MANCHESTER LIBRARY OF THINGS CIC

Company limited by guarantee

Company Registration Number:
13356470 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 1 May 2023

End date: 30 April 2024

MANCHESTER LIBRARY OF THINGS CIC

Contents of the Financial Statements

for the Period Ended 30 April 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

MANCHESTER LIBRARY OF THINGS CIC

Directors' report period ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Principal activities of the company

Annual Report (1 May 2023 - 30 April 2024) The Manchester Library of things was officially incorporated on 25/4/21 after a community group got together at the end of November 2020 to discuss the idea of setting up a Library of Things in Manchester (Levenshulme). This is our third accounting year. The project is being organized by 4 directors and has been supported by a number of other volunteers. We have no paid employees. The LoT has not yet opened for business and we are currently setting the Library up and intend to be open before the end of 2024. Highlights of 2023-2024 A very important part of getting the Library of Things off the ground was to secure a shipping container to house the “things” in early April 2023. Soon after we set about making the container useful (getting flooring and shelving) and then embarked on a mission to get donations from the public of “things” to stock the library. Following a communications drive we managed to secure over 250 “things” to stock the library - this was a huge community contribution and we are incredibly grateful for all the support of the community. In October 2023, we launched a crowdfunder which was very successful both at raising cash (we raised £6622 in total) and also raising awareness of the project. In the background, the directors continued to meet regularly to iron out some of the procedural aspects of the library before the LOT would open up and work continued on documents such as the terms and conditions and privacy policy. A big development for the LOT was to take on the running of the repair cafe once a month from Levenshulme Old Library (from September 2023). The repair cafe and library of things are community projects that fit very well together and share the ethos of helping the planet by avoiding waste. One of our volunteers, Sam, went on a PAT testing course in order to maintain the “things” the LOT loans out and has carried out a number of PAT tests on items to get them ready to loan. The LOT also received its second neighborhood investment fund grant from Manchester City Council (£1144) in order to buy planters, and get electricity to the shipping container so we can see what we’re doing in the dark months! Current plans We are so very close to getting the library up and running - we have the funds, the space and donations. The next steps now are to list all the items on to the lending website (Lend Engine) and have some more PAT testing / cleaning and sorting days. We intend to be open in the summer of 2024.

Additional information

inancial Report Grant funding and donations continue to be the main income for the LOT while the project is in the development stage. This year the LOT received a grant from Manchester City Council alongside over £6000 from a crowdfunder and a donation of £2500 form another similar organisation with surplus funds. Since buying the shipping container, spending has been largely on “things” to stock the library and organisational spending such as insurance and IT systems. In respect of assets there has been a large increase in the value of the assets the library holds. In the previous year the main asset was the shipping container which cost just under £5000. This year we had included the “things” either donated or bought for the LOT. Where these are bought new the price paid has been used to calculate the value. where the items are second hand an average second hand price has been used (using figures from the likes of ebay). Directors Remuneration No remuneration was received Transfer of assets other than for full consideration No transfer of assets made.



Directors

The directors shown below have held office during the whole of the period from
1 May 2023 to 30 April 2024

Maria Houlihan
Laura Deane
Christine Felton
Alice Collingwood


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
10 October 2024

And signed on behalf of the board by:
Name: Christine Felton
Status: Director

MANCHESTER LIBRARY OF THINGS CIC

Balance sheet

As at 30 April 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 13,553 4,992
Total fixed assets: 13,553 4,992
Current assets
Stocks:   0 0
Debtors:   0 0
Cash at bank and in hand: 8,872 4,863
Investments:   0 0
Total current assets: 8,872 4,863
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year:   0 0
Net current assets (liabilities): 8,872 4,863
Total assets less current liabilities: 22,425 9,855
Creditors: amounts falling due after more than one year: 4 ( 167 ) ( 1,833 )
Provision for liabilities: 0 0
Accruals and deferred income: 0 ( 527 )
Total net assets (liabilities): 22,258 7,495
Members' funds
Profit and loss account: 22,258 7,495
Total members' funds: 22,258 7,495

The notes form part of these financial statements

MANCHESTER LIBRARY OF THINGS CIC

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 10 October 2024
and signed on behalf of the board by:

Name: Christine Felton
Status: Director

The notes form part of these financial statements

MANCHESTER LIBRARY OF THINGS CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover Policy Turnover Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenues from grants, donation and membership income. Grant income Grant Income received during the financial year is recognized at the date of receipt. Unspent grant income at the end of the financial year is treated as deferred income. Donations Donations received during the financial year are recognized at the date of receipt. Membership Income Membership Income received during the financial year is recognized at the date of receipt.

    Tangible fixed assets depreciation policy

    Tangible fixed assets depreciation policy Tangible fixed assets are measured at a cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures and Fittings - straight line Computer Equipment - straight line Property and Stock- straight line

    Other accounting policies

    Other accounting policies Taxation income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from the surplus as reported in the income and expenditure account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in the income and expenditure account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts. Trade and other creditors Short terra creditors arc measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently amortized cost using the effective interest method.

MANCHESTER LIBRARY OF THINGS CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

MANCHESTER LIBRARY OF THINGS CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2023 0 0 4,992 4,992
Additions 8,120 790 8,910
Disposals
Revaluations
Transfers
At 30 April 2024 8,120 790 4,992 13,902
Depreciation
At 1 May 2023 0 0
Charge for year 349 349
On disposals
Other adjustments
At 30 April 2024 349 349
Net book value
At 30 April 2024 8,120 790 4,643 13,553
At 30 April 2023 0 0 4,992 4,992

We have included property and stock the library "things" that get loaned as plant and machinery.

MANCHESTER LIBRARY OF THINGS CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 167 1,833
Total 167 1,833

COMMUNITY INTEREST ANNUAL REPORT

MANCHESTER LIBRARY OF THINGS CIC

Company Number: 13356470 (England and Wales)

Year Ending: 30 April 2024

Company activities and impact

We are in the process of setting up a Library of Things to help the community access the "things" they need to live their lives, save money and also help the environment. This year we have again been focused on getting the library ready for lending. The community has been a huge part of this process and has supported the LOT through donations of "things", time (to help with sorting, cleaning, gardening and testing) and also financially via a crowdfunder. The LOT will open in the next financial year (summer 2024)

Consultation with stakeholders

We've been running a survey since the idea of the LOT formed and have regularly reviewed these results. While we are in the planning stage of the LOT the survey results are integral to meeting the needs of the community. For exampl, we have asked people what days and times woudl be best to open and what items they want the LOT to stock.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
10 October 2024

And signed on behalf of the board by:
Name: Maria Houlihan
Status: Director