The LEEDS LIBRARYANNUAL REPORT

2015

contents

Chair of Trustees Introduction 1Chief Executive’s Welcome 2Trustees Report 3Activities of Public Benefit 4Achievements and Performance 5Financial Review 9Structure, Governance and 11ManagementReference and Administrative Details 12Statement of Trustees’ responsibilities 14Independent Auditor’s Report 15Statement of Financial Activities 17Balance Sheet 18Income & Expenditure Account 19Notes to the Financial Statements 21

‘A representative of skill refined, when all the qualities are joined’, The Universal Penman, George Bickham, London, 1733, opposite title page.

CHAIR OF TRUSTEES INTRODUCTION

The Leeds Library is increasingly recognised for its role at the centre of the city's cultural and intellectual life, a unique organisation combining a rich heritage with a commitment to contemporary work. We are not just a library, though we have a splendid building and over 150,000 books to care for, nor simply a membership organisation, though our 777 members (at 31st December 2015) are vital to our work, we are also a resource for the wider public in Leeds and beyond.

The importance of this role can be seen in our programme of events and activities. Last year these ranged from book launches and lectures to hosting an academic conference on M.R. James and providing the venue for a programme of events on the theme of a Hidden Diamond, working with our partners Alchemy.

Of course books remain at the heart of the Library. We have continued both to acquire more books and media on our members' recommendation, a further 988 last year, and to maintain an active programme of conservation and rebinding to ensure they are in good condition for the future. Our bookbinders, The Castle Bindery, can be assured there will be plenty of work to keep them busy, not least as we explore some of the hidden riches of our collection, such as our outstanding holdings of Victorian fiction.

Last year Michael Meadowcroft wrote about the development of our partnership with the Thoresby Society, the major local history society in the city. I am pleased to say that over the course of the year we have finalised the arrangements for that partnership and the Society's books have been moved into the Library, where they are being catalogued and merged with the Library's collection of local books to form an integrated Leeds Collection. At the same time the Society has moved its administrative base into the Library. We look forward to working closely with them over the coming years.

Finally, none of the work outlined in this report would have been possible without the hard work of the Library’s Trustees, its dedicated and committed staff led by Chief Executive Andrew Morrison, and its growing team of volunteers. I thank them all for their help and support over the past year.

Martin Staniforth, Chair of Trustees1

chief executive’s welcome

Welcome to the Leeds Library Trustees report for 2015. The 12 months were a very busy period for the Library team. The cold of January was offset by the physical exertion of packing and relocating over 4520 books in advance of extensive waterproofing works within the basement. Two weeks later new metal racking was constructed and the team commenced the more complex work of reordering and re-shelving the collection. This work, although now 90% complete, is still on-going as parts of the collection are rediscovered, entailing further reorganization.

Work continued on the main library floor sorting and reordering the collections. The retrospectivedocumentation programme continued apace with the pre-1800 collections, Sports and Pastimes and the Fine and Decorative Arts collections forming the priority. The historic card catalogue was sent off to a specialist document scanning service to be digitized. The resultant digital catalogue of some 113,000 records is now available online through the Library’s website.

The Library continues to enhance its collections for the use of members and researchers. The online availability of the Library’s digital catalogues has added greatly to the public outreach opportunities that the library has to offer. The Thoresby Society, Leeds’ foremost historical society, formally established a partnership with the Leeds Library and its collection of books, pamphlets, manuscript archive, maps and images were relocated to the Leeds Library building – the new home for the Thoresby Society. The collections will be available for public consultation from the middle of 2016. The library team, as always, are grateful for the support, conversation and general wisdom of the Library’s membership.

Andrew Morrison

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‘Carnations’, chromolithograph by Pieter de Pannemaeker (Belgium) after a drawing by C.T.Rosenburg, c.1850, The Florist and the Pomologist, 1878, opposite page 177

‘Learning’, The Universal Penman, George Bickham, London, 1733, opposite page 19.

The trustees present their report and the accounts for the year ending 31 December 2015. The financial statements have been prepared in accordance with the Companies Act 2006, the Statement of Recommended Practice Accounting Reporting by Charities and applicable accounting standards.

Objectives and ActivitiesPurposes of the charity as set out in its governing document. The principal activities of The Leeds Library and the Charity’s objectives are:-

The advancement of education, the diffusion of knowledge and the provision of suitable literature for persons particularly but not exclusively within the city of Leeds and the surrounding area by establishing and maintaining a library to promote the study and knowledge of literature and all artistic and scientific subjects and by providing library facilities and research facilities;

To preserve for the benefit of the public the listed building known as Nos. 16 to 20 Commercial Street, Leeds LS1 6AL being a place of historical and architectural interest, value and beauty.

trustees report

Mission Statement: The Leeds Library will preserve and develop its collections, building, traditions and services and promote them to the people of Leeds and beyond.

Strategic aims:• To preserve and develop the Library’s collections for the benefit of current and future

audiences: by developing and implementing a detailed Collections Development Plan which sets out how we will manage our Historical and Modern collections, by regularly reviewing the resources required to maintain, enhance and preserve our collections and by seeking additional external funding in support of this aim.

• To preserve and develop the Library’s physical structure and environment: by developing and implementing building and environmental strategies with a particular emphasis on accessibility and sustainability and by seeking additional external funding in support of this aim.

• To develop responsive and effective services for members and visitors: by seeking to improve the experience of members and visitors using surveys and other means to gather feedback and opinions, by investing in staff training and development and by creating opportunities for our staff to broaden their experience and enhance their skills.

• To promote widely our resources and services: by publishing an online catalogue of our collection, by maintaining a strong web presence, by developing existing and new contacts and networks within the city of Leeds and beyond, by actively engaging in collaborative activities to bring the Library to a wider audience and by receiving visits to our building from groups and individuals.

• To retain existing members and achieve a sustainable growth in membership: by regularly reviewing the experience and value for money of our ‘offer’ to current members and by encouraging membership particularly among under-represented groups such as the under 25s and black and minority ethnic groups.

• To ensure strong governance, financial stability and long-term sustainability: by regularly reviewing our systems and structures and by maintaining realistic investment strategies.

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The trustees have regard to the Charity Commissioner’s guidance on public benefit and have taken it into account when making decisions in furthering the charity’s purpose. The Library membership grew over the 12 months with a total of 112 new members joining the Library within 84 memberships. 86 existing members resigned producing an aggregate increase of 26 to the Library.

The Library continued its active programme of prioritised collections’ binding and conservation in partnership with The Castle Bindery and the National Association of Decorative Fine Art Societies. The conservation and repair of the Library’s significant historic collection is a priority for the trustees. This work brings significant public benefit as it allows researchers and readers to consult the historic collections safely and securely. Freshly conserved, repaired and cleaned books have been used to engage with a wide variety of audiences ranging from economists and insurance brokers to family groups.

The Library worked with a number of external and internal partners to organise and host a successful event programme that was open to all. The Library worked with Leeds City Council Libraries Service, West Yorkshire Playhouse, the Grand Theatre, Leeds University, Leeds Beckett University and Alchemy, an arts management company, in engaging new audiences from across West Yorkshire.

ACTIVITIES OF PUBLIC BENEFIT

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Victoria Gowramma, Jayashree Pathak, 2014, image commissioned for the Alchemy Book Collection book plate.

254 books were rebound and repaired in 2015. The priorities for the year were the Leeds Collection, including the extensive collection of 19th and 20th century directories of Leeds and the West Riding (in advance of the reloca-tion and integration of the Thoresby Society’s library and archive), the Library’s important Sports and Pastimes collection of 19th cen-tury books and the notable collection of 18th century travel books, in particular descriptive accounts of China and Japan. Notable individual titles that have been rebound and repaired include Cowper’s Anat-omy of Humane Bodies (1734), Amoenitates Academicae (Academic Amusements) by Carl Linnaeus 1749 (10 volumes), Vellum-bound ledg-ers from the Leeds Library archive, Hans Sloane’s Voyage to Jamaica (1707), Flora Londinensis by William Curtis (1777-1798), and Grosier’s General Description of China (1788).

The Library continues its tradition of purchasing books upon the recommendation of members and therefore, the collection continues to reflect their reading tastes and research. 451 non-fiction titles and 451 works of fiction were purchased during the year along with 86 items of media including, for the first time, language discs in French and Spanish.

Some of the most significant and most widely-consulted books purchased included: The book of days : a miscellany of popular antiquities in connection with the calendar including anecdote, biography, and history, curiosities of literature and oddities of human life and character : 2 volumes by Chambers; Tom Maguire : a remembrance (Maguire was a socialist trade union organiser and poet from Leeds), Diane Saunders & Philippa Lester’s From the Leylands to Leeds 17: Jewish Leeds in words and images, Velázquez : the complete works by José López-Rey (out on display for much of 2015), Edward Brooke-Hitching’s Fox tossing, octopus wrestling and other forgotten sports, The London County Council bomb damage maps, 1939-1945 by Laurence Ward and The Penguin Book of the British Short Story edited by Philip Hensher. The most widely read works of fiction were Anne Tyler’s A Spool of Blue Thread, The Lady from Zagreb by Philip Kerr and Kent Haruf’s Plainsong Trilogy.

A new staff structure was implemented in January. Existing temporary contracts came to an end, some posts were made redundant and new permanent contracts were issued to existing and new staff creating a new team of ten employees. This new structure has allowed a great deal of additional work to be completed in 2015 targeted at making the Library’s collections more accessible and creating an environment within the Library that is fit for purpose and beneficial to its users.

The work that the team has undertaken has been greatly enhanced by the assistance provided by the Library’s team of 26 volunteers. The Library has continued to benefit and work closely with a range of partners who have provided much valued advice and assistance in ensuring that the Library moves forward in a sustainable and beneficial way including The Castle Bindery, Braithwaite and Jackman Architects and Alchemy.

ACHIEVEMENTS AND PERFORMANCE

STAFFING

COLLECTIONS

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Book plate, Picturesque tour through the principal parts of Yorkshire, E. Dayes, 1825

113,000 index cards were scanned and 6 million key strokes created an indexed database of the .pdf files. This digital resource was then hosted on-line with open access. The Library’s retrospective cataloguing programme will gradually reduce the number of scanned cards held within the database as more comprehensive records are created for each title within the Library’s Heritage management system. By the end of 2015, 3,000 scanned cards had been removed as the corresponding titles were catalogued onto Heritage.

The Library continues to work with its off-site storage partner Restore Document Management to house those collections that cannot be stored within the Library. A new contract was negotiated to ensure the charity was gaining best value for money. As part of this renegotiation, a project to list and rationalise the stored collections was commenced. When this is complete it will ensure that the Library has accurately documented and accessible collections and is achieving the most efficient use of its off-site storage provision. At the beginning of 2015 the Library had 2029 boxes stored off-site, this was reduced to 1760 by the end of the year. This co-ordinated work is bringing the storage bill down whilst greatly increasing the Library’s knowledge of what is stored off-site.

Contemporary fiction, non-fiction, DVDs and audio-books continued to be added to the collection in response to members’ recommendations and the professional advice of the librarians. Wider public access to the Library’s catalogue has been greatly increased by the digitisation of the card index of the historic collection and the ongoing programme of collections cataloguing. The Library renewed its network server and transferred some of its internal IT software to be cloud-based. The governance of the Library continues to be reviewed and evolve. The trustees, staff and members completed a project funded by the Heritage Lottery Fund Catalyst programme. The activities and outputs within this programme have contributed to the trustees commencing a review and reform of the Charity’s Articles of Association and Board of Trustees which will continue into 2016.

The Library has undertaken a number of projects to refurbish and make fit for purpose parts of the listed building the Library occupies - principally within the basement, entrance foyer and New Room. The remaining sections of the Library’s basement were refurbished and made waterproof in order to securely store the Library’s reserve collections. A scheme by architects Braithwaite and Jackman to enhance and open up the entrance foyer was begun after consultation with the Leeds City Council Conservation Officer. Historic glazed book presses were installed, layers of 20th century linoleum floor covering were removed to reveal the original 1880 Minton tiled floor and the 19th century library counter was relocated to create more space within the foyer. The entrance hall and main staircase were repainted in a sympathetic decorative scheme. This first phase of the scheme has greatly improved the welcome the Library gives to visitors and members and enhanced the historic quali-ties of the approach to the main Library.

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Illustrations of the textile manufactures of India, J. F. Watson, 1877, No.97 Benares

A programme of sensitive repairs, improvements and developments were undertaken throughout the Library. Bradford Woodworkers skilfully completed works to the cast iron and mahogany handrail of the Library’s Victorian main staircase. The significant project to create an environment fit for purpose for collections storage and members use was completed within the first quarter of the year.

The Thoresby Society relocated to the Leeds Library in 2015. The Society’s 4000 books and pamphlets and their archive of original images, maps and manuscript items were transferred to the library. Each item will be catalogued onto the Library’s Heritage collections management system.

The Library team has integrated its own collection of Yorkshire topography and Leeds-based books with the Thoresby Society’s to create a new resource for Leeds and the surrounding area – The Leeds Collection. This was completed within the first quarter of the year.

the building

the thoresby Society

7Portrait of Ralph Thoresby

diamond

The Hidden Diamond is a collaboration between Alchemyand The Leeds Library with support from Leeds City College

The Leeds Library FOUNDED 1768

Funded by Conceived and curated by Supported by

diamondTHE HIDDENTHE MANY FACETS OF THE LEEDS L IBRARYF r i d a y 1 3 t h Ma r c h – Sunda y 2 2nd Ma r c h 2 015The Leeds Library, Commercial Street, Leeds, LS1 6AL

The lawyer, Mr.Camperdown, challenges LizzieEustace about the nature of her claim to theEustace family diamonds.

The Eustace Diamonds,Anthony Trollope,1871

Illustration by William Dawson©William Dawson

THE MANY FACETS OF THE LEEDS L IBRARY

THE HIDDEN

The Necklace,Guy de Maupassant, 1884

Illustration by William Dawson©William Dawson

On that fateful night of the Ministry Ball, Mathilde losesthe borrowed necklace.

The events over the year were wide-ranging, from French Chansons, quizzes, contemporary literary criticism, book launches and a day school on the ghost stories of M.R. James. Forty-four bi-monthly, booked and open day tours took place introducing 346 people to the Library. The Library was used by a number of small and large organisations for corporate and artistic events. Leeds-based immersive theatre company Riptide based one of their actors in the Library for a multi-base immersive performance. Pavilion - a visual arts commissioning organisation - hosted three events in the library culminating in a live broadcast from a remote lighthouse in the Shetland Islands of Grace Shwindt’s opera Little Birds and a Demon.

The Library hosted and organised a programme of 78 events throughout the year which were attended by 8197 members of the public. A week of events under the title of The Leeds Library: A Hidden Diamond took place in March, generously funded by a large grant from Leeds Inspired. The programme of events and artistic commissions included evening salons, light installations, recitals and family activity days exploring a range of subjects through the Library’s books, including children’s book illustration, our natural history collection and popular science. A number of these events were projected or aimed at audiences who were passing on the street and unaware of the Library.

Michael Meadowcroft delivered his 8th and final series of talks on Leeds politicians. A series of lunchtime lectures celebrating the tercentenary of the birth of Ralph Thoresby represented the first joint events between the Thoresby Society and the Leeds Library. A total of 156 people attended.

events

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Treasurer's ReviewThe process of detailed financial transaction review undertaken in 2014, has provided an excellent platform for continued control of the Library's operating income and expenditure. The confidence gained through this exercise has allowed 2015 to be a year for undertaking some larger, longer term projects, in particular, the renovation and improvements in the basement for use as a storage and working area. We are especially grateful to the Bramall Foundation for the donation which provided a large proportion of the funds to enable the basement project to be carried out. We are also grateful to the Library staff team who were all involved in bringing the basement back into regular use.

Income in 2015 includes an increase in member subscriptions, reflecting an increased membership. A combination of a lively events programme alongside room hire for external bodies, generated an increasing events income. Merchandise development has also brought additional income. The donations include £40k from the Bramall Foundation for the basement project and £10k from the Dr Smith legacy to be used for the New Room improvements.

The regular operating expenses are covered by the income, whereas project and capital expenditure required additional finance. £40k was generated from the sale of investments in the early months of 2015 for this purpose. The projects and capital expenditure during the year include £50k for the basement, the digital catalogue at £42k, a new server for the computer system at £12k and the start of the work on the entrance foyer. The result of the additional project work and depreciation of capital expenditure, leaves a deficit of income over expenditure of £9k, this relating primarily to the basement renovation project.

The investments suffered from a downturn in world markets towards the end of 2015 so there is an unrealised loss of £30k from the valuation at 31st December 2015. Fortunately, gains on disposals made prior to the downturn help to reduce the overall fund loss by £19k. There has been a slight recovery in the current market valuation and it is hoped this recovery will continue during 2016. The combination of project costs and investment valuation produces an overall deficit of £20,295 for the year to 31 December 2015.

Reserves policyThe policy of the trustees is to build and maintain an appropriate level of free reserves since due regard needs to be given to the contingencies surrounding the Library’s operation and, in particular, to the reduction in the rental income from one of its ground floor shops. Free reserves represent funds which are not restricted for any particular purposes and not tied in property or other operational fixed assets. Free reserves as at 31 December 2015 were £598,025 (2014 – £653,113).

FINANCIAL REVIEW

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Income and ExpenditureThe trustees’ strategic priority was to balance the Library’s income and expenditure for the year ending 31st December 2015. The Library’s income for 2015 was derived from three principal sources: commercial rents from two retail properties at 16/17 Commercial Street and 19/20 Commercial Street; subscriptions from members and grants and donations. Large grants and donations were received from the Liz and Terry Bramall Charitable Trust (£50,000) of which £40,339 was utilised in 2015, a legacy of £10,000, a private donation of £1000, a grant of £250 from the Charles Brotherton Trust and on-going support from the Library’s Patrons. The sale of donations and unwanted stock raised £3,434. A number of the events over the year have raised funds towards the conservation and repair of some of the Library’s more significant books including Flora Londinensis and The Voyage of the Beagle. The Library will develop and expand its fund-raising activities in the coming year. The trustees have expended these incoming funds in delivering the Library’s aims and objectives. A team of 10 permanent staff was employed to support the newly appointed Chief Executive Officer in operating the Library. Significant conservation and repair work was commissioned for the historic book stock. The modern book stock was added to in line with members’ recommendations. Contractual commitments for the protection and surveying of the historic assets and stock were continued.

Investment strategy and performanceThe trustees’ investment strategy is to obtain a balance between capital growth and investment return and this is reviewed biannually with help from a professional investment adviser. The Library’s surplus funds are currently held in a portfolio of individual stocks covering UK and global equities in various sectors as well as treasury stock and unit trusts. The trustees may utilise the invested funds for approved projects, following a strategy for disposal devised with the professional investment advisor. The Library does not hold any cash on deposit at this time. These investments generated dividend income of £22,517 for 2015. The value of the Library’s investments at 31 December 2015 was £598,025 (2014 - £653,113).

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Chris Nickson launched his book Skin Like Silver at the Library with a great performance by Carolyn Eden.

The Leeds Library is a registered company limited by guarantee (number 5577905) incorporated on 29 September 2005. The limited company became a registered charity (number 1114386) on 26 May 2007. This charity began operations on 1 July 2008 following receipt of a gift from the Proprietors of the Leeds Library (founded 1768) of all the assets and liabilities of that Library. The Library is governed by the Memorandum and Articles of Association of the company dated 29 September 2005 (with an amendment to the Articles dated 20 March 2007).

The Members of the Charity are those persons who have subscribed to the Memorandum of Association and such other persons or organizations as are admitted to membership in accordance with the rules made under the Articles of Association. These provide for the election from the Members of the Charity of twenty-one trustees each of whom serves for a three-year period. At the end of each period, seven trustees retire but are eligible for re-election. At the annual general meeting on 21 May 2008, it was agreed that all Members of the old Library (both proprietary and associate) would be admitted Members of the Charity.

The trustees choose from their own number a President, Chairman, Vice-Chairman and Treasurer. The trustees may appoint sub-committees of three or more for the purpose of making any enquiry or supervising or performing a function or duty. There is a Management Committee and currently five Sub-Committees: Books Committee, House Committee, Outreach Committee, Staffing Committee and a Fundraising Committee.

At the annual general meeting held at the Leeds Library on 27th June 2015, two trustees (Neil Diamond and Celly Rowe) resigned by choice and five existing trustees resigned by annual retirement. In addition there was one vacancy. The five retiring trustees sought re-election and three additional nominations were received. As there were eight candidates for eight places, there was no need for an election. The re-elected and elected trustees were: Jim Bryant, Richard Hainsworth, Stuart Rawnsley, Mike Young, Alan Longbottom, Anne Winfield, Elizabeth Minkin, and Ellen Adams.

The trustees appointed the following officers: Chairman: Martin Staniforth, Vice-Chairman: MikeYoung; and Treasurer: Chris Holmes. The operation of the Library is governed by Rules adopted on 14 May 2008 and amended 25 June 2010. These may be amended by the Members of the Charity at a General Meeting. All new trustees are given an induction manual covering the duties and responsibilities of trustees, all aspects of the Library’s governance and management procedures and relevant documents of record (including the minutes of meetings for the past year and relevant policy and strategy papers). Introductory meetings are held with key members of staff and support is available from the Chairman,

Treasurer and other trustees.The trustees are responsible for the long-term well-being and effectiveness of the Library and make decisions on the application of its resources, the safeguarding of assets and the determination of strategies and policies in keeping with the founding aims. The day-to-day management of the Library is delegated to the Chief Executive who is appointed by the trustees and takes decisions on such matters as the appointment of relevant staff, the admission and regulation of Members, the acquisition of books and other library materials and the financial management of the Library within budgets recommended by the Management Committee and approved by the trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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Reference and Administrative Details Name of Charity: The Leeds Library Charity Number: Charity registration number: 1114386

Company Number: Registered company number: 5577905

Address Principal and registered office

The Leeds Library 18 Commercial Street Leeds LS1 6AL

The Leeds Library Trustees 2015

Miss E Adams, BSc (from 27/06/2015) Prof J W Bryant, BSc, BA, MA, PhD, FIMA Mr B Buchan, (President) Dr N Diamond, BA, MA, MPhil, PhD (resigned 27/06/15) Mr R W Hainsworth, Mr C Holmes, (Treasurer) Mr D Jackson Mr J Alan Longbottom Mr M J Meadowcroft, Hon Ald, MPhil (Chairman until 27/06/15), Mrs E Minkin, Hon Ald, Hon. FRIBA. , B.A. (from 27/06/15) Dr D Nash Mrs M M Ness, BA Dr S Rawnsley, BA, MA, PHD Mr M J Rayner, MA Mr P N Reed, MCLIP, ALCM, MILT Dr C E Rowe, MB, BChir, FRCP, FRCPysch (resigned 27/06/15) Dr M Staniforth, BA, MA, PhD (Chairman from 27/06/2015) Mrs M Temple Mr P A Walker, ACIM Dr Christopher Webster FSA FRHistS Mr R P Williams, BA, MA Mrs A Winfield BA, M.Ed (from 27/06/15) Mr M Young, BA, MA, CQSW, DMS Staff Chief Executive: Andrew Morrison Assistant Librarian: Jane Riley Senior Library Assistants: Anna Goodridge, Helen Holdsworth. Library Assistants: Aidan Thackray, Nichola Holmes Assistant Administrator: Sarah West Finance Assistant: Liz Jones IT and communications Assistant: Claire Buckley Caretaker/cleaner: Phillip Robinson

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Statement of Trustees’ responsibilities Statement of Trustees Responsibilities Year ended 31 December 2015

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to

presume that the charity will continue in business.

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

The trustees are responsible for the maintenance and integrity of the financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions.

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THE LEEDS LIBRARY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE LEEDS LIBRARY

YEAR ENDED 31 DECEMBER 2015 We have audited the financial statements of The Leeds Library for the year ended 31 December 2015 which comprise the statement of financial activities, the balance sheet, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, The Financial Reporting Standard for Smaller Entities (Effective January 2015), and United Kingdom Generally Accepted Practice applicable to Smaller Entities. Respective responsibilities of trustees and auditors As explained more fully in the Statement of Trustees’ Responsibilities the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation and presentation of the financial statements and for being satisfied that they give a true and fair view. The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly we have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and other International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards, including APB Ethical Standards-Provisions Available for Smaller Entities (Revised) in the circumstances set out in the notes to the financial statements. Scope of the audit An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of the significant accounting estimates made by the trustees and the overall presentation of the financial statements. Opinion in the financial statements In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 December 2015 and incoming resources and application of resources, for the year then ended.

Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

Have been prepared in accordance with the requirements of the Charities Act 2011.

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Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 require us to report to you if, in our opinion:

The information given in the Trustees’ Annual Report is not consistent with the financial statements; or

The charity has not kept sufficient accounting records; The financial statements are not in agreement with the accounting records and returns; Certain disclosures of trustee’s remuneration specified by law are not made; or We have not received all the information and explanations we require for our audit.

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THE LEEDS LIBRARY STATEMENT OF FINANCIAL ACTIVITIES

(including the Income and Expenditure account) AS AT 31 DECEMBER 2015

Unrestricted Restricted Total Total Note Funds Funds 2015 2014 £ £ £ £ INCOMING RESOURCES Incoming resources from generated funds: Voluntary income 2 59,163 59,163 31,357 Investment income 3 256,767 256,767 255,423 315,930 315,930 286,780

Incoming resources from charitable activities: Operation as a library 4 99,083 99,083 91,607 TOTAL INCOMING RESOURCES 415,013 - 415,013 378,387 RESOURCES EXPENDED Cost of generating funds Investment management fees 9,238 9,238 554 Event costs 4,595 4,595 13,559

Charitable activities:

Operation as a library 234,517 234,517 244,097

Listed building maintenance 129,702 129,702 75,920 Governance costs 46,195 46,195 41,411 TOTAL RESOURCES EXPENDED 5 424,248 - 424,248 375,541 NET INCOMING RESOURCES - 9,235 - - 9,235 2,846 Profits/(Losses) on investments Realised 10 19,095 19,095 3,151 Unrealised 10 - 30,155 - 30,155 6,976 Net movement in funds - 20,295 - - 20,295 12,973

Balance brought forward at 1 January 2015 7,031,844 7,031,844 7,018,871 Balance carried forward as

at 31 December 2015 7,011,549 - 7,011,549 7,031,844

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Income & Expenditure Account Year ended 31 December 2015 Year ended Year ended Year ended 31/12/2015 31/12/2014 31/12/2013 INCOME £ £ £ Dividends 22,517 21,173 24,137 Events 2,344 13,790 1,652 Fundraising: Donations 55,341 15,047 15,396 Gift aid 1,478 2,520 Leeds University 1,313 Membership Subscription 91,286 85,085 88,640 Merchandise Income 1,297 231 219 Miscellaneous Income 326 250 186 Photocopying 315 237 162 Refreshments 2,425 1,772 1,121 Rent 234,250 234,250 238,729 Sale of Books and Periodicals 3,434 4,032 429 415,013 378,387 371,983 EXPENDITURE Advertising and promotions 142 359 8,495 AGM and annual report 945 407 252 Bank Charges 750 430 273 Binding and conservation 23,031 23,539 15,385 Books, Publications, DVDs, etc 2,488 2,414 16,898 Books, Publications, DCD’s etc: DVDs 1,068 1,559 263 Books, Publications, DVDs, etc: Fiction Books 5,506 4,553 0 Books, Publications, DVDs, etc: Historical book collection 50 53 192 Books, Publications, DVDs, etc: Non-Fiction Books 6,090 5,154 262 Books, Publications, DVDs, etc: Publications 5,680 7,776 6,150 Catering supplies 1,565 1,250 2,020 Cleaning 951 1,461 1,478 Computer costs 5,100 15,409 8,126 Council tax, refuse and water 5,002 4,444 4,172 Depreciation Expense 9,044 4,413 4,254 Event expenses 3,432 13,522 0 Foundation fund expenses 0 37 0 Furniture and equipment 1,000 0 3,540 Health and Safety 35 1,949 1,557 HLF Catalyst 9,238 554 1,934 Insurance 18,179 19,331 19,144 Interest Expense 3,354 3,933 4,557 Light and heat 12,769 10,157 11,781 Merchandise purchases 1,163 0 247 Payroll Expenses: Salaries and employers NI 173,447 175,614 234,450 Payroll Expenses: Staff Pensions 16,913 16,478 21,232 Photocopier 1,267 2,254 3,225 Postage and Telephone 4,358 4,733 5,386 Printing and Stationery 889 2,843 4,607 Professional Fees 22,686 18,029 32,373 Repairs and renewals 3,528 12,583 4,862 Repairs and renewals: Maintenance Contracts 4,551 7,785 7,684 Repairs basement project 50,586 207

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Repairs foyer project 3,239 Repairs kitchen project 2,709 Repairs New room 10,000 Staff expenses 658 588 2,005 Storage 9,034 10,041 11,536 Subscriptions to societies 256 429 399 Training 1,254 450 449 Waste disposal 900 805 23 Thoresby project 1,392 1,392 424,248 375,540 439,209 PROFIT ON INVESTMENTS Realised gain 19,095 3,151 308 Unrealised loss/profit on investments -30,155 6,976 69,296 -11,060 10,127 69,604 PROFIT FOR THE YEAR -20,295 12,974 2,377 BALANCE BROUGHT FORWARD 7,031,844 7,018,870 7,016,493

BALANCE CARRIED FORWARD 7,011,549 7,031,844 7,018,870

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THE LEEDS LIBRARY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

1. Accounting Policies

Basis of accounting The financial statements have been prepared under the historical cost convention, except for investments which are included at market value, and in accordance with the Companies Act 2006, the Statement of Recommended Practice Accounting Reporting by Charities (revised 2005), applicable accounting standards and the Financial Reporting Standard for Smaller Entities (effective January 2015). The company qualifies as a small company under the Act and the trustees have elected to take advantage of the exemption under FRS1 not to prepare a cash flow statement. Also advantage has been taken of paragraph (4)1 of Schedule 4 of the Companies Act 2006 and the Small Companies and Groups (Accounts and Directors’ Report) Regulation 2008 to allow the format of the financial statements to be adapted to reflect the special nature of the company’s operation.

Company status The Company is limited by guarantee; the liability of the members is limited to one pound. Incoming resources Incoming resources are recognised in the period in which entitlement and the amount can be measured with certainty. Income from listed investments and the property are recognised in the period to which they relate. Annual subscriptions are recognized in the period to which they relate.

Resources Expended All expenditure is included in the Statement of Financial Activities on an accruals basis. Resources expended are allocated directly to a particular activity where costs relate directly to that activity. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Fixed Asset investments Listed investments are recorded in the Balance Sheet at market value, with any realised or unrealised gains or losses shown in the Statement of Financial Activities. Investment income has been taken into account on the basis of due date of payment. Tangible fixed assets Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their residual value, over their expected useful lives on the following bases: Office equipment 20% straight line Computer equipment 33% straight line Items of less than £250 are not capitalised.

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Heritage assets Heritage assets are shown at donated cost. The donated cost was ascertained by obtaining suitable evidence for a reliable valuation at the date of the donation. The property, fixtures and fittings and books are considered to be heritage assets as they are of historical, artistic or scientific importance and are held to advance the preservation and conservation objectives of the charity. In accordance with SSAP19 no depreciation is provided in respect of freehold property. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are not held for consumption but for investments and the trustees consider that to depreciate them would not give a true and fair view. Depreciation is one of the many factors reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charges cannot be separately identified or quantified. The Trustees consider that this policy results in the accounts giving a true and fair view. Rental income Rents received under operating leases are credited to the profit and loss account on a receipt basis as there is no benefit of the income received if there is a rent free period. Books In order to avoid excessive professional valuation fees, books donated to The Library are only included as voluntary income and heritage assets where their value is determined to be in excess of £5,000 (either individually or as a collection). Books purchased in the year are expensed as they are determined to have a low value and short useful economic life. Funds Unrestricted funds are incoming resources received or generated without further specific purpose. They are available for use at the discretion of the trustees in furtherance of the objectives of the charity and which have not been designated for other purposes. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Pensions The company makes payments to employees’ personal pension schemes and the pension charge included in the Statement of Financial Activities represents the amount payable to the schemes in respect of the period. Taxation As a registered charity the company benefits from rates relief and is generally exempt from Income Tax and Capital Gains Tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

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THE LEEDS LIBRARY

NOTES TO THE FINANCIAL STATEMENTS

AS AT 31 DECEMBER 2015

2. Voluntary Income Unrestricted Restricted Total Total Funds Funds 2015 2014 £ £ £ £ General donations & grants 59,163 -

59,163

31,357

3. Investment income Total Total 2015 2014 £ £ Income from listed investments

22,517

21,173

Bank interest receivable - - Income from property

234,250

234,250

256,767

255,423

4. Incoming resources from charitable activities Unrestricted Restricted Total Total Funds Funds 2015 2014 £ £ £ £ Membership fees 91,286 -

91,286

85,085

Grants received - - - -

Income from sale of goods 7,797 -

7,797

6,522

99,083 -

99,083

91,607

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5. Resources expended

THE LEEDS LIBRARY NOTES TO THE FINANCIAL

STATEMENTS AS AT 31 DECEMBER 2015

Support Other direct Total Total Staff costs costs costs 2015 2014 (a) Analysis of resources expended

£ £ £ £ £

Unrestricted funds

Costs of generating funds Investment management fees 9,238

9,238

554

Event expenses 4,595

4,595

13,559

Charitable activities Operation of a library

133,252

31,313 69,952

234,517

244,097

Listed building maintenance

38,072

8,947 82,683

129,702

75,920

Governance costs

19,036

4,473 22,686

46,195

41,411

Total unrestricted expenditure

190,360

44,733 189,155

424,248

375,541

Restricted funds Charitable activities Operation of a library -

Total restricted expenditure - - - - -

Total resources expended 2015

190,360

44,733 189,155

424,248

Total resources expended 2014

192,092

41,726 141,723

375,541

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THE LEEDS LIBRARY NOTES TO THE FINANCIAL

STATEMENTS AS AT 31 DECEMBER 2015

5. Resources expended (continued) Operation Listed building Gover

nance Total Total

of a library maintenance 2015 2014 (b) Analysis of support costs £ £ £ £ £

Premises

14,436 4,125

2,062

20,623

16,867

Postage and printing

5,222 1,492

746

7,459

10,237

Finance costs

2,872 821

410

4,103

4,363

Depreciation

6,331 1,809

904

9,044

4,413

General insurance

2,329 665

333

3,327

3,538

Miscellaneous 124 35

18

177

2,308

31,313 8947

4473

44,733

41,726

Support costs are allocated on the basis of staff time. Staffing support costs have not been analysed as the majority of The Leeds Library staff work directly on activities and the amount to allocate to support is therefore not material. Total Total 2015 2014 (c) Analysis of governance costs £ £

Legal and professional fees

17,286

12,629

Audit fees

5,400

5,400

Staff costs

19,953

19,209

Apportionment of support costs

4,473

4,173

47,112

41,411

6. Net incoming resources These are stated after charging: Total Total 2015 2014 £ £

Auditors' remuneration

5,400

5,400

Depreciation 9,044

4,413

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8. Tangible fixed assets Total £ Cost At 1 January 2015 156,922 Additions in year 56,130 At 31 December 2015 213,052 Depreciation

At 1 January 2015

153,344 Charge for year 9,044 At 31 December 2015 162,388 Net book value at 31 December 2015 50,664 Net book value at 31 December 2014 3,578

7. Net incoming resources

THE LEEDS LIBRARY NOTES TO THE FINANCIAL

STATEMENTS AS AT 31 DECEMBER 2015

(a) Trustee information Trustees received no remuneration or reimbursement of expenses during the year (2014 £Nil) (b) Employee information Total Total 2015 2014 £ £ Employee costs during the period were:

Salaries and wages

173,447

166,446

Social security costs

9,168

9,168

Pension costs

16,913

16,478

199,528

192,092

The average number of persons employed during the year was: 10 11 No employee earned over £60,000 in the current or previous year.

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9. Heritage assets

THE LEEDS LIBRARY NOTES TO THE FINANCIAL

STATEMENTS AS AT 31 DECEMBER 2015

Freehold Fixtures & Total property fittings Books £ £ £ £ Cost At 1 January 2015 3,360,000 41,000 3,000,000 6,401,000 Additions in year - - - - At 31 December 2015 3,360,000 41,000 3,000,000 6,401,000 Depreciation At 1 January 2015 - - - - Charge for year - - - - At 31 December 2015 - - - - Net book value at 31 December 2015

3,360,000 41,000 3,000,000 6,401,000

Net book value at 31 December 2014

3,360,000 41,000 3,000,000 ,401,000

On 30 June 2008, The Leeds Library company received a gift of property, books and other fixtures and fittings of the proprietary library founded 1768 and also known as The Leeds Library. The trustees of the Old Leeds Library (being duly authorised) granted on 10 November 1976 a lease for a term of 130 years from 1 November 1976 of all the premises owned by the Library (including two shop tenancies) to Save & Prosper Insurance Co. Plc., in consideration of a payment to the library of £260,000 and an annual sum representing one-half of the annual rents of the shop premises, subject to the Library bearing the periodical costs of repair, maintenance and property insurance of the premises as a whole. Save and Prosper granted, by way of a lease-back, a term of 130 years less one day to the Library of the premises solely occupied by the Library at a peppercorn rent. On 27 March 2014 the lease was sold by Countrywide Assured PLC (previously Save & Prosper Insurance Co. Plc. to two companies; Leeds Properties No1 Ltd, and Leeds Properties No2 Ltd. The sum insured at 31 December 2015 is £7,132,594 (2014 £7,006,444). The Leeds Library was established to collect books and other items for its members to borrow. It was formed on the basis of each person paying a capital sum to join and an annual subscription to retain membership. It is now the oldest example of this type of library still surviving though its proprietary nature ended on 30 June 2008. The books read by members were generally retained with the intention of building a collection of increasing size and value. As a result, the 140,000 items now estimated to be in the collection reflect the reading interests of members over more than 200 years. The building fronting Commercial Street was constructed at the library's expense in 1807-1808. It was substantially added to in 1821 (Main Room Gallery), 1880-1881 (New Room) and 1899-1900 (New Room Gallery). The building is listed grade II*. There were four ground floor shops in the original 1807-1808 building and these were subsequently converted into two larger units. The basement under the shops and the library entrance is currently shared by one shop lessee and the library. The other extant objects collected by The Leeds Library since its foundation in 1768 were also gifted to the charitable company including equipment, furniture and ornaments.

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THE LEEDS LIBRARY

NOTES TO THE FINANCIAL STATEMENTS

AS AT 31 DECEMBER 2015

10. Fixed asset investments (a) Movements during the period Total Total 2015 2014 £ £ Market value at beginning of period 653,113 642,217

Proceeds of sale - 44,028 -

12,681 Cost of purchase - 13,450 Realised gains/(losses) 19,095 3,151 Unrealised gains/ (losses) - 30,155 6,976

598,025

653,113

(b) Summary of investments at end of period Total Total 2015 2014 £ £ Investments in listed equities and convertible loan stocks in the UK 408,439 432,678 Investments in listed equities and convertible loan stocks outside the UK 189,586 220,435

598,025

653,113

11. Debtors Total Total 2015 2014 £ £ Other debtors - - Prepayments 8,334 5,184 Accrued income 58,563 58,563

66,897

63,747

12. Creditors: Amounts falling due within one year Total Total 2015 2014 £ £ Bank loan (secured) 12,785 12,785 Trade creditors - - Other taxes and social security - 3,005 Other creditors 31,600 1,600 Accruals 35,135 80,929

Deferred income 16,579 17,270

96,099 115,589

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THE LEEDS LIBRARY NOTES TO THE FINANCIAL

STATEMENTS AS AT 31 DECEMBER 2015

14. Movements in funds

At

1 January Incoming Resources Gains on At

31 December 2015 Resources Expended investments 2015 £ £ £ £ £ Unrestricted funds General funds 7,031,845 415,013 424,248 - 11,060 7,011,550

Restricted funds

Total funds 7,031,845 415,013 424,248 - 11,060 7,011,550 15. Analysis of net assets between funds Unrestricted Restricted Total Total Funds Funds 2015 2014 £ £ £ £ Tangible fixed assets 50,664 50,664 3,578 Heritage assets 6,401,000 6,401,000 6,401,000 Fixed assets investments 598,025 598,025 653,113 Debtors 66,897 66,897 63,747 Bank balance and cash in hand 51,655 51,655 101,290 Creditors - 157,528 - 157,528 - 190,883 7,010,713 - 7,010,713 7,031,845

16. Staff Numbers The average monthly head count was 10 staff (2014: 11 staff) 17. Related parties During the year the Library formed a partnership with the Thoresby Society, which is a charity. They are to pay the Library the amount of £12036.00 per annum for the use of the premises and the management of their library and archive. 18. Corporation Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these arte applied to its charitable objects. 19. Members The liability of members is limited to a guarantee of £1 each if the company is wound up during membership or within one year after ceasing to be a member. At 31 December 2015 there were 777 (2014-757) Members. 20. APB Ethical Standard- Provisions available for small entities In common with many other charities of our size we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the management accounts and financial statements.

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