The Naiional Library of Wales Annual Accounts 2024n5 LLGC NLW LLYFRGELL GENEDLAEfHOL CYMRU THE NATIONAL LIBRARY OF WALES ANNUAL ACCOUNTS 2024-25
The National Llbrary of Wa$ Annual kcounts 2024125 Contsnts Page Perfomiarlce Objettive5 and Activities Achievement and Perforniance Sustainabillty Report Financial Review PnS for the futurn Accountability Relerence and Administratfve Detalls Statement of Board and knbrnrian's Responslbllltles Annual governanc• statement (w)cludlng structure and management) Staff and remun¢ratlon The C•rtificate and Report of the Audltor Gemeral for Wales to th• Senedd Statement of Financlal Activitbes Balance Sheet Cashflow Statem¢nt Notes to the Financial Statement$ 34 5-14 16-18 19-21 22-23 24 25-30 32-34 35-38 39 41 42-63
The Nauonal knbrary ol Wales Annual AEcrunts 2024ns SECTION I: PERFORMANCE I OBJECTIVES AND ACTIVITIES l. I Primary objectives The National Library ofwales (the Librnry)'s primary objective, as expressed in Supplemental Charter 2006 is.. to colle¢ Preserve and give access w oll kinds dnd fom?s of recorded knowledge. espeoolfy reloting to Woles ond the Wekh and other Ceftic People5, for the benefrt of the Publi4 including those engozed in research and leorning. The fundamental purpose and vlslon was to ensure that the unique hlstory, culture and heritage of Wales, which ha5 been documented In varfous form5 and media over the years, Is awdilable at all times to enable everyone to obtaln a better UnderSndIng ol who we are, to explaln the historic and cultural heritage that has shaped us as a nation over the centurles, and to encourage learnlng and research. It has two dimensions - a splendid physical buildlng, In Aberystwyth, housing the prlnk manuscrip¢ visual and audio-vlsual collertions and also a Ilbrnry and archives. as well as a digital presence on the internet. 1.2 Publlc Benellt In fulfilllng their dude5, the Trustee5 have complied with sectlon 2 of the Charitles Att 201 I by having due regard to the guidance publlshed by the Charity Commisslon on public benefit. While our maln beneficlaries are people Ilving In Wales. the Strategic Plan 'Connec¢ing Wale5 and the World. also emphaslses our global impact both as a culturnl destlnation for visitors and through our serllces to onllne user5 worldwlde. 1.3 Maln Artlvltles Our maln actiYltle5, which are undertaken to further the charlty'5 purpose5 for the benefit of the publlc In Wale5. are a5 follows:. 1,3. I, Collectlnz: Colleccing materials by legal deposit$, purchases. donations, begue5ts, exchanges, and deposi¢ accordlng to agreed collection development policies. Th15 func¢lon Is carrled out through: creating as complete a collectlon as possible, in all media, of published material relating to Wales (and other Celtic countries to a lesser extent), Including electronic and printed publications and audlolmoving image material: maintainlng (malnly through legal deposlts and purchases) the most comprehensive collertlon in Wales of printed materials publlshed in the UK and Ireland. and research material from other countrie5',
developing collections of unpubllshed materials relating to or derSvlng from Wales. including archives and artlsfic work,. rdinlng access co acqulred work, processing, cataloguing and storfng It In the most effectivo
The National Library of Wales Annu21 Accounts 2024ll5 1.3.2. Preservlng and Conservlng: Preserving and conserving the collettions. This function Is carried out through.. ensuring environmenL Stornge and handllng conditions are approprlate for continued presemeion of the collectSons'. intervening to actlvely conserve materlals to arrest deterIOraon or to repair damage- trdnsferring infomiaticm to more appropriate preservation forniats. 1.3.3. Provldlng access and information: Providlng 5Uitableleffective public access to the Library bullding, its collectlons and ser4ice& and information ab¢)ut them. This function 15 carried out through.. monitoring and analysis of user needs.
prodIng access to publlc spaces, collectlon5 and lacilities within the building. arranging access to collectlon Items and Snformitlon services for on-slte users or via on-llne communication for remote users. providing easy acce5S to Catalogues of the Librnry's collectlons and electronlc resources, and to Its correspondlng dlgital verslons. 1.3.4 Publicising and interpretln8: Ra15ing awareness of. and di55eminatin8 knowledge of, the Librarfs work and collertlons. Thls functlon 1$ carrled out through.. materfals on the Librdrfs webslte., guldes and publicity marerials In paper and on-llne formats; exhlbltlons and educationallcommunity activitles derived from the collection5, both at the Library and In other venues across Wales,. events, lectures and semlnars. 1.3.5. Professlonal collaboratlon: Collaborating wlth, and SoMeme$ leadln& related professlonal groups. across and beyond Wale5. Thls function is carrled out through.. acting as a focal point for Ilbrary and archlye bodles In Wale5,' worklng with bodles Sn Wales and beyond to pursue collabordtlve Inltlatlves and partnerships in the broad heritage. culture and Information sec(or5, and to advance professional prnctlce. Support functlons: The core functlons are 5UPPOrted by essentlal management and buslness lunrtlon5. Includlng managlng and developlns stsff. controlling and being accountable for financial resources and Income generatlon,, and maSntalning and developing ICT infrastructure and the Llbrarfs bulldlng and facllltle5. The Llbrary submics an Annual Operntional Plan ro the Wel$h Government on how the activltles will be dellvered and targets against these activities.
The National Librnry of Wales Annual Accounts 2024n5 ACHIEVEMENT AND PERFORMANCE Key highllght5 in 2024125 Thls report provlde5 an opportunity for reflection and to look foThnrd. It wa5 a year when the Llbrdry faced challenges, undeThvent transltion and developed new opportunltles. The challenges and financial constrdints are all too familiar and the beglnning of the year was partlcularly dlfficult as (he Library105t experienced staff from acros5 the institution as part of a voluntary scheme. The staff responded admlrably In adapting and working more flexibly whlle always seeking to malntain standards of service and uphold the quality of care for the collections. Desplte the many challenge5 the Library performed exceptionally well agalnst its targe¢S in the Operatlonal Plan and had Its best visitor figures 51nce 2011. The Welsh Governmenc supported the Llbrdry ¢0 mitirdte the effects of the financlal constrnints as well a5 provldlng addltlonal lunding to dellver key infrastructure prolects. The realSties of climate change and extreme weather events were apparent to all as well. Early In the year Storm Kathleen caused significant damage to hlstoric roof5 above collec¢ion storage areas. Swift actlon was undertaken to MI82te further harn). and we worked closely with the Welsh Government to assess the extent of the repair5 that were needed. It also represented an opportunity to develop a scheme that would a150 advance our decarbonlsatlon plans. Thanks to prompt considerntion by the Welsh Government. we were awarded additional capltal funding to undertake the extensive refurb15hment of the roof of Stores l and 2 wlth the additjon of 297 solar panels. Remarkably. havlns srarted In October 2024, the work was completed before the end of Aprll 2025. 1 am extrernely zrateful ro the team and to the We15h Government supporc that meant a rnpld response whlch has delSvered a long-term and far-slghted solution. We were also proud to work wlth l¢xal companle5 to carry ouc the work and to have used materia15 that were sourced from Wales. There were welcome developmenu on the po15cy agenda with the publICaOn of the Welsh Government'5 Prloricles for Culture. Aong vdth many other partners, the Llbrdry had contrlbuted to the creatlon of the Priorities. The Prlorldes were also a key driver in helplng shape the Llbrarfs new Strateglc Plan for 2025-2030, 'Connettlng Wale5 and the World,. The staff and the Llbrarfs Board member5 played a key role In developing the new strategy as well as the view5 of LSbrary users, community partners and stakeholders In Wales and beyond. Following a publlc consultation early in 2025 the Strategic Plan was launched In May 2025. Two adjectives that sum up the new scratey are clear and bold. The strategy places a strong emphasis on clarity of purpose and i bold approach to setting out key operntional prioritie5 and projects for the years ahead. The strategy sets a strong direttion for collection development and care. for engagement with users and communlties. and for how the Library will change and improve. Galvanised by looking forward to Implementing the new strntegy the Llbrary has continued to achieve a gwt deal in many ways this year. We have seen an increasing number of users and visitors in every way. and we have been more present than ever before in diverse communities across Wales. The Library is in a good place to deliver more for the people of Wales.
The National Library of Wales Annual Accounts 2024125 l. Preserving the Nation's Memory The Llbrary's purpose Is to work with the people of Wales to preserve, grow and share the nation's memory and culture. The work of developing the collettions at che heart of that mission continued this year. We continued to receive and make available published content along with a diverse range of new unique and archival items. Dlgltal and audio-visual content continues co grow quickly and the increasing focus on digital presemtlon remains a priority. Acce5S to dlgital collections received a major boost at the end of the financial year with the resumption of the electronlc legal deposit servlce. This service had been unavailable since the devastating cyber-attack suffered by the British Library in October 2023. Working with the British LibTrry and the UK Legal Deposit partner5, this hugely valuable resource was once agaln made available at the National Library's sites in Aberystwyth and Cardiff In early April 2025. Collectlon Care and Conservatlon The highly slulled Conservatlon team at the Library continue ¢0 make a crucial contribution to collecclon are. Despite reduced capaclcy withln the team due to financial constraints. the team played a vital role in sev¢Trl Inltlatives In addStlon to scheduled consem¢ion and repair work on rare books, manuscripts and maps Irom the collectlons. One of the notable pleces of work was the careful restorntlon and repalr of a fdre book of land Indenture along the area known as the Welsh TrncL Penn5ylvanla, In the late17th century. The volume wa5 in a poor conditlon on arrlval, and needed to be carefully un-bound, and glven treatment and repalr to most of its pages. The volume was dlgldsed before belng re-bound. The team worked wlth the Royal Commisslon of Anclent and Hlstorlcal Monuments to safeguard film reels of aerial footage shot during WWII. This Involved removing the ree15 from the original metal cylinders. placing the film onto plastic cores, splicing film together for greater efficiency and placlng the reels into new plastic cylinders. Another collaborntion with the Royal Commlsslon durlng the year Involved the repalr ol a serfes of maps and plans of historic mines In the area around Aberystvryth. The map5 and plans contrlbute to our understanding of Ihe landscape and geology and the proce55 01 Industrlalisatlon In ihat area and the damaging envlronmencal impact that continues to be felt today. Conserwatlon skills are invaluable and are key to our new plans to boost an area which represents a shortage and a risk for the Llbrnry and for the preservation of the nation's heritage. We were very prou¢J to note that one ol the team'5 young member5 of staff attained the Certificate In Archive Conservation (ARA). Archlve and unlque collections There are many highllghts this year where the unique and archival collections played a prominent role in notable events 2nd milestones. In 2024 the Welsh Office (now the Wales Office) celebrnted 60 years since its establishment and the Llbrary's Welsh Polltlcal Archive prepared an engaging exhibitlon a5 part of that event. 2024 also marked 25 years since the first Welsh general election and the beginning of the National Assembly for Wales (now Welsh Senedd I Parliament). Thi5 event was also 5UPPOrted by the collections of the Welsh Political Archlve with content and exhibition material. Supporters of the Archive enjoyed 2 fascinating Annual Lecture dellvered by Professor Charlotte William5 on the 18th of October.
The National Library of Wale5 Annual Accounr5 2024125 The work of the decolonization project officer continues. and we have been fo¢u5ed on revising archIdI descriptions and reviewing inappropriate language In the catalogue. The stuty will lead to trnlning for cataloguers. This year Saw the beglnning of an important collaboratlon wlth the Workers Educational Alliance I Coleg Harlech. The Librnry is received an archive collectlon along with a generous donation of fundlng which will enable valuable woA( on the collection's care and access. The unique collettions naturally Include many formats. Work in the audio-msual field remalns very active and this year the team.. Completed the digitisadon of 5,518 film clips and 6,283 vldeo programmes as part of the Broadcast Archlve project Enabled S.340 video clips to be made available onllne as part of the Broadcast Archive projec¢ Completed the 8FI-funded Disabled Wale5 project which Considered the accessibiliry of the Screen and Sound Archlve's film and video collections. and the represen¢ation of disability within them, through research, collaboration wlth partners. and a series of workshops. Also dlgi¢Ssed the Welsh.language feature film 'Oed yr Addewid, (Age of Prom15e). an Inltlatlve funded by Fllm Hub Wales Commenced the Intelligent Systems for Screen Archives collaboratlve project with Klng's College London and other BFI-lunded audiovisual Archlves. whlch explores the potential to use Artlficlal Intelllgence In the curatorlal work of audiovlsual archlves Notable rare book and archlwdl acqulsltlons Include: 'Blblla sacra cum glossa ordlnarla. (Antwerpi published 1634), Jlx follo volume5 edited by John Jones (1575-16361, a Benedirt6ne monk frorn Brecon. 'The polltical state. V. 23,. June I n2, featurlng an early descrSptlon of notorlous We15h plrdte, Barti Ddu (Bartholomew Roberts). 'The castle, or picture of pollicy shewing forth most liuely, the fice, body and partes of a commonwealth, by Wllliam Blandie (published 1581 I, featuring poetry by Ludovic Lloyd (fl. 1573_1610), royal courtier, compller and poet descended from the Blayney famlly. Gren0£ Hall. Welshpool. Letters patent, 9 November1587, granting the rectory at LIaneg, co. Merloneth. to Thomas Ellis ap John Wyn of Llangollen. yeoman of Her Majesty's chamber. The Great Seal of Elizabeth engrnved by Nlcholas Hllllard. Is actached. Pedigree roll of the Davles family of EAisham, Gresford, Wrexham. wrftcen durSng the e2rly 17th century. From the archive of the Davles-cooke famlly of GYrys2ney, Flintshire (We15h Pedyree Rolls no. 31 l A). Pedigree roll of the Parry family of P05ton. Ebyyas, Herefordshire (a Welsh family, fomerly of Llanoyaelog Tre'r Graig. Breconshlre), deriving from the family archive of Montagu of Lackham. and illustrated with over a hundred coats of arm5. The roll Is In the hand al genealogist Walter Hopkin{s) (fi. 1610-16HI of Brecon. commonplace book in Welsh, 1666-1667. written by Edward Williams of Llansili Montgomeryshire. son-in-law noted scribe William Maurice (1619120-1680) of Cefri-y- braich, Llansilin. The volume contains a¢counts, poems. and notes of weather. and 15 an important addition to a group of manuscript5 forming a local '5chool' of scribil activity. A late 17th_century volume recordlng sales of land by agents of William Penn (1644-1718) ¢0 families and individuals, in Wales and Pennsylyania between 1683-1694. who were a550ciated with the Soclety of Friends. The lands are sited In Pennsylydnia known as 'the Welsh Tract,.
The Nauonal knbrary ofWale5 Annual Accounts 2024n5 Personalla of the notable Mysevin famlly of Denbighshire. including material relating to lexicographer William Owen Pughe (1759-1835) and h15 son Aneurin Owen 11792-1851). The collection include5 two ponraits. an annotated copy of Pugh's Dictiondry of the Welsh Lt7nguoge, exploined in English (1803). medals awarded to father and 50n. 1824-1832, and a large dtxument signed by attendee5 at a tribute dinner held for Pughe at Denbigh in March 1834. A volume of cookery and mediclnal recipes. c. 1863, assoclated with North East Wales. and possibly with the Myddelton family of Chlrk. From the collettion of cookery writer Ellzabeth Davld. A lengthy autograph musical quotation signed by Italian camposer Gioachino Rosslni, and dedicated to Welsh pianist and composer Henry Brinley Richards (1817-18851 in Parls, April 1863. Additional papers of antiquary Evan Roberts (1877-1974 of Llandderfel, Merionethshire, comprising n¢xebook5. Cuttings. dlaries and letter5 from correspondents such as John Cowper Powys, John Redwood Anderson, T.E, Nicholas and Bob Owen of Croesor (added to Evan Roberts, Llandderfel Papers). A visitors, book kept at the home of Influentlal 5choolmas¢er and poet Watkln Hezeklah Williams ('Watcyn Wyn., 1844-1905}. The volume includes entrles by prominent We15h Ilternry flgures, including poet Edward Thomas (1878-1917). substantlal collection of letters addressed to Wllllam Mtcance (1894-1970), second Controller of the Gregynog Press. It Includes letters from Blalr Hughes-stanton (1902-19811. Stanley Morison (1888-19671. Dora E. Yates (1879-1974) and Thomas Jones, C.H. {1870-1955) (Lyon and Turnbull. Edinburgh, 19 Sep¢ember 2024. lot 190) (added to Gregynog Press Records). A large collecdon of letters and cards, 1911-31, addressed to Griff lones ('Gytto'l. cartoonist, and Secreory to the Swansea Independent Labour Party. The colleccion include5 letters and Postcards from Ramsay MacDonald (1866-1937), Phlllp Snowden (1864-1937) and Benlarnin Tllle¢t {1860-1943), together wlth assoclated photogrnphs. A typed letter 5entjolntly in August1934 from 5 Cwmdonkln Drive, Swansea by Dylan Thomas and his friend A.E. (Bert,) Trick (1898-1968). addressed ¢0 left-wing activist Ithel Davies {189 19891, care of the West Wales and Swansea Guardian. A collection of material relatSng to Dylan Thomas, inclu¢&n8 a holograph letter. 22 June 1940, addressed to clvll serlant Sir Edward Marsh (1872-19531, thanking the recipient for his a55lstance in releaslng the poet from the threat of conscription. The collection a150 include5 typescript corrected drafts of three literary works by Thomas, sent to the novelisL critlc and broadcaster Desmond Hawklns for Inclusion In literary periodlcals (added to the Jeff Towns (Dan Thomas) Collectlon). Eight-page hologrdph score of a portlon of Daniel lone5, incidental music lor Dylan Thomas's Under Milk Wood (1954), a 'play for voices.. From the archive of publishers J.M. Dent (NLW MS 24222E). A Collection of letters. cuttlngs, photograph5. and books relatlng to actor and dramatlst Emlyn Willlams (1905-87)- The material was Collected by Hettie Owen. long-time companlon and housekeeper to Florence Thomas <18S2-1958), mother of Dylan Thomas. It includes holograph letters addressed to Florence Thomas and Hettie Owen, and two letters addressed by Williams to his actor friend John Stratton (NLW ex 3125). Papers af poet Tegwen Lewls (1915-1988) of Llanharan, Glam¢rgan. a prolific winner of eisreddfodic awards, and author of two volumes of poetry written In English. Her archive includes manuscript drnfts of poems, pencil drawlngs, diaries, correspondence and newspapers cuttings ffegwen Lewis Paper5). Additional papers of former National Poet of Wales, Gvryneth Lewis (1959- >. including material relating to her published volume5 ClyrnneStro (2012), and Trelelts (2017). and her
The National Library of Wale5 Annual Accounts 2024125 transladon (with Rowan William5) of The Book of Tuliesin (2019), together with associated correspondence, and files relating to her public activitie5 {added to Gvryneth Lewi5 Papers Papers of business leader David Rowe-Beddoe (Baron Rowe-Beddoe of Kilgetty, 1937-2023), including paper5 fElating to his chairmanshlp of the Welsh Development Agency IWDA) and the Wales Millenium Centre (Lord David Rowe-Beddoe Papers). 2. Sharlng knowledge about Wales and its people The Librarfs mi551on involves sharing the unlque storfes and collectlons about Wales and its people and thi5 year provided ample opportunities across many platforms and projects. Sharing content digitally is crltlcal to expanding acce55 to the collections. This year the Llbrary continued to share and present collections on platforms Such as People's Collectlon Wales, Wikimedia, Europeana and Google Arts and Culture and contributed ro the National Contempornry Art Gallery for Wales online presence. One example saw the sharing of 128,388 digital version5 of photographs from the Geoff Charles collection, the largest sharing of images from the Llbrary's collections to date. The S4C televlslon 5erles 'Crfrinochc7u'r Urfrgell. proved to be 3 Particular highlight and its qualiry as a series was later recogni5ed at the RTS Cymru Televislon awards. The series was first broadcast on 17th September 2024 and continues to be Screamed by viewers In Wale5 and beyond. The series took four well-known personalities and charted their back8round5, careers and interests through the Library'5 collectlons and stories. Llbt7ry staff and chelr expertlse featured promlnently and we are looking forward to a second serle5 In 2025. The Welsh Women's Peace PetIon prolect moved forward thls year wich the establishment ol Its new websSre as well as work continulng to transcribe the 390.296 signatures and addresses rhank5 to the fantastlc efforts of volunteers. Exhiblflons around the Peution were located at St Fagan5 Natlonal Hlstory Museum. Riverside Gallery Haverfordwest and Storiel Museum In Bangor. We are looking forward to opening a permanent exhibitlon for che Pecition at the Llbrnry In autumn 2025. Good progress was also made on developing CELF, the national contemporary art gallery for Wales. The Library works closely with Amgueddfa Cymru, the lead partner. and the Arts Councll for Wales and ten partner galleries In different parts of the country. Its alm Is to improve access for people across Wales and beyond to both physical and digital collections. The Llbrary achieved its target5 for dlglt151ng artworks and is worklng wlth the partners to drive a big Increase In loans and exhibitlons wlth the partlclpatlng gallerles. One example was the loan of the Shanl Rhys Jame5 palntlng 'Studio wirh Gloves, Co StorSel in Bangor, to feature in the Gofod Mewnoll Inner Space exhibition of work5 by Shani Rhys James and Stephen West This vast palneSng was taken down and packed carefully by the exhibitions tearn, ready to go in February. Ic was then transported up to Bangor che week before the exhibition opening in early April. Long established a5 a joint project with Amgueddfa Cymru National Museum Wales and the Royal Commission, the People's Collection Wales continues as an important community engagement initiative enabling groups and communityes to develop digital archlve5 about their rich history and Storle$. This year project ha5 been working with BAWSO. a group of ethnic minorlty Individuals who have been victims of violence and fdcism. Projects have also been developed with Welsh Aslan Heritage together with the jewish Historical A550¢iation of south Wales. The team is also collaborating with
The NacIOn Llbrary of Wales Anhual Attounr5 2024125 the Welsh Refugee Council to develop a digital storytelling toolkit to enable people who have experienced forced migration to tell their Stories. Other examples include- Continuing the island archive work that h25 taken place on the islands of Skokholm. Skomer and Bardsey, PCW ha5 been 5UPPOrting the Same proce55 on the i51and of Flat Holm. Celebratlng the h15tory of We15h hockey since 1888, PCW5 Continued 5UPPOrt for the Welsh Hockey Project since 2022 has resulted in the publication of an extensive archive of historical materlal on the PCW platform. PCW worked wlth St Helen's Church Parish, Caerphilly, in compiling the history of the Church. the information about the physical bulldlng of the church but also In recordlng individuals, mernorie5 In photographs and ordl historle$. The Llanishen Digital Memorles Project, led by Welsh Water and the Frlends of Cardlff Reservoirs, with the supporc of PCW and Digital Communities Wales (DCW). aims to record and share memories, photographs and memories of the community. making them available through PCW. Promotlng dlversity Is centrdl to the project not only in addressing r4ce but also in Challenging prejudices related to gender, disability, sexuality, class, religion. and more. To support this PCW developed a toolkl¢ a prnctical resource to help contributors confidently share materials that engage wlth complex hlstories. The toolkit has been rolled out to a varlery of archlves. museum& and communiry 8roup5. 3. Connectlng Communltlei The Llbrnry's new Strate places a greater emphasls on engaging more wldely that ever before to connect with a broader range of communities. The growlng number of Wales Broadcast Archive Clip Corners provided an excellent platfomi for engagement activltles In dlfferent part5 of Wales wlth a dSverse range of groups and partners and glvlng prlorlty to worklng wlth groups facing different barriers to benefltlng from cultural opportunltles. Engagement projects took place in the communlties of Blackwood. Y5tradgynlal4 Treharris, Glamorgan Archives. Convry Cultural Centre, Llangefnl, Caemarfon, and Bethesda. The next perlod will see fvr¢her activlty In and around Merthyr Tydfil, Wrexham and Fllntshire. Alongslde the engagement programme, the Broadcast Archlve has fulfilled Its technlcal brlef. CIIp5 from the ITV Wales Archlve have been publlshed on the Cllp Cymru webslte and are avallable to vlew outside the Library and Clip Corner5. The total number of 'onllne for all, Items ha5 reached Its target of 5,000. The voluntary prole¢t to Improve the metadata lor rrv cllps Is progresslng well. The di&ritisation work of the I. ITV film project vras completed, with a total of 11.801 items (113% of the project's target) digitised. The Urdd National Eisteddfod in Meifod and the National Eisteddfod in Pontypridd provided ample opportunity to connett with young people, familie5 and partner organi5ation5 a5 we celebrated the vo largest festivals celebrnting the Welsh language and culture. The exhibition stand5 were curated to give a di5tinrt and local flavour to the displays as well as the events programmes. io
The National Library of Wale5 Annual Accounts 2024n5 Working in parthership is a cnjcial aspect of engagement activities. The Library and archive sectors in Wales are among our closest partners. During the year the Ar¢hiYes and Records Council Wiles {ARCW) supported a wide rnnge of initiative5 working with local and regional archives and special collections. Supported by the Welsh Governmen( the Library provide5 an important co-ordinating and admlnlstration 5eryice for ARCW. There wa5 further emphasis on improMng diversity through the commissloning of a Dlverslty Toolklt by Melian Dialogue, a booklet entided 'Our Archives: Celebracing Dlversity in Wales. by jasmine Violet. and the completion of speclallst guidance 'Revising Archival Descriptions, to identlfy and deal with racist. misogyTri5t and ableist terms and language. In 2025 ARCW will look forn¥ard to celebraung 30 year5 Since Its establishment. The Libr4ry also contlnued to work with local Ilbrary Services and Is funded by (he We15h Government to maintain and develop the librarie5.wales webslte. whSch provides acces5 to a huge rdnge of digltal resource5 including digital magazines and newspapers, eBooks and eAudlobooks and relerence resources about Wales and the world. Exhibitions at Aberystyryth and at other locatlons are a wonderful opportunlty to connect with communitie5 and wSth audiences. Thls year saw the highest number of vlsltor5 to the Librdry bulldlng at Abery$rwych Since 2011. The exhibitions progrtmme played a very important role In thls. The 'ldyll and Industrf exhlbltlon in Oriel GreK/nog featurlng a work by Venerlan master Canaletto borrowed from the Nats'onal Gallery in London opened in May 2024 proved to be very popular. The loan was part of the NG'S bicentenary celebrntlon. The palntlng stood alongside a wonderful Selection from the Library'5 art collection. The exhlbition also featured archive letters, record5 and film from thc perlod prlar to the Second World War when works from London's National Gallery were kept In Wales for safe keeplng. The exhibitlon also featured new audlo-destrlption to enhance accessiblllty. There was also a serfes of talks and school and communlty workshops and a speclal out-reach prolect with the young people of Blaenau Ffestlnlog. This was followed In November 2024 by the 'No We15h Art. exhlbltlon curaced by Peter Lord, a leadlng authority on the vlsual culture of Wales. The exhiblrlon brought together works from Peter's unique personal collection alongslde works from the Llbrary's collectlon and de-bunked the myth of there being no tradltion of Welsh arts and artists. The response to the exhibition was very enthusiastic and drew considerable artentlon In the media. Alongside the exhlbltion a busy engagement programme involved talks, thematic evenings, and workshops for groups and schools. The talks and thematlc evenings with guest speaker5 explored topi¢$ such as Women In We15h Art; Art Patrons; Art Secrets., Art and Poetry, Ar4 Politics and Protes( and Art and Identlty. The speaker5 Included Cerldwen Lloyd Morgan, Jlll Piercy, Oliver FaSrclough. John Barnie. In Bala, Sara Rh051yn, Mfikela Jean Samuel, Chrfstine Mills along with Peter Lord, curator of the exhibltion. A monthly guided tour took place led by Peter Lord with some Includlng BSL in¢erpretation. The Library also hosted special tour5 for bllnd or partially slghted vlsl¢ors. making thi5 our most accesslble exhibition to date. We a150 welcomed groups that trddltlonally face barrlers to NLW, offering bespoke Cours, lunches and creative workshops. Partlcipants included elderly yi5itor5 from Borthi palliative care individua15 from HAVAV, and people living with brain injurles from Headvny Ceredigion. with overwhelmingly posiuve feedback. 4. Education. Skills and Research Developlng learnlng and research 15 core to the Librarf5 mission. We welcome researchers and 5cho12rs from all disciplines to use unparalleled resources. The number of researchers in the Reading Room ha5 continued to increase steadily slnce the Covid period.
The Naoonal Library of Wales Annual Accounts 2024n5 AHRC-funded PhDs are continuing within the Collectioris Departments department consisting of those focusing on the archives of Ann Clwyd, Folk Music. and Gwenallt- and 3 archi1 PhDs as part of the CPD4 scheme. NLW WO wlth higher education partners on a rnnge of projects. The Dictionary of Welsh Bibliography in partnership with the Centre for Advanced Welsh & Celtlc Studies continues to be an important resource and this year's focus wa5 on improving diversity and inclusivenes5. The Centre, along with Cambridge Unlverslty, Is continuing to work c105ely on developlng the Repercory of Welsh M2nuscripts and Scribes. NLW is also very attive in International Inlilatives around digital herttage and culture. These initiatyves, with heritage and unlverslty partners such as European4 are developing accessibility standards, namSng and digital image standardlzation and exploring the innovatlve and responsible use of artificial intelligence. Educatlon Servlce Working with schools. NLW'S activities are tallored to the requirements of the new curriculum. The programmes use curren¢ project5 and exhlbicions as a platform. Example5 of this include use of rhe Wales Broadcast Archlve to explore social history a5 well a5 developing skill$ in the creative Indu5trie$. Slmllarly, the exhibitions in Oriel Gregynog were a springboard for progrdmmes engaging with learners of all ages. Another example saw the Education Team work In partnership with e-sgol. the Welsh Government 5UPPOrted inltlative to exparbd accessibility to curriculum opportunitie5 through e-learning and hybrld-learnlng. The Llbrary held a serle5 of vlrtual workshops to engage hundreds of learners. The theme of the workshops was Welshness,, the presentation by Education staff used icems from our collectyon to celebrate the language. legends, muslc, Indlvlduals from dlverse backgrounds. and iconic event5. Over I,(XIO learner5 took part In four sesslons. wlth an excltiDg dlgltal qulz belng held about the ¢¢)ntent of the presentatlons durlng the sesslon. The vlnners of the 9ulz came co the Llbrnry to compete in the 'Champlons of Champlons. qulL Another outreach tle-in Involved the Urdd National E15teddfod. Year 6 pupils from Ysgol Rhosafan vlslted the Library as part of the Broadcast Archive's anniversary celebrations. As the school Is In the catchment area of the 2025 Urdd Eisteddfod, the Llbrary developed a creative project and resources based on Photogrnphy and the visual image 51nce Margdm Park 15 where the earliest photograph in the NLW collection was taken in 1841 by Cvert Richard J )- The workshops explored the scientific ones proce55es of photography. the dlfferences between analogue and digital formats, and the school worked to produce a film along with an exhibit(on of postcards about their local area to be showcased at the Urdd E15teddfod. Volunteer Servlce NLW currently ha5 over a hundred volunteers who support our work most of whom contribute each week. Around 40% are young people In educatlon, around 30% are unemployed or experiencing barrler5 to returning to the worklng world, and around 30% are retired or sell_employed. NLW wa5 awarded funding by Volunteer Wales to increase support and mentoring to the volunteers suffering from mental or physlcal health Issues. Volunteers have been Involved in 25 different projects during 2024125, including tran5criblng on Torf (our digital crowdsourcing platform), cataloguing photographs, transcribing ITV programme index cards, and listing posters. These prolec(s prowde opportunities for eVery¢e to contribuce to the Librnry s mission. 12
The National Library of Wales Annual Accounts 2024125 5. Enablers With financial constralnts and the resulting reductlon In staffin& NLW had to work harder than ever to support a skllled and healthy workforce. Thls involved working ever more closely with NLW5 trade union representatives and to communicate and consult with the Staff. Towards the end of the year a serles of changes to NLW5 Structure were intr¢)duced, including the creation of two new Departments, responsible for Coilection Care and EngagemenL These new Departmttn provide greater capacity for addressing two of the very clear priorities in the new strntegy. Acros5 NLW, there were programmes to deliver trdining and development as well as a new focus on succession planning. Training programmes for new and existing managers Continued to run alongside professional development courses in areas such as collections care in specialist curatorial areas. Work continued to protect and develop NLW'S physical as well a5 dlgltal estate. The most signlficant prolect saw the completion of urgent repairs to the roof of Book5tacks l and 2. Other projects made good progress too, includin2 decarboni5atlon schemes with the inslaC10n of infrastructure lor new ground source heatlng and addltlonal PV panels. Improvements were made to internal spates for users, v151tors and for staff. Plans were developed for a serles of further Improvements that wlll lead to creatlng new engagement and exhlbitlon faclllues. Wlth the declslon not to eontlnue wlth the Acrlum inflll project to provlde additional storage. NLW began work on a truly long-term solutlon for storage and pre5errdtlon needs. Thi5 looks set to become a malor project In the comlng years. As wlth the phy51¢al estat< NLWS dItal esrate Is a vltal a55et to be developed and protected. NLW successfully achieved Cyber Essentials Plus and contlnued a robust programme to deal wlth older legacy $ystem5 and websltes. 6. Looklng Forward The year began wlth NLWlaclng up to serlous challenges that brought the need to adapt and co change. Thanks to the efforts ofthe staff and the support olthe Board the Llbrary went a long way to addresslng those challenges while stlll malntalnlng overdll an exceptlonally hlgh standard of sekvlce for the users, vSsltors and the people of Wales. The level of collaboratlon with dlverse communltles and groups across Wale5 has never been higher. The focus on engagement wlll contlnue as we seek to provlde opportunlues and benefits for communities in every part of the country. Development and care for the collections wlll continue to be the other major prlorlty. Plans for long- temi storage and preservation will be a cruclal part of NLW'S actlvities, and thi5 will be In tandem with the need to protect the Librdry's digital Infrastnjcture. While protecting the estate, we also want to develop the Llbrdry's facilities for the benefit of NLWS users and visitors. Ltly. we expect co make further progress on decarbonlsatlon and gettlng closer to the milestone of Net Zero. 13
The National knbrary of Wales Annual Accounts 2024125 2.2. Key Achievement Indicators The Library's performance against its targets was reported to the Welsh Government in 2024r25 as follows.. Target 1,900,OfJ) 850,0 190,000,OCK) 2,750,000 1,200 50,000 5,000 20 Iso 10,000 96% Attainment Dlgital visits Internatlonal digttal vlsltor5 co Llbrary sites Reach of the Library's content on Wiklmedia Number of Impre551on5 across soclal media channels New items wlth interpretation publlshed by the Llbrary Visirors to Library 51tes On site volunteer hour$ Soclal prescrlblng referrydls Number of events Number of participants in events User satlsfactlon - physical visits User 5ati5fa¢tlon - digltal vi51ts Digital educational resources published online Formal educatlon workshop5 dellvered Informal learning sessSons Interactions wlth under-represented groups or organisations that represent these groups % legal dep051t material processed withln l O working days Number of conserrdtlon hour5 1,962.534 837,850 173,680,099 3,106.681 1,052 88,8H 9,313 25 552 13,876 82% 20 80 133 185 20 49 8.250 4,000 Perfomance against targets Is reviewed by the Welsh Government and the Board notes and interpretations belng provided regarding achievements against targets. We are obliged to monitor cont6nuou51y and evaluate our work both quantitatyvely and qualitatlvely. Although our quantltatlve achlevement Indlcators provide a snapshot of performance, the qualitative data from case studles and narraclve report5 continue to provide a more derailed 5nap$hoc and an opportunlty to reflect on our work and enrich It. 14
The National Library of Wales Annual Accounr5 2024125 SUSTAINABILITY REPORT The Library has made significant progress on decarbonisin8 the estate, although the PV panels did not go live until May 2025 {post-year-end). This report has been complied in accordance wlth the guideline5 laid down by HM Treasury in Public Sector Annijol Reports.. Sustoinabilty Worting Guidonce. Durlng 2024-2S, the following wa5 achleved: . 20225 2023-24 2022-23 2021-22 Energy consumptlon Electrlclty IkWh'rA)o) Gas (kWh'OOO) Business Travel- mlles Energy generated Electriciry IkWh'OOO) Flnanclal Indlcators Electriciry l£'OOO} Gis (£'OOO) Expenditure on busines5 travel (£'OOOI Total ener8y expendlture {£'OOO) Water consumptlon Water consumption m Water consumptlon MJ per FT Water supply costs £ Waste Total waste (tonnes) Reused. recycled. composted Landfill 2,264 2.395 21.465 2,049 2.662 40,797 2,193 2.838 2.210 3.019 52 83 664 133 670 234 38 942 344 314 87 24 494 798 401 4,326 18.8 £17,268 3,947 17.3 £18,001 6.095 26.73 25.209 6.559 30.78 27.785 15.26 12.74 2.52 34.80 22.10 12.70 33.37 18.66 14.71 38.99 12.21 26.78 Hazardous Reused, recycled. composted 35 % of total waste Total disposal cost Greenhouse gas emlsslon Total emlssion ronnes Coi equlvalent Attributable to buslnes3 travel Attributable to energy consumption ( 1.000 tcool Electricity and Ga5 Attributable to energy consumption 83% 63.5% 55.9% 31.3% £25,303 £26.761 £17,756 £12,003 12 937 1.209 934 1.020 FTE= full-tlme equivalent Note on Energr. Costs are total lor the site includlng enery supplied to adjacent buildin& bur consumptions are only for National Library buildings. Horticultu waste generated on slte is composted on slte. The quantiv of thls waste is not measured. 15
The National Library of Wales Annual Accounts 2024125 FINANCIAL REVIEW Flnanclal Results and Allocatlons The accounts are prepared under Seccion 9{4) of the MLtseums & Gallerles Acc 1992 in a form directed Mlni5ters of the Welsh Govemment with the approval of the Treasury. The Library's net incomel(expenditure) for the financial year were £5.196k (2023124.. £2.271 k). The Librnry'5 incomlng resources totalled £22.33m (2023124.. £21. I m) and total resources expended were £17.6m {2023124'. £20m). The unrestricted public reserve decreased from £588k to £440k. Fund balances on 31 March 2025 stood at I112.9m (31 March 2024 £106.9m). Charltles Statement of Recommended Practice The Charity Commi551on issued a Statement of Recommended Practice {SORP) for charities in October 1995. which was most recently updated by the Charltles SORP 2019. The Library ha5 complied with the SORP slnce the 1996197 accounts. Valuatlon of Tanglble Fixed Assets Land and buildings value5 are adjusted annually by Indexatlon between each fomial valuatlon which usually okes place every five years. However, the Library commissioned a desktop revaluation by Cooke and AA(wrlgh( Chartered Surveyors, of the Llbrarfs buildlng5 and freehold land as at 31 March 2025 due to uncertainty ensure that the capital improvements to the buSlding were accurately reflected withln the valuatlon of freehold land and building. Other fixed assets are not revalued nor indexed. and from 2017118, are held ai original cost less depreciation. Charity Reserve5 Pollcy The Charitie5 SORP 2019 requires the Llbrary to dlsclose its policy on Reserves. 4.4.1 Unrestrlcted Publlc Funds The National Library of Wales Is currently dependent on the Welsh Government to sustain mosc of its activities. The Llbrdry's Public Funds reseryes policy Is to conform to the requlrements of the We15h Government's Frnmework Document. whlch sets out the financlal frdmework under whlch the Llbrary 1$ required to operate. The maln requirement of the Frdmework Document In reSation to reserves Is that only 2% of gross Grant-in-Ald can be held as cash balance5. The ultima* effect of thls will be to restrict the level of reseThes that can be held. Low levels ol reserves and working capitsl are particulady difficult in times of financlal uncertalnly and mitigation of risks would justify Carn8 hlgher levels of reserves due to the financlal ou¢look. It is also the case that public re5erYes cannot be spent without informing Welsh Government so that they can include them In their budget planning for the whole of the public sector In Wales. 4.4.2 Restricted Publlc Funds Public restricted funds represent Capital and Purchase Grants received from the Welsh Government or any grnnt received from a public body for 5peclflc purposes. Welsh Government fundlng Is also restrirted to 2% of gr05s Grant-in-Aid carry over In cash balances. however most of this fund reftects the capital income receNed less depreciation to date. 16
The National Llbrdry of Wale5 Annual Accounts 2024125 4.4.3 Unrestricted Prlvate Funds The Librarfs unrestricted prirdte lunds have four main objective5: To lund short tem) contribution to the revenue costs of running the Llbrnry's ser4ices and contribution towards restructuring costs. To finance specific costs or project. as approved by the Board. which are of stTrteglc importance to the Library. To supplement the Collections Purchase Grant to enable the Library to fulfll Its collections policy. Where a shorrfall ex15ts in capital fundin& to finance capl¢al investment or future developments includlng equipmen( buildings and computer hardware and software. The level of reserves15 being revlewed and monitored by the Board through the Finance & Resources Committee and has been agreed in the Llbrary's Medium Terni Flnancial S¢rate£y. 4.4.4 Restrlcted Prlvate Funds The Librnrfs re5trlcted private funds can only be used in accordance wlth any stipulated terms ol each speclfic bequesL They can only be used for the purposes de5crlbed and therefore they are only used when an Item of expenditure that dlrectly relates to the fvnd Is approved by the Board or the funder. Investment Pollcy The portfolio has been Invested Sn both equities and bonds and the amount that can be invested In dlfferent asset cla55es has been sec In accordance wich a risk assessment. The Librdry's attitude to risk 1$ consldered 'modernte" accepting that to achieve higher returns than placing cash in a deposit accoun( there wlll be a Consequent risk In InvestSng In bond5 and equities. The Board rev5ews the Investment Policy and Strategy on an annual basls, whlch includes conslderntion of $oclal, environmentsl or ethlcal Investments. The investment5 were managed on a dlscretionary basis in accordance wlth the requlrements of the Trustee Investments Act 1961 and lattedy the Trustee Act 2000. The performance of the portfollo is monitored and Submitted regularly In the form of a report to the Flnanclal & Resources Commlttee and the Trustees. On 31 March 2025, the market value of the investments and cash was £16.7m (£14m on 31 March 2024). Key rlsks 4.6.1 Flnanclal plannlng The Library has prepared a Mid Terni Flnanclal Plan for the three years 2025-26 to 2027-28 whlch encompasse5 both revenue and capltal expendlture. The plan highlights the need for the Librdry to utilise unrestrlcted privare fund5 durlng the perlod to cover expecced fundlng deficits. Unrestricted priydte fund5 are avallable to the Board to manage financial risk as part of its reserves policy. 17
The National Libr2ry of Wales Anftual Accounts 2024n5 4.6.2 Dellned Benefit Pension Llability Impact on Flnanclal Position The charlty participate5 In a defined benefit penslon scheme which provides redrement benefits to eligible employees. As at 31 March 2025. the scheme reported a net pension liabllity of £1 5.98 mllllon (2024.. £14.22 million)- This liabillty represents the present value of future obligations to pay penslons. less the fair Ydlue of scheme issets. The increase in the liabiliry durlng the year is primarily due to changes in ictuarial assumptlons, including a reducrion In the discount rate and increased life expectancy projections. These factors have increased the projected cost of future pension payments. The pension liability is recogn15ed as a long-term liability on the balance sheet and has a material impact on the tharity's net assets. While the liabillty doe5 not require Immedlate cash oufflows. St reflects a slgnificant future obllgatSon that must be managed. The trustees consider the liability when as5es51n8 the charity's reserves policy and long-term sustalnablllty. The charity contlnues to make regular contributions to the Scheme in accordance wlth the funding plan agreed with the Scheme trustees. These contributions are experted to reduce the deficlc over tlme. The tru5tEes remaln confidenr that the charity has sufficSent resources to meet Its obligations as they fall due.
The National Library of Wales Annual Accounts 2024125 PLANS FOR FUTURE PERIODS The Library worked on its new 2025-2030 Strdtegic Han under the title 'Connecting Wales and the World,. The final version was approved by the Board of Trustees in March 2025. It Is an ambitious plan that provides a clear, coordinated and prioritised focus and direction for everyone involved In the OrnIsatIon up to 2030. The plan identlfies four 5trnteglc and well-being oblectfves-
Preserve and develop the natlon's memory Share Knowledge about Wales and Its People Connectlng Communltles Educatlon. Skllls and Research As well as the enablers to deliver the Strdtegy- Supporting and Developing the InstItUort. The Strategy has been Influenced by the Well-being of Future Generations Act and ten year5 on. It contlnues to hernld a much.admlred and joined-up approach to sustainable development for the benefit of everyone. The Welsh Governmcnt'5 Programme for Government 15 an Important guide for all partners worklng In Wales and Its Remit Letter for the Library is central to our planning. The Welsh Governrnent ha5 Set ou¢ Prlorltles for Culture and the Lib17ry sees key polnt5 In those sracements that are central to our mission, Such as the dem¢xratlsation of culture. developing and safeguarding the national collectlons, worlrforce skills, diversity and the Welsh language. dlgltal Infrastructure and engagement. We recognise where we and sector partners can Smprove and take greater responslbllSty for dellvering against other Welsh Government prlorltles Including the Antl-Kaclst Wales Actlon Han and Cymraeg 2050. The Tallored Revlew and other assessments of the Librnry and of other partners have Informed the Strategic Plan in placlng emphasls on engagement and broadening the appeal of the Librydry. There is a key focus on creating commerclal Income and raising funds through donatlons and maximi55ng the potentlal for grant Income. Data and research are fvndamental to Irrformlng developments the quantitative and quali¢ative data gives dirertion to services for reader5 and researchers, and our figures demonstrare how we are increasing the partycipative opportunities and our external engagement acrlvlties. This is centrdl co In- person programmes as well as digltal serrices. The evidence show5 that there has been a terrlfic increase in digital engagemen( and we are focusing on the user experience and the needs and behaviours of users across the different means of interacting with the Collections and the Library. Audlence research show5 very high levels of satisfaction among users who know and come back to the Llbrnry tlme and agaln and the focus for us 15 to expand our audience5 to ensure all sections of our communltles can engage wlth. access and enloy our services. Particlpation by Staff, trustees, and trade union representatlves (using the Social Partnershlp model) has brought out Important messages for the institution in preparing the Strategic Plan. These include the importance of succession plannlng, Investlng In staff development and well-bein& flexibility and diversity, maint7Lining our position as an ernployer committed to the Welsh language and contlnuSng to be an institution that operdtes mainly through the medium of Welsh. The Library is fortunate that these essential stakeholders have a very high level of commitment to the institution's future. 19
The Nation31 Librdry ofwales knnual Accounts 2024125 Strategic Objective I Preserve and develop the natlon's memo
Capturing contempornry Wales Committed to dlversity Leading in preservation and management of inforniation How will we achieve thlsT Safeguard collection5 by ensuring that they receive care and conseryation work of the highest order and promoting excellence in international standards of physical and digital preservation. Expand and develop archive and unlque content collections whilst nurturing the expertise to improve the dlversity of the physical and dlgltal collections and the mean5 to describe them. Maintain the national published collections as Wales's only Legxl Deposit Library and enhance access to the print and non-prlnt Legal Deposit collectSon in Aberystwyth and beyond. Strateglc Oblectlve 2 Share Knowledge about Wales and Iti People Knowledge that Snvigarates and Inspires Creating opportunltles to partlclpace Improvlng user experience i How wlll we achleve thlsl Expand our programmes for sharing content digitally on state-of-the-art platforms so that the widest range of people can enjoy access to the collectSons. Collaborate wlth Higher Educatlon Snstltutlons and natlonal 2nd internatlonal partners to develop new and innotIVe method5 to expand and safeguard born- dlgltal contenL Grow the dlgltal, audio-vlsual and born-digltal collections by working with groups and communltles. buslnesse$ and partner instltutions to expand contempornry collectlons that reflert the diverslty of modern Wales. We will provlde Imaglnat5ve exhlbltlon5 and creatéve opportunities for volunteerln& participatlon and enjoyment. Strateglc Objective 3 Connectlng Communltlei Connecting communltle5 Sharing collections Promotlng a global Wales How will we achleve thlsT Develop and to.produce programmes wlth a wlder rdnge of Wales's communities that enable these communlties to benefit from the collec¢ions and for the Library to learn and improve from thi5 creative dialogue with communitles. Give priority to voice5 and lived expedences that have been under-represented In the Library's collection5 and activitie5 and committing to an anti-rncist Wales. Engage further by developing the Library'$ partnerships with the library and archives settor in Wales, our Legal Deposit partners, and our international partners In the knowledge and culture sectors. Create new connections beyond Wales with communlties and international partners that can benefit from the wealth of the collections about Wales and to raise the profile of Wales and Its culture. Strateglc Oblective 4 Education Skills and Research How will we achieve thisl 20
The National Library of Wale5 Annual Accounts 2024Q5 Enabling research and innovation
Supporting fomial learnlng Promoting informal learnlng Work collaboratively to develop resources, skills and experiences that 5UPPOrt learners and schools to meet the requirements of the new curriculum, including literacy and information literacy and i deep understanding of 'Cynefin' and the nation's culturnl richness and diversity. Develop resources, expertlse, and skills tha¢ support re5ear¢her5 and lifelong learners to meet the needs of individuals, groups. and employers In dlfferent sectors of the economy. Develop partnerships wlth colleges, unlversitles and other institutions to support research and innovatlon by developlng ground-breaklng work linked data, blg data, Artificial Intelligence, and digital humanitie5 Developp Change, Improve Support and maintain a hlghly skllled, specialist and flexible workforce which benefits from invescment in its skills and well-belng. Ensure financlal sustainability by prudent management of expenditure, proactlvely developlng Income sources. and investing wisely with robust business plan5. Achlevlng net zero by 2030 and to become a leadinz OrnIsatIon In envlronmen¢al sustainability. Develop the Librarfs estate and bulldlngs to provlde welcoming publlc spaces, efficient long-tem 5tordge for collections. and a workplace that Is fit for future needs. Dcvelop Information technology Infrastructure (hat is resilient in the face of cyber-security challenge5. and which enables innovation in the management ol big data nd Internatlonal technological standards. Contlnue to develop the workforce's use of Welsh as the main medium of everyday communication and to zaln recognltlon as an Instltutlon that supports learning and u51ng the language. Maintaln high standards of governance where Trustees challenge and support activities and perforn)ance In ways that are constructlve, and which 5UPPOrt the Library's mission. Trustees The Trustees have complied wlth their dutles to have due regard ¢0 guidance published by the Charlty Commission. Auditor The Accounts are audited by the Auditor Genernl for Wales in accordance wlth Section 9(8) of the Museums and Galleries Act 1992 for Wales Rhodri Llwyd Morgan CHIEF EXECWIVE 28 November 202S Gronw Percy TREASURER 28 November 2025 21
The Natlonal Library of Wales Annual Accounts 2024125 SECTION 2: ACCOUNTABILITY SECTION 2.1: CORPORATE GOVERNANCE REPORT 2.1. l Reference and Administrative Details Boavd of Trustees (from l April 2024, and slnce the year-end) Appolnted by the Welsh Government: Ashok Ahlr, Presidenc Andrew Evans, Vlce President Quentin Howard + Dawd Hay h + Lydla Rumsey (resigned 30 June 2024) Dr Janet Wademan Dr Andrew Cusworth * John Trevor Allen Josephine Gorettl Willlams * + (from l May 2025) Appolnted by the Natlonal Llbrary of Wales: Andrew Prescott (from l May 2025) Lee Yale-Helms, (re-appolnted as Trustee from l June 2023 untll 30th of Aprll 202S) Dr Anwen Jones {resigned 30 September 2024) Professor Elalne Treharne (resigned 25 July 2024) Gronw Percy, Treasurer * + Susan Davies Hannah Llndsay * + A Mlchael Glbbon (from l O january 20251 Heledd Bebb A (from l O january 2025) Mohinl Guptl A (from l O january 2025) *Member5 of the Audi¢ Risk and Assurance Commlt + Member5 Of the Finance and Resources Committee Members of the Perfomance, Quality and Govemance Committee Independent External Members of the Audit. Rlsk and A$5urance Commlttee: Rhlan Evans (to 31 May 2024) Huw Lloyd lones Bruce Roberts (from I st December 2024) co.opted member5 of the Flnance and Resources Commlttee: Rhian Evans {from l July 2024) 22
The Na0Th21 brary ofwales Annual Accounts 2024125 Executive Team Member5: Chlef Executlve and Accounting Officer Pedr ap Llvryd (untll 31 March 20241 Dr Rhodrl Uvryd Morgan (from l April 2024) Dlrertor of Corporate Servlce5 Emyr Evans (fram 16 August 2023 to 13 May 2024) Director of Finance and Corporate Ser¥lces Mererid Boswell (from 13 May 2024) Dlrector of Collectlons and Dlgltal Servlces Dr Owaln Rh Roberts Dlrector of Communlcatlons, Engagement and Partnershlp5 Rhlan Glbson Princlpal Advlser&' Bankers Sollcitors Natlonal Westmlnster Bank Aberystyryth Geldards LLP, Cardlff Humphreys Roberts & 8otk Aberyswth Darwin Gray. Cardlff Blake Morgan. Cardlff (Wales Br¢)adcast Archlve) External Audltor5 Internal Audltors Audit Wales, Cardlff Welsh Government Intemal Audlt Servlce (to 194-24). RSM from 204-24 onvnrds Rathbones. Lcndon (fornially known as Investec) Willis Towers Watson, Edlnburgh Investment Broker5 Actuarial and Pensions Reglstered Charity No. VAT No. 52577S 905194137 Registered Address Natlonal Llbrary of Wales Penglal% Aberystwyth Cerediglon. SY23 38U Corporatlon Tax The Nadonal Librnry of Wales Is exempt from corporatlon tax under Section 505 of the Income and Corpordcion Taxes A 1988 23
The National Library of Wale5 Annual Accounts 2024125 2.1.2 STATEMENT OF THE BOARD OF TRUSTEES AND CHIEF EXECUTIVE'S RÉSPONSIBILITIES Under Sectlon 9(4) of the Museums and Gallerle5 Art 1992. the Board of the National Llbrary of Wales is required to prepare a statement of accounts for each financial year In the fom and ¢)n the basis determined by Mln15ters of the Welsh Government wlth the consent of the Treasury. The accounts are prepared to yjve a true and fair view of the Llbrarfs flnanclal activities durlng the year and of its financial position at the end of the year. In preparing the accounts, the Trustee and the Chief Executlve are requSred to comply with the requirement of Charitie5 Statement of Recommended Practice FRS102 and the Government Flnanclal Reportlng Manual and In particular to:. Observe the accounts dlrectlon Issued by mlnisters of the Welsh Governrnent Including the relev2nt accounting and di5c105ure requirements and apply them on a conslstent basls. Make judgements and estlmates that art reasonable and prudent. State whether appllcable accountlng standards and statements of recommended prattice have been followed, and disclose and explaln any materlal departures In the financlal statements. Prepare the flnanclal statements on a golng concern basis, unless it is inappropriate to assume that the Ubrary will continue In operydtion. The Prlnclpal Accountlng Offlcer for Mlni5ters ol the Welsh Government has designated the Chlef Executlve 25 the Accountlng Offlcer for the Library. The Chief Executive's relevant responslbllicies as Accounting Offlcer, Including h1$ or her responslblliry for the proprlecy and regularlty of the public tlnances for which he or she is answerable 3nd for the keeping of proper records, are set out In the Welsh Government's Ac¢ountlng Officer Memorandum. Statement of the Dlsclosure of Relevant Audlt Informatlon As far as the Accountlng Officer Is aware, there Is no relevan¢ aud1¢ Infomiation of which the auditors are unaware, and the Accountlng Officer has taken all 5tep5 that he ought to have taken to make himself aware of any audit inforniation and to establish that the auditors are avnre of that informatlon. 2.1.3 Annual Governance Statement 2.1.3.1 Statutory Background The Llbrary was establSshed by Royal Charter on 19 March 1907. Supplemenral CharTrrs were granted In 191 l and In 1978, wlth slight constitutional revision5. On 19 July 2006. a new Supplemental Charter was granted by Queen ESizabeth 11. This Charter changed the Library's constitution and governance significantly and recognised devolution of government from Wescminster to Wales. Whereas previously the Library had a Court of Governors and a Council. it now has a Board of Trustees. The Library is a registered charity, and a Welsh Government Sponsored Body. It Is funded by a ombination of gnnt-in-aid allocated by Welsh Governmen( and income Secured through its commercial. fundraising and charging activities. The Library's grdnt in aid allocation and conditions are set out in the remit letter from the We15h Government 24
The Nation31 Library of Wales Annual Accounts 2024125 The Llbrary'5 nature as a Royal Charter foundatlon and a registered charity, and a We15h Government Sponsored Body governs how St opera5 and fvlfils its role and obllgations. The Library must balance these two role5 to fulfil the objects of its Charter and charitable status, whlch refiects its foundation purpose. while at the same tlme adhering to the principles of arm5-lengch govemment. The Llbrdry's objects are "to collect. preserve and glve access to all kinds 2nd forms of recorded knowledge, especially relating to Wales and the Welsh and other Celt peoples. for the beneflt of the publl including those engaged in research or learnlng" Statement of the Board of Trustees, and Accounting Officerfs re5ponsSbllities The Llbrnry Is required under its Royal Charter and sections 811) and 8 (2) of its Statutes to prepare annual accounts, and to prepare and publSsh a report upon the affairs and p051tion of the Library during the precedlng year including such infomiation as the Trustees from tlme to time decerniine. The Llbrnry must prepare Its accounts in accordance wlth the Accounts D5rec¢lon Issued by the Welsh Mlnls¢er5, Section 9<41 of the Museums and Gallerie5 Act 1992 and the Charlties Statement of Recommended Practlce. The Llbrary Is accountable to the We15h Government for the publlc funds It recelve5 through the Fromework Agreement. which Is demonstrdted through regular monltorlng meetings with its sponsor bocty and vla the annual audit of the Library's accoun¢5 by Audit Wales, the Llbrary's statutory auditors. The Chlef Executlve Is the deslgnated Accounting Offlcer for the Natlonal Library of Wales. HIS responsibility as Accountlng Officer Is set out in the Accounting Offlcer's Memornndum Issued by the treasury and Includes responsibillty for the propriety and regularlry of the PU1¢ finance5 for which he is an$wernble, for keeping proper records, for safeguardlng the Library's assets, and for the preparation of the annual report and account5. Scope of Responsibility The Accounting Officer and Trustees have collective re5ponsibllity for maintaininz a sound govemlnce frnmework and a system of Internal control that 5UPPOrts the achievement of the Llbrdry's vision. alms and objectlves. while safeguarding the public funds and assets for which they are responsible, In accordance wlth the responsibilitie5 as51gned to them In Monoging Welsh Public Money (2016). These responslbllioes are a150 Outllned In the Fromework Document drdfted by the Welsh Governmen¢ whlch regulates the relatlonshlp between the Welsh Government and the Librnry. The Board is responsible for effective leadership, definlng and developlng strnteglc dlrectlon. setting challenging objectives, promoting high standards of public finance, ensuring that the Llbrary discharges its fvnctions effectively and efficiently. and monitorlng performance. to ensure that the Library fully meet5 Its alms, objectives and perforrnance targets and delivery against plan5 and budgets. The Presldent Is the prirnary communicator between the Board and the Minister for Culture, Ski155 and Social Partnership of Wales. It is the President's role to ensure that other Board members are kept appraised of all such communications. The President 15 also responsible for ensuring that the Board'5 pollcles and actions support the Minlster's wider strategic policies through the Welsh Governrnent'5 Progromme for GovemmenL 25
The National Library of Wale5 Annual Accounts 2024125 l. Board of Trustees l. l Rècruitment and Appolntment of Trustees The Librnry's Board consists of fifteen Trustee& eight of whom are appointed by the Welsh Government in consultation wlth the Trustees, and seven by the Library In accordance with the Regulations. The Trustees include the three Officers of the Llbrary President, Vlce Presldent and Treasurer. the President and Vice President are appointed by the Welsh Government, and the Treasurer Is appoinced by the Librdry. All appointments are made in accordance with the Library Stotutes and Regulations and the principles of open selection as re¢ommended by the Nolan Review. In accordance with Section 6 (v) of Its Royal Charter, the Llbrary has remunerated the post of Pre51dent since l Aprll 2022 based on one day's weekly Service In the role at a fee of £337 per day, or annualised remuneration of 116.519. The President doesn't recelve penslon benefits. No other Officers or Trustees were remunerated durlng the year but all, Includlng the Presldent. were entitled to claim reasonable expense5 whlle under¢aking their Trustee dutles on behalf of the Library. Deta115 of Trustees, slgnificant interests are maintsined in a register of interest5. held at the Library. Lee Yale Helms's term as Trustee ended on 30th Aprll 2025 but we are grnteful to hlm for contlnulng In hls role as Chalr of the Llbrary's Pension Scheme Board until Autumn 2026. The Llbrnry appolnted 4 new Trustees.. Mlchael Glbbon, Heledd Bebb and Mohini Gupti commenced thelr duties on 151 January 2025 and Andrew Prescott from lil May 2025. Welsh Government appointed Josephine Goretti Williams who took office as of l. May 2025. Trustees, Handbook The Trustees. Hondbook contalrbs a rdnge ol docurnentatlon to a5s1st the Trustees In underrakln8 their dutles. Including the CorPon7te Governonce Fnimework and Regulotion5. The Corporote Govemonce Framework was revlsed with minor amendments; the framework sets out the key responsibllicles of the Board of Trustees and Executlve whlle the RegUl0on$ sets out the proceedings of the Board and its commlttee5. The Regulations were reSed with mlnor amendments durlng the year pertalnlng to public attendance at Board of Trustee meetings. and reYislon5 to the names of standing commlttees. 1.3 Trustee Induction and Tralnlng As noted In l. I, during the year, we welcomed new Trustees, Heledd Bebb, MohlnS Gupta, Michael Gibbon. Andew Prescott and Josephine Williams. who were provided an insight Into key areas of work at the Library. Trustees are also tompletlng the National Cyber Security Centre'5 Cyber Securty Toolkit for Boords, which will assist Board member5 to ensure that cyber resilience and risk management are embedded throughout the organisatlon. A training progrnmme for 202512026 was approved by the Board In May 2025 and will be implemented during the year. 26
The National Llbrary of Wales Annual Accounts 2024125 1.4 Board and Commlttees - Membership and Meetings The Board held its six scheduled meetings during the year. all of which were hybrid, wrth member5 ble to attend in the building in Abery5twyth or online. As part of the Librnry's outreach programme the March Board meeting was held at Ty Pawb. Wrexham on 7th of March 2025. In addition to the Six scheduled meetings. an additional meetlng was held on 3 October 2024 to di5CUSS the Sirdtegic Han and Pension Scheme. The Board meetings were also attended by representatives from the Welsh Governmenf, the Library'5 Chlef Executive and Director5. Union representative and auditors (where relevant). Board agendas and mlnutes are published on the Library website. together with a summary of paper5 to be presented at each meetlng. Board members, biographle5 can be seen at: The Board has three standlng committee& whose Terms of Reference clearly deftne the rernlt and responsibilitles of each committee. and which are included In the Corporate Governdnce Fromework ommlttee Key R•sponslbllkle5 5tandlng committee whlch encompasses all the assurance needs of the Board Trustees and Accountlng Officer In thelr responsibilltles for the Llbrnrys Isk managemen¢ Internal controls, statutory accounts, and governance. The ommittee also revlews wSth the work of Incernal and external audlt and Inanclal, procvrement or compllance issues relating to the Librdry. Standlng commlttee whlch encompasses all the assurance needs of the Board Trustees In respect of the Llbrnrfs effectlve, efficlent and sustalnable nanclal and other res¢>urce managemenk partlcularly the Llbrary's Investment portfolio, the use of Its prlvate fvnds, its commerclal actlvltl•s, and the performance of its fundraislng campaigns standlng committee which encompasses all the assurance needs of che Board l Trustees on upholdlng effec¢lve and efficient delivery standards, monltoring* reylewlng and developing the serylces Proded, ensurlng acce$5ibiliry and uality of servlce for all stakeholders, ensuring that the requirements of all takeholders are equitably met, overseeing appointrnenc arrnngements to the Board of Tru5tee5 and to (he Executive Team, and acting as Remuneration Committee with oversight for the annual pay remit udl( Risk and surance Flnance and Resource5 Perfomiance Quallcy and Governance In addition to the standing committees, the Board has e5tsbli5hed a Buildings Panel which provldes assurances and makes recommendations to the Board of Trustees on matters regarding the Library 5 buildlngs and esrate, including Its maintenance. use. and development, and oversees the decarbonisation programme. The Panel is chaired by Quentin Howard, and the following trustees also serve on the panel, AndrvN Evans. John Allen, David Hay and su Davies. The following Tnjstees serve on the PensSons Fund Board - Lee Yale-Helms (Chair), Ashok Ahir, Andrew E4$. Michael Glbbon, Heledd Bebb and josephine Williams. Quentin Howard serves on the Wale5 Broadcast Archive Programme Board to represent the interest of the Trustees. 27
The Nation21 Library of Wales Annu Accounts 2024125 Board and Committee Attendance Board Audi( Risk and A55ufdnce Finance and Re50urte5 Perforniance, Quality and Governance Ashok Ahir Lee Yale-Helm5 Andrew Evans Quentln Howard Anwen Jones David Hay Lydla Rumsey Gronw Percy Susan Davies Elaine Treharne 717 417 sis 7n 313 717 oil 717 7n 012 7n 6n 517 6n 212 212 313 313 212 415 313 Janet Wademan Andrew Cu5WOrth John Allen Hannah Lindsay Mlchael Gibbon 515 215 215 313 Heledd Bebb Mohini Gupta Andrew Prescott Jo Wllllam¥ Scart date after l it ol April 2025 Start date after l li of Aprll 2025 1.5 Overylew of Board Performance Perforniance appralsals of Indlvldual Trustees were undertaken by the Presldent. The Presldent's performance review was undertaken by Welsh GovernmenL The Board consldered the followlng matters durlng the year. Approval of the statutory Annual Accounts 202312024 Wales Broadcast Archive progress updates and budget Budget 202412025 (May 2024) and 3-year budget 2025126 ro 2027n8 Oanuary 2025) Approval of the pay remit 202412025 Approval of the annual Equality, Diversrty ond Indusion Report Approval of the annual Health ond Saftry Report Pension Scheme Corpordte risk register Management accounts Private funds commitment5 Training prograrnme for Trustees Minute5 of all three standing committees and the Buildings14nel Librnry Structure April 2025 onwards Strategic Plan 2025-2030 Equallty Strategic Plan 2024-2028 Change and Renewal Progrnmme Lessons learnt from the CIPFA reewS Update on Tailored Review recommendations 28
The National Library of Wale5 Annual Accounts 2024125 Revised Financial Kegulation5 2024 Urgent work on the Librdry Roof5 tender Beaufort Audience Research evised Library Regulations Revised Corporate Governance Framework Membership of Board Committees ISA 260 Report Future stornge discu55ions l Atrium Proiect Welsh Governrnent Ga¢ew2y 4 report Fundraising update Grdnts update Internal Audlt Following a competitive tender proce55, RSM were appolnted as the Llbrnry's Internal audltors effective from l Aprll 2024. The Audit, Rlsk and A55urance Commlttee approved RSM'S Internal audit plan for 202412025 at Its meeting on 9 Aprll 2024. The Internal audlt seNce report5 Independently on an annual basls on the adequacy and effectlveness of the Llbrary's system of intemal control, together wlth recommendations for Improvement. Reports are presented to the Audlt, R15k and Assurance Committee for members to revlew and challenge the assurances provlded by the Executlve. The Internal Audit Oplnlon for the perlod 2024-2025 has confirnied that the Llbrary has an adequate and effectlve framewoF4( for rlsk managementi governance and Internal controls in placo. Some matters requlre management attention In control deslgn or compliance moderate risk exposure untll re501ved. Durlng the year, $lgnlficant progress was made agains¢ the Snternal audlt tracker whlch has been Simplifled for ease of reading and to ensure that target daces are achlevable. The followlng were the audlt reports presented to the ¢ommlttee whlch related to 202412025: Cyber Security (reasonable assurance) Estates Managemenc Audlt (reaSCab1e assurance) Scakeholder Engagement (reasonable as5urnnce) Customer Journey {reasonable assurance) Rlsk Maturlty Assessment (advlsory) Financial Controls.. CIPFA {partlal assurance) 2. Code of Best Practlce on Governance As far as the Board of Trustees and Accounting Officer are aware, there is no relevant audit Inforniauon ofwhich the Llbrary's auditors are unaware. The Board and Accounting Offlcer have taken all necessary or requlred steps to make themselves aware of relevant audlt infonnation and to establish that the Librarfs audltors are aware of that infomatlon. As a registered charfty, the Library followed the Good Governonce Code.. A Code for the Third Sertor In Woles and the Chariry Commlssion's guides and codes of practice. The Board of Trustees ha5 made sure the Library has robust governance arrnngements in place to ensure It runs effectively and responsibty. 29
The National Library of Wales Annual Ateounts 2024125 3. Rlsk Management and Controls The Librarfs system of internal control 15 detailed in the 0rd Assurance Fromework. The Risk Management Policy, whlch defines the Librarfs approach to rlsk and how rf5k management 15 embedded into managemenc processes to ensure that key stf7tegic risks are effectively managed 15 currently being revised. The corporydte risk register identffies. documents, assesses and details the key strntegic and operdtlonal risks relatlng to the Librnry's accivities. The corpordte rlsk register is underpinned by departmental rlsk registers, which are also kept under regular revlew by the Executive Team, and departmental rlsks are escalated to the corpornte register where necessary. During the year, the corpornte rlsk register has been completely revised. Major risks on the register include afforéability of the Libr4ry s penslon scheme. fallure to achieve financial sU5ts1nability, insLrfficient and inappropriate storage space for collections, and cyber security. Mitigatlng actions are In place for these. and all other risks, and are regularly revivNed by the Audlo Rlsk and Assurance Committee. The Library remains cautious In its approach to managlng risks in temis of its responsibilities a5 a publlcly lunded body, and in area5 such as compliance with le2(slatlon or condltlons Irnposed by the Welsh Government. it will alway5 seek to comply wlthout exception. The Llbrary contlnues to manage the d5ks chat the 5igniflcant financial challenges whlch It faces poses to Its abllity to offer pay Increases to staff. meet significant increases in other runnlng costs and to dellver on Welsh Governmeni prlorStles. The Financlal Regula£ions (20241 vtss presented to che Audlt. Rlsk and A55urnnce Commi¢ree In July 2024, as well a5 the Antl-Frdud Policy, the latter beSnz formally rntified in June 202S. The Modem Slavery Statement for 2023-24 was approved In July 2024, and the Modern Slavery Statement for 2024-25 was approved in June 2025. No marter5 were ralsed during the year under the Whlstleblowlng Pollcy, and no Inscances of fraud or comiptlon were recorded. Complaints were dealt wtth in Ilne wth our Complalnts Polity. All complalnts were fully Investigated. and any resultlng improvements or changes to working practice5 Implemented where approprlate. 4. Informatlon Secuvlty The Library has Infom)atlon securfty procedures and protocols In place to ensure the confidentiality, integrity and availabllity of the information that we hold and process, and to ensure compliance with the UK GDPR and Data Protectlon Act 2018. These include., Data Protecuon Policy Information Securtty Pollcy Acceptable Use Policy Internal policies on informatlon securiry- data deletion. mobile computing, pa55word, removable media Cyber E55entials + accreditation was achieved in April 2024 and work Is now being undertaken to work towards achieving IASME Level l. All information security incidents are reported to the AudiL 30
The National Librdry of Wales Annual Accounts 2024125 Risk and Assurance Committee. There were no security breache5 during the year which r4uired reporting to the Informatlon Commissioner. A paper outlinlng the Librdry's controls and defences. moniwring and dececcion capabilities. policie5 and procedures. and trdining In place in face of a cyber-attack was presented at the July 2024 meeting. The Library received l O Freedom of Information requests, rdnging from collectlon-related enquirles to management queries. such enquiries were answered within the 20 worlung days allowed for a response. The Future Durlng 2025 the Library wlll commence to deliver Its new Strategic Han for 2025-2030 "Connecting Wales and the Wodd" The Plan will gulde how we develop the Natlonal Collections of the nation's memory and en8age with a wider range of audiences In every part of the country. Moving forward. we will: Drdw up a Digital Manifesto to lead our ambltlous p13ns ft*r dlgltal Innovatlon Implement (he Engagement and User Experience Strategy Implement a new Collectlons Strategy Develop a long-term Storage srrntegy for the National Collectlons and the natlon's records. Commence negodatlons on revi5inz the Llbrary's Pension Scheme Signed on behali of the Board: Rhodrl Llvryd Morgan Chief Executive & Accounting Officer 28 November 2025 Gronw Percy Treasurer 28 November 2025 31
The Nauonal Llbrary of Wales Annual Accounts 2024125 Section 2.2 Remuneration & Staff Report 2.2.1 Living Wage The Library has undertaken to pay the livinz wage as set out by the Livlng Wage Foundation slnce April 2014. 2.2.2 Recvultment and Retention of Staff The Librnry can only achieve its goils through the commitment of Its staff. therefore, the Llbrnry focu5es on providing a staff training and development programme annually to ensure that all staff members achieve Ihelr potencial. 2.2.3 Employment of Dlsabled People The Librdry operttes a non-di5criminatory recruitment procedure and is always prepxred to consider applications from, and to appoini disabled persons. The Library rnake5 every effort to ensure that disabled employees are provlded wlth the facilltles necessary to carry out thelr employment effectively. 2.2.4 Consultation wlth Employees The Library communicate5 Information to staff by varlous methods includlng staff meetlng5, weekly e- ma115, team brlefing sessSons. Core Brief, and regular consultatlon and negotlatlon wSth the Partnership Council and representatives of the national Trade Union5. The Llbrary adopted an Internal Communlcation Strdtegy In 2016 and implementatlon of thls Strategy vlll be a further opportunlry to develop the relatlonship beNeen managers and staff. 2.2.5 Remuneratlon Report The Library remunerates Its entlre staff under an agreed pay and 8dIng system. The curren¢ system wa5 approved by the Llbrary's Executlve Team and agreed with the staff unlons through the Collective bargaining arrnngements. An Independent appeals proces$15 In place to conslder grading Issues. Each year, the Llbrnry. in consultatlon with the staff unlons, considers the Llbrdrys remunerntlon package against external comparators, movements In the economy and any Internal inequities that may have developed. From this, a pay remlt or proposal Is produced, and th15 15 submltted to the Welsh Government for approval and Ss then fomially negotlated wlth the unlon5. Thls leads to a new pay and conditions package for the whole of the Library staff whlch Is blndlng untll the next round of negotlatlon. Incremental Increases under the pay remit are dependent upon the Library's System of annual apprniS5. InflaOnAry elements contained within the agreed pay remlt are automatlcaily avrnrded to all member5 of staff. The salaries ol the Chief Executive and the three Directors have been included as part of the pay remit negotiation5 in relation to all Library staff. The Chief Executive and the three Director5 have permanent contfdcts of employment. All four are ordinary member5 of the Library's pension scheme. The pay remlt Is approved by the Welsh GoYernmenL Membership of the Executive Team is Shown on page 23 and fLFrther details of the remuneration and pension benefits are shown on page 33. The notice period for members of the Executive Team 15 3 months. Provision for compensation for early tem)ination 15 ¢ontained within the Librdry's Standard redundancy agreemenL 32
The National Library ol wal Annual Accounts 2024n5 Remuneratlon and Penslon Benefit5 of members of the Executive Team: 2024ll5 2023124 P Llwyd Chl¢f Executive and LIbraall Retired 31-5-2024 DH Michael Director and Deputy Chlef Execudve and knbrarlan Flesigned 16-8.2023 O Kh Roberts DlrKtor ol Collectlons and Diglcal StNIcos Rh GSbson Dlrector of ComrnunSc•don, Eng4emen¢ and Parrnershlp W E Evans Director ol Anance and CoTrorate Serwlces Contract ended 31.5-2024 Rh Ll Morpn Chlef Executlve Srarted l Awll 2024 S M Boswell Dlroctor of Annce and Corporate se1£1$ Started 13-5.2024 lTrot afvll yearl The value of penslan benefits 5s calculated as follow5.. (real Increase in penslon x201 + (real Increase In any lump sum ) - {contributlons made by member) 20,197 (6,450) 13,747 106.443 23.460 129.903 37.161 137.4031 1242) 90,803 35.498 126,JOI 87,487 18,808 10&29S *2,616 27,60Q 120,190 88,476 25.070 13,546 17.407 17.407 74,434 74,434 111,765 32.100 143.96S 80,462 20,470 100.932 excluding increases due w inflat6on or any increase of decrease due to a trnnsfer of pen51on klghts. The multiplier of 201$ specified in the disclosiire requirements. The Library has used this figure to comply wlth the guidance. This 15 not an amount which has been pald to an Individual by the Llbrary durlng the year; it is a calculatlon which uses Informatlon from the penslon benefit table. These figures can be influenced by many factors e.g. changes In a person's salary, and other waluatlon factors affectlng the pension scheme. The Natlonal Librnry of Wale5 Staff Superannuation kheme Is a fijnded final Salary scheme. The accrued pensions and lump sums are the amounts that would be paid from Normal Retirement Date If the member left 5erwcE at the relevant date. The Cash Equivalent Transfer Value (CETV) is the actuarially as5e5sed capitalised value of the pension scheme benefits, including any Additional Voluntary Contributions and transfers in of service, accrued by the member at a particular point in time. The trdnsfèr values have been calculated in accordance with the guidance note "GN I I. published by the Institute of Actuaries and Faculty of Actuaries. The assumed rate of price inflation was 1.7%12022123 6.7%). 33
The National Library of Wale5 Annual Accounts 2024125 The pension entitlements of the Librnry's senior staff with responsibility for running policy-making departments are disclosed as follow5.'. Ch EquNaleTrt TM3ler Vxlu& Total Accrutd Pension Lump Sum at Ch IDcr•a5ellDecreasel IncreasellDetre*sel Increase EquiTHlent accrued penOft lump sum nÈt of (Decrease) net of Infidtyon in (ran51er /t 3113n4 3113n5 3113n5 516.690 29,760 89.280 486.810 12801 {8501 138.6601 Chlef ExecutSve Rh Ll Mory Chlef Executlv• O Rh Robert# Director 1.400 4,200 17.300 1,400 4.2 17,300 149.210 17.760 53,280 131.670 1.650 4.950 113.090) Rh Glbso Dlrector W E Evani Dlrettor 25.940 2.960 8.880 3•.940 1,200 3.6 13,560 S M Bo#wÈll Direcior 890 2.670 9,190 890 2,670 9.290 2.2.6 Median Remuneratlon Welsh Governmen¢ Sponsored Bodles are requlred to dlsclose the relation5hlp between the remunek2tlon ol the highest-pald direcror in thelr organi5atlon and the 25th percentile, medlan and 7Srh percentile remunerdtlon ol the or8ani5atlon's workforce. The banded remuner2tSan of the Chlef Executive was £ 111.765. No employees received remuneratlon exceedlng that of the Chiel Executlve In 2023124 nor 2024125. In 2024125, the Chlef Executlve's salary was.. 3.39 tlmes the Llbrary's medlan salary <£32.954) 4.2 times the 25th percenule salary {£26.604> 2.88 tlmes the 75th percentile salary {£38,775) In 2023124, the Chief Executive's salary was.. 3.55 times the Librnry's medlan salary (£29,986) 4.2 tlmes the 25th percent51e salary (£25,337) 2.88 tlmes the 75th percentile salary <£36.929) Slgned on behalf of the Board: Rh¢Jdrl Llwyd Morgan Chief Executive & Accounting Officer 28 November 2025 Gronw Percy Treasurer 28 November 2025 34
The Natsonal Library of Wale5 Annual Accounts 2024Q5 The Certlflcate and report of the Auditor General for Wales to the Trustees of National Library of Wales and the Senedd Oplnion on financial statements I certify that I have audited the financial statements of National Library of Wales for the year ended 31 March 2025 under section 9 of the Museum5 and Galleries Act 1992. The financial statements comprise the Statement of Financial AetlvSties, Balance Shee( Cash Flow Statemenc and the related noces includlng the material accounting policies. The financial reporting frameworf( that has been applied in their preparntion 15 applicable law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Prtctice). In my opinSon, in all material respec¢$ the financlal statements- give a true and fair view of the state of National Librdry of Wales's affairs as at 31 Marcv. 201S and of Its net income for the year then ended: have been properly prepared In accordance wlth United Klngdom Generally Accepted Accounting Prnctlce; and have been properly prepared in accordance wlth section 9 of the Museums and Gallerles Act 1992 and dlrections made thereunder by Welsh Minlsfer5 (wlth the Treasury's consen¢). Oplnlon on regularlty In my oplnlon, In all rnater1 respects, the Income and expendlture recorded In the Itnanclal statements have been applied to the purposes Inrended by the Senedd and the financlal tnsactIonS recorded in the financlal statements conlomi to the authorlties which govern them. 1$ for oplnlons I conducted my audit in accordance with appllcable law and Interna¢ional S¢andards on Auditing In the UK {ISAs (UK)) and Practice Note l O 'Audii of financlal statements and re8ularlty of publlc sector bodies In the United Klngdom., My responslblllrles under those standards are further descrlbed In the auditor's respon5ibilltles for the audit of the financial Statements sec¢lon of my certificate. My staff and l are Independent of the body In accordance with the ethlcal requlrements that are relevanc to my audit of the financial statements in the UK including the Financial Reporting Councll, Ethical Standard. and I have fulfllled my other ethical responsibllities in accordance with these requirements. I belleve that the audic evldence I have obtained is sufficient and appropriate to provide a bas15 for my oplnlons. Concluslons relatlng to golng concern In auditing the financlal Statements, I have concluded that the use of the golng concern basis of countlng in the preparatlon of the financlal statements is appropriate. Based on the work I have performed, I have not identified any materlal uncertaintSes relating to events or conditions tha( individually or collectively, may cast signlficant doubt on the body's abiliry to contlnue to adopt the goirbg concern ba515 Of accounting for a period of at least twelve months from when the financial statements are authori5ed for issue. My responsibilities and the responsibilides of the Board of Trustees and Chief Executive with respect to going concern are described in the relevant section5 of this certificate. 35
The National Library ol Wales Annual Accoun15 2024125 Other Informatlon The other Information comprises the inforniation included in the Annual Report but does not Include the financial statements nor my audltor's report thereon. The Board of Trustees and Chief Executive is responsSble for the other inforniation. My oplnlon on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly ststed In my reporL I do not express any forni of assurance ¢on¢lusion thereon. My re5ponslbillty 15 to read the other Infomiatlon and, in doing so. consider whether the other Information is materlally Inconsistent with the financial statements or knowledge obtained in the course of the audit. or otherwise appear5 to be materlally misstated. If l identify 5u¢h materiil inconsistencies or apparent material misstatements, l am requlred to determine whether this give5 rise ¢0 a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude thai there is a material misstatement of chls other Snlormation. l am required to report that facL I have nothlng to report In th15 regard. Opinion on other matters Although there are no leg151atlve requiremenrs for a Remunerdtlon Report, the Natlonal Library of Wale5 ha5 prepared such a report and In my oplnion. that parr ordinarlly required to be audited has been properly prepared In accordance with HM Treasury guidance. In my opinion. based on the work undertaken In the course of my audit, the Informatlon glven In the Annual Report for the flnancial year for which the fbnanclal statements are prepared Is con51stent wlth the flnancial statements and Is In accordance with the appllcable legal requSrement5. Matters on whlch I report by exceptlon In the Ilght of the knowledge and understandlng of rhe body and Its envlronment obtained In the course of the audlE I have not l¢Jenclfied material misstatements in the Annual Report. I have nothlng to report In respect of the followlng Matr$ whlch I report to you if, in my oplnlon.. I have not received all of the Informatlon and explanatlon51 requlre for my audit. sufflcient accounting records have not been kept or returns adequate for my audit have nor been recelved Irom branches not vislted by my team. the financlal statements are not In agreement wlth the accountlng records and returns,. or information speclfied by HM Treasury regarding remuneration and other transactlons Is noc disclosed. Respon$lbllities of the Board of Trustees and Chief Exe¢utlve for the Ilnanclal statements The Board of Trustees and Chlef Executive Is responsible for: maintalnlng sufficien¢ accountlng records; the preparatlon of the financial statements and Annual Report in accordance with the applicable financial reporting frnmework and for being satlsfied that they give a true and fair view,. ensuring the regulariry of financial trdnsictions; internal ¢ontro15 as the Board of Trustees and Chlef Execu¢iYe detemilne515 necessary to enable the preparation of financial statement to be free from material mlsstatemen( whether due to fraud or error; assessing National Library of Wales's abllity to Continue as a going concern, di5c105ing, a5 applicabl4 matters related to going concern and using the going concern basis of accounting unless the Board of Trustees and Chlef Executive anticipates that the servi¢es provided by National Llbrary of Wales will not continue to be provlded In the future. 36
The Nauonal Library of Wal&% Annual Accounts 2024125 Auditor's responsibilities for the audit of the financial statements My responsibility 15 to audi¢ certify and report on the financial statements in accordance with the Museum and Gallerie5 A¢( 1992. My oblectlve5 are to obtaln reasonable assurance about whether the financlal statements as a whole are free from materlal mi55tatemen¢ whether due to Iraud or error. and to issue an audltor's report that indudes my oplnlon. Reasonable assurnnce Is a high level of assurance but is not a guardntee that an audit conducted In accordance with ISAS (UK) will alvAys detect a material misstatement when it eS(S. Misstatements can arise from fraud or error and are considered materfal if. indivldualty or In the aggregate. they could reasonably be expected to influence the economlc declsions of users taken on the basi5 01 these financial statements. Irregularftles, Includlng frdud, are instances of non-compliance with law5 and regulatlons. I deslgn procedures in Ilne wlth my respon5iblllties, outlined above, to detect material m155tstements In respect of Irregularlties. Induding fraud. My procedures Included the followSn¥. Enqulring of management, the head of Internal audit and those charged wlth governance. Includlng obtalnlng and revlewlng supporrlng documentatlon rela¢lng to Natlonal Llbrary of Wales's policle5 and procedures concerned with: Ident6fySng, evaluating and complylng wlth laws and reguladons and whether they were avftre of any Instances of non-compliance,. detectlng and responding to the rlsks of frnud and whether they have knowledge of any actual, suspected or alleged frnud: and the internal con¢rols established to mitigate rlsks related to fraud or non-complSance with laws and regulatlons. Conslderlng as an audSt team how and where fraud mlght occur In the flnanclal statements and any potential Indlcators of fi7ud. As part of thls dlscusslon, I Idendfled potentlal for frdud In the following areas: posting of unusual journals; ObtslnSng an understandlng of Nadonal Llbrary of Wales'5 framework of authorfty as well as other leDI and regulatory frnmeworks that the Natlonal Librnry of Wale5 operates in, fo¢usSng on those laws and regulations that had a dlrect effect on the financial statements or that had a fundamental effect on the operatior15 of National Librnry of Wales,. Obtaining an understanding of related party relationships. In addltlon to the above, my procedures ¢0 respond to Identified risks included the followin[. reviewing the financial statement di5¢1osures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above. enquiring of management, the Audit and Risk Committee and leKal advisor5 about artual and potential litigation and claims; reading minutes of meetings of those charged with governance and the Board: in addressing the risk of fraud through management override of controls, testing the approprlateness of journal entries and other adjustments.. assessing whecher the judgements made in making acc¢)unting estimates are indi¢ative of a potential bias. and evaluating the business rationale of any significant transaction5 that are unusual or outside the normal course of business. 37
The Natlonal Librnry of Wale5 Annual Accounts 2024125 l also cornrnunicated relevant identlfied law5 and regUlaOn5 and potential frnud risks to all audit team members and remained alert to any indications of fi7ud or nOn-Clp1Ian¢e with laws and reKulations throuzhout the audic The extent to vthi¢h my procedures are capable of detecting Irregularltles. Includlng fraud is affected by the inherent difficulty in detectlng Irregularities, the effectlveness of the Nattonal Library of Wales's controls. and the nature, timing and extent of the audit procedures perfornied. A lurther descrlption of the auditor's responslbilitles for the audit of the financlal statements is located on the Flnanclal Reportlng Councll's website Thls description foms part ol my auditor's reporL Other audltorf% responjlbllltlei l am required to obtain evidence sufficient to glve reasonable assurance that the expendicure and Incorne recorded in the financlal ita(ements have been ¥plied to the purpose3 Intended by the Senedd and the financlal transactlons recorded In the financial statements confom to the authorlties which gov¢rn them. I cornmunlcate with those charged wlth governance regardlng, among Other matter5. the planned scope and tlmlng of the audit and slgnlflcant audlt findings Includlng any slgnlflcant deficlencles In Internal control that l identlfy durlng my audir. Report I have no ob3er*7tions to Make on these financial statements. drSan Crompton udltor Genernl for Wales l December 2025 I Capltal Quarrer Tyndall Streer Cardlff, CFIO 4BZ 38
The National Library of Wales Annual Accounts 2024125 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 PUBLIC RJNDS PRIVATE FUNOS 2024n5 Totsl 'ooo 2013n4 Total 'ooo UTrre5tricLEd KestrKred Unrestrlcted Aestrictsd Notes cooo c'ooo Incom¢.' Donatyons and lepcks Charnibh aEtlvltiB5 Go¥erDmeDt Grants Orh¢r GranLs Othèr tradlr8 activit Investmert Incorne 455 529 Y14 473 11.447 7.374 10,821 17M67 835 Js 27J 629 273 16b 270 Totsl Inc(wne 12.182 U,791 725 532 22.330 21,049 Exp•DdIr. Costs of raism8 fuThds Ch4rabl aci1v1tS'. Share krK)wled8• Connecrlng CornwDunitie EduuilDn, ¥kills and r•arCh Preserve and 04¥0P Governance Exceptional expendwr• Total e¥pEndliur• P•nslon Flnance Costs Total •xpindltur• Néi galTh Ihsses10Tr 5nYe5mnt N•t IheoM•l <•xp•ndltur•) Gross trlnthi been fth<h 157 1,420 1847 1,932 22 4.201 2,923 3.041 2,677 7,688 4,442 4,169 9B4 1.031 746 1.926 3.Q05 1,184 5.564 23 16,967 650 17.617 483 5.196 19,228 760 19,988 23d 650 11,968 5.564 61 477 23 3.217 515 2,271 322 3,J63 5J2 5,190 2,271 Oth•r r•coplnd s51 1105111: G4lnl (Lossl on dbposal ol fix•d a55etS Tinghle Asiers R4valNtlon, IndeKatknTr ard knpairment Actuirlil11055e5y8ah5 Dn thfftn•d ben¢flr pènsloTh s¢h*me Totil I108se51 NETMOVEMENTIN FUNOS FOR THE FINANCIAL YEAR 3,104 3,114 Il3361 23• (2,2301 12.2301 4,660 12,230 11.9081 2,993 6.3$6 76J 5,PSg 2,302 4,573 532 FUND 8ALANCES PROUGFff FORWARD AY I APRIL 96PIB 15.988 8349 106.923 102,350 FUND BALANCES CARRIED FORWARD AT J I MARCH (15.540) 102J74 16.967 9.081 112,812 106,923 l activities are continuing. All recogni5ed gn$ xnd losses are recordod in the Statement of Flnanclal Acuviries. The notes on pages 42 to 63 form part of these a¢eounts. There is no endowment incorne or expenditure to reporr. 39
The National Library of Wales Annual Accounts 2024125 BALANCE SHEET AS AT 31 MARCH 2025 3 I st March 2025 31i March 2024 Notes £000 £fJJO 000 FIXED ASSETS TaThOble Assets Intang5ble Assets Assets Invtsrments 14.154 78.537 135 24,284 13.766 25.191 16.462 125.8117 114n2 CURRENT ASSETS Stocks Debtors Bank and cash equWtht 40 3,022 500 3.562 42 5,485 837 6,364 CREDITOR5 Amounts lallln¥ due wAthln one y¢ar (507) 11,9431 NET CURRENT ASSETS Provlsions for liabilitSes and th J,oss 4.421 15 Net asjers excludlng penslon Scheme Ilablllty 128.462 Defin¢d benefit penslon Ilablllty 23 (15.•80) 14.2201 NET ASSETS INCLUDING PENSION SCHEME LIABILITY 112,882 10&923 FVND5 Publlc Unrestrlcted Penslon Resetve TO( Publlc unrn5r(fd Fun Publlc RestrtEt•d l•xc R•valuatlon Re5eryel Re¥•luat10n Rèsetv• Prte Unrestrlcted Prte Restrlcted Prare Restrlcted Coll•ctloThs 440 (1 S,980) (15,540) 71,471 588 114.2201 113.6321 68,279 30,903 16.967 27,739 15,988 168 8,381 8.890 112.882 106.923 The trustees have prepared the accounts in accordance secuon 132 of the Charltles Att 2011. The notes on pages 42 to 63 form part of these accounts. Rhodri Llvryd Morgan CHIEF EXECUTIVE AND LIBRARIAN 28 November 2025 Gronw Percy TREASURER 28 November 2025 40
The National Ubrary of W21es Annual Accounts 2024n5 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2024125 2023124 000 £000 000 £000 Cash generated from operatlng activitles 18 7,239 2,027 Cash flows from Investlns actlvltles: . Purchase of tanglble and Intan&'ble fixed assets Purchase of heritage assets Proceeds from s21e of investments Purchase of Investments Net cash provlded (u#ed In) In¥tIng actlvltlei 10 12 (4,96S) (398) 7.143 (9,356) (3.885) {285) 4,671 13.800) (7.576) {3,299) (Decrease) In Ch and cash equlvalèntj In the year (337) (1,272) Cash and cash equivalents at the beglnnlng of the year Total cash and cash equlvalents at the end of the year 837 2,109 500 837 The note5 on page5 42 to 63 forni part of ¢he5e accounts. 41
The National Library of Wales Annual Accourlts 2024125 NOTES TO THE ACCOUNTS AT 31 MARCH 2025 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financlal statements are as follows: (a) Basis of preparation The financial 5tacements have been prepared in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Charities SORP {FRS1021. and the 2007 Accounts Direction issued to the Librnry by the Welsh GovernmenL The accounts are prepared on a going concern basls. The National Ubrnry of Wale5 meets the definition of a publlc beneflt entlry under FRS 102. Assets and Ilabllitie5 are Initlally recognised at historical cost or transaction value unle55 otherTrv15e stated in the relevant accounting policy note (s), The accounts meet the requlrements of Accountlng Standards issued or adopted by the Financlal Reporting Councll in so far as those requirements are appropriate. The Accounts Direction does not requlre the Library co produce a Summary Income and expenditure accoun¢ or note of historical cost on surpluses or deficits. (b) Incomlng Resource• All income Is recogni5ed when the charlty has entitlement to the funds. any performance conditions attached to the item have been me¢ it15 probable that the income will be received. and the amount can be measured reliably. All Grant-In-Ald from Welsh Government Is recognlsed in the Stacement of Financlal Actlvltles ISOFAI on a recelvable basis. Other grants of a more specific nature are recognlsed on a recelvable basls when grnnt condl¢Sons are meL For legacles, entltlemenr Is taken as the earlier of the date on whSch either, the charSty is avnre that probate has been granted, the estate has been finali5ed and notification has been made by the executor (s) to the Library that a dlstribution wlll be made, or when a distributlon is received from the estate. Where legacie5 have been notifled to the charity or the charity Is aware of the granting of probate. and the criterla for Income recognltlon have not been me¢ then the legacy Is treated as a contlngent asset and dlsc105ed If materlal. Transfers from private funds are accounted for after conslderdtion of movements Sn working capital. Income recelved relating to subsequent accountlng periods will be treated as deferred income. Fund Accountlng Unrestricted funds (public and private) are available to spend on actlvities that further any of the genernl objectives of the Library. Public restricted funds represent Capital and Purchase Grants re¢elved from the We15h Govemment for specific purposes. Private restrlcted funds are funds subject to specific restriction imposed by danors or by the purpose of the appeal. Deslgnated funds are unrestricted funds of the charity which the trustees have declded at their dlscretlon to set aside for a specific purpose. Private re5trl¢ted 42
The National Llbrary of Wale5 Annual Account5 2024125 funds are donatlons which the donor has specified are to be solely used for areas of the Librnrf5 work or for a specific projecc being undertaken by the Librnry. (c) Expenditure Expenditure is recognised once there is a legal or con5tructlYe obliDtion to make a payment to a third party. It is probable that settlement wlll be required. and the amount of the obllgation can be measured reliably. Where expenditure has been incurred in advance and relaTrs to a later period, the accounts will only consider a prepayment if higher ¢h2n 15,000 In value. Where expenditure 15 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 classlfied under the following activity headings.. Cost of raising funds comprise5 the cost of commercial tradlng, fundraising cosrs and Investment management fee5. Expendlture of charitable acclvltles Includes the cost of malntainlng collectlons, conservation, education and exhlbltlons and other actlvltles undertaken w further the purposes of the charlty. Other expendlture represents those items not falling Into any other headings. (d) Investments Investments are stated ac market walue at the balance sheet date. Galns and losses on d15posal are credlted or charged to the Statement of Financlal Activities. Movements In rhe market value of Investments held at the year-end are also reflected In that srarement in accordance with the Charities SORP (FRS 102). (e) Tanglble and Intanglble Assets Indiwdual plan¢ machinery. equipment and motor vehlcles c05dng £5.LYJO or more are capltallsed at cost, unless the equipment forms part of a group of assets, neork or prolect where the value 15 over £5,000. Assets are depreclated over their estimated useful lives on straight-line basis. Items of a capital nature costing less than £5,000 are not capitalised and are wrltten off in-year. Non-property assets 11.e. plant & vehicles, and fixtures, fitun85 & equipment) are held at historic cost and not indexed as these assets have short useful economic lives or low values (or both). Thls Is consldered to provlde a more rellable, approprlate and relevant representatlon of the fair value of these assets. Further deta115 are provlded In Note 10. Land and buildings assets are usually professionally valued every flve years on the basls of thelr current Yalue in existlng use assuming that the propertles would be sold as part of a continulng business and are revalued uslng an index in the intervening period. Revaluation gain5 are recognised In the Stacement of Financial Activities under gainsl(losses) on the revaluation of fixed assets, except to the exrent to whid) they offset any previous wrice off of expenditure in the Statement of Financial Activities, in whlch case the gain 15 reversed agaSnst the relevant expenditure heading. Revaluatlon losses are recogni5ed as an expense under the relevant expenditure heading In the Statement of Financial Actlvlties except to the extent to whlch they offset any previou5 revaluation gains. in which case the loss is shown under gain51llosses) on the revaluation of fixed a55ets. Routine maintenance work in respect of these properties IS noted as revenue c05t in the year in which it is vndertaken. 43
The Natlonal Library of weS Annual Acck)unts 2024125 Depreciation is provlded in full in the year of acqui55tlon. at rates calculated to reduce each asset to its e5timited residual Wdlue evenly over its expected useful econornic lile. as advised by the valuers as follows- Freehold buildings Plan¢ machinery and equipment Computer equipment and digital development Motor Vehicle5 up to 125 years up to 30 years up to l O years up to 5 years Freehold land 15 not depreciated. Collection Purchases are not depreciated (see Herltage Assets (fj). Intangible a55ets wich an economic Ilfe of more than one year and value greater than £5,000 are capitali$ed. All intangible assets are measured at cost. Intangible assets are amortised on a 5traight-line basis over i perlod of l O year5. Heritage assets The Llbrary accounts for the objects in Its collection as non-operatlonal herltage assets, in accordance with SORP Module 18 Accounting for Heritage Assets. A herltagc a55et is defined a5 'a tangible or Intangible asset wlth historical, artistic, sclentlflc. technological. seophyslcal or envlronmental qualle$ that is held and maintalned prlnclpally for Its contrlbutlon to knowledge and culture." Capltalised horitage assets are not depreclated because they are deemed to have Indeflnlte lives but could be subloct to damage or deterloration. Heritage Assets are not depreclated because they have Indefinice life. Prior to l it April 2001, the Llbrary's collection had not been capltalised In the balance sheet, The Llbrdry includes donated or purchased herltage assets slnce l April 2001 on the balance sheet at cost or valuation at the time ol acqulsityon. Purchases for the collection are capitali5ed In the year of acquisition and held at hlstorlc value- these assets are not re-valued or indexed. The Librnry doe5 not dlspose of herltage assets and will ensure the preservation of assets under its Collection Development Policy. DoDatSons ol Items ¢0 the collectlons are accounted for when recebved at an estlmate of thelr market value. The market fdlue Is determined by the LSbrdry'S own Collections Staff or independent valuers as approprlate. Valuatlon of heritage assets is complicated by the nature of such assets. They are rarely sold and often have a value enhanced through their a550ciation with a person, event or collection, there are a very Ilmlted number of buyers. no homogeneous population of assets on the market. and Imperfect Infomation about the items for sale. In ontrast wich many commercial assets, there is seldom an attive market to provide indicative dlues of similar objects. This makes materially accurate valuations impossible to achieve for many heriuge assets. Stock5 The cost of st¢xks of re-saleable items has been recogni5ed in the balance sheet at the lower of cost or net reallsable value. No value is given on a55e¢5 produced historically by the Librdry where there Is a restricted market for the good5 Qr goods have impaired. (h) Pension Costs 44
The Nation Llbrary of Wale5 Annu31 Accounts 2024125 The Library operntes its own Superdnnuation scheme which provides benefit5 based on final pensionable salary. Contrlbutions to the scheme are charged to the Staternent of Financial Activities to spread the cost of pen51ons over employees working lives. The charge to the Statement of Financial Activities is calculated based upon the current service cost as calculated by the scheme actuary. (i) Staff hollday pay At the year end. staff holiday entitlements that has not yet taken and whlth is carried forward to the next financial year have been provided for in the accounts in line with FRS 102 requlrements. (i) Taxation The Librdry has been granted charitable status by the HMRC and is therefore exempt from tax on income and gains falling withln Section 505 of the Taxe5 Act 1988 or section 252 of the Chargeable GaSns Act 1992 to the extent that these are applled to Its charltable objects. Non-recoverable Value Added Tax arising from expenditure on non-tradlnz actlvltles Is charged to the Statement of Financlal Activitles or capita115ed if related to a fixed asset. (k) Significant areas of estlmatlon and judgement The preparation of the financial statements requlres Ivdgements, e5tSmations and assumption5 to be made that affect the reporced values of as5e£s, Ilablllties, revenues and expenses. The nature of estlmation and ludgement means that actual outcomes could differ from expectatlon. Sour¢es of estlmatlon uncertainty The deflned benefit pcnsion obllgation is recognised and dlsclosed in accordance wlth FRS 102. The valuation. prepared by a quallfled actuary. reflects a number of judgements and e5tlmation5 Including the expected return on assets, the discount rnte, cost Inflatyon and life expectancy, Changes in these assumpclons have a signlflcant effect on the value of the defined benefit pension obligatlon. Further detalls are provided In note 23. Land and bulldlngs assets are professlonally valued periodScally. The valuatlon is prepared by a quallfied surveyor and has been prepared in accordance with the RICS Red Book. Buildings have been valued on the basss of 'open market le, or 'depre¢ia¢ed replacemenc cost, and land Is shown at 'exi5tlng use value,. These methods are subject to fdrious assumptlons and ludgements and changes in elther could have a slgnlflcant effect on the Y4luation. Further derails are prowded in note l O. Going Concern The Library's accounts have been prepared on a going concern basls. The Llbrdry's Board has recognised the significant revenue account deficits that have been forecast and will be considering plan5 to address this situation. The significant level of unrestritted public and unrestricted private funds re$erve5 wlll ensure that the Library can continue with current activities untll acuon Is taken to addre$s the deficit. There are no other materlal uncertainties about the charity's ablllty to contlnue. 45
The National Llbrary of Wales Annual Accounts 2024125 GOVERNMENT GRANTS 2024125 £000 2023124 £000 Unrestrlcted Grant-in-Aid Restrlcted Addltional contributlon to penslon scheme Capital - Purchase Grant Capitsl- Genernl Capital - Addltlonal Revenue - Voluntary Severance Scheme Revenue - Asbestos Revenue - Wales Broadcast Archlye Revenue- Job Mitigation Scheme Dlgital Librarles Educatlon - Welsh Biography for Children Peace Petltlon Anti-racSsm blogrdphy ARCW Others Totsl grant recelved from Welsh Government 11,447 11.862 1,225 305 1,695 3,166 305 1,695 1.455 248 400 342 300 29 149 22 79 129 17.867 18,821 OTHER GRANTS 202412S £000 2013124 £000 Restrlcted publlc fund British Film Institute Arts Council of Wales Amiueddfa Cymru - People's Collectlon Wales Natlonal Herltage Lottery Fund- Wales Broadcast Archlve Cerediglon County Councll WCVA Mellon Foundatlon Hodge Foundatlon Arts Council of Wales National Gallerfes Other Minor Grants 34 174 146 878 93 30 154 1,494 20 56 1,417 1,807 Unrertricted public fund Total other grants 1,417 1,807 46
The National Library of Wales Annual Accounts 2024125 4. INCOME FROM OTHER TRADING ACTIVITIES 2024125 000 279 133 42 61 93 139 2023124 £000 225 108 45 35 67 69 80 629 Unrestrlcted public income Catering Shop income Events Consultancy and systems Income generated Irom collettlons Licensing and royalties Mlscellaneous Total 835 5. ANALYSIS OF EXPENDITURE Staff Costs Other direct Depreclatlon 2024125 2023124 costs and TOTAL TOTAL amortisatlon £000 665 £000 544 £000 232 £000 1.441 Cost of ralslng funds Charltable Expendlture Share knowledge Connectlng CommsJnltl¥s Educatlon. 5k1115 and research Preserve and Develop Governance Exceptlonal Items 1.420 2,389 1.504 1,686 1.843 2,002 1,228 1,021 942 433 235 58S 398 413 396 451 4,202 2,923 3.041 2.672 2.688 4.442 4.169 2.864 3.005 2,184 10.089 4,403 2,475 16.967 19,228 6. NET INCOMEI (EXPENDITURE) FOR THE YEAR 2024125 £000 2,475 47 37 51 2023124 £000 2,378 -63 17 54 Thls Is stated after charglng: Depreclatl¢)n and arnort1$2tion External auditor's remunerdtlon Internal audit fees Investment management fees -of which £46K relate5 to the 23-24 audlt fee5 wlth the additional £17K relating to an addltlonal charge for the 22-23 audit 47
The Navonal Library ef Wales Annu Accounts 2024125 7. ANALYSIS OF SUPPORT COSTS The Librnry initially identifies the costs of its 5UPPOrt fvnttions. It then Identifies those costs which relate to its goyernance function. Having identified its governance Costs, the remalning support costs are apportloned betsyeen the cost of raising funds and four key charitable activityes undercaken in the year. The 2024-25 support salary cost 15 apportioned In Ilne with salary costs for each department, with the non-5taff supporc cost allocated based on activity expenditure. £000 £000 <000 li 38 51 £000 000 £000 Looo 45 Exec Support Finance 14 19 28 36 29 21 149 HR 16 132 32 37 312 33 205 1,767 2,491 51 303 432 291 297 Building Other 237 280 io 651 503 492 328 12 406 651 1,195 874 887 695 4,708 CompardtSve figures for 2023-24 are as follows.. 000 £000 £000 19 73 66 403 635 1,196 £000 18 £000 13 47 42 263 416 781 £000 14 48 39 279 342 722 £000 78 298 273 1.634 2,689 4.972 Exec Support Flnance 22 23 37 35 193 363 637 HR ICT Buildin8 68 380 686 1.223 247 413 48
The National Llbrnry of Wales Annual Accounts 2024n5 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL (a) Total Staff Costs 202412S £000 2023124 £000 £000 1000 Salaries and Wages Cost of livlng one off payment Voluntsry severance payments pald to staff Voluntary severance agreed but not yet paid Social Security Costs (including Apprentlce5hip Lwy) 7.469 7,663 358 31S 568 842 771 Pension Cost Employer Cost Deficit contdbuclons Deficlt concributlons based on Voluntary Severnnce FRS 102 current servlce cost adlustment (note 23> 1,6S8 1.307 1.797 495 250 (1,120) 40 1,845 10,089 6SO 10,739 2.582 12,328 760 13,088 Total salary cost5 as per Note 5 FRS 102 finance interest charge (note 23) Total There were no agency or 5hort-term contrdctors employed. Other than members of the Executive Team (n¢xed on Page 23), there were 4 members of staff who earned normal pay between £60,CNXI and £70.00012023124 5). This dld not Include staff who recelved over £60,OW including their pay In lieu of notice and voluntary severance payments. (b) Pension Scheme The Llbrary operate5 a funded defined benefit pension scheme providing benefits based on final penslonable pay at a normal retirement age. Members leaving the scheme who have contributed for a perlod of les5 than 2 years receive a refund of member's contributions. Benefits accrue at the rnte of 1180th of pensionable salary for each year of service. In addstion. a lump sum equlvalent to 3 years, pen51on Is payable on retlrement. On death. pensions are payable to the suryiving spouse at a rnte of half the member's pension. On death In servlce. the scheme pays a lump Sum benefit. Medical retirement15 possible in the event ol serious111-health. Note 23 provldes further Snfomiation on the finance5 of the penslon scheme to comply wlth the requlrements of FRS 102. The actuarial statement 15 published in the National Library of Wales's Penslon Fund Annual Accounts. We15h Government gTrnted In 2006107 a Crown Guarantee whlch exempts rhe Scheme from the Penslon Pro¢ection Fund and the associated levy. (c) Remuneration of Executive Team This is noted in Section 2.2.5 of the Tnjstees Report. 49
The National Library of W21es Annual Accovnts 2024n5 (d) Gifts Reglster The Librnry operntes a gifts regI5ter. No item5 noted during the year are considered of material interest ta these financial statements. (e) Severance There were 2 voluntary severance payments accounted for In 2024125.. £3.868 compared to 24 payments In 2023124 amounting to £1.143.500. (fj Board emoluments The Board, except for the Preslden( do not receive any emoluments. Based on a remew of simllar organ15adons. and with the support of We15h Government, the Board has decided to remunernte the post of President (see page 26 (Annual Governance Report))- The President recelved emoluments of £16.519 durlng 2024125 (2023124.. £17,18T). The total amount of travel, subslstence, and hosplraliry expended by the Library for Its Board and committee member5 was £5,198 (2023124 £6,669), th15 Was clalmed by I I mernbers (2023n4.. 1 I mernbers). 9. STAFF NUMBERS The average monthly head count was 232 (2023124: 252) and the average full-tlme equlydlent staff employed by the Library (Including casual and part-tlme staff) durlng the year were as follows.. Staff Numbers Fundraising & Tradlng Share knowledge Connectlng Communltles Education, skills and research Preserve and Develop Govemance Total 2024125 13.5 57.2 37.6 41.8 41.7 10.0 201.8 202J124 63.0 44.0 45.7 50.1 228.6 50
The NatIon Llbrary of Wales Annual Accounts 2024125 10. TANGIBLE AND INTANGIBLE ASSETS A. Tangible A55ets- Current Year Freehold Land & Buildings 000 Plant, Fittlngs & Equipment £000 Computer equiwient Motor Vehicles Total £000 £0 Cost & Valuatlon At l April 2024 Additions Disposal Revaluation At 31 Marth 2025 72.230 2,057 6,386 2,416 (318) 4.279 399 1404) 82,89S 4.965 {722) 1.970 93 89.108 93 1,970 76,257 8,484 4.274 Depreclatlon At l April 2024 Charged for the year DIsp05a15 Revaluatlon At 31 March 2025 1,949 6SO 1409 477 (359) 4.358 2,340 (5501 (1.1941 4,954 (1 1941 2,408 2.527 19 Net Book Value At 31 March 202S At 31 March 2024 76,257 n,230 6,076 4,437 1.747 1.870 74 84.154 78,S37 b. Tan8ible Assetj - Prlor year eomparatlv Freehold Land & Bulldlngs £000 anL Flttln85 & Equipment Computer equipment Tof21 £000 £000 £000 Cost & Valuatlon At l Aprll 2023 Additlons Disposals Revaluation At 31 March 2024 76,751 1.282 4.607 2.413 1634) 4,842 190 (753) 86,200 3,885 (1,387) {5,803) 82.895 (5,803) 72.230 6.386 4.279 Depreclation At l April 2023 Charged for the year Di5P05als RelUatIon At 31 March 2024 2,218 1,249 1,974 606 (631) 2,688 455 1734) 6,880 1310 (1,365) (3,467) 4.3S8 (3,467) 1.949 2.409 Net Book Value At 31 March 2024 At 31 March 2023 72.Z30 74,533 4,437 2,633 1.870 1154 78.537 79.320 51
The National Library of W21es Annual Accounts 2024125 The Librnry recelved a valuation as at 31 51 of March 2025 on the Librnry's freehold buildings and land by Cooke and ArknrighL Chartered Surveyor5. Their valuation wa5 carrled in accordance with the Royal Institution of Chartered Surveyors Appraisal and Vallfdtion Manual. Buildlngs have been valued based on'open market value" or'depreciated replacement C05t". and land 15 shown at"ex15tSng Use value" Freehold building valuations have been Indexed according to the BCIS All-ln TPI. Of the U6.257m Land & Buildings balanc< £1.31Sm has been valued on a Fair Value basls as these are leasedl occupled by an exernal organisation. The carrying amount of freehold land and bulldlngs Under the historic cost convention would be £45.355m (2023124: £H.292m). Included wlthin the Net Book Value above Is £NII of Assets under Construction re12ting to Freehold Land and Building £Nil (2023124.. £Nil), Plant Fitting & Equipment £Nil {2023124., £Nil) and Computer Equipment £Nil {2023124- £Nil) All tanglble assets were used for the furtherdnce of the charitable actlvirles of the Llbrnry. I OC. IntAn£lble Assets Dlgltal development £000 Cost At l Aprll 2024 Addidons 1.086 At 31 Marth 2025 1,086 Amortlsatlon At l Aprll 2024 Charged for the year At 31 Marth 2025 951 135 1,086 Net Book Value At 31 March 2025 At 31 March 2024 135 52
The tiOnal Llbrary of Wales Annual Accounts 2024125 I I. INVESTMENTS 2024125 £000 16,462 2023124 £000 13,766 Investment5 Market Value at l April 2024 Acqulsitions at cost Less disposa15 Net gainll1055) on disposallrevaluatlon Market Value at 31 March 2025 13,766 9,356 (7.143) 483 16,462 13,427 3,800 <4,671) 1,210 13,766 The h15toric cost of Investments at 31 March 2025 was £14.726m (202314 £12.621 m). Cash held of £216K (2023124- £212K) are shown under current assers (see note 19). The assets were invested as follows: Gilts, bond5, debencures & preference Unlt trusts, over5ea5 equlties. property & alternative assets UK equities dlrectly invested on UK srock market Cash (shown under Total current assecs) £'o 1,219 722 1,941 cooo 8,508 4,190 12.698 £'ooo 1.218 605 1.823 £'ooo 183 33 216 £'ooo Portfollo I Porlfolio 2 5.550 16.678 In deciding on the retvrn5 that the Llbrdry requires from its Portfollo, and the balance between capital growth and Income. the Llbrnry is prepared to Jccept thac there will be risks attached to the investment of funds above that of simply placlng cash on deposlL The Libraryls prepared to accept these provided that they are with5n acceptable levels. The Librdry's appetite for rlsk Could best be described as "rnoderate" The Llbrnry is willlng to accept that In order to achleve hlgher returns risks must be taken, but the Trustees will also consider the Llbrdry S P051tion as 2 chariry largely funded from government grant and consequently the standards of stewardship that are Implied. The rlsks of investment will therefore be tempered by.. Asset allocatlon an asset allocatSon scrategy that does nof ovedy expose the fiJnd5 to Yariances in one partlcular sector of the investmenc spectrum l.e. a balance will be struck betr4een the amount of bonds. equities, cash and other Investments including property, and UK and non-UK inve5¢ments. Quallty of investment$- the Library will onty consider high qualSty investments such as gilts and investment grade bond& or FTSE 350 equities and collectives. 53
The National Library of Wales Annual Accounts 2024n5 12. HERITAGE ASSETS Purchase5 of Heritage knsets are capitalised at historic cost. Acqulred or donated during the year: Booki Subscriptlo Pictur Manuscrlpts &Maps Oth•rs Dlgltal Collectlons NSSAW Total £'ooo 2,170 81 £'ooo 2.953 £'ooo 14.022 172 501 14.69S £'o £'o 4,370 £'ooo 389 £'ooo 24,284 398 509 25.191 At 01104124 Additions Donailons At 31103125 2.259 3.094 380 4,370 393 Additions to herltage assets are stated at COSL whllst donatlons are stated at market value. Flve Year flnanclal summary of addltlons: 2024125 2023124 £'ooo £'ooo 89 43 202Y23 2021122 £'ooo 87 2020121 £000 25 Books Subscriptlon5 Pictures, Manuscrlpts & Map5 Fllm and mu$lc 42 50 30 32 673 629 239 180 157 Total Addltions 907 722 338 302 218 The Llbrnry has an agreed policy for the acqulsl¢ion, preserrdtion and management of heritage assets. A copy of che agreed policy Is available on request. The Library doe5 not loan items to Users, but collectlons are accessible In the reading rooms and exhibltlon spaces, as well as on-llne. The Libtiry {since 1911) has the rlght to recelve a copy of all books, magazine5, newspapers and other prlnted material pub115hed in the UK and Ireland. It malnly collects materlal of Welsh and Celtlc Interest. Its collection5 currently include.. Prlnted materlal: r4nglng from Yny Ihyvyr hwnrn the fir5c Welsh-language book (prlnted in l 5461 to programme5 of local events, such as concert5 and shows. Manuscripts and archive5: includlng prlcele5s Items from the Mlddle Ages, such as the Book of Llandaf. the Hengwrt Chaucer manuscrlpt and the Black Book of Carmarthen. Map5: Both antiquarian and modern and atlases, Ordnance survey maps. sea charts. maps of farm5. estates and tlthe maps. railway and public utility plans. Pictures: portraying people and places In Wales including, paintings. prints, engrnvings and other pictures. Photographs; rhe works of Mary Dillwyn,Johll Thomas, D.C. Harries and Geoff Charles. Electronlc resources and digital Images: New and created mainly by the Library the collectlons include over 5 million images. The Wale5 Broadcast Archive house5 250.Crf)O hour5 of sound recordlng5. 300.000 hour5 of moving image5. 7 million feet of film, 200,000 items from the ITV lilm and TV archive and 15km unique archive. 54
The National Llbrary of Wale5 Annual Accounts 2024125 13 DEBTORS - due within one year 31st March 2025 £000 146 623 923 1,284 46 3.022 31 it March 2024 £000 175 814 342 3,078 1,076 5,485 Trnde Debtor5 VAT repayThent due Prepayments Other Debtors & Accnjed Income Prlvate Funds Accrued Income The above Includes £SOO,I)Xl prepayment made to the Pension Scheme against future years deficit contribution, which Is a £250,000 reduction to che deficlt payment in 2025n6 and an equal amoun¢ for 2026127. 14 (a) CREDITORS- Falllng due wlthln one year 3 lit March 2025 £000 88 218 201 507 31,, March 2024 £000 102 1,676 165 1,943 Trade Creditors A¢crua15 and deferred income Holiday pay accrual 14 (b) CREDITORS- Movement on deferred Income J l•t March 2025 £000 26 (5) 31 SL March 2024 £000 49 (23) Deferred Income brought for*V2rd Release frorn prevlous year Income deferred In the current year Deferred Income carrfed forward 21 26 Deferred Income relates to grants recelved. 15 PROVISION FOR LIABILITIES & CHARGES There are no legal claims or ongoing litigaOn whlch require disc105ure In the flnancial statements. 55
The National Library of Wale5 Annual Accounts 2024n5 16 ANALYSIS OF CHARITABLE FUNDS Analysls of movements In funds- Publlc Atl Incomlng Resources Other Resource5 Expended Movements In Year At31 March 2025 £OOD 2024 £000 £000 PUBLIC FUNDS Unrestricted - Public Pension Unrestricted (14,2201 588 (13,632) 470 12,282 (12,438) 12,282 (11,968) (Z230) (15,980) 440 (2,222) (1 5,540) Restvlrted: . Capltal and digital development Revaluatlon ReseThe Other re5trltted funds 56,844 27,739 4.861 Q,475) 59,059 30,903 2,125 3,164 1,4S3 3,625 (3,0891 136 Purchase grnnt funds T(rtal restricted publlc fvnds 9.982 96.018 305 8,791 10.287 3,129 102.374 (5.5641 TOTAL PUBLIC FUNDS 82.386 21,073 {17.5321 907 86,834 *ReYdluation reserve has been calculated based on the revaluation to assets since 1999 In Ilne vAth the FRS 102 requirement for separnte Identfiflcatlon of revaluatlon reser4e. Revaluatiorss prior to 1999 are not included in thls resetye. Other movements In the year £907k Include.. Tangible Flxed Asset Reydluatlon, Indexatlon and impalm)ent- £3.164k Trnnsfers from prlvate funds - £144K Los5 on disposal of fixed assets - (£171 K) Actuarial (losse511 galns- (£2,230K) 56
The National Library of Wales Annual Accounts 2024n5 b. PRIVATE FUNDS (Including collectlons) Unrestrirted Re5trlrted Collection Total Total 2024125 2023124 £000 £000 £000 £'ooo Income Donations and Bequests Investment income and interest Receivable Total Income 455 270 725 20 509 984 273 1.2S7 473 273 746 23 509 Resources Expended Costs of rnising funds Private project expenditure Net (gain) I loss of investments Total resources expended so 12 (477) (415) 55 34 54 (483) (1,210) (398) (1,101) 22 (6) 17 Net Incomlngl (Outgolng) Resource¥ Transfers 1,140 509 1.655 (144) 1.847 1637) 17 Net movement in private funds during the year 979 23 509 1,210 Brought forward at l Aprll 15,988 8,381 24.537 23,327 Carrled Forward at 31 March 16.967 8.890 20,048 24,537 The total of prlvate restricted and collecdon fund5 represents total restrlcted private funds of £9.081 k. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Restricted Unrestrlcced Restricted publlc public private private £'ooo É'ooo 100.455 Total £'ooo 16,271 650 46 £'ooo 9,081 £'ooo 125,807 500 2,555 Flxed Asset5 Cash at bank and in hand Other net current as5etsl 11501 590 1,919 Credltors of more than (15.980) (15,980) one year Total {15.540) 102,374 16,967 9,081 112.882 57
The Natlonal Library of Wales Annual Account5 2024Q5 18. RECONCILIATION OF NET INCOMEI (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024125 2023124 £000 £000 5.196 2,271 Net incomel(expenditure) for the reporting period (as per the statement of financial activities) Net @ain)Iloss on investment FRS 102 interest pension adjustment Depreclation and amort15at6on charges Decrease stock Heritage asset donatlon5 {non-cash) {Increase)l Decrease in debtors Increasel (Decrease) In creditors Pen51on current service cost adjustment Net cash flow from operatlng actlvities (483) 650 2,475 (1,210) 760 1378 (509) 2,465 (1,436) (1,120) 7,239 (437) (2,617) 837 2,027 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024125 £000 284 216 500 2023124 Bank account balances Bank accounts held wlthin Investments Cash and cash equlvalents on 31 March 62S 112 837 20. RELATED PARTY TRANSACTION5 The Welsh Governrnent is regarded as a rela¢ed party. Durlng the year the Library received funding from the Government in the form of Grdnt in Aid, Purchase, Capital and Project Grnnts as disclosed in note 2. Welsh Government recelved repayment of the interest of £20K12023124: £18.5K) generated from public fund balances. Details of expenditure in respect of board member travel, 5ubs15tence and hospltallty are disclosed in Note 8{fj. Lee Yale-Helms. Andrew Evans, Michael Gibbon, Heledd Bebb, Anwen lones and Ashok Ahlr. all of which have been 8oard members during the year have also acted a5 trustees of the Natlonal Librnry of Wales Sraff Superannuation Scheme for which the trnnsactions and balances with the pension scheme are disclosed in Note 23. Related party trnnsactions with Board members and members of the senlor management team are noted in the table beS0w. 58
The Nauonal Library of Wales Amnual Accounts 2024125 2024125 Income nditure) 2023124 Income (Expendlturel Related Pa Relationshlp Debtor (Cveditor) Debtor Creditor National Lottery Heritage Fund David Michael, a former Dlre¢tor of the kn'brary is an independent member of the Audit Committee. Pedr ap Llvryd. the previous Chlef Executive of the Library is a Member of the executive Board in Wales. Susan Davies, Trustee Is a consultant for NLHF Pedr ap Llvryd, the previous Chief Executlve and Anwen Jones, a prevlous Trustee are Non- Executlve Dlrectors of 877.803 209.534 1,493.763 1,201405 Coleg Cymraeg Cenedlaethol (ccc) 3.912 5.257 ccc. Janet Wademan, Trustee of the Llbrnry Is an Independent Member of the Governance and Audit Commlttee at Cardiff Council. Ashok Ahir, Trustee of the Llbrary Is President of the Natlonal Eisteddfod Court and Chair of the Eisteddfod Mana ement Board Lee Yile-Helms, Treasurer of the Chartered Institute of Public Flnance & Accountanc Rhlan Gibson. Director of the Llbrary Is a Trustee of Diverse mru Anwen Jones, a previous Trustee of the Library is a member of staff of Aberystwyth Univer51ty. Rhodri Llwyd Morgan was also a prevlous staff member of this or nisation. Emyr Evans, the previous Direccor of Cor orate Services 15 Cardiff Councll (2,7091 {26,544) Eisteddfod Genedlaethol (29.817) 85 The Chartered Institute of Public Finance & Accountancy (17.550) Dlverse Cymru (319) Aberyswth University {8,0))15,116 (17,24S) EE Consulv'ng Ltd (12.634 59
The Nation741 knbrary of W3le5 Annual Accounts 2024125 also a director of his consultancy business Mike Cavanagh, who was a member ofthe Board until 31 of August 2023 is also a Head of Cultural, Leisure, Tourism and Registrntion ServSces for Pembrokeshire County Council Pembrokeshlre County Council (17,205) (17,6591 116,579) 111 On 31 March 2025, the Llbrary had consolldated debt0 and creditor5 with other Govemment financed bodies as follows: Debtors 000 1,638 93 1,291 3,022 Credltors: wlthln l year £000 Central Government bodles Local Government bodie5 Non-Government Bodies Total 507 507 21. FINANCIAL INSTRUMENTS- RISK DISCLOSURE The Llbrnry has no borrowlngs and relles primarily on departmental grnnt5 for Its cash requlrements and Is therefore not exposed to Ilquidlry rlsks. The only mater6al deposlt Is dlsclosed In note I l. and all materlal assets and Ilablllf le5 are denominated in Sterling, 50 It is not exposed to Interest rate rlsk or currency r15k. In 1024125, 118.821 m or 84% of the Library'5 consolidated Income derlved from the We15h Government {2023124 £17.867m or 85%). The balance. £3.509m or 16% (2023n4 £3.182m or I S%) Is derlved from Income on the Llbrary's prlvate fund5 {note 16b). from tradlng ac(Ivltles {note 41 and grants from other bodles as dSsclosed In Note 3 to these accounts. The Library has exposure to market risk through Its investments, and this is managed through portfollo dlversification a5 well as setting the rlsk appetlte and Investment objectives to be used by the Fund Manager. 22. LEASES The Library made no lease paymenrs durfng the year or the prevlou5 year. 60
The National Llbrdry of Wales Annual Accounts 2024n5 23. PENSION COSTS The Library operntes a defined benefit scheme with beneflts accruing at the rate of I IBOth of pensionable salary for each year of service. The latest full actuarial valuation was at 31 March 2022 and It was assessed that the Scheme vrd$ 99% funded12019.. 100% funded). Durlng 2024125. the Library contributed 22.8% of pensionable Salaries and employer concributlons for 2024125 were £2.25 milllon (including deficit contribution of £582K). (a) Development of the Net Balance Sheet Position J l March 2025 31 March 2024 Fair value of assets {23b) Actuarial value of scheme liabilitie5 (23c) Pension Ilability reco8nlsed In balance shee¢ 50.30 (66.28) (15.98) 54.05 (68.27) (14.221 (b) Changes in the falr value of plan assets Year Ended 31 Year Ended 31 March 2025 March 2024 Scheme assets at beglnning of year Benefits paid from plan assets Employer contrlbutl¢)ns Member contributions Interest income on Scheme Assets Return on scheme assets greaterl(lessl than discount rdte Scheme assets at end of year- (23a) 54.05 (3.S6) 3.14 0.08 2.75 (6.16) 50.30 56.38 (3.28) 2.43 0.09 2.33 (3.90) 54.05 (c) Anllly51s of changes In the Defined Benefit Obllgatiorbs (DBO) Year Ended 31 March 2025 Year Ended 31 March 2024 Scheme Ilabilitie5 at be¥Tnnin8 of year Interest cost on the DBO Effect of employee servlce5 In the current perlod Member contrlbutions Benefits pald from plan assets Remeasurement on the DBOI change of assumptions Scheme liabilltles at end of year- (23a) 68.27 3.40 1.74 0.08 (3.28) (3.93) 66.18 74.46 3.09 2.19 0.09 (3.00) (8.56) 68.27 (d) Amounts charged to SOFA (Total Expendlture) Year Ended 31 Year Ended 31 March 2025 March 2024 Effect of employee services In the current period Net Snterest on net defined benefit Ilabilityl (asset) Defined benefit cost retognised in P&L Administrntion costs during the period Total c05t recognised in SOFA 1.74 0.65 2.39 0.28 2.67 2.19 0.76 2.95 0.28 3.23 61
The Nacional Ubrnry of Wale5 Annual Accounts 2024125 (e) Artuarial Gainsl(Losses) charged to the SOFA (Other recognlsed gains1(10sses)) Year Ended 31 Year Ended 31 March 202S March 2024 Retum on scheme assets (greater)I less than dlscount rnte- (23b) Actuarial lossl(gain) arising dur4ng period - {23c) Total attuarial lossllgain) recognised in reserves 6.16 3.90 (3.93) 2.23 (8.56) (4.66) {fj Total defined benefit cost Year Ended 31 March 2025 Year Ended 31 March 2024 Total cost recognlsed in SOFA- (23(d)) Remeasurement effect recognlsed In reserves (23{e)) Dellned benellt cost 2.67 2.23 4.90 3.23 (4.66) (1.43) (g) Reconclllatlon of Net Balance Sheet Posltlon Year Ended 31 March 2025 Year Ended 31 Mareh 2024 Npe defined Illabllltyl at beginnlng ol year Effect of employee servlces in the current perlod (23c) Net Interest on net defined benefit Ilabi1Styl las5et) Remeasurement effect recognlsed in re5er4es (23(e)) Employer contrlbutions (23b) Adminlstrndve costs (23b) (14.22) (1.74) (0.64) (2.24) (18.081 (2.19) 10.76) 4.66 2.43 (0.28) (0.28) Scheme Ilabllltles at end of year- (23a) (15.98) {14.22) (h) Market value of Assets and Percentage of Total Scheme AvJet¥ 31 March 2025 31 March 2024 Equities Bonds Property and other Cash Total value of assets 14.89 17.62 11.57 6.22 50.30 29.6 35.0 23.0 10.32 31.62 58.5 22.4 54.05 (l) Flnancial Assumptions The financial assumptions made to ¢alculate the FRS 102 dlsclosure requirements are as follows: 31 March 2025 31 March 2024 %per annum %per annum 2.80 2.80 2.80 5.75 Prlce Inflatioh Rate of Salary Increase Rate of Increase of penslons In payment* Discount rate 2.55 2.55 2.55 5.10 62
The National Library of Wale5 Annual Accounts 2024125 in excess of any Guaranteed Mlnlmum Pension (GMP) element prescribed by HM Treasury The discount rate used for FRS 102 dlstlosures Is different to that used by the Actuary for the m05t recent financiai assessment of the Scheme on 31 March 2022. The requirement to use the Treasury's discount rate for the FRS 102 disc105ure will result in the financlal position of the Scheme belng assessed differently under this measure in compadson to the method used In the fornial actuarial valuatlon of the Scheme. 24. CAPITAL COMMITMENTS A¢ the balance sheet date. the outstanding commltments are as follovts.. 31 March 2025 £'ooo 532 31 March 2024 £000 772 Contracted- building works ConrF7Cted- plant flttings & equlpment 532 772 25. POST BALANCE SHEET EVENTS There were no material post balance sheet events UP to the date on which the aceountlng Stacements were authorlsed by rhe Accountlng Officer on 28 November 2025. whlch would have meant that the acc¢)unts had to be adlusted. 63