THE FARNHAM COMMON COMMUNITY LIBRARY
Registered Charity Number 1189181
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024
CONTENTS PAGE
| Annual Report | 2 |
|---|---|
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 8 |
| Independent Examiner’s Report | 9 |
REFERENCE AND ADMINISTRATIVE DETAILS
THE FARNHAM COMMON COMMUNITY LIBRARY Registered Charity Number 1189181
Trustees
| LesleyMorris Resigned 20th November 2023 Pauline Jones Appointed 20th November 2023 Glenys Stone Michael Mills Chairman Secretary Resigned 20th November 2023 Trustee Name Office (if any) Dates acted if not for whole year David Picton Chairman Treasurer Janet Crookes Barbara Richards Vivien Hopkirk Brian English Carol Williams Appointed 4th December 2023 Pamela Naish Maria Hall NickyHamblin |
LesleyMorris Resigned 20th November 2023 Pauline Jones Appointed 20th November 2023 Glenys Stone Michael Mills Chairman Secretary Resigned 20th November 2023 Trustee Name Office (if any) Dates acted if not for whole year David Picton Chairman Treasurer Janet Crookes Barbara Richards Vivien Hopkirk Brian English Carol Williams Appointed 4th December 2023 Pamela Naish Maria Hall NickyHamblin |
|---|---|
| David Picton | Chairman |
| Michael Mills | Chairman |
| Janet Crookes | Treasurer |
| Carol Williams | Secretary |
| Pamela Naish | |
| Maria Hall | |
| NickyHamblin | |
| Vivien Hopkirk | |
| LesleyMorris | |
| Brian English | |
| Glenys Stone | |
| Pauline Jones | |
| Barbara Richards |
Patrons
Johnny Ball Michael Mills
Office Address
Farnham Common Community Library Victoria Road Farnham Common SL2 3NL
Bank
HSBC 1 Corn Market High Wycombe HP11 2AY
Independent Examiner
Mr Lee Chapman 42 Crispin Way Farnham Common Bucks. SL2 3UE
THE FARNHAM COMMON COMMUNITY LIBRARY
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Objectives and Activities
The Farnham Common Community Library (the Library) aims to advance the education, recreation and enjoyment of the public by the provision of a lending library service for the benefit of residents of Farnham Common and the surrounding area. The Library is operated in partnership with the Buckinghamshire Council Library Service.
It is the policy of the Library to provide its service without discrimination on grounds of sex, age, disability or beliefs. As well as the provision of materials, in physical or digital forms, for reading and research, the Library runs activities for the enjoyment of the local community, and rents out its premises to other local or community groups.
In determining the activities of the Library the trustees have had regard to the guidance issued by the Charity Commission on public benefit.
Structure, Governance and Management
The charity was registered on 23 April 2020 as a Charitable Incorporated Organisation (CIO) to take over from the previously established charity (1153026) which was set up in 2011 to continue the provision of library services in Farnham Common. The assets and liabilities of the old charity were transferred to the new CIO at the close of business on 15th May 2020.
The charity trustees also form the management committee which meets approximately eight times a year to review the operation of all activites, including the financial position and future strategy and plans of the Library.
The trustees, and all those who work in the Library on its core activities, are volunteers.
The trustees are appointed at each AGM. New trustees are appointed during the year if additional skills are needed and are chosen after consideration by the trustees as a whole. The detailed process varies according to the complexity of the role.
Achievements and Performance
This has been a challenging year in which the Library continued to re-instate activities to operate a full range of activities for borrowers and the local community, young,old and in-between. Attendance at local events has promoted our links with other organisations and we will be further developing this area in the next year. Our regular newsletter and social media presence enables the local community to keep in touch with opportunities to learn and to thrive. We remained part of the Buckinghamshire Council network of Warm, Welcoming Spaces and assisted members of the public in accessing information where they do not have the facilities to do so at home. We provide facilities for the Farnhams & Hedgerley Community Church and for a Child Development Clinic, and support the local food bank by promoting and co-ordinating the donation of food.
We regularly receive grateful thanks from members of the public for the continuation of the library service in a way that meets their needs.
The volunteers that work in the library are able to gain a sense of satisfaction in providing this valuable service and the trustees would like to thank them and acknowledge their dedication and flexibility in keeping the library open.
Finance and Resources
After a turbulent year in which energy cost estimates varied by 100%, dependent on suppliers and other operational issues, the Library made an operating surplus for the year of £2,996 (2023:£694). Ongoing fund-raising efforts increased income by £2,599 whilst actions to control costs, especially energy costs, held expenditure overall at levels similar to the previous year. The investment portfolio also benefited from renewed market optimism in the early part of 2024 resulting in an unrealised gain for the year of £10,129 (2023: loss of £3,681). Total funds of the Library at 31 March 2024 were £147,788 (2023:£134,663).
The main sources of income continue to be donations from the Friends of the Library, amounts raised from fund-raising events, the annual grant from Buckinghamshire Council and hire charges paid by other community groups for the use of the library and its rooms. We are very grateful to all those people and organisations who support us.
Negotiations with the Council have resulted in a renewed agreement for three years funding from 1 April 2024, with a reduction in grant of 25% (ie from £8000 pa to £6000 pa, a reduction of £2000). Actions have been taken to replace this loss of income through further fund raising in order that the accumulated funds will enable the charity to continue to provide library and relevant community services in future years. The Trustees gratefully acknowledge the continued range of operational support provided by The trustees are satisfied that the Library is a going concern. The actions taken in the latter part of 2023 to contain energy costs have enabled a return to a stable operating budget.
Risk Management
The trustees regularly review the key areas of risk management, including safeguarding, health and safety and finance.
Signed on behalf of the Trustees on 24 June 2024
David Picton (Chairman)
Page 2
THE FARNHAM COMMON COMMUNITY LIBRARY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2024
| Notes INCOMING RESOURCES Donations 3(a) Activities for generating funds 3(b) Charitable activities 3(c) TOTAL INCOMING RESOURCES RESOURCES USED Costs of generating funds 4(a) Charitable activities 4(b) Governance costs 4(c) TOTAL RESOURCES USED NET INCOMING RESOURCES UNREALISED GAIN/(LOSS) ON INVESTMENTS NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Funds brought forward FUNDS CARRIED FORWARD |
2024 £ 6,490 10,883 19,089 36,462 8,160 25,041 265 33,466 2,996 10,129 13,125 134,663 147,788 |
2023 £ 5,595 10,676 17,592 |
|---|---|---|
| 33,863 | ||
| 8,057 24,943 169 |
||
| 33,169 | ||
| 694 -3,681 |
||
| -2,987 137,650 |
||
| 134,663 |
Page 3
THE FARNHAM COMMON COMMUNITY LIBRARY
BALANCE SHEET AS AT 31st MARCH 2024
| BALANCE SHEET AS AT 31st MARCH 2024 | ||
|---|---|---|
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Debtors and prepayments 6 Cash at bank Total current assets CREDITORS: Amounts falling due within one year7 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts TOTAL NET ASSETS FUNDS Unrestricted TOTAL FUNDS NET CURRENT ASSETS falling due in more than one year |
2024 £ 116,845 31 33,356 33,387 2,444 30,943 147,788 0 147,788 147,788 147,788 |
2023 £ 106,716 |
| 0 32,077 |
||
| 32,077 | ||
| 4,130 | ||
| 27,947 | ||
| 134,663 0 |
||
| 134,663 | ||
| 134,663 | ||
| 134,663 |
Approved by the Trustees on 24 June 2024 and signed on its behalf by:
David Picton CHAIRMAN Janet Crookes TREASURER
The notes on pages 5 to 8 form part of these accounts
Page 4
THE FARNHAM COMMON COMMUNITY LIBRARY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024
-
1 Basis of preparation
-
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in these notes. The accounts and annual report have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (2014), the Financial Reporting Standard FRS102, and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS102.
1.2 Going concern
The accounts are prepared on a going concern basis. The trustees are satisfied this is an appropriate approach.
2 Accounting policies
- 2.1 Incoming Resources
Income is included when the charity is entitled to the resources and can measure its value with sufficient reliability.
Income that has been received but relates to committed expenditure in next year is treated as deferred income under liabilities on the balance sheet.
The charity receives a grant from Buckinghamshire County Council towards the provision of the library service.
Donated services and facilities have all been donated at no charge and are not reflected in the accounts as the trustees consider it impractical to measure the fair value. The premises are provided by the County Council at a peppercorn rent. All staff and trustees are volunteers and provide their services for free.
Friends subscriptions received in the nature of a gift are shown in Donations (note 3).
- 2.2 Resources Used
Costs and liabilities are included when it is more likely than not that the charity has an obligation to pay and the amount can be measured with sufficient reliability.
Costs of generating funds by fund-raising activities comprise the actual direct costs of the relevant activities.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its functions and services for the local community. It includes all premises running costs, administration costs, book purchases, costs of running children’s activities and publicity and promotional costs. Any donations to local community initiatives are within the charity's objectives.
2.3 Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at market value at the year end. Realised gains and losses are included as Incoming Resources or Resources Used. Unrealised gains and losses arising from revaluation at the year end are shown separately.
2.4 Funds
All funds are unrestricted. Unrestricted funds are made up of the investments and bank accounts, allowing for sundry debtors and creditors at the year end.
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THE FARNHAM COMMON COMMUNITY LIBRARY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024
| 3 INCOMING RESOURCES 3(a) Donations Friends donations Gift Aid 3(b) Activities for generating funds Events including Lunch Group Bank interest 3(c) Charitable activities Grants Fines and fees Book sales, photocopying and printing Children's activities Room hire Miscellaneous TOTAL INCOMING RESOURCES Other donations |
2024 £ 5,012 1,016 462 6,490 10,837 46 10,883 8,000 1,837 614 218 8,420 0 19,089 36,462 |
2023 £ 4,485 908 202 |
|---|---|---|
| 5,595 | ||
| 10,676 0 |
||
| 10,676 | ||
| 8,000 1,540 317 255 7,480 0 |
||
| 17,592 | ||
| 33,863 |
Page 6
THE FARNHAM COMMON COMMUNITY LIBRARY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024
| 4 RESOURCES USED 4(a) Cost of generating funds Fund raising costs including Lunch Group 4(b) Charitable Activities Premises Light and heat Insurance Business rates Water charges General cleaning Maintenance costs Annual safety costs Garden maintenance WiFi & Broadband Library Running costs Book stock purchases Display costs Consumables Volunteer costs Postage Stationery Publicity Children’s activities Photocopier and computer rental Bank and iZettle charges Donations to other charities Donations 4(c) Governance Costs AGM costs TOTAL RESOURCES USED |
2023 £ 8,160 8,160 11,403 639 282 513 6,273 393 96 360 460 1,981 45 574 649 0 326 25 94 0 328 600 25,041 265 33,466 |
2023 £ 8,057 |
|---|---|---|
| 8,057 | ||
| 10,488 591 704 311 6,135 47 185 470 396 2,298 880 528 522 37 106 0 86 230 279 650 |
||
| 24,943 | ||
| 169 | ||
| 33,169 |
Page 7
THE FARNHAM COMMON COMMUNITY LIBRARY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024
| 5 INVESTMENTS Market value at start of year Market value at end of year 6 DEBTORS AND PREPAYMENTS Prepayments 7 LIABILITIES: Amounts falling due within one year Creditors and accruals Gain/(loss) on revaluation The original cost of the investment portfolio was |
2024 £ 106,716 10,129 116,845 31 2024 £ 2,444 £118,800 in May 2021. |
2023 £ 110,397 -3,681 |
|---|---|---|
| 106,716 | ||
| 0 | ||
| 2023 £ 4,130 |
8 Fees for examination of the accounts
No fees were paid for the examination of the accounts.
9 Transactions with trustees and related parties
During the year trustees were reimbursed for transactions they had undertaken on behalf of the charity in relation to fund-raising expenses, book purchases and sundry items. No trustee received any remuneration.
The trustees approved a donation of £600 to the local Rotary club for the purchase of dictionaries for local schools. The then Chairman of the Library is also a member of the Rotary club. There were no other related party transactions.
Page 8
THE FARNHAM COMMON COMMUNITY LIBRARY
INDEPENDENT EXAMINER’S REPORT
FOR THE YEAR ENDED 31st MARCH 2024
Independent examiner’s report to the trustees of the Farnham Common Community Library.
I report to the trustees on my examination of the accounts of the Farnham Common Community Library (the Charity) for the year ended 31st March 2024.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Lee Chapman
42 Crispin Way Farnham Common Bucks SL2 3UE
Date: 24 June 2024
Page 9
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