LARGO LIBRARY AND COMMUNITY HUB Report & Financial Ststements For the year ended 31 December 2023 OSCR Ihnty Re8uki WWW.0scr.org.uk Rw5¢ered Sao SCIMYI14
REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Trustees. annual report. Indep8ndenl examiner's report.. statement of reeoipts and payments .... stalement cf balances... Note5 to the financial statements.... 10-11
TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report and finanoal 8tatgments together with the indep8ndeni examiner's report for the year to 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Largo brary and Communlty Hub Charity Name Charlty Numb8r SC047174 Prlnclpal Address 7 Llndin Square Lundin Links Leven KY6 6BH Webslte Address wwN.largolibraryfife.org.uk TN$tees on the date the report was •pprov•d Bankers The CTroperalive Bank PO Box 250 S<elmers¢alg WN8 6WT Indopendent Examlner Cunningham Grant CA G6 The Gianary Business Contre Frfe KY15 5YQ
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE GOVERNANCE AND MANAGEMENT Govornlng Document On 14 February 2017, the charity was granted charitable status b¥ OSCR. On 18 April 2018, the charity was conv8rted fTom a company limited by guarantee lo a Scottish Charitable Incorporated Organi5ation {SCIO} and governed by a new constitution from that date. The constitutioi was updated on 05 May •021 to allow for meetings to be hel(1 virludlly. Appolntment of TruslgOS New trustees are appointed by majority decision of the existing trL$lees, subject to there being a minimum of three and a maximum of nine trustees. Organlsatlonal Structur The trLJslees. who meet regularly. arè responsible for oversegng the running of the libfary. Oay-to-day management of the library is d81egated to the management commite9. OBJECTS & ACTIVITIES The objects of the OTganisalion are.. the advanc8ment of education., the advancemanl of citizenship or (ommunity development., and the advancement of the arts, herita Je, culture or science. In furtheranc8 of these objects, the ooanisation seeks to assernble, preserve and admini&er, in organised collections, books and related educational. historical and rreational mateTl8ls in older to promote knowledge. enlighten citizenship and ttre enrichment of personal li4es. including.. serving as the information centre ol the community.. providirg the opportunity for continuous self-educalion of chilcren, young people and adults,. idenlityin9 wllh community needs, '.0 provide facilities and pro Jrams of seryice to meet SLch needs, and to co-operate wiltt other organisalion$, agencies and institutions that can provide local progiams or services., providing opportunity for a more aJvantageous use of leisurE time through books, audio visual materials. programs and other art forms and -ormals', and iiiforniing the public of library obltiVeS and services, and encouragin9 use and support of the library by any means available to them. ACHIEVEMENTS & PERFORMANCE Largo Library and Community Hut negotiated and signed a new 20-year. fully repairing ¢nd insuring lease with Fife Council in 2022. The lease runs until March 2042 and incorporates break clau*s every 5 years. This provides stability and Securit for the library going fOardS. Groups that meet regularly at the library include Creative Vting, Yappers and Yarnerj (knitting groLtpI, Art Group, the Largo Friendship Group, the Bridge Club and Bookbug. The groups pay a nominal fee per meeting. and we are very grateful lor their on90ing support. We re¢eive many donations of bcoks from the local community for which we are very grateful. For those books that we can't use we have a Better World book recycling bank just outside the library. The library earns a nomlnal amount from boocs recycled.
TRUSTEES, ANNUAL REPORI FOR THE YEAR ENDED 31 DECEMBER 2023 From December 2022 until the end of March 2023 the library participated in Largo Area'5 Wami Welcome and PTovided a Warm Welcome to every visitor including hot drinks. biscuits, newspa)ers, jigsaws. On Wedn&8days we also offered soup and rolls. Warm Wedne5cays took a break over the Summer. returning in November 2023 with the additijn of blngo. Those who atendad appreciated the wami welcome. the great soup and the chat with olhws, and the library b8nefitted from increased footfall aid new members. These sèssions were funded by remainlng Fife Council Warn Spaces funds and sponsorship from a local business. During 2023, we continued lo im)rove facilllies in the librari. The sandstone exterior has been restored and work to Create a reading garden area has begun by our wonderfvl volunteers. In the aLbtumn. we successfully applied for a grant from the Levenmoulh Reconnected Programme to fund an upgrade lo the library s centra heating system, Work staled in January 2024, and vie hope that works will be completed in Spring 2024. Membership of the library continLes to grow and increased to 629 at the end of December 2023. Our library ¢ontinu8S to be fully volunteer run and we woukj like to extend our heartfolt thanks to all our dedicated and talented volunteets. FINANCIAL REVIEW Overvlew Number 8 Lundin Square continues to be Sulet to a local busness. Thi5 provides a statde source of income lo support the running costs of the library. The library also ecrned incorne from donations and fund raising. The library remains in a healthy finaicial position and was able to cover running costs in 2)23. The foll1ng is a summary of our receipts and payments for tre year: Unrestricted Restricted Funds Funds Total Total 2023 2022 9,567 8.722 845 9,567 8,830 737 5,732 6.551 (8191 Receipts Payrnents N¥t movement In funds 108 {108) Rlsk Assessment The Management Committee cre8tBd a comprehensive risk assessment for the library as part of the original business plan. The risk assessment is monitored and updat*d at regular Management Committee meetings. The key risk is the financial viabi ity of the Library. The income and expenditure of tht Library is monitored very closely to mitigate this risk. Reserves Pollcy The trustees aim to maintain the equlvalent of three months, operatlng costs as uniestricled funds in the Librar> s bank account to cover unforeseen costs. ReseNes at the year-end were £8,32312022: £7.586).
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FUTURE PLANS Tho slra1egy for 2024 is to generate recurring income that -overs day lo day running costs. We will continue our popular prograrnmo of events, Includlng re9ukr fllm ev8nlngs, evening talks, Science Saturday5, 8oDkbug sessions and trnok sales. The Library Reading Garden will open in June 2024. The garden will be offiual opened by a local horb'culturalisl and guesis enjoy afternoon tga in the garder. We are partnering with local group Friends of L8r90 Bay to pu-. on o series of interesting and fijn Science Saturday sessions for yOLkng people in the first half of 2024. We plan to build on th& Success c>f ,)ui first open mic evening in the autumn of 2023, and to host a serigs of similar events in 2024. The next open mic ni9hl will be in Apiil 2024. W8 will continu8 to improvè tha f*ilities in th8 library and lo maintain th& building in 3 good slate of repair. Qur focus in 2024 is to ensure our Ibrary remains a vibrant hLb in the cenlre of our community providing informatiDn. servicas and enjoyable activities for local resident APPROVAL This rgport, 1vhh has been prepared ir accordanco with the Charties and Trustee Investrnenl (Scotland) Act Uub, was approved by the trustees on 9 May 2024 and signed on Iheir behalf by:
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDEO 31 DECEMBER 202 Ind•pondont Examlnerfs Report to the Trustees of Largo Llbrary and Communlty Hub I report on Ihe accounts of the charity for the year ended 31 Decpmber 2023, whlch are Set out ori p8ges 8 10 11 Respectlvè r8sponslbllltl•s of Trus16éS and Examlner Tho charity's trustees are responsible for the pr8paralion of the accounts in aOrdanCe wllh Ihe term$ of the Charities gnd Trustee Investment ISo)tlandl Act 2005 (he 2005 Act") and the Charities Accounts (Scotland) Regulations 2006 las amended) I'lhe 2006 Regul8tions'l. Thg t.ust8eg consider that Ihe audit requirement of Regulation (10)11)Idl of the 2006 Regulations does not apply. n is my respDnsibillty to examine the eccwnts under sectk)n {44)11)Ic} of Ihe 2005 Act ard lo state whether particular mètters have Gome lo my a,tention. Basls of Indepéndent Examlnerf$ Statement My examination is carrled out in 8cLordan¢e with R6gulation 11 01 Ihe 2006 Règulalions. An examlnallon inGlude5 a review of the accouniing .'ecords kept by the charity and a comparison ol the accounts presented with those records. 11 also includes COnSKlerallon of any unu3ual Items or disclosures in the accounts, and seeks explanationg from the trustees concerning any such matters. The proceduros undortaken do not provide all the evidence that would requlred in an audit, and consequently I do not express an Audit opinion on the view given by the accounts. Independent Examlnèrf$ Statement In connection with my examination. io matter carne lo my att8rtion'.- which givas mè reasonable cause lo believè that In 8ny m*8rial re3peGt, Ihs r9quirèff£nls to keep accounting records in acGudance with sectiory 44(1){a) of the 2005 A¢t and Regulalion 4 of Ihe 2006 Regulalions, and lo prepare accounts which aCGord with Ihg accountin J records and comply with Regulation g of the 2006 Regulations have not been fflet, or ?. to whiGh, in rny opinion, attertion should be drawn in order to enable a proper understanding of the accounts to be reached. Cunningham Grant CA G6 The Granary Buslness Centre Cupar KY15 5YQ qls
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 DECEMBEI 2023 Unrestricted Restricted Total Total Funds Funds 20S3 2022 Recèlpts Donations 1,948 1,135 1,948 1,12S 982 Grants 500 Book sales 172 172 45 Income from property Fund raising Trading income (Room hire) 4,21)0 1.006 4.2CO 1,0(6 1,1(6 9.567 3.000 605 1,106 9,567 600 5,732 Payments Fund raising Charitable activities 8a4 884 174 Books 270 97 Book Week Scotland 450 Cleaning and housekeeping Warm spac& expenses Healing arid lighting Insurance 1,207 31)2 1.2Q7 312 680 3,034 3.37 3.0gA 387 2.321 345 Li¢ences 5T2 572 341 Printing. postage and stationery Professional fees 162 322 182 Rent 425 394 Repairs and maintenance Telephone and internet T5 108 183 497 728 748 8.0)6 108 8,204 626 6.551 Purchase of fixed assets 626 8,722 108 8,830 6.551 Nel movement in funds 8$5 {108) 737 18191 Transfers between funds Surplu$l{Deflcltl for year 815 11081 737 18191 The Notes on pages 10 to 11 form an in'.egral part of these accounls.
STATEMENT OF BALANCES AS AT 31 DECEMBER 2023 Unraslrided Roslricle Total Total Funds Funds 2Q23 2022 Fund6 roeon¢lllatSon Balance as at 01 January 2023 Surplusl{Deficitl for year 6al8nce as at 31 December 2023 7,478 845 108 7,586 737 8,405 18191 7.586 (108) 8,323 8,323 Bank and cash Balances Cash al bank 8,323 8,323 7,586 Cash in hand 8,323 8,323 7.586 other assets Books 2,000 1.800 2.000 1,800 200 2.000 3.100 900 Fixtures, fittings and fumishings Computers. IT and AV equipment 200 4,000 4,000 6,000 Liabilitieslcontingent liablllties 384 384 430 The Notes on pages 10 10 11 form an integral part of thèse accounts. These accounts, which have been prepared in accordance with the Charities and TrLStee Investrnent (&otlandl Act 2005, were approvèd by the Iruslees on 9 May 2024 and slgned on their behaf by..
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ba$ls of preparatlon Th888 accounts have been prepa'ed on the receipts & paymsnls basis in accordance wf(h'. lal The Charities and Trustee Investment (Scollandl Act g005 Ibl The Charities Accounts (Scollandl Regulations 2006 las amended) There have been no chan9eS to the basis of preparation or to the previou3 year,? aG¢ounts. Fund accountlng {a} Unreslricled funds are those that can be expended al the discretion of the trustees in the lurtherance of the objects cf the charlty. {bl Restricted funds are those that may only ba used for spe¢ifi¢ purpos09. Reslrictons arise when specified by the donor, or when funds are raised for specific purposes. Icl The purposes of the funds are shown in Note 8. Taxatlon lal The charity is not liable to corporation tsx or capital gans tax on ils Charitable aclivits'8S. Ibl The charity is not registered for VAT, thus all costs aré shown inclusiv8 of VAT ckrged. Trustè& r•mun&ratlon and benefits lal No remuneration was paid lo trustees during the year )r in the previous year. {bl The charity's insurance pol cy includes trustee indemrily insurance cover for all ol ils trustees. Tru$t¢e expgn80$ No expenses were reimbursed to the trustees during the ye* or in the previous year. Transactlons wlth relatod partles Tlivr¥ were no transactions with r&lated parties during the year or in the previous year. 10-
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Movements In tunds Asat Asat 3111212022 Recapls Payments Transfers 3111212023 Unrestrlcted funds General fun¢J 7,478 9,JOT (8,T221 8,323 Restrfcted funds Fife Council 108 11081 1108} 108 Tot* funds 7,586 9,567 {8,830) 8,323 Purp)sè offunds General fund Unrestritted funds that can be eypended al the discretion of th8 trustéos in furtheraice of the objects of the charity. Grant fLnding from Fife Council tLiwards the cost of tree prbnlng and garden project. Fife Council 11