The London Library AGM | 26 November 2024
Chair’s Speech Notes
Good evening everyone, and welcome to the AGM.
Thank you for coming, it’s great to see so many of you here and a warm welcome to those joining online too.
We have much to cover, so I’ll get cracking, but very quickly, before we get into the detail, as this is my first AGM as Chair and the first time I’ve had the chance to speak to many of you, I would like to start with a word on my approach.
I have been a member here for 15 years. I’m sure like many of you, I first fell in love with the building and the collection. I was in-between jobs, and I came here to think. I’d take books randomly off the shelves, have a good read, and then, with the benefit of a new perspective, work through what I was going to do next.
It was a transformative experience for me in large part because of the words I was ingesting and the alternative worlds they opened up for me. I would come into the Library with one mindset, and leave with another, wholly re-energised. Then gradually, through that process, I discovered you, the members, and what a special group of people you are from researchers to writers, from dedicated bibliophiles to the newly curious. I feel like I owe this place a lot for what I learnt during that time.
The reason why I put myself forward for this role was because I want to help it thrive for another 185 years. In this chaotic and noisy world, we need places that revere books, where we can open our minds in silence and think. Places like this.
That means holding two responsibilities in a careful balance. On the one hand - what makes the Library so very special and the reason we all joined and on the other, making sure that this place has what it needs for a healthy future, by attracting new members and by maintaining solid financials.
Within that, I see my role as custodian, building on the remarkable progress of the last 10 years. The Executive team and my fellow Trustees have been wonderful in helping me to understand better the challenges and opportunities. I would like to thank all of them for their kindness and generosity in helping me settle in. In particular, Philip and the Executive team are excellent and run your Library very well, as you will be hearing shortly.
Before I hand over to the team, however, a quick note on the AGM agenda where you will note a slight change to the usual. Over and above the normal business, we have two additional topics to cover. The first of these is the collection, the very heart of the Library, and Matthew, the Director of Collections and Library Services, will talk us through what’s being done throughout the year to manage and improve it.
We have a broad membership and the collection is used in lots of different ways so of course, making sure it remains a great resource for everyone is fundamental.
The second important point we’ll cover is the building project, which will be ongoing for the next few AGMs. Thank you to everyone who’s shared their views. It’s a complex and important project for all of us, so we’ll put it at the end of the presentations, just before the formal business.
Finally, Philip Broadley will take us through the finances of the Library. Bittersweet for us all as it’s his last time. He has been a tremendous help for me over the past year. He was also instrumental in the change in fortunes of the Library.
Without stealing all of his thunder I am delighted we have made a modest operational surplus this year. There is a temptation to think this means the hard work of the past few years is behind us. And though what we’ve achieved is fantastic, we do still face a challenge.
To put this in the simplest terms, membership fees cover around two thirds of our running costs. Our aim is to keep increases in fees roughly the same as the increase in costs, to avoid the shocks of the past, which many of us remember. But to do that we do need more members. As you can see from the accounts, to preserve membership numbers we still need around 1,200 new members every year. Further, in the past few years, much of the growth in membership numbers has come from Remote and Associate members. Though that is of course wonderful, and long may it continue, we do need to focus on getting more full-fee paying members too. So, if you ever get the chance to spread the word about this fantastic institution please do!
Let’s encourage other book lovers to join and a reminder that if you succeed, not only will you be helping our future, you’ll also get £50 off your membership for each new member you bring in.
Enough from me for now. In a moment, I’ll hand over to Philip Marshall to take us through the round up of the year.
Presentations
Thank you Philip, and thanks to Philip Marshall and Matthew for their presentations.
Q&A on presentations
Now let’s turn to the building project.
As you know, there are two phases of this development. The first phase is centred around the creation of a ‘Discovery Room’ on the Ground Floor. We have submitted the plans and the project is now up and running. The good news is that we are over halfway in terms of funds raised.
The ‘Discovery Room’ will be a flexible space for learning and participation. There have been a few questions about the name but fear not, it’s more a place holder at this stage, and all suggestions welcome.
The second phase is at an earlier stage and is centred around modernising the facilities on the 6th Floor, creating a roof terrace and a second lift.
The renovation of the sixth floor has been on our to do list for many years. It has been included as an aim since our 2005 plans. Since then, the works were not carried out for several reasons, mostly around the finances of the library. That is why it was included in the 2018 strategy and the plans we have today are a result of the past six years’ thinking.
A quick word on the Trustees’ approach to this project. We believe both phases will increase the attractiveness of the Library to new members. It will also provide space for those members who want a place where they are free to chat that is distinct and separate from the quiet spaces. The Trustees, and of course the Executive Team, are all aware that building projects involve risk.
That is why we are committed to only embarking on each step when we are confident that the risks have been addressed and mitigated as far as possible.
It’s also worth re-iterating that this project will be paid for from money raised and ring-fenced specifically for this purpose. We do not expect the membership fees to rise because of it.
Indeed, the aim of the project is to increase membership numbers with the forethought of keeping future fee increases to a minimum. Thank you for all your input, it’s an important step for the Library, and one we must get right – balancing what makes us so special with a viable future. I would be delighted to chat through the plans with anyone who would like more detail.
For now, I am going to ask Philip Marshall to present the project in a more detail and we will take questions after.
