Treasurer’s Report to AGM 5[th] March 2022 The summary sheet below shows the accounts for the period 1[st] January 2021 to 31 December 2021. An audit of the accounts was carried out by the registered accountants Gossington & Elliots of Gosport who have no direct link to the organisation.
This is the first business year of the organisation and the first full audit of these accounts. To fall in line with the March AGM, each financial accountant period for the organisation will commence in 01 January (Month 1) to 31 December (Month 12).
Due to this being our inaugural year some expenditure committed through grants; outlay has been greater than normal. This was exasperated by unplanned maintenance to the kitchen and toilets that had to be completed prior to the project opening. The largest drain on our finances as predicted are the utility bills which during the winter months can reflect a monthly loss. These losses reverse to monthly surplus during the warmer months when the expensive heating system is not required. With careful management of the heating system, we have greatly reduced the previously reported figures provided by Hampshire County Council.
The grant award from the National Lottery (FY 2022/23) is approximately £18,000 per annum which pays for our part time Administrator, Community events and £1000 @ year towards utilities. This grant which commenced in June 21 will run for five years. Whilst our balance looks healthy it must be remembered that we are contracted to fund events through the money received from the National Lottery.
The initial target for the project of £1,000 a month income is now exceeding £1300 per month and rising each month as we bring in more facilities and members into the project. Maintaining our current progress, I expect that by the next reporting period income will be nearer £1500.
Events organised by the Events Manager are providing a good additional income. The balance sheet will show events running at a loss, however, contained within the events figures are the free events funded by the National Lottery (approx £350 @ month), that as part of the grant allocation we must provide. The Tea room is now running at a respectable surplus, particularly in Months 10 to 12 as it has gained more popularity with the community. The shop has also increased sales from the donated items and locally made produce.
Future targets
The Treasurer has recommended to the Trustees that the organisation builds up the reserves account which is held in the Wessex Community bank. It is intended to bring reserves to £6000 which will allow the organisation 6 months running costs. Currently reserves are under £2000 with a target date to reach £6000 by FY 24/25.
Bank accounts as of 31 December 21.
| Lloyds Business account | £25,400.81 |
|---|---|
| Wessex Community bank (reserves) | £1,135.00 |
| Petty Cash | £20 |
To the best of my knowledge this is a true and accurate picture of the accounts of Elson Community Library and Hub as audited by our accountants as of the 31 December 2021.
Jamie Hutchison
Treasurer
Date: 17/01/2022 Time: 16:45:18
Page: 1
Elson Community Library Period Trial Balance
To Period: Month 12, December 2021
| N/C 0020 0021 0030 0031 0040 0041 1200 1210 1230 2210 2230 4000 4002 4100 4200 4300 4400 4500 4600 5000 5002 5200 6101 6200 6202 7002 7105 7301 7302 7350 7352 7400 7500 7501 7503 7604 7800 7807 7904 8001 8002 8004 |
Name Plant and Machinery Plant/Machinery Depreciation Office Equipment Office Equipment Depreciation Furniture and Fixtures Furniture/Fixture Depreciation Bank Current Account Bank Deposit Account Petty Cash P.A.Y.E. Pension Fund Donations Received Sales Grants Membership Collection Boxes Room Hire Tea Room Communiity Events Purchases Sundry Purchases Training Projects Advertising Tea Room supplies Community Events Expenses Water Rates Electricity Postage and Carriage Office Stationery Telephone and Fax Computer and Software Equipment Hire Repairs and Renewals Cleaning Health & Safety Insurance Gross Wages Employers Pensions Professional Fees Plant/Machinery Depreciation Furniture/Fitting Depreciation Office Equipment Depreciation Totals: |
Debit 468.99 3,081.60 4,155.45 25,400.81 1,115.00 20.00 478.82 1,026.38 37.49 879.40 1,709.62 1,970.78 338.63 4,468.61 295.11 882.24 351.89 127.94 34.80 668.03 567.35 367.71 404.50 3,272.25 321.90 291.20 93.99 616.60 831.45 54,278.54 |
Credit 93.99 616.60 831.45 13.56 72.80 1,381.79 4,438.20 41,807.60 355.00 774.35 445.00 1,651.54 1,796.66 |
Credit |
|---|---|---|---|---|
| 54,278.54 |
James Hutchinson
trading as Elson Community Hub Library
Unaudited Accounts
31 December 2021
James Hutchinson trading as Elson Community Hub Library Contents
Pages
Page 1
James Hutchinson trading as Elson Community Hub Library Client Approval
I approve the accounts of James Hutchinson trading as Elson Community Hub Library which comprise the Profit and Loss Account, the Balance Sheet and the related notes. I acknowledge my responsibility for the accounts, including the appropriateness of the applicable financial reporting framework as set out in Note 1 to the Accounts, and for providing Gossington & Elliott Limited with all information and explanations necessary for their compilation.
James Hutchinson 31 December 2021
Page 2
James Hutchinson trading as Elson Community Hub Library Profit and Loss Account
for the year ended 31 December 2021
| Turnover Cost of goods bought for resale or goods used Total cost of sales Gross loss Other business income Expenses Wages, salaries and other staff costs Rent, rates, power and insurance costs Repairs and renewals of property and equipment Phone, fax, stationery and other office costs Advertising and business entertainment costs Accountancy, legal and other professional fees Depreciation and loss/profit on sale of assets Other business expenses Net profit Self-Employment Income Support Scheme Grant Net profit after SEISS |
2021 £ (1) 5,185 5,185 (5,186) 52,650 3,999 5,375 668 1,657 879 291 1,542 440 14,851 32,613 - 32,613 |
- |
|---|---|---|
| - |
Page 3
James Hutchinson trading as Elson Community Hub Library Balance Sheet
at 31 December 2021
| at 31 December 2021 | ||
|---|---|---|
| Notes | 2021 | |
| £ | ||
| Fixed assets | ||
| Equipment, machinery and vehicles | 2 | 3,699 |
| Other fixed assets | 3 | 2,465 |
| 6,164 | ||
| Current assets | ||
| Bank/building society balances | 26,516 | |
| Cash in hand | 20 | |
| 26,536 | ||
| Current liabilities:Amounts falling due within one year | ||
| Other liabilities and accruals | 87 | |
| 87 | ||
| Net current assets | 26,449 | |
| Total assets less current liabilities | 32,613 | |
| Net business assets | 32,613 | |
| Capital account | ||
| Net profit | 32,613 | |
| Balance at end of period | 32,613 |
Page 4
James Hutchinson trading as Elson Community Hub Library Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Accounting basis
The accounts have been compiled on a basis that enables profits to be calculated in accordance with UK Generally Accepted Accounting Practice and that provides sufficient and relevant information to enable the completion of a tax return.
2 Equipment, machinery and vehicles
| Cost Additions At 31 December 2021 Depreciation Charge for the year At 31 December 2021 Net book values At 31 December 2021 3 Other fixed assets Cost Additions At 31 December 2021 Depreciation/Amortisation Charge for the year At 31 December 2021 Net book values At 31 December 2021 |
Plant & machinery £ 469 |
Fixtures, fittings & equipment £ 4,155 |
Total £ 4,624 |
|---|---|---|---|
| 469 | 4,155 | 4,624 | |
| 94 | 831 | 925 | |
| 94 | 831 | 925 | |
| 375 | 3,324 | 3,699 | |
| Premises £ 3,082 |
Total £ 3,082 |
||
| 3,082 | 3,082 | ||
| 617 | 617 | ||
| 617 | 617 | ||
| 2,465 | 2,465 |
Page 5
James Hutchinson trading as Elson Community Hub Library Detailed Profit and Loss Account
for the year ended 31 December 2021
| Turnover Cost of goods bought for resale or goods used Purchases Closing stock Cost of goods used Total cost of goods bought for resale or goods used Total cost of sales Gross loss Other business income Rental income Business bank interest received Bad debts recovered Other business income Wages, salaries and other staff costs Salaries/wages Pension costs Staff welfare Staff training Rent, rates, power and insurance costs Business and water rates Light, heat and power Premises cleaning and similar service charges Repairs and renewals of property and equipment Repairs and maintenance of business premises Phone, fax, stationery and other office costs Telephone, fax and broadband Postage and couriers Stationery and printing Software, IT support and related costs Advertising and business entertainment costs Advertising and PR |
2021 £ (1) 1,505 3,680 |
|---|---|
| 5,185 | |
| 5,185 | |
| 5,185 | |
| (5,186) 4,438 41,808 3,893 2,511 |
|
| 52,650 | |
| 3,272 322 368 37 |
|
| 3,999 | |
| 339 4,469 567 |
|
| 5,375 | |
| 668 | |
| 668 | |
| 352 295 882 128 |
|
| 1,657 | |
| 879 | |
| 879 |
Page 6
James Hutchinson trading as Elson Community Hub Library Detailed Profit and Loss Account
| James Hutchinson trading as Elson Community Hub Library Detailed Profit and Loss Account |
||
|---|---|---|
| Accountancy, legal and other professional fees Other legal and professional fees Depreciation and loss/profit on sale of assets Depreciation Other business expenses General insurance Sundry expenses Net profit Self-Employment Income Support Scheme Grant Net profit after SEISS |
291 291 1,542 1,542 405 35 440 32,613 - 32,613 |
- |
| - |
Page 7
James Hutchinson trading as Elson Community Hub Library Extended Trial Balance
for the year ended 31 December 2021
Turnover Other business income
Cost of goods bought for resale or goods used
Construction Industry - payments to subcontractors Wages, salaries and other staff costs
Car, van and travel expenses Rent, rates, power and insurance costs
Repairs and renewals of property and equipment Phone, fax, stationery and other office costs
Advertising and business entertainment costs Interest on bank and other loans Bank, credit card and other financial charges Irrecoverable debts written off Accountancy, legal and other professional fees
Depreciation and (profit)/loss on sale of assets
Other business expenses
Equipment, machinery & vehicles
Page 0
James Hutchinson trading as Elson Community Hub Library Extended Trial Balance
Other fixed assets
Bank/building society balances
Cash in hand Stock and work in progress Trade debtors Other current assets and prepayments Current liabilities
Long term liabilities Capital account
Page 1
James Hutchinson trading as Elson Community Hub Library Extended Trial Balance
| Sales Other business income - General Sales Other business income - Grants Other business income - Community Events/Tea Room Other business income-Membership/ Donations Opening stock Purchases Tea Room & Event Supplies Gross payments to subcontractors Salaries/wages Pension costs Staff welfare Staff training Vehicles - insurance and licence fees Rent Business and water rates Light, heat and power Premises cleaning and similar service charges Repairs and maintenance of business premises Telephone, fax and broadband Postage and couriers Stationery and printing Software, IT support and related costs Advertising and PR Bank loan interest payable Bank and credit card charges Bad debts Accountant's and bookkeeper's fees Other legal and professional fees Amortisation of goodwill/investments Depreciation - Equipment Depreciation - Plant and machinery Depreciation - Fixtures, fittings and equipment Information and publications General insurances Sundry expenses Plant and machinery - Cost - b/fwd Plant and machinery - Cost - additions Plant and machinery - Depreciation - charge for year |
Original Trial Balance £ |
|---|---|
| - | |
| (4,438.20) | |
| (41,807.60) | |
| (3,893.20) | |
| (2,511.14) | |
| - | |
| 1,505.20 | |
| 3,680.40 | |
| - | |
| 3,272.25 | |
| 321.90 | |
| 367.71 | |
| 37.49 | |
| - | |
| - | |
| 338.63 | |
| 4,468.61 | |
| 567.35 | |
| 668.03 | |
| 351.89 | |
| 295.11 | |
| 882.24 | |
| 127.94 | |
| 879.40 | |
| - | |
| - | |
| - | |
| - | |
| 291.20 | |
| - | |
| 831.45 | |
| 93.99 | |
| 616.60 | |
| - | |
| 404.50 | |
| 34.80 | |
| (32,613.45) | |
| - | |
| 468.99 | |
| (93.99) |
Page 2
James Hutchinson trading as Elson Community Hub Library Extended Trial Balance
| James Hutchinson trading as Elson Community Hub Library Extended Trial Balance |
|
|---|---|
| Fixtures, fittings and equipment - Cost - additions Fixtures, fittings and equipment - Depreciation - charge for year Premises - Cost - b/fwd Equipment - Cost - additions Equipment - Depreciation - charge for year Current accounts Deposit accounts Petty cash Raw materials and Consumables Trade Debtors - Sales Ledger Other Debtors and prepayments Bank Overdrafts PAYE/NIC Other creditors and accruals Bank loans Balance at start of period |
4,155.45 |
| (831.45) | |
| - | |
| 3,081.60 | |
| (616.60) | |
| 25,400.81 | |
| 1,115.00 | |
| 20.00 | |
| - | |
| - | |
| - | |
| - | |
| (13.56) | |
| (72.80) | |
| - | |
| - | |
| 32,613.45 | |
| - |
Page 3
James Hutchinson trading as Elson Community Hub Library Extended Trial Balance
| Final Trial Balance £ - (4,438.20) (41,807.60) (3,893.20) (2,511.14) - 1,505.20 3,680.40 - 3,272.25 321.90 367.71 37.49 - - 338.63 4,468.61 567.35 668.03 351.89 295.11 882.24 127.94 879.40 - - - - 291.20 - 831.45 93.99 616.60 - 404.50 34.80 (32,613.45) - 468.99 (93.99) |
Final Rounded Trial Balance £ 1 (4,438) (41,808) (3,893) (2,511) - 1,505 3,680 - 3,272 322 368 37 - - 339 4,469 567 668 352 295 882 128 879 - - - - 291 - 831 94 617 - 405 35 (32,613) - 469 (94) |
Prior Period NOT DEFINED £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Prior Period NOT DEFINED £ |
|---|---|---|---|
| - | |||
| - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
|||
| - | |||
| - - - |
Page 4
James Hutchinson trading as Elson Community Hub Library Extended Trial Balance
| 4,155.45 (831.45) - 3,081.60 (616.60) 25,400.81 1,115.00 20.00 - - - - (13.56) (72.80) - - 32,613.45 - |
4,155 (831) - 3,082 (617) 25,401 1,115 20 - - - - (14) (73) - - 32,613 - |
- - - - - - - - - - - - - - - - - - |
- - - - - - - - - - - - - |
|---|---|---|---|
| - | |||
| - - |
|||
| - | |||
| - |
Page 5
James Hutchinson trading as Elson Community Hub Library Other Data Entry
Other Data Entry
Sections for entries:
1. CONTENTS
2. CLIENT APPROVAL
3. ACCOUNTANTS REPORTS
4. PROFIT AND LOSS ACCOUNT
1. CONTENTS
Enter page numbers in the grey cells below:
Page numbers should be entered as a single number or a range. Do not enter zero's and if only one page, enter the single number in the re cell in column I except for the Balance Sheet.
grey cell in both columns. If the Balance Sheet consists of more than one then enter the range into the grey cells.
Contents Client Approval Accountant's Report Profit and Loss Account Balance Sheet Notes to the Accounts
----- Start of picture text -----
1
----- End of picture text -----
2. CLIENT APPROVAL
Balance sheet to be presented? - Enter N if not required:
3. ACCOUNTANTS REPORTS
Date of engagement letter:
4. PROFIT AND LOSS ACCOUNT
Self-Employment Income Support Scheme Grant included in Other Business Income
Page 0
James Hutchinson trading as Elson Community Hub Library Other Data Entry
2021 £ £ - -
Page 1
James Hutchinson trading as Elson Community Hub Library Other Data Entry
Page 2
Summarised Trial Balance for Period 01/01/2021 to 31/12/2021 for James Hutchinson
| Original Trial | Aggregated | Final Trial | |
|---|---|---|---|
| Balance | Journals | Balance | |
| £ | £ | £ | |
| Other business income | |||
| Other business income - General Sales | (4,438.20) | - | (4,438.20) |
| Other business income - Grants | (41,807.60) | - | (41,807.60) |
| Other business income - Community Events/Tea Room | (3,893.20) | - | (3,893.20) |
| Other business income-Membership/ Donations | (2,511.14) | - | (2,511.14) |
| Cost of goods bought for resale or goods used | |||
| Purchases | 1,505.20 | - | 1,505.20 |
| Tea Room & Event Supplies | 3,680.40 | - | 3,680.40 |
| Wages, salaries and other staff costs | |||
| Salaries/wages | 3,272.25 | - | 3,272.25 |
| Pension costs | 321.90 | - | 321.90 |
| Staff welfare | 367.71 | - | 367.71 |
| Staff training | 37.49 | - | 37.49 |
| Rent, rates, power and insurance costs | |||
| Business and water rates | 338.63 | - | 338.63 |
| Light, heat and power | 4,468.61 | - | 4,468.61 |
| Premises cleaning and similar service charges | 567.35 | - | 567.35 |
| Repairs and renewals of property and equipment | |||
| Repairs and maintenance of business premises | 668.03 | - | 668.03 |
| Phone, fax, stationery and other office costs | |||
| Telephone, fax and broadband | 351.89 | - | 351.89 |
| Postage and couriers | 295.11 | - | 295.11 |
| Stationery and printing | 882.24 | - | 882.24 |
| Software, IT support and related costs | 127.94 | - | 127.94 |
| Advertising and business entertainment costs | |||
| Advertising and PR | 879.40 | - | 879.40 |
| Accountancy, legal and other professional fees | |||
| Other legal and professional fees | 291.20 | - | 291.20 |
| Depreciation and (profit)/loss on sale of assets | |||
| Depreciation - Equipment | 831.45 | - | 831.45 |
| Depreciation - Plant and machinery | 93.99 | - | 93.99 |
| Depreciation - Fixtures, fittings and equipment | 616.60 | - | 616.60 |
| Other business expenses | |||
| General insurances | 404.50 | - | 404.50 |
| Sundry expenses | 34.80 | - | 34.80 |
| _____ | _____ | _____ | |
| TOTAL : Profit And Loss Account | (32,613.45) _____ |
- _____ |
(32,613.45) _____ |
| Equipment, machinery & vehicles | |||
| Plant and machinery - Cost - additions | 468.99 | - | 468.99 |
| Plant and machinery - Depreciation - charge for year | (93.99) | - | (93.99) |
| Fixtures, fittings and equipment - Cost - additions | 4,155.45 | - | 4,155.45 |
| Fixtures, fittings and equipment - Depreciation - charge | (831.45) | - | (831.45) |
| Other fixed assets | |||
| Equipment - Cost - additions | 3,081.60 | - | 3,081.60 |
| Equipment - Depreciation - charge for year | (616.60) | - | (616.60) |
| Bank/building society balances | |||
| Current accounts | 25,400.81 | - | 25,400.81 |
| Deposit accounts | 1,115.00 | - | 1,115.00 |
| Cash in hand | |||
| Petty cash | 20.00 | - | 20.00 |
Prepared by: Gossington & Elliott Limited on 09/03/2022 at 13:05
Page 1 of 2
Summarised Trial Balance for Period 01/01/2021 to 31/12/2021 for James Hutchinson
| Current liabilities | |||
|---|---|---|---|
| PAYE/NIC | (13.56) | - | (13.56) |
| Other creditors and accruals | (72.80) | - | (72.80) |
| _____ | _____ | _____ | |
| TOTAL : Balance Sheet | 32,613.45 _____ |
- _____ |
32,613.45 _____ |
| _____ | _____ | _____ | |
| GRAND TOTALS | - _____ |
- _____ |
- _____ |
Prepared by: Gossington & Elliott Limited on 09/03/2022 at 13:05
Page 2 of 2