GLADSTONE'S LIBRARY GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2023 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 Andrew Roberts Resigned 4 July 2023 Resigned 28 May 2023 Appointed l July 2023 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 CHI 2AU
GLADSTONE'S LIBRARY Contents Page Trustees, report 1-14 Independent auditor's report 15-18 Group statement of financial activities Ilncorporating the income and expenditure account) 19-20 Group balance sheet 21 Company balance sheet 22 Group statement of cash flows 23 Notes to the accounts 24-45
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 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 2023 The financial statements have been prepared in accordance with the accounting policies set out in note I 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 IFRS 1021 leffective l January 20191" Warden's Introduction to the Annual Report 2023. Revd. Dr Andrea Russell Last year I wrote that 2022 had been a year of significant change and a year on I now realise that life here at the Library is always a story of change and development- and 2023 was no exception. The highlight of the year was the award of £777,000 from the National Memorial Heritage Fund to allow us to make much needed repairs to the Library's roof. The process has begun, with smaller like-for-like repairs having already been undertaken and by early December the application to Flintshire County Council was submitted for listed building consent, which should be through by Spring 2024. In addition to this we began preparations for a grant for the Heritage Lottery for a feasibility study year that would allow us to pilot projects with young people in the 16-24 age group, drawing on our collections and archives, to facilitate conversations in key Gladstonian areas of human rights. democracy and religious tolerance. In addition, we plan to work with architect5 and archival/collection experts to consider how the Library can be developed to ensure that the treasures we have are cared for in the best possible way, can be as accessible as possible and also that the building itself can help us to engage with 3 wider and younger group. Initial conversations with the funders and local schools and 8roups have been positive and so we again await the outcome in early 2024. We have been delighted that the relaunching of the Friends. scheme has gone well,. that courses and events have been well attended and that occupancy has continued to increase. There are still challenges but there are real signs of growth and much to be thankful for. The staff team continue to attract hugely positive comments from guests, and their hard work and commitment are key to our future success. The reshaping of the Trustee Board has gone well and whilst we were sad to say goodbye to Tamara Harvey we were delighted to welcome Andrew Roberts, who now chairs the finance sub-committee. I continue to be grateful to all members for the Trustee Board, and especially the Chair Patrick Derham. for their encouragement. support and wisdom. Objectlves and Actlvltles Memorandum of Assoclation In Gladstone's Librarvs Memorandum of Association, the objects for which the Charity is established are clearly stated.. lal 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. Ibl 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
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 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. Glodstone's Librory is... A residential librory and meeting ploce dedicated to diologue, debote and learning for open-minded individua15 and groups who are looking to explore pre55ing question5 and to pursue study and research in an age of distraction ond easy solution5. We help people engage more deeply in the question5 that concern them. We are committed to mointaining 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 05 group debate. Moreover. we are one of a kind. We offer a comfortable. sociable ond stimulating environment in which to pursue live question5, We provide the resources for creative study including renowned collections of religious, historical, cultural. ond politicol moteriols. We believe that the mind work5 best when the body is well cateredfor. We enoble our guests to enjoy solitude as well as social interoction. We like everyone to leave having encountered something they weren't expecting - a book, an idea or a person, for exomple. Moreover... We hove on evolving progrornme of events that keeps us connected with u wide network of writers and thinkers- and makes us worth revisiting. These are the volues we seek to embody.. Welcoming.. Friendly people in o comfortoble environment.. hoppy to accommodate speciol requests,. open to long or short visits. group5 and individuals.- making our riches avoiloble to the widest audience possible. Intelligent.- Voraciou5 reoder5.- thoughtful about where we can moke a difference. Open-minded.. Unafraid to explore ideas,. hungry for new avenues of enquiry,. engaged with contemporary questions ond explorotion of the connections between them.. liberal in volues ond ottitude,. respectfully occomrnodating different points of view. Surprising.. Having more to us than meets the eye,. maintaining the poce of innovotion. Diverse.- Celebroting difference ond inclusion.- giving people space to be themselve5. Ethical.. Defining volue in social terms,. pursuing progressive stondt7rds,' caringfor the environment. In summory. . . We ore proudly Gladstonion. os these ore the self-some liberol volues he lived, breothed ond bequeothed 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.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2023 Gladstone's Library responds to these aims and objectives in the following w3yS= Achievements and Performance The Library was opened fully during 2023. 2.1 The Reading Rooms. 2023 has been a lively year, and although there have certainly been challenges, it's important to note that rarely a day goes by without a moment ofjoy. It might be the gasp of someone new to the beautiful space, or a departing resident letting us know what a productive time they've had; for staff it'5 almost always the thrill of discovery, be that a new book, an interesting project, or a new scholarship holder to meet. 2.1.1 Users As ever, the statistics are wide and varied when it comes to the Reading Rooms. The team welcomed 1,025 new Readers, with another 150 renewin8 their existing Readership. 324 people vi51ted as Researchers. working with the collections for one or two days on average. 1,129 people accessed the Reading Rooms in their capacity as Residents, maintaining the almost equal balance between day visitors and Residents that we have seen for many years. For the first time since the pandemic closure, the Library awarded Scholarships. and the 17 scholars and their fascinating projects added significantly to Reading Room life. 150 renewals represent almost exactly 5% of the total number of registered Readers ljust under 3,000 at the end of 20231. Renewals represent some of the Library's most regular and dedicated visitors; often this is their third or fourth renewal. However, they are a small core number, and their annual number has not risen in several years. We want to increase our contact with those who use this increasingly busy space, and so from 2024 Reader cards (valid for three years) will be valid for a single year only. Across Readers, Researchers and Residents, the Readin8 Rooms fatilitated 11,837 individual visits across the year,. an average of 35 people every day across the 335 days that the Library is open. As with almost every year, some minor adjustments to the space resulted in more seating - 38 places to sit, mixed between single desks, shared desks. and armchairs - but nevertheless, the Reading Rooms are reaching their capacity. To better understand the role of staffing the Enquiry Desk lour 'Reception', our first welcome pointl, for the first time in 2023 we gathered data on 'entry taps,, i.e. every time someone enters the Reading Rooms. We recorded an astonishing 27.961: this translates to 80 per day. When we add this to the growing numbers of invigilated users - described in Archives and Printed Collections, below - it's clear that staffing this main point of access is an increasing priority. Since re-opening Reading Room staff have allowed members of the public to 'pop in, to the space, to have a look, take a photo. etc. Across 2023 this has become increasingly difficult to do, and in January- March 2024 we will run a three-month trial where only Readers, Residents and Researchers are admitted. 2.1.2 Printed Collertions Printed collections had another very successful year, with circulation overall increasing compared to 2023. 4,694 individual titles were issued across 2023. Although acquisitions are limited due to the Librarfs recovery budget, new items continue to be added due to the lever-decreasingl backlog. donations. and the very welcome continuation of subscriptions I The Church Times, The New StGte5man, and Delayed Gratification continued to be added throughout 2023. and were joined by a subscription to The Idler magazine. A particularly significant donation of books was made to the Kaiser Trust collection by Clive West, the son of George West. George passed away in 2023 and with Clive, we agreed that the collection will now be held in the Anwyl Room, where its themes will surely inspire our conference visitors.
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 2.1.2 Printed Collertions continued In 2022-23 we increased the security of all Special Collections (with the exception of the Gladstone Foundation Collection. which remains in the History Room) and we are pleased to report that this has not negatively impacted use. 442 Special Collection items were issued in 2023, a large increase on the previous year. At the start of 2023, all catalogue records were updated regarding locations, loan types and availability statuses. This means that anyone searching can clearly see where an item is, and more importantlv, how they can access it. Alongside other revisions. thi5 has resulted not only in a clearer process for users but has also increased our contact with those using the collections - a long-held wish. The 'Printed Items Request Form, was revised in 2023, so that we could learn more about our users. We now know. for example, that our Special Collections lour most unique printed items), are a significant driver for people coming to stay at the Library. Elsewhere, quite a few of our requesters had a general interest or 'personal fascination. and requested to view items after searching our catalogue. This public engagement is one of the loveliest parts of printed special collections use.. many of our requests have come spontaneously, either from talking to users and making personal recommendations. or from users learnin8 about our printed collections from social media or during the course of their stay, and asking to see some items. In terms of conservation and preservation the team continued to improve the housing, cleanliness, and handling of books. As with any library, weeding and de-accessioning are an important part of collection life, and the team continued with its weedin8 checks; 339 volumes were removed for reselling or recyclin8, and a number of sizable serials in Stephen Gladstone Hall have been marked for review. De-accessioning not onlv makes way for new titles, but also clarifies and sharpens the Library collections,. we look forward to the rise in collection use as a result. 2.1.3 Archlves As with last year, 2023 is now the busiest year for archives for which we have records, with a third more visits than in 2022. 26 unique visitors paid 29 visits in total13 people returned for multiple viewings); overall, the Enquiry Desk invigilated 97 days. worth of viewings. We understand that research derived from our archives helped to create 10 monographs. 2 book chapters, l journal article, 6 PhD theses and 2 conference papers. These are truly wonderful statistics. As mentioned above. scholarships played a significant role in this increase. but we also saw the return of international visitors for the first time since the pandemic closure, with researchers visiting from Germany, the US, Canada, Japan and the Caribbean. The majority of archives viewings concerned material relating to plantation records in the Glynne- Gladstone Archive, particularly with the anniversary of the Demerara Uprising falling in 2023. But we also issued records from Eric James Archive. the Don Cupitt Archive, Jim Cotter Archive, the Anne Ramsden Bennett Archive and the British Crime Writing Archives. Regarding collections management. bid funds meant that we could continue to invest in archival-grade acid free boxes. Increasingly our archival items are housed in a much-improved way, and specific archives rehoused include the Allchin Archive. sections of the Glynne-Gladstone Archive, and the Sir Stephen Glynne's Church Notes. The strategic plan for the archives was reviewed regularly across 2023. and we continued to see progress in obtaining core paperwork for improved archive administration and management. Loan agreements were signed for the British Crime Writing Archive, while copyright and ownership agreements were signed for the Anthony Freeman Archive. At the Start of 2023 an application to the National Archives Archives Revealed, cataloguing grant scheme was one of 18 from 85 applications to make it to the second round. Due to the NA reducing the financial amount available it was decided that the Library would not continue, but it was a significant vote of confidence in the Librarvs archivesl
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 2.1.4 Outreach and Public Engagement Almost a thousand people visited the Reading Rooms and/or learned about some aspect of the collections via our engagement activities. These include the very successful 'ASC Us Anything, sessions each Friday, twice-monthly Glimpses. and the six Tea with the Warden, sessions. Alongside North-East Wales Archives, we held an incredible Open Doors day in September. When it comes to social media. our collections are key. Some of the Librarfs most impattful online messaging camefrom posts drafted bythe Reading Room team about the printed and archival holdings. Our volunteer team continue to bring laughter and huge amounts of hard work to the Reading Rooms. In the printed collections they have cleaned and produced conSeation reports for several thousand books Ithe entire ground floor of the History Room11,' in the archives they played a huge role in the completion of the Gladstone'5 Writing project (see Di8ltisation, below). The Foundation Volunteers continue to grow in number. and we continue to shape what we as an institution can do for young people in the North West and North Wales. We welcomed students from the universities of Wrexham. Liverpool and Chester for a total of twelve weeks of work placements. These were some of the most successful we've had and we look forward to welcoming more in 2024. The printed collections submitted a small funding application for interpretation banners for the History Room,. with revisions. we hope that this resubmitted bid will succeed in 2024. If we think of 'in-reach' then the Reading Rooms continue to inform the Library's wider strategic goals and the Library's public face. We work closely with the Warden and colleagues in Development as they continue to establish the medium and long term objectives for the library. 2.1.5 Dlgltlsatlon A huge milestone was reached in 2023 with the final completion of the Glodstone's Writing project. Funded by the Carnegie Corporation of New York, the project represented an enormous step forward for the Library in terms of it5 digital presence. In total. 8,754 items from the Glynne-Gladstone Archive and 182 printed books from the Gladstone Foundation Collection were fully digitised and are available to browse free of charge via Preservica. Printed books were matched with their enriched GladCAT metadata. Archival items were reference numbered, condition checked, digitised, catalogued to ISADIGI standard and placed online, with more detailed cataloguing started to create summaries of the contents of each items, subject terms, and place access points. Digital storage was acquired on Dropbox and in Preservica, a digital preservation system. We have a contract for five years and we will be launching a number of pilot projects regarding the Library's institutional archive in 2024. 2.2 Courses and Event programme 2023 saw the return of core events. including established festivals and familiar Writers in Residence formats, with the addition of highly successful one-off talks and the expansion of events which first appeared in the 2022 programme. The introduction of taster Open Lectures connected with courses has been successful. The number of Glimpse tours has been doubled to twice a month- dates generally sell out- and new Tea with the Warden tours/events have proven popular.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2022 2.2.1 Theology and Spirituality April.. Course: God Save the King-The Sacred Nature ofthe Monarchy- led by lan Bradley Open Lecture= The Coronation- its History and Symbolism- led by lan Bradley September: Poetry and Faith with Catherine Okoronkwo | GLADFEST 2023 October: From Communication to Communion= Thomas Merton's Writing and the Desire to IRelconnect- led by Gary Hall Open Lecture.. Merton as Theological Companion in the Midst of Trouble- led by Gary Hall November: Course: Imagining Heaven - with the Help of the Victorians - led by lan Bradley Open Lecture.. Falling Back in Love with Death - led by lan Bradley December: Well-women- A Time of Refreshment- led by Liz Shercliff and Kate Bruce 2.2.2 Arts and Literary Culture January Adapting for Accessibility - a Masterclass with Sophie Rickard February Hearth Jane Yeh.. Being Creatively Inspired by Art and Artists March The Rickard Sisters: The Likes of Us: Who Reads Old Ideas? Simon Armitage and Hanan Issa- Poetry and Place May Publishing Day - Learn how to Self-Publish - led by Rhian Waller Lightning in a Bottle - a Masterclass with Margarita Gokun Silver June: Alibis in the Archive Iweekendl Julv Course- Latin in a Week 2023- led by Clara Westhaver August: Enjoying Poetry- A Walking. Sharing & Reading Workshop- led by Jonathan Davidson Course: Bewitching Shakespeare- led by Emma Ree5 Publishing Day - Learn how to Self-Publish - led by Rhian Waller Lecture.. Nick Cle88: Gladstone and the Metaverse.. How New Technologie5 Can Transform Education September: Gladfest weekend Jude Piesse.. Writing Darwin's Garden at the Mount October: Reading Like 3 Writer- a Masterclass with N West Moss N West Moss - The Push and Pull of Receiving Feedback on our Work
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 2.2.2 Arts and Literary Culture continued November Talking Terror: An M.R. James Event at Gladstone's Library- (panels and talks) A Warning to the Curious- Two Ghost Stories by M R James (linked to Talking Terror) Shaking Things Up= Looking Outside of Yourself for Poetic Inspiration with Jane Yeh 2.2.3 History and Politics February Hearth. especially Yhe Language of Food: The Unknown Story of a Domestic Goddess with Annabel Abbs", and "Why the Georgians Loved Ancient Greece" with Susan Stokes-chapman Julv: The Gladstone Umbrella, an annual gathering of Gladstone scholars and enthusiasts Open Lecture= Gladstone - Man of His Century- led by David Brooks September: Gladfest.. particularly "Britain and the American Dream with Peter Moore", "The Reading Rooms Team- Writing Gladstone - the letters of an age- and "Following Writers and Rebels in the Spanish Civil War with Sarah Watling" Jude Piesse: Writing Darwin's Garden at the Mount 2.3 Use of Chapel Chapel continues to be the hidden heartbeat ofthe Library. Attendance ran8es from 1- 15 and those who come often take away the liturgy booklet with them, commenting on the use of poetry, the inclusive language and the times of silence. As Warden. this is the highlight of my day. During the times l am away from the Library local clergy take the services when they can. The Chapel is a space that is also used for other events. Other groups who use the Chapel regularly include voga 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. 2.4 Achievements and Performance: Visitors In 2023 the Library continued to see growth in the number of visitors and guests staying at the library. Occupancy of our bedrooms increased to 77% average occupancy compared to 66% in 2022. Revenue from our restaurant was up 20% illustrating the growth in visitors to our Food for Thought restaurant. 2.5 Achlevements and Performance: Marketlng 2.5.1 Social Media Our social media reach grew in 2023. These stats are taken from the period ofjanuary 2023-December 2023 (compared tothesame period in 20221. 5.9M impressions lup 2M impre55ions from 3.9M in 20221, 5.57% engagement rate lup 0.75Yo engagement in 20221. Facebook has accrued 18,398 followers/fans lapprox. 1000 more than in 20221 while Twitter has accrued 2,421 new followers lup to 16,6551. Instagram has 8,070 followers, up 2,159 from the total in 2022. Linkedln, continues to have a far smaller audience1700+ followers) but is growing gradually. Tiktok is likewise growing. In 2023, following changes in Linkedln algorithms and the ownership of Twitter/X. the decision was taken to diversify to other social Media channels. The Library now has Threads, Bluesky and Mastodon accounts.
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 2.5.2 PR and Press Outbound press releases le.g., The announcement of the National Lottery Heritage Fund (see News from Wales Countr Life The Flintshire Herald and the Flintshire Leaderl, the March visit by Poet Laureate Simon Armitage and Welsh National Poet Hannan Issa (see The Leader The Bookseller InYourArea and the Librarfs success at the Small Em er Awards have been supported by the local press. The Writer in Residence ro ramme submi55ion eriod the selection of WIR authors, and events such as Armen Sarkissian's Founderfs Day Talk and the launch of Gladfest and Alibis in the Archive also received support in the local press. We have facilitated national press coverage of the Library, including.. I've found the erfoet holida for anxious teena ers- and I have #BookTok to thank in The i Newspaper (September 5 20231, Gladstone's.. The UK'S onl residential librar on BBC Online Ioctober 23 20231 and NOVEL I DEA Inside the onl UK librar where oucan s end the ni ht with stunnin readin rooms and 150 000 books in The Sun Ioctober 29 20231 and 6 Atmos heric And Memorable Accommodations In Wales That You Must Visit in Forbes IDecember 27. 20231. International coverage includes an article in La Voz de Galica and Stuff NZ, The Library has also appeared in listicles, including: Pictures uevilla acked with thin s to do is also Wales, hottest lace Ioaily Post. Sept 10 20231, From book butlers to libra slee overs.. 10 reat UK laces to sta for book lovers (Guardian, March 2 20231, The World's Best Hotels for Booklovers Inextavenue. June 27, 20231 Our weekly column hosted by the Flintshire and Wrexham Leader continues, We have also supplied text and content for blo8s, podcasts, teaching aids and similar, which provide narrow reach but persistent exposure. Development 3.1 Staffing During 2023 the Carnegie project was completed and the library then retained some of the staff that were working on the project. The average number ofstaff increased from 39 in 2022 to 41 in 2023 and WTE increased from 24.8 to 26.3. 3.2 Development of future project ideas Future project ideas link directly to the ongoing vital restoration and repair work to the fabric of the buildin8 (thanks to support from the National Heritage Memorial Fund INHMFII, as well as widening the Library's reach laudiences and maximising the use of our spaces and buildings (for example repurposing Stephen Gladstone Hall and/or the Annex). 3.3 Grant Applications In February 2023, the Library applied for a grant from the National Heritage Memorial Fund INHMFI Covid19 Response Fund to undertake e55ential repairs to the building to secure the Structure (focusing on the porch and roofl. This application was successful and in April 2023 the Library was awarded a grant of up to £777,246.00193.96% of the total eligible project cost of £827,246.00). The remainder of this project cost was funded thanks to a generous Legacy donation to the Library. This major renovation project is now underway and will be completed by the end of March 2025. In early November. the Library applied to the National Lottery Heritage Fund for a Resilience and Recovery grant to support an 18-month scoping project {startin8 in February 20241 linked to widening the Library's audience Ito work with 16 to 24-year-oldsl and a feasibility study into the use and repurposing of Stephen Gladstone Hall and the Annex. The application is for £126.000 and the Library will receive an outcome in January 2024.
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 3.4. Friends of Gladstone's Library In May 2023 the Library refreshed the Friends of Gladstone's Librarylregular giving scheme working with Enthuse. to create a new online signup/donation platform. and Daydream Creative Design Agency. to develop new branding and materials- postcards, signage. and tote ba8S. This development is also supported by an updated 'Support Us, section on the Library's website, that makes it easier for people to become Friends of the Library. Further details: https://www.gladstoneslibrary.orglcontatt/support-gladstones-library https'.//gladstoneslibrary.enthuse.comlfriend 3.5. U.S. Friends of Gladstone's Library The Library was awarded a Brant ofSlO,OOOto supportgeneral operating costs from U.S. Friends ofGladstone's Library1501lcll31, which was accrued thanks to the Librarfs U.S. based supporters and donors. th On the 14 November 2023, at the AGM, the Board of U.S. Friends ofGladstone's Library Inc. voted to dissolve the 501lcll31 at the end of December 2023 due to an increase in running costs and a decrease in donations. From January 2024, the Library will become an affiliate fund as part of Chapel and York's Family Foundation iu.si. 3.6. Sponsorship In August, Murgitroyd (European Patent & Trademark Attorneys) kindly sponsored the Nick Cle88.' Gladstone and the Metaverse public talk (sponsorship value £2.000). £2,850 was successfully raised in corporate sponsorship from locally based businesses for Gladfest 2023 which took place in September. Supporters included Castell Howell Foods, Mitchell Charlesworth, Hartsheath Trust, Rawson, Taylors of Harrogate, North West Produce, and Trelleborg Marine and Infrastructure. Gladstone's Library Trustees also kindly sponsored the event. In November, Canda Copying Ltd. generously sponsored and contributed to a sold-out M. R. James event untitled Yalking Terrorf at the Library which included a panel discussion, and performance by Nunkie Theatre (sponsorship value - £2,000). Operations In 2023 the Operations team were successful in generating a 20% increase in food revenue as well as a 35% increase in conference revenue. This was achieved by the use of seasonal menus, greater use of outside spaces for Food for Thought guests and an increase in the number of events in the restaurant. Afternoon Teas and Christmas for example. In order to protect the team, staff rotas were more flexible to support the wellbeing of the team. We employed an additional kitchen assistant to help with the increased business in the restaurant.
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 Financial Review 5.1. Financial Results In 2023 the library continued to increase occupancy and revenue compared to 2022. Room nights increased 170A and average occupancy increased from 66% to 77%. Total weekly revenue increased by 23% year on year with increases in all main income streams of accommodation. conference and food revenue. 2023 Room Room nights Jan Nights 448 Occupancy 59% Feb 505 69% Mar 631 78% Apr May June 626 6SO 81% 691 89% Julv August Sept Oct 690 86% 626 78% 571 73% 640 79% Nov 583 75% Dec 306 65% Total 6,967 77% Total unrestricted and restricted income was up 14% including 3% increase in donations and 21% increase in charitable activities. Total expenditure increased by 19%. We monitor our expenditure very closely and incurred significant increases in food, energy and wage costs in the year. The overall reduction in funds included a net loss on investments of £15,083. significantly less than the loss of £118,809 in 2022. Our investments are reviewed on a quarterly basis by our Finance Committee and Stockbroker, J M Finn. 5.2. Reserves At the end of 2023 the unrestricted reserves were equivalent to 6 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 account5. 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.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2023 Structure, Governance and Management 6.1. The Board of Trustees and Directors of the Company The Board of Trustees met 4 times during 2023 and the sub committees IFinance and Risk and Fundraising) met 6 times. The AGM was held on the 26, September 2023. Tamara Harvey resigned from the Board ofTrustees during 2023. Andrew Roberts joined the Board ofTrustees in 2023. Andrew brings to the Board an expertise in finance and accounting and as the Operations, Finance and People Director for Theatre Clywd has considerable experience of working for a Charity. As at 31, December 2023, the Trustees of Gladstone's Library were: Damian Barr Gregory Cameron David Cannadine Toria Collins Virginia Davies Patrick Derham Charles Gladstone Louisiana Lush Andrew Roberts Llyr Williams {Chairl {President of Gladstone's Library) Ivice Chairl 6.2. Gladstone's Llbrary Servlces Llmited A separate sister company, Gladstone's Library Sep4ices 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.. Andrea Russell Sarah Robertson Llyr Williams 6.3. Gladstone's Llbrary Staff As at 310ecember 2023, 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 Ous5ama Mantashe Operations Manager Jim Creed Fundraising and Development Officer Admin/Other Tracey Vallance Margaret Cartner Rhian Waller Joanne Mercer PA to the Warden Finance Ass1Stant Digital Marketing Officer Finance Assistant Collectlons: Readlng Rooms and Archfves Isobel Goodman Librarian Alexandra Foulds Archivist Louise Roberts Library Assistant James Southerby Library Assistant
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 6.3 Gladstone's Library Staff continued Food for Thought Restaurant Matthew Gibson Gareth Messham Charly James Matthew Campbell Head Chef Sou5 Chef Demi Chef de Partie Kitchen Assistant Nicola Jones Charlotte Pritchard Angela Evans Alison Stewart Matthew John Pamela Griffiths Lorraine Whittle Rachel Deacon Debbie Tregligas Amy Hamilton Ben Morris Griff Robinson Restaurant Team Leader Restaurant Team Leader Restaurant Restaurant Restaurant Icasuall Restaurant Restaurant Restaurant Restaurant Restaurant Pot Wash Pot Wash Housekeeping Adrian Stefanescu Samantha Newall Caroline Sayer Rosie Parry Jennifer Jones Head Housekeeper Housekeeping Housekeeping Housekeeping Housekeeping Malntenance and Nlght Porter Dominic King Gareth Jones Evan John Night Porter Night Porter Maintenance Officer Receptlon Caroline Jeffrey Victoria Leary Helene Webster Nicola Whalley Reception Reception Reception Reception Reference and Admlnlstratlve Detalls 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 {Auditl Limited 24 Nicholas Street Chester CHI 2AU
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 Bankers Lloyds Bank PIC 8 Foregate Street Chester CHI IXP Trustees, Annual Report The Trustees, five of whom are also dirertors for the purposes of company law, present their annual report and the financial statements of the charity for the year ended 31st December 2023. 8.1. Foundation Gladstone's Library was founded by William Ewart Gladstone {1809-18981. arguably Britain's greatest Prime Minister, in 1889. It is the only Prime Ministerial Library in the UK and is unique in bein8 3 residential library with 26 bedrooms. The present Grade I 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 world- renowned 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 3 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 INumber 23636421. At present, five 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 twenty-four members. The Trustees meet at least twice a year - for the Founderfs 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. 8.3. Rlsk Gladstone's Library monitors its risk register on an ongoing basis. This forms part of the work plan of the Board. 8.4. Audltors Having expressed a willingness to continue in office, a resolution for the appointment of Mitchell Charlesworth (Auditl Limited will be proposed at the forthcoming Annual General Meetin8. Trustees, Responslbllltles 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 incorning re50urce5 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.
GLADSTONE'S LIBRARY Trustees, Report (including Directors. Report) For the year ended 31 December 2023 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. Reglstered Offlce: Gladstone's Library Church Lane Hawarden Flintshire CH5 3DF Slgned b order of the Trustees: The Revd Dr Andrea Russell Company Secretary 29/0812024
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 'charl) and its subsidiaries (the 'group'l for the year ended 31 December 2023 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 Finonciol Reporting Stondord opplicoble in the UK ond 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 2023 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 Auditin8 IUKI {ISAs IUKII 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 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to 80ing 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 relatin8 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 le3St 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 Informatlon 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 a ppears to be misstated. If we identify svch material inconsistencies or apparent material misstatements. we are required to determine whether this give5 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 15 consistent with the accounts; and the Directors, Report included within the Trustees, Report has been prepared in accordance with applicable legal requirernents.
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 bein8 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, Audltor's responslbllttles for the audlt of the flnanclal 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 IUKI 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 regulation5. 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 detectin8 irre8ularitie5, includin8 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 suff icient and appropriate to provide a basis for our opinion.
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 non- compliance 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 identif ication and assessment of the risks of irregularities,. any matters we identified having obtained and reviewed the charItS 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: lil The presentation of the charity's Statement of Financial Activities, lill the charity's accounting policy for revenue recognition and liiil the charity's use of restricted funds. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the le8al 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 bodv. 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 3 material penalty. This includes regulations concerning Data Protection Regulations. Audlt response to rlsks Identlfled As a result of performing the above, we identified the safeguarding of the buildin8 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 tinancial 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.
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 form5 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 3010812024 Accountants Statutory Auditor 24 Nicholas Street Chester CHI 2AU
GLADSTONE'S LIBRARY Group statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2023 Unrestrirted funds 2023 Restricted funds 2023 Total as restated 2022 Total 2023 Notes Income from: Donations and legacies Grant income Charitable activities Investments Trading company income 179.228 65,949 245.177 237,370 8,000 448,475 94,279 354,252 546.225 15,397 439,386 546,225 74,317 439,386 58.920 14 Total income 1,180,236 124,869 1,305,105 1,142,376 Expenditure on: Raising funds 66.475 10,924 77,399 38,536 Charitable activities Investment costs Trading company expenses 895.930 2.919 126.727 287,056 8.134 1.182,986 11,053 126,727 1,029,834 9,269 96,317 li 14 Total resources expended 1.092.051 306,114 1.398,165 1,173,956 Net Ilossesllgains on investments 12 18,958) 16,1251 115,0831 1118,8091 Net Incomel{expendlture) 79,227 1187.3701 1108.1431 1150,3891 Gross transfers between funds 13 234 12341 Net income for the year/Net movement In funds 79.461 1187.6041 1108,1431 1150,3891 Total funds brought forward 965.924 1.406.543 2,372,467 2,522,856 Total funds carried forward 1,045,385 1,218,939 2,264,324 2,372,476 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing attivities. The statement of financial activities also cornplies with the requirements for an income and expenditure account under the Companies Act 2006.
GLADSTONE'S LIBRARY Group statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2023 Comparative information in respect of the preceding period is as follows= Unrestricted funds as restated Restricted funds as restated Total as restated 2022 2022 2022 Notes Income from: Donations and legacies Grant income Charitable activities Investments Trading company income 218,400 18,970 8,000 237,370 8,000 448,475 94,279 354,252 448.475 17,494 354.252 76,785 14 Total income 1,038.621 103,755 1,142,376 Expenditure on: Raising funds Charitable activities Investment costs Tradin8 company expenses 31.784 606.943 1.611 96.317 6.752 422,891 7,658 38,536 1,029,834 9,269 96,317 li 14 Total resources expended 736.655 437,301 1,173,956 Net Ilossesl/gains on investments 12 125,4481 193,3611 1118,8091 Net Incomellexpenditure) 276,518 (426,9071 1150,3891 Gross transfers between funds 13 117,4191 17,419 Net movement In funds 259.099 {409,4881 1150,3891 Total funds brought forward 706,825 1,816,031 2,522,856 Total funds carried forward 965,924 1,406,543 2,372,467
GLADSTONE'S LIBRARY Group Balance Sheet As at 31 December 2023 2023 2022 as restated Notes Fixed assets Intangible assets Tangible assets Investments 15 16 17 5.022 359,539 1.368.542 5,552 383,292 1,355,839 1,733,103 1,744,683 Current assets Stocks Debtors Cash at bank and in hand 18 19 3,161 26.007 733,302 3,343 9,784 8S8,160 762,470 871,287 Credltors: amounts falllng due wlthln one year 20 1231,249} 1243,5031 Net current assets 531.221 627,784 Total assets less current liabilities 2.264,324 2,372,467 Incame funds Restricted funds Unrestricted funds 21 22 1,218,939 1.045.385 1,406,543 965,924 2,264,324 2,372,467 The accounts were approved by the Trustees on 2910812024 Patrick Derham Chairperson of Trustees
GLADSTONE'S LIBRARY Company Balance Sheet As at 31 December 2023 2023 2022 as restated Notes Fixed assets Intangible assets Tangible assets Investments 15 5.022 359.539 1.368.543 5,552 383,292 1,355,840 16 17 1.733.104 1,744,684 Current assets Stocks Debtors Cash at bank and in hand 18 19 3.161 26.007 733.302 3,343 9,784 858,160 762,470 871,287 Creditors: amounts falling due within one year 20 1231,270) {243,5241 Net current assets 531,200 627,763 Total assets less current liabilities 2,264,304 2,372,447 Income funds Restricted funds Unrestricted funds 21 1,218,939 1,045,365 1,406,543 965,904 22 2,264,304 2,372,447 The accounts were approved by the Trustees on 29/08/2024 Patrick Derham Chairperson of Trustees Company Registration No. 02363642
GLADSTONE'S LIBRARY Group Statement of Cash Flows For the year ended 31 December 2023 2023 2022 as restated Notes Cash flows from operating activities Cash generated from operations 25 1171.4231 1225,5221 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 74,317 94,279 115,049) 13,2181 112,703) {115,7841 Net cash (used inl/generated from investing activities 46,565 124,7231 Cash flows from financing activities: Repayments of borrowing Cash inflows from new borrowing Net cash provided by lused in)18enerated from financing activities Change In cash and cash equlvalents In the reporting period 1124,8581 1250,2451 Cash and cash equivalents at beginning of year Change In cash and cash equlvalents due to exchan8e rate movements 858.160 1.108,405 Cash and cash equivalents at end ol the year 733.302 858,160
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 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 IFRS 1021 {effective l January 20191" The charity is 3 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 Golng concern At the time of approving the financial statements, 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 Basls of consolldation The consolidated financial statements incorporate those of Gladstone's Library and its subsidiary li.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 2023 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 companie5 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 restritted 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.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Accounting policies (continuedj 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 reco8nised 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 Intanglble flxed assets other than goodwlll Intangible assets acquired separately f rom 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 IO% reducing balance
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Accounting policies (continued) 1.8 Tangible fixed a55etS 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 Plant and equipment IO% reducing balance IO% 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 incomellexpenditurel 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/lexpenditurel 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 $0 as to obtain benefits from its activities. 1.10 Impalrment of flxed assets At each reporting end date, the charity reviews the carryin8 amounts of its tan8ible 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 lif 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.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Accounting policies (continuedj 1.13 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic 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 3 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. Baslc flnanclal Ilabllltles 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. Derecognltion of financlal Ilabllltles Financial liabilities are derecognised when the charitls contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimate5 and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate5 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 affect5 both current and future periods.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Donations and legacies Unrestricted funds 2023 Restrirted funds 2023 Total 2023 Donations and gifts Government grants 179,228 65,949 245,177 179,228 65.949 245,177 Donations and gifts Donations- The Main Library Donations- Voluntary Donations - The Scholarship Fund Donations - The Gladstone Project Gift Aid - The Main Library Arts sponsorship Exhibition donations Library Research Donations Other 92,668 61,186 92,668 61,186 944 495 25,374 15,000 944 495 25,374 15.000 49,510 49,510 179,228 65,949 245,177 Grants recelvable for core activltles Business rates grant Comparative information in respect of the preceding period is as follows: Unrestricted fvnds 2022 Restrirted funds 2022 Total 2022 Donations and gifts Government grants 218,400 18,970 8,000 237,370 8,000 218,400 26,970 245,370 Donations and gifts Donations- The Main Library Donations- Voluntary Donations- The Scholarship Fund Donations - The Gladstone Project Gift Aid - The Main Library Arts sponsorship Exhibition donations Library Research Donations Other 135,017 59,133 135,017 59,133 300 300 24,520 15,000 2,358 1,312 24,250 15,000 2,358 1,312 218,400 18,970 237,370
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Donations and legacies (continued) Unrestricted funds 2022 Restrirted funds 2022 Total 2022 Grants receivable for core artivities Business rates grant 8,000 8,000 Charitable activities Unrestricted funds 2023 Restrirted funds 2023 Total 2023 Boarding and tuition fees 546,225 546,225 Comparative information in respect of the precedin8 period is as follows.. Unrestrlcted funds 2022 Restrlrted funds 2022 Total 2022 Boardin8 and tuition fees 448,475 448,475 Investments Unrestrlcted funds 2023 Restrlrted funds 2023 Total 2023 Income from UK listed investments Gain/llossl on disposals - Main Fund Gain/llossl on disposals - Scholarship Gain/llossl on disposals - Golothan Bank interest receivable 9,871 4,649 41,088 50,959 4,649 17,922 1901 877 17,922 1901 877 15,397 58,920 74,317
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Investments (continued) Comparative information in respett of the preceding period is as follows- Unrestricted funds 2022 Restrirted funds 2022 Total 2022 Income from UK listed investments Gain/llossl on disposals- Main Fund Gain/llossl on disposals- Scholarship Gain/llossl on disposals- Golothan Bank interest receivable 10,207 7,243 69.002 79,209 7,243 7,783 7.783 44 17,494 76.785 94,279 Costs of ralslnE funds Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fundraisin and ublicit Fundraising salaries Publicity 40,387 26,088 40,387 37,012 10,924 66,475 10,924 77,399 Comparative information in respect of the precedin8 period is as follows.. Unrestrlcted fund5 2022 Restrlcted funds 2022 Total 2022 Fundraisin and ublicit Fundraising salaries Publicity 18,858 12,926 18,858 19,678 6,7S2 31,784 6,752 38,536
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Charitable activities {expenditurel 2023 2022 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 Charitable donations paid 36,333 12,338 82,909 76,445 18,637 18,239 14,173 8,363 6,579 65,801 10,000 39,155 12,174 77,407 55,836 17.880 10,125 461 5,263 6,478 49,250 349,817 274,029 Share of support costs Isee note 81 Share of governance costs (see note 81 827.269 5,900 749,180 6,625 1,182,986 1,029,834 Analysis by fund Unrestricted funds Restricted funds 895,930 287,056 606,943 422,891 1,182,986 1,029,834
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 support costs Support costs Governance Costs Total 2023 2023 2023 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 Audit Accountancy Legal and professional 665.914 54,988 2,867 1,358 4,146 5,607 29,263 15,603 47,523 665,914 54,988 2,867 1,358 4,146 5,607 29,263 15,603 47,523 1,6SO 4,250 1,650 4,250 827.269 5,900 833,169 Analysed between Charitable activities 827,269 5,900 833,169 Governance costs includes payments to the auditors of £1,650 {2022 - £1.6001 for audit fees. Comparative information in respect of the preceding period is as follows.. Support costs 2022 Governance costs 2022 Total 2022 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 Audit Accountancy Legal and professional 573,278 73,080 4,638 6,283 2,789 3,006 25,440 11,215 31,955 17,496 573,278 73,080 4,638 6,283 2,789 3,006 25,440 11,215 31,955 17,496 1,600 4,175 850 1,600 4,175 850 749.180 6,625 755,805 Analysed between Charitable activities 749,180 6,625 755,805
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. io. Employees Number of employees 2023 Number 2022 Number Number of charitable staff 41 39 2023 2022 Employment costs Wages and salaries Social security costs Pension costs 726,349 S2,726 13,246 656,127 45,943 10,728 792,321 712,798 No employee received any remuneration of more than £60.000 during the year12022 - £nill. The number of full-time equivalent staff at the year end was 26 {2022 - 251. ii. Investment management costs Unrestricted funds 2023 Restricted funds 2023 Total 2023 Profitlloss on disposal of tangible fixed assets Investment management costs 1,395 1,524 1,395 9,658 8.134 Comparative information in respect of the precedin8 period is as follows: Unrestrlcted funds 2022 Restrlcted funds 2022 Total 2022 Profit/loss on disposal of tangible fixed assets Investment management costs 1,611 7,658 9,269
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 12. Net gains/{lossesl on investments Unrestrirted funds 2023 Restricted funds 2023 Total 2023 Gain/llossl on sale of investments 18,958} 16.125} 115,0831 Comparative information in respect of the preceding period is as follows: Unrestricted funds 2022 Restricted funds 2022 Total 2022 Gain/llossl on sale of investments 125.4481 193.3611 1118,8091 13. Transfer between funds A transfer of £27,00012022 - £nill was made during the year from the Scholarship fund to the Gladstone general fund. This transfer was made in order to fund the boarding and tuition fees of scholars. A transfer of £10,96412022 - £nill was made during the year from unrestricted funds to the NHMF Roof Repairs fund, This transfer was made to cover roof expenditure in excess of the grant received to date. A transfer of £15,75512022 - £17.4191 was made during the year from unrestricted funds to the Living Heritage fund. This transfer was made to cover the depreciation of restricted assets. 14. Tradlng subsldlary Gladstone's Library Services Ltd is a wholly owned subsidiary of the charity which runs the café/restaurant services to support Glad5tone's Library. Below are the trading results which have been included in the consolidated accounts. Profit and Loss Account Gladstone's Llbrary Servlces Ltd 2023 2022 Turnover 439.386 354,252 Cost of sales 98,242 81,425 Gross profit 341,144 272,827 Administrative expenses 28,485 14,892 Profit before tax 312,659 257.935 Tax on profitlllossl on ordinary activities Profit for the financial year 312.659 257,935
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 15. Intangible fixed assets Group and Company Software Total Cost At l January 2023 and 31 December 2023 8.483 8,483 Depreciation At l January 2023 Charge for the year 2,931 530 2,931 530 At 31 December 2023 3,461 3,461 Carrying amount At 31 December 2023 5,022 5,022 At 31 December 2022 5,552 5,552 16. Tan8lble flxed assets Freehold land and buildln8S Plant and equlpment Group Total Cost At l January 2023 Additions Disposals 219,266 553,964 15,049 13,2981 773,230 15,049 13,2981 At 31 December 2023 219,266 565,715 784,981 Depreciatlon and Impalrment At l January 2023 Charge for the year Eliminated on disposal 57,823 15,424 332,115 21,983 11,9031 389,938 37,407 11,9031 At 31 December 2023 73,247 352,195 425.442 Carrying amount At 31 December 2023 146,019 213,520 359,539 At 31 December 2022 161,443 221,849 383,292
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 Freehold land and buildings Plant and equipment Company Total Cost At l January 2023 Additions Disposals 219,266 553,964 15,049 13,2981 773.230 15,049 13,2981 At 31 December 2023 219,266 565,715 784,981 Depreciation and impairment At l January 2023 Charge for the year 57,823 15,424 332,115 21,983 389,938 37,407 At 31 December 2023 73,247 354,098 427,345 Carrying amount At 31 December 2023 146,019 211,617 357,636 At 31 December 2022 161,443 221,849 383,292 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.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 17. Fixed asset investrnentS Cash on Cash on special special deposit deposit Main fund Scholarship fund Main fund Scholarship fund investments investments Cost or valuation At l January 2023 Additions Valuation changes Other Movements Disposals 212.195 18.254 {8,9581 4,649 120.1051 863.594 112,113 112,964) 17,922 163,033) 5.732 118,2541 116,578 1112,1131 16531 20,105 3,542 63,033 At 31 December 2023 206,035 917,632 6,930 71,040 Carrying amount At 31 December 2023 206,035 917,632 6,930 71,040 At 31 December 2022 212,195 863,594 5,732 116,578 Golothan fund Cash on Golothan fund Investments In subsidiaries Total Cost or valuation At l January 2023 Additions Valuation changes Other Movements Disposals 117,828 43,958 6,839 190) 110,926) 39,912 143,958} 1,355,840 115,0831 27,783 2,413 10,926 At 31 December 2023 157,609 9,293 1,368,540 Carrylng amount At 31 December 2023 157,609 9,293 1,368,540 At 31 December 2022 117,828 39,912 1,355,840 100% 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 £1.368,539 {2022- £1.355,8391 as the £1 share held in Glad5tone's Library Services Ltd has been eliminated on consolidation.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 18. Stock Group 2023 Company 2023 2022 2022 Stock 3.161 3,343 3.161 3,343 19. Debtors Group 2023 Company 2023 2022 2022 Amounts falling due within one year: Trade debtors Other debtors 4,180 21.827 4,180 21,827 9.784 9,784 26.007 9.784 26,007 9,784 20. Credltors: amounts fallin8 due wlthln one year Group 2023 Company 2023 2022 20Z2 Amounts falling due within one year: Trade creditors Owed to group companies Other taxation and social security Other creditors 36.625 30,581 29.313 9,229 36,437 156,291 21,087 11,045 29,993 181,399 36,708 157,916 30,023 182.900 231.249 243,504 231.270 243,524
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 21. Restrirted income funds Movement in funds Balance at l January 2023 Balance at Gains & 31 December losses 2023 Incoming Resources resources expended Transfers Scholarship Fund Writers in Residence Living Heritage Fund Maartin Merten donations Carnegie fund Exhibition fund House of Wisdom donations COVID grants received Golothan fund NHMF Roof repairs Other 825,986 96,022 18.211 1.681 85,266 20,627 319 190.691 167,740 56.393 15.000 495 16,9861 127.0011 112,964} 12.9021 115,7551 835,428 108,120 18,706 1,681 19,465 20,627 319 37,691 176,902 15,755 165,801) 1153.0001 11,1481 141,5001 119.0221 3,471 30.536 18.974 6,839 10.964 48 1,406,543 124,869 1306,1141 12341 16,1251 1,218,939 Scholarshlp fund breakdown 2023 2022 Canon Symonds Bishop Moorman Dr McGregor General Tom Jarman Veronica Powles The Lawton The Drew 7.10 59,282 42,081 115,924 59,122 30,561 23,041 29,041 38,641 17,921 37,361 7,360 25,761 58,962 49,282 85,683 42,802 77,203 35.400 7.10 58,612 41,606 114,614 58,454 30,216 22,780 28,713 38,204 17,718 36,939 7,277 25,470 58,296 48,725 84,714 42,318 76,330 35,000 5.04 13.88 7.08 5.04 13.88 7.08 3.66 2.76 3.48 4.63 2.15 4.47 0.88 3.08 7.06 5.90 10.26 3.66 2.76 3.48 4.63 2.15 4.47 0.88 3.08 7.06 5.90 10.26 Dr Daisy Ronco Richard Hills Gladstone Ernest Walder Canon Denys Ruddy Father John Thorold Jim Cotter Trust Stantan Memorial Eileen Stamper Jeffrey Engell 5.12 5.12 9.24 4.24 9.24 4.24 loo.00 835,428 loo.00 825,986
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 21. Restrirted income funds (continued) Comparative information in respect of the preceding period is as follow5: Movement in funds Balance at l January 2022 Balance at 31 December 2022 Incoming Resources resources expended Transfers Gains& losses Scholarship Fund Writers in Residence Living Heritage Fund Maartin Merten donations Carnegie fund Exhibition fund House of Wisdom donations Elizabeth Hilton legacy COVID grants received Golothan fund Other 849.334 87,774 17.911 1,681 132.732 18,269 319 2,000 537.385 168,626 75,828 15.000 3Crf) 16.9161 16.7521 117.4191 192,260) 825,986 96,022 18,211 1,681 85,266 20,627 319 17.419 147.4661 2,358 12,0001 1354.6941 17411 11,3131 8.oIXI 956 1,313 190,691 167,740 11,ioii 1,816,031 103,755 1437.3011 17,419 193,3611 1,406,543 Scholarshlp 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 Di8ltisation 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.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 22. Unrestrirted income funds Movement in funds Balance at l January 2023 Balance at Gains & 31 December losses 2023 Incoming Resources resources expended Transfers Designated Funds Investment reserve The Gladstone Project Wolfson Foundation Sponsor a Shelf Funds 226.972 276,058 15.397 11.5241 18,9581 231,887 260,303 {15,7551 88.418 88,418 591.448 15.397 {1,5241 {15.7551 18,9581 580,608 General Fund Trading company reserve5 {3S8,438} 725,453 1963,8001 15,989 1580,7961 732,914 439,386 1126,7271 1,045,573 965,924 1.180.236 11.092.051) 234 18,9581 1,045,385 Comparative information in respect of the preceding period is as follows: Movement In funds Balance at l January 2022 Balance at Galns & 31 December losses 2022 Incomlng Resources resources expended Transfers Designated Funds Investment reserve The Gladstone Project Wolfson Foundation Sponsor a Shelf Funds 236.537 282,958 120,000 88,418 17.494 10,S19 11.6111 125,4481 226,972 276,058 117,4191 {120,iXIOI 88,418 727.913 28.013 {121,611} {17.4191 125,4481 591,448 General Fund Trading company reserves 1496,067) 656.356 1518.7271 1358,4381 474.979 354.252 196,3171 732,914 706,825 1.038.621 1736.6551 117,4191 125,4481 965,924
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 22. Unrestrirted income funds (continuedj 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 G13dstone'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. Tradlng company Income generated from Gladstone Library Services Ltd, generated from Food for Thought and conference income. 23. Company Ilmlted 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 transartions Gladstone's Library Services Ltd is a wholly owned subsidiary of the company. During the year Gladstone's Library Services Ltd donated £312,65912022 - £257,935) to the company. The balance due to Gladstone's Library Services Ltd at the year-end was £9,22912022- £11.0451. Remuneratlon of key management personnel The remuneration of key management personnel, including the Warden and Finance Manager, is as follows.. 2023 2022 Total remuneration 68.948 63,299
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 25. Cash generated from operations 2023 2022 Surpluslldeficitl for the year {108,1431 1150,3891 Adjustments for: Depreciation charges Dividends, interest and rents from investments Loss/lprofitl on the sale of fixed assets 37,937 174,3171 1,395 40,940 194,2791 Movements in working capital.. Ilncreaselldecrease in stocks Ilncreaselldecrease in debtors Ilncre3sel/decrease in creditors 182 116,2231 112,2541 190 12,0001 119,9841 Cash generated from/(absorbed by) operations {171,4231 1225,5221 26. Analysls of net assets between funds Group Unrestrlcted Restrlcted Total Fund balances at 31 December 2023 are represented by: Intangible assets Tangible assets Investments Current assets/lliabilitiesl 5,022 184,960 212,970 642,433 5,022 359,539 1,368,543 531,220 174,579 1,155,573 1111,2131 1,045,385 1,218,939 2,264,324 Company Unrestricted Restricted Total Fund balances at 31 December 2023 are represented by= Intangible assets Tangible assets Investments Current assets/{liabilitiesl 5,022 184,960 212,970 642,413 5,022 359,539 1,368,543 531,200 174,579 1.155,573 1111,2131 1.045,365 1.218,939 2,264,304
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 26. Analysis of net assets between funds Icontinued) Comparative information in respert of the preceding period is as follows= Group Unrestrirted Restricted Total Fund balances at 31 December 2022 are represented bv: Intangible assets Tangible assets Investments Current assets/lliabilitiesl 5,552 189,316 217,927 553,128 5,552 383,292 1,355,839 627,783 193,976 1.137,912 74,655 965.923 1.406,543 2,372,466 Company Unrestrlcted Restrlcted Total Fund balances at 31 December 2022 are represented by: Intangible asset5 Tangible assets Investments Current assets/lliabilitiesl 5,552 189,316 217,928 553,108 5,552 383,292 1,355,840 627,763 193,976 1,137,912 74,655 965.904 1,406,543 2,372,447 27. Analysls of changes In net Idebt)/funds At l January 2023 31 December 2023 Cash flows Cash at bank and in hand 858,160 1124,8581 733,302 44 | Page
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2023 28. Prior period adjustment Changes to the balance sheet: At 31 December 2022 As previously reported Adjustment As restated Flxed assets Investments 1,320,840 35,000 1,355,840 Income funds Restricted funds Unrestricted funds 1,3S9,715 977,752 46,828 111,8281 1,406,543 965,924 Total equlty 2,337,467 35,000 2,372,467 Changes to the statement of financial activities (including profit and loss account) Year ended 31 December 2022 A5 previously reported Adlustment As restated Investment mana8ement costs 44,269 135,0001 9,269 Net movement In funds 1185.3891 35,000 1150,3891