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
P￿nS 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 UnderS￿ndIng 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 deterIOra￿on 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.
> pro￿dIng 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 SoMe￿me$ 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 MI￿82te 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 publICa￿On 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
archI￿dI 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. Gre￿n0£
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
(D￿an 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 Cly￿rnneStro (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 Pe￿tIon 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. I￿￿n 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 archi￿￿1 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 C￿vert 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 ins￿laC10n 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 dI￿tal 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.
L￿tly. 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: .
202*25
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 Car￿n8 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
Or￿nIsatIon 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 InstItU￿ort.
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
inno￿tIVe 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
Or￿nIsatIon 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
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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 Na￿0Th21 ￿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 opera￿5 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 Cel￿t 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 PU￿1¢ 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 RegUl0￿on$ sets out the
proceedings of the Board and its commlttee5.
The Regulations were re￿Sed 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 Pro￿ded, ensurlng acce$5ibiliry and
uality of servlce for all stakeholders, ensuring that the requirements of all
takeholders are equitably met, overseeing appointrnenc arrnngements to the
Board of Tru5tee5 and to (he Executive Team, and acting as Remuneration
Committee with oversight for the annual pay remit
udl( Risk and
surance
Flnance and
Resource5
Perfomiance Quallcy
and Governance
In addition to the standing committees, the Board has e5tsbli5hed a Buildings Panel which provldes
assurances and makes recommendations to the Board of Trustees on matters regarding the Library 5
buildlngs and esrate, including Its maintenance. use. and development, and oversees the
decarbonisation programme. The Panel is chaired by Quentin Howard, and the following trustees
also serve on the panel, AndrvN Evans. John Allen, David Hay and su￿￿ Davies.
The following Tnjstees serve on the PensSons Fund Board - Lee Yale-Helms (Chair), Ashok Ahir,
Andrew E￿4￿$. 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 re￿ewS
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 (reaSC￿ab1e 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 8￿dIng 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 apprniS￿5. Infla￿OnAry 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 LIbra￿all
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 An*nce and
Corporate se￿1£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.'.
C￿h
EquNaleTrt
TM3ler
Vxlu&
Total
Accrutd
Pension
Lump
Sum at
C￿h IDcr•a5ellDecreasel IncreasellDetre*sel
Increase
EquiTHlent
accrued pen￿Oft
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 t￿nsactIonS
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 Mat￿r$ 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 e￿S(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 regUla￿On5 and potential frnud risks to all audit
team members and remained alert to any indications of fi7ud or nOn-C￿lp1Ian¢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 tradlr*8 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•DdI￿r*.
Costs of raism8 fuThds
Ch4r*abl* aci1v1t￿S'.
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 be￿￿en 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 s￿￿51
11051*11:
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$6
76J
5,PSg
2,302
4,573
532
FUND 8ALANCES PROUGFff
FORWARD AY I APRIL
96PIB
15.988
8349
106.923
102,350
FUND BALANCES CARRIED
FORWARD AT J I MARCH
(15.540)
102J74
16.967
9.081
112,812
106,923
l activities are continuing. All recogni5ed g￿n$ 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
31*i 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￿(f*d Fun
Publlc RestrtEt•d l•xc R•valuatlon
Re5eryel
Re¥•luat10n Rèsetv•
Pr￿￿te Unrestrlcted
Pr￿￿te Restrlcted
Pr￿are 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 C￿h 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, ne￿ork 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 w￿eS 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$ed. All intangible assets are measured at cost. Intangible assets are amortised on a
5traight-line basis over i perlod of l O year5.
Heritage assets
The Llbrary accounts for the objects in Its collection as non-operatlonal herltage assets, in
accordance with SORP Module 18 Accounting for Heritage Assets. A herltagc a55et is
defined a5 'a tangible or Intangible asset wlth historical, artistic, sclentlflc. technological.
seophyslcal or envlronmental quall￿e$ 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 ￿l￿e, 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
Re￿lUatIon
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 litiga￿On 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