REGISTERED CHARITY NUMBER: 270309 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR MARX MEMORIAL LIBRARY sturgess Hutchinson Chartered Certified Accountants 21 NewWJk L4cestei LE1 6TE MARX MEMORIAL U8RARY CONTENTS OF THÉ FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBÈR 2024 Page Report of th6 Tru$tse$ Independent Examinèfg Report statement of Flnan¢lal Adlvltles 11 Balance Sheet 12 Nots8 to the Flnanclal Statomgnts Detailed Statsment of Flnanclal Aetlvltle• 13 to 18 IARX MEMQRIAL LIBRARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The truste8s present their report the finanaal Statements of the charity for the year ended 31 D8cember 2024. The truslees h8vÈ adopted tr8 provisions of Accounting and Reporting by Ch8rftses. Statement ol Recomrnend8d Practice appllcable to charrties preparing their a￿oun￿ in 8eLordance vrith the Finanrid ReportiTrg Standard applic8ble in the UK and Republi¢ of Ireland IFRS 1021 leffective 1 Jalluary 20191. Oblecllve3 and aGtlvltles Oblectlves and aims Introduction The trustees are pleased to present thwr annual report and Finanoal ststements forthe year ended 31 December 2024, in accordan￿ wth the Charity'8 constitution. ¢urretrt statutory wquirements 8nd the provisions ol the Ststement of Recommended PraGti¢e ISORPI'Accounting and R8pDrting by Charibes, i$sue(J in 2015. Our Purpose Th8 Marx Memorial Library and Work8rfs School l MML") 18 a registered charity devoted to the advan￿Ment of educ3hon. learning 8rKI kn￿edge by the prowsion. acquis￿0￿ and maintenance of a library of book5. Feriodical8. rnanuscripts, artefads. electronic material and other medla relating to ail aspects of the soence of MarAism 8nd of the history of Soaalism and tt)e trade union and working-cl8ss movements for all person5 éssiiing to tnake bona de use thereof for the said obj8cr'. The Trustees believe that.. - MML prowdes a unique spa￿ forthe stuty of Dur rich and radicl labour mvement heritage and the pw8rful stimulus provided by M3rxist think1ng - MML provides the r880urces necessary for the provi&on of education in the sciénce of MaM5m and the history of $ooalism MML has through these educats.onal resources the potent'al to m*e a svJnifi¢ant contrlbution to current inte118dual and cultur81 debate to enrich civil so¢i8ty - MML'S memb8rs are crucial to its filture success as we saek to raise its profile, generate ino)me, keep upttr speed ith the latgst developments In Marnst and sooali8t thinking and rnake the collection more aC￿SIble to 3 wder audience. Signlficant*etlvilJo8 During the course of 2024 the MML'S trustees convened a strategic ￿arnIng away day and r8¥isit8d progre8S 0 objeckives ouilined in th8 2023 strategi¢ plan as follows - Collections.. Develop. maintsin and provide a unique research re$ource in the form of our library and archfve. Education. Deliver a relevant, engagirHJ education programme on and off-site in the fwn of d$s88s, lectures and workshops to great8r nurnbers and diverse audiences. Engagement & Outreach. Broaden and diversify 8udienc£s engaging wth our co118Ction8 and education work through an inclusive and creatr.ve approach to cnmmunications. online initiatives. partne15hip ￿rk, our voluntser and publication, exhibition and events programm8. Resilien￿ & Sustainability.. Develop strong govemance. staffing. volunteer and finance fr8meworks - wilh an environmentally 5UStainable approach- to 8n5ur8 the MML'S mission is achievable In the long-teim. - The Building.. Redevelop Marx House to transfomi MML'S abik.ty to store colleotyons. enable a¢ce5s, host events and actNitie8 generate Income Publie beneflt The chanty trustees havè complied wth their duty to have due regard to the guidance on public benefit wblished by the Commission ITr exerasing their power6 01 duties and cy)nfirm that ail Acti*ities art condLbCted for charitxble purposes to bgnefEt the public. Achievement and perfomiance Fundtalsln9 actsviti The followng extra information is supplied under section 13 of th8 Cha￿￿e3 IProtection and Social Investment) Act 2018 on MML'8 fundraising practices and those acting on its behalf.. No professional fundfaisers or commerclal partiGlPators G8rried oui any fijndraisino *tiwities for MML. The charity has not subscribed to any fundraising stsnd8rds or schemes. There ale no failures by the ¢harity. or by any person acting on its behalf. to ￿mpty ithth regulations for fundi8ising st8nd8Tds or schemes. Therefts￿ the charty has not needed to monitor the fundraising acbwties of any person actyng on its bEh811 and no complaints were received by the charty about fundraising aL*vity. Should the charity evw embark on such publlc ndraising, it would do 811 it (an tD protect vulnerabl• p80ple othei memljers of the public from behavK)ur vANch is an unreasona￿& Intrusion on a person'$ privaGy. Is unreasonably per8iStÈnt, or Flaces un(Jue pressure on a person to give mon8y, or oth8r property. RX MEMORIAL ueRARY REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 DECEMBER 2024 Flnanelal revlew ReseNes policy It is the policy of the charity that unrestricted funds which have not been designated for a spec4fie use should be maintained at a level equivalent to b8tween th￿e and st¥ month's 8xpenilitur8. The trustees consider that res8rves at this level wll ensure that, In the event of a significant drop in ftinding. they will be able lo continue the charity's current activities while consideration 1$ given to ways in which addition81 fund8 may b& raised. Thls level of reserves h8s been maintained throughout the year. Golng CO￿9￿ The tharty has retained SL&ffitsent funds for liquKlty to remain a viable going ¢oncem for 20242S. The eharty wll ntinue to rnoThtor the situation and tske additional steps as ne¢es3ary to rnitigate risk. MARX MEMORIAL U8RARY RÉPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial revlew MML 2024 Reportofwork: Intr4)duction- 2024 meant the su¢¢essfiJl com￿et10n of the National Lottery Herrtage Funded prqect 'MML at w.. enduring and engaging. and the adopfj.on of a new five year strategic plan for 2023-2028 which en*i5ions work towards a major redevelopment project for MML'S centenary in 2033. In the second habf of the year worf( (xThmenc8d towards a 'develoFrfnent phase, appliGation to the National Lottay Hgritage Fund for thi5 project, due for submis¥ion in August 2025. Highlights of the year inclLvJed a hybrid symposlum with display ￿ the centenary of Lenin's death in January 10D in attendanc8. the launth ol partnerships with Islington Gouncil prcoraffltning events on Ic*AI radiLYI history 'Reds on the Green. working wth the Genèral Federation of Trade Unions on a joint online workin9 da$s history series. Our 'Radical Cle[ken%￿l Reinterpreted, cO24 The labour gov8mments 1974-76 Caste, c*pitalism 8nd the stAte'. em9rging modalities of power C8lebrabng the Portuguèse Revolution and its le650n$ On the Portugues8 Revdution The Min8r5' Strike 40 yeBrs on.. Ststs Repiession. Solidarity & Ciwl Defence The Miners, Strike 40 years on.. Mining the Archives Energy.. Ajust transition On Britain ancl the Spanish Civil War On Marx and MaNsm The long depression and the tepid twenties Contesting the rise of Ihe tsr right in Europe Unem￿oYed work81$ fighting for their rights Reversing the prtrwar narrativt Tre 1974 Heath and Safety Act 50 years On Printworkers ag Kmoneers Engels 8$ popular eduotor Matxisrn, imperialism and nalional lilwation Tmd8 union strat￿jieS in post-tory Btrtain Online & On81te syTDposium Online & Onsite ledure Online & Onsite lecture Online & Onsite I￿tUre Online & Onsite lectL Online lecture Online film screening Online & Onsrte panel Online & Onsite pand Onli￿e p3ne5 Online & onsite book launth Online taster session Online & Onsite18Cture Online & on8ite panel Online & Onsit* pa￿1 Online panel Online & Onsite panel Online 8 Onsit8 parEI Online lecture Online & Onsite18Cture Online & Onsite p8nel Partneyshlp events and outrgach Reds the Green.. May Day Reds on the Green.. a wglk through radical Clerke￿￿ell R8d5 on the Gr8en.' thal devil Wilkes Red8 on the Green.. the PEasant's revo Reds on Ihe G￿en. $￿e3 ol solidarity.. the Tolpuddie Matyrs snd Clerkenwell Gre8n R8ds on the Green. William Cobbett R￿$ OTr the Green. the Spa Field riot5 Onsite event Qnsts event Onsite event Onsile event Onsite event Onsite event Onsite event MARX MEMORIAL UBRARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Flnan¢lal revlew Reds on the Green.. the fenians and the 1867 Clerkenwdl 8xplosion Exhibition opening.. Radical Cl8tkenwell Reinterpreted 1842 General Strike Ooinlimth GFTU. WCMLI The Matchwornen uo1nlv￿th GFTU, WGMLI 1910 Chainmakers a.oint with GFTU. WCMLI From syndicalism to ￿VOlutiOn Qointlwth GFTU. WCMLI An Unpopular Cause Radi¢81 librarias panel srte event Onsite event Online18Cture Online le[￿re Online lecture Hybrid panel atWCML Hybrid Luk launch at SGRSS Panel * Conway Hall Archlve workshops Communty group The Peal Centra's X3 on Radlral Clerkenw8117 MML'S archiv85 Soviet art Peace placard making Radical archives The Basque Children.. rgfugees trom the Spanish Cl￿] War The Russian Revoluiion Spanish Civil War Generdl archive workshop Ispanish CNil Warlmarx in LondonlSoti￿YI The life of Paul Robeson through the ar¢hive8 General, Who byas Marx. what are trade unions Intro to Marx & Mamsm Intro to MarA & ma￿8m Spanish Civil War MarA and MaNsm Russian Revolution General arthive WDrk$hop (Spanish Civil Warlmarx in Londonlsooologyl Marx in LoTrdon Art d85ign Anb"4mperia1ism Archives and ¢x>nseNation The history of radical education Iwth fo¢u5 on Socialist Sunday Schoo151 Finsbury Drawing Group Wood¢r8ft folk YCL Hugh Myddleton Communty group Community group YCL'$ Harry Pollitt School Prirnary 8choDI S8con(Jary School S8condary School SeGondary School Csterham Schc NewVid¢ N8wVid( IGCSE) Secondary Schcx)I Secondary School Secondary School Secondary Sthool Secondary Scthol Secondary School Seconclary School Secondary School Bsix College USP college Essex JI Saints Catholic School Alleyns School Eltham Colleg8 Hampstead Schoo1 Burges8 Hill Gid5 School Cheadle Hulme High Schod Institute forthe siudy atmad Univetsty of Greenwch Kings College London x2 groups City & Guild S¢hool of art Universty College London x 2 groups Specia1 visitsliours.. In additK)n to 40 of (￿r regular W￿1C tours and a 5tsady flow of'drop in. general, MML w81oJmed tt)e folliywing group5 for special visits. frequently comb1r￿d th bespoke archive di$plays'. Queen Mary UniveT8ity Ubrdry Team Charterhouse M25 Consortium of Acaderni¢ Librari85 Leader of lslinoon Coynul Imperial War Museurn library stsff Museum of Saint Jottn staff Chinese ernbassy staff University Goilege London archives and rocords manageTDent students Uk Mau Heritage Photo Library Ch5nese Norrnal University Universtylcollege Universitylcollege Univer5itylCollege UniveisitylCollegÈ Universitylcollege Opon Dayg.. The MML hosted its annuJ May Day op8n day Vijay Prashad as guest s￿aker in addition to partitspating in Open House. hosting two Book Sales. parti￿patINg wth open oftemoons for Isling￿n,3 Wintsr Wamiers and hosting a themed Art and Q&sign open day during Clerkenwéll De*gn W88k_ Lord John Hendy and Aex Gordon gave thÈ annual Kart Matx 0[a￿on al Highgai8. Stalls: MML was wresen¢ed at Tolpuddle, the Durh*m Mingrs Gala, the Unlversity of London's History Day. New podcast on Spobfy 8nd Youiube channel. thanks to a wJrf( placemert from London Metrooitsn UnNer¥ty. MARX 141EMORIAL LIBRARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial rev User and vlsltor slall¥tl 2023 308 Us8r catg90ry Research enquiries Readers Casual drop-in vi4tors Regular tours Special ￿SitS{paid group tours and privaie vi5itsl Onsite events Workshops ope￿ day5 Book sales Outreachcornmunty Engagement leg ROTG & Winter Warmers, Social & Off-51ts events) (knline Courses Online Events 2024 144 205 243 321 49 210 387 242 663131 leO12118 8th001 & 4 Unil 206181 318 371131 178121111 school & & Unil 6211211 226 {71 785 1904 156161 388 3,212 Projects National Lottery Herftage Fund Prole¢t: The MML at 90". Endurin9 and Engaging Was SUCQS8frJlty com￿¢tad in Sprtng 2024. A n8w Expression of Intere8l fom for our proposed C￿ntenary redeveloprnent 'the Marx M8rnorial Library 8 Workers, School.. People & Idea$ for a better world.. the P¢ynt is to bt was submitted in July. As a result the NLHF have asked the MML to submit a full appIl￿tiOn by August 2025. The second half of 2024. th8iefore, saw a focus on Ihése plans. This meant - Working vAth an evaluation consuttant thanks to some additional support trom1811nOon Counul to create 8 new evaluation frarnework io capture irnpact - Cornmissioning a fundraising consultant to work wth our DIr￿l0[ one day 8 month on developing a plan for raising match fund -working wth architects to explore optlOn5 for expansion to accomwnodate our eolledions - Working wth the Nationgl Archivès to scope OLrtst8nding tasks for archive accreditatson Close liai50n ￿1th Islington planning department A880¢1ation for Independent Mu60um8: Summer 2024 saw the MML embark on an innovative project, bringing local residents to our archives to Go¢urate an exhibition on radical history. A dozen attended a series of three I￿rkshOp$- the majonty rewthd th8 (yJr partners at the Pe81 Community Centre end selected iterns from our hlstoric wlle¢tions on theme5 indLxling $quath"no. the ￿aCk prèss and the Spaln tno¥emenL Their portrarts and ￿>rdS feature on the new banner-style panels which ￿111 tour in 2025. The workshcys also in3plred the crn&"on of new Wnyl sticker ￿￿Ign$ for MML'6 ￿inth>W$ to increas8 visibility to passers by. This workwas supported by lslington Council. Dona Torr In October MML wa$ Successful in 2pptying for (￿ding frorn the University of Carnbridge to catslogue the archive of British Marxist historian Dona Toir. This work. du8 for completion in 2025 supports both the work of 8 temporary archive assiytant on th8 archive. and the public*ion ol an irnportanl new history trom Professor Mary Davis 'Don8 Torr. Historical Materialism and Communist Party Hi$torigns Group.. RX MEMORIAL LIBRARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FLnaneio1 review Theory & Struggle 2024 w&5 another strong issue m*d(ing our 90th year ￿1th contributions on tha 90th Intemalional symp05ium and events at MML marking Lenin's centenary and the anniversary of the Portugue69 ievolution. It featured piec*8 from Vijay Prashad and Albano Nunes and review5 from Jenny Clegg and Elain M¢Far18ne. Editor Marj Mayo gave special thank5 to Nick Wright lor his tireless work on Theory & Stwggle for over a decade and thelcorned n8w designer Tom Greenwood on board. Our regular ¢dumn in the Moming Stsr'Full Mar￿. Continued with pieces on'what shall we do about de-growth'.'what Is the swal wage, ano 'Marrism atKI ecdow,. It continues to be one of the Most accessa pages the MML w8bsite Is freQuen￿Y referr8d to by students on our online cour8eS. &Jb$trfption6 MML tnember5hip Continues to hover lust under the eoo mark at 765. We welcomed tsvo new patron8 in 2024. The support of our eight national trade union affiliatès remains eentral to ourworb(. Buikllng. admin5Stration & wnmerclal Work maintaining the historic building in¢lu(Jes'. 1. Firnt fltsor Flrè Door. Hing8s had dropped so that the door would not d05a easily or securety. Rehullg and now n￿lOn5 properfy. 2. Toil¥ts.' Both tCA18ts nowhave fvnctioning extractor Pans, 88 rffjuired by law. 3. Intumescent Strips.. sev8ral repla￿ as ertherworn OLrt or over painted. 4 Readlng Room.. cabling rerouted and"daisy4th0in" of cabling reduced. SoLrth wall made good and rwinted. S. Kitchen.. repairs to eastwall completed and repainted. 6. Basement: walls and c811ing on stairs iepaint8d. Door to newspapèr archive. door surround and 8ichitr8ve m8de good, Sump pump, for removal of water co11e¢ted by dehurnidffier5, box-in to reduce evaporation. 7. Lenln Room- some damage to the paint i)n the wall under the wndow appear￿ to be due to darnpne88. Thi8 was resolved by the repointing of th8 extemal windowsill and rts treatment vlth a waterproof pairrt. The Ingre5$ of water hawng bEen prevented, the paintsvoik has been repaired and shows no ggn of further damage after many months. 8. Flat Roof.. scaffold board5 Installed $0 that leaf collection, gully dearin9. and the dearing of hoppers for the drainage of the pitched roofs can be ¢8med out without the need to Walk on soft areas ol the roof This has enabled the use of dders to clear the hoppeis, which had noi been pos6ibl& for some time. The board3. which enable walkirKJ on the roof safely, wll allow the nècessary maintenance work to be carried out on the wndows that open onto the flat roof. This has been imw8si￿e to uné8rtake safdy. for some time. MARX MEMORIAL UBRARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Conclu8lon Marx Memori41 Library & vthers, Scbi)ol remains a d)arity with suffiaent funds to continue its operations as gosng concern The Marx M8morial Library & Workers, School's finance policy aims to achieve good practice in financial managernent IS k8eping prop8r accounting re¢ords, safeguardiro the assets. taking reasonable stsp5 forthe prevention and tJ*tedion of fraud, establishing, and m31ntaining a satisfactory System of control of accounti￿ records, L*$h holdings, re¢eipts. invoices and documentstion. The MML'5 trustees have overall responsibilty for governance and finanual controls.. the MML's Director manages operations and works closely wilh the Treasurer and Finance Sub-¢ommitt8e on financial planning and budgelitKJ,' MML'S Office Mangger is ￿spOnsIbLe fr)r keeping ac(yJr*e finanaal records", our accountants ai GFTU work closely wth the team cornp1etino weekly reconciliats"ons. meeting monthty to rtsolva queries providing quarterty rnanagern￿t accounts. In addition to end of year accounts. In 2024 there were further change8 in finanual management controls, wmich bu1￿ upon the change of acwuntant5 in 2023. by introduong and adopting SAGE an indu8ty stsndard arLounting software. Tha prepa￿d ac¢ount and supporting documentation independendy ex8Tnined by Stur9e8s Hutchinson Chartered G8rtffied A¢countants. Meetir¥Js have taken KAace between the lead offi¢ei$ of GFTU Finance team Preeti Doshi ond Lido Ishaq and the MML 8tsff ieam induding the T￿aSu￿r. Cash fil)￿% demonstrate control of income and expenditure In real terms is ng developed to support the NLHF bid. The stsff team, led by Director M8irian JuTDp, Atchiwst Matt DunnÈ and Offi￿ Manager Ralph Gibson have embia¢ed the Change. There are fty the time being parallel Softwa￿ applications of Quick Books and SAGE used to maintain MML'S records. The TTUStee5 have benefitted from ￿¢￿1VIng transp8￿nt reports wiu) ￿Mparable data to tnonitof signiflr2nt variations. The G8neral Committee ol the trustees on 12th MarGh 2025 agffed on 8 change In ihe Investment strategy dealing Imth bequests and donations from the current 8(k20 rule wth 80% invested via CCLA in ethical investments and 20¥0 ratained for MML operations 8nd devdopment. This is now amende¢ to 90%-10% and rath¢r th8n snv8St In long term share5, place 9Y/fj of the bequests in the Deposit Fund for potential"Mat¢h Funding" K*y headlines.. An in¢re8se in donations provided an increase in total income of £33,660 to ￿45,510. The Charity's Investsnent showed a further gain of £94.038. MML received unrestrthd income of £80,399 from its imiestments to cover core ¢05ts. The Charity's investments are managed by Charities. Churches and Local Authorthes ICCLA). The total fvnds generated increased from the £211.850 of 2023 to £245,510 in 2024. rect expenditure on werations and ddivery ol charitable objectives decreased dwjhdy from E288.844 in 2023 to £264,787 in 2024. End of Year balance The Charity ￿cordS 8 surplus of £74.761 in it5 InwmÈ and expgnditur8 indusive of Investmant gains and historical depwation. The &neral Comrnittee agrees to recommend the retenllon of GFTU as our accountants. structure, governance and monag•ment Governlng documerrt The d)arity is controlled by its govemlng docurnent. a dead of trustand constitutes an unincorporatsd L*arty. Oryanlsational structure I deosions are m8d8 thr)￿h the General Committee, which is the sovereign body of MML and whith around 6 brnes per y8ar. The General Committee elects a Chair. Vic&Ch8lr. Secretary and Treasurer atthe first meeting held after th8 AGM and May choose to appoint sub-comrnittees from amongst its ranks and others. The General Commlttee may ctropt any Library memberto fill a vacancy arisin9 during the year. Ctr opted Truste9$ are selected to repre88nt a broad mix of skills and interests. The Trustees during the period January to December 2024 ￿re.. Harsev 68ills.' Rithard Clarke.. Christine Coates." Mary Daw$.' John Foster, Wex Gordon,. Ruth Hayes.. Lord John Hendy,. Marjorie Mayo". Bruni dè la Motte. Jim MowatL &mon Renton. Jane Rosen", Asima Shaikh, Claudia Webbe. Ref•reneg and adminl8trallve detall8 Registered Charity number 270309 Prfncipal addre5$ 37A clerkert￿LI Green London EC1RQDU 10 MARX MEMORIAL U8RARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Truste88 A Gordon C Coates S G Renton A Shaikh R Hayes J White R Clarke C Webbe H Bains B de la Motte J A Rosen J Mowatt J Hendy KC G D8V15 J Foster M Mayo The 18 Trustees ￿ full members of the committee. or thard of management. known as the General Committee IGCI. Memb&rs of the General Committee seThe for a four-year tem of offi￿, wth a quarter ol the committee retiring every year. The retiring mernbers may appty for re-election. The election 1$ open to the membership in an annual balld, which takes Pla￿ at the AGM. Contract5 wlh Trustees No trustees retyve remuneration foi services to MML as 8￿￿oyeeS and the Genero1 Cornmitteè is committed to ob3eNing all guiclancè from the Charity Gommission in thls ie5pe There were no other conita¢ts or 3gr8ernents subsiding dunng or at the year of the financial pericrfj in vthich Trustee of the Charrty 18, or vtas. rnaterially Interested and which is, or was, signnlcant in relati￿ to the business of the Charity. Independent Examin•r Sturgess Hutchinson Chartered Certlfied Athyjntants 21 New Walk Leicester LE1 6TE The 16 TNStee5 are frjll m¥mbe15 ofthe ¢ornrnittee. or board ol m8nagern8nt, knovm as the General Committee IGCI Members of the Gener81 Committee 8arve for a four-year term of office. unth a quarter of the committee every year. The ietiring rnembers may apply for r&elgCtion. The election is open to the membership in an ballot. which tskes place atthe AGM. ontracts wlth Tru8teeo No trustees ￿¢81Ve rwmunerat.on for servSces tD MML as employ885 and the Ganeral Committee 1$ committed to obs$rving all guidan￿ from the Charity Commission in thi5 ￿sPecl There were no other contracts or agreements subsidlng during ￿ at tre year end ol the finanaal peiiod in vA)ich Trustee of the Charity is. or wa5. materialty interègtad and is, or was, significatrt in relatv)n to the business of th Charity. Approved by ¢xdeT ofthe board oftrustees on H B8ins- Trustse INDEPENDENT EXAMINER'S REPORT TO THE TRLL8TEES OF MARX MEMORLAL UBRARY Independent examlnefs report to the twstees of Marx Memorial Ubrary I report to the charty trustees on rny examination of tt)e 8ccounts of Marx Memorial ￿brary (the Trust) forthe yèar anded 31 D&c8mber 2024. Re$ponsiblllUg8 and ba$18 of report As the charity trustees of the Trust Y￿ are responslble for th8 weparation of the aC￿unts in accordan(t the requirements orthe Charities Act 2011 Ilhe Arti. I report in ￿SpeCt of my exarnination of th8 Trusvs accounts carned out under Section 145 of the Act and in ¢arrylng (yjt my exafnination I have followed all applicable Direcoons given by the Charity Commission wder Section 14515llbl of the Act Ind8p¢nde*)texamlnp¢s Statemènt I have completed my Èxamination. I confim that Th) material matter8 h8ve come to My attention in ojnnechon with th9 examination giving me (2use to believe that in any mat8rial re$ped.. accounting recC￿dS not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord wth those reeord5." or the a¢count5 do not wmply with the applicable requirgments concerning the foim and content of a¢counts Set out in the Charit￿8 (Accounts and Reports) Regulations 2(￿8 other than any roquirement that the accounts give a true and fair view which is not a matter considered as part of independent examin8tion. I have no concems and have come across no other mattets in conn8ction wth the examination io vhich attentiM should be dravm in this rwrt in orderto enable a proper under8tandin9 of tha accounts to be rea¢h8d. Davld Gooown FCA Sturgess Hutchinson Ch&rtered Certified Acwuntsnts 21 N8wWalk Le￿￿$ter LE16TE 12 RX MEMORIAL LIBRARY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total ftJn(Js 2023 Totsl funds Unrèstricted ftjnds Restrictod Nots8 Incomo and 8ndowm¢nts fmm Donations Ènd legacies 44,498 69.405 113,903 79.907 Charitabl¢ activltles Educational servi 9,281 9,281 8.266 other trediry acti*iti66 Investment income Other inwme 40,1 80.399 1.794 40,133 80,399 1,794 42.492 79.178 2,009 Totsl 176.105 69.405 245,510 211,850 Expendltute on Raising fund5 6,448 4,091 Charitable actlvi Education￿ 88rvSces 196.740 61.711 258,451 262,753 Other 194,0381 194,0381 1239,S121 T¢)tsl 109,150 61.711 170.861 27,232 NET INCOME e8,955 74,649 184.616 Reconcilia￿0￿ of funds Totsi fvnds brought forward 3,075,966 11,699 3,087.e65 2.903,047 Totsl funds ¢arrled fol￿rd 3.142,921 19,393 3,162.314 3,087.685 The note5 fomi part ofthese finan¢ial Stat￿n￿ts 13 MARX MEMORIAL UBRARY BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total nd$ un￿$th¢te nds Restricted fvjnds Notss Flxed astsats Tangible assets Heritage 8ssets In￿tments 24,167 129,e29 2,S15,795 24,167 129.829 2.915,795 29,709 129,629 2,721,757 3.069,591 3,C69.591 2.881,095 Current assets Debtors Prepayrnents and accnJ8d income Cash at bank 17,423 17,423 7.708 7.180 297.210 125.389 19,410 144,799 142,812 19,410 162,222 312,078 CrodltorB Amounts lalllng due i%ithin one year 10 169,4821 1171 189,4991 1105,5081 Not curr•nt asgets 73.330 19.393 92.723 206,570 Totsl assèts less ¢UTrent liabllblles 3,142.921 19.393 3,182.314 3.087,665 NET ASSETS 3.142,921 19,393 3.182,314 3.087.665 Funds Uftre8tricted ftjnds Restricted funds 3,142,921 19,393 3.075,966 11,699 3,087.885 Tot•1 funds 3.162,314 The financial gtstemeMt5 wer8 approved by the Boar(l of Trustees and authorised for Issue 2.L..t4£.&J.kn.JAJAS.. and were signed on its behalf by.. on Ins- Tru8te8 The note5 form part ol th￿ finanual statements 12 14 IAARX MEMIJRIAL UBRARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DE¢EM8ER 2024 A¢countln9 poli¢Ses Basks of wpparin9 the financi41 statements The financial siaternents of the charity. *bi¢h is a publ1¢ benefit enw under FRS 102, hav8 been prepared in accordan￿ wth the Charities SORP IFRS 1021 'Accountirg and Rep)rtsng by Charities". Stat9rnent of Fle¢ommended practi￿ applicable to ch8riti85 preparing their acwunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Itffective 1 January 20101,. Fin8nci•l Reporting Standard 102'The Finan¢ial ReportirE stsndard appIl￿ble in the UK and Republic of Ireland, and the Charities Act 2011. The finan￿al statements have bsen prepared under the historic81 Cost ￿nVention, with the exception of Inv85tments which are included at market value. The charity has taken advant￿8 of the following disd08uTe exernption in preparing thesè f nanu81 stat￿ents. as perm￿tea by FRS 102'Th8 Finanoal Repothng Standard applitable in the UK and Rewblic of Ireland." the reqU1￿MentS of seCtic￿ 7 Ststement of Cash FIOWB. In¢ome l income 1$ r8cognise¢ In the Statement of Financial AC￿￿tieS once the ch￿ty has entit18mant to the funds, rt is probable th8t the income wll be ￿CeIved and the amount ran b8 rnea$ur8d reliabty. Expendlture, LiatAliti8s are ￿Cognised as exp8nditure as soon as there is a legal or constructive obligation comtnitb.ng the charity to that expenditure. it is probable that a transfer of economic benefits wll bè r8quired in 8etUement and the amount of Ime obligation can be measured reliably. Expenditure is aceounled for on an accruals basis anc5 has been c18ssified under headings that aggregate all ¢ost related 10 the cat￿0ry. Where costs cannot be directty attri￿ted to pa￿0J1ar headings they havè baen 911ocat8d to 8ctivitr.es on a basi5 consislenl with the use ol resour￿. Tanglble flxad al￿8 Depreciation Is promded at the fdlobtring annual rates in order to ￿te i)ff each asset over Its estimated us9ful Taxatlon The tharity IS 8X9tnptfrom tax on it8 tharitable 8ctivitie5. Fund x¢ountlng unrestn.ctèd fvnds CAn be u88d in SCU￿an￿ wth the d)aritable oble¢tives at the discieb.on of the trustees. Restricted lund8 can only ￿ used for parti¢ular restricted purposes within the objects of the charty. Restnthon8 ari88 when specified by the donor or when funds are raised for particular re8trict8d purp08es. Further explanation of the nature and purpose of each fijnd is induded in the notss to the financial statements. Othar tradlng aetlvltteB 2024 2023 Non-¢haritable trading activrtlèg 40,133 42.492 Invegtrnent Income 2024 2023 Invastsnent ircome eo,399 79.176 13 15 MARX MEMORIAL UBRARY NOTES TO THE FINANCIAL STATEMENTS- eontlnu8d FOR THE YEAR ENDED 31 DECEMèER 2024 Tr￿tee$, remuneratlon and bèn•ffts There were no trustees. r8muneration or other benefrt5 for the year e[KI￿* 31 Decetnbar 2024 nor for the year ended 31 December 2022. Tru5tsèS' expenses There were no trustees. expenses paid for th¢ year énded 31 De¢ember 2024 nor for the y88r 31 Decembei 2023. Comparallves forth8 Statsment olflnandal activiti•s Unresb1ct funds Restricted fvnds Total nds Incomè and gndowDwntsfmm tX)nations and1￿8￿88 42,423 37,484 79,907 Charitsble actlvltie8 Education￿ services 8.266 6.266 other tradlng athwit18S 5nv8Stment income Other in¢ome 42.4*2 79,178 42,492 79.176 2,009 Totsi 174.268 37.484 211,850 Exponditure on Rai￿ng funds 4,091 4,091 char￿ats18 a¢tlvlt Educationaj services 1eo,805 61.948 282,753 CAher 1239,6121 1239.6121 27.232 Total 154.7161 81,948 NET INCOMEIIEXPENDrruREI Transfers betw••n funds 229,082 112,5651 144.4641 12,565 184.e18 Net movoment In lunds 216.517 131.8991 184,618 Reconciliatlon of funds Totsl funds broughtfomrd 2,859.449 2.903.047 Total fund8 ¢•rrfed forward 3.075.9e6 11,699 3.087.665 14 16 MARX MEMORIAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS. eontlnwl FOR THE YEAR ENDED 31 DECEMBER 2024 Tanglble fixed ass¢ts Improvement5 Office equipment property Tots15 Cost At 1 January 2024 Additions 382.775 86.574 5,779 449,349 5.779 At 31 December 2024 362,775 92.353 455.128 Deprèelatlon At 1 January 2024 Charge for year 341.204 7.019 78,436 4.302 419,640 11,321 At 31 Decernber 2024 348.223 82,738 430.￿1 Net book valu• At 31 De￿mber 2024 14.552 9,615 24,167 At 31 D8￿mber 2023 21.571 8.138 29,709 The Library, Land and Buildings are held on 8 51 year lease whith terrninotes in 2047. 8nd a￿ ultimately owned by Marx House knmited. a company incorporated in th8 UK Each party buys their own Insurance, MHL as landlord to COV8r the superstruciure of MarA House, MML as tenant to cover the contents. MML has agreed to pay MHL'8 insurance ¢ost and for 811 other impositions chargèd to MHL In addition lo the notional rent of £5 Fer year. MHL io issue invol￿8 for each charge. That 1$. one In Dec8mber for £5 rent and £145 for inudental ￿$ts." on8 aLK)Ut MaTch or April for the £600 audit fee variable." and one in November for the buildirKJ inSUra￿e premium. £3817.e5 INOV 20241 v8riaUe. Herftage a888ts Total Market¥alue At 1 January 2024 and 31 De¢embèr 2024 129,629 Net book value At 31 December 2024 129.629 At 31 December 2023 129.629 Flxad as$at Invfystments Listed investments Marketvalue At 1 January 2024 Addition8 3,497,282 100,IXK) At 31 Dec8rnber 2024 3.597,282 Provhsitsn8 At 1 January 2024 Prowsion vrritten back 775.525 194.0381 At 31 December 2024 681.487 Net b¢)ok valu8 At 31 December 2024 2.915.795 At 31 Oe¢emLEr 2023 2.721.757 There werè no inv8strnent assets outsKle the UK 15 17 RX IIEMORIAL LIBRARY NOTES TO THE FINANCIAL STATEMENTS. ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 Dobtorn: amounts falllng du• whhln on• 2024 2023 Trade debtors Prepayments and a￿r￿d incom? 8,241 11,182 5.745 17.423 7,708 10. Credi¢or8.' amouftts falllng wlthin one year 2024 2023 Trade ¢reditors Taxation and social sEcurty Other credito 2.126 22 67.351 1,069 103,379 69.499 105.508 11. M0￿MeTht In funds Net movernenl in funds At 31.12.24 At1.1.24 Unrestrleted fund¥ Gener81 fund RevalL&ation Rese 2,403.546 672.42D 127.0831 94,038 2,376,483 766.458 3.075,966 3.142,921 Restrfcled funds Nth'onal Lottery Heritage Funcl Newspaper Boxing Project Printer$ Collection Cataloguing Projoct Isllngton Counal CIL Supwrt Association for Inde￿ndent Mu88ums Textile preservation Donna TorrArchive 18eAI 6,085 18.0651 713 6.680 7,213 11n 2,184 3.333 2.184 3.333 11.899 7.694 19,393 TOTAL FUNDS 3,087,685 74.649 3.182,314 18 18 RX MEMORIAL UBRARY NOTES TO THE FINANCIAL STATEMENTS- contlnu8d FOR THE YEAR ENDED 31 DÉCEMBER 2024 11. Movement In fund•. continued Net movement in funds. indutted in the abo￿ a￿ as follows.. Incoming resourcas Resour expended Movement in fijnds Unrestrfcted fund$ General fund Revaluats"on ReSe￿e 178,105 {203,1881 94,038 127.0831 94,Q38 178,105 1109.1501 Restrl¢ted funds Nats"onal Lottery Herltsge Fund Newspaper Boxing Project Printe15 Collection Cataloguing Project Islington Council CIL Support Association for Independent Mu$eurn$ Textile preservatiori Islinton Counol CIL Evaluation Islington LIF SKJnage Donna Torr Archive 11,159 11,0541 6,500 110,2931 15.0111 15.78n 123,3201 111.1211 1201 12,0461 12,4461 11.8671 713 11,104 2,204 1171 2,184 2.446 3,333 69.405 ie1,7111 7.694 TOTAL FUNDS 245,510 1170,8611 74.649 Ctsmparati¥88 formovement In fund8 Net rnovement in fvnds Transfers between fijnds At 31.1123 At1.1.23 Unrestrictsd tunds General fuftd Revaluation Re8eNe 2.426.641 432,808 110,5301 239.612 112.5851 2.403.546 672,420 2,859,449 229,082 112.5651 3.075.966 Rostrlcted funds Nabonal Lottery Heritage Fund Newspaper Boxing Proi8rt Pnnteis Colle¢tion Cataloguing Project 43,598 144.4641 18681 8,1￿5 6.500 6,065 43,598 144.4641 12,565 11.699 TOTAL FUNDS 2.903,047 184.618 3,oe7.665 Comparative llet movemgnt in ftjnds, indudÈd in the above are as follcws.. Incorning resources Re&ources expended Movement in fvnds Unrestrfded funds General fund Revaluation ReseNe 174.366 1184,8961 239.612 110.5301 239,612 174.368 54.716 229.092 Re$tricted fund8 N8tional Lottery Herttage Fund 37,484 181.9481 144.4841 184,618 TOTAL FUNDS 211.850 127.2321 17 19 MARX MEMORIAL UBRARY NOTES TO THE FINANCIAL STATEMENTS- ¢ontbnued FOR THE YEAR ENDED 31 DECEMBER 2024 11. Mov0mÈnt In fund$- continued 12. Related party dl$¢losure8 There were no related party Iransactions fortt)e year ended 31 Decèmber 2024. 18 20 AIARX MEMORIAL UBRARY DETAILED STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 In¢omo and ¢ndowmants Don•tions and legacl98 Donats"ons 113.903 79,907 0th8r tradlng actlvltles Non-thaiitable trading acti￿tieS 40,133 42.492 In¥estm8nt Incom* Investment income 80.399 79,176 ¢harltsble a¢tfjvlties Educabonsk se￿1￿$ 9,281 8.288 other Income Other Income 1,794 2,009 Totsl Incomlng resour¢eg 245.510 211,850 Expendlture Ralsing donatlon¥ and legacies Sundnes 8,448 4.091 Charltable aGtlvili*8 Staff costs brary running costs Improvements to property Comput8r equlpment 112,123 123,699 7,019 4.302 91,121 143,421 9.251 3.337 247.143 247.130 Othèr Charn￿ in valuation of investments 194.0381 1239,6121 Support co$ts Governonce costs Auditors, remunÈration Accnuntan¢y and legal lees Bank charges 3.100 8,OQ2 116 3,1CK) 12.141 382 11.308 15,623 Total resources 8xpended 170.861 27,232 Net In￿￿9 74.649 184.616 Thi$ page does not form part ofthe 8tstLrtory finantyal statsrnents 19 21