## **FAIR OAK COMMUNITY LIBRARY** (a charitable incorporated organisation registered under no 1192709) (“the CIO”) ## **Report of the Trustees for the period ending 31 December 2022** The trustees present their report with the financial statements for the year to 31 December 2022. ## **Structure and Governance** Fair Oak Community Library is a charitable incorporated organisation which was registered on 8 December 2020 under no 1192709. Its principal office is at Fair Oak Library, Campbell Way, Fair Oak, Eastleigh SO50 7AX. It is governed by its constitution and is operated by trustees. The first trustees retired at the first annual general meeting in June 2022. Steven Broomfield, Nicholas Couldrey, John Dunne, Chris James, Beth Lack, Roz Marsh and Pauline Pearce were elected to be trustees by members of the charity. There is power for Fair Oak and Horton Heath Parish Council to appoint up to two trustees, but this has not been exercised. ## **Objectives and Activities** The object of the charity, set out in its constitution, is “to advance the education of the public in the parish of Fair Oak and Horton Heath and the surrounding area, by operating and managing a lending library”. Throughout the year, the charity has maintained a library service for the community. It has also provided computer access for the public and run community events on its premises. The charity relies entirely on volunteers to provide its services. More than 25 volunteers staff the library during opening hours, raise the money needed to discharge its costs, communicate with the public, run the computer systems, and carry out all the administrative tasks needed to provide the library service. We are indebted to all of them. ## **Financial Review** 2022 was the first full year of operating the library. The costs of running the library during 2022 exceeded the income by £1,096. However, this shortfall was more than covered by the reserves held over from 2021. The income comprised a number of grants from local public bodies, donations from the public and fundraising activities conducted by the volunteers. Fair Oak and Horton Heath Parish Council owns and maintains the library building. Uncertainty surrounding the proposed refurbishment of the building by the parish council has hindered some fundraising activities. This work is planned for Spring 2023, and it is hoped that, as a result, fundraising activities will increase and operating costs will be reduced. There will be additional capital costs arising from the refurbishment of the building. An amount remains from the original set-up grant provided by Hampshire County Council and it is expected that this will cover these costs. At 31 December 2022, total reserves amounted to £5,342.81 but, of this, £5,249.72 was restricted to being used for set up costs. The trustees consider that these together with the income that they expect to receive will be enough to cover the charity’s needs over the next year. The main risks facing the trustees is that running costs will increase and income will fall. The trustees are actively pursuing ways of raising money and limiting costs as far as possible without detriment to the services we provide. The trustees have not yet adopted a reserves policy as they consider that it would be premature. ## **Public Benefit** In exercising their powers or duties, the trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission **----- Start of picture text -----**
Charity Name No (if any)
Receipts and payments accounts CC16a
For the period Period start date Period end date
To
from 01/01/2022 31/12/2022
Section A Receipts and payments
Unrestricted Restricted Endowment
Total funds Last year
funds funds funds
to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £
A1 Receipts
HCC Grant 2,000 - - 2,000 10,000
Other Grants 800 - - 800 3,000
Donations 1,570 - - 1,570 1,142
Fundraising 1,385 - - 1,385 181
Charities Aid Foundation Loan - - - - 5,000
Loans from members and trustees - - - - 3,890
- - - - -
- - - - -
Sub total (Gross income for
AR) [ 5,755 ] - - 5,755 23,213
A2 Asset and investment sales,
(see table).
- - - -
- - - - -
Sub total - - - - -
Total receipts 5,755 - - 5,755 23,213
A3 Payments
Premises 2,945 - - 2,945 821
Print, post, stationery 215 - - 215 426
Heat, light, phone, internet 1,708 - - 1,708 501
Insurance 425 - - 425 407
IT 1,264 - - 1,264 1,467
Fundraising 34 34 -
Miscellaneus 260 - - 260 75
Book related expenses - - - - 652
Legal & Professional Fees - - - - 1,811
Loan repayments 3,890 - - 3,890 -
Equipment purchases - 125 - 125 1,598
Sub total [ 10,741 ] 125 - 10,866 7,758
A4 Asset and investment
purchases, (see table)
- - - -
- - - -
Sub total [ - ] - - - -
Total payments [ 10,741 ] 125 - 10,866 7,758
Net of receipts/(payments) - 4,986 - 125 - - 5,111 15,455
A5 Transfers between funds - - - - -
A6 Cash funds last year end 10,080 5,375 - 15,455 -
Cash funds this year end 5,094 5,250 - 10,344 15,455
**----- End of picture text -----**
CCXX R1 accounts (SS) 28/10/2023 1 |**Section B Statement of assets and liabilities at**|**Section B Statement of assets and liabilities at**|**the end of the period**|| |---|---|---|---| |**Categories**
Signed by one or two trustees on
behalf of all the trustees
**B5 Liabilities**
**B3 Investment assets**
**B2 Other monetary assets**
**B4 Assets retained for the**
**charity’s own use**
**B1 Cash funds**|**Details**
**Details**
**_Total cash funds_**
(agree balances with receipts and payments
account(s))
Wessex Bank
Barclays Bank
Petty Cash
**Details**
**Details**
Laptop Computer
Desktop computer
Books
Tables and chairs
**Details**
Charities Aid Foundation Loan
Signature|**Unrestricted**
**funds**
**Restricted**
**funds**
**to nearest £**
**to nearest £**
**321**
**-**
**4,641**
**5,250**
**132**
**-**
**5,094**
**5,250**
OK
OK
**Unrestricted**
**funds**
**Restricted**
**funds**
**to nearest £**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**asset belongs**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**asset belongs**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**liability relates**
**Amount due**
**(optional)**
Unresricted
**5,000**
**-**
**-**
**-**
**-**
Print Name|**Endowment**
**funds**
**to nearest £**
**-**
**-**
**-**| ||||**-**| ||||OK| ||||**Endowment**
**funds**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**Current value**
**(optional)**
**-**
**-**
**-**
**-**
**-**
**Current value**
**(optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**When due**
**(optional)**
Date of
approval| CCXX R2 accounts (SS) 28/10/2023 2