the Trustees have had regard to the Charity Commission's guidance on public benefit. airning for literature to benefit the public in at least three areas.. intrinsic benefit- the 8nriching 8xperi8nc8 of reading gr88t lit8ratur8 from th8 p8St and pr8s8nt, and of writing to the highest Standards., social benefit - for 8xarnpl8, educational attainment, mentsl and ernotion81 well-being, empathy and cros5- cultural LJnd8r5tanding', e¢onornic benefit- for example, fair r8muneralion for authors, and the contribution of literature to such industries as publishing, bookselling, bro8d¢asting and theatre. These 8reas of bengfit are related to the three kinds of value of culture identified in The Culture While Paper (Department for Culture, Media and Sport, 20161. COVID-19 In March 2020, the COVID-19 pandemic led to lockdowns across the UK, with suspension of public activities and widescale disruption to all sectors, including the arts. Over the course of 2020, the RSL adapted its activities to coniinLJe working in support of readers and writers across the UK. As part of this, the Society launched its bicentenary leslival, RSL 200 in November 2020, establishing the strategic locus lor the next live years and a number of new initiatives. These open the Society lo celebrate the greatest possible diversity ol writers and writing, in the UK and beyond, with ambitious new programmes of acts'vity and partnership plans. In 2021, the RSL carried out the first year ol ihese activities and continued to respond lo the changing circumstances of the pandemic. No RSL programme ol activity was cancelled in 2020 or 2021. projects instead moving online and new fomis of outreach, publications. awards and other initiatives introduced. The RSL'S response to COVID-19 conditions h8s been to focus on adapting activities. engaging Wlth our communities r85ponsibly and sensitively, and responding creatively to changed circumstances. In 2021, as we continued lo wod( around lockdowns and lirnitations to activities. these principles have continued to inform our working, and been enhanced by a hybrid approach to prograrnrne5. Fundamentally, in 2021 we focused on providing continued a¢￿sS to RSL activities online even as we retumed lo some in-person activities. We aim to continue to provide audiences with th8 great8St possible a￿sS to lit8raturg through the RSL, and to recognise to the ongoing health and caring challenges for many eommunities. The Trustees report on RSL activibes demonstrates the Society's resilience in the face of extreme circurnstances, and on-going cornmitrnent to meeting difficulty with invention to ensure the RSL'S community of readers and writers are supported in as many ways as possible. The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Achievements and Performance 2021: RSL 200 In November 2020 the RSL celebrated its bicentenary with a number of announcements and new initiatives launched with the fivtryear festival, RSL 200, marking key moments in the RSL'S founding years, between being established in 1820 and receiving its Royal Charter and Roll Book in 1825. In 2020, several of the celebrations induded new appointments115 new Honorary Fellows, 29 new Fellows, 6 new Companions of Literature and 9 new ViTr-Presidentsl, a new design for the RSL'S Benson Medal. and two new Roll-Book-signing pens reflecting on the RSL'S history by introducing those belonging to former Fellows Jean Rhys and Andrea Levy. In 2021, we ran the inaugural years of two key RSL 200 prograrnmes, and introduced another new literary award.. RSL International Writers celebrating gX¢gllen¢g in the international literary community and the power of literature to tranS￿rnd borders., RSL Open electing 60 Fellows over two years frorn backgrounds and of experiences under-represented in UK lit8rary culture., and Sky Arts RSL Writers Awards promding 8 y8ar of mentoring from RSL Fellows for five ern8rging writer5 of oolour. Within Achievements and Performance 2021= liiil honouring and encouragin9 great writers thes8 progr8tllrne5 ale explored in further detail. The RSL 200 programme holds at its eore three principles". Access - literature should be ac￿Ssible to people of all experiences and backgrounds. In the 21st century, means a sophisticated digital programme, delivered across platforms, available tts all people, as well as a live public programme ol work with partners across the UK. Representatlon and celebratlon literature is at ils most vigorous when it includes and ￿lebrateS the greatest diversity of voices and experiences. Writers from backgrounds that have not been represented or ￿lebrated adequately in the last 200 years of British literary history will be particularly represented, encouraged. and celebrated throughout RSL 200. Excellence. past and present- the RSL engages the best in British literature today and in past years. RSL 200 will work with the extraordinary diversity of literary excellence in the UK nowto explore. question, and reinvigorate 200 years of British literature. The RSL'S initiatives in the coming years will continue to reach new aUdIen￿S of readers and writers. showing the impact literature has on society and the ways in which it can change an individual life (see Future Plans). The RSL h85 continued in 2021 to work to its three key aims and ov8r811 objective of the advancement of lit8r8ture with ongoing programmes alongside New initi8tives'. (i) acting as a voice for the value of literature Th8 Literature Matt8rs programme was launched in 2017, and ov8r three y8ar5 has grown into one of the RSL'S flagship programme5, encompa55ing stimulus grant5, Outreach programmes, and public event5, celebrating lit8ratur8 and its mak8r5, and encouraging links betW8en writers, r88ders, t88ch8rs, and stud8nts. The public events in the Literature Matters series were launched wrth a lecture from RSL President Marina Warner DBE in September 2017. As part of the Society's bicentenary celebrations wilh the five- year RSL 200 festival. the RSL launched the events series Literature Matters.. RSL 200. featuring some of the best-known art15ts and thinkers in the UK exploring the impact literatur8 has had on th8ir lives. Literature Matlers.. RSL 200 conversations in 2021 were held as hybrid digital and in-person events in 2021, including a conversation between Neil Gaiman and Marlon James with Matthew Sweet Ibroadcasl on BBC Radio 3's Free Thinking 85 well ss vi8 the British Library PI8y8r online),. D8Md Harewood in conversation with Gary Younge,. Colin Thubron and Micha81 P81in. With th8 return to in person v8nU8S, th8 RSL has r8m8ined committ8d to providing access to ev8nts online, for those unable to participate in P8rson due to shi8lding, caring responsibilities, or proximity to London. In 2022, th8 RSL plans to dev81op new partneiship5 to extend the leach of these digital events, particularfy with New York Public Library, working to build bridge5 between writers and readers acr05S the worfd. The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 (i) acting as a voice for the value of literature (continued) The RSL'S Llterature Matters Awar(Is aim to reward and enable literary excellence and innovation. These are stimulus grants, providing writers or other literary creators with financial support to undertake a proposed new piece of writing or literary project. Launched as part ol the RSL'S Literature Matters programme. the fifth year of Awards were made to support literary projects that help connect wi audiences or topics outside the usual reach of literature and help generate public discussion about why literature matters. The RSL understands that the pandemic required adjustrnents and postponements lo many projects. The Society remained in contact with grantees to support them in amending activities and extended the original terms and conditions of the Awards. The 2021 winners are listed under Achievernents and Performance 2021 livl Honouring and Encouraging Great Writers. Awards and Prizes. Following the school closures of 2020, the RSL devised a new engagement and participation programme to SUPPOrt young peoplg in reading for pleasure. Literatur8 Matt8rs'. Resding Togeth8r was Igunohed in summer 2021. with a series of reading resources lin print and video forml as well as books to encour8ge studen& at 10 schools to ￿ad for pleasure. The RSL also oontinued the Literature Matters online Top Tips from RSL F&llows with 8nimat&d vid80s from writers inclLJding D8borah Moggach, Catherine Johnson and Damian Bari. To support paopla in prisons through the especially challenging conditions of the pandemic and ongoing lockdown conditions, alongside the closure of prison libraries, the RSL also intrrxluced a new partnet5hip with reading in prisons charity Give A Book. The RSL worked with Give A Book to soliat books Ir()m the Society's wider community of Fellows, Members and subscribers, sending them to prisons across the UK. With increased need lor books in languages other than English, the RSL worked with Give A Book to identify specific ￿quirements and facilitate getting books to prisons. (li} engaging people in literature Public Events The RSL encourages the eelebiation of literature through public events, both in-person and online, with a range of partners. In 2021, the RSL continued its successful online event series, with strands such as Vital Discussions and RSL 200.. Literature Matters gaining momentum, reaching online audiences and featuring writers based outside of the UK. One such international event with a particularfy broad ￿ach was RSL 200 Literature Matters.. Neil Gaiman and Marlon James. For this online event, Neil and Marlon spoke lo each other over Zoom. The conversation was chaired by the BBC'S Matthew Sweet, and recorded and broadcast by Radio 3. Conversations like this one expand what an RSL event be and who can be part of it. The Digital Events Pass was created in 2021 with such expansion in mind. The DEP is a means of subscription that allows audien￿8 to access live streams of RSL events from all over the world. It is a pilot initiative that ran throughout 2021 land has been extended into 20221. The RSL'S annual celebration and interrogation of the works of Virginia Woolf. Dalloway Day. had an entirely online progr8rnrne. including a virtual walking tour of Bloomsbury. narrated by Susheil8 Nasta, Romesh Gunesekera with Aexander Bubb, and a di%ussion about material culture f8aturing Kate Mossg, Claire Wilwx and Shahidha Bari. Along5id8 these onlin8 conv8rs8tions, th8 RSL saw a ri58 in dernand for in-p8r50n 8V8nts. Many of our rn8mbers had missed the sense of connection frotn a live experien￿. A number of RSL 200.. Literature Matters events ietumed to the 81itish Libiary's Knowledge Centre where they weie enjoyed by live audience5 as well as viewers at home, thanks to the streaming services ()f Unique Media. In addition to the key theme of why literature matters to them, Gary Younge and David Harewood discussed the duality of glowing up 81ack and British, and Colill Thubron and Michael Palin discussed their lives in travel-wrrting. As in-person events retumed, the RSL worked closely with the British Library to communicate the measures in place to prevent the spread ol COVID-19, making sure the audience felt sale and comfortable. The RSL continued to announce events on a bi-monthly basis, rather than in bigger, seasonal announcements, allowing the team to respond to changing restrictions. Despite the challenging circumstances faced by all cultural organisations throughout 2020 and 2021. the RSL delivered 29 events and continued to develop its events partnerships with UK venues and organisations. These included Society of Authors, the British Library, The London Library, Charleston, King's Coll&ge London, English PEN. INDEX on Censorship. Black Girls, Book Club. Literary Hub. Banned Books Week. Hay Festival and Write & Shine. The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Public Events {continued) In 2021, the Society's 29 events took place in London and online with almost 10,000 live attendees. With events broadcast online. recordings have seen a great growth in audiences, with over 100,000 views of RSL 2020 events on YouTube and other online players. These included.. 28 J8nuary 2021 SOA @ Home- Afternoon T88 with J8ck Thorne, online, with the Society of Authors 19 February 2021.. Vital Discussions.. Hermione Lee and Mark Lawson. online, with the British Library 3 March 2021.. Andrea Levy Book Club. online, with the Brrtish Library 4 March 2021.. Vital Discussions.. Celebrating Andrea Levy. online. with the British Library 23 March 2021.. Northern Ireland Writers Day, workshop and events, with Paul Mcveigh, Molly Rosenberg. Daljit Nagra, Wendy Erskine. Shannon Yee and Glenn Patterson, online. with Arts Council of Northern Ireland 26 March 2021.. Vital DI$￿$S1onS.. Who's Loving You? With Sareets Domingo, Danielle DASH, Rowan Hisayo-Buchanan and Marleigh Pri￿, online 31 March 2021.. Vital Discussions.. Marina Warner and Amin Maalouf. online 15 April 2021.. RSL 200 Literature Matters. Neil Gaiman and Marlon Jarnes. chaired by Matthew Sweet, Online with the Brthsh Library 8nd broadcast by BBC Radio 3 Free Thinking 22 April 2021.. SOA @ Home- AftemLK)n Tea with Salena Godden, online. with the Society of Authors 5 May 2021.. Nadifa Mohamed and Razia Iqbal In Conversation, online. with Sevenoaks Bookshop 16 June 2021. Dalloway Day 2021 7.15am Write & Shine.. Blue and Green, online 9am Introducing Virginia Woolf young people's workshop with Kabe Wilson. online All d8y- Exploring Bloornsbury. digital rnap and audio tour 6pm - Material Culture in 8 Digital World, with Kate Mosse, Shahidha Bari, Claire Wilcox. online 7.30pm Virginia Woolf and Katherine Mansfield.. Critical Friendship. online wilh the British Library 19 June 2022.. Poetising the Tomorrow, Online. with the Qentre de Cultura Contemporania de Barcelona 30 June 2022.. Ledbury Poetry Critics.. The Language of Poetry Crili¢isrn, online with Ledbury Poetry Critics and the British Library 5 October 2021.. Vital Discussions On Dernand - Lisa Appignanesi and Ruth Padel.. Remembering and Forgetting. online 18 October 2021.. RSL 200 Literature Matters.. Gary Younge and D8vid Harewood, online and in-person with the British Library 27 October 2021.. Northern Ireland Writers Day. workshop and events, with Daljit Nagra. Lucy Qaldwell, Inua Ellams, Gl8nn Patt8rson, Steve C8van8gh, M8ire Zepf, Abby Oliveir8 and lan M¢Don8ld, online with Arts Council of Northern Ir81and 4 Novemb8r 2022.. Sp&ak, Si18nC8'. In S8arch of W.G. S8bald, in p8rson and online Imth The London Library 5 Nov8mber 2022.. Vitsl Discussions On Demsnd - Mervg Ernre and Deborah Levy.. On Mrs Dalloway Ipostponed frorn Dalloway Day in Jun81, online 15 November 2021.. RSL 200 Literature Matters.. Colin Thubron and Michael Palin, in person and online with the British Library 25 Nov8mb8r 2021.. Celebrating J8n Morris, onlin8 Wlth the British Library 28 November 2021.. Vital Discussion5.' Kit d8 Waal, Jack Und8rwood and Al8x Wh88tle, in p8rson and online with Hay F8stivs1 (part of Hay Festival's Winter We&kendl 6 De¢embgr 2022.. Vitsl Discussions On Demand - Gwen Adshead and V81 McDermid.. Writing Crime, online 9 December 2021.. What's So Great About.. Lewis Carroll? with Leone Ross, Chris Riddell and Patrice Lawrence, online with the British Library The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Engagement and Participation Launched in 2010, the RSL'S engagement and participation outreach programme includes creative writing resources - celebrating the best of Brits"sh literature, past and present - for young people and schools, through writing workshops, writing competitions, and discussions with RSL Fellows. In 2020, the RSL also began creating outreach materials for adults, through a series of online workshops, and with people in prisons through a partnership wth Give a Book, a charity dedicated to promoting books and the pleasure of reading in the hardesl places. All engagement work moved online in 2020, and this provision continued in 2021 to facililale schools, interactions with resources. As part of wider working launched in 2019 to draw RSL programmes more closely together, the RSL continued to build outreach activity closer to the rest of the societys wotl( including public events, publications, awards, prizes, and campaigns. These were.. Write Across London- funded by City Bridge Trust. and run in collaboration with the Museum of London and National Poetry Day. the project was designed to support the creativity of Londoners and to celebrate the power of p￿try to bring us together during times of isolation. The project encouraged those disproportionately affected by the pandemic including people of colour. people from lower socio- economic backgrounds. older people. disabled people. and those with pre-existing medical conditions to tap into their cr88tivity and share their p8rsonal stories in the forrn of a pogrn. Subrnissions were accepted on a rolling basis until National Poetry Day11 October) and added to an interactive poetry map of London. creating a snapshot of the pandemic experiences Londoners during lockdown through ov8r 200 p08ms. The rn8p and submitted pogms be vigwed online and submissions were read on BBC Radio London. The project was supported by t8n Pogt Ambassadors who worked together to cr88te and share their own collaborative p08ms refl8Cting on th& pand8mic. Many thank5 to R8ytnond Antrobus, Natalie Linh Bolderston, Jeremiah Brown, Imtiaz Dharker, Inua Ellam5, Jarnie Hale, Mimi Khalvati, Cecilia Knapp, Theresa Lola and Daljit Nagra. Literature Matters= Reading Together- 8 thr8e-y88r project18unched in July, thanks to th8 SUPPOrt of Old PossuTns Piactical Trust. Seven Fellows were paired up with a state secondary school in one of the most dep￿Ved aieas of the UK and asked to share a book that rneant a lot them as a child or young adult. The project was designed as an enrichment acts.vily for students to undertake Independenuy over the surnrner holidays. It aitned to foster reading for pleasure through the shared enjoytllent of a book and was intended to provide some estrapism from the challenges that young people faced during the coronavitus pandemic. However, it became clear that Sch￿1$ were still dealing with the fallout from school closures during lockdown. Some pupils did not receive the texts before the summer holidays, due in part to covid outbreaks and earfy school dosures. In addilitsn, due to lockdown, there was a significant disparity in reading levels between students in the same year group, which impacted on their ability to engage with the set texts. The plan was therefore revised to include six pre-recorded videos, one for each week of the summer holidays, which could be shared with young people to establish a book club feel and provide some momentum to the project. These were recorded by our partner Fellows and made publicly available online via YouTube and the RSL website's Readin To ether hub. Due lo the difficulty in getting texts to students at home, it was decided that the project would re-launch in September. This provided its own set of challenges, as students moved up a year group and teachers were now being asked to find space in their timetables for a project not linked to the curriculum. The project was pul on hold for the remainder of the Autumn lemi, whilst teacher consultations look place to establish the best way forward. It will be re*nvisaged for 2022 in a format that better meets the needs of teachers and students. We are grateful for the continued SUPFQrt of our Reading Together Fellows., Edmund de Waal, Patrick Gale, Kadija Sesay, Paul Muldoon. Daljit Nagra, SF Said and Emma Thompson. Give a Book- we continue to request book donations for our partners Give a Book and Prison Reading Group, who work to get books to people in prisons. Through our newslett8r and social medi8 Posts, this year we have requested 8nd received donation5 of much-needed foreign language text5 for non-English speake[5. In 2022, we will be seeking to expand our partnerships with these charities and will be lookillg at how we can further engage with people in prisons by initiating future partnerships and collaborative projects. The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Membership Membership of the Society is open to all for an initial annual fee of £60 tsr £40 lor under 30s (reducing to £50 and £30 on renewal). Members, b8nefits includ8 exclusive &vents, fr&e and r8dUced-pri￿ tick8tS to publio events and a free subscription lo the annual magazine RSL Review. With reducing tak&up ol Membership over the last 10 years, the RSL plans to review Mernbership benefits and recruitment in 2022. As a result of the pandernic, we have had to particularly consider Members who did not wish to attend online events over the past couple ol years.. Launched in 2020, we continued to publish the quarterfy newspaper Our Mulual Friend, which gave highlights from recent events, aimed to engage those who were not able to take part in virtual events. We launched a new subscription level in 2021- the Digital Events Pass- lor those who wished to only watch virtual events, as these will continue to be streamed online once we return to in-person events and this would make it possible for people lo watch from all over the world. While plans to update the website were put on hold, the Members, area was updated to improve the appearance of the page and make it easy for Members, and Digitsl Events Passholders to a¢￿sS previous event recordings and online issues of the RSL Review and Our Mutual Friend. Our Mutual Friend quartgrly ngwspapgr To retain contact with and support ol those Fellows and Members who do not have easy access to the intemet, the RSL has continued to publish this and send lo all Mernbers and Fellows. 2021 issues featured.. 'What's So Great About Jean Rhys, with Shahidha Bari, Shivanee Ramlochan, and Lauren Elkin Claudia Rankine and Philippe Sands in conversation for an online RSL200 event. Celebrating Andrea Levy with Melanie Abrahams, Kwame Dawes, Bill Mayblin, Ella Mesma, Michael Perfect and Gary Younge Marina Wamer and Amin Maalouf in conversation Extracts from Reading Together and Write Across London outreach projects Neil Gairnan and Marlon James exploring mythology and writing fantasy David Harewood and Gary Younge on raasm and mental health Inua Ellams and Daljit Nagra ￿flectIng on the life and influence ol Seamus Heaney for the second Northern Ireland Writers Day Lisa Appignanesi and Ruth Padel in the first of the Vital Discussions on Demand, discussing loss and memory. A'literary MiS￿lIany, with pieTrs from the RSL'S Council on a range of subjects including pets, missed places and lockdown gardening, as well as a crossword. RSL Review annual magazing The magazine includes features on a wide range of literary topics, reports on RSL activities, and a leader article of opinion on a literary issue. Its circulation (>f around 1,600 Indudes all the Society's Fellows and Members. Highlights for the 2021 edition included.. Writ8 Across London.. poerns in 8 pandemic Marking literary anniversaries including Bridget Jon8s' Diary, The Day of Ihe JaGk81 and Middlem8rGh Colin Thubron in conversation with Michael Palin Aida Edemariam exploring the history of the RSL Ondaatje Prize History is in the Making.. Nikesh Shukla, Tracy Chevalier and Richard Eyre on should-have-been Fellows Kate Lockwood Jefford's V.S. Pritchett Prize-winning short story'Picasso's Face, A readerfs guide to Norfolk by D.J. Taylor Homi K. Bhabha's tnost dearfy Belovecl Boyd Tonkin introduc85 RSL Int8rnational Writ8rs The new Sky Arts RSL Writers Awards.. nurturing emerging tslent Marina Wamer on her personal hopes for writing Tributes to outgoing President. Marina Wamer Our new President.. Bernardine Evaristo in conversaiion with Ruth Scur Reading Together.. Kadija Sesay on sharing Things Fall Apart with teenagers The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Online Communication and Press Social media followers have continued to grow across the RSL'S channels in 2021.. Followers on Facebook grew by 4.5V. (from 11,189 followers in January to 11,689 in D￿mber). Followers on Twittar rose by 12¥. Ilrom 40,511 in January to 45,517 in December). Followers on Instagram increased by 43 lo (from 4068 in January to 5823 in December). The number of people subscribing to the RSL'S monthly e newsletter during 2021 rose by 29Y. (from 4,137 in January to 5,325 in Decemberl. The RSL website attracted an average of 27.593 page views per month in 2021, an increase of 24Yo on 2020 111°/, from 19,917 in 2019 to 22,114 in 20201. Press coverage increased in 2021 and included a wide range ol online and print publications. Print included The Telegraph, The Guardian and online included The Bookseller, BookBrunch, Pn>spect, The TLS and BBC Radio. Particular highlights included coverage of our new President on Radio 4's Today programme. We continued to w(>ik with Bread and Butter PR agency. (iii) honouring and encouraging great writers Fellowship Election as a Fellow of the Royal &)ciety of Literature is 8 uniquely prestigious honour because the decision is made by other distinguished writers. To be elected, a writer must.. have published at least two works of notsble liter8ry merit lin any literaryforml.. be nominated by at least two existing Fellows of the RSL., and be elected by secret ballot ol the RSL'S Council, President and VicePresidents. In past years, the RSL Council ha5 ordinarily elected 8PPfOXiTll8tely 15 new Fellows a year, but from 2018 incr88sed this intak8 to boost th& F811owship in the18ad up to the Society's bicentenary in 2020. N8w F8IIows 8r8 usually invited to the Sutntner Party, where they sign the Society s historic Roll Book, using one of our fatMOLJS pens- which belonged to Byron, George Eliot, T.S. Eliot, Andrea Levy and Jean Rhys (the latter two added in 2020 as part of our 2001h birthday celebrationsl. The Fellows elected from 2020 would also be able to sign the Roll Book with Charle5 Dickens. quill, brought out of ietirement for the Fellows, party in 2022 when the Society hopes to be able to hold in-person celebiations again. In 2021, with the continued Un￿rtaintY around public gatherings, the RSL celebrated its new Fellows and Honorary Fellows exclusively online and through broadcast. Those elected were announced online as a day of birthday celebrations on 30 November 2021. In 2021. the following writers were made Fellows of the RSL.. Ann8 Applebaum Reni Eddo-Lodg8 Zawe Ashton Patrick Gale Sally Bayley Vesna Goldsworthy Homi K. Bhabha Jen Hadfield Anna Bums Jeremy Hooker Cressida Cowell Alison Light Robert Crawford Justin Maroz Margreta de Grazia Tessa Mcwatt Edmund de Wa81 Gita Mehta Will Eav8S Maggi8 O'Farr811 Peter Pornerant58V David Runciman S.F. Said Anne Sebba Jean Sprackland Rebecca Stoti Emtna Thompson Verna Wilkins Gary Younge The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Fellowship (continued) The RSL has also been awarding Honorary Fellowships since its loundalion in 1820, in relatively small numbers. In 2017, with the revision ol its Constitution and Byelaws, the Society clarified that Honorary Fellowships were to celebrate individuals who, though they may also be writers, had made a significant contribution to literature by facilitating the writing of others, for example as agents, producers, publishers or booksellers. In 2021. the following were elected as Honorary Fellows.. Cl8r8 A8xander Kadija G80rge SgS3y Jenny Brown Victoria Gray Gill Coleridge Sarah Hosking Jon Ctxjk Sharmaine Lovegrove Jonathan Douglas Christopher MacLehose Alastair Niven Ruthie Petrie Simon Prosser Fiammetta Rocco Gaby Wood The following Fellows and Honorary Fellows died during 2021. Jonalhan Fryer Ved Mehta Bamber Gascoigne Piers Plowright Anthony Thwaite Stephen Sondheim Williatn St Clair RSL Open In 2020, a5 Part of its bicent8nary cel8bration5, th8 RSL launched a tWTry88r F811ow5hip initiatlV8- RSL Op8n. On the RSL'S 200th birthday, the Society asked for public recommendations of excellent writers from communities und8r-repr8sent8d in UK literary cultur8 for nomination to Fellowship. Following on from 2018.5 40 Under 40 election of writers aged 40 and under, this was only the second time that recommendations have been accepted frorn the public. In 2021, public recommendations of writers were considered by a panel of RSL Fellows, chaired by Bernardine Evaristo and including Jay Bemard, Vahni Capildeo, lan Duhig, Cynan Jones, Val McDermid, Sinéad Morrissey, Daljit Nagra, Nikesh Shukla, Ali Smith, Jack Thorne, Colm Toibin, and Eley Williams. The selected 29 writers were elected by the RSL Council as FRSL in November 2021, with the public announcement lo be made al the 2022 summer party, where they would sign the historic Roll Book alongside 15 Fellows elected by the RSL'S direct Fellowship nomination process. At the heart of the RSL is its Fellowship, which encompasses around 600 of the most eminent authors working in the English language in the UK., the new FRSLS will give support to the RSL'S ideals of openness and inclusivity, convey the multi-faTrted character ol literature as created today, and help shape the RSL'S activities. Our Fellows infomi all that we do- from judging prizes to writing new work lor our young people's outreach programme, from speaking at events to leading new initiatives to bring literature to the greatest possible number of people across the UK. Awards and Prizes The RSL offer5 8 nurnber of awards and prizes to recognise literary tnerrt and encourage writers at all stages of their car88rs. In 2021, du8 to th8 COVID-19 pand8mic, no awards c8r8monies wer8 held and instead videos of th8 winner5 were shared on the RSL'S social media plattorm5. Awards and Prize5 presented weie a5 follows.. The RSL Gi185 St Aubyn Awards for Non-Fiction, funded by the legacy left by The Honourable Giles St Aubyn LVO FRSL, piovide financial reward and support foi two wiiters to cotnplete their first published works of non-fiction. The judges for the 2021 Awards were Gwen Adshead, Clive Myrie and Fiona St Aubyn. The £10,000 prize was awaided Totniwa Owolade, for ThNs is NotAmerica, the £5,000 prize was awarded to Tom Ireland for The Good Virus, and the £2,500 was awarded tts David Veevers for A Ne History of the World at the Dawn trf Brifvsh Expansion. The winners were announced on Wednesday 8 Decetnber with a series (>f online videos, including animations from Josh Saunders. The RSL Ondaatje Prlze for a new work ol fiction, non-fiction or poetry that best evokes the spirit ol a place was won in 2021 by Ruth Gilligan for The Butchers. The judges were RSL Fellows Helen Mort and Lola Young. as well as Adam Rutherford. The RSL is grateful to Prize sponsor Sir Christopher Ondaatje CBE Hon FRSL for making it possible to commission animations from Pei-Hsin Cho to celebrate each of the shortlisted books as well as the winner in a year it wasn't possible to announce the winner in person. The films introducing the winner were shared on Tuesday 11 May. io The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Awards and Prizes (continued) The V.S. Pritchett Short Story Priza was judged by Rowan Hisayo Buchanan, Paul Mcveigh and Emma Jarie Unsworth. 12 stories were initially longlisted, with six making the shortlist. Leeoi Ohayon was announced as the winner on Wednesday 15 December with his entry ol'Gahnun on Shabbat,. The winning story was published in Pn>spect magazine and will be featured in the 2022 RSL Review magazine. Th• Encor• Award was first presented in 1990 tts celebrate the achievement of OLJtstanding second novels. The RSL took over administration ol the award in 2016. In 2021, the Award was judged by Sian Cain and RSL Fellows Nikita Lalwani and Paul Muldoon. The £10,000 Award went lo Caolinn Hughes lor The Wild Laughter, announced as the winner on Thursday 20 May. The other four shortlisted writers Susanna Clarke for Piranesi, Sharon Duggal lor Should We Fall Behincl, Stuart Evers for The Blind Light, and Jennifer Nansubuga Makumbi for The First Woman - re￿iVed a prize of £500. Presented lor the first lime in 2018, the RSL Literature Matters Awards aim to enable literary excellence and innovation, providing writers with financial support lo undertake a new literary project. Judged by Adjoa Andoh, and RSL Fellows Hannah Berry and lan Mcmillan, seven Awards were annoUn￿d on Thursday 29 April.. £2,000- Saleh Addonia - The Feeling House Short story collection focusing on time. remernbering, and forgetting, exile and alienation and hearing. £3,500 - Sawad Hussain - Bila Hudood.. Arabic Literature Everywhere An online literary festival showcasing Arabic literature £2,800 - Carolyn Jess-Cooke- The Stay-At-Hotnel Literary Festival A virtual literary leslival dedicated lo developing writers and readers. £1,990 - Axe Marnie- Fisher Cats of Newhaven A children's cornic, set in the historic fishing town of Newhaven in the mid-19th ￿ntury recasting the fishing community as cats. £2,500 - Richard O'Neill- Bridges to Literalmre Connecting Roma Gypsy pupils to literature through their cultural and oral history. £3,600 - Anita Sethi - l Belong Here- Northern Nature Writers Ne￿Ork & Workshops For northem writers from BAME and low-income backgrounds. £3,610 - Elspeth Wi150n - UnlNatural Accessible workshops lor Dldeal, disabled, and neurodiverse writers on nature writing. Launched in 2018. the RSL Christopher Bland Prize, w8s awarded for the first bme in 2019. Sir Christopher Bland was made an Honorary Fellow of the Society in 2016 and after his death in 2017. Lady Jennie and her family established this Prize in his memory to support older writers The Pr￿e is awarded to 8 debut work of fiction or non-fiction, published when the author is aged 50 or over. The 2021 winner was Pet& Paphid85. for his rn8moir Brok8n Gr88k, announced on Thursday 3 June. New for 2021, the Sky Arts RSL Writers Awards w8re launch8d in partn8rship with Sky Art5 8nd RSL President. Bernardine Evaristo. The awards celebrate and nurture British writers of colour at the b8ginnings of their careers. Five winners receive tgn mentoring sessions over th8 course of 12 rnonths with an RSL Fellow writing in their fo￿, 85 well 8S two sessions with Awards Atnb8ssador and RSL President, Bemardine Evaristo. Th8 2021 winners and rn8ntors were.. Fiction.. Christina Fonthes, mentored by Irenosen Okojie Non-Fiction.' Cletllentine E Buinley, mentoied by Colin Grant Playwriting.. Sarah Isaac, mentored by Roy Williatns Poetry. Pey Oh, mentored by Pascale Petit Screenwriting.. Adiza Shardow, tnentored by T8nik8 Gupta. Most years, the RSL Council also award5 the Benson Medal, usually for sorneone who has made an outstanding contribution t() literature through means other than their own writing. In honour ol its 200th anniversary the RSL unveiled a new iteration of the Benson Medal, designed by Linda Crook. Founded in 1916 by scholar, author and RSL Fellow A.C. Benson, the Benson Medal honouts service to literature across a whole career. Previous recipients of the Medal indude Philip Larkin, J.R.R. Tolkien, Wole Soyinka, Diana Athill, Margaret Busby and Susheila Nasta. In 2021 the Medal was awarded to Alastair Niven. li The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Awards and Prizes (continued) Announced as part ol the RSL 200 celebrations in November 2020 and supported by the Authors, Licensing and Collecting Society IALCSI and the International Authors Forum IIAFI, the RSL Int•mational Writers programme opened for recommendati()n. This new lifetime literary honour recognises the contribution of writers from across the globe to literature in English, and the power of literature to transcend ￿rders. These are writers not resident in, or citizens of, the UK, who have published two works of outstanding literary merit (where works are translated into English, or originally written in English). Recommendations were reviewed by a panel ol RSL Fellows.. Lisa Appignanesi, Syima Aslam, Bibi Bakare-yusul, Sophie Collins, Max Porter, Philippe Sands, Elil Shafak and Boyd Tonkin, led by panel Chair. Daniel Hahn and then elected by the RSL Council. Announced on the 30 November as part of the RSL'S birthday celebrations, the inaugural 12 RSL International writers were.. Don Mee Choi Annie Ernaux David Grossman Jamaica Kincaid Yan Lianke Amin Maalouf Alain Mabanckou Javier Marias Ngogi wa Thiong'o Claudia Rankine Olga Tokarczuk Dubravka Ugresié Funders The RSL is grateful to the following individuals and organisalions who have generously supported its work in 2021, as well as those who wish to remain 8nonymous'. Amazon Literary P8rtnerships Lucy Astor Authors. Lic8nsing and Collecting Soci8ty Henna Bhatti City Bridg8 Trust Lord Egretmont DL FSA FRSL Ken Follett C8E FRSL Neil Gaiman FRSL Kate Gavron Granta Trust Michael Frayn CRSL FRSL & Claire Tomalin FRSL Hawthornden Literary RetreatlDrue Heinz Charity Maria Bjomstsn Memorial Fund Old Possum's Practical Trust Sir christopher Ondaatje CBE Hon FRSL Sir Michael Palin KCMG CBE FRGS FRSL Portrack Charitable Trust Basil Postan lan Rankin OBE DL FRSE FRSL J.K. Rowling OBE FRSL Lord Skidelsky of Tilton FRHistS FRSL Sky Arts Sutton Place Foundation Tara Getty Foundation The Thistle Trust Mary-Kay Wilmers Hon FRSL Dame Jacqueline Wilson FRSL We are also grateful to the members of our Literature Matters SUp￿rters, Circle whose donations support our Literature Matters programme and the 1820 Club Members, whose support goes towards our bicentenary activities. Financial review Overview The COVID-19 pandernic will shape 811 charities. financial circurnstances, from 2020 and through the years of recovery following. Th8 RSL has continued to pursue a 5trat8gy of cons8rvatlV8 8XP8nditur8 through 2021, during the financial uncertainties of COVID-19 recovery. The RSL priorilised continLJed delivery of charitable activity whilst reduung expenditure wherever possible. The Society focused on ensuring its financial position was robust. The RSL'S totsl funds have more than tripled in the last eleven years (from £1,002,308 at ye8r-end 2010, to £3,880,703 at year-end 20211, with growth areas specifically in new endowment and iestiicted funds to support charitable activilies. The RSL'S funds rnean that the Society is in a strong position to manage through unexpected financial hardships beyond the organi5ation's control. 12 The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Overvlew Icontlnued) The RSL successfully secured several grants in 2020 and, while fundraising in 2021 was at a lower level as funding opportuniti8s d8creas8d in the second yearof the pand8mic, the Society continued to attract n8w funding (income 2020 2338,117, income 2021 £290,353). Expenditure increased slightly in 2021 due to delivery of Charitable activities postponed in 2020. and new programmes at the Society for the RSL 200 bicentenary festival Itot818xp8nditur8 £428,280 compar8d to £463,132). In 2021, th8 Society planned a tnov8 to a stnaller office in Somerset House. decreasing expenditure on rent and service charge and reflecting the new hybrid workn'ng conditions of the staff team. In 2021 charitable activities accounted for90°10 of total expenditure, demonstrating the RSL'S ongoing commitment to d81ivering ben8fit to its cormmunities of readers and writers, especially in tlrn85 of hardship. While expenditure on raising funds increased in 2021, with the retum lo In-person programme delivery and working, the RSL remained close to 2020's 93°k of expenditure on charitable activities. The RSL has continued to prioritise partnership with other org8nisations to deliver th8 gr8atest b8n8fit to audi8nc85 and to work a5 efficiently as possible with increased levels of activity. This will continue throughout the RSL 200 festival. While restricted grants are irnportant to th8 Society's d8veloping progr8mm8s c>f work, continuing growth in unrestricted income will be key to increasing the RSL staff time and building further capacity for charitable activities to develop. Part of the Society's robust financial position is its designated Future Fund. In advance of its bicentenary in 2020, the RSL released a designated fund from its reserves to support the planning and initiation of programmes to advance literature. This fund was the accumulated unrestricted legacy left by former Fellow Kathleen Odell IBetly D'Altonl, previously held as endowment. The designated fund and its expenditure over the c()ming years will be overseen by the Finance and HR Committee, with approval from Council. As a guideline lor trustees and for staff leads, Council approved a three-point signoff for any new programmes to be part-funded frorn the Future Fund.. Does the proposed prograrnrne fil with the RSL'S overall objective of the advancernent of literature, and meet two out ol three of its aims Ito act as a voice for the value of literature., to engage the public in literature.. to recognise and encourage great writers)? Are there potential funderlsl identified to support the oosts of the proposed programme? The RSL will not commit Future Fund money to support 100.10 of the costs of any prograrnrne. Any new initiative should Introdu￿ the RSL to a new funder or develop the Society's relationship with a current funder to sustain futu￿ funding. Do8s this programTne work with Current partners for the RSL, or intr(KIu¢g US to new partners? The RSL p8rti¢ul8rly looks to build on and develop new partnerships across the UK. outside London. These restrictions- established, overseen and monitored by the Council are subject to review in the event of times of significant difficulty. With this designated fund, the RSL is actively planning lor and investing in its future, while ensuring that funds are available. In 2022, the RSL will continue to apply for project funding on a Full Cost Recovery basis, and will also seek core funding to support its initiatives. The ongoing unrestricted income from the RSL'S Membership and Fellowship has been bolstered by funding frotn individual donors (which ha5 continu8d to decrease in the s8cond y8ar of the pandemic, from £53,034 in 2019, to £43,191 during 2020, and then £32,113 in 20211, and particularly from the new 1820 Club. The RSL recognises a wider trend in reduced individual donations to charities across the sector. and plans in 2022 to rnegt this reduction with increased fund-raising from trusts, found*ions and corporate supporters offering core funding. The RSL has worked to ensure the financial stability of the Society into the future particularly for a nurnber of core progratnrne5 Wth established prizefunds. These piovide a solid base foi the RSL'S conb.nued working, particularly in the challenging tirne5 of the pandernic and its recovery. As these funds relate to specific programmes of work, however, the RSL'S focus 15 on growing sources of unrestricted core funding, to allow the Society to grow its charitable work through a giadually Increasing central staff team. These sourtss of funding will be in membership growth, diversified individual giving, and increased grant funding from trusts and foundations. 13 The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Reserves Pollcy Taking into wnsider8tion the guidance of the Gharity Commission, the Trustees. policy is to hold unrestricted funds to cover the charity's core operabng costs for between three and six months. This policy has been duly mel in 2021, through the unrestricted funds held in the Future Fund designation, totslling £220.647 (three months, Core expenditure in usual operating times is £38.2861. The council of the RSL oversees the expenditure of the Future Fund and is able to deploy funds to cover operating costs in the event of charity closure. General unrestricted funds at the year-end are £5.927. The Society holds two kinds ol restricted reserves- revenue funds restricted by the funder to particular charitable activities. such as events or prizes. and Endowment Funds where the capital is invested and only the growth andlor Income is expended. The RSL currently holds three Endowmenls.. The Permanent Endowtnent- which generates unrestricted income for the work of the Society. At the end of 2021 this fund totals £1,014,94212020.' £820,709). The Literature Matters Awards Endowment - incorne from which is spent on the Society's new small project funding grants, the RSL Literature Matters Awards Ifirst awarded in 20181. At the end of 2021 this fund totals £902,80812020'. £746,207). The Giles St Aubyn Endowment- riewly established by a legacy in 2016, incorne and growth frotn this fund is spent on the RSL Giles Sl Aubyn Awards for Non-Fiction (first awarded in 20171. At the end of 2021 this fund totsls £1,192,541 12020.. £993,389). The RSL'S two major restricted revenue funds are the RSL Ondaatje Prize fund Itotslling £211,952 at the end of 2021., £200.755 at the end of 20201, and the new RSL Christopher Bland Prize fund Itotalling £324,001 at the end of 2021", £ 325,481 at the end of 20201. Total restricted funds at the yezr-end are £544,468). In line with its reserves policy, the RSL has considered its activities in the event of the Charity receiving inadequate funding tr) support its work. In this scenario, the RSL'S consistent lover a number of years) annual income from Members and Fellows and its restricted Awards and Prizes funds would cover the costs of three key areas of work.. the annual magazine, public events, and awards and prizes. The RSL receives the bulk of its Metnbership and Fellowship donations in January each year, and these would offset the costs of a reduced stsff and delivery of the public 8vents and magazine programmes- the core benefits of rnembership-with the substantial restricted funds and endowments relating to the RSL'S awards and prizes supporting the costs of these activities beyond three months of work. Investment Policy The Trustees. policy is that all the endowtnent funds, and any other funds not required to meet operational costs during the current financial year, are invested with the twin objects.ves of a regular and sustainable flow of income and of real capital returns ladju5ted for inflation) in the mediurn and long tertn, contribub.ng to the charity's a55ets and helping ensuie its future sustainability. Since 2013, the Society's investments have been managed by Verilas Investment Management LLP. In 2021, the Society s investments across three portFolios- one for th8 r85trict8d funds for the RSL Ond8atj8 Prize, on8 for the RSL Giles St Aubyn Endowment, and ()ne f()r the remainder of all other funds, including the Pemanent Endowment and Literature Matters Awards Endowment - and the RSL Christopher Bland Prize restricted fund weie all joined together in the Protea fund at Veiitas. Thi5 investtnent strategy reduced investtnent rnanagement fees and delivered strong returns in 2021. In 2021 the main RSL portfolio rose by 22.69°1 110.27Vo in 20201, which is considered to be a very positive result. This reflects a wider trend across rnarkets in 2021 wrth strong performance and will not be reflected in 2022 investment profits. R8gular reports frorn Vgrit8S, OLJr invgStrTlgnt rnan8gers, are reviewed by the Society's Treasurer Colin Chisholm Hon FRSL, who has had many years of professional fund management experience, and reports regulatly to Council. The Treasurer and Director meet Veritas for a review at least annually. 14 The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Golng Concern Revlew The COVID-19 pandemic resulted in significant adaptation of activities for the RSL, from March 2020 through 2021. The RSL has continued throughout this period to deliver all ol its programmes, whether exclusively online or, now possible, in hybrid fom online and in person. The RSL has been grateful to ils supporters for providing for the past two years ol adapted activities. Following a positive year of fundraising in 2020, the development landscape for the arts has shifted with fewer grants available for arts charities and ongoing downtum in Membership subscriptions and individual donations across the sector. With the continued pressure on arts charities, the RSL has continued lo consolidate efficiencies and plan lor its future. With redU￿d in-oflice working for the RSL team (who now work partly from homel the RSL has downsized to a smaller and more cost-efficient Offi￿ in Somerset House from March 2022. This has involved parting ways with Forward Arts Foundation, who have sublet space from the RSL for a decade. Moving to a new office with a fixed rental rate allows closer budget control and planning lor the Society without reliance on infomal rental agreements in the future to support office costs. At the time of reviewing financial statements, the Trustees have considered the financial operations for 12 months following the period these accounts review. The Trustees have considered the fundraising targets and Strategy for 2022. focussed on securing 8 major core grant and continued multi-year funding. and are confident that this further safeguards the future of the Society. In 2022, the RSL has sought and been awarded a major gr8ntto support its sustsined growth over the course of its bicentenary festival. A grant of £1 million core income has been wnfirmed in quarter ong, and thg Trustegs believe that this further supports projections for the Society s future allowing the sustained strat8gic8lly plann8d growth of th8 RSL'S activities and staff te8tn. Th8 financial staternents have been prepared on a going concem basis as the Trustees believe that no m*eri81 unoertainties exist. The budgeted income and expenditure for the 12 month5 following the period of these accounts are sufficient with the 18v81 of res8rves for th8 charity to be ab18 to contlnU8 as a going conc8rn b8yond the third year of pandemic impact. With the designated Future Fund to 5UPPOrt the RSL in times of uncertainty the Trustees are further assured of the RSL's ability to navigate the future years of pandernic recovery and cuirent politieal upheaval. Future Plans In November 2020 the RSL launched its bicentenary festival, RSL 200. This marks five years of festivities celebrating the bicentenaries of years bemeen the RSL'S founding in 1820 and receiving ils Royal Charter in 1825. A programme ol activity and development was approved by the RSL'S governing Council, and introduced between 2020 and 2025. Since its founding, the RSL has stood for and worked towards the advancement of literature. Over the course of the festival. the RSL will build on current work and introduce new programmes to continue in this mission with our oommunity of readers and writers. The RSL 200 prograrnme will respond to the new perspectives brought by the crisis of p8ndernic, work with th8 tnost vulnerable In our community to find their voice5 and process their experiences through literature, and find new ways to share literature with the greatest number of people across the UK and beyond. Our RSL 200 programmes rely on digital development. In 2022 and 2023, the RSL will commission a new websSte to better serve our communities, established, new, and future, with wide inclusive access lo our activities. Foundational to all our work in RSL 200 is the principle that creators need io be paid for their work, that their work is pivotal to British society. and that literature brings us together across borders and. languages. RSL 200 and ouractivities over the coming ye8rs demonstrates the irnpact that writing and writers have on British society, and on global literary culture. The programm&s that form part of RSL 2(K) provide evid8nce of how important British literature is to UK civil society. and demonstrate the importance of representing writers, needs at the highest18vel of policy and decision-making, parti¢ul8rfy in tirnes of global hg8lth Crisis. At the Royal Society of Literature, we believe that literature rnatters that it shapes Society as well as refiecting it, and that it can change an individual life. With RSL 200, we take five years of bicentenaries between the RSL'S founding in 1820 and receiving ils Royal Charter and R()11 Book in 1825 to explore, interrogate and reimagine the besl in British literature, past, present and future. With a Fellowship that ￿lebrateS the great diversity of literary writing and writers in the UK, the RSL'S five- year festival will explore how writers are remembered and those voiTrs that have been written out of the last 200 years of Brits'sh literature. RSL 200 will prornote. encourage. and celebrate literature that represents the backgrounds and experiences of people across Britain, that is accessible to all, and that acclaims and inspires excellence in literary creativity. 15 The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Future Plans: (i) acting as a voice for the value of literature Lit•ratura Mattèrs Awards- which are open to applications from any UK-resident writer to fund writing, events, or other literary projects, especially those that help reach marginalised audiences and generate discussion about the value of literature. The scheme was announced in Autumn 2017, with the first Awards granted in early 2018. In late 2020, the RSL learnt from Awards entrants that the pandemic was continuing to compromise projects for the 2021 Awards cycle, with producers unable to predict what projects would be able to go forward. For the 2022 Awards, the RSL will accept submissions from spring to summer, announcing winners in autumn, al which point we hope producers will be able to better predict the limitations for their projects and find suitable adjustments so that awarded projects are able to progress forward as planned. The RSL will continue to work with past winners on an array of initiatives. for example the Scottish BAME Writers, Network in first-reader judging for the V.S. Pritchett Prize, supporting literary creators and extending the Awards and recipients to new aUdien￿S. The RSL will also se8k to build on the Literature Matters Awards Endowm&nt fund with further bequests from literary supporters, increasing the number and Size of Awards that can b8 provided annually and ensuring that the RSL has sufficient fund5 to manage the growth of this programme. Literature Matters Events- this serie5 will continue as Literature Matters.. RSL 200 over the course of the Society's five-year RSL 200 fests"val. These events wll feature some of the UK'S greatest writers in unique discussions ol literature's impact on their lives, from Neil Gaiman and Marfon James, to David Harewood and Gary Younge, to Colin Thubron and Michael Palin. In 2022, the RSL will use these events to pilot hybrid In-person and online events to provide excellent literary conversations with high profile speakers to the greatest possible audiences inlemationally while retuming to a live staged offering too. New partners for the programme will include New York Public Library, bringing some ol the finest writers in the UK and US together for conversations, first with RSL President Bemardine Evaristo and Bril Bennett. Other Literature Matters.. RSL 200 speakers in 2022 will include Gillian Anderson, Adjoa Andoh, Zawe Ashton, And￿W O'Hagan and Russell T Davies. Future Plans: (li) engaging people in literature Overseen by the Programmes Committee, and led by the RSL'S Public Events and Partnerships Manager, the Sooiety will continue to develop its main events programme in partnership with th8 British Library, onling and at the Library s Knowledg8 Centre. Th8 RSL'S 2022 plans also include increased broadcasting partners including BBC Radio 3 and New York Public Library. In 2022, the RSL will continue to develop its onlin8 provision of ev8nts, ext8nding thes& to audiences int8rnationally, with the n8w subscription, th8 Digit81 Events Pass. As iestriction5 relating to the pandemic ease, we plan to retum to in-person events with ourvenue partners, to restore the sense ol cotntnunity such gatherings engender for our Members, Fellows and supporter5. These events will always be available online too, to ensure that OLJr world-class literary discussions are acce55ibl8 and available to the greatest breath of audiences possible. Enhanced young peopl8's engagemant actlvities - the RSL will build on its digital young people's programme, introduced in 2020, throughout 2022. The Society will focus in 2022 on encouraging and supporting young people to read and write for pleasure with blended in person and digital workshops and resour￿$. A new teachers, network will contribute insights into the best support the RSL can give to young people in the challenging years ol pandemic recovery. Wrote Around the World - this new collaborative programme with the Royal Commonwealth Society brings RSL Fellows together with international audiences ol young people throughout the Commonwealth. Fellows Irenosen Okojie, Imliaz Dharker, Kerry Hudson, Blake Morrison, Susheila Nasta and Nikita Lalwani lead modules in writing essays, poems, fiction, screenplays, non-fiction and letters. In 2022. the prograrnrne will be piloted in the UK and in Rwanda. Feedback will infomi improvements to video and written reSoU￿S for a lull launch in spring 2023. 16 The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Future Plans: (li} engaging people in literature (continued) Hlstory Is In the Maklng- in celebration of the RSL'S bicentenary, 20 Fellows were invited to choose a writer from the past 200 years who wasn't made a Fellow and should have been. Each Fellow's submission on their chosen writer will be drawn together in an anthology, which will be made available to schools in both hard copy and digital form next year. We wll be inviting 14-to-18-year-olds to submit short creative pieTrs about why it's important lo reflect on writers who haven't been ￿lebrated in the past. Winning entries will be published online, and the winners will receive book tokens for themselves and their school. We are grateful to RSL Fellows for their contributions to the anthology.. Hanan al- Shaykh, Lisa Appignanesi, Sally Bayley, Emily Berry. Tracy Chevalier, Will Eaves, Richard Eyre, Ken Follett. Vesna Goldsworthy, Kerry Hudson, Simon Jenkins, Margaret Jull Costa, Hermione Lee, Justin Marrozzi, Helen Mort, Sarah Moss. Daljit Nagra, Nikesh Shukla. Jean Sprackland and George Szirtes. Our Mutual Friend a quarterly newspaper for Members and Fellows. This paper. featuring transcriptions ol events highlights from the previous months, and a'literary miscellany, of features and riddles frorn RSL Fellows, was launched in November 2020. The newspaper aims to maintain contact with Members and Fellows who might not wish to attend digital events. This replaces our print events programme (which it is not possible to produce during the uncertainties and planning timelines of the pandemic) with a content-led newspaper. Only Connect - the RSL'S thrice-weekly e newsletter. retaining contacl between members of the RSL'S cornmunity in times of isolation from Ma￿h 2020. These newsletters. curated by Members, Fellows, 5LJPPOrt8r5, volunteers etc. introduce r8ad8rs to 8 r8cording or 8rticle from the RSL'S onling library that means something to them. These will conts'nue during 2022 until the Society reaches its 300￿ edition. To help reach new audiences, the Society wll wntinue to develop 8 range of partnerships. including with.. Authors, Licensing and Coll￿tIng Society N8tion81 Centre for Writing Africa Writ8s F85tiv81 N8w Writing North Arts Council England National Literacy Trusts Arts Council of Northein Ireland National Poetry Day Asia Hous8 New York Public Library Banned Books Week Prison Reading Groups BBC Radio 3 Royal African Society British Academy Royal Commonwealth Society British Council Royal Literary Fund Creative Access School ()f Advanced Studies, University of Creative Scotland London Curtis Brown Heritage Scottish Book Trust The Living Knowledge Network Scottish Poetry Library Durham Literature Festival Sky Arts Embassy ol Ireland Society of Authors English Heritage The Audien￿ Agency First Story Somerset House Forward Arts Foundation Spread the Word Give A Book Times Literary Supplement Goldsmiths. University of London The Charleston Trust Hay Festival The English Association Hatchards Booksellers The Literary Consultancy Islington Libraries University of Oxford King's College London Virginia Woolf Society of Great Britain Literary Hub Writing East Midlands Literature Wales Writing West Midlands Literature Words Writers. Guild of Great Britain London School of Econornics Young Muslim Writers, Awards Through our new Digital Events Pass. we will continue to provide a new lower-cost subscripUon option lo our supporters joining the RSL'S events online. Our Members continue to have a¢oess to our events forfree, in-person and online, and discounted guest tickets to ours and partners, events, 8s well a5 our quarterfy n&wspaper Our Mutual Fri8ft3d, annual magazine RSL R8VI8W, 8xclusive a¢￿sS to our Members'.only book groups, and an invitation to our annual Fellows, paty. 17 The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Future Plans: (iii) honouring and encouraging great writers The RSL will use and expand on its experien￿ of supporting and celebrating writers through digital means, developed in the pandemic years, and delivering hybrid online and in-person activities. This will include.. A celebration 0145 new Fellows, 15 Honorary Fellows and a Benson Medalllst. This will include the first Fellows elected through RSL Open. An in-person and live-streamed summer party wll be held at Battersea Arts Centre in London to celebrate new Fellows and those elected in 2020 and 2021. This will include the largest Roll Book signing event in the Society's history, with nearly 100 Fellows and Honorary Fellows signing over the course ol an afternoon. Introduction of a new Roll Book signing pen belonging to Arnold Wesker belonging to a theatre writer. Announcement of the second Cohort of 12 RSL International Writers at the end of Novernber 2022- recognising and celebrating the power of literature to bring us together. beyond borders and across cultures by creating a new role of RSL International Writer. The programme will recognise the contribution of writers from across the globe to literature in English. calling for public recommendations of excellent writers not resident in. or Citizens of, the UK, who have published Iwo works of outstsnding literary Merit Iwhere al least Iwo have been translated into English. or originally written in English). These will be considered by a panel of RSL Fellows. Chaired by Daniel Hahn and including Mojisola Adebayo, Ni¢k Barley. Sharniilla Beezmohun, Maureen Freely, Nell Leyshon, Nadifa Mohamed. Daljit Nagra 8nd Katherine Rundell. They will b8 appointed by th8 RSL Council. Election of 30 Fellows Ihrough the RSL Open Fellowship programme, to be announced in summer 2023, and an additional 15 Fellows through th& dired nomination process RSL Open ¢&lebrates the &xcellence of writ8r5 frorn communities th8t hav8 been under-r8pres8nt8d in UK lit8rary culture by electing 60 new Fellows from these communities over a two-year period. This progiamme will follow the election process use for th8 40 Und8r 40 progr8rnrn8 in 2017118, calling for public recommendations that will be considered by 8 panel of Fellows, chaired by Damian Barr and including Monica Ali, Kerry Hudson, Nick Laird, Sabrina Mahfouz, Charlotte Merbde150n, Daljit Nagra. Ir8nosen Okoji8 and Chibundu Onuzo. The selected 30 writers each year will be elected by the RSL Council. Launch th8 Second year of th8 Sky Arts RSL Writers Awards - thanks to th8 SUPPOrt of Sky Arts Ambassador and RSL Vice-President, Bernardine Evaristo, and funding from Sky Arts, the Sky Arts RSL Writers Awar(Is provide mentorship5 to ernerging write[5 of colourworking acros5 a range of forms. Mentors in the second year will be Nadifa Mohamed for Fiction, Nikesh Shukla lor Non-Fiction, Inua Ellams for Playwriting, Jay Bemard for Poetry and Vinay Patel ft)r SC￿enwrItIng. the first writer's pen Structure, governance and management Governance The Society's governlng Iiody is its Counal, whose membership consists of up to 16 Fellows elected at the Annual General Meeting. All Fellows are eligible to stand lor election and to vote. The Council rnembers acl as the Trustees ol the charity, and. together with the Vic&Presidents, President, and Presidents Emeriti, they vote on the admission of new Fellows The RSL Council rnet on four occasions during 2021, and the AGM was held online on 29 November. Tk benefit of this online meeting was the opportunity for attendance of Fellows all over the UK and world. Around 100 Fellows and Honorary Fellows were in attendance The RSL Council is led by its Chair. The 2021 Chair, Daljit Nagra, completed his first year as Chair, and RSL President, Marina Wamer. finished her term as President. In 2022, the RSL'S new President. Bernardine Evaristo will take up her new role, following her election via the Presidential Election Committee. The RSL'S activities are overseen by two committees whith report to Council with recommendations. These are the Finance and Human Resources Committee (responsible for close Consideration of the Society's resources. govem8nce, and fundraising), and the Programmes Committee (with oversight of public events, publications and outre8chl. RSL Council 1. Finance and Human Resources Committee 2. Prograrnrnes Committee 18 The Royal Society of Literature Report of the Trustees For the Year Ended 31 December 2021 Key management and other human resources The key man8gernent of the Society was led by Molly Rosenberg (Director) and Martha Stenhouse (Head of Operations) in 2021 In 2021, the RSL'S other permanent tnetnbers ol staff were". Annette Brook- Cotntnunications Manager14 days a week- to JLJIY 20211 Chris Mill- Cornrnunications Manager IFT- from August 20211 Beth Gallimore- Events and Outreach Manager IFTI The charity also has long-lem contractual arrangements with lourfreelance sub-contractors- Finan￿ OffI￿r Niki Couldridge, Paula Johnson Hon FRSL (Awards and Prizes), Maggie Fergusson FRSL (Literary Adviser) and Human Resources consultant Claire Powell. In 2021. the RSL welcomed a fifth long-term freelance sub- contractor. Keira Brown, to support across RSL prograrnrnes in communications. In 2021 the RSL appointed il's a trainee through the Kickstart programme, providing work opportunities and training to 16-24-year-olds who had been on universal credit. Thi5 government sponsored progratntne was tMan8ged by Somerset House and theirtenant organi5ations. Aiysha N8zir worked with the RSL as Marketing and Administration Assistant for six Months. before taking up a new opportunily with literary agency Curtis Brown. The RSL is committed to equality ol opp)rtunity, and the ethos of respect and compassion lor each other and the communities we work with runs through everything we do. We believe literature is for everyone, and value and celebiate diversity, encouraging applications from people under-represented in the creative industries. 19 ## **The Royal Society of Literature** ## **Report of the Trustees For the Year Ended 31 December 2021** ## **Statement of Trustees' Responsibilities** The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP 2015 (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. In so far as the Trustees are aware: - there is no relevant audit information of which the charity's auditor is unaware; and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Approved on behalf of the board on 28 October 2022 and signed on their behalf by Colin Chisholm Hon FRSL Trustee and Treasurer Daljit Nagra MBE FRSL Trustee and Chair of Council 20 The Royal Society of Literature Independent Auditor's Report to the Trustees of The Royal Society of Literature Opinion We have audited the financial statements of The Royal Society of Literature (the 'charrty I for the year ended 31 December 2021 which comprise the Statement of Financial Activities. the B818nce Sheet. the Cash Flow Statement and notes to th8 financial stat8ments. including significant accounting policies. Th8 financial reporting framework th8t has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting St8nd8rd 102 The Financi81 ReportNng Sfandard8ppliG8ble in the UKandRepubliG of Ireland (United Kingdom Generally Aocepted Acwunting Pradicel. In our opinion the financial st8tgments'. give a true and fair view of the state of th8 charity's affairs as 8t 31 D8C8rnber 2021, and of its inwming resources and application of resources, including its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdorn Generally Accepted Accounting Practice., and hav8 b8en pr8pared in 8c(x)rd8nc8 With the r8quir8ments of the Chariti8s Act 2011. Basis for opinion We conducted our audit in accord8nC8 Wlth Int8rnational Standards on Auditing IUKI IISAS IUKII and applicab18 law. Our responsibilities under those standard5 are further described in the Auditor'5 re5pon5ibilities for the audit of the financial statetnents section of our report. We are independent of the charity In accordance with the ethical requiretnents thal are relevant to our audit ()1 the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilth.es in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial statements, we have ctsncluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainlies relating to events orconditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem lor a period of at least Iwelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of the trustees wrth respect to going concem are described in the relevanl sections of this report. Other information The other information comprises the information included in the trustees annual report. other than the financial stalernents and our auditor's report thereon. The trustees are responsible for the other inforrnation contained within the annual report. Our opinion on the financial statements does not cover the other information and. eX￿p1 to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infonnation and. in doing so. consider whether the other inforrnation is maierially inconsistent with the fin8nci81 ststements or our knowledge obtsined in the Course of the audit or otherwise appears to b8 rnat8ri8lly misstat8d. If we id8ntfy such m8terial inconsistenci85 or apparent materi81 misstatern8nts, w8 are requir8d to determine whether this giv8s ris8 to a rnaterial rnisstatement in the fin8ncial statements themselves. If, based on the work we hav8 performed, we conclude th8t th8r8 is 8 material misstat8rT18nt of this oth&r information, we are required to report that fact. We have nothing to rewrt in this regard. Matters on which we ar8 required to report by 8xception We have nothing to report in iespect ol the following rnatters in relation to which the Chaiities (Accounts and Rep(>rtsl Regulations 2008 require us to rep()rt to you if, in our opinion.. the inforn)ation given in the financial statements is inconsistent in any material respect with the trustees, rewjrt., or the charity has not kept adequate accounting records", or the financial statements are not in agreement with the accounting records and retums", or we have not received all the infomiab.on and explanation5 we require for our audit. 21 The Royal Society of Literature Independent Auditor's Report to the Trustees of The Royal Society of Literature Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the Irustees are responsible for the preparation of the financi81 statements and for being satisfied that they give a true and f8irview, and forsuch intemal control as the trustees determine is nec8s5ary to enable the preparation of finan¢i81 ststemgnts that are free from rn8terial misstatement, whether due to fraud or error. In preparing the fin8nci81 statements, the truste85 sr8 responsible ft)r ass8ssing the oharity s ability to Continue 8S 8 going COnCBrn, disclosing, as applicable, rnatters r81ated to going concern and using th8 going conc8m basis of 8w)unting unless the trustees either intend to liquidate the ¢h8rity orto C88se opgrations, orh8ve no realistic 8ltern8tive but to do so. Auditor's rèsponsibilities for thè audit of the financial statèments We have been appointed a5 auditor under section 145 of the Charities Act 2011 and report in accordance with regulations tllade under section 154 of that Act. Our objectives are to obtain reas()nable assurance about whether the financial statements as a whole are free from aterial mi5Statement, whether due to fraud 01 error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted In accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions ol users taken on the basis ol these financial stalements. Irregularities, including fraud, are instsnces of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures lor this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings ol those charged with governance., Assessing the extent of complianTr with the laws and regulations considered lo have a direct material effect on the financial slalernents or the operations ol the company through enquiry and inspects'on., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Perfoming audit work over the risk of management bias and override ol controls, including testing ol journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates lor indicators of potential bias. Because of the inherent lirnitations of an audil, there is a risk tt)at we will not detect all irregularities, including those leading to a Material missiaternent in the financial statements or non-compliance with regulation. This risk increases the rnore that compliance with 8 law or regulation is removed from the events and transactions refle￿ed in the financial stalernents. as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitses occurring due to fraud rather than error, as fraud involves intentional concealrnent. forgery, collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.lh￿kw.frQ.Qrg.uk1our-WorklAud1uAudil-and-a$sUra￿C￿Ist￿nd8rds-and-guIdanoeIst￿nd8rds-0nd-gUIdanC￿-f0r- auditorslAuditor5-r8sponsibilities-for-auditlDescription-of-auditors-r8sponsibilities-for-audit.aspx. This description forms part of our auditor's report. Use of our report This report is tnade solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulats"ons 2008. Our audit work has been undertaken so that we might state t(> the charity's trustees those atters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other tran the charity and the charity's trustees as a body, for our audit work, ftsr this report, or for the opinions we have formed. Azets Audit Services ststutory Auditors, Chartered Accountants 2nd Floor, Regis House, 45 King William Street, London EC4R gAN Dale= 28 O¢tober 2022 Azets Audit Services is eligible to act as auditor in terms of section 1212 of the Companies Act 2006. 22 The Royal Society of Literature statement of Financial Activities For the Year Ended 31 December 2021 Note Unrestricted Restricted Endowment Funds Funds Funds Total 2021 Total 2020 INCOME Donations 8nd18gacies Trusts 8nd foundation5 Charitable activities Other trading activit18S Investment incorne Other income 45,041 5,250 87,291 15,305 25,600 56,397 39,420 101,438 44,670 87,291 15,305 41,649 87,717 122,863 63,891 16,881 44,153 2,682 3,734 12,315 TOTAL INCOME 178.487 99.551 12,315 290,353 338,117 EXPENDITURE Raising funds Charitable activities 29,601 209,827 928 205,410 17,366 47,859 415,237 29,787 398,493 10 TOTAL EXPENDITURE 11 239,428 206,338 17,366 463,132 428,280 NET EXPENDITURE BEFORE GAINS & LOSSES ON INVESTMENTS AND TRANSFERS 160,9411 1106,7871 15,0511 1172,779} 190.1631 Net gainslllossesl on investments 17 3.193 44,724 603.837 651,754 249,572 NET INCOMEIIEXPENDITUREI BEFORE TRANSFERS 157,7481 162,0631 598,786 478,975 159,409 Transfer between fvnds 21- 23 48,800 148,8001 NET MOVEMENT IN FUNDS 157.7481 113.2631 549,986 478,975 159.409 RECONCILIATION OF FUNDS Total funds brought forward 283,692 557,731 2,560,305 3,401,728 3,242,319 TOTAL FUNDS CARRIED FORWARD 225,944 544,468 3,110,291 3,880,703 3,401,728 There were no recognised gains Or losses other than those shown in the Statement of Financial Activities. There were no acquisitions or discontinued operations during either of the above two financial years The notes on pages 26 to 39 form part ol the financial statements. 23 The Royal Society of Literature Balance Sheet As at 31 December 2021 Note 2021 2020 FIXED ASSETS.. Tangible fixed assets Investrn8nts 16 17 3,790,033 2,967,571 3,790,033 2,967,571 CURRENT ASSETS: Stock Debtors Cash and bank 81 39,090 132,023 1,580 32,730 487,838 18 171,194 522,148 CURRENT LIABILITIES: Creditors". Amounts falling due within one year 19 180,5241 187,9911 NET CURRENT ASSETS 90,670 434,157 NET ASSETS 3,880,703 3,401,728 Unrestricted funds Designated funds Restricted funds Endowment funds 5.297 220,647 544.468 3,110.291 13,045 270.647 557.731 2.560,305 21 22 23 24 3,880,703 3,401,728 Approv8d on b8half of the board on 28 Oelober 2022 and signed on their b8half by Colin Chisholm Trustee and Honorary Treasurer Daljit Nagra FRSL Trustee and Chair of Council The notes on pages 26 to 39 form part ol these financial statements. 24 The Royal Society of Literature statement of Cash Flow As at 31 December 2021 Note 2021 2020 Net cash used in operating activities 28 1226,7561 1105,9131 Cash flows frorn in¥e5ting activities Dividends and interest frorn investments Purchase of investments Proceeds from sale of investrnents 41,649 12,837,113) 2,666,405 44,153 1386,3591 548,561 Net cash provided by investing activities 1129,0591 206,355 Change In cash and Cash equlvalents In the year 1355,8151 100,442 Cash and cash equivalents brought forward 487,838 387,396 Cash and cash equSvalents carrled forward 132.023 487,838 Cash and cash equ5valent conslst of: Cash al bank and in hand 132.023 487,838 The notes on pages 26 to 39 form p8rt of these financial statements. 25 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 GENERAL INFORMATION The Royal Soci8ty of Lit8ratur8 is a r8gist8r8d charity no 213962. It me8ts the definition of a public b8nefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or tr8ns8¢tion value unless otherwis8 Ststed in thg relevant acwunting poliw not81s1. The Society operates from Somerset House, Str8nd, London WC2R 1LA. ACCOUNTING POLICIES The principal accounting policie5 adopted, judgement5 and key sources of estiTnation uncertainty in the preparation of the financial staternents are as follows.. lal Basls of Aceountlng The financial statements have been prepared in accordance wth the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS 1021 issued on 16 July 2014 las updated through Update Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published 5 October 20191 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Royal Society of Literature 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 notelsl. {bl Preparation of the accounts on a going concern basis The Society has a reasonable expectation thal there are adequate resources to continue in operational existence for the foreseeable ILJture. Extra consideration has been given to the impact tsf the COVID-19 pandemic, 8djustsr8nts to the Sooiety s 8otivities and funding expectations. With sufficient financi81 support secured to meet expenditure, and expenditure carefully managed, the financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertaintie5 exist. The budgeted income and expenditure is sufficient with the level of rese￿e$ for the charity to be able to continue as a going concern beyond the first year ol pandemic impact. The Trustees have assessed the impact of restrictions on the charity and financial implications and ar8 confid8nt th8t re50urc85 ar8 sufficient to m88t its liabilities for 12 rnonths from authorising there financial statements. {cl Fund Accountlng Unrestrlcted Funds General unrestricted funds represent funds which are expendable at the discretion of the Society in the furtherance of the objects ol the Society and which have not been designated lor other purposes. Deslgnated Funds These funds represent amounts set aside by the Society for a specific purpose as set out in note 21. They may be returned to the General fund at the discretion of the Society. Restricted Funds These funds represent arnounts which have been restricted by the donors for use for specific purposes as set out in note 22. Endowment Funds Endowment funds represent those assets which must be held permanently by the charity as set out in note 23. Income arising on th8 8ndowrn&nt tunds can b8 Ljsed in 8ccord8nc8 With the objects of the charity and is included as unrestrictedlrestrided income. Any capit81 gains or losses arising on the investments form part of the fund. Investment m8nag8ment charges and legal advice relating to the fund are ¢harg8d against the fLJnd. 26 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 2. ACCOUNTING POLICIES Icontinuedl Idl Income All income is included in the Slalement of Financial Activities ISOFAI when the charity is legally enlilled to the inwme 8ft8r any performanc8 conditions have been met, the 8mount can be measured reliably, and it is probable that the incotM8 will b8 r8ceived. Donation incom8 is recogni58d when th8 Soci8ty has b88n notif18d in writing of both th8 amount and s8tt18m8nt date. Legacy income is recognised at the earlier date of the date on which either. the Society is aware that probate has been gianted, the estate has been finalised and notification has been made by the executorlsl to the S(>ciety that a distribution will be made, or when distribution is received from the estate Corporate sponsors, income is recognised in the period in which the income relates to. Membership and Fellowship income is included in the peri￿1 in which the income is received. Income from charitable activities includes income earned from events and classes held by the charity. It is included in the year the evenvclass occurred. Income from trading activities includes advertising income and rental income. It is included in the periixl in which the income relates io. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by or investment advisor of the dividend yield of the investment portfolio. {el Expen(Jiture Liabilities are recognised as expenditure as soon as there is a legal or constructiv8 obligation committing the charity to thst exp8nditure. It is probable that settlement will be required, and the arnount of thg obligation ¢8n be measured reliably. AII 8XP8nditur8 is accounted for on an accru81 basi5. All 8XP8ns85 including 5UPPOrt costs governance costs are allocated or apportioned to the applicable expenditure heading5. For more information on this attribution refer to note Igl below. Cost5 of raising funds consist of investment man8geTnentfees for the period, and costs in relation to fundraising expenditure. Costs of charitable activities consist of those costs ineurred by the charity in the delwery of its aetivities and services lor its beneficiaries. It includes b()th costs allocated directly to such activities and those costs of an indirect nature necessary tts support them. lfj Irracovarabla VAT Irrecoverable VAT is charged against the expenditure heading lor which it was incurred. 27 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 ACCOUNTING POLICIES l¢ontinuedl Igl Allocation of support and governance costs Support costs arg thosg functions that assist the work of the Society but do not directly und8rtake charitable activitie5. Support costs includ8 office costs, financ8, P8r50nnel, payroll and governance costs which the support the Society's events. Governance cost5 comprise all costs involving the public accountability of the Society and its compliance with regulation and good practits. These cost5 include costs related to statutory audit and legal fees together with an apportionment ol overhead and support costs. Support and Goveinance costs are allocated to charitable activities in prop(>rtion to the direct charitable expenditure on that activity, where the charity considers that support costs are incurred as part of the delivery ol that activity. Ihl Panslon The Society operates a defined contribution scheme. Contributions payable to the charity's pension scheme are charged to the Statement ol Financial Activities in the period to which they relate. {11 Operatlng leases The Society classifies the rental lease as an operating lease., the title to the building remains with the lessor. Rental charges are charged on a straight line basis over the term of the lease. lil Tangible fixed assets Individual fixed asse15 costing £250 or more are capilalised al cost. Depreciation on fixed assets is calculated to write off the cost on a straight line basis over their expected useful lives, at the following rates.. Computer equiprnent.. 33.30 Ikl Fixed asset investments Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently rneasured at their fair value as at the balance sheet date using the closing quoted market price. All gains and losses are taken to the Statement of Financial Activits"es as they arise. Realised gains and losses on investments are calculated as the dIffe￿nCe between the sale proceeds and opening market value (purchase date il lateil. Unrealised gains and losses ale calculated as the drffe￿￿¢e between the market value at the year end and opening market value lor purchase date if later) The Society does not acquire put options, derivatives or other complex financial instruments. 28 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 ACCOUNTING POLICIES l¢ontinuedl 111 Debtors Oth8r debtors are recognised at thg S8tUement amount due. Prepayments are valued at the amount prepaid. Accrued incorn8 15 measured at th8 amount du8 to b8 r8c8ived. Im) Cash at bank and in hand Cash at bank and cash in hand ineludes cash and short temi highly liquid investments wth a short maturity of three months or less from the date ()f acquisition or opening ol the deposit or similar acctsunts. Inl Crèditors Creditors are recognised where the Society has a present obligation resulting from a past event that will probably result in the transfer ol funds to a third party and the amount due tts settle the obligation can be measured or estimated reliably. Other creditors and accnjals are recognised at their settlement amount due. lol FSnancSal Instruments The Society only has financial assets and financial liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value. {pl Taxation As a charity, the Society is not liable to taxation on its incorne or on surpluses on disposal of investrnents. Iql Judgements and key SoU￿e$ of estimation uncertainty A¢wunting estimates and judgements are continually evaluated and are based on historical experience and other factors, including gXPeCt8tions of fLrture events that are beligved to be reasonable under the circumstanc8S. The following judg8ments lapart from those involving estimates) have been made in the process of applyng the above accounting policie5 that have had th8 most significant eff8Ct on amounts r8cognised in th8 financi81 statements.. Useful econotnic lives of tangible assets The annual depieciation charge for tangible assets is sensitive to Changes in the estimated useful ectsnomie lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary tts reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the property plant and equipment, and note O") for the useful economic lives for each class ol assets. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk ol causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 29 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 DONATIONS AND LEGACIES Unrestricted Restricted Funds Funds Endowment Funds Total 2021 Totsl 2020 Gorporale sponsors Individual donations Public sector Donated services 14,833 30,208 52,792 1,905 67,625 32.113 17,210 48,066 20,231 2,210 1,700 1,700 45.41 56,397 101,438 87,717 In 2020, £45,593 of donations and legacies wa5 attributable to the unrestricted fund, £42,124 wa5 attributable to the restricted fund and nil was attributable to the endowment fund. TRUST AND FOUNDATIONS Unrastrlctad R8strlct8d Funds Funds Endowmènt Funds Total 2021 Total 2020 Lucy Astor Grant Trust City Bridge Trust Maria Bjornson Memorial Fund Portrack Charitable Trust Francis Arts Trust Hawthorne The Drue Heinz Charity The Thistle Trust BDB Pitmans Charitable Trust The Chainnans Charitable Trust The J P Jacobs Gh8ritable Trust Old Possurns Pr8Ctical Trust 22,670 22,670 26,500 45,000 18,338 17.005 5,000 2,970 2,500 2.500 1.500 1,000 500 50 2,500 4,500 2,500 4.500 5,250 9,750 15,000 5,250 39,420 44,670 122,863 In 2020, £56,550 of the inwme frotn trusts and foundations was 8ttributab18 to the unrestrided fund, £66,313 was attributable to th8 r8stricted fund and nil wa5 attributable to the endowtment fund. INCOME FROM CHARITABLE ACTIVITIES Unrestrietèd Funds R•striet•d Funds Endowment Funds Total 2020 Total 2019 Event ticket sales Magazine sales Prize entry fees Membership and Fellowship Other 2,325 254 6,158 78,102 452 2,325 254 6,158 78,102 452 6,260 56,462 309 87,291 87,291 63,891 In 2020, £57,663 01 the income from charitable activities was attributable to the unrestricted fund, £6,228 was attributable to the restricted fund and nil was attributable to the endowment fund. 30 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Restricted Funds Funds Endowment Funds Total 2021 Totsl 2020 Advertising Merchandise R8ntal Incom8 475 71 16,265 15,296 15,296 15,305 15,305 16,811 In 2020, all the £16,811 of other trading activities income was attributable to the unrestricted funds. INVESTMENT INCOME Unrestrlcted Restrlcted Funds Funds Endowment Funds Total 2021 Total 2020 Income from investments Bank interest 25,588 12 3,734 12,315 41,637 12 44,062 91 2S,600 3,734 12.315 41,649 44,1S3 In 2020, £26,313 01 the investment income was attributable to the unrestricted fund, £4,978 was attributable to the restricted fund and the remaining £12,862 was attributable to the endowment fund. OTHER INCOME Unrestricted Funds Restricted Funds Endowment Funds Total 2021 Totsl 2020 Profil on sale of tangible fixed assets 2,682 2,682 In 2020, all the £2,682 of other income w85 8ttribut8ble to thg unrestrirted fvnds. RAISING FUNDS Unrestricted Funds Restricted Funds Endowment Funds Total 2021 Total 2020 Investrnent management fees Fundraising costs 106 29,495 928 17,366 18,400 29,495 28,182 1,605 29,601 928 17,366 47,895 29,787 In 2020, £2,012 01 the expenditure in relation to raising funds was attributable lo the unrestricted fund, £2,678 was attributable to the restricted fund and the remaining £25,097 was attributable to the endowment fund. 31 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 10. CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Endowment Funds Total 2021 Total 2020 Public Events Awards & Prizes Communications & Publications Outreach Membership & Fellowship Research Bicentenary 41.862 24.905 88.161 11.638 42.816 445 6,292 156.472 8,716 33.930 48,154 181.377 96,877 45,568 42.816 445 49.734 159.251 91.588 43.071 33.969 40 20.840 209,827 205,410 415,237 398,493 In 2020, £232,785 of thg expenditure in r81ation to charitable activiti8s was attributable to the unrestricted fund, £165,708 was attributable to the r8Stricted fund and nil was attributab18 to the endowment fund. 11. ANALYSIS OF EXPENDITURE Direct Charitable Support Costs Total 2021 Total 2020 (not• 121 Public Events Awards & Prizes Communications & Publications Outreach Membership & Fellowship Research Bicentenary 38,809 146,179 78,077 36,725 34,507 359 9,345 35,198 18,800 8,843 8,309 86 48,154 181,377 96,877 45,568 42,816 445 49,734 159,251 91,588 43,071 33,969 40 20,840 Charitable expenditure Raising funds 334,656 38,600 80,581 9,295 415,237 47,895 398,493 29.787 373,256 89.876 463,132 428,280 In 2020. £350,012 of the expenditure relaied to direct charitable expendiiure. and the remaining £78,268 related to support costs. 12. SUPPORT COSTS 2021 2020 Govemance costs (note 131 A¢¢ountancy fees IT costs Rent & rates Offic8 costs D8preci8tion Bank charges Meeting costs HR costs Sundries Staff related costs 21,501 9,156 3,261 35,147 3,774 14.024 12.378 4,128 31,351 2,123 597 397 109 1,397 178 1,397 3,026 12,436 11,764 89,876 78.268 32 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 13. GOVERNANCE COSTS 2021 2020 Auditor's r8tnun8ration Audit fee (including VATI Non-audit fge (including VATI Overlunder accrued in previous y8ars Other costs Meeting costs 6,000 2,600 5,640 68 7,193 6,550 1,950 15501 960 5,114 Total goveinance Costs 21.501 14.024 14. NET INCOMEIIEXPENDITUREI FOR THE YEAR 2021 2020 This is stated after charging.. Depreciation Operating lease costs 597 23,410 26,659 15. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2021 2020 Salaries and wages Social security costs Pension costs 140,794 10,324 7,939 135,890 9.798 7,732 159,057 153,420 The average number of employees by head count.. Ernployee time ha5 been allocated either., il To dir8Ct ¢0Sts on 8 percentage of th8 tim8 spent by an employeg on activity ill To 5UPPOrt C05t5 allocated on a percentage basis over all th8 COSt5. During the year, no employee received totsl employee benefits (excluding employer pensi()n's c(>stsl between £60,000- £70,00012020.' none) During 2021, nts trustees 12020". £nill were paid or re￿Ived any other benefits Ir()m employment with the Society. No trustees12020'. 11 were reimbursed lor travel and meeting expenses12020'. £321. The key management of the Society comprise the Trustees, the Director and the General Manager. The total employee benefits ol the key management personnel of the Society were £100,53112020.' £94,597). 33 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 16. TANGIBLE FIXED ASSETS Computers Total Cost As at 1 January 2021 and 31 December 2021 6,976 6,976 Depreciation As at 1 January 2021 and 31 December 2021 6,976 6,976 Net Book Values At 31 December 2021 At 31 D8cemb8r 2020 17. FIXED ASSET INVESTMENTS 2021 2020 At 1 January 2021 Additions in year Disposal proceeds G8inlllosses1 on investments 2,689,216 2,837,113 12,920,727) 651,754 2,496,842 386,359 1443,5571 249,572 At 31 December 2021 3,257,356 2,689,216 Historical cost of listed portfolio 2,823,862 2,192,191 Investments at fair value compromise.. Equities Fixed interest Balanced 3,053,930 2,630,358 36,563 22,295 203,426 3,257,356 2,689,216 Cash within investment portfolio 532,677 278,355 3,790,033 2,967,571 The Gharty's investment in the following represented morg than 5Y¢ of the rn8naged porttolio 8t the ygar-gnd.. Prote8 Fund Taiwan Semiconductor Manufacturing Co Ltd 3,210,884 154,171 34 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 18. DEBTORS 2021 2020 other d8btors Prepayments A¢¢rued income R8nt d8p05it 18,095 12,381 16,249 7,392 475 8,614 8,614 39,090 32,730 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade creditors Other creditors Accruals and deferred income (note 211 35,273 4,856 40,395 19,753 5,391 62,847 80,524 87,991 20. DEFERRED INCOME 2021 2020 At 1 January 2021 Additions during the year Arnounts released to income 28,392 28.836 131,3891 28,371 11.108 111,0871 At 31 December 2021 25,839 28,392 In 2017, £10,000 was received rel8ting to of the deferred income relates to sponsorship income received for the next 4 years, at 31 D￿ember 2021, the full income has been released. Other deferred incorne relates to income frotn mernbership and subscriptions received during the year relating to 2022. 35 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 21. DESIGNATED FUNDS- Current year At1Jan 2021 New Designation Designation Released At 31 Dec 2021 Future Funds 270,647 150,0001 220,647 In advance of it5 bicentenary in 2020, the RSL rdeased a designated fund frotn it5 reserves. This fund was the accurnulated unrestricted legacy left by forrner Fellow Kathleen Odell (Betty D'Altonl, previously held as endowment. The designated fund and its expendituie over the coming years will be overseen by the Finance and HR Committee, with approval from Council. As a guideline for ttustees and for staff leads, Council approved a thiee-point signoff forany new programmes to be part-funded from the Future Fund.. Does the proposed programme fit with the RSL'S overall objective of the advancement of literature, and meet two out ol three Of its aims (to act as a voice for the value ol literature", to engage the public in literature., to recognise and encourage great writers)? Are there potential lunderlsl identified to support the costs of the proposed programme? The RSL will not commit Future Fund money to support 100°/o of the costs of any programme. Any new initiative should introduce the RSL to a new funderor develop the Soaety's relationship with a current lunder to sustain future funding. Does this programme work with current partners for the RSL, or introduTr us to new partners? The RSL particularfy looks to build on and develop new partnerships across the UK, outside London. These restrictions- established, overseen and monitored by the Council- are subject to review in the event of times of significant drfficulty. This fund supports the RSL through challenging times and sures up the Society's position during the difficulties of the Covid-19 pandemic rewvery. 21A DESIGNATED FUNDS- Prlory•ar At1Jan 2020 New Dèsignatlon DesSgnatlon Rèlèased At 31 Dec 2020 Future Funds 270,647 270,647 22. RESTRICTED FUNDS- CuThent year At1Jan 2021 Income Expendlture Gainsl Transfers Ilossesl Inote 231 At31 Dec 2021 VS Pritchett Prize fund Encore Award Prize Fund Ondaatje Prize Fund Chri5toph8r Bland Prize Fund Literature Matters Awards Giles St Aubyn Sky Arts International Writers Benson Medal Public Ev8nt5 Outreach Publications 6,867 22.670 5.638 500 16.8671 122.6701 124.6451 30,204 116,5001 14,520 119.9001 129.8911 130,0001 16,6671 12601 16,2921 133,9301 18,7161 200.755 325,481 11001 1,091 211,952 324,001 20.000 28.800 30,000 6,667 12601 3,500 5,275 9,792 15,750 1,667 23,455 7,049 557,731 99,551 1206.3381 44,724 48.800 544.468 36 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 22. RESTRICTED FUNDS- Current year Icontinuedl The funds forthe VS Pritohett Mernorial Prize, Enoore Award, RSL Ond8atje Prize and RSL Christopher Bl8nd Priz8 Were expended on thes8 r85P8Ctive literary priz&s and th8 associat&d costs of administration and priz8- giving events.. see Trustees, Report pages 10 to 12. Each year, 8ddition81 costs of the RSL Ond88tje Prize are met with the RSL'5 unrestrided funds, so thgrg was a transfer from the unrestri¢tsd fund to the Ond8atj8 restricted fund during th8 y8ar. The funds for Public 8vents w8r8 8xp8nd8d on th8 RSL'S public events programme, as sp8cified by sponsor5 and funders. The Literature Matters Awards expenditure is related to the Literature Matters Awards Endowment. Expenditure from this restricted fund relates to this set of project Awards. The RSL Christopher Bland Prize Fund was newly established at the RSL in 2018. Lady Jennie Bland and a number ol supporters made donations ttstalling £303,975 in 2018 forming a new restricted fund, to support the RSL Christopher Bland Prize for debut ficlitsn and non-ficts.on writers aged 50 and over. Further donations in 2019 added to this fund. The RSL Giles St Aubyn Awards expenditure is related to the Giles St Aubyn Endowment. Expenditure from this restricted fund relates to a set of non-fiction Awards, as stipulated in the legacy left by lomer Fellow Giles St Aubyn. Income from Sky Arts was expended on the SkyArts RSL Writers Awards. Founded by RSL Fellow Bernardine Evaristo, this was a new mentoring scheme for emerging writers of colour (see page 11 for more on the inaugural mentors and menleesl. The RSL International Writers funding supported the administration and publicising of a new award introduced for the RSL'S bicentenary festival RSL 200 (see page 12 for more on the in8u9ur81 awardeesl. The Engagement Ioulreachl fund in 2021 included funding from the Old Possum's Practical Trust, 8nd brought forward funding from th8 Maria Bjomson Memorial Fund, the Tara Getty Foundation, the Sutton Pla¢9 Foundation and the City Bridge Trust. These supported a range of engagement programmes detailed on page Publications funding was expended on the qLJarterfy RSL newspaper Our Mutual F￿entI. RESTRICTED FUNDS- Prior year At1Jan 2020 Ineomè Expanditur• Gainsl Transfèrs 11055851 (note 231 At 31 D•e 2020 VS Pritchett Prize fund Encore Award Prize Fund Ondaatje Prize Fund Christ()pher Bland Prize Fund Literature Matters Awards Giles St Aubyn Intemational writers Benson Medal Public Events Outreach Publications Bicentenary 6,228 21,500 4,978 625 16,2281 121,5001 119,6781 116,2721 120,1001 128,8001 15,5001 12501 15,2101 125,5781 14,8001 114,4701 217,307 341,128 11,8521 200,755 325,481 11001 1,091 20,000 28,880 1,091 5,500 250 5,210 49,033 11,849 14,470 23,455 7,049 559,526 119,643 1168,3861 11,852} 48,800 557.731 38 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 23. ENDOWMENT FUNDS- Current year At1Jan 2021 Income Expenditure Gainsl Transfers Ilossesl (note 221 At 31 De¢ 2021 Permanent Endowment Literature Matters Awards Endowrn8nt Giles St Aubyn Endowment 820,709 16,6fj21 200,895 1,014,942 746,207 16,0571 182,658 120,0001 902,808 993,389 12,315 14,6471 220,284 128,8001 1,192,541 2,560,305 12,315 117,3661 603,837 148,8001 3,110,291 The Society holds three endowments.. The Permanent Endowment, inoome from which is 8xp8nd8d on general purpos8S. The Lit8ratur8 M8tt8rs Awards Endowment, incorpor8ting th8 fomi8r Brookleaze and H8in8mann Funds, which supports award5 for writers. The Giles St Aubyn Endowrnent, established by a leg8ry, in¢om8 and growth from which is spent on RSL Giles St Aubyn Awards for Non-Fiction. ENDOWMENT FUNDS- Prior year At1Jan 2020 Incom8 Expenditure Gain51 Transfers Ilossèsl (note 221 At 31 Dec 2020 Permanent Endowtnent Literature Matters Awards Endowment Giles St Aubyn Endowment 751,321 17,9861 77,374 820,709 701,428 921,110 17,4561 72,235 120,0001 746,207 12,862 19,6551 97,872 128,8001 993,389 2.373,859 12.862 125,0971 247,481 148.8001 2.560,305 24. ANALYSIS OF NET ASSETS BETWEEN FUNDS- Current yaar Unrestrlcted Restrlcte(I Funds Funds Endowment Funds Total Funds 2021 Fixed assets Investments Current assets Creditors due within one year 467,790 1161,3221 180,5241 211,952 332,516 3,110,291 3,790,033 171,194 180,5241 225,944 544,468 3,110.291 3.880,703 ANALYSIS OF NET ASSETS BETWEEN FUNDS- Prioryear Un￿$triCted Funds Restricted Funds Endowment Funds Total Fvnds 2020 Fixed assets Investments Curr8nt assets Cr8ditors du8 Wlthin on8 year 206.511 165,172 187,9911 200.755 356,976 2.560,305 2,967.571 522,148 187,9911 283,692 557,731 2,560.305 3,401,728 38 The Royal Society of Literature Notes to The Financial Statements For the Year Ended 31 December 2021 25. PENSION SCHEME The Charity operates 8 defined contribution pension plan for its employees. The amount recognised as an expense in the period was £8,07412020'. £7,732). 26. LEASE COMMITMENTS Total future minitmum lea58 paytM8nts und8r th8 curr8nt OP8rating18ase are as follows.. 2021 2020 Not later than one year Later than one and not later than five yea 23,848 36,266 61,493 23,848 97.759 27. RELATED PARTY TRANSACTIONS The following Society trustees were paid during the year lor services to the Society.. Inua Ellams £66012020.. £nill for Write Across London project and £nil12020.' £3501 forevent speaker fees. Tessa Hadley £nil12020.' £321 for event travel expenses. Catherine Johnson £10012020.. £nill lor Outreach Top Tips videos. Helen Mort £1,55012020'. £nill for Ondaatje Prize judging and articles. Daljit Nagra £65012020". £1501 for event speaker lees and £nil 12020." £5001 for essay commission fees. Susheila Nasta £10012020.. £nill lor event speaker lees. Irenosen Okojie £20012020." £nill lor essay ctrmmission fees, £2(X)12020." £nill ftsr event speaker fees and £5,0012020". £nill for Sky Arts RSL Awards mentoring. Roger Robinson £10012020.. £nill for essay commission fees. Ruth Scurr £25012020.. £nill for event speaker fees. Hemione Lee £nil12020." £2001 lor event speaker fees. Prol Bernardine Evaristo £nil12020". £1501 for event speaker fees. Louise Doughty £nil12020." £1201 for event speaker fees. Sir Richard Eyre £18012020.. £nill for essay cornmission fees. 28. RECONCILIATION OF NET CASH (USED INI OPERATING ACTIVITIES 2021 2020 Net income Adjustments for.. Interest and dividends IGainsllLosses on investments Depreciation Decrease in stock Decreaselllncreasel in debtors IncreasellDecreasel in creditors 478,975 159,409 141,6491 1651,7541 144,1531 1249,5721 597 11.2331 1,525 27,514 1,499 16,3601 17,4671 1226,7561 1105,9131 39