Charity number 1168329
GJ LIBRARY CIO
Charitable Incorporated Organisation (CIO)
Report and Accounts
31 December 2022
Whiteside and Davies Ltd 158 Cromwell Road Salford M6 6DE
GJ LIBRARY CIO
Report of the Trustees for the period ended 31 December 2022
Status and Administration
The charity is consituted by a constitution and is a Charitable Incorporated Organisation (CIO). The charity was registered as a CIO on 20/07/2016.
Reference and administrative details
References and administrative details are shown in the schedule of trustees and professional advisers on page 1 of the accounts.
The trustees
The trustees who served the charity during the period were as follows: J Schleider G Schauder B Schleider J Bernstein
There is no executive officer nor any other staff employed in the charity. The day to day affairs are undertaken by Mr Jeremy Bernstein on behalf of the trustees.
All major decisions are taken collectively by the trustees and all the trustees give their time freely.
Objectives and activities for the public benefit
To advance education of the public in Gateshead and its environments by the running and management of a community library, in particular but not limited to Jewish literature and material.
To promote for the benefit of the inhabitants of Gateshead and its environments provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare with the object of improving the condition of life of the said inhabitants.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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GJ LIBRARY CIO Report of the Trustees for the period ended 31 December 2022
Status and Administration
Achievements and Performance
The charity had incoming resources during the year of £24,031 (2021: 26,470) and paid out £46,473 (2021: 31,533) by way of direct charitable expenditure. The charity has low support and governance costs comprising bank charges, sundry administrative and office costs.
There were no material fundraising costs during the year. There was an overall net deficit of resources during the year amounting to £22,642 (2021: 5,063).
Financial review
The trustees report a deficit for the period. The charity suffered a drop in income due to Covid-19 as contributions were reduced and the library closed for a period of time.
Reserves policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results. It is the policy of the charity to maintain its unrestricted funds at a level to cover six months overheads and to have sufficient funds to generally distribute funds in accordance with the wishes of the donors.
The Trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
Plans for future periods
The trustees plan to continue raising funds for projects in line with the trust deed and persue those objectives and projects with all the resources available to the charity.
Accountants
A resolution to reappoint Whiteside and Davies Ltd as accountants will be put to the members at the Annual General Meeting.
Approval
This report was approved by the board of trustees on 30th October 2022 and signed on its behalf by
J Schleider Trustee
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GJ LIBRARY CIO
Statement of Financial Activities for the year ended 31 December 2022
| Notes Incoming resources 5 Resources Expended Direct charitable expenditure 6&7 Total expenditure Net income / (deficit) for the year 2 Total funds: Brought forward 2 Carried forward 2 |
2022 £ 24,031 46,673 46,673 (22,642) 45,651 23,009 |
2021 £ 26,470 31,533 31,533 (5,063) 50,714 45,651 |
|---|---|---|
There were no recognised gains and losses other than as stated in the SOFA.
The attached notes form an integral part of these financial statements
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GJ LIBRARY CIO Balance Sheet as at 31 December 2022
| Notes Fixed assets Current assets Cash at bank and in hand Creditors: amounts falling due within one year 1 Net current assets Net assets Funds Unrestricted funds 2 Net assets |
2022 £ 26,001 (2,992) 23,009 23,009 23,009 23,009 |
2021 £ 47,852 (2,201) 45,651 45,651 45,651 45,651 |
|---|---|---|
J Schleider Director Approved by the board on 1 November 2023
The attached notes form an integral part of these financial statements
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GJ LIBRARY CIO
Notes to the Accounts
for the year ended 31 December 2022
Principal Accounting Policies
Accounting convention
The accounts have been prepared in accordance 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
All income is accounted for on the accruals basis and represents donations received and investment income.
Charitable expenditure relates to direct charitable activities.
Governance costs are general costs which have been incurred in order that the charity can operate effectively and to generate the information required for public accountability.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Financal instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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GJ LIBRARY CIO Notes to the Accounts for the year ended 31 December 2022
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
| 1 Creditors: amounts falling due within one year Other creditors 2 Funds Unrestricted funds: At 1 January 2022 Deficit for the year At 31 December 2022 |
2022 £ 2,992 2022 £ 45,651 (22,642) 23,009 |
2021 £ 2,201 2021 £ 50,714 (5,063) 45,651 |
|---|---|---|
The charity has no restricted or endowment funds.
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GJ LIBRARY CIO
Notes to the Accounts
for the year ended 31 December 2022
| 5 Incoming Resources Other income Donations received Membeship fees 6 Cost of generating funds - direct charitable expenditure Books and subscriptions Gifts Projects Cleaning Light and heat Utilities and rates Wages and salaries Support costs (Note 8) 7 Governance costs Independent examiner fee 8 Support Costs Accountancy fees Directory costs Repairs and maintenance Rent and service charges Postage Stationery, printing and computer expenses Security Software and computer equipment Insurance Bank charges Other legal and professional |
2022 £ 21,513 2,518 - 24,031 2022 £ 15,503 - - 2,058 3,681 509 5,042 19,880 46,673 2022 £ - - Total 2022 £ 1,261 2,728 5,518 996 200 2,591 1,035 2,592 592 371 603 |
2021 £ 22,375 4,095 26,470 2021 £ 9,784 63 618 782 17,297 28,544 2021 £ 500 500 Total 2021 £ - 3,511 5,861 273 165 2,442 - - 626 328 3,341 |
|---|---|---|
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GJ LIBRARY CIO Notes to the Accounts for the year ended 31 December 2022
| Advertising and PR Travel and subsistence Telephone and fax Interest payable |
- 557 836 - 19,880 |
105 125 520 - 17,297 |
|---|---|---|
9 Trustees' Remuneration and expenses
No remuneration, directly or indirectly out of the funds of the charity, was paid or payable, to any trustee or to any persons known to be connected with any of them.
No reimbursement of expenses has been made, or is due to be made, to any of the trustees in respect of the period.
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