The Aldeburgh Library Foundation
Charity number 1150450
Trustees’ Report, Accounts and the Independent Examiner’s Report
for the
year ended 31 March 2024
- Annual report for 2023 2024
This is the report for the Trustees of the Aldeburgh Library Foundation (ALF) on how it carried out its activities to meet its charitable objectives for the public benefit and the financial resources generated and employed. The report should be read alongside the Accounts as well as the Data Privacy and Protection, Safeguarding, Equality and Inclusion policies that are posted on our website. Broadly we meet our charitable objectives in the following ways:
Partnerships
Board members have continued our collaboration with other local Providers, such as Aldeburgh Church Hall, Aldeburgh Primary School, the Jubilee Hall, the Fairfield Centre and others. The library is seen as a major educational resource and partners are keen to help us in achieving this aim. With 1,000 users in the Aldeburgh area and good links with schoolchildren and their parents, we believe the library will continue to serve the whole community from young to elderly, working and retired adults.
Adult Education Classes
We have provided educational talks, classes and inclusive activities for adult age groups, enrolments have grown to over 800 a year since 2012 with the majority taking place in the library.
The Friends of Aldeburgh Library
The Friends of Aldeburgh Library (FOAL) was established as a supportive branch of the Foundation. Membership is free and members are Associate Members of the Foundation with representation on the Board alongside the Town Council and the Aldeburgh Society.
The Library in the Community
The Board ensures that ALF provides community activities and helps the library when necessary with ongoing material requirements.
Library Refurbishment
The Foundation has raised over £160,000 in funds since its inception via adult education and activities income, donations and small grants which has been used for refurbishment projects.
Current year to March 31st 2024.
The Foundation had a strong operational year with courses generating a surplus.
Financial Report
Course revenues were £27,618
We have repaid the final loan instalment of £5,000 and maintained adequate financial reserves.
Financial Reserves Policy
As a charity we have a declared financial reserves policy to hold sufficient to meet our contractual obligations for running costs of the charity for the next 12 months. These costs were £3,787 for the current financial year and the Board expects the same financial obligations to continue.
Board Membership
We have recruited additional and replacement members to the Board and are still seeking to expand the range of skills among our Board Members.
Aldeburgh Library Foundation Charity No lif anyl Annual accounts for the period Aldeburgh Library Foundation 1150450 Period start Pari end dale 01104123 To 31103124 Section A Statement of financial activities Restricted Unrestrictsd Income funds fund8 Descrlptlons by natural category Endowm&nt Total thls funds year Total last year Notgs Income Local Authority Grants Charitable. Private Granls,8nd Loans Donations 944 100 40 40 1,937 1,318 3,009 1,937 Incom& From Charitabl8 Aclivllias Subscription8, Friends of Library Education & Events 27,618 473 27,618 473 25,328 628 InGom& from olh&r trading Bcllvlti8s N.B. All 8mounls roundad Total Incomlng resources Expandlwre Cost of ch8rit8ble A¢livilles 31,012 31,012 30,383 Managernenl and Op8ralional Co$t$ Communication Costs 731 1,330 18,367 5,108 731 1.543 2,615 15,407 4,708 1.330 18,387 5,108 Educ811on Programmè & Event Costs Library Support and Improv8men18 Cost ol Tr&dlng Acllvilles Total rn80urco8 oxpended Gm88 transfers between funds 25,536 25,536 24,273 Net fund8 from Oporatlon# 5,476 5,476 8,110 Not mov•ment In funds 5,478 1,294 6,770 5,476 8,110 4,870 1,294 Total funds bmught forward Total funds ¢arrléd forward 1,294 6,770 N. B. All amounts rounded Statement of Cash Flows Op9nlng Cash Balance 01104123 18,487 18,487 Net funds from Operatlon8 5,478 5,478 8,110 Cash Movernent Loan repayment 5,000 1,017 1,293 2,548 5,000 1,017 1,293 2,548 5,000 77 Increase in Debtors Increas8 in amounts rec in advanoe 978 DeGf9858 in Credltor8 3,217 Closing Cagh Balance 31103124 16,691 16,691 18,487
Balance sheet Balance Sheet Total th18 yg•r Totsl la8t ygar Fixed assets Tanglble a886ts Inve8tm8nts Total flxed assets Lurrent assets Debtors (Short term} Invèstments Cash at bank and In hand Total current assets 1199 182 18,669 Credltor8: due wlthln one year Net curront ass8ts/(118bllltles) 6,294 Tot818ssots less current Ilabllftlos 6,294 Credltors: due after one year Provlslons for Ilabllltles and ¢hargo8 Net assots pund8 Ot the Lharity Unre8trlcted fund8 Deslgnated fund8 Total unrestrlcted funds Restrlcted Income funds Endowment funds 1,294 6,770 1,294 6,770 1,294 Total funds Signature Dale of roval Dlrector and Trustse Ann-C8therlne Batters Chalr ,Ici3w . 23 07 2024 Dlrector and Trustee Caroline Boyd Treasurer 23 07 2024 2210712024
Notes to the Accounts The prlnclpal accounting pollcles adopted in preparatlon of the accounts are as follows: 1.1 Basis of Preparation The Financial statements have be&n prepared in accordance wllh the Ch8rilies'. Slalemenl of Recommended Practice IFRS 1021 and the Companles Act 2006. The Aldeburgh Library Foundallon meets tho definition of a publi¢ benefit enlily under FRS 102, 1.2 Going Concem basis The Trustees are satisfied that the Foundation is a going concern. 1.3 Income and Expenditure recognition Incomè from exchango transactions le.g. the provision of eduGaliona events) is r8cognised on complètion of th8 hosting of such 8V8nls Income from non-exchang8 transactions le.g. donations and grgnlsl is ro¢ognised when there is reliable gvidgnce of the charity's enlill8menl to receive the amounts of donations or grant8. The ¢onlrlbullon of volunteer$ represents a valuabltr rasource received by the charity and, in accordance with the Chariti88 SORP FRS 102, no flnincial measuremen18 of th8 value of such ¢onirlbulitrn$ ar$ Included a8 incom8 In th& ¢harlly's acccunls. Expendllure Is r8¢ognls8d when suppll8rs of goods and $orvS¢es hav• fulfilled their obligations lo tho charity. 1.4 Charit8bl& Reserves Policy The Foundation'¥ cash re88rve policy18 lo m681 c¢nlr$¢lual obllgallons arlslng wllhin 12 months. 1,5 Volunt8ers and employees The Foundallon has no permanent employees or regular v¢lunl8er8 boyond the TruBlee Board. 1.6 Corpor&tion Tax The FoundAllon Is exompt from tax on incomè and gains falling wllhln section 505 of the Taxes Act 1988 or secllon 252 of th8 Taxalitsn Df Chargoable Gains Act 1992 to the gxlenl that these are applled 10118 charitable objects. Note8 on 2023124 Accounts Tho Foundation recelved £944 in lo¢al oulhorily grants. The Foundation re¢elved grants from Ea$1 Suffolk Councll and Aldeburgh Town Council. Th¢ Found8llon recelved don8llon$ towards th& Library relurbishmant prol8cI Includlng sum$ d¢naled by Tru8lees. The Trusteès ¢on$idor all managemènt and opèralienal c051s lo b& associated with the Charilabla aclivilie8 of the Foundation. ExndItUre on Library Support and Improvement included £992 spent on equipment costs. The Trustees borrowed £30,000 lo finance the balance ol the Library refurbishment in 2019120. This year the Iruslees repaid £5,000. See Note H below. The Cash in hand is heSd in the Bank Account and is suff1cienl ID meet all operational and conlraclural obligations for th? following 12 months. The loan was an overdraft facility, interest free, not secured against assets of the Foundation, rgpayable by December 2024, and subject lo a review by the full Trustee Board every 6 months. The Dverdraft facility was provided by a family member of one of the Trustees. Since the death of Robin Boyd, his wife Caroline Boyd has become a truslfjo and taken over as treasurer. She provided the original loan lo the library. As of April 2024, £5,000 was still owing and this has since been repaid. 2210712024
Independent Examiner’s report to the Trustees of The Aldeburgh Library Foundation (“the Foundation”)
I report to the Trustees on my examination of the Accounts of the Foundation for the year ended 31 March 2024 (“the Accounts”).
Responsibilites and the basis of this report
As the Trustees of the Foundation (and also its directors for the purposes of company law) you are responsible for the preparation of the Accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the Accounts of the Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Foundation’s Accounts as carried out under section 145 of the Charities Act 2011.
Independent Examiner’s statement
I have completed my examination and I confirm that:
-
satisfactory accounting records were maintained in respect of the Foundation as required by section 386 of the 2006 Act;
-
the Accounts accord with those records;
-
the Accounts comply with the accounting requirements of section 396 of the 2006 Act other than the requirement that the accounts give a “true and fair view” which is a matter which is beyond the scope of an independent examination, and
-
the Accounts have been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I further confirm that my examination has revealed no matters to which attention should be drawn in this report in order to facilitate a proper understanding of the Accounts.
Name: Mark Ballamy
Professional qualification: Chartered Accountant
Address: 114 High Street, Aldeburgh, Suffolk, IP15 5AB
Date: 8 November 2024