2024-03-31-accounts - Levenshulme Old Library

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2023/24 End of Year Financial Report

The financial year ending 31st March 2024 saw continued financial stability for Levenshulme Old Library (LOLCIO). LOL maintained a surplus, with total income exceeding total expenditure. Below is a summary of the financial performance for the year.

Income:

For the financial year 2023-24, LOL generated a total income of £77,013 , an increase from £52,594 in 2022-23. The primary sources of income were:

Grants : £42,570 (2023: £19,449)
Room Hire : £32,754 (2023: £32,806)
Fundraising Activities : £739 (2023: £0)
Donations : £950 (2023: £339)

Grants accounted for the largest portion of income, reflecting a substantial increase over the previous year. Room hire revenue remained consistent with the previous year.

Expenditure:

Total expenses for the year amounted to £76,420 , compared to £52,481 in the previous year. Significant areas of expenditure included:

Salaries and Freelancers : £41,916 (2023: £31,750)
General Expenses : £14,577 (2023: £10,322)
Advertising/Marketing : £7,157 (2023: £0)
Repairs & Maintenance : £1,376 (2023: £2,131)

The increase in salaries and freelancer costs reflects LOL’s growing activity.

Net Surplus:

LOL generated a small net surplus of £593 for the year, compared to £113 in 2023. This increase, while modest, demonstrates continued financial prudence in managing both income and expenditure.

Balance Sheet:

As of 31st March 2024, LOL held total assets of £52,577 , compared to £77,909 the previous year. This decline is largely attributable to a reduction in income received in advance, i.e. Covid Support Grants. LOL's liquid assets (cash in bank/building society) stood at £48,652 , ensuring good liquidity to meet its short-term obligations.

Liabilities amounted to £5,851 , including £2,370 of income received in advance and £1,851 PAYE payable.

LOL's total funds at the end of the year stood at £46,726 , a slight increase from £46,133 at the beginning of the year.

Conclusion :

Levenshulme Old Library remains in a stable financial position, with a balanced approach to income generation and expense management. Rising expenses, especially in staff costs and operational activities have slightly offset the growth, leading to a small net surplus, nevertheless, LOL has maintained a surplus and strengthened its financial base to support ongoing and future activities.

In my assessment, LOL is at a pivotal juncture as it transitions from a trustee-led model to one managed by a dedicated staff team. The key challenge moving forward will be to ensure that income growth aligns with rising expenditure in order to safeguard LOLCIO’s reserve fund. Given the current sector-wide reduction in grant funding, this will require strategic business planning and calculated risk-taking, with the potential for a minor loss in the next financial year. However, with a strong focus on income generation, this should not be a significant concern for the board or other stakeholders.

The trustees and management should continue monitoring income streams and managing costs effectively to ensure long-term financial sustainability, with a focus on further diversifying income streams and remaining mindful of our operational costs to maintain financial stability.

Elena Rowe

Finance Manager

Friday 20th September 2024

Charity No:1165870

Levenshulme Old Library

Financial Statements For The Year Ending 31st March 2024

Levenshulme Old Library Contents

	Page
Independent Examiners Report	1
Income and Expenditure Account	2
Balance sheet	3

Independent examiner's report to the trustees of Levenshulme Old Library

I report on the accounts of Levenshulme Old Library for the year ending 31 March 2024, which are set out on the following pages.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

-examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the general Directions given by the Charity Commission under
section 145(5)(b) of the 2011 Act; and
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 you as 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:

to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities 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.

Name: Helen J Guest ACMA, CGMA Address: 482 Liverpool Road, Ainsdale, Southport, PR8 3BB

Date: September 10th 2024

Levenshulme Old Library Income and Expenditure Account for the year ended 31 March 2024

Income Operating Activities To Generate Funds: Fundraising Activities CJRS Grants Grants Donations Room Hire Expenses Advertising/Marketing Audit/Accounts Bad Debt Provision Bank Fees Cleaning Consultancy Depreciation Donations Employers NI Entertainment 100% business General Expenses Insurance Legal Expenses Light, Power, Heating Pension Rates Repairs & Maintenance Salaries inc Freelancers Stationary & Printing Subscriptions Telephone Training Net Surplus	2024 739 - 42,570 950 32,754 77,013 7,157 197 450 156 1,927 - 752 250 902 171 14,577 856 - - 251 736 1,376 41,916 1,171 2,141 834 600 76,420 593	2023 - - 19,449 339 32,806 52,594 - 169 858 26 1,741 1,000 752 190 - - 10,322 856 - - 199 - 2,131 31,750 196 1,413 878 - 52,481 113

Levenshulme Old Library Balance Sheet As at 31 March 2024

Assets Fixed Assets Bank/building society balances Cash in hand Debtors Liabilities Income Received In Advance PAYE Payable Other liabilities and accruals Funds Total Funds B/F Net Surplus	2024 £ 2,398 48,652 - 1,527 52,577 2,370 1,851 1,630 46,726 46,133 593 46,726	2023 £ 3,151 68,927 - 5,831 77,909 30,250 178 1,348 46,133 46,020 113 46,133