GLADSTONE'S LIBRARY GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2024 CHARITY REGISTRATION NO. 701399 COMPANY REGISTRATION NO. 02363642
GLADSTONE'S LIBRARY Legal and Administrative Information Trustees Damian BaTr Gregory Cameron David Cannadine Victoria Collins Irirgini3 Davie5 Patric1< Derham Charles Gladstone Andrew Roberts John Sh3keshaft laura Trevalyn Llyr Williams chair President of Gladstone's Libi"arv Appointed I September 2024 Appointed 21 October 2024 Vice chair Company secretary Andrea Russell Charity number 701399 Company number 02363642 ReElstered off ice Church Lane Hawarden Deeside Flintshire CH5 3DF Audltor Mitchell Charlesworth (Audit) Limited 24 Nicholas Street Chesler CHI 2AU
GLADSTONE'S LIBRARY Contents Page Trustees, report i-ii Independent auditor's report 12-15 Group statement of financial activities Ilncorpoiating the income and expenditure account) 16-17 Group balonce sheet 18 Company balance sheet 19 Group StateMet of cash flows 20 Notes to tl)e account5
GLADSTONE'S LIBRARY Trustees, Report {including Directors, Report) For the year ended 31 December 2024 The Trustee5 presei)t their annual report and the financial statements of the charity and the group for the year ended 31 December 2024. The financial statements have been prepared in accoidance with the accounting policies set out in note I to the financial statements and comply wlth the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accountiiig 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" Warden's Introduction lo the Annual Report 2024. Revd. Dr Andrea Russell There is much to celebrate in 2024 and not least the awarding of a grant from the Heritaee Lollery allowing us to pilot projects Wlth young people in the 16-24 age group, drawing on our collections and archives, to facilitate conversations in key Gladstoniaii areas of human rights, democracy and religious tolerante. Two new members of the team were recruited as Engagement and Learning officers and in the period from Au8USt 2024 to tl)e end of ihe year over 400 youn8 people had engaged in activities both here at the Library. online and in schools. The take up has been beyond our expettations and feedback Irom the young people themselves has reflected both the need FOT this work and the quality of tlie offering. We are looking forward to building on this iri 2025. Having secured fu nding for muth needed work on the fabric of the Library in 2023, we were able to carry out critical drain repairs and unde rpinnin8 which have prevented any further crack5 appearing on the ffonl elevation. Planning permission was eventually granted for the work to the roof, but due to the delay ihis has impacted the project timetable and the purchase value of the funds. As such, the tender process has been challenging. and we are still waiting for a firm date for the roof work to ¢ommence. One ol the highlights 012024 was the Founder's Day celebration al which David Cannadine. one of our Trustees, facilitated conversation between Charlie Gladstone, Laura Trevelyan and James Dawkins on the history and legacy of enslavement. This was Gladstone's Llbrary at its best- exploring a sensitive topic with care, critical dili8ence and grace. Whilst we continue lo lace the same economic challenges as many other charities, each day l am aware of the huge privilege ol leading this amè2ing communily. The team here work tirelessly to provide a place of welcome and those who V15it the Library continue to commenl 01) this. Meeting Wltl) our scholarship folk, writers in residence cind those who come here lo stijdy, retreat and meet friends, I liear repeatedly how much Gladstone's Library's collections, archlve5, hospitality and buSlding are treasured. A final thank you goes to our Board of Truslees, and in particular to the Chair Patrlck Derham, who all give so generously 0¢ their time and gifts to ensure that Gladstone's Library continues to flourish. Andreu Russfll December 2024 Objectives and Artivities Memorandum of Associalion In Gladstone's Library's Memorandum of As50cialion, the object5 for which the Charity is established are clearly slated.. lal Tlie promotion of religion and education and the pfomotioii of divine learniiig in coniiection with the Church of England and the Church of Wales as historical branches of tlie Catholic Cl)urch aiid in confoi tnity to the living spirit of the Church of England and the Cliurch in Wales. Ibl The advaiicement of education foy the public benefit by the maiiitenance and developnient of Gladstone's Library 5 collectioiis. the encouragement of research, writing and dcbate 011 Gladstoiie's core subjects.. Theology and Spirituality History and Current Affairs Conteinporary and Cla55ical Literary Culture
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 The Triistees have given due regard to the Charily Commission's guidance on public benefit Bnd believe that the aims, objectives, and service5 provided by the charity are compliant. Gladstone's Library respond5 to these aims and objectives in the following ways.. Acl)ievements and Performance The Library was opened fully during 2024. 2.1 The Reading Rooms. When looking al the Reading Room's review of 2024 the theme that leaps out is 'messaging'. Whether that's inductions to new Readers, using forms and leaflets to increase general understand ing of the LibraTV as 3 charity. high-level strategic policies, 01 a revamped online form to help a Researcher request what they lleed, the Reading Rooms team have spent much of their 2024 on proiects that increase tlie efficacy ol the Library's inle rnal aiid external messaging. 2.1.1 Users People The Reading Rooms continue lo welcome large numbers of people. 942 people signed up as new Readers Idown on 2023'$ 1,0251 wilh 107 renewing their existing Readership1152 in 20231. 408 people signed up as Researtheis. working with the collections foT one or two days on average. This is an increase on the 324 Researchers in 2023, and may be explained by the decision to allow no public attess Isee Visits below}. The balance between non-residential and residential visitors continue5. wlth 1,374 Residents Using the ReadinE Rooms al some point during their stay in 2024. This is almost ISO more than in 2023. We were particularly interested in the renewal nufflbers, given the decision to redkjce the validity ¢1 a Reader card fi'om three years to one. This has been a real 5uccess,' not only doe5 il mean the teom collects and stores more accurate data than before but it means the Readers themselves receive much more communication from tlie leam. It also means that we are beglnnin8 to understand that the average fieader joins for a shorl period, often using Ihe Reading Rooms intensively to complele a project. Once this is complete, their usage falls away- if they rejoin, it might be up to five or even ten vears later. Although we have over 3,000 registered Readers al any one tlme, it appeals that year on vear, there are only around 400 pèople who use the Library on a regul ar, long-term bas15 that exceeds one year. Visits Much ol the data that we collect tells us about visil51è.g. numbers of people every dayl rather thali individual people and iheir usage habits. We see some signilicanl increases here, suggesting that Readers and Residents are using the Reading Rooms more i ntensively. Across Readers, Researchers and Residents. there was an annual increase of over 800 visits.. 12,611 in 2024 comi)ared to 11.837 in 2023. Thi5 is an average of 37.6 people every day across the 335 days that the Library is open 2.7 more daily people iharb the previous year. We haven'l Inanaged to add to our 38 places to sil, mixed betweeii sinBle dtrsks, shared desk5, and ar Imchairs so altl)ough li fepls like we write this every year, the Reading Rooms really are lullei than ever I Our 'entry taps, Icollecied since 2023. in ordei. lo better understand the volunie and flow of iisei 51 increased on average by a tiuly astonisliing 10 perday in 2024.. 3 1.984 laps ir) 2024, or gi eiitrios every single day. Given the voliime of people, the decision lo trial ending'pop-in. access lo il)e public in January-march 2023 wa5 very welconie. 11 was a big success, witli minimal negative fEedback conip3red to tlie coiisiderable positive response from users and staff. 'rlie decision was made perinanent and ilie C011515tency in messaEiiig appears to have mucli improved IhE community uii(ierstai)dii)g of tlie Library's pui.pose and mission.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 Donotions In Fe bruary 2024 the Reading Rooms Enquiry Desk became the home of the Library's Tap to Donate machine. Swiftly nicknamed Teddy and tied to a redesigned and revamped sel of Reader and Researcher appllcation forms both with clear calls to action around donating this was a malor success. £4.192 was raised in ten monihs, an aveiage donation of £7.55 per person. When cash donations ale added ihe total rises to E5,675 in ten monihs. The donation rate for n@w Readers is around 60% of those who join. The rate for those renewing is considerably lower, only around IO°A, but we are workit)g on it. 2.1.2 Printed Collections Use 2024 continued the consistent upward trend in usage, witli 4891 titles being clrculated - two hundred more than in 2023 and an average of 100 books every week. It's worth notin8 thèt these figures represent the bare minimum of use, as inevitably book5 are reshelved independently by users. One particularly large increase was Stafl use, thanks to the Engagement and Learning Officers who embedded collection use in much of their research and events. Elsewhere, Scholarship use tilted towards printed books in 2024, where in 2023 the einphasis was archival. In terms of collections, the Theology Room and Annex were the most populaT aTeas, meaning that thie Circulating Collection saw the mosl use - an increase of 700 titles aeross the year, with theology and humanities evenly matched. Although the other open-shelf collection, the Foundation Collection, also saw Erowth lan increase of 100 lilles used}. it is clear that conteinporary titles are of most use to the average Library user. Our special collections saw a modest rise in terms of numbers but as wlth archives- the impact of their use outweighs the figures. It is these ilems that move people to tears. fe3ture in exhibitions, and generate originol academic research. Remote enquiries continued io grow in 2024, with one notable enquiry be ing the complete digStisation and licensing of the Library's Oxyrynchus Papyrii for an Italian academic. Acquisit10115 At the slarl of 2024 a new Collections Development Policy was signed off by the Warden. This important strategic document unlocked Other projects such as deacce5sioning and weeding, haiidling donations, and the puicha5e of new acquisitions. Despite a keenness for collecting lor perhaps because ofll our shelves and stores are full, and so the Libraiian and Director of Collections and Research beEali a large-scale review of the cala5ogulng system, ahead ol writing a ser ies of proposals that will reshape and focu5 the Circulating Collection. No such review has taken place for almost a CntUrY and we'ie excited for the recornmendation5. Cotaloguing 994 catalogue records were amended by the Librarian in 2024. with two pyojects in particular boing completed. Jhese were the Kaiser Trust collection Ii)ow fully catalogued) and the updated records for V IArt and ArchitÈcturel Outsize. In addition, and with the help of a volui)teei", records o13pproxitnately teii of our pre-1800 books were enriched witl) bindin8 de5criplions and provenance research. Thi5 is paiiistakinE, oxpert-level researcli, but 15 Vltal information for scholars. The Foundation volunteer teani partially transcribed the Librarws earliest accessiDli register5, wl)ich make5 It miicli easier for slafl to search aiid check the accessioii history of tlie collecli0115. 01)L voluntee r in particular enriched microfilm records so Iliat these items are e35ier lo find and use.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 Deacces5ioning Much important deaccessioning has been completed this year.. all research and checks into unused and very rarely used items in the Annex and Stephen Gladstone Hall have been completed, ahead of moving into active disposal in 2025. This h35 been a very lengthy process with multiple challenges. Many title5 were pre-1900 with provenance yet to be established,. many others were jouri)als which are difficult to rehome to othe r institutions. Large sèctions had been withdrawn from the catalogue but re mair)ed on tlie shelf. Overall, it took a great deal of work befoi'e the Director of Collections and Research could responsibly and ethically sign olf on the disposal of many items. 2.1.3 Archlves Use In 2024 archive use dropped slightly, mostly due to fewer scholarship recipients using archives. 23 unique visitors spent a total of 75 days here at the Library, using 254 files. For context, the Reading Rooms are open to invi8ilated viewings 250 days per year, so precisely a quarter were filled with archival viewings. Our 5tron8 iriternational User base kept visiting. with scholars vlsiting from the USA, Japan, Guyana and Ireland. Tlie Glynne-Glad5t¢ne Archive remained the most requested collection, with the most cominon research subject being enslavement and Indentured labour. Other tOPlCs included William Ewart Gladstone and those associaled with him, as well as a range of inte resti ng nineleenih.century topics: the Crimean War and ils nurses- arctic exploration- reform schools in the 8rit15h colonies. Remote enquiries represented a gr0h area, with 94 enquiries, 8 of which were reprographlcs requests and 6 being requests to license Library collections for publication. Atqulsltions Two new small deposils were received. The first was the papers ol Wi11Sam Stèuert Gladstone (first cousln once rèmoved of WEG) and William Robert Gladstone IWSG'S son). Perhaps uniquely in the Ilbrary's history. the second deposit was made by Cartier.. it is the Crime Wrlters Association's Diamond Daggei, awarded as the CWA'S highest accolade. It is on loan tu the Library as part of our agreement with the CWA regarding its archives. Cataloguing We joined ArchivesHub and Archives Portal Europe,. both are mela-catalogues for repositorie5 across the UK and Europe. As we complete the cataloguing of each archive, they are uploaded to both. Currently 8 of the Librarvs archives are available. Our wonderful volunteer team keep on listin81 catalo¥uinE and re-housing ilpms across a further thirleen archives,. authority files, subject terms, and standardised i)ames are also being added wherever Possible, increasing searchability ènd providing important context. In total just under two-tl)irds of tlie Library's archives are undergoing some form of cataloguing and processing in 2024 and into 2025. It's slow work. but incredibly rewarding. Accreditutioii Our aim of becoming compliant with the Accreditation Standard took a big step lorward with L.lie creation of a siiite of policies covering liow we acquire, cère for, and allow acce5S to Liur records.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 2.1.4 Outreach and Public Engagement Almost a thousand people visited the Readin8 Rooms andlor learned about some aspect ol the collections vi3 our engagement 3Ctivitie5. These include the very successful 'ASC Us Anything, session5 on ihe final Friday of the month. twice-monthly Glimpses, and a hugely successful Opèn Doors day iii September, on the theme of the Libiary's earlv veals. Approximately 80% of those visitinE have never bee n to the Library before. students from the A Tchives and Records Management MA joined us on placement in early 2024 and continued to volunteer throughout the year. Items from the archives comprised a deeply moving Founder's Day display on the topic of chattel slavery and enslaved lahour plantations. This display has subsequently been fully and partially re-a55embled for visiling academics and researchers. 2.1.5 Funding ARCW funded three bays of lockers.which are used to store the personal belongings of anyone booked in for an invigilated viewin8. BAVS funded lour interpietation banners on il)e topics of the collections, identifying a Gladstone- owned book. Ihe history of Gladstone's Library and the hi5to(v of chattel slavery. These feature proininently in tho Reading Rooms and are of particular intere st to those vi51ting on Glimpses. Befriend a Book was launclied as a Christmas campaign and was om02ingly successfull The Librariaii researched and developed a catalogue of twenty possible books, and we hoped that maybe five would be Befriended. In tolal, twelve were, and the resulting Gift Aid means we cèn Befriend an extra title. 2.2 Uso of Chapel Chapel continues to be a key part of the Librarvs life, with consistent feedback that this gentle way of beginning the day is helpful, welcome and Inspiring. Whilst numbers continue to fluctuate wildly11-151 the Camerations that take place afterwards are rich and rewarding. Chapel is often sued for visiting Church group5. The Chapel is a space that is also used for oiher 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 visltors. The Chapel is often chosen as a venue for leclures and conferences and provides comfortable seating, excellent acoustic and a reliable sound system. 2.3 Courses and Event Programme A full programme of events and courses was olfered throughout 2024, including the popular open lecture5. Tl)È areas covered continue to be in the areas of theology and spirituality, arts ai)d lite rary culture and history and politics. Gladfest was paused in 2024 but ihe plan is to reintroduce this popular festival in 2025. 2.4 Achievements and Performance: Visltors In 2024 tlie Library continued to see growth in thÈ number of visitors and guests slaying at the library. Occupancv of oiir hedrooins increased to 78% avei'age occupancy Compared to 77% in 2023. Revenue fKoni our restaurant was up 5% illustraling the growlli in visitors to our Food for Thoiight restaiirant. 2.5 Marketing and communications The Library contiiiues to use 311 social media platforins, ènd in particular Facebook, Instagra1 aiid X. For most tsf tlie year tl)e Library had a column in the Flints1)ire and Wrexliam Leader and we advertised iii a number of publication5 includii)g the Church Times, a local magaziiie (The Voicel and tlie Mayfair Tinies. Our late 2023 feature oli the BBC websile coi)tinue5 to draw people lo tl)e Library. (Gladslone's.. Tl)e UK'S oiily rtssidential library - BBC Travell . Tl)e Librayy featured in Coast and Country on ITV resultin8 in good guest feedback. I Coast & Coui)try, Serie5 12.. Episode 121 Wales ProBrainiiie5} The Library distributes monthly e-newsletters to over 7000 individuals, which leedbac k coiilirimg leads to over 800/0 of our course aiid event bookings. In add ilion we sed out 4 Friends, newsletter to ovey 750 Fi'le nds. Tlie de parture of the Marketii)g and Comms officer on December will lead to a review of Iliis I'ole in 2025.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 Development 3.1 Stafflng The average number of staff increased from 41 in 2023 to 42 in 2024 and we remained the same at 26.3. 3.2 Development of future proSect ideas Future project ideas link directly to the ongoing vital restoration and repair work to the fabric of the building Ithanks to support from the National Heritage Memorial Fund INHMFII, as well as widening the Library's reach laudiences and maximlsinE the use of our spaces and buildings (for example repurposing Stephen Gladstone Hall and/or the Annex). 3.3 Grant Applicatlons In january 2024, the Library was awarded a £126,000 Resilience and Recovery grant from the National Lottery Heritage Fund. The grant is to support an 18-month scoping project, which started in February 2024, 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. Thank5 to this funding, the Library was able to appoint two EngagementlLearning Officers11.O and 0.5 FTE 115-month contract) in June 2024 to create, develop and deliver a new engagement proBramme for young people based on Gladstonian themes. This project is running until August 2025 and will include additional consultation wilh heritage business specialists. In October 2024, Flintshire County Council awarded the Library 8 £878 Communlty Chest grant to support the purchase and installation of a secure outdoor bicycle rack. Currently, bicycle users must chainlsecure their bikes to our pedestrian gates, outdoor signage or even to trees located in the Libfary grounds, which is far from ideal. This will help visitors to safely store thelr bicycles when visiting the Library and local village making it easier and reliable. The grant is valid until October 2025. In November 2024, The Library receSved a grant of £8,500 from The Natlonal Manuscripts Conservation Trust INMCTI to help conserve 20+bundles of letters linked to the Gladstone family's role in enslavement in the Caribbean, 1817-1881. Throughout 2024, the Library has Continued io work on the National HeritaÉe Memorlal Fund INHMFI Covid 19 Response Fund project to undertake essential repairs to the building and to secure the structure (focusing on the porch and roofl. The Library received Listed Building Consent approval from Flintshire Council planning Office n August 2024, which was nine months after submitting the application In early December 2023. As a result, In August 20204 essential drain repairs to the fronl of the building were completed alongside vital underpinning work Ithanks to Geobearl to the main entf ance porch and gable end ol the building. The project Is ongoing until Autumn 2025 Ithe grant was awarded in 2024 for £777,246.00193.96% of the total eligible project cost of £827,246.0011. 3.4 Friends of Gladstone's Llbrary In 2024 the Libra¥y received 5434 donations (total gross value of E59,962.481 from approximately 750 individual Friends, ol which 2815 donations were gifted via our online donation page. Further details: I dstonesli ntac 3.5 U.S. donatlons to Gladstone's Library In January 2024, the Library became an affiliate fund ol the Chapel and York U.S. Family of Foundations in order to receive lax efficient donations from U.S. donors - htt ladstoneslibrar .or ort-us-from-tli usa The Library's U.S. Friends of Gladstone's Library 501{cll31 was dissolved at the end of 2023 as agreed on the 14th November 2023, at the AGM.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 3.6 Sponsorship In November, Canda Copying Ltd. generouslysponsoied and contributed to Talking Terror.. An M.R. James Event at Gladstone's Librarywhich included a weèkend of panel discussions. writing workshops and two performances by Nunkie Theatre Ispon50rship value - E2.000). Operations In 2024 the Operations team werè successful in Eenerating a 5% inciease in food revenue as well as a 1% increase in conference revenue. This was achieved against an increase of only 1.5% room nights as well as a con5idÈrable reduction in conference groups from universities due to the reduction in their fundlng. We continue to use seasonal enus for restaurant guests and host a variety ol evenis including Alièrnoon Teas and Christmas lunches. We continue to protect the team with staff rotas being flexible to supporl the wellbeiiig of the team. Financlal Review 5.1 Financial Results In 2024 the library continued to increase occupancy and revenue compared to 2023. Room nights increased by 1.5% and average occupancy increased from 77% to 78%. Total weekly revenue increased by 6.5% year on year with increases in all main income streams of accommodalion, conference, prograrnrne and food revenue. Room 2024 nights 540 Otcupancv 77% Jan Feb 577 77% Mar 577 72% 607 78% Mav June 643 80% 629 81% 651 81% Aug Sept Oct 672 83% 619 79% 568 70% Nov 623 80% Dec 374 80% Total 7080 78% Total iinreslricted and restricted income was up 15% including a IO% inci'ease in charitable activities income. Total expenditure increased by IO%. We wnonilor our expenditure very closely and incuired signif icant increases in food, energy and wage costs in the year. The overall reduction in funds included 3 net gain on investment5 of E28,590, significantly better than the Ioss of £15,083 iii 2023. Our investments are reviewed on a quarterly basis by our Fii)ance CommitLee aiid Stockbroker, l M Finn.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 5.2 Reserves At the end of 2021 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 month5 expenditure of a typical trading year. The Trustees designate unrestricted reserves in respect Df known forthcominB projects or liabilities. Details of the charity's designated reserves can be seen in theso accounts. After taking into account the designated reserves identified by the charity, the remaining level of free, unresti"icted reserves fell short of the charity's policy. The Trustees are aware of this and will aim to work towards achieving the requi red level over future months. Structure, Governance and Management 6.1 The Board of Trustees and Directors of the Companv The Board of Trustees met 3 times during 202 4 and the sub committees (Finance and Risk and Fundraising) mgt 3 time5. The AGfvl wa5 held on the 81h July 2024 As at 3151 December 2024, the Trustees of Gladstone's Library were., Damian Barr Gregory Cameron David Cannadine Toria Collins Virginia Davies P3trick Derham (Chairl Charles Gladstone IPresident of Gladstone's Library) Andrew Roberts John Shakeshaft Laura Trevelyan Llyr Wllliams (appointed 1.09.241 (appointed 21.10.241 (Wice Cl)airl 6.2 Gladstone's Library Services Limited A separate sister company, Gladstone's Libraiy Services Ltd. has responsibilit¥ for all financial activitles that are not core to the chaTitable purposesof Gladstone's Library. The directors of Gl¥dstone's Library Sei"vicès Ltd are.. Andrea Russell Sarah Robertson Llyr Williams
GLADSTONE'S LIBRARY Trustees, Report (5ncluding Directors, Report) For the year ended 31 December 2024 6.3 Gladstone's Library Staff As at 31 Decèmber 2024, Gladstone's Library had the following members of staff.. Warden and Senior team Andrea Russell Sarah Robertson Louisa Yates Oussama Mantashe Jim Creed Warden and Director Finance Manager and Director Director of Collections and Research Operations Manager Fundr3ising and Developmenl Officer Admin/Other Tracey Vallance Margaret Cartner Rhiar) Waller joanne Mercer PA to ihe Warden Finance Assistanl Digital Marketing Officer Finance As5i5tant Collectlons; ReadinE Room5 and Archive5 Isobel Goodman Librarian Alexandra Foulds Archivist Louise Roberls Library Assistant James Southerby Library Assistant Food for Thought Restaurant Matthew Gibson Head Chef Gafeth Messliam Sous Cl)ef Charly james Demi Chel de Partie Matthew Campbell Kitclien Assistanl Nicola lones Charlotte Pritchard Alison Stevens Matthew John Pamela Griffiths Lorraine Whittle Racliel Deacon Amy Hamilton Peter 8ibby Ben Morris less Deacon Restaurant Team Leader Restaurant Team Leader Reslaurant Restaurant Icasuall Restaurant Restaurant Restaurant Restaurant Restaurant Pot Wash Pot Wash Housekeepln Adrian Stelane5CU Samantha Newall Caioline Save r R051e Parry Jennifer Jones Head Housekeeper Housekeeping Housekeeping Housekeeping Housekeeping maintenan and Night Porter Robert Hepton Night Porler Evan Jol)i) Maintenance Officer Reception Caroline Jeffi'ev Victoria Learv Helene Webster Nicola Wlialley Reception Reception Reception Reception Enga¥ement Officers Alice cleave Jade Arrowsmith Engagement Officer Engagement officer
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 Reference and Administrative Details Registered Charity Name Gladstone's Librarv Charity number 701399 Company registration number 2363642 Registered office Gladstone's Library Church Lane Hawarden Flinlshire CH5 3DF Auditor Mitchell Charlesworth (Audit) Limited 24 Nicholas Street Chester CHI 2AU Banker5 Lloyds TSB PIC P.0. Box 251 8 Foregate Street Trustees, Annual Report The Trustees present their annual report and the financial statements of the charity for the year ended 31st December 2024. 8.1 Foundatlon Gladstone's Library was founded by William Ewart Gladstone 11809-18981. arguably Britain's greatest Prin Minister, in 1889. It Is Ihe only Prime Ministerial Library in the UK and is unique in being a residential library with 26 bed¥ooms. The present Grade I Ilsted building was opened In 1902 as the National Memorial to Gladstone. The Library wa5 created around Gladstone's original donation of 28,000 books. It houses a world- renowned collei.tion of theology and nineteenth century studies. The collection 15 UP to date and i)ow boasts more than 200,000 items. 8.2 Gov@rnance Gladstone's Library is a charity (Registered Charity Number.. 7013991 and, as SULh, is 1.uii by a Warden (Andrea Ru55e.111 who report5 lo the Trustees. The Library is also a company regi5tÈrod in England and Wales as a Compaiiy Limited by Guarantee INumber 2363 6421- At present, of the Truste 8s are dii'ectors of the company lor the purposes of the Companies Act. The Trustees are a body of not less than five and iiol. more than twenty- four meinbers. The TrtJ5tees meet at least twice a year - IOT the Founder's Day meeliiig of the Trustees whicl) includes tlie AGM of the Company. The Chair may call otlier meetings of the Trustees or whenpvèr lie is Slimmoned to do so by two or more Trustees. The Fundraising and Finaiice Sub-comniittees are de ley,ated knv thÈ Trustees lo act 01) their behalf. All acts and decision5 taken ui)der such delegated powers shall be reported to the Trustees and confirmed by them. 8.3 Ris1< Gladstone's Libra¥y monitors its risk register on an ongoiiig basis. This lornis part of the work plaii of the Board.
GLADSTONE'S LIBRARY Trustees, Report (including Directors, Report) For the year ended 31 December 2024 8.4 Audltors Havlng expressed a willingness to continue in office, a resolution for the appointment of Mitchell Charle5worih IAuditl Limited will be proposed at the forthcoming Annual General Meeting. Trustees. Responsibilities Those Trustees who are directors of Gladstone's Library are, for the purposes of company law, responsible for preparing the Tru5tees' Annual Report and the Fii)ancial Statements in accordance with applicable leBal 3nd United Kingdom AccountinE Standards Iunited Kingdom Generally Accepted Accountancy Practiiel. Company law requires the directors to prepare financial statements for each financial year thèt 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 expe r¥diture, of the charitable company for th3t period. In preparing these financial statements, the directors are required to: select sultable accounting policies and then apply them consistently,. observe the method5 and principles in the Ch3rities SORP- make judgments and estimates that are reason3ble and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures d isclosed and explained in the financial statements,. and prepare the financial slatements 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 p051tion ol the charitable company and enable them to ensure that financial statements comply with the Companies Act 2006. The Trustees are olso responsible for safeguarding the assets of the charitable company and he n¢e for taking reasonable steps for the prevention and detection ol fTaud and other irregularities. Each of the Trustees has confirmed thal there 1% no infoTmation of which they are aware which is relevant to tlie audit, but of which the audltor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevanl inforination and to establish that the auditor is aware of such information. The Trustees, report was approved by the Board of Trustees. Reglstered Offlce: Gladslone's Library Church Lane Hawarden Flint5hire C14S 3DF Slgned by order of the Trustees: The Revd Dr Andrea Russell Company Secretaiy
GLADSTONE'S LIBRARY Independent Auditor's Report To the Members of Gladstone's Library Opinion We have audited the fin3ncial statements of Gladstone's Library (the 'charity'l and its subsidiarie5 Ithe 'group'l for the vear ended 31 December 2024 which comprise the Gi"oup Statement of Financial Activities, the Group Balance sheet, the Company Balance Sheet, the Group Statemenl of Cash Flows and the notes to the accounts, including a summary of siEnilicant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standaids, including Financial RÈportinE Standard 102 The Finoncial Reporting Standord applicable in the UK and Republir OA Ireland Iunited Kingdom Generally Acceptèd Accounting Practice). In our opinion, the financial statements-. give a truè and fair view ol the state of the group's and the charitable company's affairs as at 31 December 2024 and of the group's incoming resources and application ol resources. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Piaclice., and have been prepared in accordance witli the requirements of the Companies Atl 2006. B3515 for opinlon We conducted our audll in ?ccordance with Iiiternational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under thos@ standards are further described in the Auditor's re5ponsibiSities for the audil of the Ilnancial statements section rjf our report. We are independent of the charity in accordance with the ethical requirements that are relevanl to our audit ol the financial statements in the UK. including ihe FRC'S Eiliical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the avdil evidence we have obtained 15 sufficient aiid appropriate to provide a ba515 for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded tliat ihe trustees, use of the going concern basis of accountiiig in the preparation of the financial statements is appropfiate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may casl significani doubl on the charity's ability to continue as a golng concern for a period of al least twelve months Irom when the financial statements are authorised fo¥ issue. O ur responsibilities and the responsibilities ol Ihe trustees with respect to going concern are described in the relevant Sections ol this report. Other information The other information comprises the inlormÈiion included in the annual reportoihei than the financlal statements and our auditor's report ihe reon. The trustees are responsible for the oihel infor malioi) contained withln the on nual report. Our opinion on the financial statements does not cover the other information and, except to the extent othe rwige expllcitly stated In our report, we do not expi.ess any form of as511f ance conclusion thereon. Our responsibility 15 to read the oiher information and, in doing so. coi)sider whether the other information is Inate rially incoi)sisteiit with the financial slatements or our knowledge obtained in the course of ihe audit, or otherwise Bppears to be niisslated. If we identify such material inc.onsisiencies or apparent material misstalemenls. we ère requii.ed to dterile whether tlii5 gives rise to a marerial misstatement in tlie financial statemenls tliemselves. 11, based on 11)e work we have PLrloi Imed, we conclude that there is a material misstalement of this other InfOrnll0n, we are requiied to report ihal fact. We have iiothing to report in this regard. Oplnlons on other matters prescribed by tlie Companles Act 2006 In our opinion, based 011 tlie work undertakeii in the. course ol our audit-. tlie information Eiven in the Triistees, Report, which includes the Directors, Report prepared for the pil rposes of r.ompany law, foi the linaiicial year for which the. accounts are prepared 15 consisteiit with the accouiits,. ai)d tSie Direcloi"s' Report included within tl)e Trustees, Report lias been prepared iii a£cordance with applicak)le leKdl I'equ irements.
GLADSTONE'S LIBRARY Independent Auditor's Report {continued) To the Members of Gladstone's Librarv Matter5 on which WÈ are required to report by exception In the light of the knowledge Bnd 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 Trustee5' Repart. We have nothing to report in re5pectof the following matters in relation to whlch the Companies Act 2006 requires us to re port to you if, in our opinion: adequate accounting records have not been kept, or returnsadequate for our audit have not been rece ived from branches not V151t&d by us. or the accounts are not in agreement with the accounting records and returns- or certain disclosures of trustees, remunèr3tion specified by law are not made- or we have not received all the information and explanations we require foi our 8udit', or the trustees were not entitled to prepare the accounts in accordance witli the small tompanies, reglme and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requlreme nt to prepare a Strategic Report. Re5ponslbllltles of trustees As explained more fully in the Slalemenl ol Trustee5' Responsi611ities, the trustees, who are also the dlrectors of tlie charity for the purpose of company law, are responsible for the preparation of the financial statements and lor being satisfied that they give a true and fair view, and for such internal tontrol as the directors deterinine is necessary to enable tlie 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 tlie group and charity's ability to continue as a going concern, disclosing, as applicable. malters related to going concern and using the going concern b3sis of accountin8 unless the trustee5 either intend to liquidate the group or charitable company or to cea operations, or have no realistic alternztive but to do so. Auditor's responsibllities for the audit of the financial statements Our objective5 are to obtaln 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 Buditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an aud it conducted in atcordance wlth ISA5 IUKI will always dÈtect a materlal misstatement when it exisls. Misstatemenls can arise from fraud or error and are considered material11, individu311y or in the aggregate, they could reasonably be expected to influenc e the economic decisions of users taken on the basis ol these financial statements. Irregu13rities, including fraud, are Instances of non-compliance with laws and regulations. We deslgn procedures iii line with our responsibilitie5, Outlined above. to detect material misstatements in respect of irregularltles, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, 15 detailed below. Extent to which the audit was considered pable of detecting irregularities, includlng fraud We identify and assess the risks of malerial misstatement ol tlie finaiicial statements, whether due to fraud or error, and ihe n design and perform audit proceduTes respoiisive to those risk5, includiiig obtaining 3udit evidence tlial is sullicient and appropriate lo provide a basis for our Dpinion. 131
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 iii respect of irregularities, includin£ fraud arid non- compliance with laws and regulations, we considered the following.. the nature of the industry and sector, control environment and business performance; tho charity's own assessment of the risks that irregularities Inay occur either as a result of fraud or error,. the results of our enquiries of management and trustee5 of their own identification and assessment of the risks ol iriegulaiities,. any matte rs we ideiitified 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.compll8nce; detecting and responding to the risks of fraud and whetl)er they have knowledge of any actual, Suspected or alleged fraud,. and the internal tontro15 established to mitigate risks of fraud or non-compliance with13ws and regulation5,' and the Inatters dlscussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicator5 of fraud. As a result of these pro£eduTes, we considered Ihe opportunities and Incentives that may exist within the organi5ation for fraud and identified the greatest potential for fraud in tlie followiiig areas: lil The presentation of the charity's Slalement ol Finaiiclal Activities. lill the charity's accounting policy for revenue recognition and liiil tl)e charity's Lsse of restricted funds. In common with all audits under ISAS IUKI, we ale also required to perform specific procedures to respond to the risk of management override. We also obtained an understai)ding of the legal and regulatory frainework that the company oper3tes In, fotusinB on provision5 of those laws and reBulations thai had a direct effect on the determination ol materlal amounts and disclosures in the financi31 statements. The key laws and regulatioi)s we considered In thi5 context included the UK Companies Act, and the Stbtemenl of Recommended Pf actice 'Acrounting and Reporting by Charities, issued by the lolnt SORP making body. In addition, we considered provlsions of other laws and regulations that do not have a direct effect oh the finaiicial Statemeilts but compliance with which may be flindamental to the company's ability to operate oi to avoid a material penalty. Thls includes regulations concerning Data Protection Regulations. AudSt response to risks Identlfled As a result of performing the above, we identified the safeguardin8 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 f isk5 identified included the following.. reviewing the financial statement disclosures and te5linB to supporting documentation to assess compliance with I'elevant laws and regulations described above as having a direct effect on the flnancial slateiments. enquirinE of management and members of Ihe 8oard of Trustees concerningaclual and potential litigation aiid claims., performin8 analylic31 procedures lo identify any unusual or unexpected relatioiisli ip5 that may indicale risks of material misstatement due to fraud; reading minutes of meetings of those charged with governance and reviewiii8 correspondence witli relevant authoritie5 wheTe matters identified weie sienificant,. in add re.55ing tlie risk of fraud through management override of conti'ols, testing the approp¥iateness of journal eiitries and other adjustiT¥ent5,' assessing whether tl)e judgements made in making accouiitiriE estiniètes ar indicative of a potential bia5.' and evaluatig the business rationale of any 5ignilicant Ii'ans?ctiOnS that are unusual or outside the noTmal course of business. We 31so tommui)icated relevant identified law5 and regulations and potential Iraud risks lo 811 engagenient teaim Inembers and reniained alert to any indrcations ol fraud or iion-coinpliance with laws and regu5al.ions throughout tlie 14 |
GLADSTONE'S LIBRARY Independent Auditor's Report (continued) To the Members of Gladstone's Library A further description of our responsibilities lor the audit of the financial statements is located on tl)e Financial Reporting Council's website at.. http'.Ilwww.frc.org.uk/auditors(e5ponsibilities. This description forms pai"t of our auditor's report. Use of our report This report 15 Made solely to the charitable company's member5. 35 a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might slate to the charitable company's members those matters we are required to 5t3te to them in an auditors, report and for no other purpose.To the fullest extent permitted by law, we do not accept or assume ie5ponsibility to anyone other thdn the charitable company and the charitable company's members as a body, for our audit work, for this report, cr for the opiiiions we have formed. Robert Hall Isenlor Statutory Auditor) for and on behalf of Mitchell Charlesworth IAuditl Limlted Accountants Statutory Audltor 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 2024 UnrestriLted funds 2024 Restricted fund5 2024 Total as restated 2023 Total 2024 Notes Income from: Donation5 and legacies Grant income Charitable activities Investments Trading company income 164,002 179,297 6,828 343,299 6,£28 602,023 103,190 446,926 245,177 602,023 36.524 446,926 546,225 74,317 439,386 66,666 14 Total income 1,249,475 252,791 1,502,266 1,305,105 Expenditure on: Raising funds 55,699 15,S42 71,241 77,399 Charilable activities Investment cost5 Ti'adiiig company expenses 1,136.787 4,264 126,564 190,344 8.501 1.327,131 12,765 126,564 1,182,986 11,053 126,727 14 Total resources expended 1,323,314 214,387 I,S37,701 1,398,166 Nel Ilossesllgains on investments 12 17,6251 36,215 28,590 115,0831 Net Incomellexpendlturel {81,4641 74,619 16,8451 1108,1441 Gross transfers between funds 13 47,838 147.8381 Net income for the yÉarlNet movement In funds 133,6261 26,781 16,8451 1108,1441 Total funds brought forward 1,045,384 1,2 18,939 2,264,323 2,372,476 Total funds carried forward 1.011,758 1.245.720 2,257,478 2,264,323 The statement of financial activities includes all gains and losses iecognised iii the yeèr. All inr.ome and expendilure derive from continuing activities. The 5tateinent of financial activities a150 complies with Ihe requirement5 for an income and expei)ditiire 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 2024 Comparative informalioii in respect of the preceding period is as follows-. Unrestrirted funds as restated 2023 Re5trirted funds as restated 2023 Total as restated 2023 Notes liicome from.. Donation5 alld Segacies Grant income Charitable activlties Investments Trading compèny income 179,228 65.949 245,177 546,22S 15,397 439.386 546,225 74,317 439,386 58,920 14 Total Income 1,180,236 124,869 1,305,105 Expendlture on: Riising funds Charitable activities Investme nl costs 'rrading company expenses 66,475 895,931 2,919 126,727 10,924 287.056 8,134 77,399 1,182,987 11,053 126,727 li 14 Total resources expended 1.092,052 306,114 1,398.166 Nel Ilossesl/8ains on investments 12 18.958) 16,1251 115,0831 Net Income/lexpendituYel 79.226 1187,3701 1108,1441 Gross transfers between fund5 13 234 12341 Net movement in fund5 79,4GO 1187,6041 1108,1441 Total funds brought forward 965,924 1,406,543 2,372,467 Total funds carried forward 1,045,384 1.218,939 2,264,323 i? I
GLADSTONE'S LIBRARY Group Balance Sheet As at 31 December 2024 2024 2023 as restated Notes Fixed assets Intangible assets Tangible assets Investments 15 15.554 330,257 1.445,230 5,022 359,538 1,368,101 16 17 1,791,041 1,733,101 Current assets Stocks Debtors Cash at bank and in hand 18 S,614 23,437 642,122 3,162 26,007 733,302 19 671,173 762,471 Credltors: amounts falling due wlthln one year 20 1204,7361 {231,2491 Nel current assets 466,437 531,222 Total assets less current liabilltSes 2,257,478 2,264,323 Income funds Restricted funds Unrestricted funds 21 1,245.720 1,011,758 1,218,939 1,045,384 22 2,257,478 2,264,323 The accounls were approved by the Trustees on_ioloi_l_Ir)?s Patrick Derham Chairperson of Trustees
GLADSTONE'S LIBRARY Company Balance Sheet As at 31 December 2024 2024 Z023 as restated Note5 Flxed assets Intangible assets Tangible assets Investments 15 15,554 330,257 1,445,228 5.022 359,539 1,368,543 16 17 1.791,039 1,733,104 Current assets Stocks Debtors Cash at bank and In hand 18 5.617 23,437 642.122 3,161 26,007 733,302 19 671.176 762,470 Credltors: amounts fallln8 due wSthln one year 20 {204,7571 1231,2701 Net current assets 466,419 531,200 Total assets less Current Ilabllftles 2,257,458 2.264.304 Income funds Restrlcted funds Unrestricted funds 21 1,245.720 1,011,738 1,218,939 1,045.365 22 2,257,458 2,264,304 The accounts were approved by the Trustees on )0 20JS. Patrlck Derham Chairperson of Trustees Company Re8lstratlon No. 02363642
GLADSTONE'S LIBRARY Group Statement of Cash Flows For the year ended 31 December 2024 2024 2023 as restated Notes Cash flows from operating activities Cash generated from operations 25 197,7101 1171,4231 I nvesting artivltles Dividends, interesl and re nts from inveslments Proceeds from the sale5 01 PPE Purcliase of Property, Plant and Equipmenl Purchase of intanEible asset Nel proceeds from Inovement on investment5 103,190 130 18,5021 111.6001 {76.6881 74,317 115,0491 {12,7031 Net cash (used inl}generated from inve5tlng activltles 6,530 46,565 Cash flow5 from financing activities: Repayments of borrowing Cash inflows from new borrowng Net cash provided by (used inllgenerated from financing activities Change in cash and cash equlvalents In the reporting period {91,1801 1124,8581 Cash and cash equivalents at beginning of year Change In cash and cash equivalent5 due to exchange rate movements 733,302 858,160 Cash and cash equlvalent5 at end of the year 642.122 733,302
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Accounting policles Charity information Gladstone'5 Library is a prlvate eompany limited by guarantee incorporated in England and Wales. The registered office 15 Churcl) Lane, Hawarden, Flintshire. CH5 3DF, North Wales. 1,1 Accounting convention The f Inancial statements have been prepared in 3CCOTdance with tl)e charity s Memorandum ol Association, the Companies Act 2006 and "Accounting and Repoiting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan£e with the Financial Reporting Stèndard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191" The charbly is a Public Be nefit Entity ès defined by FRS 102. The financial statemenls are prepared in sterling, which is the functional currency of the charity. Monetarv amounts in these financial statements are rounded to the nearest £. The accoui)t5 have been prepared ui)der the historlc31 cost conventioii, 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 Al the time of approving the financial statements, the trustees have o reasonable expettètion thdt the charity has adequate resources to continue in operational exisience for the foreseeable future. Thus, tl)e trustees continve to adopt the going concern ba515 of accounting in prepariiig the financlal statements. 1.3 Basls of consolidation The consolidated linanclal statements Incorporate those of G13dstone'5 Library and its subsldiary11.e. an entity tlial the Eroup controls through its power to Eovern the financial and operating policies so as to obtain economic benefits). Subsidiary financial statements are m3de up to 31 Detember 2024 and accounting policies used therein are in line with those used by Gladstone's Library. All intra-group transactions, balances and unreali5ed gains on transactions betweeii Eroup companie5 are eliminated on consolidalion. Unrealised 1055es are also eliminated unless the transaction provides evide nce of an impairment of the asset Iranslerred. The gi'oup slalemei)t of financial acliviiies and Statement of cash flows also include the results and cash flow5 of Gladstone's Library Services Ltd, the subsidiarv. 1.4 Charitable funds Unrestricted funds are available for use at the disiretion of the trustees in furtl)erance of their charitable objectives. Restricted fu nds are subject to specific conditions by donors as to how they may be used. The purp05Ès and use5 of the restTiCted funds are sot out in the notes lo tl)e accounts. Endowment fund5 are subject to specific conditioiis by donoi"s that the capital Inust be maintained by tlie charitv.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Accounting policie5 (continued) 1.5 Incoming resources Income is recognised when the charity is legally entitled to it after any perfoTmance conditions have been met, thé amounts can be measured ieliably, and il is probable that income will be rece ived. 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 amouiit. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is iecognised at t he time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending dlslribution, the amount is known, and receipt is expecteLI. If the amount is not known, the legacy is treated a5 3 contingent asset. Tu rnover is measured at tl)e fair value of the consideration received or receivable and represents amounts receivable for good5 and ser'vices provided in Ihe normal course of business, nel of discounts. VAT and other sales related taxes. 1.6 Resources expended Expe nditure is recognised on an accrual basis h5 a liability is incurred. Expenditure iiicludes any VA T which cannot be flilly recovered and is reported as part of the expenditure to which it relates. Expeiiditure incurred at the balance sheet date that relates lo events lakiiig place after the balance sheet date is caf ried forward a5 deferred expenditure. Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of tradlng foi fundraising purposes. Charitable expenditure tompiises those cosls incurred by the charity in the delivery of its actlvlties and sei'vices for ils beneficiaries.11 includes both costs that can be allocated dlrectly to sucl) activities and those costs of an indirect nature neCearY to support them. Support costs al'e those costs incurred directly in support of expenditure on the objects of the charity and iiiclude project management. Governance costs are those costs incurred in tonnection witli the administratlon of il)e charity and compliance with constitutional and statutory requiTement5. 1.7 Intangible fixed a55ets other than goodwill Intangible assets acquired separately from a business are reco8nised at cosl and are subsequently measured al cost less accuryiulated amortisation and accumvlated irnpairment 105se5. Intangible assets acquired on business £onibination5 are iecognised separatoly from goodwill at the acquisition date where it is probable that the. expected future Èconomic benefits tliat are atti'ibutable lo the asset will flow to the entily and tl)e fair valiie of tlie a55et can be me35ufed reliably4 the intaneiblL asset ari5e5 from coiitractual or other legal righis,. and the intangible asset is separable froni the eiitity. Amortisalioii is recogi)ised 50 a5 to write off the cost or valuation of assets less tlieir residual values over their useful lives on the following bases.. Soltware IO% rediicKii¥ b313nce
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Accounting policies Icontlnuedj 1.8 Tangible fiyed assets Tangible fixed assets ale initially measured at cost and subsequently measured at C05t or valuation. net of depreciation and any impaliment losses. Depreciation 15 recognised so as to write off the cost or valuation of assets le5S 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 arisin8 on the dispos31 of an assel is determined as the difference between the salÈ proceeds and the carrying value of the asset and is recognised in net income/lexpenditurel for the year. 1. 9 Flxed asset Investments Fixed asset investments are inltlally measured at transaction price excluding transaction costs and are 5ub5e4uently measured at fair value at each reporti1l8 date. Changes in fair value are recognised in net incomellexpenditurel for ihe year. Transaction costs are ex pei)sed as incurred. A subsldiary is an entity conlrolled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obiain benefits from Ils activities. I. 10 Impairment of fixed assets At eBch reporting end date. the charity review5 the carrying amounts of its tangible assets to determine whethei there 15 any indication that those a55et5 have sulfered an impairment loss. If any such indication exi5tS, the recoverable amount of the asset is estimated in order to determine the extent ol the Impairment loss lil any). Intangible assets with Indefinite useful lives and intangible assets not yet available for use are tested for impalrment annually, and whenever there is an indication that the asset may be Impaired. 1.11 Stocks Stocks are stated Ot the lower of cost and estimatèd selling price less Costs to c.omplete and SEII. Cost comprises direct Inaterials and, where applicable, direct labour costs and Ihose overheads that have been incurred in bringin8 the stocks to their prese nt location and conditlon. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and c.ost. Net realisable value 15 the estiniated selling price les5 all estimaled cost5 01 CDmpletion and costs to be incurred in marketing, selling and distribution. 1.12 Cash and c3sh equlvalents Ca51) and cash equivaleiits include casl) in hand. deposits Iield al call witl) banks, other short-t.erm liquid investmenls with ori¥in31 Inatiiiities ol thrèe months or le55, and bank overdrafts. Baiik OVLJrdi"afts are shown witliiii borrowings in cuirerbt liabililies.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Accounting policies (continuedj 1.13 Flnancia5 Instruments The charity has elected to apply the provisions of Seclion I I'Basic Financial Instiuments, and Section 12 'oiher Financial Instsuments Issues, ol FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity b@comes party to the contr3Ctual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial statements. when there Is a legally enforceable right to set off the Tecognised amounts and theie Is an intention to settle on a net basis or to realise ihe asset and settle the liability siinultaneously. Basic flnancial assets Basic financial assets. which include debtor5 and cash and bank balances, are initially measured at transaction price including transaction cosls and are subsequently carrled at amortised cost using the effective interest method unle55 the arrangement constitutes a financlng transaction, whero the tyansaclion is measured al the presentvalue of the future receipts discounted at a market rate of iiiterest. Financial assets classified as receivable within one year are not amortised. Baslc financlal Ilabilitles B35ic financial liabilitie5, including creditors ènd bank loans are initially recognised at transaction price unless the arrangement constitutes a lin3ncing transaction, where the de bt instrument is measured at the present value ol the future payments discoullled at a market rate ol interest. Financial liabilities classlfied as payable within one year are not amortised. Oebt instruments are subsequently carried at amortised cost, using the effective Interest ratè method. Trade creditors are obligations lo pay for goods or servlces Iliat have been acquired in the ordinary course of ope rations from suppliers. Amounts payable are classified Bs current liabilities il payment is due within one year or less. If DOI, they are presented as non-currentliabilities. Trade creditors are recognlsed initiallv at transaction prlce and subsequenlty measured at amortised cost uslng the effective interest method. DerecoEnitlon of financl31 Ilabilitie5 Financial liabilities are derecognised when the charivs contractual obligatioiis expire 01 are disch3rEed or cancelled. Critical accountin8 estimates and judgements In the application of the cha,-ity's accounting policies, the trustees are required to make judgements, 95timates and assiimptions about the cariying amount of assets and liabilities tliat are not readily appareiit froiii othe r sources. The e5tim3tes and associated assumptions are based oli historical experience and other factors tl)at are coiisidei'ed to bo relevant. Aclijal results may differ f rom these estiinates. The estimates and underlying assumptions are I"eviewed on an ongoing basis. Revisions lo accountiiig estiniates are recognised in the period in which the estimate is revised where the revision affec15 oDly that p@riod, or ii) the pe¥iod of the revision and future periods vAiere the revision affects both current and future periods.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Donatlons and legacies Unrestricted funds 2024 Restlirted funds 2024 Total 2024 Don3tlons and gifts Governmènt grants 164,002 179,297 6,828 343,299 6,828 164,002 186,125 350,127 Donations and gifts Oonalions The Main Library Donations - Voluntary Oonations The Scholarship Fund Donations - The Gladstone Project Gift Aid The Main Library Arts sponsorship Other 100,390 28.923 100,390 28,923 14.502 908 25,000 153,389 15,410 25,000 173,576 20,187 164,002 179,297 343,299 Grants receivable for core artivities Flinlshire FLVC graiit - bike racks Natlonal manuscrlpt NMCT grant 878 5,950 878 5,950 Comparative information in respect of the preceding period is as follows.. Unrestrirted funds 2023 Restricted funds 2023 Total 2023 Donations and Kifts Government grants 179,228 65,949 245,177 179,228 65,949 245,177 Donations and gllts Donations - The Mail) Library Donati0115 Voluntary Donations The Scliolarship Fund Donations - The Glad51(Trne Project Gift Aid The Main Library Arts sponsorship Other 92,668 61,186 92,668 61,186 944 495 25,374 15,000 49,510 944 495 25,374 15,000 49,510 179,228 65,949 245,177
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Donations and legacies Icontinuedl Unrestricted funds 2023 Restricted funds 2023 Total 2023 Grants receivable for core activities Business rates grant Charitable artivities Unrestricted funds 2024 Restricted funds 2024 Total 2024 Boarding and tuition fees 602,023 602,023 Comparative Information in respect of the preceding period is as follows.. Unrestrirted funds 2023 Restricted funds 2023 Total 20Z3 Boarding ai)d tuitioii fees 546,225 546,225 I iivestments UnrestriLted fund5 2024 Restrlcted fui)ds 2024 Total 2024 Income from UK listed inveslments Galnlllossl on disposals - Maiii Fund Gainlllossl on disposals Scholarship Gainlllossl on disp05als Golothan Bank interest receivable 9,329 18,974 39,233 48,562 18,974 26,812 621 8,221 26,812 621 8,221 36,524 66,666 103,19Q
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Investments Icontinuedl Comparative information in rèspect of the preceding period is as follows: Unrestrirted funds 2023 Restrlcted fui)ds 2023 Total 2023 Income from UK listed Inveslment5 Gainlllossl on disposals - Main Fund Gainllloss) on disposals - Scholarship Gainlllossl 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 Costs of raising funds Unrestricted fund5 2023 Restrlcted funds 2023 Total 2023 ndraisi Fundraising salaries Publicitv 37,483 18,2 16 37,483 33,7S8 15,542 55.699 15,542 71,241 Comparative information in respect of the prÈceding period is as follows.. Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fundraisin Fundraisin8 salaries Publicitv 40,387 26,088 40,387 37.012 10,924 66,475 10.924 77,399
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Charitable actlvities lexpenditurel 2024 2023 Boarding and tuition fees tosts Oepreciation Rate5 2nd water Light and heat Repaii's and maintenance Insur3nce Calering arid other purchases Course expenses and training Printing, postage and stationerv Purchase of books Carnegie fund project costs Charil8ble donations paid 36,051 14,001 73,572 206,032 22,531 20,275 16,360 8,486 4,566 3,258 36,333 12.338 82,909 76,445 18,637 18,239 14,173 8,363 6.579 65,801 10,000 405,132 349,817 Share of support Costs (see note 8) Share of governance costs Isee note 81 916,274 5,725 827,269 5,900 1.327,131 1.182,986 Analysis by lund Unrestricted funds Restritled funds 1,136,787 190,344 895,930 287,056 1,327,131 1,182,986 28 |
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Support costs Support costs Governance costs Total 2024 2024 2024 Library, conference and residential salarles Wages and salaries Leasing and rental Motor and travel expenses Consultancy fees Telephone Computer costs Bank charEes Sundry Recruitmenl costs Audit Accountancy Legal and professional 754,600 56,S57 3,624 1,936 3.058 4,987 31,395 16,248 43,869 754,600 56,557 3,624 1,936 3,058 4,987 31,395 16,248 43,869 1,550 4,175 1,550 4,175 916,274 5,725 921,999 Analysed between Charitable activilie5 916.274 5,725 921,999 Governaiice costs Includes payments to ihe auditors of £1,55012023 £1,650) for audit fees. Comparative information in respect ol the preceding period is as follows.. Support COStS 2023 Governance costs 2023 Total 2023 Library, conference and residential salarie5 Wages and salaries Leasine 2nd rental Motor and travel expenses Consuliancy lees Telephone Coinputer costs Bank charges Sundry Recruitment C05t5 Aiidit Accoui)tancy Legal 2nd 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 29,2 63 15,603 47,523 1.650 4.250 1,650 4,250 827,269 5,900 833,169 Analysed between Charitable activities 827,269 5.900 833,169
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Trustees None of the tTU5tees lor any persons connected with them) received any remuneration or benefits from the charity during the year. io. Employees Number of employees 2024 Number 2023 Number Number ol charitable stalf 42 41 2024 2023 Em ployment costs Wages and salaries Social secu rily costs Penslon cost5 775,612 57.688 15,340 726,349 52,726 13,246 848,640 792,321 No employee received any remuneration of more than £60,000 during the current OT prior year. The nuinber of full-time equivalent staff ai Ihe year end was 2612023 261. ii. Investment management costs Unrestricted funds 2024 RestrlrtÈd funds 2024 Total 2024 Profit/loss on disposal of tangible fixed assets Investment management costs 2.669 1.595 4,264 2.669 10,096 12,765 8,501 8,501 Compa¥ative information in respect of the preceding period is as follows: U nrestrlrted funds 2023 RestrlL1ed funds 2023 Total 2023 Prolitlloss on disposal of tangible fixed a5SPts Ii)vestment mènagemenl costs 1,395 1.524 1,395 9,658 11,053 8,134 2,919 8,134 Taxatlui) Tlie cliarity 15 exeinpt froni taxation on its 3clivitie5 because all its income is applsed for cl)aritable purp05LJS.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 12. Net gainslllossesl on Investment5 Unrestricted fund5 2024 Restricted funds 2024 Total 2024 Gainllloss) on sale of investmènts 17,6251 36,215 28.590 Comparative Information in respect of the precèding period is as tollows.. Unrestrirted funds 2023 Re5trictÈd funds 2023 Total 2023 Gainlllossl on sale of investments 18,9581 16,1251 115,0831 13. Transfer between funds A transfer of E33,07512023 - £27,000) was made durin8 the year Irom the Scholarship fund to the Gladstone general fund. This transfer was made in order to fui)d the boarding and tuition fees of scholars. A transfer of £6,85 2 12023 - £10,964) was made during the year from unrestricted funds to the NHMF Roof Repairs fund. A further transler of £18,032 was made during the year from Unrestricted Funds to the Heritage Lottery Fund. This transfer was made to cover roof expenditure in exce55 of the grant received to date. A transfer of £14,25012023 - £15,75S} was made during the year from Designated Unrestricted Gladstone Project Funds to the Living Heriiage Fund. This transfer wa5 made to cover the depreciation of restricted assets. A tTansfer of £37,690 was made duiin8 the year from restricted COVID 8rant5 recelved to Unrestricted Fund5. A transfer of £16.207 was mède during the year from restricted Carnegie Funds to Unrestricted Fu nd5. These transfers were made to reflect the funds having been lully spent. 14. Tradlng 5ubsldiary Gladstone's Library Services Ltd is a wholly owr)ed subsidiary of the charity whlch run5 the cafélrestaLirant services to support Glad5tone's Libiary. Below are the trading results which have been included in the Consolidated accounts. Proflt and Loss Account Gladstone's Library Servlces Ltd 2024 2023 Turnover 446,926 439,38G Cost of sales 1102,8311 198,2421 Gros5 profit 344,095 341,144 Administwative expenses 123,733} 128,4851 Prolit before tax 3?0,362 312,659 Tax on profitlllossl on ordinary aclivities Profit for the financial year 320,362 312,659 31 |
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 15, Intangible fixed assets Group and Company Software Total Cost At I january 2024 Additions 8,483 11,600 8,483 11,600 At 31 December 2024 20,083 20,083 Depreciation At I january 2024 Chaige for the year 3,462 1,067 3,462 1,067 At 31 December 2024 4.529 4,529 CarrylnE amount At 31 December 2024 15,554 15.554 At 31 December 2023 5,021 5,021 16. Tangible fixed asset5 Freehold land and buildings Plant and equlpment Group Total Cost At l January 2024 Additions Disposals 219.266 565,715 8,502 13,9451 784,981 8,502 13,9451 At31 December 2024 219.266 570,272 789,538 Depreclation and impalrment At I laiiuary 2024 Charge for ihe year Eliminated on disposal 73,247 13,951 352,196 2 1,033 11,1461 425,443 34,984 11.1461 At 31 December 2024 87.198 372,083 459,281 Carrying amount Al 3 1 Deceimber 2024 132,068 198,189 330,257 At31 December 2023 146,019 213.519 359,538
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 Freehold propertvp books & manuscripts Plant and equipment Companv Total Cost At l Jai)uary 2024 Additions Disposals 219.266 565,715 8,502 13,9451 784,981 8,502 13,9451 At 31 December 2024 219.266 570,272 789,538 Depreciation and impalrment At l January 2024 Charge for the year 73,247 13.9SI 352,196 21,033 425,443 34,984 At 31 December 2024 87,198 373,229 460,427 Cèrrying amount At 31 Oecember 2024 132.068 197,043 329,111 At 31 Deceinber 202 3 146,019 213,519 359,538 The freehold Pfoperly, and books and manuscripts, were each initlally valued at a nominal El in 1989. All subsequent additions lo books and rnanuscripts have been written off. Any additlonal amounts under 'Freehold land and buildings, are Improvements to freehold properly. This includes Costs to extend the current buildin8. 33 1
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 17. Fixed 355et investments Cash on Cash on special Main fund Scholarship fund special deposit deposit investments investments Main fund Scholarship fund Cost or valuation At l Jantjary 2024 Additions Valuation change5 Other Movements Disposals 206,036 62,491 17,6251 18,973 162.8871 917,632 220.872 33,005 26,812 1183,8801 6,930 162,4911 71,040 {220,872} 6.984 62,887 18,1111 183,880 At 31 December 2024 216,988 1,014,441 14.310 25,937 Carrying amount At 31 December 2024 216.988 1,014,441 14,310 25,937 At31 December 2023 206,035 917,632 6,930 71,040 Golothan fund Cash on Golothan fund Investments in 5ubsidlarles Total C05t or valuatlon At l January 2024 Additions Valuation changes Other Movements Disposals 157,610 10,519 3,210 621 16.3731 9,293 110,5191 1,368,542 28,590 48,096 2,817 6,373 At 31 December 2024 165,587 7,964 1,445,228 Carrying arnount At 31 December 2024 165,587 7,964 1,445,228 At 31 December 2023 157,609 9.293 1,368,540 IOOO/o ol the investments are held by G13dslone's Library, therefore none relate to Glad51one's Library Services Ltd. The investments 1)eld by the gTOLlP are shown al £1,445.228 {2023 - EI,368,5401 as the £ I sliare l)eld in Gladstoiie's Library Services Ltd lias been eliminated on consolidation.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 18. stock Group 2024 Company 2024 2023 2023 Stock 5.614 3,162 5,617 3,161 19. Debtors Group 2024 Company 2024 2023 2023 Amounts falling due within one year: Trade debtors oihei debtors 4,7Q4 18,733 4,180 21.827 4,704 18.733 4,180 21,827 23.437 26,007 23,437 26,007 20. Creditors.. amounts falllng due within one year Group 2024 Company 2024 2023 2023 Amounts falling due withln one year: Trade creditors Owed to groLlP companies Othe r taxation and social security other creditors 38,945 36,625 32,856 7,935 42,440 121,526 29,313 9,229 36,437 156,291 42,440 123,351 36,708 157,916 204,736 231.249 204,757 231,270
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 21. Restricted Income funds Movement ln funds Balance at l Januarv 2024 Balance at Gains & 31 December losses 2024 Incoming Resources resources expended Transfers Scholarshlp Fund Writers in Residence Living Heritage Fund Maartin Merten donation5 Carnegie fund Exhibition fund House ol Wisdom donations COVID grants received Golothan fund NHMF Roof repairs Other Befriend a book HerltaEe Lotterv Flintshire FL VC bike rack grant National Mar)uscript grant Nunkie eve nts 835.428 108.120 18,706 1,681 19,46S 20,627 319 37.691 176.902 61,995 25.000 478 17,2681 133,0741 I13,9071 114,2501 33,006 890,087 119,213 19,184 1,681 14,250 13,2581 116,2071 20,627 319 137,619) 4,672 120,043 11,2331 1126,8951 3,209 183,SSO 6.852 4,688 23,656 {4.688) 141,6881 18,032 878 5,950 5,431 878 5,950 4,231 11,200} 1,2 18,939 252.791 1214,3871 147,8381 36,215 1,245,720 Scholarshlp fund breakdown 2024 2023 Canon Syrnonds Bishop Moorman Dr McGregor General Tom Jarman Veronica Powles The Lawton 7.10 63.161 44,835 123,508 62,990 32,561 24,548 30,941 41,169 19.093 39,806 7,842 27.446 62,820 52,506 91.289 4 5,602 82,254 37,716 7.10 S9,282 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 5.04 5.04 13.88 7.08 13.88 7.08 3.66 3.66 2.76 2.76 3.48 4.63 3.48 4.63 The Drew Dr Daisy Ronco Richard Hills Gladstone Ernest Walder Canoii Deny5 Ruddy Father John Thtsrold Jim Cotter Trust Stantan Memorial Eileen Stamper lelfrey Engell 2.15 2.15 4.47 4.47 0.88 3.08 0.88 3.08 7.06 7.06 5.90 5.90 10.26 5.12 10.26 5.12 9.24 9.24 4.24 4.24 loo.00 890,087 loo.00 835,428
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 21. Restrlrted Income funds (continued) Comparative information in respect of the preceding period is as follows.. Movement in funds Balance at l January 2023 Balance at 31 December 2023 Incoming Resources resources expended Transfers Galns & losses Scholarship Fund Writers in Residence Living Heritage Fund Maartin Merten donations Carnegie fund Exhlbllion fund House of Wisdom donations Elizabeth Hilton legacv COVID grants received Golothan fund Other 8?5,986 96,022 18,211 1,681 85.266 20.627 319 190,691 167,740 56,393 15,000 495 16.9861 127.001} 112,9641 12,902} 115,7551 835,428 108,120 18,706 1.681 19,465 20,627 319 37,691 176,902 IS,7SS 165,8011 1153,0001 11,1481 141,5001 119,022} 3,471 30,536 18,974 6,839 10,964 48 1,406,543 124,869 {306,1141 12341 16,1251 1,218,939 Scholarship Fund Legacy funds, the majority ol which, is invested with stockbrokers to fund scholarship students staying at the library. Wrlters in Residence Sponsorship funds donated to tover the expenses of vislting authors and authors events. Carnegle Fund Funding to sponsor the Digitisation project of Gladstone papers. COVI D grants Fundiiig received to support the buslness during Coronaviru5 closure. Golothan Fund Funding received to fund a series ol lectures at the library.
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 22. Unrestricted Income funds Movement in funds Balance at l Januarv 2024 Balance at Gains & 31 December losses 2024 Incoming Resources resources expended Transfers Deslgnated Funds Investment reserve The Gladstone Project Wollson Fouiid3tion Spon50r a Shelf Funds 231,887 260,303 36.523 11,5951 17,6251 259,190 246,053 114,2501 88,418 88,418 580,608 36,523 11,595} 114.2501 (7,6251 593,661 General Fund Trading company reseNes 1580.7971 1,045,573 766,026 11,195,155) 1,4 28,003 446,926 1126,5641 11,365.9151 418,077 20 1,045,384 1,249,475 (1,323.3141 47,838 17.6251 1,011,7S8 A transfer ha5 been made between General Unrestricted Funds and the Trading Company Reserves to reflect the distributions made to date. This transler will now happen on an annual basis. We believe that this transfer better reflects the Irue position of the charity and the group. Comparative information in respect of Ihe preceding period Is as follows,. Movement in funds Balance at l January 2023 Balance at Gain5 & 31 December losses 2023 Incoming Resources resources expended Tran5fer5 Deslgnaled Fund5 Investme nt reserve The Gladstone Project Wolfson Foundation Sponsor a Shelf Funds 226,972 276,058 15,397 11,5241 18.9S81 231,887 260,303 {IS,7551 88,418 88,418 591,448 15,397 {1,5241 115,755} 18,9581 580,608 General Fund Trading company reserves 1358,4381 725,453 {963.8001 15.989 1580,7961 732,914 439,386 1126,7271 1,045,573 965,924 J,180,236 11,092.0511 234 18.9581 1,045,385
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 22. U hrestrictèd income funds {continuedJ Investment reserve Legacy funds invested with stockbrokers to cover d3V to day expenditure. The Gladstone Project The Gladstone Project was established on the centei)ary of the founder's death in 1998 in order to raise additional funds necessary lo enable the Trustees of Gladstone's Library to satisfy their objectives and to develop Gladstone's Llbrary 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 drlve attracted giants 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 G13dstone's Library continues, and funds and donations fo¥ 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 ongolng development of Gladslone's Library whilst remaining within the total unrestricted fund5. Wolf50n Foundation Fundii)g received to support improvements made following Covid c105ure. Sponsor a Shelf Fu nding to support day to day acts'vilies Eenerated by sponsorship of a shell in the library by individuals. Trading company Income generated from Gladstone Library Services Ltd, generated from Food for Thought and conferen Income. 23. Company limited by guarantee The company is limited by guarantee and does not have a share capital. The liability of the difectDrs of the charity is such that it will not exceed £1. Due to the structure of the company, no one has control or slgnlficant Influence over the entlty. 24. Related party transactions Gladstone's Library Servites Ltd is a wholly owned subsidiary of the company. During the year Gladstone'5 Library Services Ltd donated E320.36212023 - £3 12,6591 to the company. The balance due to Gladstone's Llbrary Services Ltd at the year-end was E7,93512023 - Eg,2291. Remuneration of key management personnel The remuneratioi) of key man3gement personnel, including the Warden and Finance Manager, is as follows.. 2024 2023 Total remuneration 74,156 68,948 391
GLADSTONE'S LIBRARY Notes to the Financial Statements For the year ended 31 December 2024 25. Cash generated from operations 2024 2023 Surplus/ldeficitl for the year 16,8451 1108,1431 Adjustments for.. Depreciation charges Dividends, interest and rents from investments Lossllprofitl on the sale of fixed assets 36,051 1103,1901 2,669 37,937 174,317) 1,395 Movements in working capital.. Ilncreasel/decrease in stocks Ilncreaselldecrease in debtors Ilncreaselldecrease in Creditors 12,4521 2,570 126,5131 116,2231 112,2541 Cash generated fromllabsorbed by) operations 197,710} 1171,4231 26, Analys15 of net assets between fund5 Group Unre5tTirted Restricted Total Flind balances at 3 1 December 2024 are represented bv.. Intangible assets Tangible assels Investment5 Current assets/lliabilitle51 1 S,554 173,136 23 1,299 591,769 15,554 330,257 1,445,228 466,439 157,121 1,213.929 1125,3301 1,011,758 1,245,720 2,257,478 Company Unrestricted Restrlcted Total Fund balances at 31 Decembei 2024 are represented by: Intangible assets Tangible assets Investments Current assetsllliabilitiesl 15,554 173,136 231,299 591.749 15,554 330,257 1,445,2 28 466.419 157,121 1,213,929 1125,3301 1.011,738 1,245,720 2,257,458