Company registration number: 07566546 Charity registration number: 1141606
FRIENDS OF KENSAL RISE LIBRARY LIMITED
(A company limited by guarantee)
for the Year Ended 31 March 2024
Friends of Kensal Rise Library Limited
(Co No - 07566546)
| _____________ | _____________ |
|---|---|
| Contents | |
| Trustees' Report | 1 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 13 |
Friends of Kensal Rise Library Limited (Co No - 07566546)
Trustees’ Report for the year ended 31st March 2024
The Board of Trustees are pleased to submit their report and independently examined financial statements for the year ended 31st March 2024.
Reference and Administrative Information
Friends of Kensal Rise Library Limited is a charitable company limited by guarantee, incorporated as a company on 16th March 2011 and registered as a Charity on 26th April 2011.
The company was established under a Memorandum of Association which established the objects and the powers of the charitable company and is governed under its Articles of Association.
Friends of Kensal Rise Library Limited is a registered charity (number 1141606) and is constituted as a company limited by guarantee (number 07566546). Its objects, powers and other constitutional matters are set out in its Memorandum and Articles of Association. These financial statements comply with current statutory Memorandum and Articles of Association and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Registered office Bathurst Gardens London NW10 5JA
Directors
The directors of the company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving during the year and since the year end were as follows:
Adam Charles Green - Chair Margaret Catherine Bailey Maria Balinska Jonathan Bertulis-Fernandez John Patrick Walsh Nicola Christopher Bola Fatimilehin Carole Buck – Treasurer (Resigned 7 December 2023) Mark Fisher (Resigned 23 March 2024)
Bankers Independent Examiners CAF Bank Additude Ltd 25 Kings Hill Avenue 9 Rhapsody Court West Malling Wakeman Road Kent London ME19 4JQ NW10 5DF
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Friends of Kensal Rise Library Limited
(Co No - 07566546)
Trustees’ Report for the year ended 31st March 2024 (continued)
Objects, Aims and Activities
Objects and Aims
The objects of the charity are:
- To advance public education by running and/or assisting in the running of a library at Bathurst Gardens, Kensal Rise, London, NW10 5JA, for the benefit of the residents of the London Borough of Brent.
Activities
The principal charitable activity of Friends of Kensal Rise Library Limited is in seeking to meet the above aims. We deliver our services in the library through various activities, events, other projects in close collaboration with the community. The activities include charitable services provided either without charge or for reasonable and proper remuneration which support this object. These charitable services are designed to respond to the various and changing needs of the community and are not limited by the Charity’s constitution.
The Charity’s main activity is the running of a single library in Bathurst Gardens for the benefit of the broader community. The library allows the borrowing of books, access to newspapers and journals, study area, public access computers and Wi-Fi and a printing and photocopying service. The Charity also organises a number of events all open to the public based on literacy, theatre and music. These events are intended to provide the community with access to high quality speakers and performers at modest or no cost. These events also provide part of the source of funding for the Charity.
Achievements and Performance during the year
The library was active in building wider relationships, negotiating partnerships and free services for the benefit of the local community including with Brent Citizens Advice and Brent Talking Therapies. Such collaborations resulted in widespread positive outcomes and became integral to the library’s Warm Welcome Initiative for the community. As a result, the National Warm Welcome Campaign honoured the library as a Warm Welcome Champion.
A number of Cultural events were made accessible locally, including a retrospective exhibition by renowned artist Erroll Lloyd for Black History Month, and a fundraiser featuring celebrated actors. Schools visited and based work on these popular events.
Other activities included using the library as a vaccination centre, Polling Station, for ward Councillor surgeries, for children’s Storytime, baby music classes, chess club, yoga, lifedrawing and many others.
Many local parents continued to value the library for children's parties, with limited provision of venues in the area. These events contributed to the funding of the library, along with awards and donations, including regular monthly contributions from a local estate agent.
There was an ongoing focus on engaging local volunteers to run the with a total to over 60 during the period, including young helpers.
Footfall and ‘brand recognition’ increased due to the activities and there were more book loans and memberships than the previous year.
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Friends of Kensal Rise Library Limited Trustees’ Report for the year ended 31st March 2024 (continued)
(Co No - 07566546)
Plan for Future Periods
We aim to increase the adult and children membership cards being issued. We will continue to increase the book stock that is being donated and our income stream from room hire. We will continue with further fundraising events.
Public Benefit
Friends of Kensal Rise Library Limited carries out a wide range of activities as detailed in pursuance of its charitable aims. In setting our work programme each year the trustees have regard to the Charity Commission’s guidance on public benefit and ensure activities we undertake are in line with our charitable objectives and aims.
The Trustees are satisfied that the Charity’s activities throughout the year provided public benefit because:
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the majority of its activities are free to the public;
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activities gave the public free access to local library; and
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feedback from participants consistently praised the work of the Charity.
Financial Review
During 2023-24 the charity made a surplus on its Unrestricted Funds of £4,192 (2022/23 – surplus of £20,910). Unrestricted Income made up of grants, donations and earned income totalling £44,588 (2022/23 - £56,669) were received during the year. Overall, at 31[st] March 2024, the charity had total reserves of £92,929 (2022/23 - £88,737). These reserves were totally made up of free reserves (funds which are neither restricted nor designated). At that time the charity held cash at bank of £96,117(2022/23 - £94,279).
Structure, Governance and Management
Governing document
The Memorandum of Association which established the objects and the powers of the charitable company and is governed under its Articles of Association.
Governance
It is the Board's duty to:
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Establish the guiding principles and policies for the organisation (through the decisionmaking process outlined below).
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To delegate responsibility and authority to those who are responsible for enacting the principles and policies
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To monitor compliance with those guiding principles and policies.
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To ensure that Staff and Board alike are held accountable for their performance.
The Trustees have not delegated their powers to any one Trustee or other person. The Trustees as individuals take on certain aspects of management of the Charity. The Charity employs one part-time staff. The Trustees manage the day-to-day affairs of the Charity; there is no executive management. The Trustees meet regularly and take note of the acts of individual Trustees on behalf of the Company.
Page 3
Friends of Kensal Rise Library Limited
(Co No - 07566546)
Trustees’ Report for the year ended 31st March 2024 (continued)
Responsible governance of the charity is exercised through the Board of Trustees who are all trustees of the charity (‘the Board’). The Board is made up of independent lay members who are responsible for the conduct of Friends of Kensal Rise Library Limited and for ensuring that it satisfies all legal and contractual obligations. The trustees are volunteers and are not remunerated for their time. The Board is responsible for setting the strategic direction of the charity and is ultimately accountable for how effectively the charity meets the defined aims through direct charitable activity.
Principle Risks and Uncertainties
The Trustees have a duty to identify and review the risks to which the company is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
In relation to these matters, and apart from matters completely outside the charities’ control, the trustees consider that the risks to which the charity is subject have been mitigated to a satisfactory level.
The Trustees of Friends of Kensal Rise Library Limited have a risk management strategy which comprises:
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An ongoing review of the principal risks and uncertainties the charity faces.
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The establishment of policies, systems and procedures to mitigate those risks identified.
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The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
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Management and monitoring of adequacy of risk management policies, systems and procedures, including the Reserves policy.
The key types of risk to which the charity is exposed, along with the principal processes in place to manage and mitigate the risks, are briefly described below:
1. Risk on Personnel: a reliance on one part-time member of staff for all aspects of operation.
2. Funding Risks: the Charity is reliant on grants and donations of various kinds. The Trustees have proved adept at adapting their fundraising sources over the past years and are confident of continuing to do so. The level of reserves buys considerable time to adapt further should the Charity find funding difficult. The Trustees maintain contacts with a range of grant providers and potential donors to understand their requirements and to try to develop future funding.
Related parties
No trustees received any payment of money or other material benefit (whether directly or indirectly) from the Charity except for reimbursement of reasonable out of pocket expenses as per our Memorandum and Articles.
Page 4
Friends of Kensal Rise Library Limited Trustees’ Report for the year ended 31st March 2024 (continued)
(Co No - 07566546)
Reserves policy
It is Friends of Kensal Rise Library Limited’ policy to maintain free reserves (unrestricted reserves not invested in fixed assets or designated for specific purposes) at a level which can finance our projected closing liabilities, calculated based on shutting down the organisation with legal costs, redundancies and any other liabilities.
The reserves level approved for 2023-24 are £20,000.
Statement as to Disclosure of Information to the Independent Examiner
Each of the persons who are trustees at the time when this report is approved confirms that:
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(a) So far as each trustee is aware, there is no relevant audit information of which the charity's auditor is unaware; and
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(b) to the best of their knowledge and belief, each director has taken all the steps that ought to have been taken as a trustee, including making appropriate enquiries of fellow trustee and of the charity's auditor for that purpose, in order to make themselves aware of any information needed by the charity's auditor in connection with preparing its report and to establish that the charity's auditor is aware of that information.
Independent Examiners
A resolution to re-appoint Additude Ltd as the charity’s independent Examiner will be put forward to the forthcoming Annual General Meeting.
The trustees have prepared this report in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
Approved by the Board and signed on its behalf by:
Adam Charles Green
Date:
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Friends of Kensal Rise Library Limited
(Co No - 07566546)
Trustees’ Report for the year ended 31st March 2024 (continued)
Statement of Trustees’ responsibilities
The Trustees (who are also the Directors of Friends of Kensal Rise Library Limited for the purposes of company law) 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income or expenditure, of the charitable company for that period.
In preparing these accounts, the Trustees are required to:
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select suitable accounting policies and apply them consistently
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observe the methods and principles in the Charities SORP
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make judgements and accounting estimates that are reasonable and prudent
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The Trustees are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
Friends of Kensal Rise Library Limited
(Co No - 07566546)
Independent Examiner’s Report to the Directors of Friends of Kensal Rise Library Limited for the year ended 31st March 2024
We report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 8 to 13.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of CIPFA.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Andi Dollia, CPFA ADDITUDE LTD 9 Rhapsody Court Wakeman Road London NW10 5DF
Date:
Page 7
Friends of Kensal Rise Library Limited
(Co No - 07566546)
Statement of financial activities for the year ended 31st March 2024 (incorporating an income and expenditure account)
______________
Income from: Note Donations and legacies 3 Charitable activities 4 Investment income Total income Expenditure on: 5 Raising funds Charitable activities Total expenditure Net income (expenditure) 6 Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Restricted £ - - - - - - - - - - - - |
Unrestricted £ 12,151 32,246 191 44,588 9,931 30,465 40,396 4,192 - 4,192 88,737 92,929 |
2024 Total £ 12,151 32,246 191 44,588 9,931 30,465 40,396 4,192 - 4,192 88,737 92,929 |
Restricted £ - - - - - - - - - - - - |
Unrestricted £ 24,026 32,643 - 56,669 8,896 26,863 35,759 20,910 - 20,910 67,827 88,737 |
2023 Total £ 24,026 32,643 - |
|---|---|---|---|---|---|---|
| 56,669 | ||||||
| 8,896 26,863 |
||||||
| 35,759 | ||||||
| 20,910 | ||||||
| - | ||||||
| 20,910 | ||||||
| 67,827 | ||||||
| 88,737 |
The notes on pages 10 to 13 form part of these financial statements.
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Friends of Kensal Rise Library Limited
(Co No - 07566546)
Balance Sheet at 31st March 2024
| _______ Note Fixed Assets Tangible fixed assets Current assets Debtors Cash at bank Creditors: amounts falling due within one year9 Net current assets Net assets10 Funds 11 Restricted Unrestricted Total funds |
_______ 2024 2023 £ £ -- 162 1,191 96,117 94,279 96,279 95,470 (3,350) (6,733) 92,929 88,737 92,929 88,737 - - 92,929 88,737 |
|---|---|
| 92,929 88,737 |
For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006; and no notice has been deposited under section 476. No members have required the company to obtain an audit of its accounts for the year in question. The trustees acknowledge responsibility for: i) Ensuring the company keeps accounting records which comply with section 386; and ii) Preparing financial statements which give a true and fair view of the state of affairs of the company as at the year-end in accordance with requirements of section 394 and 395, and which otherwise comply with requirements of the Companies Act 2006 relating to financial statements, so far applicable to the company. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Trustees on and signed on their behalf by:
Adam Charles Green
Director
Page 9
Friends of Kensal Rise Library Limited
(Co No - 07566546)
Notes to the Financial Statements for the year ending 31st March 2024
_____________
1. Accounting policies
a. Going concern
The Trustees confirm that at the time of approving the financial statements, there are no material uncertainties regarding the Charity’s ability to continue in operational existence for the foreseeable future. In arriving at this conclusion, the Trustees have taken account of current and anticipated financial performance in the current economic conditions, its business plan and its reserves position. For this reason, the going concern basis continues to be adopted in the preparation of the Charity’s financial statements.
b. Basis for preparation
The financial statements have been prepared under the historic cost convention unless otherwise stated in the relevant accounting policy notes and in accordance with Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The principal accounting policies that have been applied to all years presented in these financial statements are set out below.
c. Recognition of outstanding employee benefits
No provision for outstanding holiday pay was made under previous UK GAAP. Under FRS 102 the costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees’ services are received.
d. Fixed assets
Individual fixed assets costing £10,000 or more are initially recorded at cost. Fixed assets that cost less than £10,000 are treated as expenditure in the statement of financial activities.
e. Income
Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. Donations and grants are split between restricted and unrestricted funds in accordance with the terms of the grant or donation. Donations and gifts are recognised in the statement of financial activities when receivable. Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Donated services and facilities are included at the value to the charity where this can be quantified.
Bank interest is recognised on an accrual basis.
Page 10
Friends of Kensal Rise Library Limited
(Co No - 07566546)
Notes to the Financial Statements for the year ending 31st March 2024 (continued)
_____________
f. Expenditure
Expenditure is included in the statement of financial activities on an accrual’s basis, inclusive of any VAT. It is recognised when there is a legal or constructive obligation to pay for it. Certain expenditure is directly attributable to specific activities and has been included in those cost categories.
g. Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Fixtures, fittings and equipment
33.33% straight line basis
2. Critical judgements and estimates
No critical judgements have been made by management in applying the charity’s accounting policies.
| 3. Donations and Legacies London Borough of Brent Power to Change Capital Aspect Other Grants and Donations Total |
Restricted Unrestricted 2024 Total 2023 Total £ £ £ £ - 1,215 1,215 - - - - 10,000 - - - 10,000 - 10,936 10,936 4,026 - 12,151 12,151 24,026 |
|---|---|
There were no unfulfilled conditions or other contingencies attaching to these grants.
| 4. Income from Charitable Activities Events Room Hire Sales of books and other income Total |
Restricted Unrestricted 2024 Total 2023 Total £ £ £ £ - 5,941 5,941 4,110 - 23,645 23,645 24,359 - 2,660 2,660 4,174 |
|---|---|
| - 32,246 32,246 32,643 |
Page 11
Friends of Kensal Rise Library Limited
(Co No - 07566546)
Notes to the Financial Statements for the year ending 31st March 2024 (continued)
_____________
| 5. Expenditure Staff costs (note 7) Rent, Insurance and Services Office Overheads Office Refurbishment and Repairs Bank Charges Event Costs Independent Examination fee Other Professional fees Add: allocation of support costs Total expenditure |
Raising funds 4,734 - - - - - - - 4,734 5,197 **9,931 ** |
Charitable activities £ 14,202 - - - - 675 - - 14,877 15,589 30,466 |
Support Costs £ 9,468 4,811 1,993 913 60 - 1,450 2,090 20,785 (20,786) - |
2024 Total £ 28,404 4,811 1,993 913 60 675 1,450 2,090 40,396 - 40,396 |
2023 Total £ 26,899 4,786 2,345 - 51 178 1,350 150 |
|---|---|---|---|---|---|
| 35,759 | |||||
| - | |||||
| 35,759 |
6. Net income/(expenditure) for the year
| This is stated after charging / crediting: Independent Examination fees 7. Staff Costs Salaries and wages Social security costs Pension contributions |
2024 £ 1,450 2024 £ 28,404 - - 28,404 |
2023 £ 1,350 2023 £ 26,899 - - |
|
|---|---|---|---|
| 26,899 |
Page 12
Friends of Kensal Rise Library Limited
(Co No - 07566546)
Notes to the Financial Statements for the year ending 31st March 2024 (continued)
_____________
The average weekly number of staff (expressed as full-time equivalents) during the year was 0.6 (2023: 0.6)
| Raising funds Charitable activities Support costs |
2024 No. 0.1 0.3 0.2 0.6 |
2023 No. 0.1 0.3 0.2 0.6 |
|---|---|---|
8. Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
9. Creditors: amounts due within 1 year
| 2024 £ Taxation and social security - Other Creditors 1,420 Accruals and provisions 1,930 3,350 10. Analysis of net assets between funds Restricted Funds Unrestricted funds £ £ Tangible fixed assets - - Net current assets - 92,929 Net assets at the end of the year - 92,929 11. Movements in Funds At the start of the year Incoming resources Outgoing resources Transfers £ £ £ Unrestricted funds: General funds 88,737 44,588 (40,396) - Total unrestricted funds 88,737 44,588 (40,396) - |
2024 £ Taxation and social security - Other Creditors 1,420 Accruals and provisions 1,930 3,350 10. Analysis of net assets between funds Restricted Funds Unrestricted funds £ £ Tangible fixed assets - - Net current assets - 92,929 Net assets at the end of the year - 92,929 11. Movements in Funds At the start of the year Incoming resources Outgoing resources Transfers £ £ £ Unrestricted funds: General funds 88,737 44,588 (40,396) - Total unrestricted funds 88,737 44,588 (40,396) - |
2023 £ 355 4,577 1,801 |
|---|---|---|
| 6,733 | ||
Total funds £ - 92,929 92,929 |
||
| At the end of the year £ 92,929 |
||
| 88,737 44,588 (40,396) - |
92,929 |
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