Annual Report
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2023
2024
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## **LONDON LIBRARY PATRONAGE**
_Photo credit: Hugo Burnand_
We are delighted that Her Majesty The Queen is continuing her support of The London Library and taking on its Patronage.
Her Majesty The Queen is a passionate promoter of literacy in the UK and internationally, with particular focus on encouraging a love of reading and writing from an early age. The Queen’s Reading Room, the charity and book club of Her Majesty The Queen, celebrates and promotes the power and benefits of reading, helping more people find and connect with books which enrich their lives.
For the Library, Her Majesty The Queen’s endorsement will strengthen our efforts to inspire, support and promote the creation and sharing of knowledge and ideas through reading, writing and discussion, and help to establish the Library as the home of literary inspiration.
We are grateful to have had support from Her Majesty The Queen since 2012 in which she served as London Library Vice-Patron and hosted events with the Library. We look forward to her continued support over the coming years.
|**ANNUAL REPORT AND ACCOUNTS**|2023-2024|
|---|---|
|**TABLE OF CONTENTS**||
|**Administrative Information**|**2**|
|**From the Chair of Trustees**|**3**|
|**From the Director**|**4**|
|**Our Year in Numbers**|**5**|
|**Highlights of the Year**|**7**|
|**In Focus:**The London Library Literary Festival 2023|**9**|
|**Events Programme**|**11**|
|**Trustees’ Annual Report**|**12**|
|Introduction|12|
|Public benefit|12|
|Achievements and performance|13|
|Review of operations during the year|14|
|Plans for 2024/2025|15|
|Financial review|16|
|Structure, governance and management|19|
|Statement of Trustees’ responsibilities|21|
|**Independent Auditor’s Report to the Trustees of**||
|**The London Library**|**22**|
|**Accounts**|**24**|
|Statement of Financial Activities|24|
|Balance Sheet|25|
|Statement of Cash Flows|26|
|Notes to the Accounts|27|
|**Donations and Bequests**|**44**|
|**Organisational Information**|**47**|
|Ten-year financial summaries|47|
|Library funds as at 31 March|47|
|**Support Us**|**48**|
Printed by Signworx Hereford Ltd[n] Joyce Mason Design
**2 • ADMINISTRATIVE INFORMATION**
## **The London Library**
Registered office and principal place of business: 14 St James’s Square, London SW1Y 4LG Incorporated by Royal Charter, registration number: RC000325 Charity registration number: 312175
VAT registration number: 239 6572 28
## **TRUSTEES**
_(Note: numbers in brackets refer to membership of committees listed at the foot of this page)_
_Chair_ Simon Godwin[(2,4,5)] _(joined 14 November 2023)_
_Treasurer_
> [(2,5)]
_Other Trustees_
Yassmin Abdel-Magied[(3,6)] Alain Aubry[(3,4)] Paul Aylieff[(4,5)] Neil Christie[(6,7)] John Colenutt[(4,5)] Sir Howard Davies[(2,4)] _(retired 14 November 2023)_ Isabelle Dupuy[(2,5,7)] Patrick Fleming[(1,3)]
> [(4,6)] Stephanie Hall[(1,2)]
Will Harris[(2,6)] _(retired 14 November 2023)_ Simon King[(4,7)] _(joined 14 November 2023)_ Giles Milton[(2,3,6)] _(retired 14 November 2023)_ Rick Stroud[(1,3,4)] _(retired 14 November 2023)_ Rosalynn Try-Hane[(1,3)] Stephen Withnell[(4,7)]
## **EXECUTIVE TEAM**
Director (Chief Executive) – Philip Marshall Director of Collections and Library Services – Matthew Brooke Membership Director – Felicity Clark Director of Finance and Resources – Chris Gilbert Director of Development – Willa Beckett _(from September 2023)_
## **ADVISERS**
## **Bankers**
Barclays Bank plc 1 Churchill Place London E14 5HP
## **Auditors**
MHA 6th floor, 2 London Wall Place London EC2Y 5AU
## **Solicitors**
Bates Wells LLP 10 Queen Street Place London EC4R 1BE
## **Investment Managers**
Newton Investment Management BNY Mellon Centre, 160 Queen Victoria Street London EC4R 1BE
BlackRock 12 Throgmorton Avenue London EC2N 2DL
## **Pension consultants**
Broadstone Limited 100 Wood Street London EC2V 7AN
Foot Anstey LLP 36-38 Cornhill London EC3V 3NG
## **Key to Committees**
- _1 Building and Facilities Committee_
- _2 Chairs’ Committee_
- _3 Collections Committee_
- _5 Finance Committee_
- _6 Membership Committee_
- _7 Nominations Committee_
- _4 Development Committee_
**• 3**
## **FROM THE CHAIR OF TRUSTEES**
This is my first Annual Report and Accounts as Chair, and I am delighted to say that it has been another successful year for the Library. However, given I assumed my role in November 2023, it would be wrong for me to claim any credit, and so I would like to thank my predecessor, Sir Howard Davies, and also our outgoing Treasurer, Philip Broadley, for their excellent stewardship over the past eight years. They helped the Library to not only stabilise its financial position but indeed achieve strong growth – for the sixth year in a row, we have seen the Library’s membership increase and I am pleased to report an Operating Surplus once again this year, confirming one of our key aims from the previous strategy.
Thanks are also due to you, the members, for making the Library not only a great institution but also a fantastic community. Your passion for the Library, and of course your financial support, whether through membership fees, our Patrons’ Scheme or other donations, are what help us thrive and grow.
We are now in the process of developing the next long-term strategy reflecting progress made over the last six years, but mindful of the paramount need to maintain our financial stability. Our plans will look to build on the strengths of this remarkable place whilst retaining the elements that make us unique.
Part of building on our strengths, literally and figuratively, is the Building Connections plan which will see new member facilities, a new lift and a roof terrace added to the Library.
Following our consultations, we are now seeking planning permission and hope to start work soon. The aim is to cement our position as an inspiring place for readers, writers, scholars and thinkers with a shared love of the written word. The improvements to our building will allow us to broaden our community and our discourse, whilst retaining the foundations of the Library’s unique offer – an unparalleled, accessible collection which supports the quiet industry of our members.
We were honoured and delighted to hear that Her Majesty The Queen, whose love of books and literature is well known, has agreed to become our Royal Patron. Together with our President, Helena Bonham Carter, and all of our Vice-Presidents, we have an incredibly strong network to give us support and advice.
Finally, thank you to all of the Library staff and my fellow Trustees who have made me feel unbelievably welcome. As a long-standing member, I was slightly nervous of seeing the inner workings of the Library in case it spoilt my illusions and love for the place! However, getting to know the dedicated, talented and wonderful people who support the running of the Library has just increased my enjoyment. I feel honoured to be part of the team and look forward to playing my part in guiding the Library to future success.
**Simon Godwin**
**4 •**
## **FROM THE DIRECTOR**
This was the final year under our six-year strategic plan and it was wonderful to end on a high. We grew membership for the sixth year in a row, delivered a second successive year of operating surplus, and saw an increase in both the number of visits made to the Library and the number of books borrowed. While not yet back to pre-Covid levels, it is heartening to see our collection and study spaces being so well used.
Our aim, as ever, is to ensure the Library inspires, supports and promotes the creation and sharing of knowledge through reading, writing and discussion. Our collection is at the heart of this and we made some excellent additions, both in printed and electronic form. This year we invested nearly £330k in new books and ongoing subscriptions, up 11% on last year.
We also upgraded many aspects of our Library building and facilities this year. You may have noticed the digital lockers, energy-efficient LED lighting and new carpets, but we have also made less obvious roof repairs and improved our fire alarm system. All this is designed to keep the space in good condition and working as well as possible for our members.
Our programme of literary events continues to go from strength to strength, and a special highlight this year was the Lit Fest which drew an audience of more than 800 to enjoy a long weekend of inspiring talks and performances. Events help us raise awareness of the Library and bring many people here for the first time, coming together with our members in celebration of books and ideas.
Other improvements to the collection included the completion of a major project to fit our books with radio frequency identification (RFID) tags. As well as enhancing security, this also enabled us to introduce a self-service option for borrowing and returns. The process also served as a comprehensive stock-check, helping us identify missing, mis-shelved or damaged books, and make plans to repair and replace as appropriate. I am very grateful to all those members who contributed to our Library Fund Appeal to ‘Restore and Refresh’ the collection. We shall be deploying the funds raised over the next few years to support additional acquisition and much needed conservation work.
As we turn the page on the last year, we start a new chapter for the Library with the creation of a new and exciting fiveyear plan. Our aim is to make the Library the home of literary inspiration, and a key part of this is the delivery of the new building project which will improve member facilities, increase public impact, make the collection more accessible and ensure our long-term sustainability.
Thank you for your ongoing support for the Library.
**Philip Marshall**
**• 5**
## **OUR YEAR IN NUMBERS**
**7,540** members 4,271 **63,859** at 31 March books book loans 2024 added to the **61,761** _12%_ 1,229 member visits collection postal to the Library loans new
_12%_ 1,229 postal loans new members **7%** joined during the ebook year loans 85% member **7.9** retention rate
**£169,021** value of print publications added to the collection Nearly ,1400 applications to the Emerging Writers Programme
member **7.9** retention rate average number of 2,200 loans per tickets sold member for public events
growth in social 25% media engagement
## **6 • OUR YEAR IN NUMBERS**
|**MEMBERSHIP AT YEAR-END (31 March)**
||
|---|---|
||**2024 2023**|
|Full Individual Membership 4,219 4,243|Full Individual Membership 4,219 4,243|
|Supported Membership 247 268|Supported Membership 247 268|
|Young Person Membership 806 829|Young Person Membership 806 829|
|Life Membership 1,122 1,119|Life Membership 1,122 1,119|
|Institutional Membership 177 172|Institutional Membership 177 172|
|Remote Access Membership 648 570|Remote Access Membership 648 570|
|Associate Membership 281 216|Associate Membership 281 216|
|Emerging Writers 40 41|Emerging Writers 40 41|
|**TOTAL**|**7,540 7,458**|
## **TEN-YEAR SUMMARY OF MEMBERSHIP**
||**Members New members Withdrawals**
**Net**|**Members New members Withdrawals**
**Net** **increase/**|
|---|---|---|
|**Year at year-end during year during year**|**Year at year-end during year during year**|**Year at year-end during year during year**
**(decrease)**|
|2015 6,708 697 (998) (301)|2015 6,708 697 (998) (301)|2015 6,708 697 (998) (301)|
|2016 6,613 692 (787) (95)|2016 6,613 692 (787) (95)|2016 6,613 692 (787) (95)|
|2017 6,569 747 (791) (44)|2017 6,569 747 (791) (44)|2017 6,569 747 (791) (44)|
|2018 6,509 774 (834) (60)|2018 6,509 774 (834) (60)|2018 6,509 774 (834) (60)|
|2019 6,592 874 (791) 83|2019 6,592 874 (791) 83|2019 6,592 874 (791) 83|
|2020 6,950 1,101 (743) 358|2020 6,950 1,101 (743) 358|2020 6,950 1,101 (743) 358|
|2021 7,055 1,130 (1,025) 105|2021 7,055 1,130 (1,025) 105|2021 7,055 1,130 (1,025) 105|
|2022 7,392 1,342 (1,005) 337|2022 7,392 1,342 (1,005) 337|2022 7,392 1,342 (1,005) 337|
|2023 7,458 1,310 (1,244) 66|2023 7,458 1,310 (1,244) 66|2023 7,458 1,310 (1,244) 66|
|2024 7,540 1,229 (1,147) 82|2024 7,540 1,229 (1,147) 82|2024 7,540 1,229 (1,147) 82|
|**Average 6,939 990 (937) 53**|**Average 6,939 990 (937) 53**|**Average 6,939 990 (937) 53**|
_Note: the figures for new members also includes reinstated members_
## **THE MOST BORROWED eBOOKS OF 2023**
**Yellowface** by Rebecca F Kuang
**The Library: a fragile history** by Andrew Pettegree and Arthur der Weduwen
**The Story of Russia** by Orlando Figes
**What Writers Read: 35 writers on their favourite book** edited by Pandora Sykes
**Really Good, Actually** by Monica Heisey
**A Spell of Good Things** by Ayobami Adebayo
**• 7**
## **HIGHLIGHTS OF THE YEAR**
## **ROYAL PATRON**
The appointment of Her Majesty Queen Camilla as London Library Patron was confirmed in May 2024, just after the end of the financial year. Formerly the Library’s Vice-Patron, Queen Camilla has a keen interest in books and reading, and hosts her own book club, The Queen’s Reading Room. We are honoured by her support of the Library.
## **MEMBERSHIP**
Membership grew for the sixth year in a row, and we ended 2023/24 with 7,540 members, the highest number since 2008. Turnover is still high (1,147 members left and 1,229 joined) but retention has risen by 2 percentage points to 85%. We saw increases in Remote and Associate memberships (by 14% and 30% respectively) as we reach out to those who cannot access our standard daytime opening hours. Book borrowing also increased this year, with members taking out 5% more books than in the previous year.
We know that many members value the sense of community and connection that comes with being part of the Library so we introduced more member events this year. These included a weekly coffee morning, an archives session unearthing specialist material from the Library’s rich history, and a writing masterclass which resulted in one member being contacted by a book agent.
Special interest groups are another way for members to meet, collaborate, share ideas and swap reading recommendations, and these continued to flourish in 2023/24. Of note was the Non-Fiction Writers Group working with Library staff to curate a special collection of travel writing for our display cabinet.
items, and were not previously discoverable when searching Catalyst. Work to add the remaining titles continues.
Between March and May 2023, 820,217 security tags were placed in our books and periodicals. This mammoth task enhanced security, improved the ability to locate mis-shelved books, and enabled a self-service option for members in the Issue Hall. The project also provided a great deal of collections data that was used to inform the Library Fund Appeal which raised £139k to help refresh and restore the collection over the next few years. We have already begun specialist conservation of one of the Library’s most rare volumes, _Defence of the Seven Sacraments_ , written by King Henry VIII in 1521.
## **ARCHIVES**
Another major project which also began this year is the digitisation of the Library’s archival membership records. This will ultimately create a freely available, searchable database to foster research into the Library’s historic membership. We are grateful to the Unwin Charitable Trust and the individual donors whose funding has made this project possible.
## **EVENTS AND PARTNERSHIPS**
The public events programme raises awareness of the Library as a place of literary inspiration, and we held almost 30 events this year ranging from early morning writing workshops to the ever popular R.A.P. Parties which combine poetry and music to foot-stomping effect. Among the speakers were Sir Ian McEwan and Bettany Hughes, and many events were delivered in conjunction with partners such as English PEN, Jewish Book Week, The Sunday Times Young Writer of the Year Award, and the Jhalak Prize. We sold over 2,200 tickets in total.
## **COLLECTIONS**
In 2023/24, we added nearly 14,000 records to the Library management system for books held in our closed storage collection. These are our oldest, rarest and/or most fragile
One major element of our programming was the Library’s literary festival, Lit Fest, held in April 2023. The festival featured a sparkling line up of literary and artistic talent and included conversation, exhibitions, theatre and music.
## **8 • HIGHLIGHTS OF THE YEAR**
Highlights included the first-ever performance of Sylvia Pankhurst’s long-lost play, _Between Two Fires_ , and an epic _The Waste Land_ inspired evening of poetry, dance, and song.
## **THE LIBRARY BUILDING**
It takes a lot of time and effort to look after a building as large and complex as the Library. This year there were significant improvements behind the scenes as we made vital repairs to the fabric of the building via the Repair and Renovation Fund established in 2023. Other, more visible changes included replacing the carpet in the Issue Hall, Reading Room and central staircase, a new door between the Art Room and the Art Reading Room, and the arrival of keyless lockers, digital signage and further LED lighting in the stacks.
We also worked with architects and designers to produce detailed plans for the next major development in the building’s history, going to consultation on the Building Connections project in May 2024. This ambitious project will see a new education and meeting space, a café and members lounge, a roof terrace and an additional lift. A significant fundraising campaign is underway to finance the project.
## **SUPPORTING THE NEXT GENERATION OF READERS AND WRITERS**
We received a record-breaking number of applications for the fifth iteration of our Emerging Writers Programme (EWP). The 40 new writers in this year’s cohort are receiving writing development masterclasses, literary networking opportunities, peer support and 12 months’ free membership of the Library. We also launched the latest EWP anthology featuring new writing from our 2022 cohort. Called _From the Silence of the Stacks, New Voices Rise Volume IV_ , it can be read for free from the Library website at **www.londonlibrary.co.uk/ewp-cohort-22**
Our Learning and Participation Programme grew this year from a pilot project to an ongoing series of workshops and
other events funded by Jan Michalski Foundation and led by a newly appointed Learning and Participation Manager. The programme reached over 250 young people and adult participants who would otherwise not have had access to the rich resources of the Library. Many events were organised in partnership with other charities and community groups including Arvon, Grenfell Dedicated Service, Virtual Schools, Ministry of Stories, Royal Society of Literature, Pen to Print, and Barbican Young Poets. We also developed new curriculumled sessions for GSCE and A-Level students, bringing school pupils together with professional authors and facilitators.
## **FUNDRAISING**
Our Patrons’ Programme, the Founders’ Circle brings together a group of supporters who regularly give to The London Library. This year our Founders’ Circle Patrons enjoyed an exclusive programme of events including an inspiring trip to the great libraries of Scotland and a wonderful evening of music in the Library Reading Room hosted by the Academy of St Martin in the Fields chamber orchestra. Fittingly, the concert featured works by Sir Edward Elgar who was a Library member and Library Committee Member for nearly a decade.
We are, as ever, extremely delighted by the enormous generosity of our members and supporters, both in the UK and overseas.
## **WHO YOU GONNA CALL?**
We had a very successful year for venue hire with major film and television companies using the Library for their productions. This included _Ghostbusters: Frozen Empire_ , which involved the closure of the Library on a Saturday, and we were grateful for our members’ understanding on this. Eagle-eyed viewers may have spotted the Library standing in for the New York Public Library in the film, but wouldn’t have realised that one of our staff got to play a scene with Dan Aykroyd as she was later replaced by a CGI ghost.
**• 9**
## **IN FOCUS:** THE LONDON LIBRARY LITERARY FESTIVAL 2023
The end of April 2023 saw the return of the Library’s celebrated literary festival, The London Library Lit Fest. A highlight in the year’s programme of talks and events, Lit Fest was part of our ambition to raise awareness of and widen access to the Library’s invaluable resources. It followed the success of Lit Fest 2021 which was awarded _Highly Commended_ at The Booksellers’ FutureBook awards.
non-members, bringing the Library to a whole new audience of engaged culture seekers. Events were mostly held in the Reading Room, with many livestreamed to an online audience. An online pass was also available that gave access to recordings of the events for up to two months after the festival. Around 30% of sales were online, allowing us to reach well beyond the normal confines of the Library building.
Open to all, the 2023 Lit Fest brought together leading figures from the literary world for an eclectic, inspiring and thoughtprovoking long weekend of conversation, performance, art and music exploring themes of collections, collecting and collectives. Events included creative workshops, fascinating panel discussions, and the first ever performance of a long-lost play by Sylvia Pankhurst written in solitary confinement at HMP Holloway.
Lit Fest 2023 proved very popular, with some 815 attendees across the weekend. Over 60% of ticket sales were to
Lit Fest was supported by public funding from the National Lottery through Arts Council England, and by the Jan Michalski Foundation.
## **The Lit Fest Programme**
## _Thursday 27 April 2023_
The opening night of the programme encouraged visitors to explore portraits of women writers in an exhibition by South African born, UK-based artist, Susanne du Toit. The exhibition launch saw the complete series of works on display together
## **10 • IN FOCUS:** THE LONDON LIBRARY LITERARY FESTIVAL 2023
for the first time, and they remained in the Art Reading Room throughout the festival. The evening included a very special salon with Susanne and some of her illustrious sitters including Juliet Jacques, Dreda Say Mitchell, Sacha Llewellyn and Lara Feigel.
## _Friday 28 April 2023_
The second day of the festival saw an electrifying evening of poetry, performance, dance and music to honour T S Eliot’s epic poem, _The Waste Land_ . Featuring poets Ben Okri, Jay Bernard, Will Harris, Sophie Herxheimer, Daljit Nagra, Richard Scott and Hannah Sullivan, as well as singer songwriter Polly Paulusma and dancer Charlotte Jarvis. To accompany this event, the _Wasted Books_ exhibition featured a series of sculptures by artist and award-winning visual poet Jacqueline Nicholls. The works, which were inspired by _The Waste Land_ , were hidden among the Library’s stacks for visitors and members to discover throughout the festival.
## _Saturday 29 April 2023_
The festival continued with the premiere of _Between Two Fires_ , the powerful play that Sylvia Pankhurst wrote using a contraband pencil while she was imprisoned for sedition. Performed for the first time in a rehearsed reading with professional actors, it was followed by a panel discussion with Pankhurst’s biographer Rachel Holmes; her granddaughter activist Helen Pankhurst; playwright Sonali Bhattacharyya and London Library Archivist Nathalie Belkin. The play was directed by Roxana Silbert and produced by Amy Powell Yeates with a stellar cast including Michael Gould ( _Darkest Hour_ , _Rouge One_ ), Freya Mavor ( _Skins_ , _The White Queen_ ), Sam Newton ( _The Curious Incident of the Dog in the Night-Time_ , _Big Big Sky_ ), Martina Laird ( _Dreamlan_ d, _The Little Mermaid_ ), and Jamie Sives ( _Game of Thrones_ , _Guilt_ ). Attracting an
audience of nearly 200 visitors, this was the most popular event of the festival, and to fulfil demand for the production, it was brought back for a limited run in May 2024.
There were also two inspiring writing workshops run in partnership with Arvon, the national creative writing charity, across Saturday and Sunday: artist and poet Sophie Herxheimer led a workshop on found and collage poetry using the Library’s collection, while novelist Marcel Theroux’s event looked at writing politics into fiction. Both workshops sold out.
## _Sunday 30 April 2023_
A full day of programming began with a showcase of amazing talent from some former participants on our prestigious Emerging Writers Programme which supports unpublished writers at the very start of their careers.
Later in the day there was a fascinating look at anthologies, encyclopaedias and indexes with Simon Garfield, Dennis Duncan, Clare Bucknell and Rishi Dastidar who dissected the cultural, social and political history of information collation.
Another session saw the Library’s Head of Programmes and festival coordinator, Claire Berliner, bring together Carole Hailey and Ayisha Malik to explore gender, silence and revolution.
And rounding off this year’s Lit Fest, five speakers delved into the Library’s idiosyncratic Science and Miscellaneous section to celebrate the weird and wild in a lively event presented in partnership with 5x15. Speakers included poet and playwright Inua Ellams on _‘Music’_ , bestselling author Kate Summerscale on _‘Fear’_ , award-winning psychotherapist Maxine Mei-Fung Chung on _‘Sex’_ (and desire), film critic Danny Leigh on _‘Typewriters’_ and legendary journalist and biographer Philip Norman on _‘Press’_ .
**• 11**
## **EVENTS PROGRAMME**
**Event name Date 2023** The Kneeling Man 06 April R.A.P. Party: More Fiya 20 April Lit Fest 27-30 April Celebrating the Jhalak Prize 2023 18 May Damian Barr’s Literary Salon 25 May The R.A.P. Party: Windrush Day 22 June Write & Shine: Christabel Pankhurst and the Suffragettes 29 September Celebrating Vita Sackville West 12 October The R.A.P. Party: Rhythm and Prose 26 October Write & Shine: Beryl Bainbridge 03 November **2024** Bettany Hughes on The Seven Wonders of the World 25 January Under the Covers: Ian McEwan 01 February Write & Shine: Ways of Seeing – John Berger 09 February Your Sexts Are Shit: Older Better Letters 15 February Private Inquiries: The Secret History of Female Sleuths 29 February Michael Ignatieff on Isaiah Berlin (at King’s Place with Jewish Book Week) 07 March Dickens’ Jews (at King’s Place with Jewish Book Week) 09 March Art/Lit Salon: Dolls 14 March Utopias and the City 21 March
**12 • TRUSTEES’ ANNUAL REPORT**
## **INTRODUCTION**
The Trustees of The London Library present their report and the audited accounts of the Charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s Royal Charter and relevant accounting standards and guidance.
The London Library’s charitable object is the advancement of education, learning and knowledge by the provision and maintenance of a library in London. Founded in 1841, the Library’s primary purpose is to provide readers, writers and researchers with the rich resources of a national library for use in their own homes or workplaces, or within the Library’s own premises. We specialise in the humanities and arts and our collection now contains over one million items including books, newspapers, pamphlets, reports and journals dating from the 16th century to today. In addition, we also have a manuscript and archive collection of unique, unpublished items relating to the Library and its members. We carefully conserve and maintain our collections, and continuously add to this extraordinary accumulation of material, acquiring thousands of published works in many formats each year. Many additions are based on the suggestions of our members.
We want the Library to inspire present and future generations of readers and writers. We provide the most direct and liberal access to the published written word with the great majority of our collections on open-access shelves in our central London, Grade II-listed building. The volumes may be freely browsed by members, with the majority available for loan and only the most precious or fragile items requiring invigilated access. In addition, the Library has substantial online resources including ebooks, newspaper archives and access to thousands of online journals and periodicals.
With specialist staff and facilities conducive to reading and scholarship, the Library aims to provide a prompt, reliable and courteous service to all our users. We also host many active member groups such as the Philosophy Group, the Non-Fiction Writers Group and the Gender Studies Group, and have a popular programme of inspiring literary events and activities open to members and non-members alike.
## **PUBLIC BENEFIT**
The Library’s collections, services and facilities are of comparable depth and reach to those found in universities and specialist institutes. Library membership is open to all, and the Library is well used by a broad spectrum of readers, writers and researchers, many of whom would otherwise have no access to such extensive loan collections and online resources. As well as the various annual membership options, daily or weekly reference tickets can be issued to those who need access to our materials. To maximise the benefits of our resources, postal loans are available for members, and items from the Library’s collection are also made accessible to public libraries via the Inter-Library Loan scheme.
Many Library members are writers. By assisting these authors in their research prior to publication of original work the Library contributes to the cultural enrichment of the whole nation. Although not easy to measure, this is an important public benefit, as readers who have seen the tributes to the Library and its staff in the Acknowledgements pages of countless books over many decades will be aware.
An impact report was produced for the Library in 2020 in partnership with consultants Nordicity and Chartered Accountants Saffery Champness. The report identified that the Library produced an annual contribution of over £21m to the UK economy and gave an insight into the production of work from Library members, which includes over 700 books, thousands of published newspaper and magazine articles, along with screenplays, theatre scripts and other work each year.
The Library offers Annual and Life Memberships which give access to the building and the collection, and grant the right to borrow books. For those that wish to use the collection and the Library’s resources without full access to the building, or only at off-peak times, Remote Access and Associate memberships are available at a reduced price. Corporate and charitable bodies may also take out membership, paying a single fee and then nominating representatives who access the Library’s facilities on their behalf. We also deliver key educational benefits to young people via schools memberships. As at 31 March 2024, there were 79 schools in membership, with many having joined via the Subsidised Schools Membership Scheme which offers state schools free membership of the Library for a year.
**• 13**
Membership fees are set in the context of the Library’s overall budget and approved by the members at their Annual General Meeting. The ordinary annual fee for individual full membership is currently £565 if paid by annual Direct Debit (£615 for other payment methods), which equates to £47.08 per month. Young Person Membership is available to anyone under 30 at half the full rate. We undertake occasional offers and promotions to attract new members such as discounted membership to mark National Writing Day. The annual fee is not dependent on either the nature or the amount of usage made of the Library’s facilities, but separate charges may be made for postal loans and for extra books above the standard allowance.
While the Library’s fees offer good value for money in relation to the value of the services we provide, there are people who need the range and depth of material and the generous access that are the Library’s hallmark but who are unable to afford the full fees, particularly as the financial rewards from writing are generally modest and often unreliable. Where there is clear evidence of need, applications can be made to the Supported Membership scheme which can reduce the fee payable by between 30% and 60%. The total number of members in receipt of this fee support at 31 March 2024 was 247 or 3.3% of the total membership (31 March 2023: 268 or 3.6%). The approximate value of fee subsidies in the year is estimated at £58k (2023: £60k). This is equivalent to 2.1% of the Library’s income from annual membership fees (2023: 2.2%).
As well as core library services, we offer educational activities which include a diverse programme of engaging literary talks, events, panel discussions and other activities featuring leading writers, poets, historians and key speakers. These events are open to both members and non-members, and many can be accessed via online recordings on our website. _The London Library Magazine_ , published twice a year, includes articles about, and inspired by, the Library and our members. _The Magazine_ can also be freely accessed online.
As well as offering schools memberships, the Library actively supports the development of the next generation of readers and writers through two key programmes: (i) _The Emerging Writers Programme_ focuses on new writing talent, granting up to 40 free annual memberships to aspiring new writers selected on merit by a panel of judges. Applications are based on the submission of an example of writing and successful applicants participate in a 12-month programme of activities to help nurture their writing careers. (ii) _The Learning and Participation_
_Programme_ is aimed at introducing school pupils, young people and marginalised adults to the resources of the Library through workshops and curriculum-led activities. Much of the programme is delivered in mutually beneficial partnerships with other charities and community organisations.
In setting the Library’s objectives and planning its activities, the Trustees give careful consideration to the Charity Commission’s published guidance and other research on public benefit and its reporting.
## **ACHIEVEMENTS AND PERFORMANCE Performance against strategic objectives:**
The Library’s Strategic Plan ‘New Foundations’, was launched in autumn 2018 and came to an end this year. The strategy was based around two key goals:
- n Substantially increasing awareness of, access to, and
- engagement with the Library, and thereby increasing our reach and impact
- n Removing the annual operating deficit by the end of
- 2023/24, to place the Library on a sustainable financial footing for the future
Over the last six years, we have had significant success in achieving these goals:
## **1. Awareness, access and engagement**
Membership of the Library grew by 1% to 7,540 this year, marking six years of consecutive growth. Over the life of the strategic plan, membership has grown by nearly 16% and is now at its highest level for more than fifteen years. Since 2018 we have introduced new membership types, harmonised book borrowing limits and increased Young Person Membership by over 250%. We are particularly proud of the organisation’s response to the global pandemic of 2020-2021. Despite the restrictions and uncertainty, the Library maintained a service throughout and was even able to grow membership. We are grateful to all our members, supporters and staff for helping us through those unprecedented times.
The Library now has active social media accounts and is receiving an increased amount of positive media coverage. This year, a visit by actor and author Tom Hanks triggered favourable press mentions, and an Instagram post featuring our President Helena Bonham Carter and actor Bill Nighy at the Library Christmas Party went viral, contributing to much greater engagement and a 91% increase in followers.
## **14 • TRUSTEES’ ANNUAL REPORT**
The event programme, introduced in 2018, has become a key tool for extending our impact and introducing non-members to the Library. We regularly hold early morning workshops, talks, panels and poetry events featuring inspirational literary figures, many of whom are Library members themselves. Events are often streamed online which helps increase the audience size. In 2023/24, with the help of the flagship Lit Fest event we reached over 2,200 people, online and in-person.
As an educational charity we have developed new initiatives to use the Library’s tremendous resources to inspire the next generation of readers and writers. The Emerging Writers Programme (EWP), now in its fifth year, continues to gather momentum with record numbers of applicants each year, and we are pleased to see the publishing successes of our EWP alumni. We are also bringing many young people into contact with the Library for the first time through the Subsidised State School Membership Programme, through our active partnerships with other charities and via the development of a Learning and Participation Programme nurtured by a grant from the National Lottery through Arts Council England, and now growing thanks to a number of generous donations.
## **2. Financial sustainability**
Our key measure of financial sustainability is the _Operating Result_ which is measured as the difference between the Library’s income and expenditure related to regular operations. The Operating Result excludes capital expenditure, capital funding, depreciation, and other items that are not part of normal daily operations.
The Operating Result for 2024 is a £17k _surplus_ (2023: £110k), marking the second year in a row in which we have achieved an operating surplus. By contrast, the Operating Result for 2018, at the start of the strategic plan period, was a £634k _deficit_ .
Total expenditure for 2024, at £5.2m, was 13% higher than last year (2023: £4.6m), but this was as budgeted, and, in part, reflected the spending of some of the generous legacy income we recognised in the previous year that we applied to the Repair and Renovation Fund (RRF) and Tom Stoppard Innovation Fund (TSIF). This helped us to tackle long overdue repairs to the fabric of the Library’s premises, as well as contributing to the implementation of a new membership management system and the completion of the RFID tagging project.
Without the benefit of further substantial legacies this year, our total income was much lower than in 2023 (£4.8m compared to £6.0m), but we saw significant support for the EWP and Supported School programme, a successful Library Fund Appeal and a notable boost in income from filming and venue hire on the back of major film and television productions using the Library as a location.
Although small, a positive Operating Result is encouraging, and with two years of operating surpluses, we feel able to say that we have met our strategic goal of eliminating the deficit before the end of 2023/24. However, the financial picture remains challenging, with the cost-of-living crisis impacting our members’ finances, and substantial price inflation for utilities, rates and book buying affecting our budgets. Maintaining good fiduciary governance will be a key part of the next strategic plan, and we will need to meet ambitious fundraising targets if we want to remain financially sustainable into the future. This is especially important given the additional fundraising required to support the proposed capital building programme over the next few years.
## **REVIEW OF OPERATIONS DURING THE YEAR**
## **Collections**
We spent £162k (2023: £159k) on the acquisition of printed material this year, with donated items estimated at a further £7k (2023: £14k). The Drue Heinz Literary Fund provided income towards these acquisitions of £123k (2023: £119k). In addition, the cost of providing digital material and services was £167k (2023: £117k). This includes ebooks, digital versions of newspapers, online journals and access to a range of specialist resources such as JSTOR and the British Newspaper Archive.
A major initiative saw 13,732 records relating to the closed storage collection (known as the Safe Collection) added to ALMA, the Library’s main collection database, making these discoverable to members when searching the catalogue. The remaining 12,700 titles will be added in the coming year.
Offsite storage is used for a small proportion of the Library’s collection, primarily where we have access to an online archive of the same material. Originals can be made available on request and we monitor usage to assess whether material should be brought back to the Library. During 2023/24, 23 volumes were requested from offsite storage across 14 titles for member use in the Library.
**• 15**
We had donations of £11k this year towards the care and maintenance of the collection, and once again we were able to apply £75k from the Christopher Smith Fund to support collection care. The Library Fund Annual Appeal raised £139k to refresh the collection based on intelligence gathered in the RFID tagging process. This will enable us to develop new areas of the collection including extending the global representation of works on our shelves, and to carry out repair work on damaged and fragile items in our special collections. As ever, we are most grateful to all our donors and supporters for their generosity.
## **Services**
There was an increase in the number of books borrowed this year, with 59,588 loans (2023: 56,961) including the 7,826 sent through the postal loans service (2023: 8,869) and 53 borrowed through the Inter-Library Loan system on behalf of members (2023: 80). We also loaned 1,075 books to other libraries (2023: 985). In addition, we processed 33,151 requests to retrieve and set aside material in the course of dealing with a wide range of enquiries from members (2023: 33,969).
## **Membership**
Total membership numbers increased from 7,458 at the start of the year to 7,540 at 31 March 2024, a net increase of 82 (2023: 66). Beneath this headline figure there was considerable movement, with 16% of the total members at year end having only joined the Library in the last 12 months.
## **Membership changes:**
|**Membership changes:**|||
|---|---|---|
|**Annual Life**|**Total**||
|New members 1,215 6|1,221||
|Reinstatement 8 -|8||
|Commutation (21) 21|
-||
|Withdrawals / deaths (1,119) (28)|(1,147|
)|
|**Net 83 (1)**|**82**||
Of the new annual members, 343 were under the age of 30 (2022: 428). This represents 28% of all new members.
## **Fundraising**
Fundraising helped support a wide range of Library activities this year including collection care, public events, the Emerging Writers Programme (EWP) and education work with schools.
We received a donation of £100k from the Jan Michalski Foundation for access and outreach projects which funded Lit Fest, the public events programme and our developing learning and participation activities. We also raised £69k for
the State School Supported Membership programme and £150k this year towards the EWP – a programme which is only possible due to our many generous donors.
This year, our Founders’ Circle patrons in the UK, North America and Europe provided nearly £245k of much appreciated funding. We also received unrestricted legacy income totalling £299k, which included £34k from the estate of Stephen James, a £21k legacy from Daniel Kirkpatrick, £20k from the estate of Marion Colthorpe, a £22k legacy from Frank Brudenell, a payment of £66k from the George Girling Grange Will Trust, and the final amount of £35k from the estate of Susan Batty.
Donations of over £200k were received to fund archive digitisation and provide secure storage for rare material in our collection. We also began to receive donations in support of the Building Connections project, and in particular the planned multi-purpose learning, exhibition and meeting space.
As ever, our thanks are due to all those members, patrons, trusts and other supporters who were able to make grants, donations or gifts. More details of our supporters can be found on page 44.
During the year, we also saw a large increase in the use of the Library’s spaces for commercial venue hire and filming work, including two major film and television productions. This generated income of £186k which is more than double that of the previous year (2023: £81k).
## **Staff and Volunteers**
We ended the year with 65 employed staff, and we also have a group of casual staff who assist at events and functions on an _ad hoc_ basis. There is also one regular volunteer in the Collection Care department.
## **PLANS FOR 2024/25**
Having come to the end of the Library’s Strategic Plan ‘New Foundations’, our key aims for 2024/25 are:
1. Develop a new multi-year strategic plan for the Library
2. Deliver at least a break-even operational financial position for 2024/25
3. Consult on plans for the Building Connections project and secure planning permission: progress the fundraising campaign and invite tenders for the works
## **16 • TRUSTEES’ ANNUAL REPORT**
On the development of a new strategic plan we have made considerable progress, holding facilitated workshops with the Executive team and the Trustees, consulting Library staff and managers, and undertaking ‘SWOT’ and risk analyses.
We have a balanced budget set for 2024/25, but this includes ambitious plans for income growth. We will continue to apply appropriate financial control to manage the Library’s position while we establish the longer term plan.
The proposed capital building programme is a key element in our development and will contribute to long-term financial sustainability. Plans have been drawn up and are being consulted upon, with a view to building work commencing on the first phase before the end of 2024/25.
## **FINANCIAL REVIEW**
The table below summarises the Library’s financial position over the last three years. This format separates the results of the Library’s charitable and day-to-day operations from net fundraising activity and investment income, with adjustments made for changes in the unrealised value of investments and the actuarial revaluation of the Staff Superannuation Fund (SSF) pension asset. Further details can be found in the accounts.
The Library’s overall surplus for the year (i e the net increase in funds) is £120k (2023: £661k). Without the significant legacy income of 2022/23, net income from fundraising
reduced by £1,372k this year and conversely, operational cost increased by £487k as we deployed the legacy funds in support of projects and initiatives. Overall, net _expenditure_ was £391k compared to a net _income_ position in 2023 of £1,403k.
There was an unrealised gain in the market value of our investments of £553k (2023: £133k loss), and the estimated surplus of the SSF pension scheme reduced by £42k (2023: £609k). The SSF has remained in surplus under its FRS102 valuation. The surplus arising from this valuation is appropriately recognised on the balance sheet as an asset, although it is not included in unrestricted reserves because the Trustees do not consider it as available to be used by the Library.
Income from membership fees showed modest growth of 1.6%, reflecting changing patterns of membership. Commercial venue hire did very well, increasing by £100k this year. Also of note is the strong uplift in the receipt of restricted funds, with nearly three times more income than in the previous year. The Library Fund Annual Appeal, the archive digitisation and storage initiative, and the Emerging Writers Programme all attracted strong financial support, and fundraising for the proposed capital building programme began to gain momentum.
Total expenditure increased this year to £5,236k (2023: £4,634) but this figure includes £303k (2023: £131k) of project expenditure funded from Designated Funds including vital building repairs, the new membership administration system
|
**Charitable activity and trading operations:**
Income from memberships and trading activities
Less: related expenditure
**Net operational cost**
**Fundraising activity**
Fundraising income
Less: related expenditure
**Net fundraising income**
**Net investment income**
**NET INCOME** **/** **(EXPENDITURE)**
_before investment gains /(losses)_
**Gains / (losses) in the value of investments**
**(Reduction) /increase in estimated surplus of SSF**
**NET MOVEMENT IN FUNDS**|**2024**
£000
3,116
(4,878)|**20242023202320222022**
£000 £000 £000 £000 £000
2,957 2,894
(4,232) (4,437)|
|---|---|---|
||
1,435
(358)|(1,543)
(1,762) (1,275)
2,851 915
(402) (329)|
||
|1,077 2,449 585
294 229 236|
|||**(391) 1,403**
553 (133) 644
(42) (609) 706
**120 661 627**
**(722)**|
||||
**• 17**
and the new finance system. There was an increase of around £75k in the costs of maintenance, repairs and cleaning, and we spent £53k more than in the previous year on the collection, particularly the provision of digital resources. Other notable increases included £54k of additional depreciation costs following the capitalisation of the RFID asset and £54k on additional IT and cybersecurity support. In addition, the Library spent £684k on new fixed assets (including assets in the course of construction) such as the RFID project, the capital building programme and the installation of LED lighting.
## **Operating Result**
The Operating Result is an indicator of underlying financial sustainability and is used by the Trustees in monitoring performance. It is derived from the Library’s accounts but does not appear in the financial statements. It is based on adjusted figures from the Statement of Financial Activities and excludes unrealised investment movements and one-off, restricted and capital items that would otherwise distort the underlying result. The Operating Result was in deficit for many years, and a key strategic aim has been to eliminate the Library’s Operating Deficit. The Operating Surplus this year was £17k (2023: £110k).
**Reconciliation of net expenditure to Operating Surplus** :
**£000 Source Net expenditure before investment** Statement of **gains (391)** Financial Activity Adjust for SSF expenditure (35) Note 13 Remove Depreciation/Amortisation 315 Note 7 Remove TSIF and RRF expenditure 303 Note 12 Remove restricted fund income (net of relevant expenditure) (437) Note 12 Remove Tier 1 amounts applied to 2023/24 budget (262) Tier 1 Reserves _(overleaf)_ **Operating Surplus 17 Operating Result 2019-2024:** 2024 2023 2022 2021 2020 2019 £000 £000 £000 £000 £000 £000 Operating Result 17 110 (164) (384) (404) (541)
The Operating Result is calculated as the Library’s income less relevant operating expenses. The calculations exclude substantial one-off donations which are designated for, or restricted to,
particular purposes, as well as contributions to endowment funds, and dedicated large-scale fundraising campaigns such as the Tom Stoppard Innovation Fund. Expenditure met from such funds is also excluded as it does not form part of the daily operations of the Library. An adjustment is also made for any contributions to the SSF pension scheme paid in the year.
## **Reserves and Investment Policies**
Reserves are defined as the part of a charity’s total funds freely available for use without restriction and without having to sell property needed for its operations. They are needed to cover short-term fluctuations in cash flow and to ensure that a charity can meet its obligations if revenue falls short of expectations. They also enable it to respond to longer-term threats and opportunities that may emerge.
There are three tiers of reserves that together make up the Library’s ‘Free Reserves’:
**Tier 1** reserves are to provide working capital and meet other short-term needs, particularly for current and subsequent financial year.
**Tier 2** reserves are for medium-term commitments or risks, such as covering anticipated or potential losses and unexpected price hikes over the next three to five years.
Targets are set for Tier 1 and Tier 2 reserves, taking account of the Library’s strategic plan and medium-term financial forecasts. These targets have been met as at 31 March 2024. Note that these targets would previously have included expected payments to the SSF pension scheme. However, as the SSF has achieved a low dependency position, no further payments into the scheme are expected (although the Library will continue to meet the administrative costs of running the scheme). Therefore, SSF commitments no longer affect the target level of Tier 1 or Tier 2 reserves.
**Tier 3** reserves provide funding for the Library’s minor capital expenditure needs as well as supporting future growth and development, including the costs of a possible future buyout of the SSF pension scheme. No target is set for Tier 3 reserves, but the level is kept under review. The value of Tier 3 reserves at 31 March 2024 is £0.6m which is £0.2m below the previous year. The level is considered acceptable by the Trustees. Note that should the Trustees consider the level of Tier 3 reserves to be excessive, steps would be taken to utilise the funds appropriately, including via the use of designated funds for specific activities.
## **18 • TRUSTEES’ ANNUAL REPORT**
## **Free reserves position at 31 March 2024**
**Tier Purpose Basis of Target Amount calculation amount held required 31 March 2024 £m £m** 1 Short-term 60 days of working capital operating 0.8 0.8 expenses 2 To provide 2% of 2024/25 reasonable Operating cover for Budget 0.9 0.9 unanticipated (circa £5m) losses or for 5 years unforeseen costs **Total Tier 1 + Tier 2 1.7 1.7 3** To support capital No target is set expenditure and for Tier 3 **- 0.6** and SSF buy out reserves **Total Free Reserves at 31 March 2024 2.3** _As at 31 March 202_ 3 _2.5_
In addition to free reserves, as set out in note 12 to the accounts, the Library holds designated funds of £21.0m (2023: £21.2m), which represent the Library’s buildings (including investment properties), tangible and intangible fixed assets, the Tom Stoppard Innovation Fund of £1.0m (2023: £1.3m), and the Repair and Renovation Fund of £0.5m (2023: £0.8m).
Free reserves and designated funds together constitute the Operating Fund of £23.2m (2023: £23.7m), which represents unrestricted funds excluding the pension reserve. The pension reserve is recognised as a surplus of £0.8m (2023: £0.8m), therefore net unrestricted funds total £24.0m (2023: £24.5m).
The Library also has restricted income funds of £1.6m (2023: £1.5m) and endowment funds of £6.2m (2023: £5.8m). The increase in the value of endowment funds is due to unrealised gains in the value of investments. Total funds amount to £31.8m (2023: £31.7m).
Further details can be found in note 12 to the accounts on page 36 and under Organisational Information on page 47.
## **Review of Investment Performance**
The Library’s financial investments generated income of £176k (2023: £171k), while their market value increased by £553k (2023: _net reduction_ £133k). Income from the Library’s investment properties totalled £50k (2023: £50k), and interest
income was £68k (2023: £8k) following the decision to place cash on fixed term treasury deposits during the year, taking advantage of the higher interest rates available.
Nearly 99% of the Library’s invested funds are held in the Growth and Income fund managed by Newton Investment Management, with a small residual amount managed by Blackrock. The Library’s investment objective for these funds is to maintain their capital value while generating a minimum income of 3%. During the year, the Newton fund achieved a positive return of 10.37% compared to a benchmark index of 10.11%. In the prior year, it achieved a positive return of 2.31% compared to its benchmark of _negative_ 1.99%.
The Library’s restricted and endowment funds are almost entirely held in the Growth and Income fund. The Library’s Tier 1 and 2 reserves are mostly held in cash. The Trustees will continue to review opportunities to reinvest the Library’s current cash holdings.
The value of the investment funds shown at the balance sheet date is arrived at after all investment management fees have been deducted. The fees charged to funds are at either 0.5% or 0.6%.
## **Risk Management**
The Trustees are responsible for ensuring that the Library has appropriate procedures in place to mitigate risks related to strategy, operations, finance or legal compliance. The Library maintains a Risk Register listing, by category, the key risks to which the Library is exposed and the monitoring and mitigation measures in place or under consideration. The register is kept under regular review and formally updated at least annually. The summary below explains the principal risks and uncertainties and how these are managed.
## **Strategy**
The Library has robust arrangements to ensure that its strategy is set and implemented appropriately. These include the setting of strategic plans, thorough recruitment processes for senior staff, formal Trustee recruitment and induction processes and periodic governance reviews.
## **Operations**
Operational risks include a wide range of possible events, but the two most serious are physical disasters and enduring dissatisfaction with the service provided to members. Protection against physical disasters has been significantly enhanced in recent years through improvements to the fire alarm system and measures to combat water ingress. The Business
**• 19**
Continuity Plan was reviewed and rewritten in 2023/24. Close attention is paid to the needs and expectations of members: through induction, training and the support of our knowledgeable staff, efforts are made to ensure members make the best use of the facilities available. We also undertake regular surveys of members’ opinions and maintain a programme of communications and member events.
## **Finance**
The Library is heavily dependent on membership subscriptions to fund operations. These provide a steady stream of core income but can be subject to attrition from a variety of causes. Fee rates are reviewed annually with reference to underlying cost inflation in order to maintain the Library’s real income and preserve service levels. We are aware that for many individual members the fees can represent a significant outlay and therefore the Library must provide value for money through our unique offer and high quality service. The membership marketing strategy seeks to emphasise these points and drive both new memberships and improve the retention rate among existing members.
Membership fees are not sufficient on their own to cover the Library’s costs and must be supplemented by voluntary and investment income. The Library’s investment management activity is closely managed and monitored to safeguard funds and deliver acceptable returns. In addition, the Library has an active development team which maintains and implements fundraising strategy, engaging major donors, trusts, foundations and statutory bodies to build relationships and raise income. Legacies continue to be an important source of income and future legacy pledges are welcomed and encouraged.
The Library has a defined benefit pension scheme (the Staff Superannuation Fund) which was closed to further accrual in April 2011 as a major step in mitigating the risk associated with it. The pension scheme triennial valuation at 31 March 2023 showed that the scheme was in surplus. The Library has agreed with the scheme’s Trustee that no further annual contributions from the Library are currently required. It is the intention of the scheme Trustee that the scheme should achieve and maintain a position of low dependency on the Library as the sponsoring employer, with the Library planning to take the scheme to buy-out by the end of the decade.
The Library’s central London building attracts a high rateable value, which more than doubled at the last valuation. The Library is affected by any concomitant increase in the Business Rates payable for the building. We obtain significant benefit from
Business Rates Reliefs available to charities. Any change to the relief, or a reform of Business Rates, could adversely effect the Library’s operating costs. We currently seek to claim all possible reliefs, and take specialist advice about whether to challenge decisions relating to the valuation of the building.
## **Legal compliance**
The Library regularly monitors new and proposed legislation, taking specialist advice where necessary.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The London Library is a registered charity (number 312175), incorporated by Royal Charter (last amended 2013). It has its own Byelaws and the power to alter its own Rules. It has a Royal Patron as well as a President and Vice-Presidents appointed by the Trustees (subject to confirmation by members at an AGM). The Patron, President and Vice-Presidents, alongside engaged members in the Ambassadors programme, are vital and much-valued champions for the Library but play no part in its formal management.
The Library is governed by no fewer than 12 and no more than 16 Trustees, of whom all but the Chair and Treasurer are elected by members from their number. The Trustees choose the Chair and Treasurer, who may or may not already be Trustees at the time of their appointment. Both hold office for up to four years but may be re-elected immediately for one further term.
## **Delegation of powers**
The Trustees are responsible for the long-term effectiveness of the Library and carry the ultimate decision-making powers on the application of its resources, the safeguarding of assets, and the determination of strategies and policies in keeping with its founding aims. The executive management of the Library is delegated to the Director who is appointed by the Trustees and takes decisions on matters such as the appointment of staff, the admission and regulation of members, the acquisition of books and other library materials, and the financial management of the Library within budgets recommended by the Finance Committee and approved by the Trustees. The Director, as Chief Executive, heads the Executive Team which also includes the Director of Collections and Library Services, the Director of Finance and Resources, the Director of Development and the Membership Director.
## **20 • TRUSTEES’ ANNUAL REPORT**
In accordance with the Charter, the Trustees have delegated certain powers to specialist committees under agreed terms of reference. The committees currently in place are the Building and Facilities Committee, the Collections Committee, the Development Committee, the Finance Committee, the Membership Committee and the Nominations Committee. There is also a Chairs’ Committee which comprises the Chairs of each of the other committees.
The Library’s specialist committees may include members with relevant skills and experience who are not current Trustees (although some may be former Trustees). In particular, the Trustees are grateful to Aisha Brady, Astrid Hampe-Nathaniel, Liz Holderness, Charles Spicer and Peter Stewart for the valuable services they provided to our committees during 2023/24. Thanks are also due to those who served as directors of the Corporate Trustee of the SSF during the year: John Birdwood, Dimitrios Fragkos, Rachel Harris, Gill Turner, Keith Wallace and Maria Zhivitskaya.
## **Staff remuneration policy including Key Management Personnel**
The Trustees consider that the Library’s Key Management Personnel comprise the Trustees, the Director of the Library and the Director of Finance and Resources. The Trustees give their time freely and do not receive remuneration for their role as Trustees. Details of transactions with Trustees and other related parties are disclosed in note 14 to the accounts. Details of the total employee benefits for Key Management Personnel are included in note 15 to the accounts.
Salaries for all staff (with the exception of the Director of the Library) are based on defined pay ranges for individual jobs. The pay ranges are based on appropriate benchmark data and stretch 10% below and 5% above the market median for most jobs. The Library’s pay progression model includes a baseline element and an additional element related to the achievement of individual skills-development goals.
In October 2022, the Library’s staff voted in favour of trade union recognition for collective bargaining for all staff (other than the Executive Team). As a result, a Voluntary Recognition Agreement was signed by the Library and Unite the Union which governs how annual pay negotiations are undertaken for 2023, 2024 and 2025. The annual pay awards effective from 1 June 2024 were set during 2023/24 under the VRA. The Library intends to apply the 2024 wage
award to all staff, including the Executive Team (other than the Director). The base salary for the Director corresponds to similar posts in equivalent organisations, and is negotiated and reviewed by the Trustees, with reference to appropriate sectoral benchmarks.
## **Appointment and Retirement of Trustees**
Trustees other than the Chairman and Treasurer serve for four years before retiring by rotation but are eligible for immediate re-election for one further four-year term. Each year, a Nominations Committee appointed by the Trustees reviews the balance of skills and experience amongst the Trustees and advertises the expertise required to the whole membership in the Library magazine and on the Library website. The Nominations Committee interviews those candidates most closely matching the requirements before recommending them to the Trustees as suitable candidates for election by members at the AGM. The Nominations Committee includes a non-trustee member of the Library with specialist skills and experience in the field of recruitment and governance.
All new Trustees are given online access to an induction manual covering the duties and responsibilities of Trustees, all aspects of the Library’s governance and management procedures, and relevant documents of record, including the minutes of meetings for the past year and recent policy and strategy papers. Introductory meetings are held with key members of staff, and support is available from the Chair, Treasurer and other Trustees.
This year we said goodbye to Rick Stroud, Giles Milton, Will Harris and our outgoing Chair, Sir Howard Davies, who all stepped down as Trustees at the AGM in November 2023. We are grateful to them for their service and dedication to the Library. At the same event, the members re-elected Alain Aubry for a second term, and we welcomed two new Trustees, Simon King and Simon Godwin, with the latter also taking over as Library Chair.
## **London Library Trustee Placements**
The Trustee Placement scheme is open to members aged between 18 and 30 and is designed to encourage participation by younger members at Board level. The Board appoints two Trustee Placements to serve a two-year term. Trustee Placements are expected to attend and contribute to all Board meetings and any specialist committees to which they are attached,
**• 21**
however, they are not Trustees under the Library’s Charter and Byelaws and have no fiduciary responsibility. The current Trustee Placements are Victoire Neve and Anna Zanetti.
## **Subsidiary and related bodies**
The London Library Trust (LLT) is a linked charity (registered number 312175-1) which was set up in 1952 in order to assist the Library in the achievement of its charitable objectives. In April 2012, LLT granted its assets to the Library which became the sole trustee. LLT is treated as a restricted fund, but as at the end of 2023/24 the assets of LLT are nil as the fund has been entirely expended for the provision of supported memberships.
The Library also has a wholly-owned subsidiary company, London Library Enterprises Ltd, which has no assets and has not traded since incorporation.
Along with Girton College, Cambridge, the Library is a joint beneficiary of Mrs R M Chambers’ Settlement, which owns and manages an estate of freehold properties in Ealing. Each of the beneficiaries appoints a trustee to manage the Settlement’s affairs and property, and receives grants in equal shares in respect of the net proceeds of property sales and rentals. The RM Chambers’ Settlement had an immaterial impact on The London Library’s financial statements this year.
The Library is the sole shareholder of The London Library Pension Trustee Limited, a company which acts as the corporate trustee for the Staff Superannuation Fund (SSF).
## **Fundraising**
The day-to-day management of all income generation is delegated to the Executive Team, who are accountable to the Trustees. Fundraising is carried out by the Library’s development team in compliance with the Library’s ethical fundraising policy, emphasising best practice, the need to safeguard vulnerable people, and the respect with which donors and prospective donors are treated when making approaches for donations. The Library’s fundraising does not involve direct marketing or other unsolicited means, and no third parties or commercial participators are involved in fundraising.
The Library is not bound by any undertaking to be compliant with any regulatory scheme, however, the Charity is registered with the Fundraising Regulator and complies with the relevant codes of practice. The Library reports any fundraising complaints received to the Fundraising Regulator on an annual basis. No complaints were received during the year in relation to fundraising activities.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- n select suitable accounting policies and then apply them
- consistently;
- n observe the methods and principles of the Charities SORP
- (FRS102);
- n make judgements and accounting estimates that are
- reasonable and prudent;
- n state whether applicable UK Accounting Standards
- (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- n prepare the financial statements on the going concern
- basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Royal Charter. 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.
Approved by the Trustees on 11th October, 2024 and signed on their behalf by
> [“AUB,] CHAIR TREASURER
> [GA]
**22 • AUDITOR’S REPORT**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE LONDON LIBRARY**
## **Opinion**
We have audited the financial statements of The London Library (the ‘Charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 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’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- n give a true and fair view of the state of the Charity’s
- affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended;
- n have been properly prepared in accordance with United
- Kingdom Generally Accepted Accounting Practice; and,
- n have been 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 Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’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.
## **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 financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period
of at least 12 months from when the financial statements 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.
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor’s Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 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**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- n the information given in the Trustees’ Report is inconsistent
- in any material respect with the financial statements; or
- n sufficient accounting records have not been kept; or
- n the financial statements are not in agreement with the
- accounting records and returns; or
- n we have not received all the information and explanations
- we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
**• 23**
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
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 misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level 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 arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
- n Obtaining an understanding of the legal and regulatory
- frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
- n Enquiry of management and those charged with governance
- to identify any instances of known or suspected instances of fraud;
- n Enquiry of management and those charged with governance
- around actual and potential litigation and claims;
- n Enquiry of management about any instances of non-
- compliance with laws and regulations;
- n Reviewing the design and implementation of control
- systems in place;
- n Testing the operational effectiveness of the controls;
- n Performing audit work over the risk of management over
- ride of controls, including testing of journal entries and other adjustments for appropriateness;
- n Evaluating the business rationale of significant transactions
- outside the normal course of business
- n Reviewing accounting estimates for bias;
- n Reviewing the due diligence processes in place on major
- donors and enquiry of legal advisers for the confirmation of donations receive in the year;
- n Performing audit work over the grant making and
- monitoring process;
- n Reviewing minutes of meetings of those charged with
- governance;
- n Reviewing financial statement disclosures and testing to
- supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: **frc.org.uk/auditorsresponsibilities** . This description forms part of our Auditor’s Report.
## **Use of our report**
This report is made solely to the Charity’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 Charity’s Trustees those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
**MHA** Statutory Auditor London, United Kingdom
Date: 11th October, 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
**24 • ACCOUNTS**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024**
||**Unrestricted Restricted Endowment Total**|**Total**|
|---|---|---|
||**Funds Funds Funds Funds**|**Funds**|
||**2024 2024 2024 2024**|**2023**|
||_Note_**£ £ £ £**|
**£**|
|**INCOME FROM:**|||
|Donations, legacies and grants|_2_740,244 695,077 - 1,435,321|2,851,177|
|Charitable activities|_3_2,913,379 - - 2,913,379|2,852,978|
|Trading activities|_4_202,222 - - 202,222|103,367|
|Investments|_5_142,645 151,615 - 294,260|228,837|
|**TOTAL**|3,998,490 846,692 - 4,845,182|6,036,159|
|**EXPENDITURE ON:**|||
|Raising funds|_6_721,697 - - 721,697|706,430|
|Charitable activities|_6_4,298,260 216,221 - 4,514,481|3,927,528|
|**TOTAL**|5,019,957 216,221 - 5,236,178|4,633,958|
|**NET (EXPENDITURE) / INCOME**|||
|**before investment gains / (losses)**|(1,021,467) 630,471 - (390,996)|1,402,401|
|Net gains / (losses) on investments|_8_30,022 86,940 436,311 553,273|(132,627)|
|**NET INCOME/(EXPENDITURE)**|(991,445) 717,411 436,311 162,277|1,269,774|
|**Transfers between funds**|_12_527,177 (527,177) - -|-|
|**OTHER RECOGNISED GAINS**|||
|**AND LOSSES**:|||
|Actuarial losses on defined|||
|benefit pension scheme|_13_(42,000) - - (42,000)|(609,000)|
|**NET MOVEMENTS IN FUNDS**|(506,268) 190,234 436,311 120,277|660,774|
|**FUNDS AT START OF YEAR**|_12, 19_24,494,732 1,452,857 5,767,369 31,714,958|31,054,184|
|**FUNDS AT END OF YEAR**|_12, 19_ **23,988,464** **1,643,091** **6,203,680** **31,835,235**|**31,714,958**|
The notes on pages 27 to 43 form part of these accounts.
**• 25**
|**BALANCE SHEET**|||
|---|---|---|
|**as at 31 March 2024**|||
||**31 March 31 March**|**31 March 31 March**|
|**2024**|**2024**
**2023**||
||_Note_**£ £**||
|**FIXED ASSETS**|||
|Tangible fixed assets|Tangible fixed assets_7_18,365,744 1_7,980,941_||
|Intangible fixed assets|Intangible fixed assets_7.1_88,286_103,000_||
|Investment properties|Investment properties_8.1_1,018,182_1,018,182_||
|Financial investments|Financial investments_8.2_7,921,406_7,365,109_||
|**TOTAL FIXED ASSETS**27,393,618|27,393,618_26,467,232_||
|**CURRENT ASSETS**|||
|Debtors and prepayments|Debtors and prepayments_10_1,156,593_3,097,214_||
|Bank balances and cash in hand|Bank balances and cash in hand
3,769,335_2,752,343_||
|4,925,928|4,925,928_5,849,557_||
|**LIABILITIES**|||
|Creditors: amounts due within one year|Creditors: amounts due within one year_11_(514,841)_(692,925)_|_(692,925)_|
|**NET CURRENT ASSETS**4,411,087|4,411,087_5,156,632_||
|**TOTAL ASSETS LESS CURRENT LIABILITIES**31,804,705|31,804,705_31,623,864_||
|Creditors: amounts due after more than one year|Creditors: amounts due after more than one year_11_(729,470)_(675,906)_|_(675,906)_|
|**NET ASSETS excluding pensions asset**31,075,235|31,075,235_30,947,958_||
|Pension asset|Pension asset_13_760,000_767,000_||
|**TOTAL NET ASSETS**|**31,835,235** **31,714,958**||
|Representing|||
|**RESTRICTED INCOME FUNDS**|_12_1,643,091_1,452,857_||
|**ENDOWMENT FUNDS**|_12_6,203,680_5,767,369_||
|**UNRESTRICTED FUNDS**|**UNRESTRICTED FUNDS**||
|**excluding pension reserve**23,228,464|23,228,464_23,727,732_||
|**Pensions reserve**|_13_760,000_767,000_||
||||
|**Total unrestricted funds**23,988,464|23,988,464_24,494,732_||
|**TOTAL CHARITY FUNDS**|_12_ **31,835,235** **31,714,958**||
|Approved and authorised for issue by the Trustees on11th October, 2024and signed on their behalf by|Approved and authorised for issue by the Trustees on11th October, 2024and signed on their behalf by|
|---|---|
|(en|MYR,|
|Simon Godwin Philip Broadley FCA|Simon Godwin Philip Broadley FCA|
|CHAIRTREASURER|TREASURER|
The notes on pages 27 to 43 form part of these accounts.
## **26 • ACCOUNTS STATEMENT OF CASH FLOWS for the year ended 31 March 2024**
|
**Net cash flow from operating activities** _18_
**Cash flows from investing activities**
Dividends, interest and rent from investments_5_
Payments to acquire tangible fixed assets_7.1_
**Net cash flow from investing activities**
**Increase in cash and cash equivalents**
**Cash and cash equivalents at start of year**
**Cash and cash equivalents at end of year**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
_Note_|**2024**
**£**
294,260
(684,928)
|**2024**
**£**
1,407,660
(390,668)
1,016,992
**2,752,343**
**3,769,335**
3,769,335
**3,769,335**|**2023**
**£**
_228,837_
_(350,259)_
|**2023**
**£**
_310,282_
_(121,422)_|
|---|---|---|---|---|
|||||_188,860_
_2,563,483_|
|||||**2,752,343**|
|||||_2,752,343_
**2,752,343**|
As the Charity does not have any borrowings, any related derivatives, or obligations under finance leases no reconciliation of net debt has been included.
The notes on pages 27 to 43 form part of these accounts.
**• 27**
## **NOTES TO THE ACCOUNTS**
## **1 ACCOUNTING POLICIES**
- **(a) General information and basis of preparation**
- The London Library is a registered charity with the Charity Commission in England and Wales (number 312175), and is incorporated by Royal Charter. It constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) revised October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The accounts are prepared in sterling which is the functional and presentational currency of the Charity, rounded to the nearest pound. The registered office and principal place of business is as stated on page 2.
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
- **(b) Preparation of the accounts on a going concern basis** The accounts are prepared on a going concern basis under the historical cost convention, modified to include certain
- items at fair value. The Trustees consider that this remains an appropriate basis for the preparation of the accounts as no material uncertainties exist which would threaten the going concern status. The Library is expected to continue in operational existence for the foreseeable future, based on the strategic plans in place, the related financial budgets and forecasts, and its satisfactory reserves position, as detailed in the Trustees’ Annual Report and in note 12.
Trustees consider that income from membership and trading, supported by investment income and the Library’s reserves, will be sufficient to enable the Library to continue as a going concern for the foreseeable future.
## **(c) Fund accounting**
The Charity’s funds are shown in note 12.
Unrestricted funds are those available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds
comprise unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of each restricted fund is set out in note 12.
The Charity’s Operating Fund comprises the designated funds together with free reserves (which exclude the pension reserve). Donations and legacies which are not restricted for any other purpose are credited to the Operating Fund.
Endowment funds represent those donations and gifts which have been given to the Library for the purpose of providing a permanent asset base from which investment income is generated. Depending on the terms of the gift, this income may be restricted or unrestricted as detailed in note 12.
Gains and losses arising from the revaluation of investments are allocated to the funds in proportion to the opening carrying value of the fund class.
## **(d) Income**
All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Donations are recognised on receipt or, if earlier, when the Charity has certainty of the amounts and settlement date. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
Legacies are recognised when the Charity has entitlement to the legacy (confirmed through the granting of probate), its receipt is probable and the value of the legacy can be measured with reasonable accuracy.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, fair value can be measured reliably and is material, and when the Charity has control over the item. Fair value is determined on the basis of the value of the gift to the Charity, for example, by reference to the amount the Charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
## **28 • ACCOUNTS**
No amount is included in the accounts for volunteer time in line with the Charities SORP (FRS 102). This includes Trustees acting as speakers or hosts at public programme events. Further detail about volunteers is given in the Trustees’ Annual Report.
Annual membership subscriptions are recorded in full in the year in which they become due. Life membership fees have been credited to the SOFA over a period of 10 years for new memberships up to 31 March 2016 and over 15 years for new memberships between 1 April 2016 and 31 March 2017 and over 25 years from 1 April 2017. The Library may occasionally offer complimentary memberships (eg to guest speakers at an event). No membership income is recognised on complimentary memberships.
Income from trading activities includes income earned from venue hire and from merchandising sales, and is recognised in the period the event or sale takes place.
Investment income is earned through holding assets for investment purposes such as listed investments, gilts and property. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. Dividend and rental income is recognised as the Charity’s right to receive payment is established. Accrued interest on gilt securities, where there is no intention to sell the investment before the interest is due, is recognised in the SOFA as a component of investment income, as it is not part of the underlying fair value of the related investment.
Income from Government Grants is recognised using the accrual model basis. Grant income is recognised when there is reasonable assurance that a) any conditions attached to receiving the grant will be met and b) the grants will be received. Grants relating to revenue are recognised in the income over the periods in which related costs are incurred for which the grant is intended to compensate.
## **(e) Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the headings shown in note 6.
The Charity is registered for VAT. Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.
## **(f) Support costs**
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include IT costs, administration and governance costs. Support costs are all allocated to charitable activities as shown in note 6. Governance costs comprise those costs which are related to the strategic management of the Charity and compliance, and include legal, audit and other professional fees, together with an allocation (20%) of administration costs.
## **(g) Tangible fixed assets**
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes those directly attributable to making the asset capable of operating as intended. Assets which are separately identifiable and cost less than £1,000 are not capitalised, other than where purchased as a group of assets.
Where assets are not fully completed or commissioned but are expected to be commissioned subsequently, costs that are directly attributable to making the asset capable of operating as intended are recorded as Assets Under Construction. Note that this may also include equipment in the course of installation.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
|useful life as follows:||
|---|---|
|Freehold land
|Not depreciated|
|Freehold property and improvements 0.5% per annum||
|Plant and equipment
|5% per annum|
|Furniture and fittings
|4% per annum|
|Information and||
|communications technology|20% per annum|
The depreciation rates take into account the nature and use of the Library’s assets and the continuous maintenance programmes to which they are subject. Tangible fixed assets are only depreciated when fully commissioned and brought into operational use. This includes Assets Under Construction.
## **(h) Intangible fixed assets**
Intangible fixed assets are non-monetary fixed assets that do not have physical substance but are identifiable and are controlled by the Library through custody or legal rights. An intangible asset is recognised when it is separable or arises from contractual or other legal rights and if it is probable that its expected future economic benefits will flow to the Library, and if its cost or value can be measured reliably. Intangible fixed assets costing more than £1,000 are capitalised.
**• 29**
Intangible assets are measured initially at cost, including the cost of purchased software and the direct costs associated with its implementation, and subsequently at cost less impairment and less any accumulated amortisation. The residual value of intangible fixed assets is nil when calculating the charge for amortisation unless reliable evidence exists to the contrary. Amortisation of intangible fixed assets is charged as an expense to the relevant SOFA category reflecting the use of the asset.
Intangible assets are only amortised when fully commissioned and brought into operational use. Intangible assets are amortised on a straight-line basis over their useful economic lives. If the useful life cannot be estimated reliably it is presumed to be no more than ten years. Amortisation commences on development expenditure when an intangible asset is available for use. The amortisation rates used are as follows:
Library management system: 10% per annum E-book perpetual licences: 10% per annum
Intangible assets are only reviewed for impairment if there are indicators that the asset may be impaired.
## **(i) Heritage assets**
The Charity’s collection is made up over one million items which have accumulated over its lifetime; further details are included in the Trustees’ Annual Report and in note 9. The collection is insured for £26 million, however it is not included on the Charity’s balance sheet on the basis that reliable information on its cost (if purchased) or valuation (if donated) is not available and/or the cost of providing such information significantly outweighs any benefit to the users of these accounts. Additionally, the collection is fundamentally made up of working resources in constant use by members, and subject to fluctuations in condition that further impede our ability to value the items with any degree of accuracy. The Library also owns some works of art associated with the Library and held for their historical, artistic, and culturally significant qualities. No value is placed on these items in the financial statements.
Should the Library have acquisitions or donations of heritage assets that are material, and for which cost or valuation can be measured reliably, these items will be included on the balance sheet and subsequently depreciated. Fair values for donated assets will be estimated by reference to market prices, where available.
## **(j) Investment properties**
Investment properties are measured at fair value at each reporting date. Fair value is attributed on the basis of a yield on the rental income, which is based on surveyors’
estimates. No value is attributed to the underlying land. The Trustees review this valuation regularly, with any changes in fair value being recognised in ‘net gains / (losses) on investments’ in the SOFA. Sales proceeds from lease extensions are treated as disposals.
## **(k) Fixed asset investments**
Fixed asset investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (the bid price) at the reporting date with changes recognised in ‘net gains / (losses on investments’ in the SOFA. Investments are held in pooled vehicles.
- **(l) Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **(m) Provisions**
Provisions are recognised when the Charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
- **(n) Leases**
Rentals payable under operating leases are charged to the SOFA on a straight line basis over the period of the lease.
## **(o) Foreign currency**
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between sterling and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
## **(p) Pension arrangements**
The Charity offers a Group Personal Pension Plan (a defined contribution scheme) through Scottish Widows for the benefit of its employees. Employer contributions are charged through the SOFA as they become payable. The liability and expense are allocated based on the nature of the staff member’s role and are allocated against unrestricted funds.
The Charity also operates the Library’s Staff Superannuation Fund (SSF), a defined benefit scheme, which was closed to new entrants and to future accrual on 1 April 2011. Pension plan assets are estimated at fair value and the
## **30 • ACCOUNTS**
defined benefit obligation is estimated on an actuarial basis using methodology in accordance with FRS 102. The net change in the value of the resulting defined benefit asset or liability is recognised as the cost of the defined benefit plan during the period. A net asset is recognised where the fair value of the plan’s assets exceeds its obligations, although the asset is not regarded as being available to the Library. Further details are provided in note 13.
## **(q) Taxation**
The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010, hence is able to take advantage of applicable Charity tax exemptions for UK corporation tax purposes.
## **(r) Consolidation**
The Library has a linked charitable trust, The London Library Trust, of which it is the sole Trustee and which has objects narrower than those of the Library itself. The Trust is dealt with in these accounts as a restricted fund. The Library also holds 100% of the share capital of London Library Enterprises Limited, registered in England and Wales (number 08229985). The company has nil net assets and has not traded since it was incorporated in September 2012, hence it is not consolidated in these accounts.
## **(s) Judgements and key sources of estimation uncertainty**
The following judgements have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the accounts:
- n Basis of valuation of investment properties and financial investments
- n Actuarial assumptions resulting in the valuation of the defined benefit pension scheme’s assets and liabilities
## **(t) Financial instruments**
The Charity only holds basic financial instruments. The financial assets and financial liabilities of the Charity and their measurement basis are as follows:
- n **Financial Assets** – Trade and other debtors and
- accrued income are basic financial instruments and are
- debt instruments measured at amortised cost as detailed in note 10. Prepayments are not financial instruments.
- n **Investments** – All investments are classified as basic financial instruments and held at their fair value.
- n **Cash at bank** – is classified as a basic financial instrument and is measured at face value.
- n **Financial Liabilities** – Trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in note 11. Taxation and social security are not included in the financial instruments disclosure. Deferred income and deferred life membership fees are not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver charitable services rather than cash or another financial instrument.
## **(u) Employee benefits**
When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
No termination payments were made in the current year for employees leaving the service of the Library (2023: £11k).
.
## **(v) Stock**
Stock is valued at the lower of cost or net realisable value. Stock relates to Library merchandise.
- n Capitalisation policy and the useful working lives of assets
- n Depreciation rates for tangible fixed assets
- n Amortisation rates for intangible fixed assets
- n Recognition of membership income for life members and annual members paying by instalments
- n Recognition of legacies
**• 31**
## **2 DONATIONS, LEGACIES AND GRANTS**
|_Unrestricted funds_
Donations
Legacies
Total unrestricted funds
_Restricted funds_
Development Appeal Fund
Christopher Smith Fund
Emerging Writers Programme and supported memberships
Building Project Fund
Archives and Storage Project
Annual Appeal and other restricted donations
Government grants received
Total restricted funds
**Total income from donations, legacies and grants**|**2024**
**£**
440,790
299,454
740,244
2,787
-
112,000
206,000
149,793
182
695,077
**1,435,321**
224,315|**£**
**2023**
_2,041,470_
_570,764_|
|---|---|---|
|||_2,612,234_|
|||_3,447_
_113,952_
_25,000_
_-_
_16,609_
_25,200_
_54,735_|
|||_238,943_|
|||**2,851,177**|
Government grants comprise a National Lottery Project grant received via Arts Council England for the development of outreach and learning activities. This project was completed during 2023/24.
|**5 INVESTMENT INCOME**
Income from listed investments (all UK)
Interest from deposits
Total income from investment portfolio
Income from property
**Total investment income**
Events and venue hire
Merchandise sales
London Library Magazine income
**Total income from trading activities**
**4 TRADING ACTIVITIES**
**3 INCOME FROM CHARITABLE ACTIVITIES**
Annual membership fees
Life membership fees
Temporary overseas membership fees
Reference ticket fees
Talks and Library events
Inter-Library loan fees
**Total income from charitable activities**|**2024**
**£**
175,777
68,613
244,390
49,870
**294,260**
**2024**
**£**
181,063
15,623
5,536
**202,222**
**2024**
**£**
2,785,984
78,573
1,493
9,846
16,670
20,813
**2,913,379**|**2023**
_2,736,570_
_82,383_
_1,125_
_6,637_
_18,219_
_8,044_
**£**|
|---|---|---|
|||**2,852,978**|
|||**2023**
_81,002_
_12,647_
_9,718_
**£**|
|||**103,367**|
|||**2023**
_170,563_
_8,144_
_178,707_
_50,130_
**£**|
|||**228,837**|
**32 • ACCOUNTS**
## **6 EXPENDITURE**
## **6.1 Raising funds**
|**6.1**
**6**|**Raising funds**
**EXPENDITURE**|||
|---|---|---|---|
|||**2024 2024**
**2024**
**2023**
**2023**|**2023**|
|||**Staff costs Other costs Total Staff costs Other costs**|**Total**|
|||**£ £ £ £ £**|**£**|
||Fundraising|244,909 113,039 357,948_317,275 85,165_|_402,440_|
||Marketing and|||
||communications|273,384 90,365 363,749_259,613_ _44,377_|_303,990_|
||**Total**|**518,293 203,404 721,697** **576,888 129,542**|**706,430**|
||In accordance with Accounting Policy 1(d), investment income is reported net of investment management fees as these|||
||costs cannot be accurately determined. Based on the year-end value of investments, it is estimated that the fees for|||
||2024 were £47,000 (2023:|£44,000).||
|**6.2**|**Charitable activities**|||
|||**2024 2024 2024 2023 2023**|**2023**|
|||**Staff costs Other costs Total Staff costs Other costs**|**Total**|
||**Library operations**|**£ £ £ £ £**|**£**|
||Building and facilities|||
||management|215,156 1,003,067 1,218,223_212,843_ _778,582_|_991,425_|
||Member services|687,416 106,028 793,444_661,487 83,111_|_744,598_|
||Bibliographic services|236,460 113,956 350,416_225,777 101,543_|_327,320_|
||Acquisitions|118,911 328,598 447,509_134,789 274,436_|_409,225_|
||Collection care|184,544 131,461 316,005_203,978_ _72,283_|_276,261_|
||Emerging Writers Programme 13,889 13,204 27,093_28,283_
_7,352_||_35,635_|
||**Subtotal**|**1,456,376 1,696,314 3,152,690 1,467,157 1,317,307**|**2,784,464**|
||**Support costs**|||
||Information technology|191,049 334,628 525,677_206,846 139,571_|_346,417_|
||Administration|471,847 150,010 621,857_395,786 174,173_|_569,959_|
||Governance|117,962 96,295 214,257_98,947 127,741_|_226,688_|
||**Subtotal**|**780,858 580,933 1,361,791 701,579 441,485**|**1,143,064**|
|||||
||**Total charitable activities**|**2,237,234 2,277,247 4,514,481 2,168,736 1,758,792**|**3,927,528**|
|||||
||**Total expenditure**|**2,755,527 2,480,651 5,236,178 2,745,624 1,888,334**|
**4,633,958**|
|**6.3**|**Governance costs **|||
|||**2024 2024 2024 2023 2023**|**2023**|
|||**Staff costs Other costs Total Staff costs Other costs**|**Total**|
|||**£ £ £ £ £**|**£**|
||Administration allocation|117,962 37,503 155,465_98,947 49,543_|_148,490_|
||Audit fees|- 22,000 22,000 -_30,350_|_30,350_|
||Legal and professional fees|- 36,792 36,792 -_47,848_|_47,848_|
||**Total**|**117,962 96,295 214,257 98,947 127,741**|**226,688**|
In accordance with Accounting Policy 1(d), investment income is reported net of investment management fees as these costs cannot be accurately determined. Based on the year-end value of investments, it is estimated that the fees for 2024 were £47,000 (2023: £44,000).
The statutory audit fee for 2024 was £26,500 (2023: £24,000), the difference to the above figure relates to an accrual for the prior year. The auditors provided no other services to the Library.
**• 33**
- **6.4** As explained in Note 9, the capital value of the Library’s collection is not included in the accounts, but the cost of acquisitions
is charged against income in the year that they are made. The table below summarises these acquisitions over the last three
**Acquisitions and digital resources Three-year expenditure 2024 2023 2022 £ £ £** Purchases of print books and periodicals 162,161 158,691 142,459 Estimated value of donated items 6,860 14,460 8,600 **Value of additions 169,021 173,151 151,059** _Note that no entries are made in the accounts for the value of donated books._ **Digital resources 166,723 117,065 104,699 Total value of acquisitions and resources 335,744 290,216 255,758 No. of acquired items added to catalogue** 4,271 4,700 3,561 (excludes items reclassified from other collection databases)
## **7 TANGIBLE AND INTANGIBLE FIXED ASSETS**
## **7.1 Tangible fixed assets**
|
**Cost**
_At 1 April 2023_
Additions
Disposals
Transfers between
asset classes
**At 31 March 2024**
**Depreciation**
_At 1 April 2023_
Charge for the year
Disposals
**At 31 March 2024**
**Net book values**
_At 1 April 2023_
**At 31 March 2024**|**£ £** **£** **£ £** **£**
_18,211,345 2,137,445 501,965 445,745_ _209,147 21,505,647_
24,452 34,500 158,607 203,243 264,126 684,928
- - - (94,359) - (94,359)
- - - 193,884 (193,884) -
**18,235,797 2,171,945** **660,572 748,513 279,389 22,096,216**
_1,454,208 1,528,488 205,755 336,255 - 3,524,706_
84,755 107,978 24,530 82,862 - 300,125
- - - (94,359) - (94,359)
**1,538,963 1,636,466** **230,285 324,758 - 3,730,472**
_16,757,137 608,957 296,210 109,490 209,147 17,980,941_
**16,696,834 535,479** **430,287 423,755 279,389 18,365,744**
**Freehold**
**Property**
**Plant and**
**Equipment**
**Furniture and**
**Fittings**
**Information**
**Technology**
**Total**
**Assets Under**
**Construction**|
|---|---|
During the year, with the completion of the RFID tagging project, a transfer of £194k was made from Assets Under Construction to Information Technology assets. The additions to Assets Under Construction in the year relate to the preparatory architectural and design work directly attributable to the _Building Connection_ s capital project.
**34 • ACCOUNTS**
## **7.2 Intangible fixed assets**
|**8 FIXED ASSET INVESTMENTS**
**Cost**
_At 1 April 2023_
**At 31 March 2024**
**Amortisation**
_At 1 April 2023_
Charge for the year
**At 31 March 2024**
**Net book value**
_At 1 April 2023_
**At 31 March 2024**
**8.1 Investment properties**
Market value at beginning of year
**Market value at end of year**|
_147,14_3 -
**147,143**
_44,14_3
14,714
**58,857**
_103,000_
**88,286**
**Information**
**Technology**
**£**
**2024** _202_3
£_£_
1,018,182_1,018,182_
**1,018,182 1,018,182**|
|---|---|
|||
||
|
|||
|||
|||
||
|
Investment properties comprise a café and a commercial art gallery rented to tenants on short leases. A review of the yield on rental income was carried out in 2018-19 by professional surveyors and the market value of the two properties was revised accordingly. The Trustees consider these valuations remain reasonable for the current year. The Library also owns the freehold of six leasehold flats. All these properties are contiguous to the Library’s occupied property and share some structure and services with it.
|**8.2 Financial investments**
**Market value**
Market value at beginning of year
Dividend accumulation
Revaluation gains/(losses)
**Market value at end of year**|**2024**_2023_
£ _£_
7,365,109_7,494,640_
3,025_3,096_
553,272_(132,627)_
**7,921,406 7,365,109**|
|---|---|
## **9 HERITAGE ASSETS**
The Library’s collection comprises over one million publications including books, journals, newspapers and other items. We seek to acquire newly-published works of lasting value and older materials which enhance coverage of particular areas. We obtain many works via donation from our members, and the Library may also accept important items at risk of loss to scholars through the dispersal of other collections. The vast majority of books in the collection are available for loan, but some 40,000 of the oldest, rarest and most vulnerable items are secured within closed stacks and available for supervised consultation.
The Library’s collection is fundamentally a working one which is intended to be used continuously by readers, writers and researchers. There is a compromise between the needs of readers and those of the books themselves, as well as the constraints imposed by housing the collection in a Grade II listed building. The Collection Care team is responsible for ensuring that the collection is stored, maintained and preserved in a manner appropriate to this objective, including tagging, binding and re-binding of books as required. Given these factors, as well as the fact that the average cost of individual assets is usually well below the capitalisation threshold, and most importantly the expense and difficulty of obtaining detailed valuations of the items in the collection, the Trustees believe it is not appropriate to place a capital value on the printed material held by the Library.
The Library also holds a few works of art retained for their historical, artistic, and culturally significant qualities. These are mostly portraits or busts of significant former Library patrons or benefactors. No value is placed on these items in the financial statements.
**• 35**
**10 DEBTORS 2024 2023 £ £** Trade debtors 64,138 _54,008_ Other debtors 142,311 _159,998_ Stock 5,697 _7,419_ Prepayments and accrued income 944,447 _2,875,789_ **Total 1,156,593 3,097,214 11 CREDITORS Amounts due within one year: 2024 2023 £ £** Trade creditors 140,271 _271,344_ Taxes and social security 58,736 _64,118_ Other creditors 41,170 _42,502_ Accruals and deferred income 216,938 _241,025_ Life membership fees deferred 57,726 _73,936_ **Total 514,841 692,925 Amounts due after more than one year: 2024 2023 £ £** Life membership fees deferred 729,470 _675,906_ **Total 729,470 675,906**
Income from life membership fees is recognised over 10 years from the year of receipt for new memberships up to 31 March 2016, over 15 years for new memberships between 1 April 2016 and 31 March 2017 and over 25 years for new memberships from 1 April 2017. The Trustees keep this policy under review in the light of operational experience and general trends in life expectancy.
The movements in deferred life membership income are set out below:
|The movements in deferred life membership income are set out below:||
|---|---|
|**2024**|**2023**|
|**£**|**£**|
|Deferred income at start of year 749,842|_679,575_|
|Life fees received in year 115,927|_152,650_|
|Income recognised in year (78,573)|_(82,383)_|
|**Deferred income at end of year 787,196**|**749,842**|
|To be recognised within one year 57,726|_73,936_|
|To be recognised after more than one year 729,470|_675,906_|
|**Total as above 787,196**|**749,842**|
|The movements in other deferred income comprise of venue hire payments and investment property rent||
|received in advance.||
|**2024**|**20** **23**|
|**£**|**£**|
|Deferred income at start of year 11,877|_6,500_|
|Amount released to income in the year (11,877)|_(6,500)_|
|Amount deferred in the year 26,402|_11,877_|
|**Deferred income at end of year** **26,402**|**11,877**|
|||
## **36 • ACCOUNTS**
## **12 ANALYSIS OF FUNDS**
|
|**B/fwd Income Expenditure Revaluations Transfers C/fwd**
**01 April 23 2024 2024 2024 2024 31 March 24**
**£ £ £ £ £ £**
**Unrestricted funds**
**Designated funds**
Tangible fixed assets 17,980,941 - (300,125) - 684,928
Intangible fixed assets 103,000 - (14,714) - - 88,286
Investment properties 1,018,182 49,870 - - (49,870)
Tom Stoppard
Innovation Fund 1,330,996 - (143,891) -
(187,180)
Repair and Renovation Fund 750,000 - (158,983) - (108,016) 483,001
**Total designated funds 21,183,119 49,870 (617,713) - 339,862 20,955,138**
**Free reserves**2,544,613 3,913,620 (4,402,244) 30,022 187,315 2,273,326
**Operating Fund** **23,727,732 3,963,490 (5,019,957) 30,022 527,177 23,228,464**
Pension reserve 767,000 35,000 - (42,000) - 760,000
**Total unrestricted funds** **24,494,732 3,998,490 (5,019,957) (11,978) 527,177 23,988,464**
**Restricted funds**
Christopher Smith Fund 1,138,956 24,647 - 86,360 (75,000) 1,174,963
Archive Digitisation Project - 206,000 (54,750) - - 151,250
Development Appeal Fund 167,807 2,787 - - (170,594) -
Building Project Fund 9,737 112,000 - - (93,532) 28,205
Supported and School
Memberships 10,120 74,315 - - (40,417) 44,018
Emerging Writers Programme 12,445 150,000 (27,093)
Staff Benefit Fund 19,571 697 - 580 - 20,848
Drue Heinz Literary Fund - 122,797 (122,797) - - -
Julio and Maria Marta Núñez
Memorial Fund 593 3,474 - - (4,067) -
Library Fund Annual Appeal 62,095 139,098 (1,145) - (62,095) 137,953
ACE NLP Fund 24,514 182 (10,436) - (14,260) -
Other restricted funds 7,019 10,695 - - (17,714) -
**Total restricted funds 1,452,857 846,692 (216,221) 86,940 (527,177) 1,643,091**
**Endowment funds**
Drue Heinz Literary Fund 5,174,918 - - 391,491 - 5,566,409
Jacqueline Golden
Endowment 446,033 - - 33,743 - 479,776
Julio and Maria Marta Núñez
Memorial Fund 146,418 - - 11,077 - 157,495
**Total endowment funds 5,767,369 - - 436,311 - 6,203,680**
**Total funds 31,714,958 4,845,182 (5,236,178) 511,273 - 31,835,235**
18,365,744
1,018,182
999,925
-
(49,498) 85,854|**B/fwd Income Expenditure Revaluations Transfers C/fwd**
**01 April 23 2024 2024 2024 2024 31 March 24**
**£ £ £ £ £ £**
**Unrestricted funds**
**Designated funds**
Tangible fixed assets 17,980,941 - (300,125) - 684,928
Intangible fixed assets 103,000 - (14,714) - - 88,286
Investment properties 1,018,182 49,870 - - (49,870)
Tom Stoppard
Innovation Fund 1,330,996 - (143,891) -
(187,180)
Repair and Renovation Fund 750,000 - (158,983) - (108,016) 483,001
**Total designated funds 21,183,119 49,870 (617,713) - 339,862 20,955,138**
**Free reserves**2,544,613 3,913,620 (4,402,244) 30,022 187,315 2,273,326
**Operating Fund** **23,727,732 3,963,490 (5,019,957) 30,022 527,177 23,228,464**
Pension reserve 767,000 35,000 - (42,000) - 760,000
**Total unrestricted funds** **24,494,732 3,998,490 (5,019,957) (11,978) 527,177 23,988,464**
**Restricted funds**
Christopher Smith Fund 1,138,956 24,647 - 86,360 (75,000) 1,174,963
Archive Digitisation Project - 206,000 (54,750) - - 151,250
Development Appeal Fund 167,807 2,787 - - (170,594) -
Building Project Fund 9,737 112,000 - - (93,532) 28,205
Supported and School
Memberships 10,120 74,315 - - (40,417) 44,018
Emerging Writers Programme 12,445 150,000 (27,093)
Staff Benefit Fund 19,571 697 - 580 - 20,848
Drue Heinz Literary Fund - 122,797 (122,797) - - -
Julio and Maria Marta Núñez
Memorial Fund 593 3,474 - - (4,067) -
Library Fund Annual Appeal 62,095 139,098 (1,145) - (62,095) 137,953
ACE NLP Fund 24,514 182 (10,436) - (14,260) -
Other restricted funds 7,019 10,695 - - (17,714) -
**Total restricted funds 1,452,857 846,692 (216,221) 86,940 (527,177) 1,643,091**
**Endowment funds**
Drue Heinz Literary Fund 5,174,918 - - 391,491 - 5,566,409
Jacqueline Golden
Endowment 446,033 - - 33,743 - 479,776
Julio and Maria Marta Núñez
Memorial Fund 146,418 - - 11,077 - 157,495
**Total endowment funds 5,767,369 - - 436,311 - 6,203,680**
**Total funds 31,714,958 4,845,182 (5,236,178) 511,273 - 31,835,235**
18,365,744
1,018,182
999,925
-
(49,498) 85,854|
|---|---|---|
|||**5,767,369 - - 436,311 - 6,203,680**|
|||**31,714,958 4,845,182 (5,236,178) 511,273 - 31,835,235**|
**• 37**
|**Net assets by fund**
Tangible fixed assets
Intangible fixed assets
Investment properties
Financial investments
Debtors and prepayments
Bank balances and cash in hand
Creditors: due within one year
Creditors: due after more than one year
Pension asset
**Net assets**|**Unrestricted**
**Restricted**
**Endowment**
**Total**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
18,365,744 - -
18,365,744
88,286 - - 88,286
1,018,182 - - 1,018,182
459,823 1,257,903 6,203,680 7,921,406
1,156,593 - - 1,156,593
3,384,147 385,188 - 3,769,335
(514,841) - - (514,841)
(729,470) - - (729,470)
760,000 - - 760,000
**23,988,464 1,643,091 6,203,680 31,835,235**|
|---|---|
## **Expenditure and Transfers**
Expenditure represents all expenditure other than capital expenditure.
Capital expenditure (and expenditure on equipment in the course of installation/assets under construction) is represented by transfers from free, designated or restricted reserves to tangible fixed assets.
Transfers from investment properties to free reserves represent the rental income from the properties, as shown in note 8. Transfers from restricted funds to free reserves reflect the discharge of the conditions applicable to the respective funds. Transfers between restricted funds, and any designations of unrestricted funds are detailed below.
## **Unrestricted funds (including Designated funds)**
Unrestricted funds comprise free reserves, designated funds and the pension reserve.
Free reserves are funds which are not subject to any legal or operational restriction as to their application.
Designated funds are not subject to any externally imposed restriction but have been set aside for specific purposes and thus are not immediately available to be spent as income. They represent the fixed assets used in the business (note 7) and investment properties (note 8) as well as the Tom Stoppard Innovation Fund (TSIF) and Repair and Renovation Fund (RRF).
The TSIF supports new ways to improve the Library’s building, collection, and systems. In 2023/24, it provided funding for a new membership management system, the RFID project and the implementation of a new finance system.
The RRF is used for essential repair work to the Library’s building and infrastructure. A transfer of £24k was made from this fund to the Library Fund Annual Appeal to address the shortfall in funds needed to complete LED lighting installation.
Free reserves and designated funds together comprise the Operating Fund, which derives from the accumulated net surplus since inception.
The pension reserve represents the net actuarial surplus on the defined benefit pension scheme, calculated on the basis set out in note 13.
## **Restricted funds**
The Christopher Smith Fund (CSF) was established in 2021 upon the recognition of a legacy from the late Christopher Smith, a life member. The Fund is invested, and both income and capital from the fund is used to support the care and preservation of books. £75k has been transferred from the CSF to the Operating Fund to offset the costs of collection care. The fund is expected to be expended by 2041, twenty years from the date of its establishment.
The Archive Digitisation Fund was established during 2023/24 for the project to create a database of the Library’s archival membership records, and the creation of secure storage in the basement. Donations worth £206k have been received and the project is expected to be complete within three years.
The Development Appeal Fund (DAF) was launched in 2004, initially to meet the costs of the Library’s purchase and fit out of T S Eliot House, and subsequently for other building development projects. The DAF has been used to part-fund the costs of preparing architectural plans for the Building Connections project. This is represented by a transfer to the Building Project Fund.
The Building Project Fund was established as part of the Building Connections project which includes proposed plans for a new learning and exhibition space (the Discovery Room) and other improved member facilities. Project planning has begun, and donations have been received to support this work.
**38 • ACCOUNTS**
A transfer of funds from the DAF was made to this fund. Expenditure to date has been capitalised as part of the Library’s fixed assets and a transfer to the Tangible Fixed Assets Fund has been made accordingly.
The Supported Memberships funds comprise funds held for the provision of supported memberships including the subsidised state schools programme. This includes the London Library Trust, a subsidiary, linked charity which since April 2012 has been held as a restricted fund within the Library (which is its sole trustee). The assets of LLT are nil.
The Emerging Writers Programme (EWP) supports the development of new writing talent, granting up to 40 writers, selected by a panel of judges, a minimum of one year’s free membership of The London Library and providing them with a programme of masterclasses, literary networking opportunities and peer support. The programme is made possible by philanthropic donations including income from the Julio and Maria Marta Núñez Memorial Fund _(see opposite)_ . In addition to the direct costs of the EWP, transfers are made from this fund to account for the cost of providing free Library memberships to participants.
The Staff Benefit Fund has been built up from gifts and investment income. It is used to make discretionary payments to or on behalf of staff in cases of need or hardship.
The Drue Heinz Literary Fund and the Julio and Maria Marta Núñez Memorial Fund (NMF) represent the investment income generated from the corresponding invested endowment funds detailed below. The Julio and Maria Marta Núñez Memorial Fund supports the cost of membership for those participants in the EWP who are aged between 18 and 30. A transfer has been made between the NMF and the EWP fund to account for this.
The Library Fund Annual Appeal represents income generously donated from the membership to fund specific projects. The 2023/24 appeal raised funds for new acquisitions and book conservation, and this will be expended in future years. The brought forward amount was used to pay for energy efficient LED lighting in the stacks (with additional funds supplied by the RRF). These works have been capitalised and a transfer to the Tangible Fixed Assets Fund has been made accordingly.
The ACE NLP fund is a National Lottery Project grant received via Arts Council England for the development of outreach and learning activities. This project was completed during 2023/24.
Other restricted funds comprise grants, donations and legacies received for specific purposes.
## **Endowment Funds**
The Drue Heinz Literary Fund comprises gifts made by the Drue Heinz Foundation to provide an endowment which yields investment income to ‘help meet the annual budget of The London Library for acquisition of books and periodicals’. As such the income from it is treated as restricted and is fully spent each year to offset the cost of book purchases.
The Jacqueline Golden endowment was established by a gift from former Treasurer and Chairman of the Library, Lewis Golden, in memory of his late wife Jacqueline, and has been supplemented by subsequent donations. The income from this endowment is available for the general purposes of the Library and is included within free reserves.
The Julio and Maria Marta Núñez Memorial Fund, established in 2015/16, provides financial support to applicants for Library membership aged between 18 and 30, particularly those from Latin America. It can also be used to assist young authors. In practice the fund achieves these purposes by supporting the costs of membership for the younger participants in the Emerging Writers Programme.
## **13 PENSION ARRANGEMENTS**
## **(a) Group Personal Pension Plan (GPPP)**
The Group Personal Pension Plan is provided by Scottish Widows and commenced on 1 April 2011 when the
Library’s defined benefit scheme closed to further accrual. Costs for the year ended 31 March 2024 totalled £116,728 (2023: £109,032 _restated_ ).
## **(b) Staff Superannuation Fund of The London Library (SSF)**
The SSF is a defined benefit scheme established under a definitive trust deed, which closed to new entrants and to further accrual on 1 April 2011. The assets of the scheme are held independently from those of the Library, and are vested in a corporate Trustee with six named Trustee Directors, including two nominated by members of the fund.
In the year ended 31 March 2024, the contribution by the Library was £nil (2023: £100,000), in accordance with the recommendations of the Fund’s actuary. With effect from 1 April 2011 scheme expenses are paid directly by The London Library and this contribution therefore related purely to reduction in past service deficits. The expected contribution for the financial year ending 31 March 2025 is £nil.
**• 39**
A valuation of the Fund has been prepared as at 31 March 2024 in accordance with FRS102. The major assumptions used are as follows:
|A valuation of the Fund has been prepared as at 31 March 2024
The major assumtions used are as follows:|in accordance with FRS102.||
|---|---|---|
|p|**2024**|**2023**|
|Discount rate|
4.70% per annum|_4.55% per annum_|
|Price inflation (RPI)|
3.25% per annum|_3.25% per annum_|
|Price inflation (CPI)|
2.55% per annum|_2.55% per annum_|
|Increases to pensionable pay|
N/A
|_N/A_|
|Increases to pensions in payment:|||
|Before30/4/2007 (RPI capped at 5%)|
3.05% per annum|_3.05% per annum_|
|From 1/5/2007(RPI capped at 2.5%)|
2.05% per annum|_2.05% per annum_|
|GMP accrued after 6/4/1988 (CPI capped at 3%)|2.05% per annum|_2.05% per annum_|
|Increases to pensions in deferment (employed members):|||
|Non-GMP earned before 6/4/2009 (RPI capped at 5%)|
3.25% per annum
|_3.25% per annum_|
|Non-GMP earned after 6/4/2009 (RPI capped at 2.5%)|2.5% per annum
|_2.5% per annum_|
|GMP|
Fixed rates
|_Fixed rates_|
|Increases to pensions in deferment (non-employed members):|||
|Non-GMP earned before 6/4/2009 (CPI capped at 5%)|
2.55% per annum
|_2.55% per annum_|
|Non-GMP earned after 6/4/2009 (CPI capped at 2.5%)|2.5% per annum
|_2.5% per annum_|
|GMP|
Fixed rates
|_Fixed rates_|
|Mortality|||
|– Before retirement|
No allowance|_No allowance_|
|– After retirement|
S3PA year of birth tables|_S3PA year of birth tables_|
||with CMI_2022 projections|_with CMI_2021 projections_|
||and a 1.25% pa long-term|_and a 1.25% pa long-term_|
||rate of improvement|_rate of improvement_|
|Commutation|
100% of members commute|
_100% of members commute_|
||15% of pension at|_15% of pension at_|
||current rates|_current rates_|
|Life expectancies from age 65:|||
|Male currently aged 65|88|_88_|
|Female currently aged 65|89|_90_|
|Male currently aged 45|89|_90_|
|Female currently aged 45|91|_91_|
|**Reconciliation of funded status to Balance Sheet**|||
||**2024**|**2023**|
||**£**|**£**|
|Defined benefit obligation|(7,933,000)|_(8,140,000)_|
|Less: Fair value of plan assets|8,693,000|_8,907,000_|
|**Net defined benefit asset**|**760,000**|**767,000**|
||||
In accordance with FRS102, the scheme surplus is recognised as an asset on the basis that the Trustees believe the Library will be able to recover the surplus either through reduced contributions in the future or through transfers from the scheme as outlined in the Trust Deed of the scheme.
The fair value of the assets held and their relative weightings for the year commencing 31 March were:
**2024 2023 £ % weight £ % weight** Equities 1,001,000 11.5% _852,000 9.6%_ Alternatives 867,000 10.0% _797,000 8.9%_ Corporate bonds 4,750,000 54.6% _4,460,000 50.1%_ LDI assets 1,805,000 20.8% _2,244,000 25.2%_ Gilts 293,000 3.4% - _0.0%_ Net current assets/(liabilities) (23,000) -0.3% _554,000 6.2%_ **Total 8,693,000 100.0% 8,907,000 100.0%**
**40 • ACCOUNTS**
|**ACCOUNTS**|**ACCOUNTS**|**ACCOUNTS**|
|---|---|---|
|**The following amounts have been recognised in the Statement of Financial Activities as part of Total Expenditure**|||
||**2024**|
**2023**|
||**£**|
**£**|
|Net interest (income) on defined benefit liability|(35,000)|
_(33,000)_|
|**Total net expense / (income) recognised**
|**(35,000)**|**(33,000)**|
|**The following amounts have been recognised in the Statement of Financial Activities as Actuarial gains/(losses):**|||
||**2024**|**2023**|
||**£**|
**£**|
|Remeasurement – (loss)/gain on liabilities due to experience|(20,000)|_(324,000)_|
|Remeasurement – (loss)/gain on liabilities due to assumption changes|300,000|3,205,000|
|Remeasurement – (loss)/gain on return on assets excluding interest income|(322,000)|
(3,490,000)|
|**Actuarial (loss)/gain for the year**|**(42,000)**|**(609,000)**|
|**Reconciliation of defined benefit obligation over the year:**|||
||**2024**|**2023**|
||**£**|
**£**|
|**Defined benefit obligation at start of year**|**8,140,000**|**11,020,000**|
|Interest expense on defined benefit obligation|364,000|_283,000_|
|Remeasurement – loss / (gain) on liabilities due to experience|20,000|_324,000_|
|Remeasurement – loss/ (gain) on liabilities due to assumption changes
|(300,000)|_(3,205,000)_|
|Benefits paid|(291,000)|_(282,000)_|
|Past service cost|-|-|
|**Liabilities at end of year**|**7,933,000**|**8,140,000**|
|**Reconciliation of fair value of assets over the year:**|||
||**2024**|**2023**|
||**£**|**£**|
|**Fair value of assets at start of year**|**8,907,000**|**12,263,000**|
|Interest income on assets|399,000|_316,000_|
|Remeasurement – return on assets excluding interest income|(322,000)|_(3,490,000)_|
|Contributions by employer|-|_100,000_|
|Benefits paid|(291,000)|
_(282,000)_|
|**Fair value of assets at end of year**|**8,693,000**|**8,907,000**|
|
**Return on assets**|
**77,000**|**(3,174,000)**|
|**Reconciliation of funded position**|||
||**2024**|**2023**|
||**£**|**£**|
|**Net defined benefit liability / (asset) at start of year**|**(767,000)**|**(1,243,000)**|
|Expense / (income) recognised in total expenditure / income|(35,000)|_(33,000)_|
|Actuarial (gain) / loss recognised below total expenditure|42,000|_609,000_|
|Contributions by employer|-|_(100,000_)|
||**(760,000)**|**(767,000)**|
||||
**• 41**
## **14 TRANSACTIONS WITH TRUSTEES AND OTHER RELATED PARTIES**
Trustees received no remuneration in connection with their trusteeship (2023: £nil). No reimbursements were paid to Trustees for expenses incurred on Library business (2023: £nil).
All Trustees pay membership fees to the Library and enjoy the associated benefits on the same basis as all other members. Those Trustees who are also members of the Founders’ Circle receive additional benefits commensurate with their level of membership.
One Trustee was charged a discounted rate on venue hire for a book launch at the Library during the year. Discounted rates are available to all our members and supporters. Library Trustees who are also historians, authors or noted experts may occasionally participate in Library events (eg hosting a talk or panel discussion) and may be eligible for a modest speaker fee at the Library’s usual rates.
Related parties include Key Management Personnel, which comprises the Trustees, the Library Director and the Director of Finance and Resources. Aggregate benefits for these staff are shown in note 15 below.
There were no donations from related parties with conditions which would, or might, require the Library to alter significantly the nature of its existing activities. Trustees and related parties made unconditional donations of £119,017 (2023:£73,600). This included £55,000 to our established fundraising campaigns for the Library Fund Annual Appeal and the Capital Building Project.
The Library’s defined benefit pension scheme, the SSF (Staff Superannuation Fund) constitutes a related party, and full details are set out in note 13 on page 38. The Library bears the administrative costs of the SSF including fees paid to Legal & General Investment Management as managers of the scheme’s assets. Philip Broadley, the Library’s Treasurer, is a director of Legal & General Group plc. Investment decisions regarding the assets of the SSF, including the choice of investment managers, are made independently by the SSF Corporate Trustee.
Otherwise, the Trustees believe there are no other transactions with related parties that require disclosure.
**15 STAFF COSTS 2024 2023 £ £** Staff costs comprise: Gross salaries and wages 2,401,723 _2,374,252_ Termination payments - _11,000_ National Insurance 237,075 _251,339_ Pension costs 116,728 _109,032_ Administrative costs of SSF pension scheme 104,791 _108,777_ **Total 2,860,317 2,854,400**
Administrative costs of SSF pension scheme include actuarial and legal fees.
Total employee benefits plus employer’s national insurance contributions for Key Management Personnel totalled £233,299 (2023: £223,846 restated). The balance of interest-free season ticket loans due from Key Management Personnel at 31 March 2024 was £nil (2023: £nil).
In addition to the above, expenditure totalling £24,901 (2023: £24,630) on staff training and related consultancy is included within Other Costs under Administration in Note 6 to these financial statements.
## **16 EMPLOYEES**
e average number of employees (including casual staff and events staff) was 68.1 (2023:73.0).
The number of employees who received remuneration exceeding £60,000 are as follows:
**Range 2024 2023** £60,000 - £70,000 2 _1_ £70,000 - £80,000 2 _3_ £110,000 - £120,000 - _1_ £120,000 - £130,000 1 -
Total employer’s contributions to Group Personal Pension Plan for the 5 employees was £24,009 (2023: 5 employees, £22,027 _restated_ ).
**42 • ACCOUNTS**
## **17 COMMITMENTS UNDER OPERATING LEASES**
Future minimum lease payments under non-cancellable operating leases are as follows:
|
Due within one year
Due between two and five years
**Total**|**2024**
**2023**
**£ £**
10,385_10,385_
777_11,162_|
|---|---|
||**11,162 21,547**|
Commitments under operating leases relate to photocopiers in the staff and member areas. The operating lease expense in the year was £10,480 (2023: £10,385).
## **18 RECONCILIATION OF NET INCOME/(EXPENDITURE)**
## **TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**18 RECONCILIATION OF NET INCOME/(EXPENDITURE)**
**TO NET CASH FLOW FROM OPERATING ACTIVITIES**||
|---|---|
|
Net income
Depreciation
(Gains)/losses on investments
Accumulated dividends
Dividends, interest and rent from investments
Decrease / ( increase) in debtors
(Decrease) / increase in creditors
Pension contributions and income recognised
**Net cash flow from operating activities**|**2024** **2023**
**£** **£**
162,276
314,839
(553,272)
(3,025)
(294,260)
1,940,622
(124,520)
(35,000)
_1,269,774_
_260,833_
_132,627_
_(3,096)_
_(228,837)_
_(1,169,787)_
_181,768_
_(133,000)_|
||**1,407,660**
**310,282**|
|||
|**19**
|**PRIOR YEAR ANALYSIS OF FUNDS**
**B/fwd Income Expenditure Revaluations Transfers C/fwd**
**01 April 22 2023 2023 2023 2023 31 March 23**
**£ £ £ £ £ £**
**Unrestricted funds**
**Designated funds**
Tangible fixed assets 17,876,801 - (246,119) - 350,259
Intangible fixed assets 117,714 - (14,714) - - 103,000
Investment Properties 1,018,182 50,130 - - (50,130) 1,018,182
Tom Stoppard Innovation
Fund 1,275,845 - (130,965) - 186,116 1,330,996
Repair and Renovation Fund - - - - 750,000 750,000
**Total designated funds 20,288,542 50,130 (391,798) - 1,236,245 21,183,119**
**Free reserves**2,149,939 5,476,351 (4,070,748) (16,652) (994,277)
**Operating Fund 22,438,481 5,526,481 (4,462,546) (16,652) 241,968 23,727,732**
Pension reserve 1,243,000 133,000 - (609,000) - 767,000
**Total unrestricted funds 23,681,481 5,659,481 (4,462,546) (625,652) 241,968 24,494,732**
17,980,941
2,544,613|**PRIOR YEAR ANALYSIS OF FUNDS**
**B/fwd Income Expenditure Revaluations Transfers C/fwd**
**01 April 22 2023 2023 2023 2023 31 March 23**
**£ £ £ £ £ £**
**Unrestricted funds**
**Designated funds**
Tangible fixed assets 17,876,801 - (246,119) - 350,259
Intangible fixed assets 117,714 - (14,714) - - 103,000
Investment Properties 1,018,182 50,130 - - (50,130) 1,018,182
Tom Stoppard Innovation
Fund 1,275,845 - (130,965) - 186,116 1,330,996
Repair and Renovation Fund - - - - 750,000 750,000
**Total designated funds 20,288,542 50,130 (391,798) - 1,236,245 21,183,119**
**Free reserves**2,149,939 5,476,351 (4,070,748) (16,652) (994,277)
**Operating Fund 22,438,481 5,526,481 (4,462,546) (16,652) 241,968 23,727,732**
Pension reserve 1,243,000 133,000 - (609,000) - 767,000
**Total unrestricted funds 23,681,481 5,659,481 (4,462,546) (625,652) 241,968 24,494,732**
17,980,941
2,544,613|
|---|---|---|
|||**20,288,542 50,130 (391,798) - 1,236,245 21,183,119**
2,149,939 5,476,351 (4,070,748) (16,652) (994,277)
2,544,613|
|||**22,438,481 5,526,481 (4,462,546) (16,652) 241,968 23,727,732**
1,243,000 133,000 - (609,000) - 767,000|
|||**23,681,481 5,659,481 (4,462,546) (625,652) 241,968 24,494,732**|
**• 43**
|
**20**
|**B/fwd Income**
**01 April 22 2023**
**£ £**
**Restricted funds**
Christopher Smith Fund 1,096,899 128,451
Development Appeal Fund 164,360 3,447
Building Project Fund - 25,000
Supported Memberships 53,761 33,660
Emerging Writers Programme 56,326 21,075
Staff Benefit Fund 34,917 1,027
Drue Heinz Literary Fund - 119,041
Julio and Maria Marta Núñez
Memorial Fund - 3,368
Library Fund Annual Appeal 91,794 2,234
ACE NLP Fund - 25,200
Other restricted funds 3,019 14,375
**Total restricted funds 1,501,076 376,878**
**Endowment funds**
Drue Heinz Literary Fund 5,268,466 -
Jacqueline Golden
Endowment 454,096 -
Julio and Maria Marta Núñez
Memorial Fund 149,065 -
**Total endowment funds 5,871,627 -**
**Total funds 31,054,184 6,036,359**
**PRIOR YEAR NET ASSETS BY FUND**
Tangible fixed assets
Intangible fixed assets
Investment properties
Financial investments
Debtors and prepayments
Bank balances and cash in hand
Creditors: due within one year
Creditors: due after more than one year
Pension asset
**Net assets**|**Expenditure Revaluations Transfers C/fwd**
**2023 2023 2023 31 March 23**
**£ £ £ £**
- (11,394) (75,000)
- - - 167,807
- - (15,263) 9,737
- - (77,301) 10,120
(35,635) - (29,321) 12,445
(16,050) (323) - 19,571
(119,041) - - -
- - (2,775) 593
- - (31,933) 62,095
(686) - - 24,514
- - (10,375) 7,019
**(171,412) ( 11,717) (241,968) 1,452,857**
- (93,548) - 5,174,918
- (8,063) - 446,033
- (2,647) -
**- (104,258) - 5,767,369**
**(4,633,958) (741,627) - 31,714,958**
**Unrestricted Restricted Endowment Total**
**2023 2023 2023 2023**
**£ £ £**
17,980,941 - - 17,980,941
103,000 - - 103,000
1,018,182 - - 1,018,182
947,850 649,890 5,767,369 7,365,109
2,483,263 613,951 - 3,097,214
2,376,668 375,675 - 2,752,343
(506,266) (186,659) -
(675,906) - -
767,000 - - 767,000
**24,494,732 1,452,857 5,767,369 31,714,958**
(692,925)
(675,906)
**£**
146,418
1,138,956|
|---|---|---|
**44 • DONATIONS AND BEQUESTS**
The Trustees are grateful to all our supporters for their generous contributions – all those listed here have donated £500 or more to The London Library during the year ended 31 March 2024.
Donations marked * were received via The International Friends of The London Library, a US registered 501(c) (3) charitable corporation.
## **FOUNDERS’ CIRCLE UK**
Jakob Haesler Philip Hooker Dr Sarah Ingham David Ireland Margaret Jones Humphrey Lloyd Lorna Lowe David Lubin Kamalakshi Mehta Simon Morris Patrick Parrinder Aurore Pasquet David Reade Peter Rosenthal Sir John & Lady Gwenda Scarlett Peter Stewart Marjorie Stimmel Paul Swain Mrs Maundy Todd John C Walton Stephen Withnell
## **Dickens (£10,000)**
John Colenutt Howard Davies Simon Godwin Sebastien Paraskevas Basil Postan Sir Timothy Rice Ms Kim Samuel, Founder, Samuel Centre for Social Connectedness Mark Storey Philip Winston (with matching gift from Capital Group)
## **Thackeray (£5,000)**
David & Molly Lowell Borthwick Philip Broadley Michael Cohen & Erin Bell Eric Coutts Harriet & Fabian Hielte Andrew Hine Simon King Peter T G Phillips
## **FOUNDERS’ CIRCLE US**
## **Dickens (from $10,000)**
## **Martineau (£1,500)**
Wilson Braun & Mary Connolly Braun* John & Kiendl Gordon* Simon Lorne* Mrs Robert Ian MacDonald* Sarah & Hank Slack*
Mohammad Almojel Alain Aubry James Bartos The Bisset Trust Jenny Bourne Taylor Nicola Braban Sue Bradbury OBE Marcia Brocklebank Consuelo & Anthony Brooke Anthony Cardew Maria Beatrice Carrara Nicola Coldstream Sir John Gieve
## **Thackeray (from $5,000)**
Peter & Millicent Bain* Gretchen & James Johnson* Linn & Ved Mehta RSL* David & Jennifer Risher* Deborah Goodrich Royce* Douglas Smith & Stephanie Ellis-Smith* Susan Jaffe Tane*
**Martineau (from $2,500)** Elizabeth Belfer*
J Christopher Flowers* Mrs Montague H Hackett, Jr* Elizabeth Bennett Herridge* Carey Adina Karmel* Thomas W Keesee III* Michael T & Helen B Kiesel* Patricia & Tom Lovejoy* Caroline S Nation* Sarah & David Stack* Gillian & Robert Steel* Cissy & Curt Viebranz* Paula Weideger* John Wilson*
## **LEGACIES**
Rianne Brinkman-Vijn in memory of Jacobus Petrus Vijn Frank Brudenell Marion Colthorpe Netta Goldsmith Anne Greene in memory of Francis Greene Daniel Kirkpatrick David Wilson
## **LIBRARY FUND ANNUAL APPEAL**
Alain Aubry Joanna Barker Barnsbury Charitable Trust Chris and Nicola Beauman David Darbyshire Nicholas Daubeny Alan Esdale Paul Hamlyn L G W Howard Taylor David Ireland David & Anne Ivorson John Perkins Leslie Powell Richard Shuttleworth Tom Stoppard N Thornhill Unwin Charitable Trust
**• 45**
## **EMERGING WRITERS PROGRAMME**
Bloomsbury Publishing The Bryan Guinness Charitable Trust The Garrick Charitable Trust John & Kiendl Gordon* Sir Max Hastings Hawthornden Foundation* Gretchen & James Johnson* Simon Lorne* David Lubin Robert Macleod O J Colman Charitable Trust Deborah Goodrich Royce* Sarah & Hank Slack*
## **SUPPORTED MEMBERSHIP AND ACCESS PROGRAMMES**
The John S Cohen Foundation Dr Michael and Anna Brynberg Charitable Foundation Jan Michalski Foundation Reuben Foundation Hannah Rothschild Trust Unwin Charitable Trust
## **COLLECTION AND ARCHIVE**
Barnabas Brunner Helen Ireland in memory of Roy Charnock Mark Storey Unwin Charitable Trust
## **UNRESTRICTED GIFTS**
The Clore Duffield Foundation Howard Davies Simon Godwin The International Friends of The London Library* L E Collis Charitable Trust Alexander John Lowry John Perkins Mark Storey Ursula Brennan Sandor Vaci
## **DEVELOPMENT APPEAL FUND**
Trevor Coldrey
## **BUILDING CONNECTIONS**
The Deborah Loeb Brice Foundation The Godwin Family Basil Postan Rothschild Foundation
## **DONATIONS OF BOOKS**
Thanks are also due to various government and official bodies, learned societies, institutions and firms, and other libraries and publishers who have given their publications, and to the many donors of books and other items who are listed below:
Professor Michael Alpert Sarah Anderson Jennifer Antill The Antique Collectors’ Club Dr John Aplin Paul Ashton Anthony Astbury Peter Bagwell Purefoy Mike Bailey in memory of Geoffrey David Bailey Dr Phil Baker Professor Anthony Bale Nicolas Barker OBE James Bartos Ante Batovićc The Betjeman Society Benjamin Bilski David Boler Professor Bruce Boucher Michael Bond Professor Jenny Bourne Taylor The late Sir Alan Bowness CBE Vanessa Brett The Francis Brett Young Society Dr Martin D Brown Dr Anthony Bruce John Buchan Society Professor Victor Bulmer-Thomas CMG OBE
## Flora Carr
Sir Charles Chadwyck-Healey Bt Caroline Chapman Chris Beetles Gallery Dr Neil Churchill The Joseph Conrad Society (UK) Helen Corlett Tony Cowan Dr Edward Cox Diane Coxon Harriet Crawley Roger Crowley Dr Richard Davenport-Hines Professor David Dilks Dr Brent Elliott Patricia Erasmus in memory of Roger Blackstone Richard Essberger Dr Philip Rhys Evans Michael Fardell Dr Paul Fox Miranda France Friends of the Dymock Poets German Historical Institute London Charles Glass Dr Emelyne Godfrey Daisy Goodwin The late James Greene Robert Gwynne Dr James Hannam Chips Hardy Christina Hardyment Sir Max Hastings John Havard OBE Hertfordshire Association for Local History Marianne Hinton Michael J Hodges Gervase Hood Dr Rowan Hooper Dr Clare Hornsby Cheryl Hurley Icon Books The Reverend David Ivorson in memory of Gavin Selerie Professor Frank James
## **46 • DONATIONS AND BEQUESTS**
The Kipling Society Thomas Kligerman Dr Sabine Köllmann Jason Lever The London Magazine Andrew Lycett Neil MacGregor OM Andrew Martin The Massachusetts Review Anne McCosker Liz McGregor Kinn McIntosh Selina Mills Dr Charles More Horatio Morpurgo Simon Morris Charlotte Nassim New Statesman Dr Joanna Nolan Notes and Queries for Somerset and Dorset Clive Norris Dr James Nye John O’Farrell Tatiana Okhotina Stephen Ongpin Michael Orszag Philippa Parker Paul Parkinson Professor Charles Pasternak Sean Paterson Paul Holberton Publishing Dr Michael Peppiatt
Dr Peter Phillips Christopher Phipps Dr Peter Pickering The Anthony Powell Society Dr Cecilia Powell The Powys Society Professor Andrew Prescott Proquest Prospect Books Sarah Quill Stuart Cawthorne Brooke Robinson Danny Rosenbaum Robert Rowe Royal Academy of Arts Royal Anthropological Institute Royal Horticultural Society The Royal Society Andrew Sargent Nick Schlee C J Schüler David Scott Lord and Lady Scott Laura Shepperson Dr Elizabeth Siberry The Society for Psychical Research The Society of Women Writers and Journalists Sydney Smith Association Antonia Southern Martin Spellman Nicholas Stanton Louise Stein
Rose Storkey Edward Stourton Rick Stroud Professor Jeremy Tambling Dr Terence Tastard Hazhir Teimourian Jacques Testard The Angela Thirkell Society Sir Richard Thompson Dr Marek Trelinski Dr Frances Twinn Anastasios Tyflopoulos Sandor Vaci Dr Cento Veljanovski Royston Vince Major General Charles Vyvyan CB CBE Jane Wainwright in memory of Clive Wainwright Jeremy Warren Professor Ralph Wedgwood Maurice Whitby Dr Matthew White The Oscar Wilde Society Robert Willer Isobel Williams Dr Paul Williamson in memory of Malcolm J Bothwell Julian D A Wiseman The P G Wodehouse Society Graeme Wright The Writers’ Guild of Great Britain David Wurtzel
**ORGANISATIONAL INFORMATION • 47**
## **10-YEAR FINANCIAL SUMMARIES**
**Net movement in funds**
||||**Reduction/**||
|---|---|---|---|---|
|||**Net Gains / (losses)**|**(increase)in**
|**Net**|
||**Library**|**Fundraising Investment investment**|**SSF pension**
|**movement**|
|**Year**|**operations**|**income income value**|**deficit***|**in funds**|
||**£**|**£ £ £**|**£**
|**£**|
|2015|(499,886)|431,444 279,118 292,414|(416, 000)|87,090|
|2016|(1,043,961)|1,051,074 317,675 (503,497)|(137, 000)|(315,709)|
|2017|(1,156,287 )|1,081,380 331,757 658,827|116,000|1,031,677|
|2018|(1,130,777)|1,057,986 240,000 (169,552)|149,000|146,657|
|2019|( 1,105,361)|2,418,153 257,000 808,349|340,000|2,718,141|
|2020|(914,908)|287,961 318,991 (567,968)|(382,000)|(1,257,924)|
|2021|(1,242,506)|1,710,191 196,100 1,034,165|711,000|2,408,950|
|2022|(1,543,215)|585,302 235,555 643,659|706,000|627,301|
|2023|(1,275,173)|2,448,737 228,837 (132,627)|(609,000)|660,774|
|2024|(1,762,630)|1,077,373 294,260 553,272|(42,000)|120,275|
* Note: SSF pension in surplus since 2021
## **LIBRARY FUNDS AS AT 31 MARCH**
||**Free**||**Free**||||||
|---|---|---|---|---|---|---|---|---|
||**reserves**||**reserves**||||||
||**(excluding**
**Pension**|**Pension**|**(including**
**Pension**|**Designated**|**Total**
**unrestricted**|**Restricted**|**Endowment**|**Total**|
|**Year**|**Reserve)**|
**Reserve**|**Reserve)**|**funds #**|
**funds**|**funds**|**funds**|**funds**|
||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|
|2015|4,834|(1,661)|3,173|19,936|23,109|587|1,999|**25,695**|
|2016|4,258|(1,633)|2,625|19,652|22,277|501|2,601|**25,379**|
|2017|
4,367|(1,333)|3,034|19,415|22,449|608|3,353|**26,410**|
|2018|3,427|(972)|2,455|20,149|22,604|557|3,396|**26,557**|
|2019|3,547|(456)|3,091|20,872|23,963|559|4,754|**29,276**|
|2020|2,975|(588)|2,387|20,730|23,117|545|4,357|**28,018**|
|2021|2,320|378|2,698|20,794|23,492|1,723|5,212|**30,427**|
|2022|2,150|1,243|3,393|20,288|23,681|1,501|5,871|**31,054**|
|2023|2,545|767|3,312|21,183|24,495|1,453|5,767|**31,715**|
|2024|2,263|760|3,023|20,955|23,978|1,653|6,204|**31,835**|
# Including tangible fixed assets and investment properties
**48 •**
## **SUPPORT US**
## **DONATIONS**
The London Library is a financially independent, registered charity. Philanthropy has always been essential to us. Your support makes a real difference. Please consider the options below to help us continue inspiring generations of writers, readers and thinkers:
- [n] Become a Founders’ Circle Patron to support the Library’s activity and enjoy tailored events
- [n] Make a donation to widen access to the Library, through
- the Emerging Writers Programme, State Schools Membership or Supported Membership schemes
- n Make a donation to care for and develop the Library’s collection, historic building and spaces
- n Consider leaving a gift in your Will
- n Support the Library Fund Annual Appeal
- n Introduce a potential donor or grant-making trust to the Development Team
If you would like to make a philanthropic gift towards the Library’s projects, learn more about our priorities or discuss how your support can help, please contact the Development Team
## **development@londonlibrary.co.uk**
## **INTERNATIONAL SUPPORTERS**
For over 40 years, the International Friends of The London Library (IFLL) has been a vital supporter of the Library, helping us continue as a haven of creativity and inspiration. IFLL is a body administered from New York under a volunteer board of directors, and it is registered 501(c)(3) for tax-exemption privileges in connection with its charitable activities in support of the Library.
Library members and other friends based outside the UK have made many generous donations through IFLL, with recent gifts contributing to crucial Library activity including the Emerging Writers Programme, conserving and developing our wonderful collection and our annual appeal. Supporters can also join the US Founders’ Circle and enjoy an exciting programme of events in New York and London.
For more information about giving through IFLL please visit **ifll.org**
## **TRANSNATIONAL GIVING EUROPE**
The Library is also able to receive donations through Transnational Giving Europe (TGE). TGE is a partnership of leading European foundations and associations that facilitates tax-efficient cross-border giving within Europe. TGE is operational in most European Union states.
+44 (0) 20 7766 4795
Or visit **londonlibrary.co.uk/support-us**
## **OTHER WAYS TO HELP**
- [n] Recruit a new member: Recommend the Library to your friends and family, encourage them to join or buy
- membership as a gift
- [n] Social media: help spread the word online
- [n] Acknowledgements: If you have been using the Library for your writing, please mention us in your publicity
- or even the acknowledgements of your book
- [n] Venue hire: consider us for book launches, publicity
- events, parties, filming or photoshoots
- [n] Books: donate a book you have written or persuade a publisher to donate books to the Library
- [n] Merchandise: show your support with the Library’s
- range of branded products and Christmas Cards
- [n] Events: come along to the Library’s talks and literary
- events
## Hire The London Library for your next event!
The London Library is available for exclusive evening hire for private events, including dinners, drinks receptions, book launches and filming.
Book before 15 December 2024 and receive a special 20% member discount.
Find out more at
londonlibrary.co.uk/venue-hire
## ...with a Gift in Your Will
Remembering The London Library in your Will can help build a significant and lasting legacy for the writers, readers and thinkers of the future. Free of inheritance tax, a gift in your Will is an efficient and effective way of donating, that costs nothing in your lifetime and leaves a lasting impact.
To find out more about how a gift in your WIll can help the Library, please contact our team at legacy@londonlibrary.co.uk or call on 020 7766 4795.
_**Patron**_ **Her Majesty The Queen**
_**President**_ **Helena Bonham Carter CBE**
_**Treasurer**_ **Philip Broadley**
_**Director**_ **Philip Marshall**
## _**Vice-Presidents**_
**Nicolas Barker OBE FBA The Rt Hon the Lord Boateng Lady Antonia Fraser CH DBE Caroline Michel Jeremy Paxman Sir Tim Rice Josie Rourke Alexandra Shulman CBE Sir Tom Stoppard OM CBE**
_**Chair of Trustees**_ **Simon Godwin**
**Telephone: +44 (0)20 7766 4700**
**For further information please visit our website or contact us at:**
**@thelondonlibrary**
**@TheLondonLib**
**londonlibrary.co.uk**
**The London Library, 14 St James’s Square, London SW1Y 4LG**
**ISSN 0307 -4447**
**Photographs © Paul Raftery (** _**front**_ **), Dale Weeks (** _**back**_ **)**