## **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
1
## **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|
|---|---|---|
2
## **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|
|---|---|---|
3