Registered no: NICI04564 Belfast Library and Society for Promoting Knowledge (The Linen Hall) Annual report for the year ended 31 December 2023
The Linen Hall Annual report for the year ended 31 December 2023 Pages Reference and administrative details Governors, report Independent auditor's report 8-11 statement of financial activities 12 Statement of financial position 13 Statement of cash flows 14 Notes to the financial staternents 15-36
The Linen Hall Reference and administrative details Governors Pr•sldont: Dr P McGarry, DL, FRCPsych (from May 2023) Dr E Hughes, BA, MA, PHD (to May 2023) V•c•-Prn8ldent: Prof M O Mainnln, BA, MA, PhD (from May 2023) Ms L Maltman, BSC, Msc (to May 2023) Dr S Bridge, MA, Msc, PhD (from May 2023) Ms K Blair, LLB, LLM, LARTPI (io May 20231 Mr C Mccleane (818) (313) (418) (113) (718) (313) (618) Honorary sratary. Honorary Treasurar: Mr G Dorrian (from September 2023) Dr F Ferguson, BA, MA, PhD (from May 2023) Mr J Fitzsimons, MA(TCD), MSc{QUB) (from May 2023) Prof B Kelly, MA, MD, FRCS, FRCR, FFRRCSI {from May 2023) Mr G Lucy. BA Hons. PGCE Ms S Mccartan, BA Hons. AClfA, FSA {London) {to May 2023) Mr J Mccartney, Msc Mr S McKee, BA Mr J Mcvey, OBE. MBA, Msc Ms B Napier. LLB (from September 2023) Prof O Purdue, BA, MA, PHD (to May 2023) Ms S Stevenson, ACR [figure in brackets indicates attendance at Govemors, meetings] (113) (415) {215) (215) (818) (013) (418) (818) (718) (213) (113) (418) PrlnGlpal offic• 17 Donegall Square North Belfast BT15G8 Charlty numb•r NIC104564 Sollcllor8 Cleaver Fulton Rankin 50 Bedford Street Belfast 8T2 7FW Bank•rs Danske Bank Limited Donegall Square l•lest Belfast BT16JS Indopendent audltors Finegan Gibson Ltd Causeway Tower 9 James Street South Belfast BT2 8DN
The Linen Hall Governors, report for the year ended 31 December 2023 The Library, which operates under the name of The Linen Hall, is legalty known as the Belfast Library and Society for Promob'ng Knowledge. The Board of Governors, who are also the tfUStee8 of the Library, submit their annual report and the audited financial statements for the year ended 31 December 2023. The Governors have prepared the accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ir81and {FRS 102. effective 1 January 2015). Reference and admlnlstratlon Informatlon Details of the registered office, governors, independent advisers and other relevant information are given on page 2. Structure, governance and management Governors The Governors a responsible for setting the Library's forward strategy and oversight of its business. Governlng document The Library was founded in 1788 and is governed by its Constitulion enacted in 1891 under the Educational Endowments (Ireland) Act, 1885 and as subsequently amended. In 2016, the Library was formally registered as a charity by the new Charity Commission for Northern Ireland, The Consts'tutlon Is available on the Library website at wbw4.lin Appolntm•nt of Governors There is a maximum of fifteen Governors of the Linen Hall Library who are elected by triennial rotatlon at the Annual General Meeting and by the subscribing members of the Library. A Governor shall not be eligible for re-election after having served two successive temis of three years, until the lapse of a period of two years. The officers of the Society are also elected annualty at the Governors, meeting immediately after the Annual General Meeting. R•cruftm•nt of Gov•mors The Governors annualty review the skills required by the Board and available to them and, when appropriate, use their powers of co-option to fill gaps, Govemor Induction and tralnlng New Governors undertake an induction visit to the Library and are supplied with all key Library documenlation. The Library has arrangements in place to provide tralning for all rts Governors on an annual basis. Rlsk managamont The Library has established a risk register which is reviewed by the Governors on a quarterly basis, Risks arisiw from the relative weakness of the Library's financial position are bèing addressed in the context of the ongoing business planning process. The Governors will continue to review the financial risks that the Library faces and believe that increasing the free reserves to £261.939 will provide sufficient fesources in the event of adverse conditions (see ReseNes policy on pag• 5). The Govemors tske the responsibility of monitoring financial risk management. The organisation is not significantly exwsed to price or credit risk. The organisation has a bank overdraft and the Governors continually review this debt to ensure interest charges are minimised as far as possible.
The Linen Hall Governors, report for the year ended 31 December 2023 (continued) Structure, gov•rnan¢e and managomont (continued) Management Responsibility for the day to day running of the Library lies wrth the Director and the Management Team. The Director is responsible for ensuring that planned SeiceS are delivered. that key performance indicators are met, and that agreed procedures are operative. Related partl•s The Library is Lead Partner in The National Collection of Northem Ireland Publications (NIPR), The one part-lime employee of NIPR based at the Linen Hall is employed and paid for by NIPR. Objectlves and actlvltle8 Constltution and mls8lon The Library's Constitution at paragraph 11, and as amended in 2006, describes the 'Trusts of the Endowment, as follows. The Endowments and all other propety of or belonging to the Govemors, or available for the purposes of this Scherne, shall be held by them upon trust for the promotion of knowledge in Northern Ireland and for the benefit of international scholarship, by Ihe maintenance of a Library, and by such other means as the Society may trom time to time deem it advisable to adopt. The Library's mission statement is as follows: The Linen Hall Library will advance knowledge and understanding, both locally and internationally. by developing, preSeing and interpreting its collections, with unique strengths in Irish and Local Studies, and widening access to an hlstoric library and cultural Gentre. Objectlves In 2023 The Library aimed to.. Develop the Linen Hall Library's standing on an international stage Protect and develop new and existing Collections Improve interpretation of the Collections Widen access to an historic library and cultural centre Contribute to cultural development in the UK and Irgland Improve the financial sustainability of the Library
The Linen Hall Governors, report for the year ended 31 December 2023 (continued) Structure, governanGe and management {contlnuod) Achlevemenls and perfoman The Linen Hall faced severe funding challenges in 2023 with a cut of one third of ils CO funding from the Department for Communities. coinciding with a period of rising costs, particularly the cost of energy to keep the building open to the public and irreplaceable archives in the conditions necessary for their conservation. Nevertheless, the programme of cultural events. exhibitions, classes, book clubs and writing competitions was stronger and better attended than ever, and work continued on several funded projects which had begun in 2022, alongside successful applications for further proJ8Cts, some carrying on into 2024, all of which served to enhance the Linen Hall's contribution to society and to support rts financial sustainability. Notably in December 2023, Nats'onal Lottery Heritage Fund awarded a grant of up to £245,480 to fund Linen Hall 2 - A Museum of Coniemporary History in Nl Scoping Study. Nats'onal Lottery Heritsge Fund provided a grant for a major project "Origins & Legacies.. The BolfasUGood Friday A9 ement., which took place in 2023 to mark its 25th anniversary. Through an exhibilion, a series of events and an oral history project, The Linen Hall reflected on the processes which led to the accord, the competing sides of the referendum campaign, and its impact. other funded projects in 2023 included "Borders and Boundaries" a Departmont of Foreign Affairs. Reconciliats'on Fund project exploring the meanings and realities of borders and boundaries in Northem Ireland throughout the last century, and "The Linen Hall.. Belfast's Home of Poetry. celebrating the great p¢)ets of the past while pushing the boundaries by hosling new voices and thernes and funded by Arts Council Nl. The Department for Communities provided a grant to help digitise the Linen Hall's Ulsler-scots collection, and National Lottery Heritage Fund continued to fund a Museum Engagement Officer post at the Linen Hall. Foras na Gaeilge carried on supporting conservation and cataloguing of the Library's Irish Language collection, and Ulster-scots Agency funding allowed work to conts'nue in conserving and making accessible the Gibson Collection of Ulster Scots material. as well as supporting the Ulster-scots Writing Competition. The Linen Hall Library Endowment Fund remains open to donations and all income generated 18 being used to enhance the Library and its Collections, helping to ensure their future sustainability. Financial revl•w Resul13 In common with many other charities, the Library faces challenging economic tlmes, and contlnuing efforts are being made to increase revenue and to control costs. The Library has worked successfully with funders and bankers to deal with the deficit going forward. The statement of financial activities foc the year is set out on page 12. The Library incurred a deficit of £422,872 in the year (2022.. £515,747), before the impact of the actuarial gain on the defined benefit pension scheme and a gain on revaluation of investments. The Library had net current liabilities of £304,799 at the year-end {2022. net current assets of £64,544). Prlnclpal fundlng sources The Library's key funders in 2023 were the Department ft>r Communities which provided grants of £212,675 (2022.. £308,500) and the National Lottery Heritage Fund £93.565 (2022.. £156,571). Ras•rv•s policy The long-term objective of the Governors over a three to five-year period is to achieve a level of unrestricted funds not invested in tangible or fixed assets (the free reseries) equivalent to three months, expenditure on the core activities of the Library. At the end of 2023 this figure would have been £261,939 (2022.. £305,395), however the net current liabilities position set out in Note 25 to the accounts °Analysis of net assets be•een funds" fell short of the Governors. target. Detsils of the actions being taken in response and the Governors, assessment of Going Concem is contained within Note 27 to the accounts. Taxation The Library is a registered charity, and as such is entitled to certain tax exemptions on income and profrts from investrnents, and surpluses on any trading actsvities carried on in fvrtherance of the Library's primary objects'ves, if these profits and surpluses are applied solety for charilable purposes.
The Linen Hall Governors, report for the year ended 31 December 2023 (continued) Flnanclal revlew (continued) Borrowlngs The Library relies on an overdraft facility with Dansk8 Bank. This facility was reviewed in 2023 and sufficient facilities to meet projected cash flow requirements were approved. At the year end the Library had net liabilities of £175,342 at Danske Bank (2022: net assets of £81,069),. this was inclusive of £60,385 (2022.. £60,385) of funds (including gift aid and interest) held for the Michael McLaverty Trust (see page 51 and a balance on its overdraft of £235,969 {2022'. credit balance of £20,432). Endowm•nt funds The Library administers the Michael McLavarty award and holds £60,385 in respect of this trust. This is an endowment, the income from which is available to the Library only for the specific purpose of running the biennial Michael McLaverty Short Story Award. In 2013, the Library launched its Catalyst Endowment Fund, under which every £1 raised by the Library was matched by a £1 grant from the Heritage Lottery Fund's Catslyst endowment programme, over a four-year period. Funds raised under this programme are invested for a period of 25 years, and the income used to further the Library's mission. The balance held in this lund at Ihe year-end was £237,352 (2022: £224,334), The New Linen Hall Library Endowment Fund was set up in 2018 to provide an income for the preservation and onseNation of the collections held within the Linen Hall Library. The balance held in this fund at 31•1 December 2023 was £77.360 (2022.. £74,172). Penslon 8chem• The Library operates a defined benefit scheme through NILGOSC. Prlor to 2006 the Library's share of this scheme ould not be identified by NILGOSC and, in keeping with other such multi-employer schemes, the Library treated its pension cost as if rt were a defined contribution (rather than a defined benefit} scheme in accordance with accounting standard8. In late 2006 NILGOSC separated each of the employer scheme details and. as a resull. the Library complies with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and incorporates the year end surplus or deficlt on the scheme in its balance sheet and the movement on the scheme within the Statement of Financial Activities. At 31 December 2023 the scherne showed a surplus of £1,561,578, an improvemenl on the £1,293,578 sucplus in the previous year., this change arose from changes in assumpts'ons used by the scheme actuary. Plans for th• future A Business Plan for 2024 was approved by the Governors in December 2023. The Linen Hall continues to diversfy its Income and modernise its approach whilst retsining its heritage values and charitable mission. In the next few years new strategies will be developed to enhance the Linen Hall's sustsinability for the future. The Library aims to: Develop the Linen Hall Library's standing on an intemational stage Protect and develop new and existing Collections Improve interpretation of the Coll8Ctions Widen access to an historic library and cultural centre Contribute to cultural development in the UK and Ireland Improve the financial sustainability of the Library
The Linen Hall Governors, report for the year ended 31 December 2023 (contlnued) Statement of Governors, responslbllltles The Governors are responsible for preparing the Governors. Report and the financial statements in accordance with applicable law and the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102. effective 1 January 2015). The law applicable lo charities requifes the Govemors to prepare financbal ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatements. the Govemors are required to.. select suitable accounting policies and then apply them consistenuy., observe the methods and principles in FRS 102: make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue In bu8iness. The Govemors are fesponsible for keeping prop8r accounting records that disclose wrth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 1964 and under tha Charities {Nl) Order 1987 and in accordance with the Educats'onal Endowments Act 1885. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statsment of dlsGIo8ure of Informatlon to auditors So far as each of the Govemors in office at the date of approval of these financial ststements is aware: there is no relevant audit information of which the Library's auditors are unaware" and they have tsken all the steps that they ought to have taken as Governors in order to make themselves awaré of any relevant audit information and to establish thal the Library's auditors are aware of that inform81ion. Indepondent audltors A motion to reappoint the auditors will be proposed at the AGM. By order o Board tr¥c(,- Mr C. Mccleane Honorary Treasurer Date.. 131h May 2024
The Linen Hall Independent audltor's report to the Governors of The Linen Hall Library for the year ended 31 December 2023 Oplnlon We have audrted the financial statements of The Linen Hall Library (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The fi'nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102, The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Genérally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pr8Ctice: have been prepared in accordance with the requiremenls of the Charities Act (Northern Ireland) 2022. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for tho audit of the financial 3tatements section of our report. We are independent of the charity in accordance with the ethical rgquirements that are relevant to our audit of the h'nancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We bélieve that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Concluslons r•latlng to golng concern In fomiing our opinion on the financial statements, whlch Is not modified, we have considered the adequacy of the disclosures made in note 27 to the financial statements concerning the charity's ability to continue as a going concern. The charrty suffered significant cuts to funding during the year and reported 8 net current liabilities position of £304,799 as at 31 December 2023. These conditions, along with the other matters explained in note 27 to the financial slatements, indicate the existence of a material uncertainty. which may cast significant doubt about the charity's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the charity was unable to continue as a 90ing concern. Other Inforniatlon The other infonnation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees arè responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or othepwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
The Linen Hall Independent auditor's report to the Governors of The Llnen Hall Library for the year ended 31 December 2023 Matters on whl¢h we are requlred to report by excèptlon In the light of the knowledge and understanding of the charity and its environment obtsined in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to whiGh th8 Charities Act (Northern Ireland) 2022 requires us to report to you if, in our opinion- •adequate accounts'ng records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or •the financial statements awe not in agreement with the accounb'ng records and retums,. or •certain disclosures of trustees, remuneration specified by law are not mad8', or •we have not received all thè information and explanations we require lor our audit, Responslbllltl•$ of trust• As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the Pfeparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is nécessary to enable the preparation of financial statements that are tree from materlal misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters relaled to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs r•sponsibilltle8 for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are tree from material misstatement, whether due to fraud or error, and to issue an audrtor's report that includes our opinion. Reasonable assurance 18 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or erfor 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 stalements. Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to detecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detectin9 irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of ifregularities, including fraud and non-compliance with law5 and regulations, we considered the folbwing.. the nature of the industry and sector, control environment and busine&% performance including the design of the remuneration policies. key drivers for directors, remuneration, bonus levels and performance targets., results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed documentation of their policies and pr(xedures relating to: identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance" detecting and responding lo the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud; the intemal controls establishéd to mitigate risks of fraud or non-compliance with laws and regulations. Ihe matters discussed among the audit engagement team including significant component audrt teams and relevant intemal specialists, including tax and valuations specialists regarding how and where fraud might occur in Ihe financial statements and any potential indicators of fraud.
The Linen Hall Independent auditor's report to the Governors of The Linen Hall Library for the year ended 31 December 2023 As a result of Ihese proGedures. we considered the opportunities and incentives that may exist wrthin the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also requlred to perform specific procedures to respond to the risk of management override. INe also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct eff8cI on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this Gonlext included ongoing compliance wrth the UK Companies Act and tax legislation. 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 for their ability to operate or to avoid a material penalty. As part of an audit in accordance with ISAS {UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a l)asis for our opinion. The risk of not detecting a material misstatemenl resulting from fraud is higher than for one resulting from error, as fraud may Involve collusion. forgery. intentional omission3, misrepresentations, or the override of internal control. Obtain an understanding of intérnal control relevant to the audit in order to design audit procedures that are appropriate in Ihe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast slgnificant doubt on the charlty's ablllty to continue as a going concern. If we conclude that a material uncertainty exisls, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as going concern. Evaluate the overall presentation, structure and content of th8 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and evenls in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significanl deficiencies In internal control that we identify durlng our audit. 10
The Linen Hall Independent auditor's report to the Governors of The Linen Hall Library for the year ended 31 December 2023 Use of our report This report is made solely lo the Charity's members, as a body, in aOrdance with section 65 of the Charities Act (Northern Ireland) 2008. Ouf audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the chafity's members as a body, for our audit work, for this report, or for the opinions we have formed. CONOR DOLAN FCA (Senior Statutory Auditor) For and on behalf of FINEGAN GIBSON LTD Chartered Accountsnts & Statutory Auditors Causeway Tower 9 James Street South Belfast 8T2 8DN Date: 13th May 2024 11
The Linen Hall Statement of financial activities for the year ended 31 December 2023 Endow m•nt Funds 2023 Endow- ment unStrICted Re$trkted FurK15 Funds Funds 2022 2022 2022 Unreslncted Reslrlcted Funds Funds 2023 2023 Total Funds 21123 Totsl Fund6 2022 In¢om• and endowment8 from Donations and lega¢ie$ Rental Incam• 1.764 453.826 221,289 676.879 34.520 480,011 294.126 7aJ.657 120,533 120.533 101.989 101,989 In¢omo Investments 73.018 1,414 74,432 8767 91 8.858 Income Irom charlt•blg actlvltle• othfrr Iradlng a¢tlvltl86 Othor Income 134.704 134,704 128,180 128.180 Tot•1 In¢omo 1,764 782,081 222.703 1,006,S48 34,520 698.947 294,217 1,027,684 Expendlture on Rental exp•n$•8 Expendilure on ialslng fund$ 2.000 2,300 2,300 87,785 07,785 58,721 58.721 69.785 69,785 61,021 61.021 Expendltur• on ¢hrlt•bl• acllvllle• Projects and events Library Operat9 costs 317,663 317.663 321,853 321.853 1,041,972 1,041,972 1.160.557 1,160,557 1.041.972 317,683 1,359,635 1.160.557 321.853 1,482,410 Tot•1 •xp•ndllur• 1,111,757 317.663 1,429,420 1,221,578 321,853 1,543,431 N•t (•Xp•nd1r•v1n£om• 10 1,764 {329,878} 194,9801 1422.872) {522,6311 (27,636) 1515,7471 Tr4n•f•rs beiw••n lund• 11 (3,1511 3,151 {4,4381 4,438 N•t (oxp•ndlturelllncom• b•low• rooognl•od galns •nd 108868 1.764 1332,8271 (91.8091 1422,8721 34.520 1527.069) 123,1981 1515.747) Net 981n(b)sSeS> on inveslmèr Gain on revalualkn of fixed assets Actuarial gAin$ on defined benefit penslon schem 12 14.442 14,442 136,604) {36,604) 14 212.000 212,000 1,818,000 1,818,000 N•t moV1?t In funds 16,206 {120.827) 191,8091 {196.430) 12.084) 1,290,931 (23,198) 1,265,649 Fund balanco brought forward 358.991 7.906.446 367.317 8,632,754 361,075 6,61S,515 390.515 7,367.105 Total funds c31rl*d fgrward 375 197 7.785.619 275,508 8,436.324 358.991 7.gC6,446 367.317 8,632,754 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12
The Linen Hall Statement of financlal posltlon as at 31 December 2023 2023 2022 Notes Flxed assets Tangible assets Heritsge assets Investments 13 4,107.079 2,759,850 312,616 7,179,545 4,251.708 2,759.850 263.074 7,274,632 14 15 Cuffent assets stocks Debtors Cash at bank and In hand 16 15,049 61,851 63,2S9 140,159 1444,958> (304,799> 16,367 114,544 81,869 212,780 (148,236 64,544 17 Credltor8: amount8 falllng du• wlthln ono year Noi current {liabllltlo8>las$•ts 18 Creditors: amounts falllnA due after on• Not assats excludlng ponslon ass•t Pen8lon assel ear 20 6.874,746 1,561.578 8,436,324 7,339,176 1.293.578 8,632,754 32 Not a880ts Includlng pen8lon asset Funds Unrestrlct•d funds: General fund Revaluation fund 22 749,607 7,036,012 7,785,619 275,508 375.197 8,436,324 870,434 7,036,012 7,906,446 367,317 358,991 8,632.754 22 R•strlcted funds 23 Endowment funds 24 Total funds 25 The financial statements on pages 12 10 36 were appfoved by the Board on 131h May 2024 and were signed on ils behalf 4Lfy Mr C Mccleane Honorary Treasurer Dr P McGarry Presld•nt 13
The Linen Hall Statement of cash flows for the year ended 31 December 2023 2023 2022 Notes Cash flows from operating actlvltles Cash flows from Invesllng actlvltles Interest income Other finance returns (note 8) Dividend income Purchase of tangible fixed assets Purchase of investments Cash generated byl(used In) Investlng actlvhlos 30 (273,579) <96,159) 1,422 64,000 9,010 11,755) (35,100) 37,577 450 8.408 (112,8611 (104,0031 Cash flows from flnanclng actlvltles Interest and fees paid Cash used In flnanGlng actlvltles (18,577) (18.577) (12,897) (12,897) D•¢r•ase In cash and cash 8quivalonts In the ear 254 5791_ (213,0591 Cash and cash e Ivalants at the b Innln of tho 31 294 928 Totsl cash and eash •quival•nts at the end of tha year 31 {172,710) 81,869 14
The Linen Hall Notes to the financlal statements for the year ended 31 December 2023 Accountlng pollcles siat•m•nt of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,, the Statement of Recommended praCte appltcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Charities Act {Northem Ireland) 2008. The charity meets the definition of a public benefit entty under FRS 102. Judgements and k•y sour8 of astimallon uncortalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These ests'mates and Judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. Incomlng r•sourc•s All incoming resources are included In the statement of financlal aclivitles when the Llbrary is legalty entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary Incom• Legacles Legacies are recognised when recelved or when thelr amount is capable of measurement. Donatlon8 Donations are included in full when received. Grants Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred. Grants for Ihe purpose of capital expenditure are credited to restricted incomin9 resources when receivable and transferred to unrestricted funds on purchase of asset. Acllvltles for generatlng funds Voluntary Incom• Annual subscriptions are included as voluntary income and are accounted for on an accruals basis. Other Incomo Other income is included in full in the Statemenl of Financial Activities when received. Investment Income Investment income is accounted for when received. Fundralslng Income Fundraising income is accounted for when received. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Llbrary operating cosls Library operating costs are those incurred in connection with administration of the Library and compliance with constitutional and ststutory requirement 15
The Linen Hall Notes to the financlal statements for the year ended 31 December 2022 Accountlng policles (continued) Irrecoverable VAT Any irrecoverable VAT is charged to the statement ol fi'nancial activities or capitalised as part of the cost of the related asset, where appropriate. P•nslons The Library operates a defined benefit scheme through the Northern Ireland Local Government Officers, Superannuation Committee {NILGOSC) for specific employees. The assets of the scheme are held separately from those of the Library. The Library has adopted FRS 102 in these financlal statements. Pension scheme assets are measured using market value. Pension scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term to the liability. The increase in the present value of the liabilities of the Library's defined benefit pension scheme arising from employee service in the period is charged to operaling profit. The expected return on the scheme's assets and the increase during the period in the present value of the scheme's liabilities arising from the passage of time are included in other finance costs. Actuarial gains and losses are recognised in the statement of financial activities. Tangible assets The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as lo write off Ihe cost, or valuation, of tangible fixed assets, less their estimated residual values, on a straight-line basis over the expected useful economic live8 of the assets concerned. The principal annual rates used are as follows: Buildings Leasehold improvements Fixtures & fittings Computer equipment 1Q 15 33 When circumstances dictate, an impaimient review is carried out. Land and buildings are revalued on a regular basis by a suitably qualified individual. The Library ensures that a full valuation is undertaken every five years. The resulting revaluation gains or losses are recognised in the statement of financial activities and result in a movement on revaluation reserves to the extent that they result in gains or offset previous gains. If the revaluation results in a loss greater than previously recognised revaluation gains, the excess loss will be charged to the statement of financial activities. Horltag• assots The heritage assets are held by the Library in support of the primary objective of the charity to promote knowledge in Northern Ireland and for the benefit of international scholarship. Heritage assets are recognised and measured (including the treatment of revaluation gains and losses) in accordance with the Library's policy on other fixed assets. The heritage assets held by the charity consisl of various collections of books and periodicals covering a wide range of tOPiG5 relating largely to Irish history including some documents over three hundred years old. The collections are carried at a Current valuation. The collections are deemed to have indeteminate lives and a high residual value and therefore depreciation has not been charged. The carrying amounts of the assets are reviewed when there is evidence of impairment and any impairment is recognised in accordance with the Library's general policy on impairment. Stocks Stocks are stated at the lower of cost and net realisable value. 16
The Linen Hall Notes to the financial statements for the year ended 31 December 2022 Accountlng pollcles {continued) Fund acMuntlng The Library has various types of funds for %thich it is responsible. and which require $oparate disclosure. A definilion of the various types of funds is as follows.. Unr•slrfctad funds Funds which are expendable at the discretion of the Library. in furtherance of the purpose of the Library. In addition to expenditure on activities, such funds may bo held in order lo finance capital InVestnt and working apital. Rostrlcted funds Restricted funds are to be used for specrfied purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of overheads and support cosls. Endowment funds Permanent endowment funds are $trIcted funds where a donor has specified that only income arising from the donation can be used by Ihe Library, This income is restricted for the particular purpose specified by the donor. Golng Concern The financial statements have been prepared on a going concern basis. The Governors have considered their position on this and have provlded further information at Note 27 to these financial statements. Flnanclal Instrument8 A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially rQgnISed at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the Gash or other consideration expected to bé paid or received and not discounted. Debt instruments a subsequently measured at amortised cost. Vthere investments in shares are publicly traded or their fair value can otherwise be measured rellably, the investment is subsequently measured at fair value wilh changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cosl less impairment, Other financial instruments, including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest Ihat is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, wilh any changas recognised in the statement of financial activities. With the exception of hedging instruments in a desigriated hedging relationship. Financial assets that ar8 measured at cost or amortised cost are reviewed for objective evidence of impaimRnt at the end of each reporting date. If there is objective evidence of impairmenl, an impairment loss is recognised under the appropriale heading in the statement of financial activities in which the initial gain was CognISed. For all equity instruments regardless of significance, and other financial assets that a individually significant, these are assessed individually for impairment Other financial assets a either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaiment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the Garrying amount would have been had the impaimwnt not previously been recognised. 17
The Linen Hall Notes to the flnancial statements for the year ended 31 December 2023 Donations and legacles Endowment unstrICted Restricted 2023 2022 Donations and legacies Members. subscriptions (see below) Grants (see below) 1,764 93,765 140,561 95,529 140,561 56,126 130,621 219,500 453,826 221,289 221.289 440,789 676,879 601,910 788,657 1,764 Mgmb•rs' subscrlptlons 2023 2022 Members, subscriptions Income tax reclaimable on subscriptions 126,308 14,253 140,561 116,440 14,181 130,621 Grants Endowment Unrestricted Restricted 2023 2022 Arts Council of Nl National Lottery Haritage Fund Dormant Funds Account 17,213 93,565 100 17,213 93,565 100 14,343 158.571 8elfast Clty Councll Department for Communities SEUPB DOFA. Reconciliation Fund Ulster Scots Agency Foras Na Gaeilge Pilgrim Trust Idl8wild Trust Enkalon Foundation 33,000 184,500 3,425 28,175 36,425 212,675 34.406 308,500 (177) 33,715 32,312 10,000 10,000 28,391 30,000 13,000 28.391 30.000 13,000 4,440 1,000 1,980 4,440 1,000 1.980 2,000 440,789 Nl Museums Council NIPR 240 2.000 601,910 2,000 219,500 221,289 In accordance with recommended practice, income received in advance is not deferred, but recognised in the period in which it is received. 18
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 Income from Investments 2023 2022 Dividends receivable Other finance returns (note 8) Interest receivable 9.010 64,000 1,422 74,432 8,408 450 8.858 Other tradlng actlvltles 2023 2022 Sal• of books Library books and publications 25,939 48,046 Sales of 8ervlces Coffee shop Photocopying and fax Telephone & Internet Postage Cultural programming Royalties Facility fees Fundraising events 35,791 1,102 35,618 313 15 18,279 1,138 12,595 8,280 4.989 4,027 7,913 52,860 Sal• of products Books, prints and pamphlets Ott)er products Gift shop items 8.037 3,873 19.655 31,565 134,704 5,104 1,960 20,210 27,274 128,180 Total 19
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 Exponditure on raising funds 2023 2022 Merchandising costs (see below) Book fund (see below) Charity shop Fundraising Costs 14.564 16,881 35,072 1,268 67,785 8,976 16.494 33.251 58,721 2023 2022 Merchandlslng costs Prints, books and pamphlets Coffee shop purchases Gift shop expenditure 1,612 11,510 14,564 1,769 7,207 8,976 2023 2022 Book fund Irish General 9,186 9,840 6.654 16,494 20
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 Projects and events 2023 2022 Cultural Programming (includes salary costs of £8,694 (2022: £Nil)) extraORDINARYwomen (includes salary costs of £Nil (2022.. £14,448)) National Lottery Heritage Fund - Origlns & Legacies: The B8lfasVGood Friday Agreement (includes salary costs of £35.107 (2022.. £Nil)) National Lottery Heritage Fund - Herttage Recovery National Lottery Heritage Fund - CRESI Museum Engagemeni (includes salary costs of £35,686 (2022: £17,754)) Arts Council Nl - Jimmy Ellis Arts Council Nl - The Linen Hall.. Bellast's Home of Poety (includes salary costs of £Nil (2022.. £2,989)) Department for Communities - Museum Collections Department for Communilies - Irlsh Children's Collectlon Department for Communities- Linen Hall Re-branding Department for Communibes- Replace Guttering Department for Communits'es- Upgrade Wifi and Cabling Department for Communities - Ulster-scots Digitisation (Includes salary costs of £15,610 (2022-. £3,180)> Department of Foreign Affairs,. Reconciliation Fund (Includes salary costs of £12.438 (2022.. £22,141)) Dormant Accounts Fund - Linen Hall Digltal Platfofm Shared History Fund (includes salary cosis of £Nil (2022. £4,834)) Foras na Gaeilge (includes salary costs of £12.200 (2022: £NII)) Health, Safety and Govemance Repairs and Renewals Enlightenment Festival 2022 (includes salary costs of £Nil (2022.. £2,322)) Pilgrim Trust- Art Unlocked (includes salary costs of £Nil {2022.' £10,000)) Belfasl Clty Council- Acc8ss and Inclijsion Ulster-scots Agency - Burns in Ulster (includes salary cosls of £18,000 12022.. £18,000)> Ulster-scots Agency - Ulster-S¢ots Wrltlng Competition (includes salary costs of £330 (2022.. £1,000)) Ulster-scots Agency - Cataloguing project (includes salary costs of £Nil (2022. £4,650)) Defibrillator and training Nl Museums Council McLavety Short story Award 11,945 2,571 41,330 86.571 2.030 3,260 35,686 17,754 2,832 8,088 8,827 7,143 480 2,373 7.143 758 10,800 25,543 5,277 41,624 3,180 34,014 37,933 33,333 33,334 14,043 5.179 2,468 10,992 50,789 10,000 3,620 21,668 13,498 9,507 19,920 6,705 3,285 4.650 159 378 98 321.853 1.220 (2,490) 317,663 Project and events costs include £138.065 (2022.. £101.318) of staff costs. 21
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 7 Llbrary operatlng costs 2023 2022 Charltable operatlons Information technology Training Advertising & PR Support costs (Note 8) Travel & subsistence 46,864 3,947 3,343 204,433 940 2,142 261,669 50,288 1,770 4,462 195.594 1,152 1.131 254,397 ConseDiation Eslabllshmont Rent and rates 23,136 24,775 53,604 53,770 155,285 21,211 22.844 34,768 45,938 124.761 Insurance Light and heat Repairs and maintenance Depreclatlon Buildin9 Fixtures and fittings Computer equipment 87,600 617 5,674 93,891 531,127 1,041,972 87,800 617 19,133 107,350 874,049 1,160,557 Staff costs (note 9 Total 22
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 8 Support costs 2023 2022 Admlnlstratlon Stats'onery Priniing Photocopying Postage Telephone, fax and internet Information technology Miscellaneous 2,052 9.070 3,987 2.373 9.471 20,275 974 3.953 7,334 3,280 1,348 9.052 18,878 1,511 45,356 48,202 Governanc• Audit and related feas 6,951 17,828 24,779 6,718 20,030 26,748 Legal & professional fees Flnanclal expenses Bank charges Bank interest Visa paypolnt fees Other Interest Other finance costs (see below> 1,965 11,433 3,676 1.503 1,676 399 1,220 3,802 6,000 12,897 110,593 195,594 18,577 112,875 204,433 Staff costs (notè 9) Total Other flnanc¢ returnsll¢o8ts) 2023 2022 Expected retum on pension scheme Interest on pension scheme liabilities Net rotumsl(costs 277,000 <213,0001 64,000 136,000 (142,000) (6,000) 23
The Linen Hall Notes to the financlal statements for the year ended 31 December 2023 Staff costs Total 2023 Total 2022 Unrestricted Restricted Salaries 519,679 44,481 108,660 672,820 108,731 10,353 18.981 138.065 628,410 $4,834 127,641 810,885 559,902 47,904 305,076 912.882 Social security costs Pension costs Analysls of staff costs 2023 2022 Projects Library.. Charitable operations - Charity bookshop - Support 138,065 101,318 531,127 28,818 112,875 810,885 674.049 26,922 110,593 912,882 The average number of employees, calculated on a full-time equivalent basis, analysed by function wa3.. 2023 2022 Number Number Projects Charitable operations Charity bookshop Support 12 13 19 19 No ernployee had employee benefits (excluding employer pension costs) in excess of £80,000 (2022.. £60,000). Governors are not rnunerated for services to the Libiary (2022: £Nil), and there were no Govemors, expense5 incurred (2022.. £NIl). The key management personnel of the Library comprise the Governors. the Director, the Librarian and the Finance Manager. The total employee benefits of the key management personnel of the Library were £231.746 (2022.. £202.330) Indemnity insurance for Governors. liabilty has been purchased by the Library at a cosl of £2.289 (2022: £1.780). 24
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 10 Net Incomel(expenditure) 2023 2022 Net Incomel(expendlture) Is stated after charglng- Depreciation on owned assets Auditors, remuneration.. 146,384 164,232 - audit services 7,026 405 6,124 405 non-audit services Other operating lease rentals 11 Transfers between funds Endowment Funds Unrestrlcted Funds Restr5ct•d Funds Projects General Fund 3,151 (3,151) (3,1511 3,151 The transfer from unrestricted to reslricted funds represents net overspending on funded projects. 12 Net (losses)Igains on inv•stmènts 2023 2022 Catalyst Endowment Fund New Linen Hall Library Endowment Fund Endowment funds 13,018 1,424 14,442 (31,1681 (5,436) (36,604) 25
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 13 Tanglbl8 fixed assets Land & buildlng Loasehold Improvements Flxtures & flttlngs Computer èqulpment Total Cost or valuatlon At 1 January 2023 Addrtions At 31 D•c•mb•r 2023 4.380,000 14.840 323,735 399,469 1,755 401,224 5,118,044 1,755 5,119,799 4,380,000 14,840 323,735 Accumulatsd depreclatlon At 1 January 2023 Charge for the year At 31 December 2023 262,8QO 87,600 350,400 14,840 265.268 19,777 285,045 323.428 39,007 362.435 866,336 146,384 1,012,720 14,840 Not book amount At 310ecèmbor 2023 4,029,600 4,117,200 38,690 58,467 38,789 76.041 4,107,079 4,251,708 At 31 December 2022 The Library's freehold and long leasehold properties were revalued at 31 December 2019 on the basis of open market value and open market rental value for existing use, by Mcconnell Chartered Surveyors and the revaluation adjustments of £480,000 to cost and £390,000 lo accumulated depreciation together resulted in a gain on revaluation of £870,000. The valuations were undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors in the United Kingdom. The net book value of freehold and long leasehold properties at 31 December 2023 based on hlstorical cost, had there been no revaluations, would have been £2,311.200 (2022.. £2,396,800). Fixed assets totalling £1,755 were purchased in the year. Land & Leasehold Offlce Computer bulldlng Improvemont Equlpment Equlpment Total Cost or valuatlon al 31 December 2023 Is repre$enled by Cost 14,840 323,735 401,224 739,799 4,380,000 5,119,799 Valuation 4,380,000 4,380.000 14,840 323,735 401,224 No deferred tax has been provided for since the Library is a Charity and therefore not subject to corporation tax. 14 Heritage assets 2023 2022 Books and Perlodlcals at 31 December 2.759.850 2.759,850 The books and periodicals were valued as at 31 December 2020 by de Burca Rare Books, Antiquarian Booksellers. 26
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 15 Investments Cash or cash ulvalents Llsted Investments Cost or valuallon Total At 1 January 2023 Capital introduced Purchase of inveslm8nts Char9es net of equalisation Fair value movements At 31 De¢•mb•r 2023 1,367 35,100 (27,531) (663) 261,707 263.074 35,100 663 28,194 1663) 14,442 312,616 14,442 304.343 8,273 All investments shown above a held at valualion. 16 Stocks 2023 2022 Goods for resale 15,049 16.367 17 Debtors 2023 2022 Trade debtors Other debtors Prepayments and accrued income 12,122 7,067 42,662 61,851 4,617 5,596 104,331 114,544 Included in Prep8ymenls and accrued income is an amount of £Nil (2022". £15,436) relating to accrued grants receivable. 18 Creditors: amounts falllng due wlthln one year 2023 2022 Bank overdraft Trade creditors Other creditors and accruals 235,969 76,139 37,373 70,611 24,866 444,958 40,853 25,568 59,661 22,154 148,236 Defeed in¢om8 (Note 19) Taxation and social security 27
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 19 Deferred Income At 1 January 2023 Amount released to income 59,661 (59,661) 70.611 70,611 Amount deferred in year At 31 December 2023 Deferred income comprises rental income and membership subscriptions received in advance. 20 Creditors: amounts falllng du8 after one year 2023 2022 Obligations under finance leases 21 Contlngencle8 A contingent liabllity exists to repay grants and funds received should certain conditions not be fulfilled by th? charity. In the opinion of the Governors, the terms of the letters of offer have been, or will be, complied with and no liabillty is expected. 22 Unrestricted funds G•n¢ral Fund Ravaluatlon Fund Tolal Balance at 1 January 2023 Net out90ing resources for the year Transfer to restricted funds Actuarial gains on defined benefit scheme Balance at 31 Decfrmbor 2023 870,434 (329,6761 (3,151y 212,000 749,607 7,036,012 7,906,446 (329,676) (3.151) 212,000 7,785,619 7,036,012 Unrestricted general funds include an asset of £1,561,578 (2022.. £1.293,578) in wespect of pension scheme assetslliabilities of the pension fund. 28
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 23 Restricted funds Balance at 1 January 2023 Balancè at 31 December 2023 Incoming Resources Project Expenditure Transfers (Note 11) Cultural Programming McLavety Trust extraORDINARYwomen NLHF - Linen Hall 2 NLHF-CRESI Museum Engagement NLHF - Origins & Legacies: The BelfastlGood Friday Agreement NLHF - Heritage Recovery Dfc - Museum Collections DfC- Irish Children's Collection Dfc - Linen Hall Re-branding Dfc - Upgrade Wifi and Cabling Dfc - Ulstei-scots Ol11SatIOn Dfc Charities Fund - Covid-19 8,694 1,414 (11,945) 2,490 3,251 9,515 25,198 13,419 25,198 15,431 38.387 15,431 41.923 32,150 (35.686) 45.263 9,616 35,279 5.908 4.200 36.211 (86,571) (2.030) (7.143) (480) (2.373) (5,277) (41.624) (5,097) 7,586 28,136 5,426 1,827 5,000 23,175 277 19.320 9.261 17,502 27,848 (300) 6Q8 871 9,261 17,004 18,341 Foras na Gaeilge Repairs and Renewals Arts Council Nl - Jimmy Ellis Arts Council Nl - The Linen Hall.. Belfast's Home of Poetry Belfast City Council-Access Inclusion Ulster-scots Agency- Burns in Ulster Ulster-scots Agency- Writing Comp. Ulster-scots Agency- Conservation Dormant Accounts Fund- Digital Platform NIO Shared History Fund Enlightenment Festival Department of FOren Affairs., Reconciliats'on Fund Nl Museums Council Defibrillator and Training Idlewild Trust 13,000 (13,498) (9.507) 300 (300) 8.519 (8,827) (3,425) 7,672 14,531 274 3.425 20,000 10.000 119,9201 (6,705) 7,752 17,826 274 66.566 816 5,230 100 (33.3331 33,333 616 5,230 34,092 28,391 1,980 (34,014) {1,220) (377) 28,092 760 395 395 4.440 1.000 222.703 Enkalon Foundation 1,000 275,508 367,317 (317,663) 3.151 29
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 23 Restrlcted funds (continued) Arts Council Nl - Cultural Programmlng Using the Library's historical position as a cultural leader in Northern Ireland lo showcase and nurture the artistic and cultural life of all in the community McLav•rty Trust - Biennial award to foster and encourage the art of the short story in Ireland extraORDINARYwomen - Digitisation, collection enhancement, outreach and oral history project, exploring the evolution of women's lives in Northern Ireland since 1965 NLHF- Llnon Hall 2- a scoping study into Linen Hall expansion NLHF- Covid Recovery Employment and Skllls Inltlatlve for Horitage- Museum Engagement NLHF - Orlgins & Legacles: The BelfastlGood Frlday Agreement project NLHF - Covld-19 Herltage Recovery Fund- core support and preparation for re-opening Department for Communltles - Museum Collecllons - enhanced collection Care and conseNation Department for Communltles - Irish Chlldren's Collectlon - to estsblish an Irish children's library Departmonl for Communltle8- Lln•n Hall Llbrary Re4)randlng - consultancy costs Departm•nt for Communltle8 - Upgrad• Wlfl and Cabllng - upgrade Wifi provision Department for Communltle8 - Ulsler-Scot8 Dlgltlsatlon - to digitise part of Ulster-scots collection Foras na Gaellge - ConServatn of the Linen Hall Library's Irish Language collections Ropairs and Renewal8 - Capilal Items for the upkeep of the Linen Hall's historic building Arts Councll Nl- The Linen Hall: Bellast's Home of Poetry project Belfast Clty Councll Accoss and Inelu8lon - Hearing loop system Ulst•r Scots Agency - Burns in Ul8ter- Conservation of the Library's Gibson Collection Ulstor Scots Agency - Ulster Scots Writing Competition and Conservation and Storage project Dormant Accounts Fund - 8uilding a new Linen Hall Library digital platform NIO Shared Hlstory Fund . Perspectives on Partition and the Foundation of Northern Ireland -1921-2021 Enlightenmenl Festlval - wide-ranging programme of performances, art installations, talks and debates Department ol Forelgn Affairs; Re¢on¢lllatlon Fund- Borders and Boundaries project and Student Activism projecl Nl Musoums Councll - Science Fests'val Dafibrlllator and Tralnlng- Provision of defibrillator in the Library clty and training of staff in its use Idlewild Trust - Conservation of the Art Scrapbooks of the Misses Gage of Rathlin Island Enkalon Foundatlon- Cataloguing and Consepiation 30
The Linen Hall Notes to the financlal statements for the year ended 31 December 2023 24 Endowment funds Balance at 1January 2023 Income (Lossesvgains on investments Balance at 31 D¢Mber 2023 McLavety Trust Catalyst Endowment Fund Linen Hall Library Endowment Fund Linen Hall Library Fund 60.385 224,334 74,172 100 60,385 237,352 77.360 100 13,018 1,424 1,764 358,991 1,764 14,442 375,197 25 Analysls of net assots between funds Endowment Funds Unr•slrlcted Funds Restrlcled Funds Total Funds Fund balances at 31 December 2023 aro r•pr•sonted by: Tangible fixed assets Herrtage assets Investmenis 4,035.464 2,759,850 71,615 4,107,079 2,759.850 312,616 (304,799) 312,616 62.581 Net current assetsl(liabilities> Long term liabilrties Pension asset Total nel assets at 31 Decemb•r 2023 (571,273) 203.893 1,561,578 7,785,619 1,561,578 8,436.324 375,197 275,508 26 Financial commltments At 31 December the Library had annual cornmitments under non-cancellable operating leases expiring as follows: Office equlpment 2023 2022 In less than one year In more than one year, but not more than 5 years 9.566 20.912 6,323 10,569 30.478 16,892 31
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 27 Golng Concern The Linen Hall faced severe funding challenges in 2023, suffering a cut of one third of its core funding from the Department for Communities which coincided wilh a period of rising costs, particularly the cost of energy to keep the buikling open to the public and irreplaceable archives in the conditions necessary for their conseniation. At 3111 December 2023, the charity had net current liabilities of £304,799, a position falling short of the Governors, objective of achieving a level of unrestrFeted funds equivalent to three months. expenditure on the core activities of the Linen Hall. As a result of these matters, the trustees believe there is a material uncertainty in relation to the going concern basis adopted in the preparation of the financial slatements. A Strategy Committee has been established to identify new means of income generation, to include: Investigation of potential new core funders to put in place guaranteed income streams moving fonward. Review of membership model. Identification of new projects Ongoing international partnerships and applications. Feasibility study being undertaken with regards to Linen Hall 2, for which funding has already been received from Heritage Fund Nl, This will help promote resilience and sustainability. The Govemors have carefully considered and reviewed budget and cash flow forecasts to 31 It December 2025. and the actions listed aVe, to help them assess the appropriateness of adopting Ihe going concern basis of accounting in the preparation of these financial statements. They have determined that the actions being takèn are reasonable and sufficient to support the budgel and cash flow forecasts and have therefore prepared these financial statements on a going Goncern basis. 28 Relatéd parties The Library was Lead Partner In The National Collection of Northem Ireland Publications (NIPR). The one part-time employee of NIPR based at the Linen Hall was employed and paid for by NIPR. The Library received £2,000 (2022. £2,000) from NIPR as its contribution to the cost of running the integrated library systsm, offsite storage and material processlng. 29 Post-balance sheet events There have been no events occurring after 31 December 2023 which require disclosure.
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 30 Reconclllatlon of not movement in funds to net cash flow from op8rating activltles 2023 2022 Net movement in funds Add back deprecialion charge Less gain on valUation of fixed assets Add (gain)Iloss on investments Deduct investment income shown in investing activities Add back interest paid shown in financing aclivities Decrease in stock (196,430) 146,384 1,265,649 164,232 (14,442) (74,4321 18,577 1,318 52,693 60,753 36.604 (8,858) 12,897 863 103,055 (52,800) (801) (1,617,000) 196.159) Decrease in debtors Increasel(decrease) in creditors falling due within one year Decrease in creditors falling due after one year Increase in pension asset Not cash provldad by operatlng actlvlllos (268.000) (273.579) 31 Cash and cash equlvalents at 31 December 2023 2022 Term deposit at Danske Bank Petty cash Divided Society current accounl at Danske Bank Cash account at Cunningham Coates Bank balancel(overdraft) at Danske Bank Total cash and cash equlvalenls 60,626 17 60,626 17 11 2,615 (235,969) (172,710) 783 20,432 81,869
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 32 Pension commitments The Library operates a defined benefit scheme with assets held In separate trustee administered funds. An actuarial valuatson of the defined benefit pension scheme using the projected unrt basis was carried out at 31 December 2023 by Aon Solutions UK Limited. Deflned benefll scheme The amounts recognised in the statement of financial posrtion are as follows.. 2023 2022 £'ooo £'ooo Defined benefit obligation Fair value of plan assets Net defined benefit asset (4,6641 6,225 1,561 1,561 (4.603) 5,896 1.293 1.293 Nat amount rocognlsed at year end The amounts recognlged In comprehenslve income are: The current and past service costs, settlements and curtailments, together with the net interest expenses for the year are included In profil or loss. Re-measurements of the net defined benefit liability are included in other conprehensive income. 2023 2022 £'ooo Servlce cost: £'ooo Current ser4ice cost (net of employee contributions) Administration expenses Net inlerest (credit)lexpense Chargg recognlsed In prollt or108S 125 304 (64) 313 Rewmeasurem•nts of tho net Ilablllty: Return on scheme assets (excluding amount included in net interest expense} Actuanal gains Credit recorded In other comprehenslve Income (66) 1,057 1146) 1212) (2,875) (1.818) Total defined benefit credit (148) 11,505)
The Linen Hall Notes to the financlal statements for the year ended 31 December 2023 32 Penslon commitments (continued) The prlnclpal actuarlal assumpllons used were: 2023 2022 Liability discount rate Inflation assumption - CPI Rate of increase in salaries 4.50% 4.700/0 2.60% 4.100 2.600 2.600 2.40% 3.90% 2.40% 2.40% 75.00% Revaluation of deferred pensions". CPI Increases In pensions for payment Proportion of employees commuting pension for cash The mortallty a88umptlons used wer•: 31 D•comb•r 2023 31 December 2022 Average expected future life at age 65 for Male currently aged 65 Female currenlly aged 65 Male currently aged 45 Female currently aged 45 21.7 24.5 21.8 25.0 23.2 22.6 25.5 26.4 Reconclllatlon of Scheme assels and Ilabllllles Asset8 £'ooo 5,896 1176> Llabllllles £'ooo (4,603) 176 Total £'ooo 1,293 At start of period Benefits paid Administration expenses Current serrfice cost (3} (125) <1251 120 Contributions from the employer Contributions from employees Interest incomel{expense) Return on assets (excluding amount included in nel interest expense) Actuarial gains 120 42 (42) (213) 277 66 146 146 6,225 (4.664) 1,561 35
The Linen Hall Notes to the financial statements for the year ended 31 December 2023 32 Penslon commltments (continued) The return on plan ass•ts was: 2023 2022 £'ooo £'ooo Interest income Return on plan assets (excluding amount included in net interest expense) Total return on plan assets 136 (1,057) (921) 343 The major categorl•s of sch¢m• assets ar• as follows: 2023 £'ooo 2022 £'ooo Equitses and Alternatives Prop Gilts Multi Asset Credit Cash Fixed Interest Bonds Other 2,720 604 2,359 660 1,083 828 1,215 784 349 261 380 383 177 318 6,225 5,896 36