## **GLADSTONE’S LIBRARY**
## **GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS**
**for the year ended**
**31 December 2022**
**CHARITY REGISTRATION NO. 701399**
**COMPANY REGISTRATION NO. 02363642**
## **GLADSTONE’S LIBRARY**
## **Legal and Administrative Information**
|**Trustees**|Damian Barr|
|---|---|
||Gregory Cameron|
||David Cannadine|
||Victoria Collins|
||Virginia Davies|
||Patrick Derham|
||Scott Evenbeck|
||Charles Gladstone|
||Louisiana Lush|
||Tamara Harvey|
||Llyr Williams|
|**Company secretary**|Andrea Russell|
|**Charity number**|701399|
|**Company number**|02363642|
|**Registered office**|Church Lane|
||Hawarden|
||Deeside|
||Flintshire|
||CH5 3DF|
|**Auditor**|Mitchell Charlesworth (Audit) Limited|
||24 Nicholas Street|
||Chester|
||CH1 2AU|
## **GLADSTONE’S LIBRARY**
## **Contents**
||**Page**|
|---|---|
|Trustees' report|1 - 13|
|Independent auditor's report|14 – 17|
|Group statement of financial activities (Incorporating the income and expenditure account)|18 – 19|
|Group balance sheet|20|
|Company balance sheet|21|
|Group statement of cash flows|22|
|Notes to the accounts|23 - 42|
**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
The Trustees, four of whom are also directors for the purposes of company law, present their annual report and the financial statements of the charity and the group for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.
## **Warden’s Introduction to the Annual Report 2022. Revd. Dr Andrea Russell**
2022 was a year of significant change for Gladstone’s Library. As the Library began the slow recovery from the Covid closure, the Warden Peter Francis announced his retirement, to take effect in July 2022. Peter had been Warden at the Library for 25 years and had expertly and sensitively steered the Library through the most significant challenge it had ever faced. It is to his great credit, and that of his small team and the Board of Trustees at the time, that the Library not only survived the pandemic but began to see a modest increase in those visiting through the year and the reintroduction (albeit in a truncated form) of the beloved Gladfest in September 2022. I want to personally thank Peter for all he did during his time here.
Peter’s departure in July 2022 led to a period of 3 months during which the Library operated without a Warden. The Trustees, and in particular the vice-chair Llyr Williams, ensured that the staff team were cared for and the Library’s day to day running was not interrupted. In October 2022 I took up the post of Warden, the 13th in the Library’s history and the first woman.
This time of change and flux was also reflected in a reshaping of the Board of Trustees and the appointment of a new chair, Patrick Derham, whose outstanding support, encouragement and expertise have ensured that the changes have occurred as smoothly as possible.
My first impression of the Library during those final months of 2022 was that the warmth of welcome, from both the staff team and the guests, was second to none. There was a real sense of expectation and hope, alongside a deep weariness born out of the testing times that the Library had faced that year. The staff team are excellent– their commitment to the Library, their hard work, often in challenging circumstances, is frequently reflected in guest feedback. The final quarter of the year saw occupancy rates still on the low side, but an increase in those visiting Food for Thought and the amount of bookings for the Gladstone’s Christmas lunch during December kept spirits high. A staff Christmas dinner in Chester on the final day before the closure for the Christmas break, was well-earned and there was a real sense of community and friendship.
## **1. Objectives and Activities**
- **1.1. Memorandum of Association**
- In Gladstone’s Library’s Memorandum of Association, the objects for which the Charity is established are clearly stated:
- (a) The promotion of religion and education and the promotion of divine learning in connection with the Church of England and the Church of Wales as historical branches of the Catholic Church and in conformity to the living spirit of the Church of England and the Church in Wales.
- (b) The advancement of education for the public benefit by the maintenance and development of Gladstone’s Library’s collections, the encouragement of research, writing and debate on Gladstone’s core subjects:
- Theology and Spirituality
- History and Current Affairs
- Contemporary and Classical Literary Culture
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **1.2. Mission Document – By Way of Definition**
The statements printed below were produced in 2010 by Freddie Baveystock in conjunction with staff, Trustees and users of Gladstone’s Library as a defining statement, or set of words, to guide the development and future direction of Gladstone’s Library.
_Gladstone’s Library is…_
_A residential library and meeting place dedicated to dialogue, debate and learning for open-minded individuals and groups who are looking to explore pressing questions and to pursue study and research in an age of distraction and easy solutions._
_We help people engage more deeply in the questions that concern them._
_We are committed to maintaining Gladstone’s legacy of engagement with political, social, moral and spiritual questions._
_We do not seek to provide the answers._
_We offer resources for people to pursue those questions for themselves – through individual study as well as group debate._
_Moreover . . . we are one of a kind._
_We offer a comfortable, sociable and stimulating environment in which to pursue live questions._
_We provide the resources for creative study including renowned collections of religious, historical, cultural, and political materials._
_We believe that the mind works best when the body is well catered for._
_We enable our guests to enjoy solitude as well as social interaction._
_We like everyone to leave having encountered something they weren’t expecting – a book, an idea or a person, for example._
_Moreover… We have an evolving programme of events that keeps us connected with a wide network of writers and thinkers – and makes us worth revisiting._
_These are the values we seek to embody:_
_Welcoming: Friendly people in a comfortable environment; happy to accommodate special requests; open to long or short visits, groups and individuals; making our riches available to the widest audience possible._
_Intelligent: Voracious readers; thoughtful about where we can make a difference._
_Open-minded: Unafraid to explore ideas; hungry for new avenues of enquiry; engaged with contemporary questions and exploration of the connections between them; liberal in values and attitude; respectfully accommodating different points of view._
_Surprising: Having more to us than meets the eye; maintaining the pace of innovation._
_Diverse: Celebrating difference and inclusion; giving people space to be themselves._
_Ethical: Defining value in social terms; pursuing progressive standards; caring for the environment._
_In summary . . ._
_We are proudly Gladstonian, as these are the self-same liberal values he lived, breathed and bequeathed us._
The Trustees have given due regard to the Charity Commission’s guidance on public benefit and believe that the aims, objectives and services provided by the charity are compliant.
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**GLADSTONE’S LIBRARY Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
Gladstone’s Library responds to these aims and objectives in the following ways:
## **2. Achievements and Performance**
The Library was opened fully during 2022.
## **2.1. Library Collections**
The Reading Rooms remain a thriving, happy space filled with a broad demographic of users. The immediate post-pandemic boom is here to stay and we’re beginning to better understand the new rhythm of our year and the tides of researchers, revisers and readers. International visitors are beginning to return in significant numbers, which is wonderful to see.
The Library has always been a significant national research base but the increase in researchers and their publications is particularly noticeable at present. Whether it’s working with the collections here at the Library, or contacting us for permissions regarding an independent project, it’s clear that knowledge of the Library is standard practice for any researcher in the relevant fields.
Usage remained as high or higher than pre-pandemic, with 2022 seeing 10,208 visits to the reading rooms by the three forms of registered user:
- 5183 Reader visits
- 258 Researcher visits
- 4767 Resident visits
_Note: these numbers represent individual daily people, e.g. John Smith enters five times on 3[rd] March, six times on 4[th] March and seven times on 5[th] March = 3 visits by one person._
It’s also useful to reflect on the total number of access points (every time a card or key is tapped on the Reading Rooms’ entry pad). There were a total of 24,445 across 2022; divided across the 50 weeks the Reading Rooms are open that’s 489 instances every week, or 70 every day.
We don’t currently keep statistics on the number of ‘drop-in visitors’ – tourist or leisure visitors who would like to spend 5-10 minutes visiting the Reading Rooms – but at busy times such as Christmas or a half-term these can reach 20 every day.
Our aim is that everything we produce – be that a new cover for a book, or a catalogue record – be sustainable, endurable, and as compatible as possible with predicted future projects. Therefore all work is done to required standards and best practice as far as is achievable and practicable within the confines of the Library’s budget and environment. We work closely with the Library’s Warden, Andrea Russell, to promote harmony between Reading Room and Library aims and outcomes.
The current staffing represents the first permanent, broadly full-time team that the Reading Rooms have had. Although in an ideal world we’d grow the team, it’s clear to see the benefits brought by permanent colleagues who have time to develop and grow. A recent ‘core competencies’ training pilot reviewed the Reading Room Assistants’ job description. Working with the RRA, we developed their job from tasks and responsibilities at its original ‘student/trainee’ level to something more detailed, competent and sophisticated. Both report increased comfort and confidence at work as a result.
Importantly, the team are happy. As with any space inhabited by members of the public, stresses and strains do appear; most GLAM and cultural spaces in the UK are reporting unusual levels of stress and anxiety related behaviours in both staff and users. Gladstone’s isn’t immune, but we’re very pleased to report that our team feel supported and confident in their work.
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **2.2. Archives**
2022 was the busiest year for which we have records, with three times more archives-related enquiries than any other year.
Reprographic, research and copyright enquiries also continue to increase and are handled very effectively between the Reading Room and Digitisation teams.
Alongside delivering the archive service, we continue to review and improve the arrangement and cataloguing of a range of archives; the Glynne-Gladstone, British Crime Writing, Jim Cotter and Eric James archives all began. This is work that all previous archivists have struggled with (largely due to their part-time hours) and it is testament to Alexandra Foulds, the Library’s Archivist, that so much has been achieved.
Alexandra has also produced outstanding training documentation which has improved staff competency and confidence, leading to improved service.
## **2.3. Outreach and Public Engagement**
Collection use continues to grow, with figures suggesting that both 2022 and 2023 will exceed pre-pandemic years. Initiatives such as themed bookshelves and social media posts show remarkable results. Although we still have many users who consider us a space for work, rather than a portal to printed collections, the average person in the Library now uses at least one book during their time here. This is a real improvement on previous years.
We have returned to buying books, focusing mostly on periodicals and magazines as their turnover means these are read most often by most readers, and they have a large visible impact. While we compile acquisitions lists work begins on a significant review of our Acquisitions Policy, delayed from 2019’s Annual Plan for 2020. This is an exciting time for the Reading Rooms, as this is an opportunity to set the tone for the future.
Access to our rarest books continues to improve due to the diligent catalogue review underway by Isobel Goodman, the Librarian. Her work on individual catalogue records brings them into recognisable standards for researchers. Isobel continues to achieve fantastic results on the de-accessioning project.
## **2.4. Outreach and Public Engagement**
Our successful university placements returned in 2022 and it’s worth quoting feedback from one student in full:
_I would like to wholeheartedly thank you and everyone else for the time spent at Gladstone's Library. Each one of you made me feel welcome from the start despite the library's outwardly intimidating appearance. I unexpectedly got the chance to engage with some sensitive parts of history that link to my own heritage as a Black British person. However, the placement appealed to me in so many ways, not only through working with the printed books but also learning about the conservation of old text and archival standards. Overall, taking part in the Gladstone's Writing project sparked an interest in subjects that I had only briefly explored before, and it feel enriching to see your organisation's constant attempts to develop and improve approaches to public access and engagement. I would love to work with you all again and I cannot wait to see the future projects that the library engages with._
After ten years and three terms, Louisa stepped down as an ILA committee member. She was formally thanked for her work in transforming the ILA Annual Conference into a lively, international networking opportunity.
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
The team continue to represent Gladstone’s Library in national and international professional communities. Alexandra is now the Curator and Archives Liaison on the British Association of Victorian Studies, while Isobel is a member of the CILIP RBSCG (Rare Books and Special Collections Group) Bibliographic Standards Committee. Louisa remains a Trustee of the Portico Library in Manchester. All three posts were the result of competitive application.
The team contribute significantly to the Library’s social media. The Reading Room assistants (James Southerby and Louise Roberts) have developed.
Volunteers have been a victim of their own success! After an initial recruitment period that required significant staff time the teams now require light supervision from Isobel and Alexandra. The Reading Room volunteer teams – Conservation, Condition Checking, Cataloguing, and Digitisation – are on a recruitment pause due to numbers. The Warden and Director of Collections and Research are working on a strategy for volunteers across the Library, as numbers have reached the maximum possible under the current staffing.
Foundation Volunteers – longer-term work experience for those hoping to make GLAM a career – continue as they are naturally fewer in number and we’re still working out how best to proceed with our commitment to working with recent graduate students in the North West and North Wales.
## **2.5. Digitisation**
We have learned huge amounts from the Writing Gladstone project. The $400,000 secured from Carnegie by Peter Francis and Annette Lewis in 2018 has had a transformative impact. It is no exaggeration to say that without the eighteen months leading up to March 2020, in which we constantly discussed cloud storage and online collaborative working, the necessary IT adjustments during lockdown would have been significantly harder. Funds were also redirected by permission of the Carnegie Corporation, to secure staffing.
The project saw multiple challenges and setbacks and the current team have worked incredibly hard to deliver results in line with the original aim and spirit of the bid.
## **2.6. Achievements and Performance: Programme**
Events: 2022 brought us a number of sell-out events. The sponsored Nunkie Theatre M. R. James night and the 2022 Founder's Day event with Lord Andrew Adonis sold out extremely quickly and brought in additional income on a donation basis. The one-off Timmy Mallet event early in the year sold out, and the food-and-talk themed Alice in Wonderland talk attracted great interest. Gladfest, Hearth and Alibis in the Archive continue to grow back and bring in new audience members.
## **2.6.1. Theology and Spirituality**
## **January** :
- Can the Church heal? A talk featuring activist Andrew Grayston (offered as an in person talk and online)
## **March** :
- Confessions of a Recovering Fundamentalist with Keith Ward (weekend course)
- The 2022 John Shelby Spong Lecture
## **April** :
- Liberal Christianities Ian Bradley (short residential course)
- Art, Faith and the Ages of the Human with Dr Deborah Lewer.
## **November:**
- Walking, Thinking, Writing: turning a pilgrimage into The Crossway. An evening with Guy Stagg
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **2.6.2. Use of Chapel**
Chapel services were cancelled during the period ‘between Wardens’. Since taking up her role the Warden has continued to use the liturgy compiled by Peter Francis, with some changes and has rearranged the space. The use of poetry in the Chapel services has continued to be appreciated.
The Chapel is a space that is also used for other events. Other groups who use the Chapel regularly include yoga and mindfulness groups. It is also used as a place of quiet contemplation throughout the day by residents and day visitors. The Chapel is often chosen as a venue for lectures and conferences and provides comfortable seating, excellent acoustic and a reliable sound system.
## **2.6.3. Arts and Literary Culture**
## **February**
- Hearth
- Utterly brilliant! Timmy Mallett. An in person talk.
## **March**
- An evening with Caoilinn Hughes – On Embracing Uncertainty
- An evening with Sarah Watling - Noble Savages: Discovering the Olivier Sisters
## **April**
- Sad Little Men with Richard Beard and Peter Francis
- An evening with Robert Poole – Writing and Radicalism: Samuel Bamford and the Victorian Literary Scene
- An evening with Glen James Brown – The inconvenient facts of writing fiction.
- The Strongest Voice: Writing Vivid, Memorable Characters. A Masterclass with Glen James Brown
## **May**
- Reading Race: The Power of Literature - An Online Panel
- Human/Nature: a discursive poetry reading with Rebecca Watts. Distilling a mass of research into a single book; a masterclass with Sarah Watling.
## **June:**
- Alibis in the Archive (weekend)
## **July**
- Gladstone Umbrella (weekend)
## **August:**
- The Inklings with Michael J. Christensen (weekend)
- Latin in a week
## **September:**
- Gladfest
## **October** :
- A Pleasing Terror: Two ghost stories by M R James performed by R M Lloyd Parry
- 150 years of Through the Looking Glass – and what Alice found in Oxford and North Wales. Mark J. Davies
## **2.6.4. History and Politics**
## **July:**
- The Gladstone Umbrella, an annual gathering of Gladstone scholars and enthusiasts .
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **2.7. Achievements and Performance: Visitors**
In 2022 the Library continued to see growth in the number of visitors and guests staying at the library. Occupancy of our bedrooms increased to 66% average occupancy compared to 64% in the 4 months of trading in 2021. Revenue from our restaurant was up 21% illustrating the growth in visitors to our Food for Thought restaurant.
## **2.8. Achievements and Performance: Marketing**
## **2.8.1 Social Media**
Our social media reach grew in 2022. These stats are taken from the period of January 2022-December 2022 (compared to the same period in 2021). Please note: the Library closure, and gradual re-staffing which continued into late 2021 unnaturally depressed figures that year whilst the reopening led to a spike.
Overall, across Twitter, Instagram, Facebook and LinkedIn: 6.5K posts (up 3.1K from 3.4K), 3.9M impressions (up 1.6M from 2.3M impressions in 2021), 2.1M users (572K up from 1.5M), 4.82% engagement rate (up 0.37 from 4.45%). Our expenditure on online and print ads has been minimal (sub £400, most of this on targeted Gladfest or special offer advertising), meaning this is mostly organic growth.
## **2.8.2 PR and Press**
Outbound press releases (e.g., The Hunt for Writers in Residence, the installation of Andrea Russell as Warden and the Suffragette Lego display) have been supported by the local press. We have facilitated national press coverage in publications such as The Guardian, Nation Cymru, and Wales Online.
## **3. Development**
## **3.1. Staffing**
After 24 years the Library’s long serving Development Manager Anette Lewis retired in December 2021. In June 2022, Jim Creed was appointed as the Library’s new Fundraising and Development Officer, working three days a week (18 hours).
## **3.2. Development of future project ideas**
Between June and October 2022, Jim Creed supported the developmental work of Peter Francis (now employed as the Library’s Fundraising Consultant) and Patrick Derham (Trustee). This focused on developing a combination of project concepts under the working title of Gladstone 125, this including Gladstone themed events, awards, and capital projects.
## **3.3. Grant Applications**
After submitting a successful expression of interest (EOI) in November, the Library was invited to submit a formal funding application to the National Heritage Memorial Fund (NHMF) for over £700,000 to undertake major restorations and repairs to the Library’s roof and front porch. The application will be submitted by February 2023 with an outcome due in April 2023.
In November, an expression of interest (EOI) was submitted to the Heritage Fund (Lottery) to expand and develop the Library’s engagement opportunities for new audiences both on-site and digitally. This included the conversion and repurposing of Stephen Gladstone Hall (Grade 2 listed) into a new state of the art cultural hub/engagement space, sustainable upgrades to the Library building and grounds, and new learning opportunities. If the EOI is successful, the Library will be invited to apply for a development phase grant (by January 2024) to support the design and development of a major project application (up to £5 million).
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **3.4. Friends of Gladstone’s Library**
Initial research into updating and refreshing Friends of Gladstone’s Library was undertaking with the premise of making it easier for visitors to sign up to regular giving and to reduce associated administration for staff. In November and December, the Library held a series of in person and online ‘Meet the New Warden’ exclusive events for Friends.
## **3.5. U.S. Friends of Gladstone’s Library**
The Library was awarded a grant of $20,000 from U.S. Friends of Gladstone’s Library, which was accrued thanks to the Library’s U.S. based supporters and donors.
## **3.6. Sponsorship**
Over £2,000 was successfully raised in corporate sponsorship from locally based businesses for Gladfest 2022, which was the Library’s first in person festival since 2019. Supporters included Castell Howell Foods **,** Mitchell Charlesworth, Hartsheath Trust, Rawson, Mug-run Coffee, Taylors of Harrogate, North West Produce, and Johnsons.
In November, Canda Copying Ltd. kindly sponsored a sold-out J. R. James performance at the Library by Nunkie Theatre.
## **4. Operations**
In 2022 the Library was fully open and operational, although it took some time for guests to return after the uncertainty of Covid. The main focus for 2022 was to both protect and increase (where possible) the revenue on our way to full recovery from the uncertainty of 2021. The main tasks were to retain, train and develop our team to the new way of service in Food for Thought (FFT). This included working with the chefs to enhance our offering in FFT to include more appealing and less confusing menus, that were still good value for money and connecting our Reading Room users and the local community to FFT.
In the final quarter of the year the Operations Manager and Warden worked together to review the staffing structure, as the business model had changed substantially post Covid. The aim was to increase our efficiency without having any negative impact to our team, and there was a particular focus on the reception team. The plans were set in place ready for implementation in 2023.
Some of the success for 2022 have been:
- Implementing a monthly stock take.
- Starting a weekly Operations meeting
- A significant increase in conference revenue
- Increase in the daily FFT revenue
- Introducing a new Restaurant supervisor role
- Starting free NVQ qualifications to enable individual progression and encourage staff retention.
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **5. Financial Review**
## **5.1. Financial Results**
The Library reopened in September 2021 after being closed for 18 months due to Covid. In 2022 the Library continued to increase occupancy and revenue to pre Covid levels. 2022 average room night occupancy increased from 64% to 66% with a 5% increase in average weekly revenue.
|2022|Room||
|---|---|---|
|Room nights|Nights|Occupancy|
|Jan|382|51%|
|Feb|425|58%|
|Mar|529|66%|
|Apr|542|69%|
|May|520|65%|
|June|556|71%|
|July|574|71%|
|August|636|79%|
|Sept|503|64%|
|Oct|533|66%|
|Nov|509|65%|
|Dec|265|57%|
|Total
5974
66%|||
Total unrestricted and restricted income was up 68% due to charitable activities and trading income. Expenditure increased by 69%. We monitor our expenditure very closely and incurred significant increases in food, energy and wage costs in the year.
The overall reduction in funds was impacted by the net loss on investments of £118,809 compared to a gain of £89,320 in 2021. Our investments are reviewed on a quarterly basis by our Finance Committee and stock broker.
## **5.2. Reserves**
At the 2022 year end the unrestricted reserves were equivalent to 8 months normal expenditure.
The reserves policy of the charity is to hold unrestricted, free reserves equivalent to 12 months expenditure of a typical trading year. The Trustees designate unrestricted reserves in respect of known forthcoming projects or liabilities. Details of the charity’s designated reserves can be seen in these accounts. After taking into account the designated reserves identified by the charity, the remaining level of free, unrestricted reserves fell short of the charity’s policy. The Trustees are aware of this and will aim to work towards achieving the required level over future months.
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **6. Structure, Governance and Management**
## **6.1. The Board of Trustees and Directors of the Company**
The Trustees of Gladstone’s Library agreed to review the Charity’s governance and structure, in order to make the Board of Trustees more compact and accountable, and to ensure that the structure of the Charity is fit for purpose. To this end, the Charity is working towards finalising the agreement reached and approved by the Trustees.
The first part of this process was to look at the number of Trustees on the Board of the Charity. Having taken into account the range of skills required by the Board of Trustees to fulfil its duSes to the Charity, it was agreed that the number of Trustees should be reduced, and as at 31[st] December 2022, the Trustees of Gladstone’s Library were:
- Damian Barr
- Gregory Cameron
- David Cannadine
- Toria Collins
- Virginia Davies
- Patrick Derham (Chair)
- Charles Gladstone (President of Gladstone’s Library)
- Tamara Harvey
- Louisiana Lush
- Llyr Williams (Vice Chair)
It was felt that the Trustees named above had the broad range of skills and expertise required for the successful oversight of the Charity, save that the Trustees agreed to find and appoint a Trustee with expertise in Charity finance and accounts. As at 31[st] December 2022, the search is ongoing.
The Trustees also set up an Advisory Committee, made up of the former Trustees and other members who had experience, skills, and knowledge that could assist and expand those of the Trustees, and to be available to the Trustees and Library Staff for consultation and discussion on a more ad hoc basis.
It is hoped that the changes to the structure, governance, and management of the Library will be completed during 2023.
Peter Francis remained Company Secretary and Warden of Gladstone’s Library until 8.7.22. Andrea Russell was appointed Company Secretary and Warden of Gladstone’s Library on 25.10.22.
## **6.2. Gladstone’s Library Services Limited**
A separate sister company, Gladstone’s Library Services Ltd, has responsibility for all financial activities that are not core to the charitable purposes of Gladstone’s Library. The directors of Gladstone’s Library Services Ltd are:
- Peter Francis (resigned 8.7.22)
- Andrea Russell (appointed 25.10.22)
- Sarah Robertson
- Llyr Williams
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **6.3. Gladstone’s Library Staff**
As at 31 December 2022, Gladstone’s Library had the following members of staff:
**Management and Department Head** Andrea Russell Warden and Director Sarah Robertson Finance Manager and Director Louisa Yates Director of Collections and Research Oussama Mantashe Operations Manager **Admin/Other** Elizabeth Newmarch PA to the Warden / HR and H&S Officer Jim Creed Fundraising and Development Officer Margaret Cartner Finance Assistant Rhian Waller Digital Marketing Officer
## **Collections: Reading Rooms and Archives**
Isobel Goodman Librarian Alexandra Foulds Archivist Louise Roberts Library Assistant James Southerby Library Assistant Geoff Scotland Digitisation Officer Paul Hooper Digitisation Officer
**Food for Thought Restaurant**
Matthew Gibson Head Chef Gareth Messham Sous Chef Charly James Demi Chef de Partie Nicola Jones Restaurant Team Leader Angela Evans Restaurant Charlotte Pritchard Restaurant Cheryl Green Restaurant Denise Payne Restaurant Alison Stevens Restaurant Matthew John Restaurant (casual) Pamela Griffiths Restaurant Jessica Waterson Restaurant (casual) Elizabeth Oakland Pot Wash Morgan Roberts Pot Wash Oliver Jones Pot Wash
## **Housekeeping**
Adrian Stefanescu Head Housekeeper Samantha Newall Housekeeping Caroline Sayer Housekeeping Rosie Parry Housekeeping
**Maintenance and Night Porter**
Dominic King Night Porter Gareth Jones Night Porter Evan John Maintenance Officer
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## **GLADSTONE’S LIBRARY**
## **Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
**Reception** Caroline Jeffrey Reception Victoria Leary Reception Helene Webster Reception Nicola Whalley Reception
**7. Reference and AdministraBve Details**
Registered Charity Name Gladstone’s Library Charity number 701399 Company registration number 2363642 Registered office Gladstone’s Library Church Lane Hawarden Flintshire CH5 3DF Auditor Mitchell Charlesworth (Audit) Limited 24 Nicholas Street Chester CH1 2AU Bankers Lloyds TSB Plc P.O. Box 251 8 Foregate Street
## **8. Trustees’ Annual Report**
**The Trustees, four of whom are also directors for the purposes of company law, present their** annual report and the financial statements of the charity for the year ended 31st December 2022.
## **8.1. FoundaBon**
**Gladstone’s Library was founded by William Ewart Gladstone (1809-1898), arguably Britain's greatest** Prime Minister, in 1889. It is the only Prime Ministerial Library in the UK and is unique in being a residential library with 26 bedrooms. The present Grade 1 listed building was opened in 1902 as the National Memorial to Gladstone. The Library was created around Gladstone’s original donation of 28,000 books. It houses a worldrenowned collection of theology and nineteenth century studies. The collection is up to date and now boasts more than 200,000 items.
## **8.2. Governance**
Gladstone’s Library is a charity (Registered Charity Number: 701399) and, as such, is run by a Warden (Andrea Russell) who reports to the Trustees. The Library is also a company registered in England and Wales as a Company Limited by Guarantee (Number 2363642). At present, of the Trustees are directors of the company for the purposes of the Companies Act. The Trustees are a body of not less than five and not more than twentyfour members. The Trustees meet at least twice a year - for the Founder’s Day meeting of the Trustees which includes the AGM of the Company. The Chair may call other meetings of the Trustees or whenever he is summoned to do so by two or more Trustees. The Fundraising and Finance Sub-committees are delegated by the Trustees to act on their behalf. All acts and decisions taken under such delegated powers shall be reported to the Trustees and confirmed by them.
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**Trustees’ Report (including Directors’ Report) For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **8.3. Risk**
Gladstone’s Library monitors its risk register on an ongoing basis. This forms part of the work plan of the Board.
## **8.4. Auditors**
Having expressed a willingness to continue in office, a resolution for the appointment of Mitchell Charlesworth (Audit) Limited will be proposed at the forthcoming Annual General Meeting.
## **9. Trustees’ ResponsibiliBes**
Those Trustees who are directors of Gladstone’s Library are, for the purposes of company law, responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable legal and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountancy Practice). Company law requires the directors to prepare financial statements for each financial year that give a true and fair state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The Trustees’ report was approved by the Board of Trustees.
**Registered Office: Signed by order of the Trustees:** Gladstone’s Library Church Lane Hawarden Flintshire The Revd Dr Andrea Russell CH5 3DF Company Secretary
**Signed by order of the Trustees:**
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## **GLADSTONE’S LIBRARY**
## **Independent Auditor's Report To the Members of Gladstone’s Library**
## **Opinion**
We have audited the financial statements of Gladstone’s Library (the ‘charity’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022 which comprise the Group Statement of Financial Activities, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland (_ United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- give a true and fair view of the state of the group’s and the charitable company's affairs as at 31 December 2022 and of the group’s incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- - have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the Trustees' Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the accounts are prepared is consistent with the accounts; and
- the Directors’ Report included within the Trustees' Report has been prepared in accordance with applicable legal requirements.
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## **GLADSTONE’S LIBRARY**
## **Independent Auditor's Report (continued) To the Members of Gladstone’s Library**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the accounts are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the accounts in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group and charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
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## **GLADSTONE’S LIBRARY**
## **Independent Auditor's Report (continued) To the Members of Gladstone’s Library**
## **Identifying and assessing potential risks related to irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance;
- the charity’s own assessment of the risks that irregularities may occur either as a result of fraud or error;
- the results of our enquiries of management and trustees of their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
(i) The presentation of the charity's Statement of Financial Activities, (ii) the charity's accounting policy for revenue recognition and (iii) the charity's use of restricted funds. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, and the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection Regulations.
## **Audit response to risks identified**
As a result of performing the above, we identified the safeguarding of the building and collection, and revenue recognition as the key audit matters related to the potential risk of fraud.
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;
- enquiring of management and members of the Board of Trustees concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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## **GLADSTONE’S LIBRARY**
## **Independent Auditor's Report (continued) To the Members of Gladstone’s Library**
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Robert Hall (Senior Statutory Auditor) for and on behalf of Mitchell Charlesworth (Audit) Limited**
**Accountants Statutory Auditor**
24 Nicholas Street Chester CH1 2AU
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## **GLADSTONE’S LIBRARY**
## **Group statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2022**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
214,122
23,249
Grant income
**3**
-
8,000
Charitable activities
**4**
448,475
-
Investments
**5**
17,494
41,784
Trading company income
**14**
354,252
-
**Total income**
1,034,343
73,033
**Expenditure on:**
Raising funds
**6**
31,784
6,752
Charitable activities
**7**
608,257
421,578
Investment costs
**11**
1,611
7,658
Trading company expenses
**14**
96,317
-
**Total resources expended**
737,969
435,988
Net (losses)/gains on investments
**12**
(25,448)
(93,361)
**Net incoming resources before**
**transfers**
270,926
(456,316)
Gross transfers between funds
**13**
-
-
**Net income for the year/Net**
**movement in funds**
270,926
(456,316)
Total funds brought forward
706,825
1,816,031
**Total funds carried forward**
977,751
1,359,715
|**Total**
**2022**
**£**
237,371
8,000
448,475
59,278
354,252
1,107,376
38,536
1,029,835
9,269
96,317
1,173,957
(118,809)
(185,390)
-
(185,390)
2,522,856
2,337,466
|**Total**
**2021**
**£**
151,564
188,067
139,463
70,946
107,479
657,519
51,877
601,398
8,600
32,342
694,217
89,320
52,622
-
52,622
2,470,234
2,522,856|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## **GLADSTONE’S LIBRARY**
## **Group statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2022**
Comparative information in respect of the preceding period is as follows:
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
136,264
15,300
Grant income
**3**
-
188,067
Charitable activities
**4**
139,463
-
Investments
**5**
48,589
22,357
Trading company income
**14**
107,479
-
**Total income**
431,795
225,724
**Expenditure on:**
Raising funds
**6**
49,607
2,270
Charitable activities
**7**
487,930
113,468
Investment costs
**11**
1,730
6,870
Trading company expenses
**14**
32,342
-
**Total resources expended**
571,609
122,608
Net (losses)/gains on investments
**12**
8,274
81,046
**Net incoming resources before transfers**
(131,540)
184,162
Gross transfers between funds
**13**
27,000
(27,000)
**Net income for the year/Net movement in**
**funds**
(104,540)
157,162
Total funds brought forward
811,365
1,658,869
**Total funds carried forward**
706,825
1,816,031
|
|
|---|---|
|||
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## **GLADSTONE’S LIBRARY**
## **Group Balance Sheet As at 31 December 2022**
|**Notes**
**Fixed assets**
Intangible assets
**15**
Tangible assets
**16**
Investments
**17**
**Current assets**
Stocks
**18**
Debtors
**19**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**20**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**21**
Unrestricted funds
**22**|**£**
3,343
9,783
858,160
871,286
(243,503)
|
|**2022**
**£**
5,552
383,292
1,320,839
1,709,683
627,783
2,337,466
1,359,715
977,751
2,337,466|**£**
3,533
7,783
1,108,405
1,119,721
(263,487)
|**2021**
**£**
6,138
420,428
1,240,056
1,666,622
856,234
2,522,856
1,816,031
706,825
2,522,856|
|---|---|---|---|---|---|
|||
||||
The accounts were approved by the Trustees on ___________________ .
## **Llyr Williams**
Chairperson of Trustees
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## **GLADSTONE’S LIBRARY**
## **Company Balance Sheet As at 31 December 2022**
|**Notes**
**Fixed assets**
Intangible assets
**15**
Tangible assets
**16**
Investments
**17**
**Current assets**
Stocks
**18**
Debtors
**19**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**20**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**21**
Unrestricted funds
**22**|**£**
3,343
9,783
858,160
871,286
(243,524)
|**2022**
**£**
5,552
383,292
1,320,840
1,709,684
627,762
2,337,446
1,359,715
977,731
2,337,446|**£**
3,533
7,783
1,108,405
1,119,721
(263,508)
|**2021**
**£**
6,138
420,428
1,240,057
1,666,623
856,213
2,522,836
1,816,031
706,805
2,522,836|
|---|---|---|---|---|
The accounts were approved by the Trustees on ________________.
## **Llyr Williams**
Chairperson of Trustees
## **Company Registration No. 02363642**
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## **GLADSTONE’S LIBRARY**
## **Group Statement of Cash Flows For the year ended 31 December 2022**
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**25**
**Investing activities**
Dividends, interest and rents from investments
Proceeds from the sales of PPE
Purchase of Property, Plant and Equipment
Purchase of intangible asset
Net proceeds from movement on investments
**Net cash (used in)/generated from investing**
**activities**
**Cash flows from financing activities:**
Repayments of borrowing
Cash inflows from new borrowing
**Net cash provided by (used in)/generated from**
**financing activities**
**Change in cash and cash equivalents in the**
**reporting period**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of the year**|**2022**
**£**
**£**
(225,522)
59,278
-
(3,218)
-
(80,783)
(24,723)
-
-
-
(250,245)
1,108,405
858,160|**2021**
**£**
**£**
60,287
70,946
249
(269,405)
-
(115,749)
(313,959)
(100,000)
-
(100,000)
(353,672)
1,462,077
1,108,405|
|---|---|---|
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**Notes to the Financial Statements For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **1. Accounting policies**
## **Charity information**
Gladstone’s Library is a private company limited by guarantee incorporated in England and Wales. The registered office is Church Lane, Hawarden, Flintshire, CH5 3DF, North Wales.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity’s Memorandum of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements and having due regard to the impact of COVID-19, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Basis of consolidation**
The consolidated financial statements incorporate those of Gladstone’s Library and its subsidiary (i.e. an entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiary financial statements are made up to 31 December 2022 and accounting policies used therein are in line with those used by Gladstone’s Library.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The group statement of financial activities and statement of cash flows also include the results and cash flows of Gladstone’s Library Services Ltd, the subsidiary.
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
## **1. Accounting policies** _**(continued)**_
## **1.5 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
## **1.6 Resources expended**
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure incurred at the balance sheet date that relates to events taking place after the balance sheet date is carried forward as deferred expenditure.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
Governance costs are those costs incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
## **1.7 Intangible fixed assets other than goodwill**
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software 20% straight line
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**Notes to the Financial Statements For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **1. Accounting policies** _**(continued)**_
## **1.8 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 10% reducing balance Plant and equipment 10% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.
## **1.9 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.10 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
## **1.11 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.12 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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**Notes to the Financial Statements For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **1. Accounting policies** _**(continued)**_
## **1.13 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2. Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
26 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**3.**
**Donations and legacies**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Donations and gifts
214,122
23,249
Government grants
-
8,000
**Donations and gifts**
Donations - The Main Library
130,739
-
Donations - Voluntary
59,133
-
Donations - The Scholarship Fund
-
-
Donations - The Gladstone Project
-
-
Gift Aid - The Main Library
24,250
-
Arts sponsorship
-
15,000
Exhibition donations
-
2,358
Living Heritage
-
300
Other
-
5,591
214,122
23,249
**Grants receivable for core activities**
Business rates grant
-
8,000
-
8,000
Comparative information in respect of the preceding period is as follows:
**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
Donations and gifts
136,264
15,300
Government grants
-
188,067
**Donations and gifts**
Donations - The Main Library
62,453
-
Donations - Voluntary
61,541
-
Donations - The Gladstone Project
-
300
Gift Aid - The Main Library
12,270
-
Arts sponsorship
-
15,000
136,264
15,300
|**Total**
**2022**
**£**
237,371
8,000
130,739
59,133
-
-
24,250
15,000
2,358
300
5,591
237,371
8,000
8,000
**Total**
**2021**
151,564
188,067
62,453
61,541
300
12,270
15,000
151,564|
|---|---|
27 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**3.**
**Donations and legacies (continued)**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
**Grants receivable for core activities**
Welsh Government Cultural grant
-
146,900
CJRS Funding
-
12,167
Business rates grant
-
29,000
-
188,067
**4.**
**Charitable activities**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Boarding and tuition fees
448,475
-
Comparative information in respect of the preceding period is as follows:
**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Boarding and tuition fees
139,463
-
**5.**
**Investments**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Income from UK listed investments
10,207
34,001
Cash on special deposit – Main Fund
7,243
-
Cash on special deposit – Scholarship
-
7,783
Bank interest receivable
44
-
17,494
41,784
|**Total**
**2021**
**£**
146,900
12,167
29,000
188,067
**Total**
**2022**
**£**
448,475
**Total**
**2021**
**£**
139,463
**Total**
**2022**
**£**
44,208
7,243
7,783
44
59,278|
|---|---|
28 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
## **5. Investments (continued)**
Comparative information in respect of the preceding period is as follows:
|**6.**|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Income from UK listed investments
38,454
14,498
Cash on special deposit – Main Fund
10,128
-
Cash on special deposit – Scholarship
-
7,859
Bank interest receivable
7
-
48,589
22,357
**Raising funds**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Fundraising and publicity
Fundraising salaries
18,858
-
Publicity
12,926
6,752
31,784
6,752
|**Total**
**2021**
**£**
52,952
10,128
7,859
7
70,946|
|---|---|---|
|||**Total**
**2022**
**£**
18,858
19,678
38,536|
Comparative information in respect of the preceding period is as follows:
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Fundraising and publicity
Fundraising salaries
32,809
-
Publicity
16,798
2,270
49,607
2,270
|**Total**
**2021**
**£**
32,809
19,068
51,877|
|---|---|
29 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**7.**
**Charitable activities (expenditure)**
**Boarding and tuition fees costs**
Depreciation
Rates and water
Light and heat
Repairs and maintenance
Insurance
Catering and other purchases
Course expenses and training
Printing, postage and stationery
Purchase of books
Carnegie fund project costs
Share of support costs (see note 8)
Share of governance costs (see note 8)
**Analysis by fund**
Unrestricted funds
Restricted funds
|**2022**
**£**
39,156
12,174
77,407
55,836
17,880
10,125
461
5,263
6,478
49,250
274,030
749,180
6,625
1,029,835
608,257
421,578
1,029,835
|**2021**
**£**
40,191
8,369
40,038
79,954
16,894
2,720
310
3,129
2,975
17,844
212,424
383,974
5,000
601,398
487,930
113,468
601,398|
|---|---|---|
30 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**8.**
**Support costs**
Library, conference and residential salaries
Wages and salaries
Leasing and rental
Motor and travel expenses
Consultancy fees
Telephone
Computer costs
Bank charges
Sundry
Recruitment costs
Legal and professional
Audit
Accountancy
Analysed between Charitable activities
|**Support**
**Governance**
**costs**
**costs**
**2022**
**2022**
**£**
**£**
573,278
-
73,080
-
4,638
-
6,283
-
2,789
-
3,006
-
25,440
-
11,215
-
31,955
-
17,496
-
-
850
-
1,600
-
4,175
749,180
6,625
749,180
6,625
|**Total**
**2022**
**£**
573,278
73,080
4,638
6,283
2,789
3,006
25,440
11,215
31,955
17,496
850
1,600
3,740
755,805|
|---|---|---|
|||755,805|
Governance costs includes payments to the auditors of £1,600 (2021 - £1,200) for audit fees.
Comparative information in respect of the preceding period is as follows:
|
Library, conference and residential salaries
Wages and salaries
Leasing and rental
Motor and travel expenses
Consultancy fees
Telephone
Computer costs
Bank charges
Sundry
Audit
Accountancy
Analysed between Charitable activities
|**Support**
**Governance**
**costs**
**costs**
**2021**
**2021**
**£**
**£**
251,784
-
58,278
-
5,260
-
6,147
-
7,004
-
4,905
-
23,662
-
4,094
-
22,840
-
-
1,260
-
3,740
383,974
5,000
383,974
5,000
|**Total**
**2021**
**£**
251,784
58,278
5,260
6,147
7,004
4,905
23,662
4,094
22,840
1,260
3,740
388,974|
|---|---|---|
|||388,974|
31 | P a g e
**Notes to the Financial Statements For the year ended 31 December 2022**
## **GLADSTONE’S LIBRARY**
## **9. Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
|**10.**
**Employees**
**Number of Employees**
Number of charitable staff
**Employment Costs**
Wages and salaries
Social security costs
Pension costs
|**2022**
**Number**
39
**2022**
**£**
656,127
45,943
10,728
712,798
|**2021**
**Number**
18|
|---|---|---|
|||**2021**
**£**
305,781
20,279
14,153
340,213|
No employee received any remuneration of more than £60,000 during the year (2021 - £Nil).
The number of full-time equivalent staff at the year end was 28 (2021 - 23).
|**11.**
**Investment management costs**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Investment management costs
1,611
7,658
1,611
7,658
|**Total**
**2022**
**£**
9,269
9,269|
|---|---|
Comparative information in respect of the preceding period is as follows:
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Profit/loss on disposal of tangible fixed assets
90
-
Investment management costs
1,640
6,870
1,730
6,870
|**Total**
**2021**
**£**
90
8,510
8,600|
|---|---|
32 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**12.**
**Net gains/(losses) on investments**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Gain/(loss) on sale of investments
(25,448)
(93,361)
|**Total**
**2022**
**£**
(118,809)|
|---|---|
Comparative information in respect of the preceding period is as follows:
||**Unrestricted**|**Restricted**||
|---|---|---|---|
||**funds**|**funds**|**Total**|
||**2021**|**2021**|**2021**|
||**£**|**£**|**£**|
|Gain/(loss) on sale of investments|8,274|81,046|89,320|
## **13. Transfer between funds**
A transfer of £nil (2021 - £27,000) was made during the year from the Scholarship Fund to the Gladstone Project. The transfer was made in order to fund the boarding and tuition fees of scholars.
## **14. Trading subsidiary**
Gladstone’s Library Services Ltd is a wholly owned subsidiary of the charity which runs the café/restaurant services to support Gladstone’s Library. Below are the trading results which have been included in the consolidated accounts.
|**Profit and Loss Account**
**Gladstone’s Library Services Ltd**
**Turnover**
Cost of sales
**Gross profit**
Administrative expenses
**Profit before tax**
Tax on profit/(loss) on ordinary activities
**Profit for the financial year**|**2022**
**£**
354,252
81,425
272,827
14,892
257,935
-
257,935
|**2021**
**£**
107,479
26,591
|
|---|---|---|
|||80,888
5,751|
|||75,137
-|
|||75,137
|
33 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
## **15. Intangible fixed assets**
|**Group and Company**
**Software**
**£**
**Cost**
At 1 January 2022 and 31 December 2022
8,483
**Depreciation**
At 1 January 2022
2,345
Charge for the year
586
At 31 December 2022
2,931
**Carrying amount**
At 31 December 2022
5,552
At 31 December 2021
6,138
**16.**
**Tangible fixed assets**
**Freehold land**
**Plant and**
**Group and Company**
**and buildings**
**equipment**
**£**
**£**
**Cost**
At 1 January 2022
219,266
550,746
Additions
-
3,218
Disposals
-
-
At 31 December 2022
219,266
553,964
**Depreciation and impairment**
At 1 January 2022
40,769
308,815
Depreciation charged in the year
17,054
23,300
At 31 December 2022
57,823
332,115
**Carrying amount**
At 31 December 2022
161,443
221,849
At 31 December 2021
178,497
241,931
|**Total**
**£**
8,483|
|---|---|
||2,345
586|
||2,931|
||5,552|
||6,138|
||**Total**
**£**
770,012
3,218
-
773,230
349,584
40,354
389,938
383,292
420,428
|
The freehold property, and books and manuscripts, were each initially valued at a nominal £1 in 1989. All subsequent additions to books and manuscripts have been written off.
Any additional amounts under ‘Freehold land and buildings’ are improvements to freehold property. This includes costs to extend the current building.
34 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
## **17. Fixed asset investments**
|**Unrestricted**
**fund**
**investments**
**Restricted**
**fund**
**investments**
**Cash on**
**unrestricted**
**fund**
**investments**
**Cash on**
**Restricted**
**fund**
**investments**
**Other**
**investments**
**£**
**£**
**£**
**£**
**£**
**Cost or valuation**
At 1 January 2022
232,363
928,575
4,174
74,944
1
Additions
34,914
194,535
(34,914)
(194,535)
-
Valuation changes
(25,448)
(93,361)
-
-
-
Other Movements
7,243
7,784
(405)
184,970
-
Disposals
(36,877)
(56,111)
36,877
56,111
-
At 31 December 2022
212,195
981,422
5,732
121,490
1
**Carrying amount**
At 31 December 2022
212,195
981,422
5,732
121,490
1
At 31 December 2021
232,363
928,575
4,174
74,944
1|**Total**
**£**
1,240,057
-
(118,809)
199,592
-
1,320,840
1,320,840
1,240,057|
|---|---|
100% of the investments are held by Gladstone's Library, therefore none relate to Gladstone's Library Services Ltd.
The investments held by the group are shown at £1,320,839 (2021 - £1,240,056) as the £1 share held in Gladstone’s Library Services Ltd has been eliminated on consolidation.
35 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**18.**
**Stock**
Stock
**19.**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
**20.**
**Creditors: amounts falling due within one year**
**Amounts falling due within one year:**
Trade creditors
Owed to group companies
Other taxation and social security
Other creditors
|**Group**
**2022**
**£**
3,343
**Group**
**2022**
**£**
-
9,783
9,783
**Group**
**2022**
**£**
30,581
-
30,023
182,899
243,503
|**2021**
**£**
3,533
**2021**
**£**
-
7,783
7,783
**2021**
**£**
57,295
-
17,388
188,804
263,487
|**Company**
**2022**
**£**
3,343
**Company**
**2022**
**£**
-
9,783
9,783
**Company**
**2022**
**£**
21,087
11,045
29,993
181,399
243,524
|**2021**
**£**
3,533|
|---|---|---|---|---|
|||||**2021**
**£**
-
7,783
7,783|
|||||**2021**
**£**
50,378
8,338
17,388
187,404
263,508|
36 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**21.**
**Restricted income funds**
**Balance at**
**1 January**
**2022**
**£**
Scholarship Fund
849,334
Writers in Residence
87,774
Living Heritage Fund
17,911
Maartin Merten donations
1,681
Carnegie fund
132,732
Exhibition fund
18,269
House of Wisdom donations
319
Elizabeth Hilton legacy
2,000
COVID grants received
537,385
Golothan fund
168,626
Other
-
1,816,031
**Scholarship fund breakdown**
Canon Symonds
Bishop Moorman
Dr McGregor
General
Tom Jarman
Veronica Powles
The Lawton
The Drew
Dr Daisy Ronco
Richard Hills
Gladstone
Ernest Walder
Canon Denys Ruddy
Father John Thorold
Jim Cotter Trust
Stantan Memorial
Eileen Stamper
Jeffrey Engell|**Movement in funds**|**Gains &**
**losses**
**Balance at**
**31 December**
**2022**
**£**
**£**
(92,260)
790,986
-
96,022
-
792
-
1,681
-
85,266
-
20,627
-
319
-
-
-
190,691
(1,101)
167,740
-
5,591
(93,361)
1,359,715
**2021**
**%**
**£**
7.41
62,935
5.26
44,675
14.49
123,068
7.39
62,766
3.82
32,445
2.88
24,461
3.63
30,831
4.83
41,023
2.24
19,025
4.67
39,664
0.92
7,814
3.22
27,348
7.37
62,596
6.16
52,319
10.71
90,964
5.35
45,439
9.65
81,961
-
100.00
849,334|
|---|---|---|
||**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**£**
**£**
**£**
40,828
(6,916)
-
15,000
(6,752)
-
300
(17,419)
-
-
-
-
-
(47,466)
-
2,358
-
-
-
-
-
-
(2,000)
-
8,000
(354,694)
-
956
(741)
-
5,591
-
-
73,033
(435,988)
-
**2022**
**%**
**£**
7.08
56,019
5.03
39,765
13.85
109,542
7.06
55,867
3.65
28,879
2.75
21,772
3.47
27,442
4.62
36,514
2.14
16,934
4.46
35,305
0.88
6,955
3.08
24,343
7.04
55,716
5.89
46,569
10.24
80,966
5.11
40,445
9.22
72,953
4.42
35,000
100.00
790,986||
37 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
## **21. Restricted income funds** _**(continued)**_
Comparative information in respect of the preceding period is as follows:
|**Balance at**
**1 January**
**2021**
**£**
Scholarship Fund
779,801
Writers in Residence
75,044
Living Heritage Fund
21,952
Maartin Merten donations
1,681
Carnegie fund
150,576
Exhibition fund
18,269
House of Wisdom donations
319
Elizabeth Hilton legacy
2,000
COVID grants received
440,601
Golothan fund
168,626
1,658,869|**Movement in funds**|**Gains &**
**losses**
**Balance at**
**31 December**
**2021**
**£**
**£**
81,046
849,334
-
87,774
-
17,911
-
1,681
-
132,732
-
18,269
-
319
-
2,000
-
537,385
-
168,626
81,046
1,816,031|
|---|---|---|
||**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**£**
**£**
**£**
22,357
(6,870)
(27,000)
15,000
(2,270)
-
300
(4,341)
-
-
-
-
-
(17,844)
-
-
-
-
-
-
-
-
-
-
188,067
(91,283)
-
-
-
-
225,724
(122,608)
(27,000)||
## **Scholarship Fund**
Legacy funds, the majority of which, is invested with stockbrokers to fund scholarship students staying at the library.
## **Writers in Residence**
Sponsorship funds donated to cover the expenses of visiting authors and authors events.
## **Carnegie Fund**
Funding to sponsor the Digitisation project of Gladstone papers.
## **COVID grants**
Funding received to support the business during Coronavirus closure.
## **Golothan Fund**
Funding received to fund a series of lectures at the library.
38 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**22.**
**Unrestricted income funds**
**Balance at**
**1 January**
**2022**
**£**
**Designated Funds**
Investment reserve
236,537
The Gladstone Project
282,958
Wolfson Foundation
120,000
Sponsor a Shelf Funds
88,418
727,913
General Fund
(496,047)
Trading company reserves
474,959
706,825|**Movement in funds**|**Gains &**
**losses**
**Balance at**
**31 December**
**2022**
**£**
**£**
(25,448)
226,972
-
276,058
-
-
-
88,418
(25,448)
591,448
-
(346,591)
-
732,894
(25,448)
977,751|
|---|---|---|
||**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**£**
**£**
**£**
17,494
(1,611)
-
10,519
(17,419)
-
-
(120,000)
-
-
-
-
28,013
(139,030)
-
652,078
(502,622)
-
354,252
(96,317)
-
1,034,343
(737,969)
-||
Comparative information in respect of the preceding period is as follows:
|**Balance at**
**1 January**
**2021**
**£**
**Designated Funds**
Investment reserve
217,320
The Gladstone Project
282,958
Wolfson Foundation
120,000
Sponsor a Shelf Funds
56,978
677,256
General Fund
(265,713)
Trading company reserves
399,822
811,365|**Movement in funds**|**Gains &**
**losses**
**Balance at**
**31 December**
**2022**
**£**
**£**
8,274
236,537
-
282,958
-
120,000
-
88,418
8,274
727,913
-
(496,047)
-
474,959
8,274
706,825|
|---|---|---|
||**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**£**
**£**
**£**
48,589
(1,640)
(36,006)
-
-
-
-
-
-
31,440
-
-
80,029
(1,640)
(36,006)
244,287
(537,627)
63,006
107,479
(32,342)
-
431,795
(571,609)
27,000||
||||
39 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
## **22. Unrestricted income funds** _**(continued)**_
## **Investment reserve**
Legacy funds invested with stockbrokers to cover day to day expenditure.
## **The Gladstone Project**
The Gladstone Project was established on the centenary of the founder's death in 1998 in order to raise additional funds necessary to enable the Trustees of Gladstone’s Library to satisfy their objectives and to develop Gladstone’s Library and its facilities. In 2006 - 2008, an additional fundraising drive began to put into place refurbishment, essential repairs and the continued development of Gladstone’s Library. This new fundraising drive attracted grants from Cadw, Heritage Lottery Fund and numerous Trusts as well as individual sponsors. The work supported by these donors concluded in 2008. The ongoing development of the Gladstone’s Library continues, and funds and donations for new projects are held in the Gladstone Project and Development Fund bank accounts. The Trustees consider monies held in these funds to be designated for the ongoing development of Gladstone’s Library whilst remaining within the total unrestricted funds.
## **Wolfson Foundation**
Funding received to support improvements made following Covid closure.
## **Sponsor a Shelf**
Funding to support day to day activities generated by sponsorship of a shelf in the library by individuals.
## **Trading company**
Income generated from Gladstone Library Services Ltd, generated from Food for Thought and conference income.
## **23. Company limited by guarantee**
The company is limited by guarantee and does not have a share capital. The liability of the directors of the charity is such that it will not exceed £1. Due to the structure of the company, no one has control or significant influence over the entity.
## **24. Related party transactions**
Gladstone’s Library Services Ltd is a wholly owned subsidiary of the company. During the year Gladstone’s Library Services Ltd donated £257,935 (2021 – £75,137 ) to the company.
The balance due to Gladstone’s Library Services Ltd at the year-end was £8,338 (2020 – £2,361 ).
## **Remuneration of key management personnel**
The remuneration of key management personnel, including the Warden and Finance Manager, is as follows:
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Total remuneration|63,299|77,239|
40 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
|**25.**
**Cash generated from operations**
Surplus/(deficit) for the year
(
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Loss/(profit) on the sale of fixed assets
Movements in working capital:
(Increase)/decrease in stocks
(Increase)/decrease in debtors
(Increase)/decrease in creditors
**Cash generated from operations**
(
**26.**
**Analysis of net assets between funds**
**Group**
**Unrestricted**
**£**
Fund balances at 31 December 2022 are represented by:
Intangible assets
5,552
Tangible assets
189,316
Investments
217,928
Current assets/(liabilities)
564,955
977,751
**Company**
**Unrestricted**
**£**
Fund balances at 31 December 2022 are represented by:
Intangible assets
5,552
Tangible assets
189,316
Investments
217,928
Current assets/(liabilities)
564,935
977,731|**2022**
**£**
185,390)
40,940
(59,278)
-
190
(2,000)
(19,984)
225,522)
**Restricted**
**£**
-
193,976
1,102,912
62,827
1,359,715
**Restricted**
**£**
-
193,976
1,102,912
62,827
1,359,715
|**2021**
**£**
52,622
42,084
(70,946)
90
(29)
(309)
36,775
60,287
**Total**
**£**
5,552
383,292
1,320,840
627,782
2,337,466
**Total**
**£**
5,552
383,292
1,320,840
627,762
2,337,446|
|---|---|---|
41 | P a g e
## **GLADSTONE’S LIBRARY**
## **Notes to the Financial Statements For the year ended 31 December 2022**
## **26. Analysis of net assets between funds** _**(continued)**_
Comparative information in respect of the preceding period is as follows:
||**Group**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|
|||**£**|**£**|**£**|
||Fund balances at 31 December 2021 are represented by:||||
||Intangible assets|6,138|-|6,138|
||Tangible assets|204,899|215,529|420,428|
||Investments|236,537|1,003,519|1,240,056|
||Current assets/(liabilities)|259,250|596,983|856,233|
|||706,824|1,816,031|2,522,855|
||**Company**|**Unrestricted**|**Restricted**|**Total**|
|||**£**|**£**|**£**|
||Fund balances at 31 December 2021 are represented by:||||
||Intangible assets|6,138|-|6,138|
||Tangible assets|204,899|215,529|420,428|
||Investments|236,538|1,003,519|1,240,057|
||Current assets/(liabilities)|259,230|596,983|856,213|
|||706,805|1,816,031|2,522,836|
|**27.**|**Analysis of changes in net (debt)/funds**||||
|||**At 1 January**||**31 December**|
|||**2022**|**Cash flows**|**2022**|
|||**£**|**£**|**£**|
||Cash at bank and in hand|1,108,405|(250,245)|858,160|
42 | P a g e