Revival F@rnlowshii North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022 Charity no. 1020984
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Contents
Contents
| Legal and administrative information | 2 |
|---|---|
| Trustees’ annual report | 3 |
| Independent examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
Registered charity no. 1020984
1
Legal and administrative information
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Legal and administrative information
Charity name North London Revival Bookshop Charity registration no. 1020984 (England & Wales) Registered office 73 Drummond Drive Stanmore HA7 3PH Trustees Mr M Polhill (Chair – resigned 11 October 2022) Mr M Gladdish Mrs L Polhill appointed 11 October 2022 Mr W Sharrock Independent examiner Andy Nash Accounting & Consultancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU Principal bankers Barclays Bank PLC 1 Churchill Place London E14 5HP
Registered charity no 1020984
2
Trustees’ annual report
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Trustees’ annual report
The Board of Trustees submit their annual report and the financial statements of North London Revival Bookshop for the year ended 31 March 2022. The Board of Trustees confirms that the annual report and financial statements of the Charity comply with current statutory requirements, including the Charity Act 2011, as well as the requirements of the Charity's governing document and the provisions of the ‘Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
Objects
The objects of the Charity are set out in the Charity’s trust deed and are to advance the Christian religion particularly by the publication of books, pamphlets and leaflets. The objects also include the ability to establish, assist and support charitable organisations and activities for the promotion of Christian missionary education and evangelical work.
Activities
North London Revival Bookshop was set up for the furtherance of the Bible-directed gospel through the sale of Bibles, gifts and Christian literature.
We promote Christian values and teachings through regular meetings at the hall; monthly street outreaches where we establish links with the local community; dinner evenings and concerts which we make freely available to members of the public; planned outings, walks and cultural events to promote fellowship and a sense of social commitment and responsibility.
Clear Bible teaching is a foundation of the Charity combined with a practical application of these teachings in the lives of members of the fellowship and their families. We use our resources, both financial and practical, to introduce these opportunities to people in the surrounding community. Commitment to the Charity is voluntary, and service is seen as a ‘free will offering’.
The Charity will sometimes, however, cover the expenses of members where those expenses are directly related to the work of the Charity.
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In Jesus’ miraculous birth, his life, his death and resurrection.
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In the need to repent, be baptised and receive the Holy Spirit.
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We are baptised into the body of Christ (the Church) through the Holy Spirit, with the Bible evidence of speaking in tongues.
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In the miraculous gifts of the Holy Spirit in the Church.
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In prayer for the sick and healing by the power of God.
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The historical fulfilment of prophecy confirms God’s plan and purpose for the Church, nations and individuals.
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The soon return of Jesus Christ.
A more complete version of this doctrinal basis of belief is found within the Declaration of Trust dated 28 March 1993.
Throughout the process of determining these activities, the Trustees confirm that they have complied with their duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.
Achievements and performance for 2021-2022
The Coronavirus pandemic was still very much with us in 2021 and so whilst we were able to return to our hall with restrictions, many of our activities were switched to online at times Our core purpose of preaching the gospel of Jesus Christ continued in whatever way was available to us. We were still able to share the Bible message of salvation. We continued to strengthen our links with our other international fellowships and be a positive presence in out local community.
We improved the décor and installed a ventilation system.
We were able to renew our lease for the hall, the centre of our meetings and activities, until June 2029. We paid all rent that had not been invoiced for during lease negotiations covering from June 2019 until December 2021.
Plans for the future
As the pandemic restrictions ease, we continue many of our activities in our hall. Following the completion of the lease we can now carry out some repairs and improvements. Our maintenance and development plans include replacing the remainder of the roof, repairing some windows, improving the toilets and heating.
The Charity also helps run large scale conventions and ‘camps’ which are nationally organised and coordinated with other affiliated fellowships that fall under the umbrella organisation of Revival Fellowship International.
All activities are carried out in line with the doctrinal basis of the organisation which states that as a community the attendees believe:
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Jesus Christ is the Son of God.
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The Bible is the true and inspired Word of God.
Registered charity no. 1020984
3
Trustees’ annual report
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Financial Review
During the current financial year, the Charity achieved a surplus of £2,254 (2021: £12,392), increasing total reserves at year end to £201,014 (2021: £198,760).
All reserves held at year end (£201,014) were unrestricted in nature (2021: £198,761).
Reserves policy
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately one year of rent and ongoing expenses. This is estimated to be £25,000 for 2021-2022, increasing to £30,000 over the next five years to allow for the staggered increase in rent. This should exclude expenditure on camps, conferences and other retreats as these events aim to be generally self-funded. It will also ensure that support and governance costs are covered.
The balance held as unrestricted funds at 31 March 2022 was £201,014 all of which is regarded as free reserves. The current level of reserves is therefore higher than is needed. The trustees expect to reduce the unrestricted funds following the signing of the new lease. Repairs / replacements to the roof and windows and general refurbishment and maintenance will be undertaken as soon as practicable after the new agreement is finalised.
Structure, Governance and Management
Governing document
A Declaration of Trust was completed on 28 March 1993 and updated on 18 February 1997 to take account of the changes in accounting and scrutiny requirements for charities, enabling the Charity to have an independent examination as opposed to a full statutory audit.
Recruitment and appointment of Trustees
Trustees are elected onto the Board through nomination by the current Trustee Board. New Trustees are provided with an induction by the current members.
Under the Declaration of Trust, the number of Trustees shall not be less than three nor more than ten. A quorum is formed when one half of the Trustees are present or three, whichever is the greater number. All decisions are made by the Trustees.
Use of volunteers
All activities and roles within the Charity are filled by volunteers and there are no paid members although, as mentioned above some expenses are occasionally covered.
Principal risks and how they are managed
The principal risks as identified by the Trustees are:
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High impact event such as a fire or accident happens on site A fire drill is carried out regularly and there are appointed fire wardens and first aiders on site. Fire extinguishers are regularly checked, replaced and certified; and,
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A break-in occurs causing financial loss to the Charity There is a full intruder alarm and CCTV fitted and monitored 24/7 on the premises. During meetings there are people ‘on the door’ at all times to ensure a limited amount of security and awareness of the members and any property on site.
Statement of Board of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the excess of income over expenditure for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and,
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that the content of the annual review in pages 3-5 of this document as well as the legal and administrative information on page 2, meet the requirements of the Trustees’ Annual Report under charity law.
They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities
Registered charity no 1020984
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Trustees’ annual report
North London Revival Bookshop
Annual report and financial statements Year ended 31 March 2022
preparing their accounts in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
This report was approved and authorised for issue by the Board of Trustees on 30 January 2023 and signed on its behalf by:
Martin Gladdish
Trustee
Registered charity no. 1020984
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Independent examiner’s report
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Independent examiner’s report to the Board of Trustees of North London Revival Bookshop
I report to the Trustees on my examination of the accounts of North London Revival Bookshop (Charity number 1020984) for the year ended 31 March 2022 set out on pages 7 to 15.
Respective responsibilities of trustees and examiner
The Charity's Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Charities Act). The Charity’s Trustees consider that an audit is not required for this year under section 144 of the Charities Act and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act;
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to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and,
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to state whether particular matters have come to my attention.
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
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.
This report, including my statement, has been prepared for and only for the Charity’s Trustees as a body. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters.
Andrew Philip Nash ACA
Member of the Institute of Chartered Accountants in England and Wales – 2461833
Dated: 30 January 2023
Andy Nash Accounting & Consultancy Ltd
Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Registered charity no 1020984
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North London Revival Bookshop
Balance sheet
Annual report and financial statements Year ended 31 March 2022
Statement of Financial Activities
For the year ended 31 March 2022
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Unrestricted Restricted Total Total
Funds Funds Funds Funds
Year ended Year ended Year ended Year ended
31 Mar 2022 31 Mar 2022 31 Mar 2022 31 Mar 2021
Notes £ £ £ £
Income from:
Donations and legacies 3 49,697 - 49,697 34,270
Investments 1 - 1 7
Total income 49,698 - 49,698 34,277
Expenditure on:
Charitable activities 4 47,444 - 47,444 21,885
Total expenditure 47,444 - 47,444 21,885
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Net income/(expenditure) 2,254 2,254 12,392
Reconciliation of funds:
Balance brought forward 7 198,760 - 198,760 186,368
Balance carried forward 7 201,014 - 201,014 198,760
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*Income from investments was unrestricted in both the current and prior financial year
The notes on pages 9 to 15 form part of the financial statements.
Registered charity no. 1020984
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Statement of financial activities
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Balance Sheet
As at 31 March 2022
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Total Total
Funds Funds
31 Mar 2022 31 Mar 2021
Notes £ £ £ £
Current assets:
Debtors 5 521 1,788
Cash at bank and in hand 201,303 222,731
Total current assets 201,824 224,520
Creditors - amounts falling due
within one year 6 (810) (25,760)
Net current assets 201,014 198,760
Net assets 201,014 198,760
Funds of the charity:
Unrestricted funds
General funds 7 & 8 201,014 198,760
201,014 198,760
Total funds of the charity 201,014 198,760
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The notes on pages 9 to 15 form part of the financial statements.
These financial statements were approved and authorised for issue by the Board of Trustees on 30 January 2023 and signed on their behalf by:
Martin Gladdish
Trustee
Registered charity no 1020984
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Notes to the financial statements
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Notes to the financial statements
1. Accounting policies
Basis of preparation of the financial statements
The financial statements have been prepared in accordance with ‘Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The effect of any event relating to the period ended 31 March 2022, which occurred before the date of approval of the financial statements by the Board of Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 March 2022 and the results for the year ended on that date.
The functional currency of the Charity is sterling.
The amounts in the financial statements are rounded to the nearest pound.
Under the exemption available to smaller charities the Board of Trustees has chosen not to include a Statement of Cash Flows within the financial statements.
Going concern
The financial statements have been prepared on the going concern basis as the Board of Trustees is confident that future reserves and future income is more than sufficient to meet current commitments. There are no material uncertainties that impact this assessment and the ongoing COVID-19 pandemic has no material impact on this assessment.
Legal status
North London Revival Bookshop is a charitable trust registered in England and Wales and meets the definition of a public benefit entity. In the event of the Charity being wound up, the Trustees of the Charity hold no liability. The registered address is 73 Drummond Drive, Stanmore, HA7 3PH.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund, where applicable, is set out in note 7 of the financial statements – there are currently no restricted funds within the Charity.
Income
Income is recognised when the Charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable. Income from individuals relating to camps and similar activities are treated as donations as the Trustees allow discretion on the amount received dependent on the financial ability of the individuals attending.
Income from charitable activities is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future period or event, in which case it is deferred.
Expenditure and irrecoverable VAT
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.
Indirect costs, including governance costs, which cannot be directly attributed to activities, are allocated directly to charitable activities as any fundraising costs are immaterial. A breakdown of these expenses is outlined in note 4 of the financial statements.
Irrecoverable VAT is charged against the category of expenditure for which it was incurred.
Tangible fixed assets and depreciation
Fixed assets related to the freehold land (excluding investments) are stated at cost and capitalised when the cost exceeds £500. Smaller items of equipment are written off to the Statement of Financial Activities in the year of purchase.
Depreciation is provided for at a rate to ensure the items are written down over their useful economic life as follows:
Leasehold improvements Life of lease
Cash at bank and in hand
Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but are not held for investment purposes.
Debtors and prepayments
Trade and other debtors are recognised at the settlement amount after any trade discount is applied. Prepayments are valued at the amount prepaid net of any trade discounts due.
Registered charity no. 1020984
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Notes to the financial statements
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
Creditors and accruals
Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.
Critical estimates and judgements
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The treatment of tangible fixed assets is sensitive to changes in useful economic lives and residual values of assets. These are reassessed annually.
Financial instruments
Basic financial instruments are measured at amortised cost other than investments which are measured at fair value.
In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
2. Comparative statement of financial activities
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Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Mar 2021 31 Mar 2021 31 Mar 2021
Notes £ £ £
Income from:
Donations and legacies 3 34,270 - 34,270
Investments 7 - 7
Total income 34,277 - 34,277
Expenditure on:
Charitable activities 4 21,885 - 21,885
Total expenditure 21,885 - 21,885
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Net income/(expenditure) 12,392 12,392
Reconciliation of funds:
Balance brought forward 7 186,368 - 186,368
Balance carried forward 7 198,760 - 198,760
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Registered charity no 1020984
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Notes to the financial statements
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
3. Income from donations and legacies
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Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Mar 2022 31 Mar 2022 31 Mar 2022
£ £ £
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Donations including contributions towards camps 49,697 49,697
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49,697 49,697
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Mar 2021 31 Mar 2021 31 Mar 2021
£ £ £
-
Donations including contributions towards camps 34,270 34,270
34,270 - 34,270
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Registered charity no. 1020984
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Notes to the financial statements
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
4. Expenditure on charitable activities
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Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Mar 2022 31 Mar 2022 31 Mar 2022
£ £ £
-
Camps and social functions 10,834 10,834
Premises 29,940 - 29,940
Other direct costs 1,399 - 1,399
Administrative costs 3,848 - 3,848
Governance costs 1,423 - 1,423
47,444 - 47,444
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Mar 2021 31 Mar 2021 31 Mar 2021
£ £ £
Camps and social functions 242 - 242
Premises 18,722 - 18,722
Other direct costs 380 - 380
Administrative costs 1,504 - 1,504
Governance costs 1,037 - 1,037
21,885 - 21,885
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Governance costs includes:
Total Total
Funds Funds
Year ended Year ended
31 Mar 2022 31 Mar 2021
£ £
Independent examination 810 810
Insurance 613 227
1,423 1,037
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Registered charity no 1020984
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Notes to the financial statements
Annual report and financial statements Year ended 31 March 2022
North London Revival Bookshop
5. Debtors
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Total Total
Funds Funds
31 Mar 2022 31 Mar 2021
£ £
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Loans to community members 1,700
Prepayments 521 88
521 1,788
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6. Creditors – amounts falling due within one year
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Total Total
Funds Funds
31 Mar 2022 31 Mar 2021
£ £
Accruals 810 25,760
810 25,760
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Registered charity no. 1020984
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Notes to the financial statements
North London Revival Bookshop Annual report and financial statements Year ended 31 March 2022
7. Analysis of charity funds
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Balance Income Amounts Transfer Balance
brought received expended between carried
forward in year in year funds forward
Year ended Year ended Year ended Year ended Year ended
31 Mar 2022 31 Mar 2022 31 Mar 2022 31 Mar 2022 31 Mar 2022
£ £ £ £ £
Unrestricted funds
General funds 198,760 49,698 (47,444) - 201,014
Total funds 198,760 49,698 (47,444) - 201,014
Balance Income Amounts Transfer Balance
brought received expended between carried
forward in year in year funds forward
Year ended Year ended Year ended Year ended Year ended
31 Mar 2021 31 Mar 2021 31 Mar 2021 31 Mar 2021 31 Mar 2021
£ £ £ £ £
Unrestricted funds
General funds 186,368 34,277 (21,885) - 198,760
Total funds 186,368 34,277 (21,885) - 198,760
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8. Analysis of net assets
| Unrestricted Funds 31 Mar 2022 £ Current assets 201,824 Current liabilities (810) |
Unrestricted Funds 31 Mar 2022 £ Current assets 201,824 Current liabilities (810) |
Restricted Total Funds Funds 31 Mar 2022 31 Mar 2022 £ £ - 201,824 - (810) |
Restricted Total Funds Funds 31 Mar 2022 31 Mar 2022 £ £ - 201,824 - (810) |
|---|---|---|---|
| 201,014 | - | 201,014 | |
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| _31 Mar 2021 _ | 31 Mar 2021 31 Mar 2021 | ||
| £ | £ | £ | |
| Current assets | 224,520 | - | 224,520 |
| Current liabilities | (25,760) | - | (25,760) |
| 198,760 | - | 198,760 | |
Registered charity no 1020984
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Notes to the financial statements
Annual report and financial statements Year ended 31 March 2022
North London Revival Bookshop
9. Other financial commitments
At 31 March 2022, the Charity had future minimum lease payments under non-cancellable leases (all for land and buildings) as set out below:
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Total Total
lease lease
payments payments
31 Mar 2022 31 Mar 2021
£ £
Due within one year 19,375 17,500
Due within two to five years 25,000 44,375
44,375 61,875
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10. Trustee remuneration
During the year, no Trustee received any remuneration (2021: £NIL). No members of the Board of Trustees received
reimbursement of expenses related to attendance at Trustee meetings (2021: £NIL).
11. Related party transactions
There were no transactions with related parties during the year (2020: £Nil).
Total unrestricted donations from Trustees amounted to £8,280 (2021: £7,200).
Registered charity no. 1020984
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