The British Library has reported a notable increase in its overall income, which rose by £6 million to reach £147.6 million, as per its latest filed accounts.

For the financial year ending in March 2023, the charity witnessed a significant portion (79%) of its income coming from grant in aid, which saw an increase of over £6 million compared to the previous year. The rise in grant in aid income by 2% was attributed to a "general inflationary uplift" and additional funding to support the impact of Covid-19 and escalating energy costs.

The charity also experienced a substantial boost in income from charitable activities and other trading activities, marking a remarkable 43% increase to reach £15.5 million.

However, there was a decline of 26% in donations and legacies received by the charity, dropping from £20.1 million to £14.7 million.

Despite the overall increase in income, the accounts indicate that visitor numbers and the associated income are still below historic levels. The recovery of visitor numbers from the pandemic has led to improvements in income from onsite retail, publishing, and exhibition ticket sales. However, it has not reached the levels seen in previous years.

Total visit numbers dropped by over 400,000 to 26.5 million in 2022-23, falling 5% short of the charity's target of 27.7 million. The count includes visits to the library's main St Pancras site, the Knowledge Centre, Boston Spa site, and the British Library website.

The closure of the Knowledge Centre in June 2022 for essential electrical renovations had a significant impact, resulting in a substantial loss of income from events and commercial hire, according to the chair and CEO's message.

The charity's overall expenditure increased by £19 million during the year, rising from £127.3 million to £146.2 million. Approximately 97% of the expenditure was allocated to charitable activities, consistent with the previous year.

Last September, the British Library conducted a staff survey that highlighted concerns over pay. As a response, the charity implemented an annual pay award, with the Cabinet Office approving a business case for an increased award. However, industrial relations remained challenging due to ongoing national disputes regarding pay, pensions, redundancy terms, and job security.

Regarding the gender pay gap, the charity made progress, with its median gender pay gap at 0.2% in favor of men, compared to 1.89% the previous year. While the charity has not yet closed its gender pay gap by its 2023 commitment, it aims for its median gender pay gap to reach 0% in the future. The library also plans to publish its ethnicity and disability pay gaps in 2023. Photo by Mohammed abushaban, Wikimedia commons.