Registered no: NIC104564 Belfast Library and Society for Promoting Knowledge (The Linen Hall) Annual report for the year ended 31 December 2024 The Linen Hall Annual report for the year ended 31 December 2024 Pages Reference and administrative details Govemors, report Independent auditor's report 8-11 Staternent of financial activities 12 Statement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15-36 The Linen Hall Reference and administrative details Gov•rnors Presldent: Dr P McGarry, DL, FRCPsych Vic•-Pr•sid•nt: Prof M O Mainnln, BA. MA, PhD Honorary Secretary: Dr S Bridge, MA, Msc, PhD (to June 2024) Honorary Treasur•r: Mr C Mccleane (to June 2024) Dr S Bridge, MA, MSC, PhD (from June 2024) (818) (218) (618) (114) (618) Dr F Ferguson, BA, MA, PhD Mr J Fitzsimons, MA{TCD), MSc(QUB) Ms Lyn Hagan, LLB, DBA, FCA, CTA (from June 2024) Sir lan Huddleston (fiom March 2024) Prof B Kelly. MA. MD, FRCS, FRCR, FFRRCSI Ms Cathy Law, MA Hons. PgDip (from June to September 2024) Mr G Lucy, BA Hons, PGCE (to June 2024) Mr J Mccartney, Msc (to September 2024) Mr S McKee. BA Mr J Mcvey, OBE, MBA, Msc Ms B Napier, LLB Ms S Stevenson, ACR [figure In brackets Indlcates attendance at Govemors, meetings] (218) 1618) (214) (517) (118) (112) {214) (316) (618) (618) (418) (418) Prlnclpal offico 17 Donegall Square North Belfast BT15G8 Charlty numb•r NIC104564 Sollcltors Cleaver Fulton Rankin SO Bedford Street Belfast BT2 7FW Bankors Danske Bank Limited Donegall Square West Belfast BT16JS Independent audltors Finegan Gibson Ltd Causeway Tower 9 James Street South Belfast BT2 8DN The Linen Hall Governors, report for the year ended 31 December 2024 The Library, which operates under the name of The Linen Hall. is legally known as the Belfasl Library and Sociaty for Promoting Knowledge. The Board of Governors, who are also the trustees of the Library, submit their annual report and the audited financial statements for the year ended 31 December 2024. The Governors have prepared the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102, effective 1 January 2015). Reference and admlnlstratlon Informatlon Details of Ihe registered office. governors, independent advisers and other relevant information are given on page 2. Slructure. governance and managemènt Govomors The Govemors are responsible for selling the Library's forward stralegy and oversight of its business. Governlng documenl The Library was founded in 1788 and is governed by its Constitution enacted in 1891 under the Educabonal Endowments (Ireland) Acl, 1885 and as subsequently amended. In 2016, the Library was formally registered as a Gharity by the new Charty Commission for Northem Ireland. The Constitution is available on the Library websit8 at www linenhall.com. Appolntment of Gov•rnor$ There is a maximum of fifteen Governors of the Linen Hall Library who are elected by triennlal 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 serrfed two su¢c•s$iv• iemis of Ihree years, until the lapse of a perlod of bNo years. The officers of the Society are also elected annually at the Govemors, meeting Immediately after the Annual General Meeting. Re¢rultm•nt of Governors The Governors annually review the skills required by the Board and available to them and, when appropriate, use their powers of co-option to fill gaps. Govornor Inducllon and tralnlng New Governors undertake an induction vlsit to the Library and are supplied with all key Library documentation. The Library has arrangements in place to provide training for all its Governors on an annual basis. Rlsk management The Library has established a risk register which is ￿vieWed by the Governors on a quarterly basis. Risks arising from the relative weakness of the Library's financial position are being addressed in the context of the ongoing business planning process. The Govemors will continue to review ihe financial risks that the Library faces and believe that increasing the free reserves to £256,992 will provide suffiGient resources in the event of adverse conditions (see Reserves policy on page 5). The Governors tske the responsibility of monitoring financial risk management. The organisation is nol signrficantly exposed to pri￿ or credit risk. The organisation has a bank overdraft and the Governors continually feview Ihis debt to ensure interest charges are minimised as far as possible. The Linen Hall Governors, report for the year ended 31 December 2024 (continued) Structure, governance and managament (contlnuad) Managemenl Responsibilty for the day to day running of the Library lies with the Director and the Management Team. The Director is responsible for ensuring that planned services are delivered, that key perfonnance indicators are me( and that agreed pr¢xedures are operative. Related partles The Library was previously Lead Partner in The National Collection of Northern Ireland Publications (NIPR). The one part-time employee of NIPR based at the Linen Hall was employed and paid for by NIPR. ObJ•ctlv•s and actlvltles Constitutlon and mlsslon The Library's Constituts'on at paragraph 11, and as amended in 2006, describes the'Trusts of the Endowment, as follows.. The Endowments and all other property of or belonglng to the Govemors. or available for the purposes of this Scheme, shall be held by them upon trust for the promotion of knowledge in Northern Ireland and for the b8n8fit of international Scholarship, by the maintenance of a Library, and by such other means as the Society may from time lo time deem it advisable to adopt. The Library's mission statement is as follows. The Linen Hall Library will advance knowledge and understanding, l)oth locally and internationally, by developing, preseNing and interpreting its collections, with unique strengths in Irish and Local Studies, and widening access to an historic library and cultural centre. ObJ¢¢tlv•$ In 2024 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 Ihe Collections fiAd8n 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 2024 (continued) A¢hlevements and performance The Linen Hall continued to face funding challenges in 2024, having suffered a cut in 2023 of one third of its core funding from the Department for Communities, which coincided with a period of rising costs. particularly the cost of energy to keep the building open to the public and Irreplaceable archiv8s in the conditions necessary for their conservation. The experience of recent years has shown that th8r8 is a need for a reliable source of addIt￿nal core funding of around £336,000 per annum, if the Linen Hall is to ba financialty sustainable. The charity's budget for 2024 included income of £130,000 from fundfaising, the main event being a planned fundraising dinner which did not take place due to circumstances beyond the Linen Hall's control. There were also no legacies received in 2024 unb'l December, and the budgeted income of £100.000 was not achieved. The Department for Communities was applied to and granted additional funding early in the year. and £330,000 of InteDiention Funding in the last quarter of 2024, to shore up the Linen Hall's finances, and Belfast City Council contributed an addrtional £20.000. Nevertheless. the Linen Hall's programme of cultural events. exhibitions, classes, book clubs and writing competitions has gone from strength to strength, and work continued on several funded projects which had begun in 2023, alongside successful applications for further projecls. some carrying on into 2025, all of which served to enhance the Linen Hall's contribution to society and to support its financial suslainability. Notably, the "Linen Hall 2- A Museum of Contemporary History in Nl Scoping Study- projecl was substantially Gompleled in 2024, fundèd by a grant of up to £245,480 from National Lottery Heritage Fund. Other funded projects in 2024 included ' We are the Future, Student AGtivi$m in Northern Ireland since 1947° and "60 Years of Civil Rights" *wo Departmenl of Foreign Affairs; Reconciliation Fund projects. and "Poetry Jukebox - McAdam's Lexicon" funded by British Council Nl and Arts Council Nl. National Lottery Heritage Fund continued to fund a Museum Engagement Offi'cer post at the Linen Hall. Northern Ireland Community Relations Council provKled core funding to support a "We are the Future": Youth Activism project. Ulster-scots Agency fundin9 allowed work to continue in conserling and making accessible the Gibson Collection of Ulster Scots material, as well as supporting the Ulster- Scots Writs'ng Competition. The Foyle Foundation and the Department for Communities provided grants for Environmental Efficiency work. The Linen Hall Library Endowment Fund remains open to donations and all incorne generated is being used lo enhance the Library and its Collections, helpin9 to ensure their fulure sustainability. Flnanclal revlaw Results The statemenl of financial activities for the year is set out on page 12. The Library made a surplus of £163,090 in the year (2023: deficit of £422,872). before the impact of the actuarial gain and restriction of asset on the defined benefil pension scheme. a loss on revaluation of the Library building, and a gain on revaluation of investments. The Library had net current liabilities of £150,478 at the year-end (2023: £304,799). Prlnelpal fundlng sources The Library's key funders in 2024 were the Department for Communities which prOV￿e￿ grants of £660,007 (2023; £212.675) and the National Lottery Heritage Fund £210,617 (2023: £93,565). Reserves pollcy 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 reserves) equivalent to th￿e months, exFenditure on the core activities of the Library. At the end of 2024 this figure would have been £256,992 (2023., £277,939), however the net currenl liabilities position set out in Note 25 to the accounts "Analysis of net assets between funds. fell short of the Governors, target. Details cf the actions being taken in response and the Governors. assessmeni of Going Concem is contained within Note 27 to the accounts. Taxatlon The Library is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Library's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The Linen Hall Governors, report for the year ended 31 December 2024 (continued) Flnanclal rev58w (continued) Borrowlngs The Library relies on an overdraft facilrty with Danske Bank. This facility was reviewed in 2Q24 and sufficient facilits'es to meet projected cash tlow requirements were approved. At the year end the Library had net liabilities of £39.989 at Danske Bank {2023.' £175,342),. this was inclusive of £60,385 (2023.. £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 £100.616 (2023: £235,969). Endowment funds The Library administers the Michael McLaverty award an(J 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 th8 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 Catalyst 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 h8ld in this fund at the year-end was £245.445 (2023.. £237,352). The New Linen Hall Library Endowment Fund was Set up in 2018 to provide an income for the preservation and conservation of the collections held within the Linen Hall Library. The balance held in this fund at 31 st December 2024 was £106,687 (2023.. £77,360). Penslon scheme The Library operates a defined benefit scheme through NILGOSC. Prior lo 2006 the Library's share of this scheme could not be identified by NILGOSC and, in keeping with other such multi-employer schemes, the Library treated its pension cost as if it were a defined contribution (rather than a defined benefit) scheme in accordance with accounting standards. In late 2006 NILGOSC separated eaGh of the employer scheme details and, as a result, the Library compli85 With FRS 102, the Financial Reporting Standard applicablè in the UK and Republic of Irgland, and incorporates the year end surplus or deficit on the scheme in its balance sheet and the movement on the scheme within the Statement of Financial Activities. At 31 December 2024 the scheme showed a surplus of £2,540,578, an improvement on the £1.561,578 surplus in the previous year, however this pension asset is no longer reflected In the Library's balance sheel, on the advice of the scheme actuary. Plans for tho futur• A Strategrc Plan to enhance the Llnen Hall's sustainability for the future was written, approved and initiated in Autumn 2024. The Linen Hall continues to pursue opportunities for partnership working and collaboration whilst retaining its heritage values and charitable mission. The Library aims 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 Ireland Improve the financial sustainability of the Library The Linen Hall Governors, report for the year ended 31 December 2024 {continued) statèmènt of Governors, responslbllltles The Govemors are responsible for preparing the Governors. Report and the financial statements in accordance wlth applicable law and the Financial Reporting Standard appllcable in Ihe UK and Republlc of Ireland (FRS 102, effectlve 1 January 2015). The law applicable to charities requires the Governors to prepare financial statements for each financial year which giva 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 stalements, the Govemors are required to.. select suitable accounting policies and then apply them consistentty; obseNè the methods and principles in FRS 102., make judgements and estimates Ihat a￿ reasonable and prudent: state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going concern basis unless tt is inappropriate to presume that the charity will continue in business. The Govemors are responsible for keèping propèr accounting records that disclosè with reasonable accuracy at any time the financial position of the charity and enable them to ensure ihat the financial statements ¢omply with the Charities Act (Northern Ireland) 1964 and under the Chanties (Nll Order 1987 and in accordance with the Educational Endowments Aci 1885. They are also responsiblè for safeguarding thè assets of th8 charity and hénce for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statem•nt of dlsclosuro of Informallon to auditors So far as each of the Governors in office at the date of approval of these financial statements is aware: there is no relevant audit information of which the Library's auditors are unawafe,. and they have taken all the sleps that they ought to have taken as Govemors in order to make themselves aware of any relevant audit information and to establish that the Library's auditors a￿ aware of that informats'on. Ind•p•ndent audltor8 A motion to reapF)oint the auditors will be proposed at the AGM. By order of the Board Dr S. Brfdge Honorary Treasurer Date. 14th May 2025 The Linen Hall Independent auditor's report to the Governors of The Linen Hall Llbrary for the year ended 31 December 2024 Oplnlon We have audited the financial statements of The Linen Hall Library (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, statement of financial posrtion, statement of Gash flows and the related notes, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, includin9 FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a irue and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and applicats'on of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in a¢cordan¢e with the requirements 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 auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slatements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believè thai the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng lo golng ¢on¢•rn In foming our opinion on the financial statements, which 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 charity suffered significanl cuts to funding during 2023, however, additional support was received in 2024 to mitlgate the loss, however the ch8rity still reported a net current liabilities position of £150,478 as at 31 December 2024. These conditions, along with the other matters explained in note 27 to the financial statements, indicate the existence of material uncertainty, which rnay cast significant doubt about the charity's ability lo 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 going concem. other Informatlon The other information comprises the Information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other informatlon. Our opinion on the financial statements does not cover the other informatlon and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. In connection with our audlt 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 fi'nancial slatements or our knowledge oblained in the audit or othe￿iSe appears to be maten'ally misstated. If we identify such material inconsistencies or apparenl material misstatements, 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 audltorfs report to the Governors of The Linen Hall Llbrary for the year ended 31 December 2024 Matters on whl¢h w• are rèqulr•d to report by ox¢epllon In the light of the knowl8dge and understanding of the charity and its environment obtained in the course of the audit. we have not identified mat8rial misstatements in the Irustees, report. We have nothing to report in respect of Ihe following matters in relation to which the Charities Act (Northem Irel8nd) 2022 requires us to report to you if, in our opinion: •adequate accounting records have not been kept, or returns adequate for our audit have not been received Irom branches not visited by us: or •the financial slatements are not in agreement wilh the accounting records and returns,. or •certain disclosures of trustees, remuneration specified by law are not made. or •we have not received all the information and explanations we require for our audit. Respon8lbllltlo8 of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being salisfied that they give a trué and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial stst8m•nts thai are free from material misstatement. whether due to fraud or error. In preparing Ihe financial statements, the trustees are responslble for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting nless the trustees •ither intend to liquidate the charity or to cease operats'ons, or have no realistic alternative but to do so, Audltor'g r•sponslbllltles for the aud5t of the flnanclal slatements Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the e¢onomic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non 3,151 N•t(0x￿ndlIUI8vIn¢om0 b•for• rncognlmd g•ln• •nd lo88e• 25.olyj 101.268 (23.178) 163.090 1,764 {332,82n (91,8091 1422,872 Net gJin• on Inveslmnts 12 12.420 12.420 14.442 14,442 Loss on revaluation ol fixed assets Actuarial gains on deflnod benefit penslon 8chemo 13 1592.000> 1592,000) 918,OC 918,000 212.000 212,000 Adluslmènl for reslrlcllon on penslon asset recognBed (2.540.578) (2.540,S78} Not movoment In lund• 37,420 (2.053.310) 123.1781 (2,039,068} 16.206 {120,82n 191.8091 (198,4301 Fund balance bvought torward 375,197 7.785,619 275,508 8,436,324 358.991 7.￿6.446 367.317 8,632.754 Tolal fund¥ ¢afflod f4Jrwar4 412,617 5.732.309 252,330 6,397.256 375.197 7,785,619 275.508 8,436,324 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 financial positlon as at 31 December 2024 2024 2023 Notes Fixgd assets Tangible assets Heritage assets Investments 13 3,437,848 2,7S9,850 350,036 6.547.734 4,107,079 2,759,850 312,616 7,179,545 14 15 Current assets Stocks Debtors Cash at bank and in hand 16 17 11,031 92,740 63,038 166,809 {317,2871 (150,478) 15,049 61,851 63,259 140,159 1444,958) (304,799) Crodltors: amounts falllng due wlthln one year Net current (Ilabllltle8)la88ets 18 Credltors: amountg fallln du• aftw on• N•t assots oxcludlng penslon asset Penslon asset ar 20 6,397,256 6,874,746 1,561,578 8,436,324 32 N•t ass•tg Includlng p•nslon asset 6,397,256 Funds Unr•strl¢t•d fund8'. - General fund Revaluats'on fund 22 (711.703) 6,444,012 5,732,309 252.330 412.617 6,397,256 749,607 7,036.012 7,785,619 275,508 375,197 8,436,324 22 Re8trfcted funds 23 Endowment funds 24 Total funds 25 The financial slatements on pages 12 to 36 were approved by the Board on 14th May 2025 and were signed on its behalf by.. Dr S Bridge Honorary Treasurer Dr P McGarry President 13 The Linen Hall Statement of cash flows for the year ended 31 December 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash flows from 5nvesling activities Interest income Other finance returns (note 31 Dividend income Purchase of tangible fixed assets Purchase of investments Cash generatod byl(usod In) Inv•6tlng actlvltl•s 30 177,215 (273,579) 2,724 72,000 9,203 (76,041) (25,0001 (17,114) 1.422 64,000 9.010 {1,7551 (35,1001 37.577 Cash flows from flnanclng actlvllles Interest and fees paid Cash used In flnanclng acllvltles {24,969) 124,9691 (18,577) (18,577) In¢rea801{D•¢rea80) In cash and cash equlvalents In th• ear 135,132 (254,579) Cash and cash equlval•nts at lh• b¢glnnlnA.of the ear 31 172,710 81869 Total Gash and cash equlvalent8 at the ond of the yfjar 31 (37,578) (172,710) 14 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 Accounting policies Statement ol compllance These financial stalements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)) and the Charrties Act (Northern Ireland) 2008. The charity meets the definition of a public benefit entity under FRS 102. Judg•m•nts and koy 50ur¢es of estlmatlon uncertalnty The preparation of the fi'nancial statements requires management to make judgements, estimates and assumptions that affe¢t the amounls reported. These ests'mates and judgements are continually reviewed and are based on experience and other factors, including expecLqtions of fuiure events that are believed to ￿ reasonable under the circumstances. In¢omlng r•sourc•g All incoming resources are included in the stalement of financial activities when the Library is legally entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary Income Lagacies Legacies are recogni5ed when received or when their anv)unt is capable of measurem?nt. Donallon8 Donations are included in full when received. Grants Revenue granls are credited to incoming resources on the earlier date of when they are received or when they aré receivable, unless they relate to a specified future period, in which case they are deferred. Grants for the purpose of capital expenditu￿ are crediled to restricted incoming resources when receivable and transferred to unrestricted funds on purchase of asset. Actlvltle8 for generatlng funds Voluntary Incom• Annual subscriptions are included as voluntary income and are accounted for on an accruals basls. othèr 5ncom• other income is included in full in the Statement of Financial Activities when received. Invesknent In¢om• Investment income is accounted for when received. Fundralslng Incomo Fundraising incom? is accounted for when received. Resource8 expended All expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all costs related to the category. Library operating costs Library operating costs are those incurred in connection with administration of the Library and compliance with constitutional and statutory requirement 15 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 Accounting policies {continued) Irrecoverable VAT Any irrecoverable VAT is charged to the statement of financial activities or capitalised as part of the cosl of the ￿lated asset, where appropriate. Penslons The Library operates a defined benefit scheme through the Northern Ireland Local Government Officers, Superannuation Committee {NILGOSC) for specific employees. The assets of the scherne are held separately from those of the Library. The Library has adopted FRS 102 in these financial 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 retum on a high-quality corwrate bond of equivalént term to the liability. The increase in the present value of Ihe liabilities of the Library's defined benefit pension scheme arising from 8mployee service in the period is charged to operating 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 cosls. Actuarial gains and losses are recognised in the statement of financial activities. Tanglblo assets The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acqulsitlon, Depreciation is calculated 80 as to write off the cost, or valuation, of tangible fixad assets, less their estimated sidual values, on a straight-line basis over the expected useful economic lives of the assels concerned. The principal annual rates used are as follows.. Buildings Leasehold improvements Fixtures & fittings Computer equipment 10 15 33 Vthen circumstances dictate, an impairment review Is carrfed out. Land and bulldings 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. Herltag• assets The heritage assets are held by the Library in support of the primary objective of the charity to promte knowledge in Northern Ireland and for the benefi't of international scholarship, Heritage assets are recognised and measured {in¢luding 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 consist of various collects'ons of books and periodicals covering a wide range of topics ￿lating largely to Irish history including some documents over three hundred years old. The collections a￿ carried at a cur￿nt valuation. The collections are deemed to have indeterminate 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 impaim)ent is recognised in accordance with the Library's general policy on impairment. Stocks Stocks are stated at Ihe lower of cost and net realisable value. 16 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 Accountlng pollcles (contlnued) Fund accounting The Library has various types of funds for vthich it is ￿Sponsible. and which require separate disclosure. A definition of the various types of funds is as follows.. Unrestrlcted funds Funds which are expendable at the discretion of the Library, in furtherance of the purpose of the Library. In addrtion to expendilure on activities, such funds may be held in order to finance capital investment and working apital. Restrlcted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditur8 which meets these criteria is charged to the fund. togethar with a fair allocation of overheads and support costs. Endowmont funds Permanent endowment funds are restrict8d funds where a donor has specified that only income arising from the donation can ba used by the Library. This income is restricled for the particular purpose specified by the donor. Golng Concorn The financial statements have been prepared on a going concern basis. The Governors have considered thelr position on this and have provided further information at Note 27 to these financial statements. Flnanclal In8trument8 A financial asset or a financial liability is recognised only when thè charity becomes a party to the contractual provisions of the instrumenl. Basic financial instrumenis are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expecled to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investrnents in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value r8cognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that 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, with any changes recognised in the statement of financial activities. with the ex￿ptIOn of hedging instruments in a designated hedging relationship. Financial assets Ihat are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impainnent loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significan￿, and other financial assets that are individually significant, these are assessed individually for impairment. other financial assets are either assessed individually 01 grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the exlent that the reversal does not result in a carrying amount of Ihe financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 17 The Linen Hall Notes to the financial ststements for the year ended 31 December 2024 Donations and legacies Endowmenl Unrestricted Restricted 2024 2023 Donations 5,000 20.000 6.575 26,606 146.325 11,575 46,606 146,325 19.876 75,653 140,561 Legacies Members, subscriptions (see below) Grants (see below) 682.990 862,496 416.478 416,478 1,099,468 1,303,974 440,789 676.879 25,000 Mombors, subscrlptlons 2024 2023 Members, subscriptions Income tax reclaimable on subscriptions 131,017 15,308 146,325 126,308 14,253 140,561 Grants Endowment Unrgstricted Restrlcted 2024 2023 Arts Council of Nl 24,987 210,617 24,987 210,617 17,213 93,565 100 Natlonal Lottery Herltage Fund Dormant Funds Account Belfast City Council Department for Communities Community Relations Council DOFA,. Reconciliabon Fund The Foyle Foundation Ulster Scots Agency Foras Na Gaeilge Bcitish Council Idlewild Trust Enkalon Foundation Nl Museums Council NIPR 53.000 627,000 53,000 660.007 49,663 27,571 50,000 10,000 36,425 212,675 33,007 49,663 27,571 50,000 10,000 28,391 30,000 13,000 10,150 10,150 4,440 1,000 1,980 2,000 440,789 483 2,990 682.990 2,990 1,099,468 416,478 In accordance with recommended practs'ce, income received in advan￿ 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 2024 Income from investments 2024 2023 Dividends receivable other finan¢e returns (see below) Interest receivable 9,203 72,000 2,724 83,927 9,010 64,000 1,422 74.432 Other flnance rolurns 2024 2023 Expected return on pension scheme Inte￿st on pension scheme liabilities Net returns 279,000 {207,0001 72.000 277.000 (213,000) 64.000 other trading activities 2024 2023 Sale of books Charity book shop 30,184 25,939 Sales of servlcgs Coffee shop Photocopying and fax Postage Cultural programming Royalties Facility fees Fundraising events Friends of the Linen Hall 19,010 329 35.791 1.102 15 18.279 1.138 15 18,748 1,545 9,373 12.595 8.280 2,000 51,020 77,200 Salo of products Books, prints and pamphlets Other prcKJucts Gift shop items 5,388 3,742 12,766 21.896 109,100 8.037 3.873 19,655 31.565 134,704 Total 19 The Linen Hall Notes to the financlal statements for the year ended 31 December 2024 Expenditure on raising funds 2024 2023 Merchandising costs (see below) Book fund (sea below) Charity book shop Fundraising costs 7,475 22,093 33.692 14,564 16,881 35,072 1,268 67,785 63,260 2024 2023 Mérchandising costs Prints, books and pamphlets Coffee shop purchases Gift shop expenditure 1,442 1,612 11,510 14,564 170 7,305 7,475 2024 2023 Book fund Irish Reference General 8,886 5,000 8,207 9,186 7,695 20 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 Projects and events 2024 2023 Cultural Programming (includes salary costs of £17,387 (2023.. £8.694)) extraORDINARYwome National Lottery Heritage Fund - Origins & LegaGies.' The 8elfastlGood Friday Agreement (includes salary costs of £Nil (2023. £35,107)) National Lottery Heritage Fund - Heritage Recovery Nalional Lottery Heritage Fund - CRESI Museum Engagement (includes salary costs of £37,500 (2023.. £35.6861) National Lottery Heritage Fund - Linen Hall 2 Scoping Study (includes salary costs of £61,726 (2023,. £Nil)) Brrtish Council Nl - Poetry Jukebox- McAdam's Lexicon (includes salary costs of £4,614 (2023.. £Nil)) Arts Council Nl - Poetry Jukebox- McAdam's Lexicon Arts Council Nl - The Linen Hall.. Belfast's Home of Poety Department for Communities - Museum Collections Department for Communities - Irish Children's Collection Department for Communitie8- Linen Hall Re-branding Department for Communities- Upgrade Wifi and Cabling Department for Communities - Ulster-scots Digilisation (includes salary costs of £Nil (2023 £15.610)) Department for Communities - Fragments of Scotch Poetry (includes salary costs of £8.000 (2023 £Nil)) Department of Foreign Affairs; Reconciliation Fund projects (Includes salary costs of £24,446 (2023. £12,438)) Community Relations Council (includes 8alary costs of £28,022 (2023: £Nil)) Dormant Accounts Fund - Linen Hall Digitsl Platform Th8 Foyle FoundationlDepartment for Communities - Environmental Efficiency Foras na Gaeilge linclu(les salary costs of £8,200 (2023.. £12,200)) Repairs and Renewals Ulster-scots Agency - Bums in Ulster {includes salary costs of £6,334 (2023: £18.000)) Ulster-scots Agency- Ulster-scots Wrsting Competition (includes salary costs of £1.415 (2023.. £330)) Idlewild Trust Enkalon Foundation Nl Museums Council (includes salary Costs of £520 (2023.. £Nil)) McLaverty Short Story Award 24.394 216 11.945 86,571 2,030 2,030 37,500 170.391 35,686 10,150 9,893 8,827 7.143 480 2,373 5,277 41,624 7,143 480 8,000 38,877 34,014 37,247 33,333 11,406 33,333 15,324 5,998 8,583 13,498 9,507 19,920 5,034 6,705 4,440 620 1,287 4,672 437,018 1,220 {2,490) 317,663 Project and events costs include £198,164 (2023. £138.065) of slaff ¢osts. 21 The Linen Hall Notes to the financlal statements for the year ended 31 December 2024 7 Llbrary operatlng costs 2024 2023 Charltable oporatlons Information technology Training Advertising & PR Support costs {Note 8) Travel & subsistence 61,994 2,154 7,420 212,698 663 44,752 3,947 3.343 206.545 940 ConseNation 2,142 261,669 285,050 Establlshmant Rent and rates 24,100 22,188 50.069 60,679 157,036 23,136 24,775 53,604 53,770 155,285 Insurance Light and heal Rèpairs and maintenance Depreclation Building Fixtures and fittlngs Computer equipment 87,600 411 4,871 92,882 427,741 962,709 87,600 617 5,674 93,891 531,127 1.041,972 Slaff costs (noto 9 - Llbrary: Charitable operatlons) Total The Linen Hall Notes to the financial ststements for the year ended 31 December 2024 8 Support costs 2024 2023 Admlnlstratlon Stationery Printing Photocopylng Postage Telephone, fax and internet Information technology Miscellaneous 1,336 5,364 6,657 2.346 7,762 24,217 1,181 48,863 2,052 9,070 3,987 2,373 9,471 22,387 974 50.314 Governance Audit and related fees Legal & professional fees 8,657 18,635 27,292 6,951 17,828 24.779 Flnanclal •xp•n808 Bank charges Bank interest 2,170 18.803 3,422 574 24,969 111,574 212,698 1,965 11,433 3,678 1,503 18.577 112,875 Visa paypoint fees Other Interest staff c06t8 (not• 9 - Llbrary: Support) Tolal 23 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 Staff costs Total 2024 Total 2023 Unrestricted Restricted Salaries 434,125 36,993 95,931 567,049 157.232 16,138 25,794 198,164 591,357 52.131 121,725 765,213 628,410 54,834 127,641 810,885 Social security costs Pension costs Analys18 of staff cosls 2024 2023 Projects Library.. Charitable operations - Chanty bookshop - Support 198,164 138,065 427,741 27,734 111,574 765,213 531,127 28,818 112,875 810,885 The average number of employees, calculated on a full-lime equivalent basis. analysed by function was: 2024 Numbor 2023 Number Projects Charitable operations Charity bookshop Support 12 12 17 19 No employee had employee benefits (excluding employer pension costs) in excess of £90.000 (2023.. £80.000). Governors are not remunerated for services to the Library (2023. £Nil). and there were no Governors, expenses incurred {2023= £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 managemenl personnel of the Library were £233.719 (2023: £231,746) Indemnity insurance for Governors. liability has been purchased by the Library at a cost of £2.380 (2023.. £2,289). 24 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 10 Net Incomel(expendlture) 2024 2023 Net Incomel(exp•ndlture) Is stated after charylng: Depreciation on owned assels Auditors. remuneration.. - audit services 153,272 146,384 7,224 130 7,026 124 non-audit services Other operating lease rentals 11 Transfers between funds Endowmant Funds Unr08trlctod Funds Re8trlcted Funds Projects General Fund 15,3621 5,362 5,362 (5,3621 The transfer from restricted to unrestricted funds represents net underspending on funded projects. 12 Net (losses)Igalns on Investments 2024 2023 Catalyst Endowment Fund New Linen Hall Library Endowment Fund Endowment funds 8.093 4,327 13,018 1,424 14,442 25 The Linen Hall Notes to the flnanclal statements for the year ended 31 December 2024 13 Tanglble flxed assets Land & Leasehold Building Improvements Flxtures & flttings Computer equipment Total Cost or valuatlon At 1 January 2024 Revaluation Additions Al 31 D•cember 2024 4.380,000 (1,030,000) 14,840 323.735 401.224 S,119.799 {1,030,000) 76.041 4,165,840 76.041 399,776 3,350,000 14,840 401,224 Accumulated daproclatlon At 1 January 2024 Charge for the year Revalualion adjustment At 31 D0￿mber 2024 350,400 87,600 (438,000) 14,840 285,045 27,467 362,435 38,205 1,012,720 153,272 (438,000) 727.992 14.840 312,512 400,640 Net book amount At 31 December 2024 3,350,000 4,029,600 87,264 38,690 584 3,437,848 4,107,079 At 310ecember 2023 38,789 The Library's freehold and long leasehold proportles were revalued at 31 December 2024 on the basis of open market value and open market rental value for existing use. by Mcconnell Chartered Surveyors and the revaluation adjustments of £1.030,000 to cost and £438,000 to accumulated depreciation together resulted in a loss on revaluation of £592,000. Thè valuations were undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyois in the United Kingdom. The net book value of freehold and long leasehold properties at 31 December 2024 based on hislorical cost, had there been no revaluations, would have been £2,225,600 (2023: £2,311,200). Fixed assets totalling £76,041 were purchased in the year. Land & Leasehold Office Computer bulldlng Improvomant Equlpment Equlpmenl Total Cost or valuatlon al 31 Do¢emb•r 20241$ repr•sant•d by Cost Valuation 14,840 399,776 401,224 815,840 3,350,000 4,165,840 3,350,000 3,350,000 14,840 399,776 401,224 No deferred tax has been provided for since the Library is a charity and therefore not subject to corporation tax. 14 Herltage assets 2024 2023 Books and Periodicals 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 ststements for the year ended 31 December 2024 15 Investments Cash or cash equlvalents Llsted Investments Cost or valuatlon Tolal At l January 2Q24 Capital introduced Purchase of investments Charges net of equalisation Fair value movements 8.273 25,000 (30,292) (1,038) 304,343 312,616 25,000 1,038 {1.0381 12,420 350,036 31,330 12,420 348,093 At 31 Decomlmr 2024 1.943 All investments shown above are held at valuation. 16 Stocks 2024 2023 Goods for resale 11,031 15,049 17 Debtors 2024 2023 Trade deblors Other (lebtors Prepayments and accrued income IS,328 23,524 53,888 92,740 12,122 7,067 42,662 61,851 18 Credltors: amounts falllng due within one year 2024 2023 Bank overdraft Trade creditors Other creditors and accruals Deferred income (Note 19) Taxation and s¢xial security 100,616 70,184 27,168 99,807 19.512 317,287 235,969 76,139 37,373 70.611 24,866 444,958 27 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 19 Doferred income At 1 January 2024 Amount released to income 70,611 (70.611) 99.807 99.807 Amount d8ferred in year At 31 Oe¢emb¢r 2024 Deferred income comprises rental income, membership subscriptions and grants received in advance. 20 Creditors: amounts falling due after one year 2024 2023 Obligations under finance leases 21 Contingencles A contingent liability exists to repay grants and funds receNed should certain conditions not be fulfilled by the harity In the opinion of the Govemors, the terms of the letters of offer have been, or will be, complied with and no Ilabllify Is expected. 22 Unrestricted funds General Fund Revaluatlon Fund Total Balance at 1 January 2024 Net incoming resources for the year Transfer from restricted funds Loss on revaluation of fixed assets Actuarial gains on defined benefit pension scheme Adjustment for restriction on pension asset recognised Balance at 31 December 2024 749,607 155,906 5,362 7,036,012 7,785,619 155,906 5,362 (592,000) 918.000 {2,540.5781 5,732.309 (592,000) 918,000 (2,540,578) 1711.703) 6,444,012 Unrestricted general funds include an asset of £Nil (2023., £1,561,578) in respect of pension scheme assetslliabilities of the pension fund. 28 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 23 Restrlcted funds Balance at 1 January 2024 Balance at Transfers 31 Oecember (Note 11) 2024 Incoming Resources Project Expenditure Cultural Programming McLavety Short Story Award exlraORDINARYwomen NLHF- Linen Hall 2 Scoping Study NLHF-CRESI Museum Engagement NLHF- Origins & Legacies.. The BelfasVGood Friday Agreement NLHF - Heritage Recovery Dfc - Museum Collections Dfc - Irish Children's Collection OfC- Linen Hall Re-branding Dfc - Ulster-scots Digitisation Dfc - Fragments of Scotch Poetry Dfc Charities Fund - Covid-19 17,387 2,724 (24.394) (4,672) (216) (170,3911 {37,5001 7,007 13,419 25.198 15.431 38,387 11.471 24,982 50.541 887 205,501 (5,097) 7.586 28,136 5,426 1,827 871 5,116 (19> {2,030) (7,143) (480) 5,556 20,993 4.946 1,827 871 8,007 (8,000) {7) (9,261 > 9,261 The Foyle FoundationlDFC Environmental Efficiency Foras na Gaeilge Repairs and Renewals Ulster-S¢ots Agency - partnership proiect continuing from year to year Ulster-scots Agency- Writing Competition Ulst8r-Scots Agency- Conservation Dormant Accounts Fund- Linen Hall Digilal Platft)rm NIO Shared History Fund Enl¢ghtenment Festival Department of Foreign Affairs; Reconciliation Fund projects Community Relations Council British Council Nl - Poetry Jukebox McAdam's Lexicon Arts Council Nl - Poetry Jukebox- McAdam's Lexicon - £400 balance of funding due from Arts Council Nl Nl Museums Council Defibrillator and Trdining Idlewild Trust 75,000 (11,406) (15,324) (5,998) 63,594 1,680 13,118 17,004 18,341 775 7,752 (8,583) {831) 17,826 274 10,000 (5,034) 22,792 274 33,333 616 5,230 <33,333) (616) (5,230) 28,092 27,571 49,663 (38,877) (37,247) 447 17,233 12,416 10.150 (10,150) 7,600 483 (9,893) (1,287) 1,893 44 1400) 760 395 (395) (4,440) (620) (437,018) Enkalon Foundation 1.000 275,508 380 419,202 (5,362) 252,330 29 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 23 Restricted funds (continued) Arts Councll Nl - Cultural Programmlng - Using the Library's historical position as a cultural leader in Northern Ireland to showcase and nurture the artistic and cultural life of all in the community McLavorty Short Story Award - Biennial award to foster and encourage the art of the short story in Ireland extraORDINARYwomon - Digitisation. collection enhancement, outreach and oral history project. exploring Ihe evolution of women's lives in Northern Ireland since 1965 NLHF - Llnen Hall 2- a scoping study into Linen Hall expansion NLHF - Covld Recovery Employment and Skllls Inltlatlva for Horhag•- Museum Engagement NLHF - Orlglns & Legacles: The BelfastlGood Frlday Agreement project NLHF - Covld-19 Herltage Recovery Fund- core support and preparation for re-opening Department for Communltle¥ - Museum Coll•ctlons - enhanced collection care and conservation Department for Communltles - Irlsh Chlldren's Collactlon- to establish an Irish children's library Department lor Communltles- Llnen Hall Llbrary Re-brandlng - consultancy costs Department for Communltle8 - Ulster4cots Dlgltlsatlon - to digitise part of Ulster-scots collection Department for Communltl•8- Fragments of Scotch Pootry- digital co118Ction catalogued and made publicly accessible The Foylo FoundatlonlDepartment for Communltl•8 - Environmental Efficiency measures including replacement of gas boilers and pipework Foras na Ga•llg•- conservation of the Linen Hall Library's Irlsh Language collectlons Ropairs and Renewals- Capital items for the upkeep of the Llnen Hall's histori¢ building Ulster Scots Agency - Burns In Ulstor - Conservation of the Library's Gibson Collection Ulstar Scots Agoncy - Ulster Scots Writing Competition and Consep4ation and Storage proje¢l Domianl Account8 Fund- Building a new Linen Hall Library digital platform Dopartmont of Forolgn Affairs; Roconciliation Fund - Student Activism and Civil Rights projects Community Relatlons Councll-"We are the Future. Youth Activism project Arts Councll Nl - Poetry Jukebox - McAdam's Lexicon project Britlsh Council Nl - Poetry Jukebox - McAdam's Lexicon project Nl Museums Councll - A Belfast Fairytale.. A storytelling and crafting session Idlewlld Trust - ConseNation of the Art Scrapbooks of the Misses Gage of Rathlin Island Enkalon Foundatlon - Cataloguing and Conservation 30 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 24 Endowment funds 8alance at 1January 2024 Income {Lossesygains on investments Balance at 31 December 2024 McLavety Trust Catalyst Endowment Fund Linen Hall Library Endowment Fund Linen Hall Library Fund 60,385 237,352 77,360 100 375.197 60,385 245,445 106,687 100 8.093 4.327 25,000 25,000 12,420 412,617 25 Analysis of n•t assets between funds Endowm•nt Unrnstrlcted Funds Fund8 Re8trlcted Funds Total Fund8 Fund balances at 310•combor 2024 are ropresontod by: Tangible fixed assets Hefitage assets Investments 3,350,584 2,759,850 87,264 3,437,848 2,759,850 350,036 (150,478) 350,036 62,581 Net Cufrenl assetsl{liabilities) Long term Ilabilitles Pension asset (378.125) 165,066 Total n•t assets at 31 D•¢•mb•r 2024 412,617 5,732,309 252,330 6.397.256 26 Flnanclal commltments At 31 December Ihe Library had annual commitments under non-cancellable operating leases expiring as follows.. Offlce equlpmont 2024 2023 In less than one year In more than one year, but not more than 5 years 9,566 11,347 9,566 20,912 30,478 20,913 31 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 27 Going Concern The Linen Hall continued to face funding challenges in 2024, having suffered a cut in 2023 of one third of its core funding from the Department for Communities, which coincided with a period of rising costs. A Strategy Committee had been established to identify new means of income generation, to include: Invesbgation of potential new core funders to put in place guaranteed income streams moving forward. Review of membership model. Identification of new projects. Ongoing international partnerships and applications. Feasibility study being undertaken with regards to Llnen Hall 2, for whiGh funding had already been received from Heritage Fund Nl. ilst good progress was made in 2024 on all these fronts, the experience of recent years has shown that there is a need for a reliable source of additional core funding of around £336,000 per annum, if the Linen Hall is to be finanGially sustainable. The charty's budget for 2024 included income of £130,000 from fundraising, the main event being a planned fundraising dinner wh￿h did not take place due to circumstances beyond the Linen Hall's control. There were also no legacies received in 2024 until December, and the budgeted income of £100,000 was not achieved. The Oepartment for Communities was applied to and granted additional funding early in the year, and £330,000 of Inteplention Funding in the last quarter of 2024, to shore up the Linen Hall's finances, and Belfast City Council contributed an additional £20,000, The Strategy Committee has been exploring strategic partnerships with short, medium and long-term options and goals. The following areas have also been actioned and developed.. 1. Exploration of funding for fundraiser 2. Investigation of trusts and foundations 3. Memberships- individual and corporate 4. CollaborationslPartnerships 5. Income generation from US Institutions At 31•1 December 2024, the charity had net current liabilities £150,478, an improved position compared to net current liabilities of £304,799 at the end of 2023. but still falling short of the Governors, objective of achieving level of unrestricted funds equivalent to three months, expenditure on the core activities of the Llnen Hall. As result of these matters, the trustees believe there remain5 a material uncertainty in relation to the going concern basis adopted in Ihe preparation of the financial statements. The Governors have carefully considered and reviewed budget and cash fiow forecasts to 31 Dt December 2025. and the actions listed above, to help them assess the appropriateness of adopting the going concern basis of accounting in Ihe preparation of these financial statements. They have detemiined Ihat the actions being taken are reasonable and sufficient to support the budget and cash flow forecasts and have therefore prepared these financial statements on a going concern basis. 28 Related parties The Library was Lead Partner in The National Collection of Northern 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 £2.990 {2023". £2,000) from NIPR as its contribution to the cost of running the integrated library system, offsite storage and material processing. 29 Post-balance sheet events There have been no events occurring after 31 December 2024 which require disclosure. 32 The Linen Hall Notes to the financial ststements for the year ended 31 December 2024 30 Reconclllatlon of net movement In funds to net cash flow from operating activities 2024 2023 Net movement in funds (2,039.068) 153,272 592,000 (12.420) (83,927) 24,969 4,018 {30,889) 7,882 (196.430) 146,384 Add back depreciation charge Add back loss on revaluation of fixed assets Add (gain)Iloss on investments Deduct investment income shown in investing activilies Add back inte￿1 paid shown in financing activities Decrease in st¢xk (Increase)Idecrease in debtors Increase in creditors falling due within one year Decrease in creditors falling due after one year Decr885el(Increase) in pension asset Net cash provlded by operaling actlvltl•s {14.442} (74,432) 18,577 1,318 52,693 60,753 1,561,578 177,215 1268,000) (273,579) 31 Cash and cash equlvalents at 31 December 2024 2023 Term deposit at Danske Bank P8tty cash Divided Society current account at Danske Bank Cash account at Evelyn Partnefs Bank balancel(overdraft) at Danske Bank Total cash and cash equlvalent8 60,626 17 60,626 17 2,394 (100,616) (37,578> 2,615 (235,969) (172,710) The Linen Hall Notes to the financial ststements for the year ended 31 December 2024 32 Penslon commltments The Library operates a deh'ned benefit scheme with assets held in separate trustee administered funds. An actuarial valuation of the defined benefit pension scheme using the projected unit basis was carried out at 31 December 2024 by Aon Solutions UK Limited. Definad bonefft scheme The amounts recognised in the statement of fi'nancial position are as follows.. 2024 2023 £'ooo £'ooo Defined benefit obligation Fair value of plan assets Net defined benefit asset Restriction on asset recognised Net amount recognlsed at year end (4,226) 6,766 2,540 (2,540) (4,664) 6,225 1,561 1.561 The amounts rocognlsed In ¢omprehenslve Income are: The current and past servlce costs, settlements and curtailments, together with the ngt interest expenses for the year are included in profit or loss. Re-measurements of the net defined benefit liability are included in other conT)rehensive income. 2024 2023 Servlce cost: £'ooo £'ooo 125 Current service cost (net of employee contributions) Administration expenses Net interest (credrt)lexpense Charge recognlsed in profit or loss (72) (64) 64 Re-m•a8urements of th• net Ilablllty: Return on scheme assets (excluding amount included in net interest expense) Actuarial gains Adjustment for restriction on asset ￿ognIsed Chargellcredlt) recorded In olher comprehenslve Income (301) (66) (617) 2,540 1,622 (146) (212) Total defined benefit costl(credit) (148) The Linen Hall Notes to the financial statements for the year ended 31 December 2024 32 Penslon commltments (contlnued> Th• prlnclpal aduarlal assumptlons used were: 2024 2023 Liability discount rate Inflation assumption - CPI Rate of increase in salaries 5.50% 2.60% 4.10% 2.60% 4.500/ts 2.40% 3.90% 2.40Yo 2.40% 75.OOYo Revaluation of deferred pensions= CPI Increases in pensions for payment Proportion of employees commuting pension for cash 2.60% 75.OOY• Th• mortallty assumpllon• used wor•: 31 D•c•mb•r 2024 31 December 2023 Average expected future life at age 65 for Male currently aged 65 Female currently aged 65 Male currently aged 45 Female currently aged 45 21.5 21.7 24.5 22.6 25.5 24.4 22.1 25.2 Roconclllatlon of scheme assets and Ilabllltlos Assels £'ooo 6,225 (189) Llabllltles £'ooo Total £'ooo 1.561 At stsrt of period Benefits paid Administration expenses Current senlice cosl 189 (3) (119) (1191 111 Contributions from the employer Contributions from employees Interest incomel{exp8ns8) Retum on assets (excluding amount included in net interest expense) Actuarial gains 111 39 {39) (207) 279 72 301 301 617 617 6,766 14,226 2,540 35 The Linen Hall Notes to the financial statements for the year ended 31 December 2024 32 Penslon commitments (continued) Th• r•tum on plan assets was: 2024 2023 £'ooo £'ooo Interest income Relum on plan assets (excluding amount included in net interest expense) Total return on plan assatg 279 277 301 580 343 The major cat•gorl•s of scheme assets are as follows: 2024 2023 £'ooo £'ooo Equities and Alternatives Propety Gilts Multi Asset Credit Cash Fixed Interest Bonds Other 2,794 643 1,008 880 778 2,720 604 1,083 828 349 261 380 6,225 399 6,766 36