Charity Registration No. 290660
THE WIENER LIBRARY ENDOWMENT TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

THE WIENER LIBRARY ENDOWMENT TRUST
CONTENTS
Page
Legal and Administrative Inforniation
Trustees, report
Statement of Trustees, Responsibilities
Independent Examiner's Report
Statement of Financial Activities
Statement of Financial Position
Statement of Cash Flows
Notes to the Financial Statements
10- 15

THE WIENER LIBRARY ENDOWMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Tracey Campbell (Chair)
Pierre Davis
Charles Elliott
Martin Fraenkel
Andrew Kaufman
Thierry Serero
Charity number
290660
Principal address
29 Russell Square
London
WCIB 5DP
Independent Examiner
Mr T W Slater
Shaw Gibbs Limited
79 High Street
Teddington
Middlesex
TWII 8HG
Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

THE WIENER LIBRARY ENDOWMENT TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and accounts for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note I to the
accounts and comply with the Trust Deed dated 12 November 1984 as amended by deed dated 16
January 2014 ( "Trust Deed"), the Charities Act 2011 and Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their accounts in accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
effective l January 2016.
The Wiener Library Endowment Trust ('the Trust,) was constituted on 12 November 1984 by a
declaration of trust. The charity registration number is 290660.
Objectives and Activities
The Trust's objects are the support and maintenance of The Wiener Holocaust Library ('The Library,)
and the advancement of the study of contemporary history with special reference to the era of
totalitarianism and the Holocaust of European Jewry. To this end the Trust invests the capital it
receives by way of gifts, legacies, any surpluses on fundraising activities and investment income to
generate the amount required for the regular grants paid exclusively to the Library as a contribution
towards its operating costs.
Thc declaration of trust perniits the Trustees to apply th¢ income and up to 50 % of the capital of the
Trust for its objects, and it allows them to place the capital and income in such investments as they see
fit.
Thc Trustccs, objective is to maximise the medium-terni investment returns whilst maintaining the
moderate risk profile of the investment portfolio.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what
activities they should undertake.
The Trustees confinn that in setting the Trust's objectives and planning its activities they have complied
with their duty under the Charities Act 2011 to have due regard to the Charity Commission's general
guidance on public benefit.
The Trust depends upon the Trustees and The Library's employees for their time and effort which is
provided without a charge to the Trust. It is not possible for the Trustees to attribute a specific financial
value for this assistance, but they wish to express their thanks on the Trust's behalf for all help received
from The Library employees.

THE WIENER LIBRARY ENDOWMENT TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial Review
During the year the Trust's total expenditure was £239,710 (2022.. £218,524) of which the grant to
Thc Library totallcd £220,000 (2022-. £200,000), an incr¢as¢ over the prior year and the level at
which the grant is expected to continue going forwards.
The Trust's investment income for the year was £137,984 (2022: £32,998). The Trust was therefore
only partially able to meet th¢ grant of £220,000 to The Library out of this income. The further shortfall
towards the grant as well as the Trust's insurance, bank charges and independent examination fees were
therefore paid out of the disposal of investments as required. The deficit of £1 01,726 of the investment
income after meeting all the expenses and ￿antS has been deducted from the unrestricted fund as
shown in the Stat¢m¢nt of Financial Activities and a transfer of £ l 01,726 was made from the Trust to
cover the shortfall on the unrestricted fund. After further taking into account the unrealised investment
losses of £41,438, the total deficit for the year was £143,164.
Thc Trust rcccived donations and gifts of £535 (2022: £543) and bequests of £57,035 (2022 £nil)
during the year. The Trustees would like to thank all those who contributed to the Trust during the
year and particularly acknowledge the generous legacy from the Estate of Rosemary Lewis, of
which the portion reco￿]ised in these accounts was £57,035.
It is the policy of the Trust to maintain unrestricted funds (free reserves), at a level which enables the
Trustees to continue the grant giving policy as stated above. The level of reserves held by the Trust at
31 December 2023 amounted to £3,495,465 (2022: £3,638,629). This is in line with the reserves policy.
In 2023 the Trust continued to invest ivith the aim of maximising total return over a 3-5 year view
while maintaining a moderate risk profile. Investments are made in UK and overseas stocks and bonds
together with a modest exposure to alternative investments. Two external fund managers with
specialist charity departments are used for the asset management, each with a different risk mandate.
The managers were selected following meetings with a number of potential institutions and careful
consideration was given to the investment approach and mandates of the managers, so that the portfolio
as a whole is managed on a diversified basis, and with some flexibility with regard to asset allocation.
For a prolonged period of near-zero interest rates the Trustees were focused on delivering a medium
risk return from a substantially equity portfolio in quite a volatile period for markets. For 2023, it was
deternlined that a key risk related to the timing of capital withdrawals to pay the grant. To offset this
risk of unfortunate market timing, the Trustees took the decision to receive dividends paid out on a
regular basis, rather than accumulated within the portfolio. This has provided a monthly credit of
dividend payouts which has the effect of reducing the scale of one-off capital transactions to deliver
each tranche of the grant. The accumulated contributions have also benefitted from the additional
incomc provided by grcatcr usc of the cash management account in a period of much-improved interest
rates. The Trustees continued to hold regular meetings with the investment managers to review
progress on the portfolios and examine the risks to which the Trust is exposed to mitigate any impact
on the Trust's future operations.

THE WIENER LIBRARY ENDOWMENT TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Outlook
To date taking a considered and balanced approach to risk management has resulted in capital gains
being sufficient to covcr the full grant payment on a rolling 3-year basis, even if some individual years
have seen a capital decline. This recent history, however, is no guarantee of fijture returns and so, while
the recent increases in interest rates are expected to be helpful in coming years, the long-temi capacity
of the Trust to pay out the full ￿ant amount over coming decades remains vulnerable to market
volatility.
Structure? governance and management
The Trustees who served during the year were:
Tracey Campbell (Chair)
Ple￿e Davis
Charles Elliott
Martin Fraenkel
Andrew Kaufinan
Thierry Serero
Trustees are nominated by the trustees of the Trust, subject to the approval of the Board of The Library.
Thc Trustees, report was approved by the Board of Trustees.
Tracey Campbell
Trustee
Dated: 18 October 2024
Type text here

THE WIENER LIBRARY ENDOWMENT TRUST
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees are responsible for preparing the Trustees, Report and the accounts in accordance with
applicable Law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practicc).
The law applicable to charities in England and Wales requires the Trustees to prepare accounts for
each financial year which give a true and fair view of the state of affains of the Trust and ot the incoming
resources and application of resources of the Trust for that year.
In preparing these accounts, the Trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prudent"
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the accounts" and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the
charity will continue in operation.
Thc Trustces arc responsible for k¢¢ping proper accounting rccords that disclose with rcasonabl¢
accuracy at any time the financial position of the Trust and enable them to ensure that the accounts
comply with the Charities Act 2011, Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective I
January 2016 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.

THE WIENER LIBRARY ENDOWMENT TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
T report on the accounts of the Trnst for the year ended 31 December 2023. which are set out on pages 7 to 15.
Respective responsibilities of trustees and examiner
The charity's trustees are responsibl¢ for the preparation of the accounts. The charity's tru5t¢es consider that an
audit is not requiTed for this year under section 144{2) of the Charities Act 2011 (the 2011 Act) and that an
independent examination is needed.
It is my responsibility to:
examine thc accounts under section 145 of the 2011 Act.
to follow the procedures laid down in, the General Directions given by the ch￿lty Commissioner und¢T
section 145(5)(b) of the 2011 Act- and
to state whether particular matters hav¢ come to my attention.
Basis of independent examiner's report
My examination was carried out in accordanc¢ with the General Directiolls given by th¢ Charity Commlssioner.
An examination includes a review of the accounting records kept by thc charity and a comparison of th¢ accounts
presented with those records. It also includes consideration of any unusual items or disclosures in the accounts,
and the seeking of ¢xplanations from you as trustees concerning any such matters. The procedures und¢rtakcn
do not provide all the eviden¢¢ that would be required in an audit and, consequently no opinion is given as to
whether the accounts present a 'true and fair view. and the report is limited to those matters set out in the
statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
which gives me reasonable cause to believe that, in any material respec¢ the requirements:
(a)
(b)
to keep accounting records in accordance with section 130 of the 2011 Act. and
to prepare accounts which accord with th¢ accounting records and to comply with the
accounting requirements of th¢ 2011 Act have not been met" or
to which, in my opinion, attention should be drawn in order to enable a proper understallding of the
ccounts to be reached.
Slater ACA. CTA
For and on behalf ol
Shaw Gibbs Limited
79 High Str¢¢t
Teddilltrton
Middlesex TWI18HG
20th October 2024

THE WIENER LIBRARY ENDOWMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted Endovrnient
Total
2023
Totsl
2022
Funds
General
Funds
ote
Income from:
Voluntary income
Investments
57.570
57.570
-f43
Total income
137984
137 984
Expenditure on:
RaisiniF funds
Charitable activities
17.140
222 570
17.140
222 570
16,078
Total resources
expended
239 710
239 710
218 524
Nct (losscs)/gains on
investments
Nct incomingl(outgoing)
resources before
transfers
(101,726)
(41,438) (143,Ifpl} (256,427)
Gross transfers between
funds
15
101726
101726
Net movement in funds
(143,164) (143,Ifpl} (256,427)
Fund balances at:
l January 2023
3 638 629
3 638 629
3 89.f 056
31 December 2023

THE WIENER LIBRARY ENDOWMENT TRUST
STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2023
2023
2022
Notes
Fixed assets
Investmenls
11
3,461.761
3,616,220
Current assets
Cash at bank
Other Debtors
19.979
17,495
26.179
19
Creditors: amounts falling due within
one year
(3770)
Net CULTent assets
Total assets less current liabilities
495 465
3 638 629
Capital fund
Endowmcnt fund
14
3 495 465
3 638 629
The financial statements were approved by the Trustees and authorised for issue on 18 October 2024 and are
signed on behalf of the Trustees by:
Tracey Campbell
Trustee

THE WIENER LIBRARY ENDOWMEI¥T TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
Cash flows from operating activities
Cash absorbed by operations
18
(199,635)
(217,981)
Investing activities
Proceeds on disposal of fixed asset investment
Purchase of investments
Investment income received
1,030,547
(917,526)
1,017,446
(1,154,089)
Net cash generated from investing activities
193 435
104 188
Net decrease in cash and cash equivalents
(6,200)
(322,169)
Cash and cash equivalents at beginning of year
348 348
Cash and cash cquivalcnts at cnd of ycar

THE WIENER LIBRARY ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
Company information
The Wiener Library Endowment Trust ('the Trust,) was constituted on 12 November 1984 by a Declaration of
Trust.
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable
in the UK and Republic of Ireland" ("FRS 102"}. "Accounting and Reporting by Charities" the Statement of
Recommended Practice for charities applying FRS 102, the Charities Act 201 l and UK Generally Accepted
Accounting Practice as it applies from l January 2016. The Trust is a Public Benefit Entity as defined by FRS
102.
The accounts are prepared in sterling, which is the functional currency of the monetary amounts in these
financial statements which are rounded to the nearest £.
Thc accounts havc bccn prcparcd on thc historical cost convcntion, modificd to includc the rcvaluation of
freehold properties and to include investment properties and certain fir￿1claI instruments at fair value.
Thc principal accounting policics adopted are sct out bclow.
1.2 Going concern
At thc timc of approving thc accounts, thc Trustccs havc a rcasonablc cxpcctation that thc Trust has adcquatc
re80urces to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt
the going concern basis of accounting in preparing the accounts.
IJ Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. There were no
restricted funds in this last 12 month period.
Endowment funds held by the Trust may be granted, at the discretion of the Trustees, to The Library up to a
maximum of 50 per cent of the capital value of the Trust.
1.4 Incoming resources
Income is Tecognised when the Trust is legally entitled to it after any perforniance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be received.
io

THE WIENER LIBRARY ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies (Continued)
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of
the donation, unless perfonnance conditions require deferral of the amount. Income tax recoverable in relation
to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable,
except insofar as they are incapable of financial measurement.
1.5 Resources expended
Expenditure is included on an accruals basis.
1.6 Cash and cash equii'alents
Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-tenn liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.7 Financial instrument5
The Trusi has elected to apply the provisions of Seclion I I 'Basic Financial Instruments, and Section 12 '0ther
Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trust's balance sheet when the Trust becomes paty to the contractual
provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial asscts, Nvhich includc dcbtors and cash and bank balances, arc initially measurcd at transaction
price including transaction costs and are subsequently carried al amortised cost u%ing the effective interest
method unless the a￿angement constitutes a financing transaction, where the transaction is measured at th¢
prcscnt valuc of thc futurc rcccipts discountcd at a markct ratc of intcrcst. Financial asscts classificd as
receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction pric¢ unl¢ss
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future receipts discounted at a market rate of inlerest. Debt instruments are subsequently carried at
amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
li

THE WIENER LIBRARY ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies (Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or
cancelled.
Critical accounting estimates and judgements
In the application of the charity's accounting policies, the Trustees are required to make judgements estimates
and assumptions about the canying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised where the revision affects only that period, or in
the period of the revision and fijture periods where the revision affects both current and future periods.
Voluntary income
2023
2022
Donations and gifts
Bequest- Estate of Rosemary Lewis
535
543
543
Investments
2023
2022
Income from listed investments
Interest receivable
79,546
868
414
32,445
io
Raising funds
2023
2022
Investment management fees
12

THE WIENER LIBRARY ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6 Charitable activities
2023
2022
Grants payable (see note 7)
Shale of governance costs (see note 8)
220,000
200,000
222 570
202 446
7 Grants payable
2023
2022
Grants to institutions
Support and maintenance of The Library
22
Governance costs
2023
2022
Independent examination fee
Insurance
1,800
770
1,800
646
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust
during the year.
10 Employees
There were no employees during the year.
11
Fixed asset investments
Listed investments
Cost or valuation
Ai l January 2023
Additions
Valuation changes
Disposals
At 31 December 2023
3,616,220
917,526
{41,438)
1030 547
3 461761
Ai 31 Dcccmbcr 2022
3 616 220
13

THE WIENER LIBRARY ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 Financial instruments
2023
2022
Carr>ryng amount of financial assets
Equity instnllnents at fair value
3 461761 3 616 220
Carr>ryng amount of financial liabilities
Measured at amortised cost
13 Creditors: amounts falling due within one year
2023
2022
Accruals and deferred income
14 Endowment funds
Movement in funds
Transfers
Investment Balance at 31
gainsl(losses} December 2023
Balance at I
January 2023
Endowment fund
3 638 629
101726
3 495 465
Movement in funds
Transfers
Investment Balance at 31
losses
December 2022
Balance at I
January 2022
Endowment fund
The specific Endowment fund disclosed was created to further the objects of the Trust generally and is not
restricted as to its use.
15 Restricted funds
No restricted fLU]ds were held at 31 December 2023.
16 Designated funds
No designated fLmds were held at 31 December 2023.
14

THE WIENER LIBRARY ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17 Analysis of net assets between funds
Fund balances at 31 December 2023 are represented by:
Unrestricted
funds
Endowment Total
fund5
Investments
Net current assets
3,461,761 3,461,761
Fund balances at 31 December 2022 are represented by:
Unrestricted
funds
Endowment Total
funds
Investments
Net current assets
3,616,220 3,616,220
3 638 629 3 638 629
18 Cash generated from operations
2023
2022
(Deficit)Isurplus for the year
(143,164) (256,427)
Adjustments for:
Investment income recognised in profit and loss
Fair value gains and losses on investments
(80,414) (32,455)
41,438
70,901
Movements in working capital
Increase in debtors
Increase in creditors
(17,495)
(199 635
217 981)
19 Other Debtors
2023
2022
Accrued dividend income from investment manager
15