Charity Registration No. 290660 THE WIENER LIBRARY ENDOWMENT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE WIENER LIBRARY ENDOWMENT TRUST CONTENTS Page Legal and Administrative Inforn]ation Trustees, Report Statement of Trustees, Responsibilities Independent Auditor's Report 7-11 Statement of Financial Activities 12 Statement of Financial Position 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-22
THE WIENER LIBRARY ENDOWMENT TRUST LEGAL AND ADMtNISTRATIVE INFORMATION Trustees Tracey Campbell (Chair) Pierre Davis Martin Fraenkel Andrew Kaufinan Thierry Serero Charity number 290660 Principal address 29 Russell Square London WCIB 5DP Statutory Auditors Shaw Gibbs (Audit) Limited ststutory Auditor Salatin House 19 Cedar Road Sutton Surrey SM2 5DA Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ
THE WIENER LIBRARY ENDOWMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEIVIBER 2024 The Trustees present their annual report together with the audited financial statements of the Trust for the year ended 31 December 2024. Nature of governing document The Wiener Library Endowment Trust ('th¢ Trust,) is a registered charity (no: 290660). Its address is 29 Russell Square, London, WCIB 5DP. The Trust was constituted on 12 November 1984 by a declaration of trust. Trustees Thc Tn'S Trustees during the year and up until th¢ authorisation of this report were: Tracey Campbell (Chair) Pierre Davis Charles Elliott (to July I,) Richard Flax (from 21. February 2025) Martin Fraenkel (to 21 February 2025) Andrew Kaufinan Thierry Serero Trustees are nominated by the trustees of the TrusL subject to the approval of the Board of The Library. The Trustees would particularly like to thank Charles Elliott for bis contribution to the investment discussions since his appointment. The plans for trustee succession over the next three years have progressed well and new appointments, following a period of getting to know the Endowment operations, will be recorded in the 2025 accounts. 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 dat 16 January 2014 ( "Trust Deed,), Statement of Recommended Practice: Accounting and Reporting by Charities prcparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RUbliC of Ireland (FRS 102) ('the SORP,), FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102,), the Charities Act 2011 and UK Generally Accepted Accounting Practice. Objectives and Key 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 tota11tlan]sM and the Holocaust of European Jewry. To this end the Trust invests the capital it receives by way of gifts, legacies, any suryluses 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.
THE WIENER LIBRARY ENDOWMENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The declaration of trust perniits the Trustees to apply the 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 fiL The Trustees, objective is to maximise the medium-terni investment retL]rns 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 Trust furthers its charitable pury)ose for the public benefit through its grant-making policy which aims at. a) Supporting and maintaining The Wiener Holocaust Library b) Advancing the study of contemporary history with special reference to the era of totalitarianism and the Holocaust of European Jewry The Trustees confirni that in setting the Trust's objectives and planning its activities they have complied with their duty under the Charities Act 201 I 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 Tnte¢S 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. Financial Review During the year the Trnst's total expenditure was £263,341 (2023: £239,710) of which the grant to The Library totalled £220,000 (2023: £220,000) the level at which the grant is expected to continue going forwards. The Trust's income for the year was £806,024 (2023: £137,984). The Trust was therefore able to meet the grant of £220,000 to The Library out of this income. The Trust's insurance, bank charges and audit fees were also covered by total income coming from donations, legacies and investment income. The Trust received donations and gifts of £534 {2023: £535) and bequests of £725,010 (2023: £57,035) 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 reCOlised in these accounts was £725,010.
THE WIENER LIBRARY ENDOWMENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Funding and reserves policy It is the policy of the Trust to maintain unrestricted fi]nds (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 Tt at 31 December 2024 amounted to £4,202,914 (2023: £3,495,465). This is in line with the reserves policy. Investment portfolio policy and perforniance ID 2024 the Trust continued to invest with the aim of maximising total return over a 3-5 ycaT view while maintaining a moderate risk profile. Investments are made in UK and overseas stocks and bonds together with a modcst exposure to alternative investments. Two external fLmd managers with specialist charity departments arc 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 considerntion was given to the invesknent 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. With the arrival of such a generous legacy, it was possible to partially de-risk the portfolio through extending the share of cash investments, managed by a third investment manager towards the end of the year. This provided a eater contribution from interest as part of the make-up of the 2024 granL particularly welcome in volatile times for the stock market. The Trustees continued to receive dividends from the equity portion of the portfolio at the time of payment which smoothed the build-up of each of the two ant payments. These accumulated contributions have also benefitted from the additional income provided by greater use of the cash management account in a period of much-improved interest rates. The return from investments takes the fonn of interest and dividend income along with capital increase. The total return on investmcnt this year was approximately 7 %. The Trustees continued to hold regular mcctings with the investment managers to review progress on the portfolios and examine the risks to which the Trust is cxposcd to mitigat¢ any impact on the Trust's future operations. Risk management The Trustees continually assess the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust and believe that adequate procedures are in place to minimise exposurc to these major risks.
THE WIENER LIBRARY ENDOWMENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for the future To date taking a considered and balanced approach to risk management has resulted in capital gains being sufficient to cover the full grant payment on a rolling 3-year basis, cven if some individual years have seen a capital decline. This recent history, however, is no guarante¢ of future returns and so, while the recent increases in interest rates are expected to be helpful in coming years, the long-terni capacity of the Trust to pay out the filll grant amount over coming decades remains vulnerable to market volatility. The Trustees, report was approved by the Board of TnLStees. Tracey Campbell Trustee Dated.. ioth October 2025
THE WIENER LIBRARY ENDOWMENT TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preping the Trustees, Report and the accounts in accordance with applicable Law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practic¢). The law applicable to chariti¢s in England and Wales requires the Trustees to prepare accounts for each financial year which givc a tn and fair view of the state of affairs of the Trust and of the incoming resources and application of rcsources of the Trnst for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently" observ¢ the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and pnjdent. stste 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 Trust will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WIENER LIBRARY ENDOWTrNT TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 Opinion We have audited the financial statements of The Wiener Library Endowment Trust (the 'Trust') for the year ended 31 December 2024, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their prcparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unitcd Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: . give a true and fair view of the state of the Tnt'S affairs as at 31 D¢cember 2024 and of its incoming resources and application of resources, including its incomc and expenditure, for the year then ended; . have been propcrly prcparcd in accordancc with United Kingdom Generally Accepted Accounting Practice. and . have b¢¢n prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the fllfdncial statements in the UK including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities 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. Other matter We draw attention to the fact that the comparative period values were not audited as the trust was entitled to exemption from audit under section 144(2) of the Charities Act 2011 (the 2011 Act) and required an indcpcndent examination only. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the fncIal statements is appropriate. Based on the work we have perforn]ed, we hav¢ not identified any matuial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Tn'S ability to continue as a going concern for a period of at least twelve months from when the fmancial stat¢ments are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WIENER LIBRARY ENDOWMENT TRUST FOR THE YEAR ENDED 31 DECEltrtBER 2024 (CONTINUED) Other infornvation The other inforniation comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other inforniation. Our opinion on the financial statcmcnts does not covcr thc other infomiation and, except to the extent otherwise explicitly stated in our rcport, we do not cxprcss any forni of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the othcr inforniation is matcrially inconsistent with the financial statcmcnts or our knowledge obtained in the course of the audit, or othcrwisc appears to be materially misstated. If we identify such material inconsistencies or apparent Tnatcrial misstatements, wc arc required to deterniine whether there is a material misstatement in the financial stat¢ments or a material misstatement of the other inforn]ation. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infOrn]ati0 we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: . the inforniation given in the Trustees, Report is inconsistent in any material respect with the financial statements. or ' sufficient accounting records have not been kept; or . the fmancial statements are not in agreement with the accounting records. or ' we have not received all the infornlation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trnstees, Responsibilities (set out on page 5), the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detcrniinc is necessary to enable the preparation of financial statements that are free from material misstatement, whcther due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidat¢ the Tnlst or to cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ENER LIBRARY ENDOWMENT TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Auditor's responsibilities for the audit of the financial statsments We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemen( whether duc to fraud or error, and to issuc an auditor's report that includcs our opinion. Reasonable assurance is a high Icvel of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arisc from fraud or error and are consid¢red material if, individually or in the aggregate, they could reasonably be Cxpected to influence thc economic decisions of uscrs takcn on the basis of these financial statemcnts. Irregularities, including fraud, are instances of non-compliance 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: . the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recolIse non-compliance with applicable laws and regulations. ' we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence" and ' we identificd laws and regulations were communicated within the audit team regularly and the tarn remained alert to instances of non-compliance throughout the audit. We considered the nature of the Trust's sector and its control environment, and reviewed the Trust's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also identified the laws and regulations applicable to the Trust through discussions with the Trustees and other management, and from our cumulative audit, knoWIge and experience of the Trust.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WIENER LIBRARY ENDOWMENT TRUST FOR THE YEAR ENDED 31 DECEItrIBER 2024 (CONTINUED) We obtained an understanding of the legal and regulatory framework that the Tn operates in, and identified the key laws and regulations that.. . had a direct effect on the detern]ination of material amounts and disclosures in the financial statements. These included The Charities Act 2011, the Charities SORP, and UK financial reporting standards as issued by the Financial Reporting Council. and . do not have a direct effect on the financial statements but compliance with which may be fundamental to the Trust's ability to operate or to avoid a material penalty. These included the Trust's regulatory requirements and taxation legislations. We assessed the susceptibility of the Trust's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: . making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and ' considering the internal controls and policies in place to mitigate risks of fraud and non-compliance with laws and regulations. In response to the risk of irregularities and non-compliance with laws and regulations, we des11ed procedures which included, but were not limited to: ' reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. ' perfonning analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • enquiring of the Trustees concerning actual and potential litigation and claims, and instances of non- compliance with laws and regulations. and ' reading minutes of Trustee meetings, reviewing internal audit reports and reviewing correspondence with the Charity Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non- compliance with laws and regulations to enquiry of the Trustees and other rnanagement and the inspection of regulatory and legal correspondence, if any. io
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfornied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, thc Icss likely the inherently limited procedures required by auditing standards would identify it. In addition, &s with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forg¢ry, intentional omissions, misreprcscntations, or thc override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description fonns part of our auditor's report. Use of our report This report is made solely to the Trust's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trust's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fidlest extent perniitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust's Trustees as a body, for our audit work, for this repor¢ or for the opinions we have fonned. Shaw Gibbs (Audit) Limited, Statutory Auditor Salatin House 19 caT Road Sutton Surrey SM2 5DA Date: Shaw Gibbs (Audit) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointsnent as auditor of a company under section 1212 of the Companies Act 2006. li
THE WIENER LIBRARY ENDOWMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted General Fullds Total Funds 2024 Total Funds 2023 Endowment Funds Note Income from: Donations and legacies Investments 725,544 725,544 57,570 Total income 806 024 806 024 137 984 Expenditure oll: Raising funds Charitable activities 36,966 226 375 36,966 226.375 17,140 222 570 Total resources expended 263 341 263 341 239 710 Net (losses)/gains on investments 164 766 164766 Net incomingl(outgoing) resources before transfers 542,683 164,766 707,449 (143,164) Gross transfers between funds 542 683 542 683 15 Net movement in funds 707,449 707,449 (143,164) Fund balances At: l January 2024 3 495 465 3 495 465 3 638 629 31 December 2024 4 202 914 4 202 914 349546 All of the Trust's activities derive from continuing operntions during the above two periods. The Trust has no recognised gains or losses other than the net movement in funds for the year. 12
THE WIENER LIBRARY ENDOWMENT TRUST STATE1[ENT OF FINANCIAL POSITION AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Invesbnents 11 4,203,119 3,461,761 Current assets Cash at bank Other Debtors 7,195 19,979 17,495 13 Creditors: amounts falling due within one year 14 Net current Oiabilities)/assets (205 Total assets less current liabilities 49 Capital fimd General unrestricted fL]nd Endowment fund 15 15 4 202 914 3 495 465 4202 914 3 495 465 The financial statements were approved by the Trustees and authorised for issue on 10 October 2025 and are s]ed on behalf of the Trustees by: Tracey Campbell Tte¢ 13
THE WIENER LIBRARY ENDOWMENT TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activities Cash inflow from/ (absorbcd by) operations 19 495,135 (199,635) Investing activities Proceeds on disposal of fixed asset investment Purchase of investments Investment income r¢ceived 646,601 (1,235,000) 1,030,547 (917,526) 80.414 Net casb gellerated from investing activities 507 919 193 435 Net decrease in cash and cash equivalents (12,784) (6.2(K)) Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 14
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Trust inforniation The Trust was constituted on 12 November 1984 by a Declaration of Trust. 1.1 Basis of preparation These accounts have been prepared in accordance with FRS 102 "The FinanciaI Reporting Standard applicable in the UK and Rq)ublic of Ireland ("FRS 102"), "Accounting and Reporting by Charities the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accept Accounting Practicc as it applies from l January 2019. The Tst 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 fmancial statements which are rounded to the nearest £. The accounts have been prepared on the historical cost convention with items reCOlSed at cost or transaction value unless othcrwisc stated in the relevant notes to these accounts. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the accounts, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable fjJture, Thus, the Trustees contiJ)ue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Charitable funds Unrestricted fLmds are available for use at the discretion of the Trustees in fLlltherance of their Chitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. There were no restrict fjjnds in this last 12 month period. Endowment funds held by the Trnst may be granted, at th¢ discrction of the Trustces. to Thc Library up to a maximum of 50 per cent of the capital value of the Trust. 1.4 Incoming resources Income is recognised when the Trust is Icgally entitled to it after any perfornlance conditions have been mct, the amounts can bc mcasured reliably, and it is pmbable that income will be received. 15
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donatio unless perfornnCe conditions require deferral of the amount. Income tax rccovcrable in relation to th)nations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Donations, legacies and other forn of voluntary income arc rccognised as incoming resources when rec¢ivabl¢, exct insofar as they are incapable of fmancial measurement. 1.5 Resources expended Expenditur¢ is included on an accruals basis and inclusive of VAT. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, dOSitS held at call with banks, other short-temi 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 instrnments The Trust has elected to apply the provisions of Section I l Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its fllyancial instruments. Financial instruments are recognised in the Trust's balance sheet when the TrLL8t becomes party to the contractL provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the fllmncial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settIe on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently caffied at amortised cost using the effective interest rnethod unless the arrangement constitutcs a financing transaction. wherc the transaction is Measur at th¢ pr¢s¢Dt value of the future receipts discounted at amarket rate of interest. Financial assets classified as receivable within one year are not amortiseiL Basic financial ]iabilities Basic fllwlcial liabilities, including trade and other payables, are initially reCOlsed at transaction price unl&8S the arrangement constitutes a ru1clllg traTh8action. where the debt instrLllllcllt is measured at the present valuc of the futurc receipts discounted at a market rate of interest. Debt instriunents ar¢ subsequ¢ntly carried at amortised cost, using thc cffcctive intcrest rate method. Trad¢ payables are obEigations to pay for goods or servic&8 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. 16
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Reallsed gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the fwst day of the fmancial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their canying value. Realised and unrealised investment gains and losses are combined in thc Statement of Financial Activities. Derecognition of finydnciydl liabilities Financial liabilities are derecognised when the Trust's contractual obligations expirc or are discharged or cancelled. Crltical accounting estimates and judgements In the application of the Trust's accounting policies, the Trustees are requiIed to make judgements estimates and assumptio$ 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 ¢stint¢s. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estirnates 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 tUre periods where the revision affects both Cuent and future periods. Donations and legacy income 2024 2013 Donations and gifts Bequest- Estate of Rosemary Lewis 534 725 010 535 Income from donations and legacies for the current and previous year were all unrestricted. Investment income 2024 2023 Income from listed investments Interest receivable 77,067 79,546 868 Investtnent income for the cuent and previous year was all unrestricted. 5 Raising funds 2024 2023 Investment management fe& Expenditure on raising funds for the current and previous year was all unrestricted. 17
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEIVIENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 6 Charitable activities 2024 2023 Grants payable (see note 7) Share of govetnancc costs (see note 8) 220,000 220,000 22 Expenditure on charitable activities for the Cuent and previous year werc all unrestiictcd. 222 570 7 Grants payable 2024 2023 Grants to institutions.. Support and maintenance of The Library Grant payablc during the year was to Support and maintenance of The Library. All grants payable in the current and previous year were from unrestricted fi]nds. Governance costs 22 2024 2023 Indq)endent examination fee Bank Charges Auditor's remuneration 120 60 5,400 795 1,800 770 ExpendltLe on governance costs for the current and previous year were all unrestricted. Trllstees None ofthe Trustccs (or any pcrsons connected with them) received any remuneration or benefits from the Trust during the year. 10 Employees Thcrc were no employees during the current or previous year. 11 Fixed asset investments Listed investments 2024 2023 Valuation At l January 2024 Additions Valuation changcs Disposals At 31 December 2024 3,461,761 1,235,000 152,959 646 601 3,616,220 917,526 (41,438) 1030 547 18
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 I l Fixed asset investments (continued) The market value of each class of i))vestment comprises of: 2024 Equity Fixed interest security Other 2,66?,294 1.430,935 109 890 2.998.477 347 526 115758 3 461761 12 Financiydl instruments 2024 2023 Carrying amount of fmancial assets Investment in equities and fixed interest securities at fair value 4203119 Carrylng amount of financial Iiydbilities Measured at amortised cost 13 Other Debtors 20 2023 Accrued dividend income from investment manager 14 Creditors: amounts falling due within one year 2024 2023 Accrua expenKs 19
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Funds Transfer between fimds Other gains I Oosses) Balance at31 December 2024 Balance at I January 2024 Incoming Outgoing resources resources Gcncral unrestticted fund Endowment fund Total funds 806.024 (263,341) (542,683) 542 683 3 495 465 164 766 4 202 914 Transfer between funds Other gains I Oosses) Balance at 31 December 2023 Balance at I January 2023 Incoming Outgoing resourees resources Genal unrestricted fund Endowment fid Total funds 137,984 (239,710) 101.726 101726 3 638 6?9 3 495 465 General unrestricted funds are available for use at the discretion of the Trnstees in furtherance of their charitable objectives. The specific Endowment fund disclosed was created to further the objects of the Trnst generally and is not restricted as to its use. 16 Restricted funds No restricted fLdS wcrc held at 31 Decernber 2024. 20
THE WIENER LIBRARY ENDOWMENT TRUST ISOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Designated funds No designated funds were beld at 31 December 2024. 18 Analysis of net assets between fimds Fund balances at 31 December 2024 are represented by: Unrestricted funds Endowment Total funds Investments Net current liabilities 4,203,I19 4,203,119 205 Fund balances at 31 Dccember 2023 are represented by. Unrestricted funds Endowment funds Total Investments Net Cunt assets 3,461,761 3,461,761 19 Cash generydted from operations 2024 2023 (Deficitysurplus for the year 707,449 (143,164) Adjustsnents for. Investment income rccognised in profit and loss Fair value gains and losses on investments (80,480) (80,414) (152,959) 41,438 Movements in working capital Increase in debtors Increase in creditors 17,495 (17,495) 199 5 35) 21
THE WIENER LIBRARY ENDOWMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Comparatives for Statement of Financial Activities Unrestricted General Funds Total Funds 2023 Endoivnient Funds Nots Income from: Donations and legacies Jnvestments 57,570 57.570 Total income 137984 137.984 Expenditure on: Raising funds Charitable activÈti&s 17,140 ?22 570 17,140 22? 570 Total resources expended 239 710 239 710 Net (losses)/gains on investments Net IDcomlDg/(outgoing) resources before transfers (101.726) (41,438) (143,164) Gross transfers between fi]nds 15 101726 101726 Net movement in funds (143,164) (143,164) Fund balances at: l January 2023 3 638 629 3 638 629 31 December 2023 22