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09 THE LONDON LIBRARY AND THE LONDON LIBRARY TRUST ANNUAL REPORTS AND FINANCIAL STATEMENTS 102009-2010 Current Opening Hours Closing Dates Until 31 October 2010 Monday – Wednesday The Library will be closed on the following 9.30 am – 7.30 pm inclusive dates: Thursday – Saturday 2010 9.30 am – 5.30 pm Christmas Friday 24 December – Tuesday 28 December 2011 NEW Opening Hours New Year’s Day From 1 November 2010 Saturday 1 January – Monday 3 January Monday – Tuesday Easter 9.30 am – 9.00 pm Friday 22 April – Monday 25 April May Bank Holiday Wednesday – Saturday Saturday 30 April – Monday 2 May 9.30 am – 5.30 pm Spring Bank Holiday Saturday 28 May – Monday 30 May Summer Bank Holiday Saturday 27 August – Monday 29 August Charity Registration no. 312175 ANNUAL REPORTS AND FINANCIAL STATEMENTS 2009-2010 TABLE OF CONTENTS THE LONDON LIBRARY Trustees, senior staff and advisers 2 Trustees’ Annual Report Introduction 3 Public benefit 3 Performance in 2009-2010 4 Plans 5 How can members help? 6 Financial review 6 Structure, governance and management 8 Statement of Trustees’ Responsibilities 9 Auditors’ Report 10 Financial Statements Statement of Financial Activities 11 Balance Sheet 12 Cash Flow Statement 13 Notes 14 Donations and bequests 22 Organisational information Membership and use 24 10-year financial summaries 25 THE LONDON LIBRARY TRUST Trustees 26 Trustees’ Annual Report 26 Auditors’ Report 28 Financial Statements Statement of Financial Activities 29 Balance Sheet 30 Notes 31 TRUSTEES (Note: numbers in brackets refer to membership of committees listed at the foot of this page) Chairman Treasurer Bill Emmott (5,6) James Stitt FCA (4,5) (until 5 November 2009) Mark Storey (from 5 November 2009) Other trustees serving throughout the year: Mark Storey (4) (Treasurer from 5 November 2009) Graeme Cottam (Vice-Chair) (4, 7) Professor Anthony Grayling Belinda Harley (3) Terence Jagger CBE (2, 4, 5) Jonathan Keates (1) Janey King (1, 5) Kevin Murphy (2, 5) Jonathan Sumption QC (7) Sir Nicholas Underhill (6) Trustees serving until 5 November 2009: James Stitt FCA (4, 5) (Treasurer) Geoffrey Matthews (3) Charlotte Nassim (2) Sara Wheeler (1, 5) Trustees serving from 5 November 2009: Adam Freudenheim (2), Margarette Lincoln (2), Basil Postan (4), Alice Sherwood (6, 7) SENIOR STAFF Librarian (Chief Executive) Inez T P A Lynn BA MLitt MCLIP Deputy Librarian Alison Sproston BA MCLIP (until 18 Dec 2009) Jane Oldfield BSc MA MCLIP (from 19 Dec 2009) Bursar Paul Hamlyn MA ACA Head of Development & Communications Lottie Cole MA Accountant Tresa Stephens MA Head of Acquisitions Gill Turner MA MCLIP Head of Buildings & Facilities Management Steve Metcalfe MBIFM MIET LCIBSE Head of Current Cataloguing Claire Powell BA MCLIP Head of Retrospective Cataloguing Dunia García-Ontiveros BA MA MCLIP Head of IT Will David MA MSc MCLIP Membership Administrator Bridie Macmahon BA DipLib Head of Preservation & Stack Management Stella Worthington BA DipLib Head of Reader Services Helen O’Neill BA MSc MCLIP Bankers Auditors Barclays Bank plc Moore Stephens LLP 1 Churchill Place, London E14 5HP 150 Aldersgate Street, London EC1A 4AB Fund managers Legal & General Investment Management Ltd One Coleman Street, London EC2R 5AA Actuaries Fundraising Consultants BDO Investment Management Limited Jane Kaufmann Associates 55 Baker Street, London W1U 7EU Marley Edge, Marley Lane, Haslemere, Surrey GU27 3PU Solicitors Clyde & Co (conveyancing) Bates Wells & Braithwaite LLP (charity law) 51 Eastcheap, London EC3M 1JP 2-6 Cannon Street, London EC4M 6YH Linklaters LLP (contracts) One Silk Street, London EC2Y 8HQ Key to committees: 1 Books Committee 2 Building Project Steering Committee 3 Development Committee 4 Finance Committee 5 Nominations Committee 6 Remuneration & Appraisal Committee 7 Risk & Governance Committee TRUSTEES’ ANNUAL REPORT • 3 INTRODUCTION The Library has functioned for nearly 170 years with a simple but effective financial model based primarily on membership The London Library is dedicated to the advancement of education, subscriptions, and the Trustees believe that this remains the right learning and knowledge. Founded in 1841 by Thomas Carlyle and one given the nature of its objectives. Fees are set in the context other prominent men of letters and of affairs, the Library’s primary of the Library’s overall budget and approved by the members at purpose is to provide generations of readers and researchers with the their Annual General Meeting. riches of a national library for use in their own homes or work- places. By acquiring the most important published works in the The ordinary annual fee for individuals is currently £395, or humanities in each generation and discarding almost nothing from £32.90 per month, while corporate and charitable bodies pay its shelves, the Library has built up a collection of over one million relatively higher fees and nominate representatives who access volumes dating from the 16th century to the latest publications. the Library’s facilities on their behalf. For an institution which The Library aims to preserve and extend this extraordinary strives to be a centre of excellence in its field, the Library’s fees accumulation for future as well as present generations. are not high in relation to the value of the services it provides and a range of payment options is available. Nevertheless there are The Library seeks to provide the most direct and liberal access to people who need for their researches the range and depth of knowledge by maintaining a high proportion of the collection on available material and the generous access that are the Library’s open-access shelves in its Grade II-listed building in central London hallmark but who are unable to afford the full fees, particularly where the volumes may be freely browsed, with most available for as the financial rewards from writing are generally modest and loan. Offering facilities conducive to reading and scholarship, the often unreliable. In such cases our subsidiary charity, The London Library aims to provide a prompt, reliable and courteous service to Library Trust, can assist with top-up grants under the Carlyle meet and exceed the expectations of users, perpetuating a spirit Membership scheme, and since January 2008 the Trust’s entire of willing collaboration between users and its highly qualified and annual income has been dedicated to this purpose. The Trustees specialist staff. of The London Library Trust assess each application carefully since resources are necessarily limited, but do not decline support where PUBLIC BENEFIT there is clear evidence of need. The majority of grants paid represent a fee subsidy of between 33% and 60%. During the financial year Membership is open to all. The Library’s emphasis is on serious 77 new Carlyle memberships were awarded (2009: 220) bringing scholarship and it aims to make its collections, services and facilities the total number of members in receipt of fee subsidies at 31 March available to a broad spectrum of readers in need of them, many 2010 to 340 or 5.0% of the total membership (2009: 310 or 4.4% of whom have no right of access to other loan collections of of the total membership). The total amount of such fee subsidies comparable depth and reach, such as may be found in universities paid in the year was £50,535 (2009: £43,525), representing 2.4% or specialist institutes. Its status in the national heritage is well of the Library’s total income from annual membership fees recognised and over the years it has absorbed special collections (2009: 2.0%). Further details can be found in the Annual Report from a number of other organisations which could no longer house of The London Library Trust on pages 26 to 32. them. Daily or weekly reference tickets are available for those who do not need to borrow books and do not wish to commit to full Young Person’s membership is available to anyone under the membership. Furthermore, items from the Library’s collection are age of 25 at half the ordinary annual rate. Separate charges are made accessible to public library members via the Inter-Library made for postal loans and for extra books above the standard Loan scheme. allowance, but the annual fees due from each member are not dependent on either the nature or the amount of usage made of Many Library members are writers, and by assisting authors in the Library’s facilities by that member, which can vary considerably their researches prior to publication of original work the Library over time as well as across the Library’s membership. Whilst many contributes to the cultural enrichment of the whole nation. In of the Library’s members are active writers and researchers, there this respect it is comparable to other great institutions dedicated are many others whose usage is more occasional but who see to the arts and culture which, if they ceased to exist, would be the Library as a cause worth supporting precisely because of its missed even by many people who make little or no direct use of wider public benefits. them. Although not easy to measure, this is an important public benefit, as readers who have seen the tributes to the Library and In setting the Library’s objectives and planning its activities, the its staff in the Acknowledgements pages of countless books will Trustees have given careful consideration to the Charity Commission’s be aware. In an age when the quantity of words available is general guidance on public benefit and in particular to its superabundant, the Library helps to maintain the quality. supplementary guidance on advancing education and fee-charging. 4 • TRUSTEES’ ANNUAL REPORT PERFORMANCE IN 2009-2010 COLLECTIONS • We added 18,422 titles (comprising 25,552 volumes) from the old printed catalogue to the online catalogue (2009: Our objective – To continue developing and preserving the Library’s 26,115 titles comprising 38,804 volumes).