REGISTERED CHARITY NUMBER: 1039484 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR BOOK AID Berringers LLP Lygon Hou 50 London Road Brornley Kent BRI 3RA
BOOK AID CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 Deeember 2023 Page Reference and admfinistrative details Report of the trnstees 2 to 4 Independent examlner's report Statement of flnancial aetivitles Balance sheet Note5 to the flnancial Jtatements 8 to 13
BOOK AID REFERENCE AND ADMINISTRATIVE DETAILS ror the year ended 31 December 2023 TRUSTEES A Quinney R Bradshaw Mrs S Bonwick Dr P Bellingham A Paddock PRINCIPAL ADDRESS BTomley House Kangley Bridge Road Sydenham London SE26 5AQ REGISTERED CHARITY NUMBER 1039484 INDEPENDENT EXAMINER Berringers LLP Lygon House 50 London Road Brornley Kent BRI 3RA Page I
BOOK AID REPORT OF THE TRUSTEES ror the year ended 31 Dttember 2023 The trustees present their report with the fllthncial statements of the cbarity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recomtnend¢d PtIre applicable to charities prepariJ)g their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of treland (FRS 102) (effectiv¢ l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims As stated in the Declaration of Trust, the objectives of the charity are the advancenent of th¢ Christian religion, the advancement for the public benefit of religious or other education and the reli¢f of the agel poor, sick or disabled. Book Aid's main work is to send second hand and some new book5 to overseas C11311an Bookshops to help them keep a Christian prcscnce in their countries and to allow the advancement of thc Christian faith by selling books at locally affordablc prices. This helps to make b(Joks available more widely and io advance the Chrigtian religion. Contacts have been established overseas by the Trustees over many years for the books to be sent out and distribut¢d to Christian Bookshops in a number of countries. Currently the majority of partners are in Africa. Book Aid also meets its aims and objectives by selling books in the UK through its bookshops and online using the same pi'inciple that they are sold at locally affordable prices. Significant actlvities In 2023 th¢rc were four main centres operating throughout the United Kingdom: in London, Ranskill (Notts), Bamard Castle and Northern Ireland. In these centres books arc buld in second-hand bookshops and on-line to aid general expenses and shipping costs as well ag meeting the Charity's pUoseS in the UK. There are 3 warehouses - in London, Ranskill (Notts) and Templepatrick, Nl. A network of local and regiona] volunteer collectors nationwide act5 as links between donors and the Trust. Public benefit Tbe Trustees have had regard to the Charity Commission guidance on public benefit and consider that the objectives, alms and achievements of th¢ charity described in the report enable it meet its duty to the Charity Commission as per Sectton 17 of the Charities Act 201 l and to th¢ benefit of the public. Volunteers The work of the Charity would not be possible without the %upport of dedicated and committed volunteers. Volunteers in the UK provide the backbone to the work by acting as collection points for donated books across the UK, or drivers who bring books into Book Aid warehouses, or those who sort the books in-house and thosc who the Barnard Castle and Northern Ireland bases entirely on a voluntary basis. Their contribution to the work is outstanding and invaluable. Others commit to fmancially supporting the work of th¢ Trust and praying for it. ACHIEVEMENT AND PERFORMANCE Charltable activities An ever-increasing iiumber of UK ChTiStian bookshops are Glosing down, and Book Aid has been grateful to continue to receive some of thcir closing stock and b(K)kshelves to re-use for its programme. Book Aid is approached gUlarlY to assist in these situations. Another incruasing source of books continues to be the libraries of retiring or deceased ministers. There is a eat demand from the public for ways to recycle their Christian books and Bibles and the Charity helps meets that demand from the public. Many donors are deeply gratefiEI at having found a way to recycle good quality books that would otherwise have been thrown away. Every week tons of book donations are reGeived by the Charity. As a result uf these donations in the UK the Charity is able to help needs acTOSS the world, and in the UK as well, by providing good quality Christian books and Bibles at locally affordable pri¢e5. During late 2022r2023 Book Aid was able to dispatch 4 shipping Containers thll of selected and suitable books to partners in Kenya, India and Ghana. Bi>oks shipped out are in the fonn of direct grdnts or donations, plus free shipment, worth £6,000 for the year. In addition to these large donations of books Book Aid has pioneered new ways of engaging with partheT5 in Nigeria and Kenya. Theology books have been selected from Book Aid's Northern Ireland b&se and shipped by the pallet in co-ordinatÉon with 2 other Charities. The Trustees are grate1 to supporters and donors in the United Kingdom for Éheir continued identification with the Trust, which helps fillfil the pUoseS of Book Aid Charitabl¢ TNst. Page 2
BOOK AID REPORT OF THE TRUSTEES for the yegr ended 31 December 2023 FINANCIAL REVIEW Finaneial position The fmancial statements show a deficit of £62,589, The total net a&gets of the Trust now stand at £1,265,638 compared to £1,328,277 in 2022. The total net assets are based on valuations as at 2016. During 2023 it became evident that the income of the Iwst was decreasing significantly. Donations in the year had derreased from the previous year, the withdrawal of all government covtD grants left a big hol¢ in the fmances and the increasing costs of energy and wages was taking a big toll on the Chgritys cashflow. Whilst the Charity w35 not in doubt as to its ability to continue as a going concern because of the capital position, the downturn in cashflow was serious and prompted an urgent focus on the ChaTity's ability to stabilise fmalleially. Reserves policy and loan The Trust holds reserves as shown in the fmancial statements for the purpose of fulfilling the objectives of the Trust, and tlie Trustees have discretion as to the value to be retained. The Trustees Iwf reviewed the reserves policy during 2022 and revised the amount of the rcscrves up to £50,000, considering that this a more appropriate level taking into account the period of rapidly rising costs. During 2023 the Trnstees had Lo make serious decisions about the Charity's financial position, and this included approving the use of the Charity's reserves to restructure the UK work. The reserves were needed to start implementing the restructure. FUTURE PLANS In 2024 the sale of the Ranskill property did not proceed to completion and a new buyer was sOUt. A new buyer wanted only the shop and not the warehouse, so a decision was made to split the property and retain the warehouse. That sale coinpleted in the second half of the year with the approval of the Charity's Surveyor. The completion released the necessary limds for Book Aid to restore the cashflow for the immLJiate future. The fwst half ot"2024 was focussed on moving out of the Ranskill shop and transferring stock to Swindon while books continued to be donated from all over the UK. This rcquired a lot of effort and energy from the staff team and oth¢r voluntsers who rallied to assist. The containcr .8hipments were only able to resume in the second half of the year when staff were abl¢ to refocus efforts towards shipments, Requests for academic libraries increased in 2024 and a partnership with a mid-Asian county was developed with a view to shipping 10,000 theological library standard books for a university campus. This project was sponsored by a team of aciidemics and theological librarians in the UK and USA. With the expertise of one of Book Aid's tnistee5 this work is being carried out ready for intended shipping in 2024. Maintaining the Chai'ity's airns and objectives throughout the restrucluying process has been the focus of 2024. While fimds decreased steadily and rapidly during the year the completion of the sale of the Ran5kill property wa$ successful. There is ne¢d for much careful decision-making in the m<)nths ahead to avert a similar cashflow crisis. Looking ahead the Charity will be making inajor efforts to recover the online sales. The Charity h&s much donated stock of go¢)d quality that needs to be sorted and distributed to continue to fulfil its charitable purposes. The Charity continues to have good established relationships with a number of overse&s partners and works to maintain those relationships. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument Th¢ Charity is Lontrolled by its governing documenL a deed of tst and constitutes an unincorporated charity. Recruitment and appointment of new trustees Continued consideration is given at Truste¢s Meetings to the appointment of new Trustees. The Trust seeks to appoint new trustees who are knoNvn to the Charity and who understand and accept the vision of the founders. The latest trugtee appointment was in 2022 to bring incr¢a5ed financial oversight to the Board. Organisational structure The trustees have legal responsibility for the Charity. They have appointed a Director, Mrs Clwistine Pulsford a fornier solicitor to manage the Charity. The Trust currendy ernploys 13 members of staff (6.8 FTE). These include an Operations Director, a Warehouse Manager and tealn in London, Online Sales t¢am, a Finance Manager and accounts t¢am. and a PA to the Director. The work is supported by a large team of volunteers. Key management remuneration No member of staff received remuneratÈon in excess of £60,000. Page 3
BOOK AID REPORT OF THE TRUSTEES for the year ended 31 Deeember 2023 REVIEW OF 2023 OVERSEAS WORK The charity w&s able to ship 4 containers between the very end of 2022 and 2023. One of these was a rellewal of an old parthership with a partner in tndia. A lot of difficulties have been ¢n¢ountered with this partn¢r who received the books Suppli but no funds have been transfeed to Book Aid still from this shipment. Partners in Africa are stsuggling fmaucially as well so it is very good news that approx. 400,000 books were able to be shipped during 2023. tn addition to the container sbipmeiits a new arrangement has developed through Book Aid's Northern treland base enabling shipment of pallets of specially sel¢cted books for academic Chrtstian bookshops in Nigeria and Kenya. Thig relationship continues to develop and is beneficial to the Northern freland part of Book Aid's operation. Books are leaving for Africa directly from Nortlwll eland now in smaller quantities than by the container load This porticularly suits the Charity's operation in Northern Ireland. Many requests for book3 continue to be rrfeived although fimding for this is very often a cballenge. REFURBISHMENT OF THE BARNARD CASTLE BOOKSHOP Serious refvrbishrnent of the Barnard Castl¢ Bookshop w&8 necess&ry at the begiDlling of the year due to the poor condition of the building. Negotiations with the landlord resulted in the leaks being repaired and th¢ property being upgraded And refurbished to a much better standard. A new kit¢hene(te and staff facilities were installe¢ and the shelving I flooring refreshed and renewed. This was a good opportunity to encourage and build up the volunte¢r t¢am who sell books to raise funds for the ministy of Book Aid. The team has expanded during the yvdr which is ex¢¢llenL STAFFtNG AND BOOKSALES Book Aid continues to staff the Charity with a majority of part- time staff. The main member of Stsff involved in onlime sales w&5 on Maternity leave during 2023 which involved reorganising the staffing in Rallskill and talang on new staff to assist. The (kclin¢ in online sales througb the year was in part due to the loss of expertise and also due to Ihe use of an electronic repricing tool which coincided with the ebange in staff roles. By the mi&point in the year it was clear that footfall was decreasing in the bookshops in Ranskill and London and that thc online sat¢s were not recovering sufficiently. URCENT ACTEON AND RESTRUCTURF PLANS Trustees contimued to monitor the downturn and the cashfiow through the fwst 6 nonths of th¢ ye. Advl¢e Nvas sought from a number of other bodies/¢xpert$ about how to respond to the situation by using grants or ieleasing funds from the Capit in prop¢rty owned by the Charity. It was agreed that one of the Charitys properties would need to be sold alld the work consolidated i one warehouse to save overheads and slaifingy costs as well as rele&8ing essential cash to ontinue the Charity's aijns. Notice of redundancy was given t() the staff at Ranskill and the shop was closed in Nov 2023. The propety was nwketed for sale and a sale was agreed, Work started to ¢mpty the premises, and the Clwity was offered, free of charge, a barn near SwindoD to store the many pallets of books from the Ranskill Bookshop. Online sales were nIntaI]led as best as the Charitv could with the remaining staff for as long &8 was possible. App¢0Vby orde¥of the boardof tswtt¢soD... ..... .. . . ...... ,. . on its kbalfty. Page 4
INDEPENJ)EiYf EXAMINLR'S REPORT TO ThE TRUSTEES OF BOOK AID Ind¢pendeMt 0x2w1ne5 report to the trustees of Book Ald I report to the charity tru5Èe¢s on my examination of the accounts of Book Aid (the TNst) for the year ¢aded 31 Decerabcr 2023. ResponsAbilitie5 and basis of report As the cbarity trustees of the Trust you are reswrA8iblo for the PTeparatiOll of the aLxouDts ill accordanG¢ wftth the requiremeDts oftbe Charities Act 2011 (tbe Ac. I report In respect of my examinatAon of the Tn]st's accounts carriqd out Utmjer Section 145 of the Act and in canyiDg out my ¢xamination I have followed all appli*1¢ DireGtiolls given by tkn Charity ConuDission under Section 145(5Xi)) of theA tnd¢pendent uamlneV$ statsment Sitice your charity's 09 incume exceeded £250.000 your examiner rnust b¢ a rnefflber of a listed body. I can eonfll that l am qU]fied to llnd¢rtak¢ the examimatian b¢cau8e I am a m¢mber of the tnstit¢rf¢ of Cbartered Ac¢owthnts in England aDd Walea, whioh is one of the listed bodies. I have MPleted my exwnination. I confmn that no Materi conw to my attentlDn In cotméction wttb the examinakn giving m¢ cause to believe that in any m&t¢rial rgspect: aGGounting records woro not kept In respect of the as requred by Section130 of th¢ Act; or the acCOts do not aecord with those records. or the accounts do not comply with the app]IbIe requirements concttning Ihe fomi and content of accouTts set out in the Charities (Accounts and Reports) Rcgulations 2008 other than aty requir¢ment that the attouats glv¢ a ljuq and fair vi¢w which is not a mattcr considercd as part of an IDdepthd¢nt examinatioll. I have no concems and have Come acm.88 no olber mafl¢rs in ¢ornoction wlth the examination to which attsution should b¢ drawn in thisIcport in order to able a proper undorstandiog of the aKounts to be reach. Paul Allan Bs(sC PCA The Instituts of Chartered Accountants in England and Wales B¢ningcrs LLI Lygon Howc 50 London Road Brom]ey BKI 3RA 8 Odobor 2V24 Page 5
BOOK AID STATEMENT OF FINANCIAL ACTivrrLES for the year ended 31 Deeember 2023 2023 Total funds 2022 Tota] funds Unrestricted fimd Restricted funds Notss INCOME AND ENDOWMENTS FROM Donations and legacies 37,727 26,655 64,382 56,760 Sale of books Rent & lliterest received 170,112 4&174 170.112 48,174 188,823 46,996 Total 256,013 26,655 282,068 292,579 EXPENDITURE ON Ch8ritable aetivities Sale of books Online sales costs 221,628 22,738 26,655 24&283 22,738 230,500 25,931 Other 74336 74,236 61,609 Total 318,602 26,655 345,257 318,040 NET INcOME1(EXPENDuRE) (62J89) (62,589) (25,461) RECONCILIATION OF FUNDS Total funds brought forward 1,328,227 1,328227 1,353,688 TOTAL FUIYDS CARRIED FORWARD 1,265,638 1,265,638 1,328,227 The notes fonn part of these fmancial statements Page 6
BOOK AID BALANCE SHEET 31 Deeember 2023 2023 Total fuDdJ 2022 Total fimds Unr¢stricted fund Restricted fimds Notes FIXED ASSETS TaDgible assets io 1205,770 1205,770 1,205.762 CURRENT ASSETS Debtors Cash at bank and in hand 14329 5&900 14a29 55,900 14,577 125,648 70,229 70,229 140225 CREDITORS Amoi]nts falling due within one year 12 {IOJ61) (10,361) {17,760) NET CURRENT ASSETS 59,868 59,868 122.465 TOTAL ASSETS LESS CURRENT LIABILITIES 1,265,638 1363,638 1,328.227 NET ASSETS 1,265,638 126S,638 1,328,227 FULYDS Unrestricted funds 13 1,265.638 1,328,227 TOTAL FUNDS . 1,26S638 1,328,227 Yhe th>%w'41 •pprov¢d ty the BothThl of TnTSte4y and wthorised ftsr iwu¢ ..g.Q6Èf&xK.2044 and wer¢ $i8o¢d on behalf by.. R klthw. T¥u*t¢ The notes forni part of these financial ststements Page 7
BOOK AID NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The fman¢ial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordartce with the Charities SORP (FRS 102) 'Accountirtg and Reporting by Charities: Statement of Recommended Practic¢ applicable to charities preparing their acwunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The fmancial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Ineome All income is recognised in the Statemcnt of Financial Activities once thc charity has entitlement to the fids, it is probable that the income will bc TLi¢iv¢d and the amount can be mcasur¢d r¢liably. Expenditure Liabilities are rccognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is a¢counted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed as5Cts Depreciation is provided at the following annual rates in order to write off each asset over its estimated usefi life. Fixtures and fittings Motor vehicles OtTice equipment 200/0 on reducing balance 25 % on reducing balance 200/0 on reducing balance The freehold properties have not been deprecated, as they are maintsined to a standard thaL in the opinion of the trustees, precludes the need to provide depreciation. This departure from accounting standards is deemed necessary for a true and fair representation of the properties in the fmancial statements. Taxation The ¢harity is exempt frorn tax on its charitable activities. Fund accounting Unrestrlcted funds can be used in accordance with the charitable objeclives at the disrtion of the trustees. Restricted fimds can only be used for particular restricted purposes wiihtn the objects of the charity. Restrictions arise when sp¢Gificd by the donor or when funds are rdised for particular restricted purposes. Further explanation of the nat¢ and purpose of each fund is included in the notes to the fmancial statements. Hire purchase and lea$ing eommitments Rentals paid under operating leases are charged to the Statement of fmancial activities on a straight line basis over the period of the lease. Page 8 continued...
BOOK AID NOTES TO THE FINANCIAL STATEMENTS - eontinued for the year ended 31 Deeember 2023 SALE OF BOOKS 2023 2022 Book sales 170,112 188,823 RENT & INTEREST RECEIVED 2023 2022 Rents received Deposit account interest 46,800 la74 46,800 196 48,174 46,996 CHARITABLE ACTIVITIES C()STS Direct Costs (see note 5) Sale of books Online sales Costs 248,283 22,738 271,021 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Staff costs Postage & srationery Shipping costs Aniazon & Paypal fe¢5 Donations 218,797 22,900 S,541 22,738 1,045 189,002 24,617 16,151 25,931 730 271,021 256,431 SUPPORT COSTS General support Governance costs Totals Other resources expended 70,986 3250 74236 Page 9 continued..
BOOK All) NOTES TO THE FINANCIAL STATEMENTS- eontinued for the year ended 31 December 2023 SUPPORT COSTS - continued Support costg, included in the above, are as follows." General support 2023 Other sources expended 2022 Total activities Rent Rat¢s & watsr Insurance 5,100 7,026 5,100 4,135 i li Lighi & heat Telephone Motor & travel Maiiitenance & repairs Bank charges Legal & professional fees Office costs DepCiatIon of tangible and heritsge assets Profit on disposal of tangible fixed assets 5,007 9J59 2,262 27.618 111023 325 1,200 6,287 1,443 (4,664) 5,347 5,230 2,294 17,763 472 186 2,573 9,791 1,468 70,986 58,459 Governance eogty 2023 Other resources expended 2022 Total activities Independent examiner 3,250 3,150 OTHER 2023 2022 Support costs 74,236 61,609 TRUSTEES, REMUNERATIOIY AND BENEFITS There were no tru5tees' remuneration or other benefit5 for th¢ year ended 31 December 2023 nor for the year ended 31 December 2022. Pagelo ¢onttnue&..
BOOK AID NOTES TO THE FINANCIAL STATEMEIYTS - continued for the year ended 31 December 2023 STAFF COSTS The average monthly number of ernployees during the year was as follows: 2023 14 2022 15 Staff No employees received emoluments in excess of £60,000. The Ist employs 14 part time staff which is equivalent to 7.4 full time employees. TANGIBLE FIXED ASSETS io. Fixtures and fittings Freehold property Motor vehicles Office equipment Totals COST At l January 2023 Additions Disp05als 1,21MI,000 21,923 7,950 17,112 1,787 1246,985 1,787 (7,950) (7,950) At 31 December 2023 1,200,000 21,923 18,899 1,240,822 DLPRECJA TION At l January 2023 Charge for year Elirninated on disposal 20,079 369 7,614 13,530 1,074 41,223 1,443 (7,614) (7,614) At 31 December 2023 20,448 14,604 3SO52 NET BOOK VALUE At 31 December 2023 1,21KI,000 1,475 4,295 1,205,770 At 31 December 2022 1200,000 1,844 336 3,582 1,205.762 The property at Ranskill wa$ revalued in February 2016 by PD White MRtCS of Brom & Co at a value of 00,000, and the property at Kangley Bridge Road was revalued in September 2016 by JA Byrne (Hons) MRICS of Howell Brooks at a V4ilue of £1 million. The original cost of the properties above is £859,546. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors Prepayments 11,719 2,610 12,159 2,418 14,329 14,577 Pagell eontinued...
BOOK AID NOTES TO THE FINANCIAL STATEMENTS- eontinued for the year ended 31 December 2023 12. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Taxation and social security Other creditors 3,542 6,819 4,834 12,926 10,361 17,760 13. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestrictsd funds General fund lJ28,227 (62,589) 1,265,638 TOTAL FUNDS lJ28327 (62,589) 1265,638 Net movement in funds, included in the above are as follows: Incomimg resources Resources expend¢d Movement in fidS Unrestricted funds General fund 256,013 (318,602) (62,589) Re¥tric¢ed fund$ Bibl¢$ Overseas distribution 5,755 20,900 (5,755) (20,900) 26,655 (26,655) TOTAL FUNDS 282,668 (345,257) {62,589) Comparatives for movement in funds Net movement in fimds At 31.12.22 At 1.1.22 Unrestrleted funds General lld 1,347,600 (19,373) J,328,227 Restricted funds Bibles 6,088 (6,088) TOTAL FUNDS 1,353.688 (25,461) 1,328,227 Page 12 continued...
BOOK AID NOTES TO THE FINANCIAL STATEMENTS- eontinued for the year ellded 31 December 2023 13. MOVEIKENT IN FUNDS- continued Comparative net movement in fimds. included in the above are as follows: Incoming resources Resources expended Movement in fijnds Unrestricted tknnds General fund 269,581 (288.954) (19,373) Re5trict¢d funds Bibles Overseas distribution 7.148 15,850 (13,236) (15,850) (6,088) 22,998 (29,086) (6,088) TOT AL FUIYDS 292,579 (318,040) (25,461) The Bibl¢ fund is where donations have been received specifically to purchase Bibles to send ov¢rseas. The overseas distribution fund is where donations were re¢¢ived specifically towards the costs associated with the overseas distribution. Both of these funds was llY utilised in the year, 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023. Page 13