LLGC
NLW
LLYFRGELL GENEDLAEfHOL CYMRU
THE NATIONAL LIBRARY OF WALES
ANNUAL ACCOUNTS 2022-23

Contents
Page
Reference and Administrative Details
Annual governance statement (including structure and management)
Objettives and Activities
Achievement and Performance
Financial Review
Sustainability Report
Policies relating to Staff
Plans for future periods
Sracement of Board and Librarian's Responsibilities
The Certificatr and Report of the Auditor General for Wales to the Senedd
Statement of Financial Attivities
Balance Sheet
Cashflow Statement
Notes to the Financial Statements
3-15
16-17
[8-21
22-24
25
26
27-29
30
31-34
35
36
37
38-61

The Natio￿1 Library of Wale5 Annual Accounts 2022123
Reference and Administrative Details
oard of Trustees (from l April 2022, and since the year end)
Appointed by the Welsh Government:
Ashok Ahir, President (permanent appointment effectNe from l April 2022}
Andrew Evans, Vice President (effective from l April 2022)
Michael Cawdnagh (to 31 August 2023)
Quentin Howard + (to 31 August 2023.. reappointed from I September 2023)
Dr Carl Williams + (to 31 August 2023)
David Hay
Lydia Rumsey
Dr Janet Wademan
Dr Andrew Cusworth {from l November 20231
John Trevor Alen (from l November 2023}
Appointed by the National Library of Wales:
Lee Yale-Helms. Treasurer (to 31 March 2023) * +. appointed as Trustee from l June 2023)
Gronw Percy, Treasurer (from l April 2023} * +
Dr Gwenllian Lansdown Davies (to 29 February 2024)
Dr Anwen Jones {to 29 February 2024- reappointed from l March 2024)
Dr Elin Royles (resigned 26 January 2023)
Susan Davies
Professor Elaine Treharne +
Hannah Lindsay (from l February 2022) '
*Members of the Audi¢ Risk and Assurance Committee
+ Members of the Finance and Resources Committee
A Member5 of the Perforniance and Qualtty Committee
Independent External Members of the Audi¢ Risk and Assurance Committee:
Rhian Evans
Huw Lloyd Jones
CowOPted members of the Finance and Resources Committee:
Hywel Tudor (to Qctober 2022)
Dr leuan Griffiths (resigned 19 January 2024}

The National Librwy of w￿e$ Ann(d Accounts 2022123
Executive Team Member5:
Chief Executive and Librarian. and Accounting Officer
Professor Pedr ap Llwyd FLSW
Director of Corporate Services
David Michael-resigned 16 August 2023
Director of Collections and Digital Seryices
Dr Owain Rh Roberts
Director of Communications Engwdement and Partnerships (from I September 2022)
Rhian Gibson
Principal Adviser&'
Bankers
Solicitors
National Westminster Bank, Aberystvryth
Geldards LLP, Cardiff
Humphreys Roberts & Bo¢ Aberystwy¢h
Hugh James. Cardiff
Darwin Gray, Cardiff
External Auditors
Internal Audttors
Investment Broker5
Actuarial and Pensions
Audit Wales. Cardiff
Welsh Government Internal Audit Service
Investec Wealth and Investsmenr London
Willis Towers Watson, Edinburgh
Registrred Charity No.
VAT No.
Registered Address
525775
905194137
National Library of Wales
Penglais
Aberyswch
Ceredigion. SY23 3BU
Corporation Tax
The National Librdry of Wales is exempt
from corporation tsx under Settion 505 of
the Income and Corporation Taxes Att 1988

The Nation￿ Library of Wale5 Annual Accounts 2022123
Annual Governance Statement
Statutory Background
The Natyonal Librnry of Wales (the Libr3ry1 was established by Royal Charter on 19 March 1907.
Supplementsl Charters were granted in 191 l and in 1978. with slighc constitutional revisions. On 19
July 2006 3 new Supplemental Charter was granted by Queen Elizabeth11. This Charter changed the
Library's constitution and governance significantly and recognised devolutyon of government from
Westminster to Wales. Whereas previously the Library had a Court of Governors and a Counal, it
now has a Board of Trusiee5.
The Library is also a registered charity and a Welsh Government Sponsored Body. It is funded by a
combination of grant-in-aid allocated by Welsh GovernmenL and income secured through its
commercial, fundraising and charEing attivities. The Library s grant in aid allocation and conditions are
set out in the remit letter from the Depury Minister for Arts. Sport and Tourism.
The Library'5 nature as a Royal Charter foundation and a regI￿red chariry. and also a Welsh
Government Sponsored Body governs how it operates and fuifils ￿5 role and obligations. The Library
must balance these M roles to fulfil the objecrs of its Charter and charitable status, which reflects
its foundation purpose, while at the same time adhering to the principles of arms-length governmenL
The Librdrfs objects are "to colleo preserve and giye access to all kinds and forms ol recorded
knowledge. especially relating to Wales and the Welsh and other Celtic peoples, for the ￿nefIt of
the public, including those engaged in research or learning"
Statement of the Board of Trustees, and Accounting Officerfs responsibilities
The Library is required under its Royal Charter and settions 8 (1) and 8 (2) of its Sratutes to prepare
annual accounts. and to prepare and publish a report upon the affrairs and position of the Librdry
during the preceding year including such information as the Trustees from time to time detemiine.
The Library must prepare its accounts in accordance with the Accounts Direction issued by the
Welsh Ministers, Sertion 9{4) of the Museums and Galleries Att 1992 and the Charities Statement of
Recommended Prattice.
The Library is accountable to the Welsh Government for the public funds it receives through the
Fromework Agreemenr. which is demonstrated through regular monitoring meetings with its sponsor
body and via the annual audit of the Library's accounts by Audit Wales, the Library's sr2tutory
auditors.
The Chief Executive and Librarian is the designated Accounting Officer for the Nacional Library of
Wales. His responsibility as Accounting Offi￿r is set out in the Accounting Officer's Memordndum
issued by the treasury and includes responsibility for the propriety and regularity of the public
finances for which he is answerable. for keeping proper records. for safeguarding the Librnry's assets,
and for the preparation of the annual report and accounts.
Scope of Responsibility
The Accounting Officer and Trustee5 have colleccive re5ponsibiliry for miintaining a sound
govemance framework and a sy5￿M of internal control that Supports the achievement of the
Library's vision, aims and Objectiv￿ while safeguarding the public funds and assets for which they are
re5pon5ible. in accordance with the responsibilities assigned to them in Managing Wekh Public Money
(2016).

The National knbrary of Wales Annual Accounts 2022123
These responsibilities are also outlined in the Framework Document drafted by the Welsh
GovernmenL which regulates the relationship betsveen the Welsh Government and the Librdry, a
revised version of which Wds shared wth the Board of Trustees at its meeting in january 2022.
Welsh Government had nol as of 31 March 2023, shared a final version of the revised Frumework
Document with the Library.
The Board is responsible for effective leadership, defining and developing strategic d1￿ction. setting
challen&'ng objectives. promoting high stsndards of public finance. ensuring th2t the Library
discharges its funrtions effecovely and efficiendy, and monitoring performance, to ensure that the
Library fully meets its aims. objecttves and performance tsrgets and delivery against plans and
budgets.
The President is the primary communicator ￿￿een the Board and the Deputy Minister for Arts,
Sport and Tourism and it is the President's role to ensure that other Board members are kept
appraised of all such communications. The President is also responsible for ensuring that the Board's
policies and actions support the Deputy Ministrr's wider srratrgic policies through the Welsh
Government's Programme for GovemmenL
l. Corporate Governance Framework and Regulations
The Coty)orute Govemonce Framework was adoptrd by the Board of Trustees in November 2017.
Revi5ion5 since that time have included the inclusion of Appendrx l. Board Delegarion ond Stoff
Funttions. and reYi5ed Terms of RefererKe for the three standing committees of the Bo3rd in 2021. At
its meeting on 27 January 1023. the Board of Trustees approved a revised Corporote &>vernonce
Fmmework which has been updated to include reference to the Officers, Committ*, and a
comprehensive Trusrees Code of Condua together with references Eo the current Library stTrtegy,
and updated documentation. In Septsmber 2023. Trustees approved Tem]s of Refrren￿ for the Boord
of TrUs￿e$. and this document is also included in the Corporate Governance Framework.
The Corporate Governonce Framework sets out the key responsibilities of the Board of Trus￿$ and
Executive while the Regulations sets out the proceedings of the Board and its committees.
2. Recruitment and Appointment of Trustees
The Librnry's Board consists of fifteen Trustees, eight of whom are aptx)inted by the Welsh
Government in consultation with the Trust￿, and seven by the Librdry in accordance with the
Regulations. The Trustees include the three Officers of the Library - PresidenL Vice President and
Treasurer, the President and Vice President are appointed by the Welsh GovernmenL and the
Treasurer is appointed by the Library. All appointments are made in accordance with the Library's
Statutes and RegUl(￿on$ and the principles of open Se1￿ClOn as recommended by the Nolan Rewew.
In accordance with Section 6 (v) of its Ro￿1 Charter, the Librdry has the legal authoriry to
remunerate Trustee5. and a decision was made by Trustees in 2020 to remunerate the post of
PresidenL
Following a period as interim President from 13 Sep￿rnber 2021. Ashok Ahir was appointed by the
Welsh GovernmenL followng interviews and appearance before the Culture, Communications.
Welsh Language. Sport and International Relations Commit￿, to the role of President for a period
of four years in March 2022, taknng up his appointment on l April 2022. From l April 2022, the
President's role was remunerated on the basis of one day's weekly service in the role at a fee of
£337 per day, or annualised remuneration of £17.591. The President doesn't receive pension
benefits.

The National Library of Wales Annual Accounts 2022123
Andrew Ewan5 was appointed by Welsh Government to the role of Vice President for a period of
four years. also taking up his appointment on l April 2022.
Following a decision by TrusTre5 in March 2021 to extend the Treasurer's appointment for a further
two years to provide stability and continuity to the Library at a particularly challenging period. the
Librdry ran a campaign during 2022 to appoint a Treasurer, who would shadow the current
Treasurer until his ￿mi of ofrice ended on 31 March 2023. Gronw Percy was appointed in October
2022 and shadowed the current Treasurer before officially taking up the role on l April 2023 for
period of four years.
Trustees took a decision in April 2023 to appoint Lee Yale-Heims as Trustee for a period of
years to fill the vacdncy left by Elin Royles, resignation. This appointment will provlde continuity in
the ongoing discussions surrounding the Library's pension scheme. as Lee will continue in his role as
Chair of the Library's Pension Scheme Board.
Mike Cavanagh and Carl Williams stepped down at the end of their terms office on 31 August 2023,
while Quentin Howard Wds reappointed for a further four year term, effettive from I September
2023. John Trevor Allen and Andrew Cusworth were appointed by Welsh Government as Trustees
for a four year term. effective from l November 2023.
No other Officers or Trtjstees were remunerated during the year but all. including the Presiden(
were entrcled to claim reasonable expenses while undertaking their Trust* duties on behalf of the
Library. Details of Trustees. signifirant interests are maintained in a register of interests, held at the
brary.
3. Trustee Induction and Training
The Trustees. Hondbook was updated to include the revised Corporoie Govefflan￿ Framework approved
in January 2023, updated Yersions of Chariry Commission publications, where applicable. and a new
introductory section. To ensure the Library s continued commitment to the susrainabiliry agenda, the
Trustees. Handbook is now available online only.
On 26 September 2022, representative5 from Investec, the Librarfs investment brokers, provided
presentation to Trustees and independent members of the Audi( Risk and Assurnnce Committee on
responsible inve5tTng and Sustsinability at Investec. and how environmer)tal. social and governance
factors are incorporated In￿ their investment analysis.
On 7 November 2022, Helen Morris, Welsh Government Internal Audit Service, faciliratrd a
workshop on risk appetite with Audo Risk 2nd Assurance Committee members. co-opted members
of the Finance and Resources Committee and the Executive Team.
Training on cyber security is a topic which the Board wishes to pursue, and this will be facilitated
during 2023-2024.
4. Board and Committees- Membership and Meetings
The Board held its six scheduled meetings during the year, all of which were hybrid. wth members
able to attend in the building in Aberystwth or online. Full simultaneous translation Wds provided
for all meetings, ensuring thai the Library met its obligations under the Welsh Language Standards.
In addition to the six scheduled meetings, an additional e105ed session was held on 21 July 2022
where the Chief Executive and Librarian presented to Trustees an early draft of a bid to Round

The National Library of ￿￿eS Annual Accounts 2022123
2 of the UK Levelling Up Fund, and two further extraordinary meetings on 13 December 2022 and
23 February 2023. The meeting on 13 December vfts convened specifically to discuss the strategic
outline case for a National Gallery of Art and Photography {Levelling up Fund) and the meeting on 23
February 2023 wa5 convened to further discus5 the budget for 202312024.
An extraordinary meeting, of the Trustees only. held on 19 December 2022, to discuss the
Library's future financial Sustsinability and what could be done to address any issues.
All Board and committee ￿perS were distributed to members elettronically. further suprx)rting the
Library s commitment to the 5Usuinability agenda.
The Board meerings were also attended by representatives from the Welsh Governmen[ Chief
Executive and Librarian, and Library Directors. Board agendas and minutrs are published on the
Library website. together with a brief summary of papers to be presented at each meeting.
s:Ilwww.libra
-nlw
nlw-
Board members. biographies can be seen aL
s:l/www.libra
.waleslabout-nlwl
overnancelnlw-
vern
rd-m
5.1 Committee Structure
The Board has three standing committees whose Terms of Reference are included in the Corporate
Governance Framework
Committee
Key Responsibilities
| Audit, Risk and
i Assurance
A standing committee which encompasses all the assurance needs of the
Board of Trustees and Accounting Officer in their responsibilities for the
Library's risk managemenL internal controls. sratutory accounts. and
governance. The committee also engages with the work of internal and
external audit and financial reporting issues
Finance and
Resources
A standing committee which encompasses all the assurance needs of the
Board of Trustees in respett of the Library's effective, efficient and
sustainable financial and other resource managemenL in particular the
Library s investment portfolio, the use of its privats funds. its commercial
attivities, and the performance of its fundraising campaigns
Perfom)an¢e
and Quality
A standing committee which encompasses all the assurance needs of the
Board of Trustee5 on upholding effettiye and efficient delivery sr2ndards.
monicoring, reviewing and developing the services provided, ensuring
accessibility and quality of seryiee for all Stakeholders, and ensuring that the
requirements of all stakeholders are equitably met
In addition to the standing committees, the Board has also established a Buildings Panel which
provides assurances and makes recommendatiot)s to the Board of Tru5tee5 on matters regarding the
Library's buildings and estate, including its maintenance, use, and developmenL and also oversee5 the

The National Library of Wales Annual Accounts 2022123
ambitious dec2rbonisation progrdmme. The Panel was chaired by Mike Cavxnagh, Trustee until he
stepped down from the Board in August 2023. and is now chaired by Quentin Howard, Trustee.
The following Trustees serve on the Pensions Fund Board - Lee Yale-Helms {Chair). Carl Williams,
Anwen Jones and Ashok Ahir.
Quentin Howard and Lydia Rumsey serve on the Wales Broadcast Archive Programme Board to
represent the interest of Trustees.
Audit, Risk and Assurance Committee
In addiuon to Trustee and independent members, the Library's internal auditors and representstives
from Audit Wales attend committee meetings. The Librdry's sponsor division reserves the right for a
representstive to attend one meeting a year.
The committee paid due attention to risk management and internal controls at the Library. and as
part of its continued programme. undertook deep dives into ( l ) swrage space at the Library and (2}
legal deposiL and the implicauons of the Library's legal deposit commitments on storage space at the
Library. The Risk Manogement Policy. Was not upaated during 2022-2023 due to an ongoing review but
will be revised during 2023-2024. As risk management is an area of parricular concern to the
committee. it Wds agreed. in conjunction with the Chief Executive and Librarian, that risk
management would be the subjett of an internal audit to be undertaken early in 2023-2024.
As previously mentioned, committee members. other Truscees. and co-opted members of the
Finan￿ and Resources CommI￿e and the Executive took part in a two-hour risk workshop on 7
November 2022, facilitated by Helen Morris Iwelsh GovernmenL Internal Audit SerYice}. to discuss
the Librnry s risk appetite, and the discussions of that workshop will further feed into the revised
Manogement Policy.
In line with good practice, as laid out in settion 1.6 of the Audit ond M'sk Committee Assuronce
Handbook {HM Treasury. 20161 the committee prcduced its first annual repor¢ ouriining the work
undertaken during the year and presented this to the rn￿n8 on 26 April 2022. This reporc ￿ds
subsequently presented to the Board on 27 May 2022.
Other areas of scrutiny included reviewing internal audit reports, single tender actions. information
security. srarutory annual account& and in particular any instances of breaches of data, cyber security
and other information breaches which had occurred.
The committee is chaired by Janet Wademan and met four times during the year.
Finance and Resources Committee
The commitfft focused on scruunising and reviewing the Library's financial plans and budgets and the
implications for the Librdry's financial stability. At the meeting on 13 June 2022 members were
concemed wrch the Library's frngile financial stabiliry and agreed that it should recommend to the
Board of Trustees that an external independent review of the Library's financial situation should be
commissioned, which the Trustees approved at a meeting on 22 July 2022.
The consultation on any changes to the Library's pension scheme trmporarily put on hold as the
Welsh Government announced during the year that they would be undertaking a review of pension
schemes across the public bodies within the portfolio of the Deputy Mini￿r for Arts, Sport and
Tourism. Following discussions with Welsh Government officials. it was confirmed that the Library

The Natyonal Library of Wales Anntd Accounts 2022123
could continue to move to consultation with its staff and unions and this will be done during
202312024.
Requests for use of the private fsjnd reserves were considered. Èn accordance with the knbrdry's
Privt7te Funds Investment Policy 2020- 2025, and recommendatiorÈs made to the Board of Trustees on
whether these should be approved.
Four commit￿ meetings were held during the year. with an additional extraordinary meeting held
on 4th April 2023 to discus5 specific Strategic pension considerations in a report prepared by Willis
Towers Watson, the knbrary's pension actuarie5.
The committee ￿ds chaired by the Treasurer. Lee Yale-Helms until March 2023, and subsequently by
the new Treasurer, Gronw Percy, from l April 2023.
Performance and Quality Committee
The committee focused on progress against perfomiance indicators. the delivery of the operational
plan and governance of the Broadcast Archive projecL The committee also received the Equality and
Dive￿tt¥ Annual Report and discussed a draft of the Framework Documeftt prepared by the sp)nsor
body.
The meeting held on 3 May 2022 was devoted to discussing performance indicators for the 2021-
2026 stratewc plan and also the 2022-2023 operational plan.
The meeting on 18 November 2022 discussed the draft Tnjstees. Code ofcondu(t and the hybrid
working policy for staff.
The committee also discussed the Boord Effectiveness Review published in January 2023, (which had
been presentrd previously to the Audit Risk and Assurance Committee), and the Chair will draft a
development plan to present to Trustees for discussion at a Board workshop on 27 July 2023.
The committee is chaired by the Presiden( Ashok Ahir and met three times during the year. The
meeting scheduled for 26 July 2022 was postponed and business carried over to the nexc scheduled
meeting on 25 October 2022 which had to be rearranged for 18 November 2022.
Hannah Lindsay joined the committee with effett from 3 May 2022.
5.2 Board and Committee Attendance
Board
Audi¢ Risk and Finance and
Assurance
Resources
Performance
and Quality
Ashok Ahir
819
313
Lee Yale-
Helms
619
214
515
Andrew Evans
919
Mike Cavanagh 619
Quentin
Howard
819
515

The Nation￿ Library of Wales Annts￿ Accounrs 2022123
Carl Williams
419
215
Gwenllian
Lansdown
Davies
719
114
Anwen Jones
719
Elin Royles
718*
414
David Hay
919
213
ILydia Rumsey
919
414
Janet
Wademan
919
414
Susan Davies
313
Elaine
Treharne
619
315
Hannah
Lindsay
819
Y3
*Elin Royles tendered her resignation on 26 January 2023. but agreed to attend the AudiL Risk and
Assurance Committee meeting on 7 March 2023.
Gronw Percy attended the Board meetings on 27 January 2023 and 31 March 2023, and the AudiL
Risk and Assurance Committse meeting on 7 March 2023 as an observer.
5.3 Overview of Board Performance
Like many other organisations in Wale& the Librdry has now fully emerged from the pandemic but
has seen significant changes to the way it serves its communities with an increased focus on digital
services.
The launch of the Wale5 Broadcast Archive on 16 Marth 2023 saw the opening of the first national
broadcast archive in the Unitrd Kingdom. an achievement of which the Board and Executive are
justifiably proud. This archive will enable users in all parts of Wales and beyond to access digitised
broadcast matrrial in a ffdy which ￿￿s never possible in the pasL The Archive is underpinned by
seyernl Clip Centres at various locations across Wales and will continue to grow its presence in the
coming months.
Ceredigion County Council invited the Librnry to submit a bid to Round 2 of the UK Levelling Up
Fund. An early draft of the ambitious bid to esrablish a gallery of national significdnce was presented
to Trustees by the Chief Executive and Librarian on 27 May 2022. A workshop was held on 21 July
2022 where representatives from Savills. who had scoped the application. outlined the plan to
establish the above-mentioned gallery to showcase and interpret the national collections of Welsh
Art and Photography. Although Trustees tjnanimously declared their support for an ipplication, ic
was decided at the Board meetyftg on 23 September 2022 not co formally submic an application a5 It
d5 not fully developed. At an extraordinary Board meeong on 13 December 2022. attended by
representatives from Savi115 and Ceredi&Ton Counry Council. it was agreed that the Library would

The National Library of Wales Annual Accounts 2022123
continue to develop a busine$5 plan for this project in readine55 to present Ic to potential funders
when opportunities arise.
At the July workshop. Trustres discussed initial ideas for developing an Internotional Strategy and
Fundraising Strategy, both of which will be further deyeloped by the new Director of
Communications. Engagemenc and Partnerships during 2023-2024.
Followtng a recommendation made in the Toil0￿d Review. a review of the knbrary's economic impact
and potential as a visitor centre was undertaken by Fourth Stree[ and Truste￿ received an initial
report in November 2022. The Stage 2 RePorL Impoct Fromework will be presented to the Board in
June 2023.
Acting on a recommendation from the Finance and Resources Committee. members debated the
possibility of closing the current defined benefit pension scheme and discussed a range of p)ssible
alternative options, which would be fully discussed wth sr2ff and unions. Trusttt5 received regular,
updated reports on the current situation of the pension scheme from the scheme actuaries to guide
them in their decision making. A decision on the vrdy forward with regard to the current pension
scheme will be made in 2023-2024.
Trustees considered the indepeftdent financial review of the knbrary's current financial position and
its future financial sustainability underr2ken by CIPFA at their meeting on 25 November 2022. At the
time the report was drafted, the Library ￿ds facing 2 substantial potential budget deficit and also the
need to secure budget cover for the use of the knbrary's private reserves to help fund budget deficits.
However. the Welsh Government'5 announcement of its autumn budget awarded the Library
additional grant-in-aid. and a further report was commissioned from CIPFA which took into account
this additional funding. This follow-up repor¢ also drafted by David Corner, wa5 discussed by
Trustees at their meeting on 27 January 2023, and further discussed by the Finance and Resources
Committee at its meeting on 14 February 2023.
During these meetings concerns were expressed about aspects of financial planning and the need for
more transparent financial information to be provided to the Board of Trustees. and it Wds agreed
that the Library needed to address any weaknesses in financial management. Therefor< it was
decided that a review of financial management at the Library should be undertaken. and that CIPFA.
as the leading body for public finance, should be commissioned to undert2ke this ￿vIeW. against the
srandards in its its Financial Management Code.
The review identified a number of areas where the Librnry could improve its financial Procedu￿$.
These included more detailed long term financial planning and improvements to the control
environmenL
The report made a number of recommendations which the Executive Team has implemented during
2023_2024 as follows:
Improvement to the budgettng process and reporting of financial information to the
executive tram and the Board,.
Better communication of financial matters with all deFartments within the organisation;
Outsourcing of key funttions such as payroll and pension scheme administration,.
A restrutturing of the finance departrnent in 2024 wll also improve the delivery of umety financial
information to the Executive Team and the Board. IA this respett a new Director of Finance and

The National Library of Wales Ann￿ Accounts 2022123
Corporate Servtces has been appointed and will Comple￿ the change5 required to fully implement
the CIPFA recommendations.
The 2023_2024 draft budget was discussed by the Board of TrLEStees at Its meeting on 27 January
2023. when the Executive Team were asked to prepare a further draft budget which aligned with the
current Strategic Plan, and which paid due consideration to the financial and strategic needs of the
newly established CommunitJtions, Engagement and Partnerships Directorate. The Executive Team
presented a further draft of the budge[ which took the above issues into accoun( to an
extraordinary meeting of the Trustees convened on 23 February 2023, which Was approved by
Trustee5.
Performance apprdisals of individual Trustees took place during 2022-2023, and these wll drive a
training and development programme for Trustses for 2023-2024. The President's ￿rforManCe
review was sjndertxken by Welsh GovernmenL
There were discussions ak)ut the remuneration of TrUs￿es. following another recommendation
made in the Tailored Review. however, at its M￿Ing on 25 November 2022. Trusiees unanimously
agreed that considerauon of remuneration for Trustees in the current financial climatr was not
advisable. It was agreed to revisit this at a latrr date if necessary.
The Board is very a￿are of its responsibilities with regard to cyber security and the ever-increasing
risks in this area. The Audrc, Risk and Assurnnce Committee receive detailed incident reports at each
meeting, and these are escalated to the Board where necessary.
Trustees are committed to supporting the Librnry's ambitious plans to become IOOYO trarbon neutral
by 2030 and welcomed the plans which the Library had in place to achieve this. Energy efficienc
lighting 15 now installed in around 95% of the building. Thirty elettric vehicle charging points, including
rapid chargers, haye been installed in the Library grounds. and will be operational in mid-2023.
Further photovolraic panels will be placed on suitable roof5, and a ground-mountrd solar array
placed in a field adjacent to the Library. All the elettricity generated will be used on site.
In addiuon to the abov< the Boird also considered the following matters during the year,.
> Approval of a revised Board Assurance Framework 2022
> Approyal of a comprehensive Trustees. Code of Conduct
> Approval of performance indirdtors for the 1022-2023 operational plan
> Approval of the statutory Annual Accounts 2021-2022
Agreed a Board work programme 2022-2023
> Wales Broadcast Archive progress upda￿5
> Final reporc on implementation of the Tailored Review recommendations
Budget 202212023 and Draft Budget 2023-2024
> Board Effectiveness Review
> Approval of the pay remtt 2022-23
> Approval of the Educotion Strategy 2023-2026
> Approval of the annual Equaltty and Diversiry report
> Approval of the annual Health, Safety and Welfare report
> Strategic Alliance with the University of Wales Trinity Saint David
> Upditrs on the capital building programme
> Opuons to address lack of storage space at the Library
> Corporate risk rewster

The National Litrnry of Wales Annu￿ Accounts 2022123
> Performance of investments
> Progres5 reports against targets Set in the annual oper3tional plan
> Minutss of all three sr2nding coMmit￿S and the Buildings Panel
S. Internal Audit
The Library continued to work closely with its internal auditors. The internal audit is provided by the
Welsh Government's Audit Service who comply with the Public Seccor Internal Audit Slandards. A
programme of work for 2022-2023 ￿￿5 agreed by the Audi¢ Risk and Assufdnce Committee on 26
April 2022, and approved by the Chief Executive and knbrarian.
The intrrnal audit service reports independendy on an annual basis on the adequacy and effettiveness
of the Librdry's System of internal control, together with recommendations for improvement
Reports are presented to the Audic Risk and Assurance Committee for members to ￿View and
challenge the assurances provided by the Executive. The Head of Intrrnal Audit can provide only
limited assurance that arrangements to secure governance, risk management and internal control are
suitably designed and appSied effectively. Some significant matters require attention with moderate to
high risk exposure until resolved. The principal reasons underlying thi5 opinion are the findings of the
CIPFA reporo Review of the Librory's comPlIan￿ wftth the CIPFA Financiol Manogemerrt Code. which
addressed the fitness-for-purpose of the LTbTrry's overall financial management and financial
governance arrangements.
As a consequence of the CIPFA reporL the irtternal audit plan for 2023-2024 has been updated to
ensure that focused reYiew5 are undertaken in areas such as financial controls. IT controls and
procurement procedures.
The following audit reports were presented to the committee during 2022-2023:
> Pr¢xurement Follow Up
> Board Effectiveness Review
6. Code of Best Practice on Governance
As far as the Board of Trustees and Accounting Officer are aware, there is no relevant audit
information of which the Library's auditors are Unawa￿ The Board and Accounting ¢Jficer have also
taken all necessary or required steps to make themselves aware of relevant audit information and to
establish that the Library's auditors are aware of that information. As a re¥Tstered charity, the Library
has atted in accordance with the Good Governonce Code.. A Code for the Third Sector in Woles and the
Charity Commission's guides and codes of pracuce, and the Board of Trustees has ensured, again in
accordance with this code of practice. that the Library has robust governan￿ arrnngements in place
to promotr high performance and sa*eguard propriety and regularity.
Risk Management and Controls
The Library's system of intrrnal control is detailed in the Board ￿suMnce Frurnework which was
reviewed and updated in 2021., minor amendmencs were made to the version approved by the Board
at its meeting on 27 May 2022 to include references to the Library's new SErategy, revised terms of
reference for the Audi[ Risk and Assurance Committe< change to the committee's name and
reference to scrutiny of departmenr21 risk ￿gIsterS, deep dive exercises ind indiwdual risks.

The National LIb￿ry of Wales Ann￿￿ Accounts 2022123
This g'ves a structured approach for ensuring that the Board of Trustees receives the right
information. which is aecurnte and relevan¢ at the right time 2nd wtth an appropriatr level of
assurance attributed to each source of data. The Library's105k Nanagement Policy defines the
Librnry's approach to risk and how risk management is embedded into management Pro￿sseS to
ensure that the key strategic risks are effectively managed. The risk management audit which is
scheduled to take place in the first half of 2023-2024 will address the concerns of the Committee and
Accounting Officer with regard to obtaining the necessary assurances that processes and policies are
in place to effectively manage the risks which the Librnry fa￿$, and the findings of che audit will drÉve
any necessary improvements in risk management across the Library.
The Board Afsuronce Fromework, Msk Monogement Strategy ond Policy, together with the corporate risk
register will form part of the intrrnal audit to be underraken during 2023-2024 to ￿ve the Board of
Trustees and Accounting Officer the necessary assurances that processe5 and policies are in place to
effectiyely manage the risks which the Library faces. All the above documents will be revised and
updated following the findings of the internal audit, and any further recommendations arising from
the audit will drive any necessary improvements in risk management across the knbrdry.
The corporate risk register identifies. documents. a55esses and details the key strateg'c and
operational risks relating to the Library's activities. These are kept under constant review by the
Execuuve Team and any other assigned risk owners and action is thken as appropriate to manage and
mitigate these risks. The corporate risk regtster is underpinned by departmental risk registers. which
are also kept under regular review by the Executive Team, and departmental risks are escalated ro
the corporate regt$￿ where necessary.
In autumn 2022 the Library adopted new risk management sofmre to record and monitor the risks
facing the Library, and this provided Board members and independent members of the Audil Risk
and A55urance Committee and co-opted member5 of the Finance and Resources Committee online
access to the deparunental risk regisiers and corporate risk registsrs to view all risks recorded. This
system enables risks to be sjpdatrd by staff, and monitored by the Executive, far more frequently
than was previously the case.
The ￿brary continues to closeiy monitor the lack of storage space for physical and environmentally
sensitive collecuon5, and is actively looking at options to address thi& including discussions with
We15h Government on the possible establishment of collaborative storage for heritage organisations.
The knbrary remains cautious in its approach to managing risks in terms of its responsibilities a5 a
publicly funded body, and in areas such as compliance with legislation or conditions imposed by the
Welsh Governmen( it will alwdys s￿k to comply without exception. The Lsbrary continue5 to
manage the risks that the significant financial challenges which it faces poses to its ability to offer pay
increases co staff, meet significant increases in other running costs and to deliver on Welsh
Government priorities.
Intsrnal control questionnaires were completed by Heads of Deyarunents ind Directors at the year-
end confirming that key elements of the Library s system of internal control We￿ in place during the
year and had been working effectively w￿h1n their area of responsibility. The responses provided the
Accounting Officer with an added level of assurance about the robustness of the knbrdry's control
framework

The National Librdry of Wales Annual Accounts 2022123
The requirements of the Well Being of Future Generations (Wales) Act 2015 are at the heart of the
Library's attivities. and this is embedded in the new strategy A Librt7ry for Wales ond the World. The
impatt framework illustrates how the strateg'c well-being objectives contribute to the seven well-
being goals of the Ao while the strategic plan sets out how the Library intrnds to deliver against the
well-being goals.
The Library ￿a5 subject to an examination by the Auditt>r General during autumn 2022 on setring its
well-being objectives. The examination Considered how the Library set and published well-being
objectives and how, in exercising its functions. it would take step5 to meet those objetttyes. The
Library received the draft report in March 2023, and once the final report ha5 been received will
discuss any recommendations and actions required wth the Board of Trustees at its meeung on 2
June 2023.
No matters were raised during the year under the Whiscleblowing Policy, and no instances of fraud
or corruption were recorded.
Complaints were dealt with in line with our Complaints Policy. All complaints were fully investigated.
and any resulting improvements or changes to working practices implemented where appropriate.
7. Information Security
The Library has information security procedure5 and protocols in place to ensure the confidentiality,
integrity and availability of the information that we hold and process. and to ensure compliance with
the UK GDPR and Data Protection Att 2058. These include.
> Information Security Policy
> Accepr2ble Use Policy
In￿rnal policies on information security- data deletion. mobile computing. password.
removable media
Re-certification for Cyber Essentials I IASME accredir2ti0n was further delayed in 2022-2023 owing
to resource constraints, but it is expectsd that this will be achieved during 2023-2024. AII
information securiry incidents are reported to the AudiL Risk and Assurance Committee. There
were no security breaches during the year which required reporting to the Inforniation
Commissioner.
The Library received I l Freedom of Information requests, rnnging from collection-related enquiries
to management and procurement queries. All such enquiries were answered within the 20 working
days allowed for a re5pon5e.
8. The Future
During 2023-2024, the Librnry will strNe to deliver its strategy in the face of diminished funding but
wtll continue discussions with the Welsh Government on future grant-in-aid funding and will explore
other funding sources to support the achievement of our strategic aims. Moving fowdrd, the
Trustees will;
> Consider any changes required to the existing Pension Scheme
> Continue to develop new public spaces as part of the Wales Broadcast Archive ac site5
beyond Aberystwyth
Develop and implement a new Str(7tegic Equal￿ Plort 2022 - 2026
> Develop and implement a new Communications and Engogement Stmtegy

The Natior￿1 Library of w￿e$ Annual Accounts 2022123
Is
> Develop 2nd implement an International Strategy
> Develop and implement a Fundroisffrtgllncome Generation Strategy
> Implement the new Educ(rtion Strategy
> Develop a long-term stra￿lC plan for storage facilities
Support the formation of the National Contrmpor3ry Art Gallery
Agree a Memorandum of Agreement wrch Museum Wales
> Develop an action plan to rake forward the recommendations of the Board Effectiveness
Review
Implement any recommendations of the CIPFA Review of Financial Man￿eMent
> Implement the recommendations and findings of Audit Wales's examination of the setting of
the Librnry's well-being objective5
Signed on behalf of the Board:
Pedr ap LI￿d
Librarian & Chief Executive & Accounting Officer
22 March 2024
Gronw Percy
Treasurer
22 March 2024

The National Library of Wales Annual Accounts 2022123
16
2 OBJECTIVES AND ACTIVITIES
2.1 Primary objectives
The Librdry'5 primary objective. as expressed in Supplemental Charter 2006 is:
> to collecL Preserye und give ac￿SS to oll ktnds t7nd fyrn￿ of recorded knowledge. espeoolty reluting
Wale5 arKI the Wekh and other Celtic peopks. for the benefft of the PubliG induding those engaged
in research and leaming.
The fundamental purpose and vision was to ensure that the unique history, culture and heritage of
Wales. which has been documented in various forms and media over the years. is available at a15
times to enable everyone to obtxin a better undersr2nding of who we to explain the historic and
culturnl herit2ge that has shaped us as a nation over the centuries. and to encourage learning and
research. It ha5 two dimen5ion5 - a splendid physical buildins in Aberystwyth, housing the prin(
manuscripL visual and audio-visual collettions and also a library and archives, as well as a digital
presence on the intsrnet.
2.2 Public Benefit
Our vision 'to deliver change for the better fr>r everyone in Wales now and in the future,, as stated
in our new Stra￿lC Plan for 2021-2016, ensures that public benefit is at the core of all our acuvities.
In fulfilling their duties, the Trustees have complied with settion 2 of the Charities Act 201 I by
having due regard to the guidance published by the Charity Commission on pubSic benefiL While our
main beneficiaries are people living in Wales, the Strateg4c Plan 'A Librnry for Wales and the World,
also emphasi5es our global impatt Lx)th as a culturnl destination for vssitor5 and through our services
to online users worldwide.
2.3 Main Activities
Our main attivities. which are undertaken to further the charity's purposes for the benefit of the
public in Wales are as follows:_
2.3.1. Collecting:
Collecting materials by legal deposits, purchase5, donations. bequesrs. exchanges, and dew)si(
according to agreed collection development policies.
This function is carried out through:
creating as complete a collettion a5 possible, in all media, of published material relating
Wales land other Celtic countries to a lesser extent), ir¢cluding elettronic and printed
publications and audiolmoving image material-
maintaining (mainly through legal deposits and purchases) the m05t comprehensive collection
in Wales of printed materials published in the UK and Ireland, and research matsrial from
other countries.
> developing collections of unpublished ma￿rialS relating to or deriving from Wales, including
archives and artistyc work.
gaining access to acquired worl processin& cataloguing and storing it in the most effective

The Naoonal knbrary of Wales Annual Accounts 2022123
2.3.2. Preserving and Conserving:
Preserving and conserving the collections. This fvnttion is carried out through-
ensuring environmenL Storage and handling conditions are appropriatr for continued
preservation of che collecuons.
intervening to actively conserve materials to arrest deteriO￿tiOn or to repair damage,.
transferring information to more appropriate preservation formats.
2.3.3. Providing access and infomiation:
Providing suitableleffective public access to the Library building, its collections and Servi￿5. and
information about them. This funttion is carried out through:
monitoring and analysis of user needs.
> providing access to public spaces. collections and facilities within the building-
arranging access to collection items and inforniation services for on-sitr users or Yia on-line
communication for remote users,.
> providing easy access to catalogue5 of the Library's collecuons and elettronic resources. and
to its corresponding di&tal versions.
2.3.4 Publicising and interpretin￿.
Raising awareness of, and disseminating knowledge of, the Lj'brdry's work and collections. This
fvnttion is carried out throu
materials on the Librnry's websits:
> guides and publicity materia15 in paper and on-line formats.
exhibitions and educationallcommunity activities derived from the collecuons, both at the
Library and in other venues across Wales.
events, lectures and seminars.
2.3.5. Professional collaboration:
Collaborating wtth. and sometimes leadin& related professional groups. Icross and beyond Wale5.
Thi5 function is carried out through:
atting as a foral w)int for library and archive bodies in Wales..
working with EN)dies in Wales and beyond to pursue collaborative initiatives and partnerships
in the broad herittg< culture and information sectors. and to advance professional practyce.
Support functions:
The core functions are supported by essent¢al management and business functions, includin[.
manawng and developing sraffr. controlling and being accountable for financial resources and income
generation., and maintaÉning and developing ICT infrascrutture and the Library's building and facilityes.
The Library submits an Annual Operational Plan to the Welsh Government on how the activities will
be delivered and t2rgets againsr these activities. Further details regarding how this strategy is derived
and carried out are includwj in settion 7.

The Naoonal Library of Wales Annu￿ Accounts 2022123
18
ACHIEVEMENT AND PERFORMANCE
Key highlights In 202212023
Increasingly, we have focused on improving the way individuals and communities experience our
services and benefit from the work we do - improvements which will have a tangible impact on the
lives of everyday people. One example is the establishment of our new Communications, Engagement
and Partnerships Directorate in September 2022, which will help us to get a better understanding of
what people want from us and ensure the Library becomes more relevant to more people living in
Wales.
During the financial year we contained to make progress on our strategic plan and in our efforts to
make a marked contribution to the realisation of Welsh Governmenys Programme For Government.
Focusing on We15h people's sense of belonging and collective memory, the special initiatives, and
projects that we've undertaken this year include..
3.1.1 Cultivate and care for the nation's memory
The Wales Broadcast Archive Centre was launched in March 2023 offering an interactive exhibition
and digital access to material that has been preserved in various formats throughout the decades. As
a result, visitors can now search sound recordings of BBC radio in Wales from the 1930$ onwards,
television broadcasts by the BBC and commercial broadcasters in Wale5 including HTV Wales and ITV
Cymru Wales from the 1950s onwards and from 1982 - all the programmes of S4C, the first Welsh
language TV channel. This ongoing project was funded by the National Lottery Heritage Fund, the
We15h Government and the Library.
A hundred-year-old Peace Petition signed by almost 4(J),000 Welsh Women was welcomed back to
Wales. The chest and petition arrived at the National Library of Wales to a warm welcome by the
people involved in the Women's Peace Petition Partnership who have worked over many years to bring
it back home. This return signals the first Step in making it accessible to the people of Wales. The
Library worked in conjunction with the Women's Peace Petition Partnership, the Welsh Government,
and the Smithsonian in Washington DC where the chest and petition had resided since being presented
to the President of the United States a century ago.
The Library has continued to actively develop its collections during the year. The acquisition and
processing of the Wales Broadcast Archive over the past few years culminated in the launch of the
Wales Broadcast Archive. The Library has also focused on the need to diversify its collections and has
started on the work of delivering three projects that support the delivery of the Anti-Racist Wales
Adion Plan. The Library continues to ensure that contemporary Wales is reflected in new acquisitions.
Web Archiving has allowed the Library to make good progress in this area. The Anti-Racist Art project
involved the commi5sioninE of artworks by artists from minority ethnic backgrounds for acquisition to
the national collections.
3.12 Lay the foundation for a knowledge economy
As a knowledge organisation the Library has continued its programme of digitisation with the focus
primarily this year on audio-visual material in support of the Wales Broadcast Archive. The digital
services and reading room setvices alongside the enquiries and licencing service continue to support
individuals and businesses in providing access to content. The work of supporting the wider knowledge
infrastructure of Wales has continued with the Wici-lleoedd 11. The target of I,(X)O article5 ori
towns/villages/places published to Wikipedia has been reached and the development of a beta map
of Wales in Welsh has been completed.

The National Lsbrary of w￿e$ Annual Accounts 2022123
3.1.3 Be at the heart of national life
The Communities of Wales project helps children in communities across Wales to embrace and
celebrate the natlon's dNerse cultural heritage. The project supports the delivery of the Anti-Racist
Wales Action Plan by working with schools to tell stories through the lens of the various people that
have shaped modern Wales. Each project focuses on developing resources based on lived
experiences, and producing learning materials that celebrate diversity and encourage anti-racist
engagement. The project is currently working with local groups and schools that represent gypsy and
traveller communities in Pembrokeshire, the Portuguese diaspora in Wrexham, and with the
community around Cathays High School in Cardiff.
As part of the Wales Broadcast Archive project the Library is opening Clip Corrkers across Wales that
will offer access to an unparalleled collection of film, audio and video materials. As well as extending
access these new centres will provide a hub for the Library to deliver work that develops new skills
for participants. This work with volunteers. schools, Welsh learners, creative practitioners and
community organisations will lead to the production of digital stories, reminiscence therapy videos.
memory boxes, digital exhibitions. and new creative work that responds to the collection.
The Library continues to exhibit its collections in our gallery in Haverfordwest as part of our
partnership with Pembrokeshire County Q)uncil. The gallery is part of the Riverside Library
development that also includes a café, an advice hub. a public library and a tourist information
centre. At this venue we produce a Programme of thematic six month exhibitions, and a permanent
exhibition on the history, culture and legends of Pembrokeshire. The Library also delivers a
programme of events and a series of education workshops to actompany the exhibitions.
3.1.4 Empower leaming and research
The Library has adopted a new Education Strategy that aims to grow the Library's education services
further in order to be central to the learning journey of all children and adults in Wales. Through its
work with school pupils, students and lifelong learners the Library is offering exciting experiences to
our users, and wider access to our collections, in the Library building, virtually and across Wales.
During the past year we have supported learning in communities across Wales and have developed
new audiences through engagement and outreach work. We have also delivered Welsh
Baccalaureate work focused on improving core skills and Èmployability for 16-18 year olds, and
providing opportunities for them to engage with our collections. A Welsh Government funded
project to produce an online dictionary of Welsh biography for children that will be published in 2023
will add to the ever-growing body of digital learning resources produced by the Library that can be
used to support the delivery and development of the Curriculum for Wales.
In the spring of 2022. Daniel Huws's eagerly anticipated magnum opu5, A Repertory of Welsh
Manuscripts and Scribes c.800-c.1800, was published by the National Library of Wales and the
University of Wales Centre for Advanced Welsh and Celtic Studies.
The first volume of the Repertory offers summary descriptions of some 3,3CX) manuscripts written in
Welsh between c.8(Xl and c.1800, including those written in other languages which relate to Welsh
literature and learning. The second volume is a bio-bibliographical register of about 1,5CM) scribes,
including anonymous ones whose hands have been recognized in two or more manuscripts, and also
contains comprehensive indexes labout 250pp.I to place-names, personal names, texts and subjects
in Vol. I, and a chronological index of manuscripts up to 1580. In the third volume are some 9(X)
images which provide examples of the various scripts of the 600 most important scribes included in
Vol. 11.

The National Library of Wales Annual Accounts 2022123
The Library in collaboration with Aberystwyth University academics have established a new Research
Centre to draw on the Librarfs rich and varied collection of printed works relating to medicine and
health in Wales. The Research Centre for the Literature and History of Medicine in Wales was
launched at a one-day conference to be held at the National Library of Wales in November 2022. The
Library is home to a substantial collection of Welsh and Welsh-interest printed works on medicine
and health. The collection, which was digitised with sponsorship and support from the Wellcome
Trust includes over 6,500 individual items dating back to 1740. It includes books on early medicines.
herbal remedies, sanitary reports, accounts on contagious disease5, and asylum patient records.
We have en$U￿d the enactment of the five ways of working of The Well-being of Future Generations
(Wales) Act in order that the Sustainable Development Principle in working towards our Strategic and
Well-being Objectives is observed and deployed.

The National Library of w￿eS Annual Accounts 2022123
Key Achievement Indicators
The Library's performance winst its targets was reportrd to the Welsh Government in 2022-2023
as follows:
Target
Attainment
Disrital visits
Irsternational digital Yisitors to Library sites
Visitors to Library sites
User satisfaction - physical visits
User satisfaction - di&tal visits
Number of events
Social prescribing referrals
Number of participants in events
On site volun￿er hours
DigÉtal Volunteer hours
Digtal education21 resour￿ published online
New items with interpretation published by the Library
Number of impressions across social media channels
Reach of the Library's content on Wiknmedia
Formal education workshops delivered
Informal learning sessions
Inter2Ctions with under-represented groups or
organisations that represent these groups
% legal deposit material processed within l O working
days
Number of conservation hoLtrs
1,900,000
850.000
50.000
96Y.
80%
150
20
i 0.000
1.620.934
763,826
57,517
98Y•
73%
529
25
10,628
6.064
995
14
1,761
1569.976
190,588,536
135
147
700
20
1.200
2,750,(h)o
190,000,000
80
100
20
66
90Y.
8,250
96Y.
10,502
Performance againsi Trrgets is reviewed by the Welsh Government and the Board with notes and
interprer2tions being provided regarding achievements against tsrgets.
We are obliged to monitor continuously and eydluate our work both quantitatively and qualttatively.
Although our quantitative achievement indirators provide a snapshot of performance. the qualitative
dat3 from rdse studies and narrative reports still continue to provide a more detailed snapshot. and
an oppominiry to reflett on our work and enrich IL

The National Librtry of Wales Annul Accounts 2022123
FINANCIAL REVIEW
FFnancial Results and Allocations
The accounts are prepared under Section 9{4) of the Museums & Galleries Att 1992 in a forni
dIreC￿d by Ministers of the Wdsh Government with the approval of the Treasury. The Library's ner
incomel{expenditure) for the financial year were (£2,914kl (2021-2022.. £3.467k}- The Library's
incoming resources totslled £17.43m (2021-2022: £18.78ml and total resources expended were
£19.39m (2021-2022: £15.78m).
The unrestricted public reserve decreased from £1,580k to £ 5,055
Fund balances at 31 March 2023 stood at £102.3m {31 March 2022 £83.Om).
Charities Statement of Recommended Prartice
The Charity Commission issued a Statsment of Recommended Prdctice (SORP) for charFties in
Ottober 1995. which was most recently updated by the Charities SORP 201 S. The Librnry has
complied with the SORP since publishing its 1996-1997 accounts.
Valuation of Tangible Fixed Assets
The Library commissioned a revaluation by Cooke and ArkwrighL Chartered Surveyors, of the
Library'5 buildings and freehold land a5 at 31 March 2021. Land and buildings values are adjusted
annually by indexation between each formal valuation which usually takes place every five years.
Other fixed assets are not revalued nor indexed. and from 2017-2018, are held at original cost less
depreciauon.
Charity Reserves Policy
The Charities SORP 2015 requires the Library to disclose its policy on Reserves.
4.4.1 Unrestricted Public Funds
The National Library ol Wales 15 currently dependent on the Welsh Government to susrain the
majority of its activities. The Librarfs Public Fund5 reserves policy is to confom) to the requirements
of the Welsh Government'5 Framework DocumenL which Sets out the financial framework under
which the Library is required to operate. The main requirement of the Frdmework Document in
relation to reserves is that only 2% of gross Grant-in-Aid can be held as cash balance5. The ultimate
effect of this will be to restritt the level of re5erYes that can be held. Low levels of reserves and
working capital are parricularly difficult in time5 of financial uncertainty and mIti￿tiOn of risks would
justify carrying higher levels of reserves due to the financial ouclook It is also the case that public
reserves cannot be spent without informing Welsh Government so that they czn include them in
their budget planning for the whole of the public sector in Wale5.
4.4.2 Restricted Public Funds
Public restricted funds represent Capital and Purchase Grants received from the Welsh Government
or any grant received from a public body for specific purposes. This funding is also restricted to 2%
of gross Grant-in-Aid carry over in cash balance5.

The National Library of Wales Annu￿ Accounts 2022123
4.4.3 Unrestrirted Private Funds
The Library's unrestritted Priva￿ funds have three main objectives:
To contribute to the revenue costs of running the Library's service5.
To supplemenc the Collecuons Purchase Granc co enable the Library to fulfil irs collections
policy.
To finance capital investment or future developments including equipmenL buildings and
computer hardware and software.
The level of reserves is being reviewed and monitored by the Board through the Financial Planning
Committee and has been agreed in the Library s Medium Term Financial Strategy.
4.4.4 Restricted Private Funds
The Library's restric￿ private funds can only be used in accordance with any stipulaied terms of
each specific bequesL They can only be used for the purposes described and therefore they are only
used when an item of expenditure that direcdy relatrs to the fund is approved by the Board or the
funder.
Investment Policy
The portfolio has been invested in both equities and bonds and the amount that (an k invested in
different asset classes has been set in accordance with a risk assessment The Library's attitude to risk
is considered "moderate" aC￿Pting that in order to achieve higher returns than placing Cdsh in a
deposit accoun¢ there will be a consequent risk in investing in bonds and equities.
The Board reviews the Investment Policy and Strdtegy on an annual basis. which includes considerntion
of social. environmental or ethical investments.
The Library has appointed iftvestment managers, Investec Wealth & Investment, who ire responsible
for investing the private fund5 FX)rtFolio. The managers have been set 2 benchmark for the performance
of the investment portfolio, and in 2022-2023 a return of-5.5Yo was achieved aginst a benchmark of
-2.0% {2021-2022= 5.9% against a benchmark of 7.8Y.I.
The investments were managed on a discretionary basis in accordance with the requirements of the
Trustee Inyestments Att 1961 and latterly the Trustee Att 2000. The performance of the portfolio is
monitored and submitted regularly in the form of a report to the Financial Planning Committee and
the Trustees. On 31 March 2023. the market value ofthe investments and cash ￿d$ £13.55m l£14.28m
on 31 March 2022).
Key risks
4.6.1 Financial planning
The Library has prepared a Mid Term Financial Plan for the three years 2023-2024 to 2025-2026 which
encompasses both revenue 2nd capit21 expenditure. The plan highlights the need for the Library to
utilise unrestritted prirdte funds during the period to cover expecred funding deficits.
Unrestricted private fund5 are available to the Board in order to manage financial risk as part of its
reserves policy.

The Nauonal Library of Wales Annual Accounts 202Y23
4.6.2 Pension Scheme
An attuarial valuation of the scheme was obtained on 31 March 2022. The main results of the
Scherne'5 actuarial valuation at this date are as follows:
The funding level at 31 March 2022 has reduced to 99% (2019: 100%).
There is now a deficit of assets relative to the accrued liabilities at 31 March 2022 01 £ l.om
(2019: there was a surplus of £0.3 million).
The ratr of Library contributions required to meet the accrual of future service benefits,
with a normal retirement age of 65, ha5 increased to 41.3% of pensionable salaries {201 *.
34.2%)
With the significant changes in UK g4lt yields and investment markets that took place in Sepomber
2022, an updated assessment of the valuation position was made at 31 March 2023, which showed..
The funding level as at 31 March 2023 had reduced to 90%
The funding shortfrdll at this date Wds £6.6 million
The rate of Library contributions required to meet the accrual of future sermce benefits, with
a normal retirement age of 65. has reduced to 22.8% of pensionable salaries.
The Library has agreed to pay contributions at the rate of 22.8% of pensionable salaries from May 2023
to cover the cost of future accrual. In addition, the Library will pay a furtJ)er £45,000 per month,
commencing in May 2023 and increasing each l April by the increase in the Consumer Price5 Index
plus l % over the year to the previous Septrmber. until March 2038.
As at l July 2017 existin8 Staff could also choose to contribute either 370 of their salary towards not
having a reduction in their pension if they retire at the age of 60 or to at￿pt that the retirement age
has changed to 65, and so there will be an actuarial reduction in the pension rfthey retire before this
date. New members of staff after thi5 date have a normal retirement date of 65.
The next actuarial Yaluation of the scheme will be undertaken on the 31 March 2025. The Board is
currently considering options for futu￿ pension arrangements.

The Natyonal LibTrry of Wales Annual Accounts 2022123
SUSTAINABILITY REPORT
This report has been complied in aecordance with the guidelines laid down by HM Treasury in Ptjblic
SeaorAnnual Reports." Sustaina￿1￿ Reporting &idarKe. During 2022-2023. the following was achieved:
2022-2023
2021-2022
2020-2021
Water consumption
Watrr consumption m3
Water consumption m3 per FTE*
Watrr supply costs £
Paper consumption
Paper consumpt¢on in reams (external and internal)
Paper consumption in reams {intrrnal use)
Waste
Total waste {tonnes)
Reused. recycled, comFX)5ted
Landfill
6,095
26.73
£25.209
6,559
30.78
£27.785
6.139
28.46
£23,110
605
281
262
199
33.37
18.66
14.71
38.99
12.21
26.78
14.17
3.55
10.62
Hazardous
Reused, recycled. composted as % of total was
Total disposal cost
Greenhouse gas emission
Tot21 emission tonnes Coi equiralent
Attributable to business travel
Atcributsble to energy consumption { 1,000 tCO*)
Electricity and Gas
Attriburable to energy consumption
Elettricity (kwh)
Gas (kwh)
Expenditure on business travel £ (Car, Train. Bus &
Plane}
Total energy expenditure £
55.9%
£17.756
31.3%
£12.003
25.0Y.
£8,344
934
1,020
2.193.141
1838,187
£24.019
2,210.485
3,019,497
£6.334
2,235,894
3,348,749
£51
£494,141
£401,447
£354.8n
*FTE = full-time equivalent
Note on Energf.
Costs are total for the site including energy supplied to adjacent building, but consumptions are only
for National Library buildings.
Horticultural vrasce generated on site is composted on site. The quantity of this waste is not
measured.

The National knbrary of Wales Annual Accounts 2022123
POLICIES RELATING TO STAFF
Living Wage
The Library has undercaken to pay the living wage as set out by the Living Wage Foundation since
April 2014.
Recruitment and Retention of Staff
The Library can only achieve its goals through the commitment of its staff,. therefore the Library
locuses on providing a staff training and development programme annually to ensure that all staff
members achieve their potential.
Employment of Disabled People
The Library operates a non-discriminatory recruitment procedure and is alw2ys prepared co
consider applications Irom, and to appoin¢ disabled persons. The Librdry makes every effort to
ensure that disabled employees are provided wth the facilitie5 necessary to carry out their
employment effeccively.
6.4 Consultation with Employees
The Library communicates information to 5¢3ff by various methods including sraff meetings. weekly e
mails. team briefing sessions. Core Brief. and regular consultation and negotiation with the
Partnership Council and representatives of the national Trade Unions. The Library adopted an
Internal Communication Strategy in 2016 and imp5emenration of this Strategy has provided an
opportunity to develop the relationship betr4een managers and Staff.
Remuneration Report
The Library remunerdtes its entire staff under an agreed pay and grading systrm. The current System
wa5 approved by the Library's Executive Team and agreed with the sraff unions through the
collective bargaining arrangements. An independent appeals process is in place to consider grading
issues.
Each year. the Library, in consultation with the staff unions, considers the Library's remuneration
package against extrrnal comparators, movements in the economy and any internal inequities that
may have developed. From this, a pay remit or proposal is produced and this is submitted to the
Welsh Government for approval and is then formally negotiated with the unions. Thi5 leads to a new
pay and conditions package for the whole of the Librnry staff which is binding until the next round of
negotiation. Incrementtl increase5 under the pay remit are dependent upon the Library's SYs￿M of
annual appraisals. Inflationary elements contained within the agreed pay remit are automatically
awarded to all members of sr2ff.
The salaries ol the Chief Executive and knbrarian and the three Direttors haye been included as part
of the pay remit negotrdtions in relation to all Library staff. The Chief Executive and Librarian and the
three Directors have permanent contracts of eM￿oyMent. All four are ordinary members of the
Librdry's pension scheme.
The pay remit is approved by the Welsh Government. Membership of the Executive Team is shown
on page 2 and fijrther details of the remuneration and pen5i0n benefits are shown in Note 8lcl to
the accounts. The notice period for members of the Executive Team 15 3 months. Provision for
compensation for early terminatson is contained within the Librnry's standard redundancy agreement

The Navonal Librnry of Wales Annual Accounts 2022123
PLANS FOR FUTURE PERIODS
During 2021-2022 the Library began the implemen￿tIon of a new Strnregic Plan for 2021-2026 under
the title 'A Librnry for Wales and the World,. The final version was approyed by the Board of
Trustees in January 2021. It is an 2mbitiOU5 plan that provide5 a clear. coordinated and prioritised
focus and direcuon for everyone involved in the organisation up to 2026.
The new plan identifies four Strategic and well-being objectives:
> Cultivate and care for the nation's memory
> Lay the foundation for a knowledge economy
> Be at the heart of national life
> Empower learning and research
The Well-being of Future Generations Act was a key consideration when drafting the new Strategic
Plan and the requirements of the Act have been considered when formulating plans to deliver against
the objectives.
Strategic Objective I
Cultivate and care for the
nation's memo
> Capturing contrmporary
Wales
> Committed to diversiry
> Leading in preservatioft and
management of inforniation
How will we achieve this?
We will develop and invest in the work of colletting
and preserving digital materials in various formats
We will establish a Wales Broadcast Archive that will
a rich and comprehensive record of life in the 20th
and 21 st Centuries
We will deliver guidance and advice on conservation
and raise awareness of the ri5k5 of losing the national
memory in the dig'tsl age
We will develop our relationships with libraries,
archives. museums and others in the heritage settor
as we collett the nation's memory
We will foster our connecrions with ethnically diverse
communities across Wales
We will work with these communities as we Continue
to develop our Collections Policy
We will review the way in which our colleccions are
described. interpreted and promoted
We will invest in the cultivation and transfer of
physical and digital conservation skills wtchin the
Library and across the sector
We will invest in the development of our technical
infr2scrutture a5 a trusted home for our digital
collections
We will support other organisations with the
preservation of digital collections
We will share good practice in information
managemenr conservation and collecuons
development inTrrnationally

The National Librnry of Wales Annual Account$ 2022123
Strategic Objective 2
Lay the foundation for a
knowledge economy
How will we achieve this?
> Knowledge that invigorates
and inspires
> Creating opportunities to
panicipate
> Improving user experience
We will continually review the way we describe
colSettions. to provide effecttve access and highlight
'hidden' collections
We will improve access to physical collections by
continuing Osjr digitisation programme
We will seek opportunities to increase the use of
colleccions by businesses and the creative sector
We will work to ensure that information is available in
an open and accessible format
We will continue to offer a range of volunteering
opportunities at Librdry Sites
We will increase opportunlties for Yolunteering and
engwng with the collections on a dI￿ra1 basi5. ussng
approaches such as crowdsourcing
We will support national and international
participatory programmes and projects
We will develop new and innoydtive ways of widening
access to knowledge
We will ensure that user feedback and the voice of
the user are central to the development of our
services
We will invest in the building in Aberystwyth as a
visitor destination. where visitors from Wales and the
world can research, discover and enjoy
Strategic Objective 3
Be at the heart of national life
> Connecting communities
> Sharing collections
> Promoting a global Wales
How will we achieve this?
We will invest in oijr relationship and connections
with individuals and communities with the aim of
increasing the value and impact of our colleccions and
services
We will establish connettions with new communities
and audiences
We will consider all opportunities to expand our
connettions with public bodies and organisations
throughouc Wales and further afield
We will improve access and connections across
Wales through the activities of the Wales Broadcast
Archive.
We will share our collectyor¢s wdely and openly with
the aim of achieving the greatsst reach and deepest
engagement
We will develop methods and channels for atting in
collaboration wth the public to jointly interpret our
history and culture
We wll hold exhibitions and events on themes that
are timely and relevant to Wales today
We will promote the Library's sites as cultural
destynations
We will develop and deliver an International Strategy
and Collabora￿ with Welsh Government and other
organisations toJ.romote Wales on a global stage

The National Library of Wales Annual Accounts 2022123
We will continue to fO￿r and strengthen our
relationship with the Welsh diaspora
Strategic Objertive 4
Empowering learning and
research
> Enabling research and
innovation
> Supporting formal learning
> Promoting informal learning
How will we achieve this?
We will fO￿r a relationship with Higher
Education Institutions and research teams intrrested
in the collections
We will explore and experiment with new
technologies as means of enhancing access and
research, supporting aspecrs such as geodata, artificial
intelligence and adopting COn￿pts such as 'collections
as dar2,
We will collaborats with partners and stakeholders
with the aim of establishing an accredited trusted
digiul repository as research infrastructure
We will continue to contribute to the development of
the Curriculum for Wales
We will continue to increase our own rnnge of digital
learning resources in collaEK)ration with partners
We will invest in our Services for schools and post-
16 education
We will develop a programme that supports informal
learning and foster skills and transfer knowledge
We will increase the interpretative concent available o
nline as resources for infomial learning
We will explore opportunities to work in partnership
to supporr informal learning in communities
aeross Wales
Trustees
The Trus￿5 have complied with their duties to have due regard to guidance published by the
Charity Commission.
Auditor
The Accounrs are audited by the Auditor Gener21 for Wales in accordance wtth Section 9(8) of the
Museums and Galleries Acr 1992 for Wales
Pedr ap Llwyd
CHIEF EXECUTIVE & LIBPARIAN
22 March 2024
Gronw Percy
TREASURER
22 March 2024

The National Library of WaIes Annu￿ Accounts 2022123
STATEMENT OF BOARD AND LIBRARIAN'S RESPONSIBILITIES
Under Section 9{4) of the Museums and Galleries Att 1992. the Board of the National Library of
Wales is required to prepare 2 st2tement of accounts for each financial year in the form and on the
basis determined by Ministers of the Welsh Government with the consent of the Treasury. The
accounts are prepared ro ￿ve a true and fair view of the Librarfs financial artivities during the year
and of ￿5 financial position at the end of the year.
In prepring the Library's accounts the Board is required to:_
Observe the accounts dirertion issued by minisr£rs of the Welsh Government including the
relevant accounting and disclosure requirements, and apply them on 2 consistent basis.
Make judgements and estimate5 that are reasonable and prudenL
Stace whether applicable accounting standards and statements of recommended practice have
been followed, and disclose and explain any material departures in the financial statements.
Prepare the financial statements on a going con￿rn basis, unless it is inappropriaTr to assume
that the Library will continue in operation.
The Principal Accounting OfFicer for Ministers of the Welsh Government has designated the
Librarian as the Accounting Officer for the Library. His or her relevant responsibilities as Accounting
Officer, inclsjding his or her responsibility for the propriety and regularity of the public finances for
which he or she is answerable and for the keeping of proper records, are set out in the Welsh
Government's Accounting Officer Memorandum.
Statsment of the Disclosure of Relevant Audit Information
As far as the Accounting Officer is aware, there is no relevant audit information of which the
auditors are Una￿dre. and the Accounting Officer has taken all 5tep5 that he ought co have T2ken to
make himself aware of any audit information and to establish that the auditors are aware of that
information.
Pedr ap Llwyd
CHIEF EXECUTIVE & LIBRARIAN
22 March 2024
Endorsed on behalf of the Board by
Gronw Percy
TREASURER
22 March 2024

The National Library of Wales Annual Accounrs 2022123
The Certificate and independent audito￿$ report of the Auditor General for Wales to the
Senedd
Opinion on financial statements
I cerrify that I have audited the financial statrments of Nation21 Library of Wales for the year ended 31
March 2023 under secrion 9 of the Museums and Galleries Act 1992.
The financial Sta￿ments comprise the Statement of Financial Activities, Balance SheeL Cash Flow
Statrmenc and the related notes including the significant accounting policie5.
These financial statements have been prepared under the accounting policies set out within them. 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 ind Reptjblic of Ireland and the Charities Statement of Recommended
Practice (United Kingdom Generally Accepted Accounting Practice)-
In my opinion, in all material respects the financial statements:
give a true and fair view of the state of National Library of Wales's affairs as at 31 March 2023
and of its net income for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally AC￿pted
Accounting Prnctice-
and have been property prepared in accordance with HM Treasury direcrions issued under
settion 9 ofthe Museums and Galleries Att 1992.
Opinion on regularity
In my opinion. in all material respects, the income and expenditure recorded in the financial statements
have been applied to the purposes intended by the Senedd and the financial transactions recorded in
the financial statements conform to the authoritres which govern them.
Basis for opinions
I conducted my audit in accordance with applicable law and International Standards on Auditing in the
UK (ISAS (UK)) and Prnctice Note l O 'Audit of Financial Scatements of Public Settor Entities in the
United Kingdom,. My responsibilities under those Standards are further described in the auditor's
responsibilities for the audit of the financial statements section of my certificate.
My staff and l are independent of the National Library of Wales in accordance with the ethical
requirements thac are relevant to my audit of the financial statements in the UK including the Financial
Reporting Council's Ethical Stsndard, and I have fulfilled my other ethical responsibilities in accordance
with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate
to provide a basis for my opinions.
Conclusions relating to going concern
In auditing the financial statrments, I have concluded that the use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work I have performed, I have not identified any material Uncertainties relating to events
or conditions thaL individually or colleccively. may cast significant doubt on the NatTonal Library of
Wales's ability to continue to adopt the going concern basis of accounting for a period of at least
elve months from when the financial Statements are authorised for issue.
My responsibilities and the responsibilities of the Board of Trustees and Librarian as Accounting Officer
with respett to going concern are described in the relevant sections of this cer(ificate.

The Narional Library of Wales Annual Accounts 2022123
Other infonnation
The other information comprises the information included in the Annual Accounts other than the
financial statements and other parts of the reix)rt that are audited and my auditor's report thereon.
The Accounting Officer is responsible for the other information. My opinion on the financial 5taternents
does not cover the other information and, except to the excent Otherw￿Se explicitly sr2ted in my
repoo I do noc express any form of aSSuTrn￿ conclusion thereon. My responsibility 15 to read the
other infomation and, in doing so. consider whether the other information 15 materially inconsistent
with the financial ststements or knowledge obtained in the course of the audiL or otherwise appears
to be Fnaterially misstated.
If l identify such material inconsistrncies or apparent ￿￿terIal misstatements, l am requÉred to
determine whether this gives rise to a material mi5Statement in the fin2nci21 statements themselves. If,
based on the work I have performed. I conclude that there 15 a material missthtement of this other
information, l am required to report thac facL
I have nothing to report in this regard.
Opinion on other matters
Although there are no legislative requirements for a Remunerntion Repor¢ the National Library of
Wales has prepared such a report and in my opinion, that part ordinarily required to be audited has
been properly prepared in accordance with HM Treasury guidanc
In my opinion. based on the work undertaken in the Course of my audii the information given in the
Annual Report for the financial year for which the financial statrments are prepared is consistent with
the financial statements and is in accordance with the applicable legal requirements.
Matters on which I report by exception
In the light of the knowledge 2nd understanding of the National Librnry of Wale5 and its environment
obtained in the course of the audi¢ I have not identified material mi55tatements in the Annual Accounts.
I have nothing to report in respect of the following matters which I report to you if, in my opinion:
I have not received all of the information and explanations S require for my audiL
SLrfficient accounting records have not been kept or returns adequate for my audit have not
been receÈved Irom branches not visited by my team-
the financi21 ststsments are not in agreement with the accounting records and retums. or
information spectfied by Welsh Minister5 regarding remuneration and other transactions is not
disclosed.
Responsibilities of the Board of Twstees and Librarian for the financial statement5
As explained more fully in the Statement of Board of Trustees and Librarian's Respon5ibilitie& the
Board and Librarian as Accounting Officer is responsible for.
mainr2ining suflicient accounting records..
the preparation of the financial statements and Annual Accounts in accordance the
applicable financial reporting framework and for being satisfied that they give a true and fair
view:
ensuring the regularity of financial transattions.

The National Library of Wales Annual AccounL8 2022123
internal controls as the Accounting Officer determines is necessary to enable the preparation
of financial ststemet)t to be free from material mi55ratemen( whether due to fraud or error,
and
assessing National Library of Wales's ability to continue as a going concern. disclosing, as
applicable. marcers related to going concern and using the going conwn basi5 of accounting
unless the Accounting Officer anticipates that the services provided by National Library of
Wales will not continue to be provided in the future.
Auditorfs responsibilities for the audit of the financial statements
My resFM)nsibility is to audi¢ certify and reporc on the financial statements in accordance with the
Museums and Galleries Act 1992.
My ob-iettiyes are to obtain reasonable assurance aFK)Ut whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue a certificate that
includes my opinion.
Reasonable aSSlErnn￿ is a high level of assurance but is not a guarantee thac an audic condutted in
accordance with ISAS (UK) will always detecc 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 expectrd co influence the economic decisions of users ttken on the basis of these
financial statrments.
Irregularities, including fraud. are InStan￿S of non-compliance with laws and regulations. I design
procedures in line with my responsibilities, outlined above, to detect material misstatements in respett
of irreguLirities. including frnud.
My procedures included the followin¥.
Enquiring of managemen¢ the head of internal audit and those charged with governance,
including obtaining and reviewing supporting documentation relating to National Library of
Wales's policies and procedures Concerned with..
identifying. evaluating and complying with laws and regulations and whether they were aware
of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any attual,
suspetted or alleged fraud; and
the internal controls established to mitigate risks retated to fraud or non•compliance with laws
and regulations.
considering as an audit team how and where fraud mi8ht occur in the financial statements and
any potential irsdicators of fraud. As part of this discussion, l identified potential for fraud in
the following areas.. revenue recognition, and the posting of unusual journals,.
obtaining an understanding of National Library ol Wales's framework of authority as well as
other legal and regulatory frameworks that the National Library of VV21es operates in, focusing
on those laws and regulations that had a dirett effett on the financial statements or that had a
fundamental effect on the operations of National Library of Wales.. and
obtaining an understanding of related parry relationships.
In addition to the above, my procedures to respond to identified risks included the following.
reYiewTng the financial statement disclosure5 and testingto supporting documentation to assess
compliance with relevant laws and regulations discussed above.

The National Library of Wales Annual Accounts 2022/23 

- enquiring of management, the Audit, Risk and Assurance Committee and legal advisors about actual and potential litigation and claims; 

- reading minutes of meetings of those charged with governance; 

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 

I also communicated relevant identified laws and regulations and potential fraud risks to all audit team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

The extent to which my procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the National Library of Wales's controls, and the nature, timing and extent of the audit procedures performed. A further description of the auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor's report. 

## **Other auditor's responsibilities** 

I am required to obtain evidence sufficient to give reasonable assurance that the expenditure and income recorded in the financial statements have been applied to the purposes intended by the Senedd and the financial transactions recorded in the financial statements conform to the authorities which govern them. 

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. 

## **Report** 

I have no observations to make on these financial statements. 


Adrian Crompton Auditor General for Wales 25 March 2024 

I Capital Quarter Tyndall Street Cardiff, CF IO 4BZ 



The National Library of w￿e$ Annual Accounts 2022123
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED
31 MARCH 2023
PUBUC FUNDS
PRIVATE FUNDS
2022.2023
2021.2022
{as re5tatedl
To
£'ooo
Unrestricted Re￿[c[&d
Unre5triLted Resrricted
Total
£'ooo
£'O(M)
£000
£'ooo
Income:
Donations and
Charitable acuwues
Gov¥nmen¢Grdnts
Oth¥ Granrs
OthÈr trading activities
Invesuneni inc¢Mr
16b
306
466
217
3331
15.486
708
492
278
815
353
232
492
273
Total Income
12.647
433
17.430
I&T16
Expendi¢
C05ts of rAisingknds
Charff3blÈ
Colkcuon
Gi¥vig Acce55 & Infonnation
Publioslrvg & Interprets(i
Conswvark)n & PrÈferYaD¢n
Governan
Total ￿¥￿dI[￿re
Pension finan￿ Costs
Total expwdt¢UfS
Net ￿InsI Ilossesl on invesrmenrs
Net irftynel (expenditure)
Gross rransfws be¢ween lund5
53
4297
2.378
2.841
2.621
2.184
15.307
490
15.797
5,633
1990
3,717
1943
2,453
18.903
490
19,393
(951)
(1914)
3.283
3,903
2,055
3B04
1,785
15.447
330
15,777
618
832
322
269
53
45
23d
3,498
S3
19591
(579)
(3,150)
(7051
(3,855)
541
274
1321
242
(413)
(l914)
3,467
Other rncognlsed Sau
11055ey):
G￿nI (Lossl dtsposal of fixed
a55ets
(3)
pi)
Tangible Pixed ￿sets Revaluator
Inde￿tion and impairm￿L
Attuarial gins I Ilosk%l on ddned
benefit wsK>n sthwne
Total gwnsl (loss￿)
NETMOVEmE￿r IN FUNDS
FOR THE FINANCIAL YEAR
4336
4,236
4.751
i&oio
iioio
13J801
22.243
19.329
14,155
5,345
4.817
FUND BALANCES BROUGHT
FORWARD AT I APRIL
7083
83,021
7&204
FUND BALANCES CARRIED
FORWARD AT 31 MARCH
{17.0251
94048
15.202
&125
IOl350
83.021
All 2ctNi¢ie5 are continuing. Al recognised gain5 and losses are recorded in the Statement of Finanoal Acuviues. The notes
tsn p3ge$ 38 w 61 forni part of these accounts. There is no endowmeftt rDcome or ￿)end￿Ure ¢0 report
The ￿nanCial Year 2021-2022 has been rÈst3ted a5 a result of com￿"nIng the real￿d & unreali$ed gain511osses arising from
invesEments.

The National Librnry of Wales Annual Accounts 2022123
BALANCE SHEET AS AT 31 MARCH 2023
31 March 2013
31 March 2022
£oo•
£000
FIXED ASSETS
Tangible Assets
Intangible Assets
Herrtage Assets
Investments
10
79,320
203
23.562
13.550
73,227
270
21933
14,277
16.635
110,707
CURRENT ASSETS
Stock5
Debt¢Ys
82nk
47
l868
1,986
4.901
47
1821
5.708
CREDITORS
Amounts Iallsng due within one year
14
{606)
16341
NET CURRENT ASSETS
295
5,074
Provisions for knablI￿e5 & charges
(500)
Net 2ssets excluéing pwsion stherne
120,430
Defined benefrt pensKJn liabil
23
(18.080)
1760}
NET ASSETS INCLUDING
PENSION SCHEME LIABIUTY
102.350
83,021
FUNDS
Public Unrestrictèj
Pension Reserve
Total Public Unrestritted Funds
Public Restricted {exc Revaluation
Re5etryel
ReYdluation Reserve
Private Unrestricted
Privats Re5trKtsd
PriYdte Re5trKod Collection5
I,oss
(18.080)
(17.025)
65.691
1,580
P17601
64,S82
30,357
15,202
26,121
15.615
230
7,653
7,944
102,350
83.021
The trustees have prepared the accounts in accordance with section 132 of the Charitie5 Act 2011.
The not&s on pages 38 to 61 form part of these accounts.
Pedr ap Llyd
CHIEF EXEc￿1VE AND LIBRARIAN
22 March 2024
Gronw Percy
TREASURER
22 March 2024

The National Library of Wales Annval Accounts 2022123
CASH FLOW STATEMENT FOR THE YEAR ENDED
31 MARCH 2023
2022-2023
2021-2022
£000
£000
£wo
£000
Cash generated from operating
activities
3.387
5,176
Cash flows from investing artivities: .
Purchase of tangible and intangible t￿ed
assets
10
12
(3.679)
(338)
4,032
(4.452)
(3,470)
{302}
5.373
(6,6861
Purchase of heritage assets
Proceeds from sale of investments
Purchase of Investments
Net cash provided byl(used in)
investing artivities
(4,437)
(5.084)
Increasel{Decrease) in Cash and cash
equivalents in the year
(1,050)
92
Cash and cash equiydlents at the W"nning
of the year
Toral cash and cash equivalents at the end
of the year
3,159
3,067
2,109
3,159
The notes on pages 38 to 61 form part of these accounts.

The Nation￿ Librnry of w￿e$ Annual Accounts 2022123
NOTES TO THE ACCOUNTS AT 31 MARCH 2023
ACCOUNTING POLICIES
The principal accounting policies adoptrd. judgements and key sources of estimation uncertainty in
the preparation of the financial statements are as follows:
(a)
Basis of preparation
The financial statements have been prepared in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland {FRS 1021, the Charities SORP (FRS
102}, and the 2007 Accounts Direction issued to the Library by the Welsh Government The
accounts are prepared on a going concern basis.
The National Library of Wales meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transactyon value unless
otherwise stated in the releY&nt accounting policy note Is),
The accounts meet the requirements of Accounting Stsndards issued or adopted by the
Financial Reporting Council in so frdr as those requirements are appropriate. The Accounts
Direction does not require the Librnry to produce a summary income and expenditure
ccount or note of historical cost on surpluses or deficits.
(b)
Incoming Resources
All income is recognised when the charity has enutlement to the funds, any performance
conditions attached to the item have been met, it is Pro￿ble that the income will be
received and the amount can be measured reliably.
All Grant-in-Aid from Welsh Government is recognised in the Statement of Financial
ActiVTties (SOFA} on a receivable basis. Other grants of a more specific nature are
recognised on a receiyable ba515 when grdnt conditions are meL
For legacies, entitlement 15 taken as the earlier of the date on which either-, the charity is
aware that probatr has been granted, the estatr has been finalised and notification has been
made by the executorlsl to the Library that a disrribution wll be made, or when a
distribution is received from the esrate. Where legacies have been notified to the charity or
the charity is aware of the grnnting of probate. and the criteria for income recognition have
not been met, then the legacy is treated as a contingent asset and disclosed if matrrial.
Transfers from privatr funds a￿ accounted for after consideration of movements in working
capital. Income received relating to subsequent accounting periods will be treated as
deferred income.
Fund Accounting
Unrestritted funds (public and privatr) are available co spend on activities that further any of
the general objectives of the Library. Public restricted funds rep￿sent Capital and Purchase
Grants weived from the Welsh Government for specific purposes.
Privatr restricted funds are funds subject to specific restrittion imposed by donors or by the
purpose of the appeal. Designated funds are unrestritted fvnds of the charity which the
trustee$ have decided at their discretion to set aside for a specific purpose. Private re5tritted

The NaDonal Library of Wale5 Annual Accounts 2022123
funds are donation5 which the donor has specified are to be solely used for particular areas
of the Library's work or for a specific projett being undertaken by the Library.
(c)
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment
to a third parry. it is probable that setdement wll be required and the amounr of the
obligation can be measured reliably. Where expenditure has been incurred in advance and
relites to a later period, the accounts will only consider a pretrdyment if higher than £5,000
in value. Where expenditure Is incurred in arrears but relates to the current financial year.
the accounts will only consider an accrual if higher than £5.000 in value. Expenditure is
classified under the following activity headings:
Cost of rnising fijnds comprises the cost of commercial cradin& fundraising eosrs and
investment managemeni fees.
Expenditure of charitable attivities includes the cost of mainr2ining collettion5.
conservation, education 2nd exhibitions and other activities undert2ken to further the
purposes of the charity.
Other expenditure represents those items not falling into any other headings.
(d)
Investments
Investments are stated at market value at the balance sheet date. Gains and losses on
disposal are creditrd or charged to the Stacement of Financial Activities. Movements in the
market value of investments held at Ihe year-end are also refieC￿ in that Statement in
accordance with the Charities SOtiP IFRS 102).
(e)
Tangible and Intangible Assets
Individual plant. machinery. equipment and motor vehicles CO￿ing £5.000 or more are
capir21ised at cosr unless the equipment forms part ol a group of asse￿ network or projett
where the Ydlue is over £5.000. Assets are depreciated over their estimated useful lives on a
straight-line basis. Items of a capital nature costing less than £5.000 are not capitalised and
are writtsn off in-year. Non-property assets (i.e. plant & vehicles, and fixtures, ftttings &
equipment) are held at historic cost arkd not indexed as these assets have short useful
economic lives or low values {or both}. This is considered to provide a more reliable,
appropriate and relevant representation of the fair value of these assets. Furcher derails are
provided in Note l O.
Land and buildings assets are usually professionally valued every five years on the basis of
their current Ydlue in exÉsting use assuming that the properties would be sold as part of a
contiftuing business and are revalued using an index in the intervening period. Revaluation
gains are recognised in the Statement of Financial Activities under gainslllosses) on the
rerdluation of fixed assets. except to the extent to which they offset any previous wrste off of
expenditure in the Statement of Financial Activities. in which ￿se the gain is reversed against
the relevant expenditure heading. Revaluation losses are recognised as an expense under the
relevant expenditure heading in the Statement of Finanoal Activities except to the extsnt to
which they offset ar¢y previous revaluation gains. in which case the105s is shown under
gainsll105ses) on the revaluation of frxed assets. Routine maintenance work in respett of
these properties is noted as revenue cost in the year in which it is undertaken.

The National Library of Wales Annual Accounts 2022123
Depreciation 15 provided in full in the year of acquisition, at ratrs calculated to reduce each
asset to its estimated residual value evenly over its expetted useful economic life, as advised
by the valuer5 a5 follows:
o Freehold building5
up to 125 years
Plan( machinery and equipment
up to 30 years
Compyor equipment and digital development - up to l O years
Motor Vehicle5
up to 5 years
Freehold land 15 not depreciated.
Collection Purchases are not depreciatrd (see Heritage Assets (fj).
Intangible assets with an economic life of more than one year and value greater than £5,000
are capitalised. All intangible assets are measured at cost. Intangible assets are amortised on a
straight-line basis over a period of l O years.
(fj
Heritage assets
Herrtage assets are defined as assets of historic. arcistic or soentitic importance that are held
to adydnce preservation. conservation and educational objectFves of charities and through
public access contribute to the nation's culture and education at either a national or local
level. With effett from 1st April 2001 heritage assets purchased by or donated to us have
b￿n capitalised at historie costlvaluation. In accordance with Treasury accounts direction.
assets acquired before l st April 2001 have not been capit21ised and in the opinion of the
Trustee5 the considerable cost of valuation of the large collectson of heritage assets cannot
be justified on costlbenefit grounds. Donated or part4onated assets are valued wth
reference to invoices or other documentation where available, and otherwise by curatorial
staff.
These assets are not revalued or indexed.
Heritage Assets are not depreciated because they have indefinite life.
The carrying amount of an asset will be reviewed only where there 15 evidence of impairmenL
(g)
Stocks
The cost of Stocks of re-saleable items has been recognised in the balance sheet at the lower
of cost or net realisable vaSue. No valije is given on assets produced historically by the
Library where there is a re5tritted market for the go(xls or goods have impaired.
(h)
Pension Costs
The Library operdtes its own superannuation scheme which provides benef￿ based on final
pensionable salary. Contributions to the scheme are charged to the sta￿rnent of Financial
Acuvicies so a5 to spread the cost of pensions over employees working lives. The charge to
the sts￿ment of Financial Activities is calculated based upon the current service cost as
calculated by the scheme actuary.
Staff holiday pay
At the year end. staff holiday entidements that has not yet taken and which is carried
forward to the next financial year have been provided for in the accounts in line with FRS
102 requirements.

The National Library of Wales Annual Accounts 2022123
(i)
Taxation
The Library has been granted charitable status by the HMRC and is therefore exempt from
tax on income and gains falling within settion 505 of the Taxes Acc 1988 or section 252 of
the Chargeable Gains Att 1992 to the extent that these are applied co its charitable objects.
Non-recoverable Value Added Tax arising from expenditure on non-trdding activities is
charged to the Statement of Pinancial Activities or ￿apitalised if reiatrd to a fixed asset
(k)
Significant areas of estimation and judgement
The preparation of the financial statements requires judgements, estimations and
assumptions to be made that affett the reported values of assets, liabilities, revenues and
expenses. The nature of estimation and judgement means that actual outcomes could differ
from expeccation.
Sources of estimation uncertainty
The defined benefit pension obligauon is recognised and disclosed in accordance with FRS
102. The valuation. prepared by 2 qualified attuary, reflects a number of judgements and
estimations including che expectsd return on assets, the discount rate. cost inflation and life
expectancy. Changes in these assumptions have a significant effett on the value of the defined
benefit pension obligation. Further details are provided in note 23.
Land and buildings assets are professionally valued periodically. The valuation is prepared by a
qualified surveyor and has been prepared in accordance with the RICS Red Book Buildings
have been valued on the basis of 'open market value, or 'depreciated replacement cost, and
land is shown at 'existing use Ydlue,. These methods are subjett to various assumptions and
judgements and changes in either could have a significant effect on the valuatÉon. Further
details are provided in note 10.
(i)
Going Concern
The Library's accounts have been prepared on a going concern basis. The Library's Board
has recognised the significant revenue account deficits that have been forecast and wll be
considering plans to iddress this situation. The Significant level of unrestricted public and
unrestritted priydte funds reserves will ensure that the Library can continue with current
activities until accion is raken to address the deficiL There are no other material
yncerr2inties about the chariw s ability to continue.

The Natyonal Library of Wales Annual Accounts 2022123
GOVERNMENT GRANTS
2022-2023
£000
2021-2022
£000
Unrestricted
Grant-in-Aid
Restricted
Capital - Purchase Grant
Capir21- Wales 8roadc2st Archive
Capital - General
Digtal Libraries
People's Collection Wales
ARCW
Others
Total grant received from We15h Government
12,155
305
305
1,000
3.390
450
2,195
451
145
86
149
218
15,486
17,159
OTHER GRANTS
2022-2023
£000
2021-2022
£000
Restricted public fund
British Film Institute
National Heritage Lottery Fund - Wales Broadcast Archive
National Heritage Lottsry Fund - Save Our Sounds
27
587
703
708
775
Unrestricted public fund
Coronavirus Job Retrntion Scheme
40
Total other grants
708
815
During the period IApril 2021 to 31 July 2021 the Library has claimed Coronavirus Job Retention
Scheme grant totalling £40k The closure of the Librdry ￿lIdIng was required under the Welsh
Government response to the COVID-19 pandemic. The Library obtained support to tts application
for funding under the Scheme from Welsh GovernmenL

The National Library of Wales Annual Accounts 2022123
a. INCOME FROM OTHER TRADING ACTIVITIES
2022-2023
£000
154
2021_1022
£000
59
54
Unrestrirted public income
Catering
Shop income
Events
Consultancy and SYs￿m$
Income generated from collectiorts
Licensing and royalties
Miscellaneous
Total
23
75
55
64
492
44
90
88
353
S. ANALYSIS OF EXPENDITURE
Staff Costs Other direcc Depreciation
2022-
Costs
and
2023
amortysation TOTAL
£000
£000
2021-
2022
TOTAL
£000
617
£000
624
£000
416
Cost of raising funds
Charitable Expenditure
Colleccion
Giving Access & Inform2tK)n
Publicising & Interpretation
Conservation &
Preservation
Governance
3,359
2.175
2,865
1475
1,744
528
502
145
530
293
350
323
5,633
2,996
3,717
2,943
3,283
3.903
1055
3.804
826
12.324
1,358
4.693
269
1,886
2,453
18,903
1,785
15,447
At the start of the Financial Year 2022-2023 the Library undertook a reorganisation. This has resulted
in expenditure being allocated to the different categorie5 above as compared to the previous year.
6. NET INCOMEI (EXPENDITURE) FOR THE YEAR
2022-2023
£000
1,886
52
16
54
2021-2022
£000
1.575
33
This is stated after charging.
Depreciition and imortisation
E￿rnal auditor'5 remuneration
Internal audit fees
Investment managernent fees
55

The National Library of w￿e$ Annual Accounts 2022123
7. ANALYSIS OF SUPPORT COSTS
The Library initially identtfies the costs of its support funttions. It then identifie5 those costs which
relate to its governance functyon. Haying identified its governance costs, the remaining support costs
are apportioned between the cost of raising funds and four key charitable attiyities undertaken in the
year.
The support salary cost is apportioned in line with salary costs for each departmen¢ with the nor
staff support cosz alltxared based on activity expendicure.
£000 £000
£000
22
92
107
619
746
13
1,599
£000
£000
£000
16
34
32
308
241
10
641
£000
80
285
319
2.038
2,253
48
5,023
Exec Support
Finance
18
51
65
273
439
42
45
323
320
HR
ICT
Building
Other
49
395
358
120
149
314
836
753
880
ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND
EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL
(a)
Total Staff Costs
2022-2023
£000
2021-2022
£000
£000
£000
Salaries and Wages
Social Security Costs (including
Apprenticeship Levy}
Pension Cost
Current Service Cost
Additional pension contribution
FRS 102 current service c05t adjustment
6,931
713
6,156
607
1.840
1.657
1,000
1,130
2.840
4.680
12.324
490
3,787
10,550
330
Wages as noted in note 5
FRS 102 finance interest charge {see note
23d)
Total
There were no agency or Short term contractors employed.
12,814
10.880

The Nauonat Library of Wales Annual Accounts 2022123
Other than the sraff noted in 8c. there were no members of staff who earned over £60,00012011-
2022- Nil).
{b)
Pension Scheme
The Library operates a funded pension scheme which is a defined benefic pension scheme providing
benefits based on final pensionable pay at a normal retirement age. Members leaving the scheme
who have contributed for a period of less than 2 years will receive a refund of member's
contributions. Benefits accrue at the rate of 1180th of pensionable salary for each year of service. In
addition, a lump Sum equiyaleftt ro 3 years, pension is payable on retirement. Oft death, pensions a
payable to the surviving spouse at a rate of hatf the member's pension. On death in service the
scheme pays a lump sum benefit Medical retirement is POS5ible in the event of serious ill_health.
Note 23 provides further information on the finances of the pension scheme to comply with the
requirements of FRS 102. The accuarial sratrment is published in the National Library of Wales,
Pension Fund Annual Accounts. Welsh Government granted in 2006-2007 a Crown Guarantee
which exempts the Scheme from the Pension Protettitin Fund and the associated levy.
(c)
Remuneration of Executive Team
Membership of the Executyye Team is noied on page 2 (Reference & Administrative Details). The
Executive Team's terms and conditions is indicated in Section 6 of the Trustee Report (6.5).
The Librarian's salary was 3.71 times the median salary {£27.226) of the Library, 4.18 times the 25th
percentile median salary (£24,130) and 2.87 times the 75th percentile median salary1£35.1701. For
2021-22, the Librdrian's salary was 3.38 times the median salary (£28,740) of the Library, 4.18 times
the 25th percentyle median salary (£23,202) 2nd 2.87 times the 75th percentile median salary
(£33,817). The Librarian's salary has increased by 4% year on year, whi15t the median salary has
decreased by 5%. Other senior st2ff receive 2 gross s21xry. which is determined as part of the
negotiation of the pay remit for all other 5raff in the Library.
The value of pension benefits is calcuEated as follows-
(real increase in pension* x20) + {real increase in any lump sum ) - (contributions made by
member)
excluding increases due to inflation or any increase of decrease due to a transfer of pension rights.
The multiplier of 20 is specified in the di5c105ure requirements. The Library has used this figure in
order to comply with the guidance. This is not an amount which has been paid to an individual by
the knbrary during the year,. it is a calculation which uses infornTrtion from the pension benefit tsble.
These figures can be influenced by many frdCtor5 e.g. changes in a person's salary. and other valuation
fattors affecting the pension scheme as 2 whole.
The National Library of W21es St2ff Superannuation Scheme is a funded final Salary scheme. The
accrued pensions and lump sums are the amounts that would be paid from Normal Retiremenc Da
if the member left service at the relewdnt datr. The Cash Equirdlent Trdn5fer Value (C￿) is the
attuarially assessed capitalised Value of the pension scheme ￿efIts. including any Addittonal
Voluntary Contributions and transfer5 in of service, accrued by the member at a particular point in
time. The transfer values have been calculated in accordance with the guidance noie "GN I I"

The Nation￿ Libtvy of Wales Annual Accounts 2022123
published by the Institu￿ of Attuaries and Faculry of Attuaries. The assumed rate of pritr inflation
was l 0.1% {2021-2022 3.1%).
The following payments were made to members of the Executive Team:
2022-2023
2021-2022135 resttEedl
c w
Mr P ap LNvyd
Chief Executyve and ￿brar￿n
101.285
{5.300)
95,985
97.013
15.880
111893
Mr. DH Michael
DirecLor and Deputy Chief
Executive and Librnriaft
84.811
(15.640)
69.571
80.958
9,074
90,032
Dr O Roberts
Direttor and Deputy Chief
Executive and ￿brariaTr
83,868
4,186
88,054
80.958
15,984
9<942
Rhian Gibson
Direttor and Deputy Chief
Exe£utNe and knbrarian
47.816
13,800
61.616
Rhian Gibson was appointed from I September 2022.
The Financial Year 2021-2022 has been restated as a result of correcting the real increase I
{decrease} in pension.

The Naty0n￿ knbrnry of Wales AnTru￿ Accounts 202Y23
The pension entitlements of the Library's senior sraff with responsibiliry for running policy-making
deparcments are disc105ed as follows-_
Cash
Total
L4Jmp
EquiYdlent Accrued Sum at
Transfer
Pension
Value at
3113122
Cash
EguivalÈnt
Transfer
Value at
3113123
IncreasellDecre3sel Increasel(Decrea5el
in accrued pension
in lump sum of
net of infiation
inflavon
Increase
IDecreasel
sn fdnsfer
value net of
inflation
3113123
at
3113123
MrPap
Ltwyd
Chief
Execuvve
2nd
Librnrran
MrDH
Michael
Direcror
and
Deputy
Chief
EYeoJtive
and
Librarian
Dro
Robèrts
Direttor
597.520
26,730 80,190
500,040
Q30}
171XTrl
1157.8301
708,840
2&980 86.940
557,040
(5801
{1,7501
r123,390}
284,660
13.980 41,940
149,560
850
{163,8501
Deputy
Chief
Execuclve
brarian
Rhian
Gibson
Director
11.330
6(K>
Depu
Chief
ExecutNe
and
Librarian
(d)
Gifts Register
The Library also operatss a gifts register. No item5 noted during the year are considered of material
interest to these financial sratrments.
(e)
Severance
There were no voluntary Severance payments accounted for in 2022-202312021122- £Nil).

The Natyonal Library of Wles Annual Accounts 2022123
(fj
Board emoluments
The Board. the exception of the PresidenL do not re￿1Ve any emoluments. Based on a review
of similar organisations, and with the full support of Welsh Governmen¢ the Board has decided to
remunerate the post of President. The President received emoluments of £16.850 during 2022-2023
Q021-2022.. £18.535}- The tot21 amount of travel, subsistence, and hospirality expended by the
Library for its Board and Commit￿ members was £1,746 {2021-2022 £536}, this was claimed by 7
members12021-2022: 4 members).
9. STAFF NUMBERS
The average monthSy head count was 23812021-2021.. 2191 and che average lull-time equivalent stsff
employed by the Library (including casual and part-time staffj during the year were a5 follo
Staff Numbers
Fundraising & Trading
Collettion
Giving Access & Informxtion
Pub5icising and Interpretation
Conservaoon & Presemtion
Governance
Total
2022123
11.9
2021122
64.2
41.5
56.7
43.9
36.2
61.9
29.8
63.9
12.8
213.1
227.5
At the start of the Financial Year 2022-1023 the Librnry undertook a reorganisation. This has
resulted in staff being alloCa￿d to the differenc categorie5 above as compared to the previous year.

The Natitsn￿ Library of Wales Annual Accounts 2022123
10. TANGIBLE AND INTANGIBLE ASSETS
Tangible Assets
Freehold
PlanL
Lxnd
Fittings &
& Buildings Equipment
£000
£o¢x)
Computer
equipment
Total
£000
£000
Cosc & Valuation
At l April 2022
Additions
Disposals
Indexation
At 31 March 2023
70,304
2.158
3,870
978
(2411
4,463
543
{164)
78.637
3,679
14051
4,289
86,200
4.289
76,751
4,607
4,842
Depreciation
At l April 2022
Charged for the year
Disposals
Indexation
At 31 March 2023
937
1.228
2,014
198
(238}
1459
393
1164}
5.410
1,819
(402)
53
6,880
53
2,218
1.974
2,688
Net Book Value
At 31 March 2023
At 31 March 2022
74,533
69.367
2,633
1.856
2,154
iO(H
79,320
73,227
The Library received a valuation as at 31 of March 2021 on the Library's freehold buildings and land
by Cooke and ArkwrighL Chartered Surveyors. Their valuation was carried out in accordance with
the Royal Instttution of Chartered Surveyors Appraisal and Valuation Manual. Buildings have been
valued on the basis of "open market value" or'depreciated replacement cost" and land is shown at
"existing use value" No buildings impaimient has been recorded since the last Ydluatiors. Freehold
buildir)g valuations have been indexed according to the BCIS All-ln TPI.
The carrying amount of freehold land and bLEildings under the hiscoric cost convention would be
£43.425k12021-2021' £43.246k).
Included wthin the Net Book Value above is £3,274k of Assets Under Construction relating to
Freehold Land & Buildings (£1,916kl. Hant Fittings & Equipment {£758k} and Computer Equipment
{£600k).
All tangble assets were used for the furtherance of the charir2ble xctivities of the knbrdry.

The National knbrnry of Wales Annual Accounts 2022123
B. Intangible Assets
Digitsl
development
£000
Cost
At l April 2022
1.086
Additions
At 31 March 2023
1,086
Amortisation
At l April 2022
816
Charged for the year
67
At 31 March 2023
883
Net Book Value
At 31 March 2023
203
At 31 March 2022
270

The National Library of Wales Annual Accounts 2022123
I I. INVESTMENTS
2022-2023
£000
13.427
123
13,550
2021-2022 {as restated)
£000
13,958
319
14,277
Investments
Cash held for investments
Totsl investments
Market Value at l April 2022
Acquisitions at cost
Less disposals
Net gainl(lossl on disposalslrevaluation
Market Value at 31 March 2023
13,958
4,4S2
(4,032)
(951)
13,427
12.177
6,686
{5.3731
13.958
Cash held for investment
At l April 2012
IDecrease)lincrease
At 31 March 2023
319
(196)
123
1,453
{1.134)
319
The historic cost of investments at 31 March 2023 was £13.196m {2021122 £12.744m).
The Financial Year 2021-2022 has restaod as a result of combinin8 the realised & unrealised
gainsllosses arising from investments.
The assets were invested as follows:
Gilts, bond5,
debentures &
preference
Unit trusts,
overseas equitie%
properry &
alternattve assets
UK equities
directly
invested on
UK stock
market
Cash
To
£'ooo
1,691
£'ooo
9.476
£'ooo
2,259
£'ooo
123
£'ooo
13,550
Portfolio
In deciding on the returns that the Library requires from its portfolio, and the balance be￿een
capital growth and income. the ￿brary is prepared to accept that there will be risks attached to the
investment of funds above that of simply placing cash on deposiL The Library is prepared w accept
these provided that they are within accepTrble levels.
The Library's appetite for risk could best be described as "moderate". The Library is willing to accept
that in order to achieve higher returns risks must be taken, but the Trustees will also consider the
Library's position as a charity largely funded from government grant and consequently the standards
of stewardship that are implied. The risks of investment will therefore be tempered by:
Asset allocation
an asset allocduon stf2tegy that does not overly expose the fijnds to
variances in one Wdrricular sector of the investsnent speecrum - i.e. a balance will be Struck
between the amount of LK)nds, equities, cash and other investments including properry. and
UK and non-UK investments.
Quality of investments- the Library will only consider high quality investments such a5 gilts
and investment grade bonds or FTSE 350 equities and collectives.

The National Library of w￿e5 Annuai Accounts 202Y23
12.
HERITAGE ASSETS
Purchases of Heritage A55ets are capitalised at historic COSL
Acquired or donated during the year.
Books Subscription
Picture5
Manuscripts
&Maps
Others
Digitsl
Collettions
NSSAW
Total
£'ooo
1083
£'ooo
1861
50
£'ooo
12,863
239
291
13,393
£'ooo
£'ooo
4.370
£'c￿0
376
£'ooo
22,933
338
291
23.562
At 01104122
Additions
Donations
At 31103123
2,127
2,911
380
4,370
381
Additions to heritage assets are statrd at cos¢ whilst donations are statrd at market value.
Five Year financial summary of additions:
2022-
2023
£'ooo
44
2021-
2022
£c￿0
87
2020-2021
£000
2019-2020
£000
2018-2019
£000
51
Subscriptions
Flttures Manuscripts & Maps
Film and music
50
30
32
55
239
180
157
312
381
Total Additions
338
302
218
401
499
The Librdry has an agreed policy for the acquisition, preservation and management of herirage assets.
A copy of the agreed policy is available on request. The Library does not loan iterns to users, but
collections are accessible in the reading rooms and exhibition spaces, as well as on-line.
The Library (since 1911 I has the right to receive a copy of all book5, rnagazines, newspapers and
other printed material published in the UK and Ireland. It mainly collects material of Welsh and
Celtic interesL Its collections currendy includ
Printed material: ranging from Yny Ilwr hwnn. the first Welsh-language book (printed
in 1546) to programmes of lo(al events. such as concerts and show5.
Manuscripts and archives: including priceless itrm5 from the Middle Ages. such as the
Book of Llandaf, the Hengwrt Chaucer manuscript and the Black Book of Carniarthen.
Maps: Both antiquarian and modern and atlases, Ordnance survey maps. sea charrs. maps
of farms, estate5 and tithe maps. railway and public utiSity plans.
Pictures: portraying people and places in Wales includin& paintings, prints, engravings and
other pittures.
Photograph&. the works of Mary Dillwyn, John Thomas, D.C. Harries and Geoff Charles.
Electronic resources and digital images: New and created mainly by the Librnry the
collections include over 5 million images.
The Wales Broadcast Archive houses 250.¢)00 hours of sound recordings 300,OCK)
hours of moving images. 7 million feet of film, 200,000 items from the ITV film and TV
archive and 15km unique archNe.

The Nation￿ Library of Wales Annual Accounts 2022123
13 DEBTORS- due within one year
31 March 2023
£000
45
424
390
848
1,161
2.868
31 March 2022
£000
49
823
397
Trade Debtors
VAT repayment due
Prepayments
Other Debtors & Accrued Income
Private Fund5 Accrued Income
1.084
2,821
Included within Private funds aecrued income is a balance of £1.050k which relates to a propery
legacy which the Library will recetve 2 years after the grant of probate as per the terms of the will.
The grant of probats was issued on the 16 April 2021 and therefore the Library will receive this
estimated amounr after16 April 2023.
14 (a) CREDITORS - Falling due within one year
31 March 2023
£000
94
281
231
606
31 March 2022
£000
176
216
242
634
Trade Creditors
Accruals and deferred income
Holiday pay accrual
14 (b) CREDITORS- Movement on deferred income
31 March 2023
£000
83
(34)
31 March 2022
£000
423
{340)
Deferred income brought forward
Release from previous year
Income deferred in the current year
Deferred income carried forward
49
83
Deferred income relates to grants received.
IS PROVISIONS FOR LIABILITIES & CHARGES
During the year. the knbrary received an employment related claim from a former employee. This
claim is subject to an on-going discussion betsveen both parries. A provision has been made in the
accouncs in accordance with legal advice.

Thè National Library of Wales Annua5 Accounts 2022123
16 ANALYSIS OF CHARITABLE FUNDS
Analysis of movements in funds- Public
Atl
Incoming Resource5
Other
April
Resources
Expended Movements
2022
In Year
£CK)O
At31
March
2023
£000
£000
£OC4)
£000
PUBLIC FUNDS
Unrestricted - Public Pension
Unrestrlc￿d
{32,7601
1,580
{31,1801
{3.330}
11647 (11464
12,647 115,79n
18.010 (18.080)
{7051
1,055
17,305 (17,025)
Restricted: .
Capital and digtal development
Revaluation Reserve
Other restricted funds
Purchase grdnt funds
Total restricted public funds
55.002
26,121
208
9,372
90.703
1195
{1.888}
{1341
4,236
705
55,175
30,357
839
9,677
96,048
1,539
305
4.039
(1.613)
{3.501 }
4.807
TOTAL PUBLIC FUNDS
59,523
16.686 119.298}
22.112
79,023
*Revaluation reserye has been calculated based on the revaluation to assets since 1999 in line with
the FRS 102 requirement for sepr2te identification of revaluation reserve. Revaluations prior to
1999 are not included in this reserve.
Other movements in the year £22,11 I k includ
Tangible Fixed Asw Revaluation. Indexation and impairment- £4.236k
Actuarial gains l (lossesF £18.0 Iok

The Nation21 Library of Wales Annual Accounts 2022123
b. PRIVATE FUNDS (including collections)
Unrestrittgj Re5tritted Collection
Total
Total
2022-
2021-2022
2023 las restated)
£000
£000
£'ooo
£000
£000
Income
Donations and Bequests
Interest Receivable
Total
160
273
433
15
291
466
278
744
217
232
449
20
291
Resources Expended
Costs of raising funds
Private project expenditure
Net (gainllloss on investments
Total
53
54
44
951
1,049
55
959
1,012
(8)
37
{468}
{398)
Net Incomingl (Outgoing)
Resources
(579)
(14
291
{305)
Transfers
166
132}
134
Net movement in private funds during
the year
1413)
(491
291
(171)
948
Brought fowdrd at l April
15,615
230
7.653
23,498
22,550
Carried Forward at 31 March
15,202
7,944
23.327
23,498
The total of priyate restricted and collettion funds represents total restricted priyatr funds of
£8,125k.
The Financial Year 2021-2022 has bw) restated as a result of combining the realised & unrealised
gainsllosses arising from investments.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restritted Unrestricted Restricced
public
public
private
private
£'ooo
£'ooo
95.155
Total
£'ooo
13.354
1,848
£'ooo
8,124
£'ooo
16,633
1,985
1.812
Fixed Assets
Cash at bank and in hand
Other net current a55etsl
{liabilitie5)
Creditors of MO￿ than
one year
Total
136
919
893
(18.080)
(18,080)
(17.0251
96,048
15,202
8.125
102,3SO

The National ￿brnry of Wales Annual Accounts 2022123
18. RECONCILIATION OF NET INCOMEI (EXPENDITURE) TO NET CASH FLOW
FROM OPERATING ACTIVITIES
2022-2023
2021-2022
{a5 restated)
£000
3,467
£000
12,914}
Net incomel (expenditure) for the reporting period (a5
per the statement of financial attivities
Net {Gain)ILoss on investments
FRS 102 intrresc pension adjustment
Depreciation and amortisation charges
{Increase)l Decrease in stock
Heritage asset donation5 (non-ca5h)
{Increase)l Decrease in del)tors
{Decrease}I Increase in creditorslprovisions
Pension current service c05t adjustment
Net cash flow from operating arttvities
951
490
1,886
(468)
330
1,575
{2)
(158)
(180)
(518)
1,130
5.176
(291)
{44
4n
2,840
3.387
The Financial Year 2021-2022 has been reststed as a result of combining the rea5ised & unrealised
gainsllosses arising from investments.
19. ANALYSIS OF CASH AND CASH EQUIVALENTS
2022-2023
£000
1.986
123
2.109
2021-2022
£000
2.840
319
3.159
Bank account balances
Bank accounts held within investments
Cash and cash equivalents at 31 March
20. RELATED PARTY TRANSACTIONS
The Welsh Government is regarded as a related party. During the year the Librdry received funding
from the Government in the form of Grant in Aid, Purchase, Capital and Projett Grants as disclosed
in note 2.
Details of expendicure in respett ol tx)ard member travel. subsistence and hospitality are disclosed in
Notr 81fj.
Transactions and balances with the pension scheme are disclosed in Note 8.
Related party transactions with Board members and members of the senior management team are
noted in the table below.

The N2ti0n31 Library of Wales Ann￿￿ Accounts 2022123
2022-2023
2021-2022
Related Pa
Relationshi
Income
nditure
Debtor
Creditor
Income
Ex enditure
Debtor
C￿dItOr
National
Lottery
Heritage Fund
Mr David Michael.
Director of the
Library is an
independent
member of the
A¢Jdit Committee.
Mr Pedr ap Llvryd,
Chief Executtve of
the Library 15 a
Member ofthe
executive Board in
Wales.
Mr Pedr ap Llwyd,
Chief Executive of
the Library is a
Non-ExecutiYe
Director of CCC.
Dr Janet
Wademan.
Trustre of the
Library is an
independent
Member of the
Governance and
Audit Committee
at Cardiff Council.
Mr Ashok Ahir.
Trustee of the
Library is
President of the
National
Eisteddfod Court
and Chair of the
Eisteddfod
Management
Board
Mr Lee Yale-
Helms, Trustee of
the Library is a
Trustee of the The
Chartered
Institute of Public
Finance &
Accountsn
Ms Rhian Gibson.
Director of the
Library (from 1st
September 2022)
is a Trustee of
Diverse C
mru
Ms Meri Huw5,
Trustee of the
Libra
703.384
470,437
748,173
425,013
Coleg
Cymraeg
Cenedlaethol
1,148
Iccc)
Cardiff
Council
{4,7381
Eisteddfod
Genedlaethol
851{21,4101
The
Chartered
Institute of
Public Finance
(32,176)
Accountancy
Diverse
Cymr
{25)
Aberystwyth
University
1,7371111,7361
216

The National Library of Wales Annual Accounts 2022123
August 2021) is a
Council Member
At 31 March 2023, the Library had consolidated debtors and creditors with other Government
financed bodies as follows:
Debtors
Creditors: due in I
year
£000
50
£000
1,264
87
1.517
2,868
Central Government bodies
Local Government bodies
Non-Government Bodies
Totsl
556
606
21. FINANCIAL INSTRUMENTS- RISK DISCLOSURE
The Library has no ix)rrowings and relies primarily on departmental grants for its cash requirements
and is therefore not exposed to liquidiry risks. The only maierial deposit is disclosed in note I I, and
all material assets and liabilities are denominated in strrling. so it is not exposed to interest rnte risk
or currency risk In 2022-2023, £15.486m or 89Yo of the Library's consolidated income derived from
the Welsh Government12021-2022 £17.159m or 91 Y.). The balance, £1.944m or I l %12021-2022
£1.617m or 9%) is derived from income on the Library's private fund5 (note 16b), from trading
attivities (nots 41 and grants from other bodies as disclosed in Note 3 to these accounts.
The Library has exposure to market risk through its investments and this is managed through
portfolio diversification as well as setting the risk appetite 2nd invesrment objecrives to be used by
the Fund Manager.
22. LEASES
The Library made no lease payments during the year or the previous year.
23. PENSION COSTS
The Library operates a defined benefit scheme with benefits accruing at the rate of1180th of
pensionable salary for each year of service. The latrtt full attuarial valuation was at 31 March 2022
and it was assessed that the Scheme was 99Y. funded {2019: 1 OOY. funded).
During 2022-2023. the Library contributed 27.2% of pensionible salaries and expetted employer
contributions for 2023-2024 are £2.2 million.

The National Librnry of Wales Annual Accounts 2022123
(a) Development of the Net Balance Sheet Position
31 March 2023 31 March 2022
Fair value of assets (23b)
Attuarial value of scheme liabilities (23c)
Pension liability recognised in balance sheet
56.38
74.46
(18.08)
87.44
120.20
(32.76)
(b) Changes in the fair value of plan assets
Year Ended 31 Year Ended 31
March 2023
March 2022
Scheme assets at W"nning of year
Benefits paid from plan assets
Employer contributions
Member contributions
Interest income on Scheme Assets
Return on scheme assets greatrrl{less} than discount rate
Scheme assets at end of year- {23a)
87.44
(2.64)
1.84
0.09
1.35
(31.70)
56.38
82.45
{2.55)
2.66
0.09
1.03
3.76
87.44
(c) Analysis of changes in the Defined Benefit Obligations (DBO)
Year Ended
31 March
2023
Y￿r Ended 31
March 2022
Scheme liabilities at beginning of year
Interest C05t on the DBO
Effett of employee services in the current period
Member contributions
Benefits paid from plan assets
Remeasurement on the DBOI change of assumptions
Scheme liabiltties at end of year- (23a)
120.20
1.84
4.52
0.09
(2.48)
(49.71)
74.46
110.37
1.36
3.67
0.09
12.43)
7.14
120.20
(d) Amounts charged to SOFA ITotal Expenditure)
Year Ended 31 Year Ended 31
March 2023
March 2022
Effect of employee service5 in the current period
Net interest on net defined benefit liabiliryl (asset)
Defined benefit cost recognised in P&L
Administration costs during the period
Total cost recognised in SOFA
4.52
0.49
5.01
0.16
5.17
3.67
0.33
0.12
4.12

The National knbrary of Wales Annual Accounts 2022123
(e) Actuarial Gainsl{Losses) charged to the SOFA (Other recognised gainsl{losses))
Year Ended 31
Year Ended 31
March 2023
March 2022
Return on scheme assets @reater)11¢$5 than discount
rate-
31.70
(3.76)
(23b)
Attuartal105sllgain) arising during period- (23c)
Totsl attuarial lossltsainl recognised in reserves
(49.71)
(18.01>
7.14
3.38
(fj Total defined benefit cost
Year Ended 31
March 2023
Year Ended 31
March 2022
Total cost recogni5ed in SOFA- {23{d))
Remeasuremenc effect recognised in reserve5123(e})
Defined benefit cost
5.17
(18.01)
(12.84)
4.12
3.38
7.50
(g) Reconciliation of Net Balance Sheet Position
Year Ended 31
March 2023
Year Ended 31
March 2022
Net defined {liability) at beginning of year
Effect of employee services in the current period (23c)
Net interest on net defined benefit liabilityl {asset)
Remeasurement effect recognised in reserves {23le)I
Employer contributions (23b)
Administrative costs {23dl
(32.76)
{4.52)
(0.49)
18.01
1.84
(0.16)
(27.92)
(3.67)
(0.33)
(3.38)
2.66
(0.12)
Scheme liabilities at end of year- (23a)
(18.08)
{3176)
(h) Market value of Assets and Percentage of Total Scheme Assets
31 March 2023
31 March 2022
Equities
Bonds
Property and other
Total value of assets
9.32
32.26
14.80
56.38
16.5
57.2
26.3
26.50
51.76
9.18
87.44
30.3
59.2
10.5

The National Library of Wles Annual Accounts 2022123
(i) Financial Assumptions
The financial assumpuons made in order to calculate the FRS 102 disclosure requirements are as
follows=
31 March 2023
%per annum
31 March 2022
%per annum
Price Inflation
2.40
RaTr of Salary Increase
2.40
of increase of pensions in payment*
2.40
Discount rate**
4.15
in excess of any Guaranteed Minimum Pension {GMry element
prescribed by HM Treasury
2.90
2.90
1.55
The discount rate used for FRS 102 disclosures is different to that used by the ALtuary for the most
recent financial assessment of the Scheme at 31 March 2021 The requirement to use the Treasury's
discount rate for the FRS 102 disclosure will result in the financial position of the Scheme being
assessed differently under this Measu￿ in comparison to the method used in the formal actuarial
valuation of the Scheme.
24. CAPITAL COMMITMENTS
At the balan￿ sheet date. the outstanding commitments are as follows:
31 March 2023 31 March 2022
£000
£000
46
1,806
312
contrac￿ - building works
Contractrd - computer 4uipment
Contracted - plant fitungs & equipment
59
2,118
25. POST BALANCE SHEET EVENTS
There were no material F#)St balance sheet events up to the date on which the accounting
statrments were authorised by the Accounting Officer on 22 March 2024, which would have
eant that the accounts had to be idjusted.