## **Sully & Lavernock Community Library**
## **Trustees annual report 2023-24**
The Board of Trustees submit their annual report and the financial statements of the for the period ended 31 March 2024.
The Board of Trustees confirms that the annual report and financial statements of the Charity comply with current statutory requirements, including the Charity Act 2011, as well as the requirements of the Society’s governing document and the provisions of the ‘Charities SORP (FRS 102) - 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 (FRS 102) second edition (effective 1 January 2019)’, and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## Objectives and activities
The trust’s objects are the advancement of education for the public benefit in Sully and Lavernock by the operation of a public library.
The trustees have paid due regard to the guidance issued by the Charity Commission on public benefit in deciding what activities the trust should undertake as outlined in section 4 of the Charities Act 2011.
## Achievements and performance
Attendance numbers improved and approached previous pre-pandemic levels, with many readers continuing to use the click-and-collect method of book selection in preference to browsing the stock in person.
School visits have re-started with as many as three classes visiting the library in one day. Craft and Welsh Conversation groups have flourished, while the after-school Coding Club continues to attract new members.
Donated books and jigsaws provided a substantial additional sales income as well as enabling successful book sale events that help to publicise the library.
## Plans for the future
Plans for an extension to the Library in the car park to provide an activities space was abandoned due to impractically high costs. A scheme involving the rearrangement of new shelving and furniture, together with a small reduction in book stock levels was a viable solution at an affordable cost. An application for funding from s106 monies to cover the cost of the work was made and remains under active, positive consideration by the Vale of Glamorgan Council. It is anticipated that the scheme will proceed in mid to late 2024.
## Structure, Governance & Management
The Sully and Lavernock Community Library Trust is a Charitable Incorporated Organisation trust and was established on 16[th] May 2016.
## Organisational Structure
The trustees normally meet four times a year to oversee the charity’s work, and also oversee day-to-day operations.
## Selection and appointment of Trustees
New trustees are appointed by the agreement of the existing trustees.
## Trustee Induction and Training
On their appointment, new Trustees are provided with information, in the form of an induction pack, on their role as a Trustee. Ongoing training is provided as required.
## Risk management
Trustees have reviewed the major risks to which the charity is exposed and systems or procedures have been put in place to manage those risks. A risk register is reviewed at each quarterly trustee meeting.
## Financial review
During the current 12-month period the Charity achieved a surplus of £1,486 (year ended 31 March 2023: surplus of £537). This resulted in total assets increasing in the period to £30,486 from £29,000 at 31 March 2022.
The Trustees are satisfied with the financial performance of the Charity throughout the year.
Of the total reserves held at period end, £30,486 were unrestricted as to use.
## Reserves policy
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves is more than met at period end. The significant balance is intended to provide match funding if required for any grants received, or to carry out the planned refurbishment in part if funding is not forthcoming.
## Statement of Board of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the excess of income over expenditure for that year. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
-
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and,
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that content of the annual review meet the requirements of the Trustees’ Annual Report under charity law.
They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
This report was approved and authorised for issue by the Board of Trustees on
……………………………………………
and signed on its behalf by:
……………………………………………
## **SULLY AND LAVERNOCK COMMUNITY LIBRARY TRUST**
## **TREASURER'S REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2024**
The Library operates from rented premises at 144 South Road, Sully, CF64 5SP
Sully and Lavernock Community Library Trust was constituted on 30 April 2016
and is a registered Charity No. 1167123. It is currently administered by 7 Trustees. The Trustees for the year 2023-24 were as follows:
Christopher F Tatt Resigned DSeptember 29th 2024
Richard W Thomas
Stephen P Thomas
Rhian Thomas
Val John
Nicky Parry
Vicky Judd Sully & Lavernock Community Council nominee
Stephen Oaten Ex officio: Clerk to Sully & Lavernock Community Council
Trustees are appointed annually at the Annual General Meeting
Library income was £5,343 during the year ended 31 March 2024. Income grew and stabilised following the end of pandemic restrictions and subsequent increase in the number of visitors to the Library.
Expenditure in the year totalled £3,857, and the profit for the period was therefore £1,486
Richard W Thomas Treasurer 16th April 2024
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**SULLY AND LAVERNOCK COMMUNITY LIBRARY TRUST**
## **ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **INCOME AND EXPENDITURE ACCOUNT**
|**INCOME**
Vale Recycling Materials sales
Refreshments sales (net)
Second-hand books & sundry sales
Hire fees
Donations
Community Council Grant
Bank Interest
**EXPENDITURE**
Bank charges
Rent
Water
Heat & Light
Repairs & Maintenance
Insurance
Telephone
Vale Recycling materials
Stationery & Misc. expenses
Professional Entertainer
**Surplus (loss) for the year**|**2023-24**
**£**
**569**
**231**
**923**
**-**
**110**
**3,000**
**510**
**5,343**
**-**
**250**
**101**
**1,869**
**239**
**197**
**394**
**751**
**56**
**-**
**3,857**
**1,486.01**|2022-23
£
866
-
-
130
-
3,000
62|
|---|---|---|
|||4,058
60
250
97
978
663
529
322
528
-
95|
|||3,522|
|||537|
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**SULLY AND LAVERNOCK COMMUNITY LIBRARY TRUST**
## **ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **STATEMENT OF ASSETS AND LIABILITIES**
|**CURRENT ASSETS**
Cash at Barclays Current account
Cash at Barclays Deposit account
Cash at Unity Current account
Cash at Unity Deposit account
Bank Acounts
Cash in hand
Vale Materials stock
**TOTAL ASSETS**
**CURRENT LIABILITIES**
Vale Materials
**NET ASSETS**
**£**|**£**
**2023-24**
**2,964**
**27,195**
**-**
**-**
**30,159**
**259**
**69**
**30,486**
**-**
**30,486**|**£**
2022-23
2,973
25,959
29
166|
|---|---|---|
|||29,127
193|
|||29,320
320|
|||29,000|
## **ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2024**
The Income and Expenditure account has been drawn up as a summary of
the income and expenditure made during the year by the Charity.
The Income and Expenditure Account and Statement of Assets and Liabilities
have been prepared following the guidelines for accounting for smaller
charities issued by the Charity Commission
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