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← The Evangelical Library

2021-06-30-accounts

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Charity registration number: 1040175

The Evangelical Library

Annual Report and Financial Statements for the

Year Ended 30 June 2021

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The Evangelical Library

Contents

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The Evangelical Library

Reference and Administrative Details

Trustees

Principal Office

Charity Registration Number

Independent Examiner

Rev G B Brady (Chairman) Mrs S Marshall Dr | Densham DrJ B Hall Mr N L Hopkins Rev C Kilgour Mr F J Raynsford Col D V Underwood Mr S Evers G Stephenson (Appointed 27/09/2021)

5/6 Gateway Mews Ringway Bounds Green London N11 2UT

1040175

L Woodhams FCCA TN6 Ltd Pine Grove Enterprise Pine Grove Crowborough East Sussex TN6 1DH

1

The Evangelical Library

Trustees’ Report

The trustees present the annual report together with the financial statements of the charity for the year ended 30 June 2021.

Objectives and activities

Objects and aims

The Charity’s aims are to provide a resource of both historical and contemporary evangelical literature for the Christian public, and to support similar libraries in other countries.

Public Benefit

The objectives and activities undertaken by the charity are set with the public benefit in mind.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

The Library’s modern facilities continue to enable the Libraryto provide a valuable service to the community, with its unique collection of books and manuscripts available for use by its members and membersofthe public. In carrying out its activities in the year under review, the trustees have had regard to the public benefit guidance issued by the Charity Commission and are satisfied that the activities mentioned above have all been for the public benefit.

Statement re Impact of Covid-19 Coronavirus Pandemic

The pandemic has continued to have a significant effect on The Evangelical Library. The Library had to close to readers, due to Government Restrictions from Sth November 2020 to 2nd December 2020 and then from 21st December 2020 to 10th April 2021. There was a potential loss of income due to the reduction if days in which the Library was open.

Financial review

Overall income for the year was significantly reduced from the previous period largely on account of a large legacy received in 2020. Overhead expenses continue to be tightly controlled. As a result there was an operating deficit for the year of[just] over £22,500. (2020 surplus £220,000), as shown in the Statement of Financial Activities on page 4. The trustees continue to look for ways to increase the day to day income of the library in the years to come, with a view to achieving a break even without being dependent on legacies.

Policy on reserves

It is the policy of the trustees to maintain sufficient funds to enable them to continue to expand the work of the Library. The Trustees consider the current level of reserves to be adequate for this purpose.

Structure, governance and management

The Evangelical Library is a Trust, constituted and governed by its Trust Deed and administered by its Trustees. New Trustees are appointed on the invitation of the existing Board of Trustees.

Nature of governing document

The Evangelical Library is governed by a Declaration of Trust dated 6 June 1994.

Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.

2

The Evangelical Library

Trustees’ Report continued

Cash flow risk

The Charity’s activities do not expose it to the financial risks as commitment to expenditure is only made when funds are available.

Credit risk

The Charity’s principal financial assets are bank balances. The Charity does not have a credit risk as it has no trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

Liquidity risk

In order to maintain liquidity funds are only committed when available.

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.’

Approval The annual report was approved by the trustees of the charity on MLAS eh2 signed on its behalf by:

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Re B Brady
rman and Trustee
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The Evangelical Library

Independent Examiner's Report to the trustees of The Evangelical Library

| report to the charity trustees on my examination of the accounts of the charity for the year ended 30 June 2021.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

| report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

| 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.

L Woodhams FCCA

TN6 Ltd Pine Grove Enterprise Pine Grove Crowborough East Sussex TN6Date:1DHiH woe.

4

The Evangelical Library

Statement of Financial Activities for the Year Ended 30 June 2021 (Including Income and Expenditure Account)

Unrestricted Restricted Total Total
Funds Funds 2021 2020
Note £ £ £ £
Income 2 $7,032 - 57,032 278,814
Total income 57,032 : 57,032 278,814
Expenditure on:
Raising funds 4 20 - 20 20
Charitable activities 5 79,538 - 79,538 58,931
Totalexpenditure 79,558 - 79,558 58,951
Netincome/(expenditure) (22,526) _ (22,526) 219,863
Unrealised gain on investment 36,021 ; 36,021 10,656
Netmovement infunds 13.495 - 13,495 230,519
Reconciliation offunds
Total funds brought forward 1,390,395 2,705 1,393,100 1,162,581
Movement in funds 13,495 - 13,495 230,519
Totalfundscarriedforward 12 1,403,890 2,705 1,406,595 1,393,100

5

The Evangelical Library

(Registered number: 1040175)

Balance Sheet as at 30 June 2021

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||||||||| |---|---|---|---|---|---|---|---| |Note|2021|2020| |£|£| |Fixed|assets| |Tangible|assets|8|935,990|938,192| |Current|assets| |Debtors|9|3,781|6,628| |Investments|10|377,124|141,103| |Cash|at|bank|and|in|hand|92,878|310,236| |473,783|457,967| |Creditors: Amounts|falling due|within|one year|11|3,178|3,059| |Net current|(liabilities)/assets|470,605|454,908| |Net assets|1,406,595|1,393,100| |Funds|of the|charity:| |Restricted funds|2,705|2,705| |Unrestricted|funds|1,403,890|1,390,395| |Total funds|12|1,406,595|1,393,100|

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Theand fs i nancialgned on s t heiratementsbehalf onby: pages 7 to 11 were approved by the trustees, and authorised for issue on tsi <p22 Ge —

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The Evangelical Library

Notes to the Financial Statements for the Year ended 30 June 2021

1 Accounting policies

Summary of significant accounting policies and key accounting estimates The following accounting policies have been used consistently in dealing with items which are considered material to the charity’s financial statements.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the United Kingdom and Republic of Ireland and the Charities Act 2011.

Basis of preparation

The accounts have been prepared under historical cost unless otherwise stated in the accounting policy notes.

Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income recognition

Donations and subscriptions, together with legacies, sales of lectures etc are accounted for on a receivable basis, which is when the charity becomes entitled to the resource. Income Tax credits associated with Gift Aid donations are accounted for at the time of the net gift.

Investment income

Investment income is recognised when receivable.

Expenditure

The costs of generating funds incurred in promoting the charity and its work. Charitable Activities Expenditure comprises all expenditure directly related to the Charity’s work. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them including support and governance costs. The charity is registered for VAT and is partially exempt. Irrecoverable VAT is shown separately on the Statement of Financial Activities.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Taxation

The charity is a registered charity and is therefore exempt from taxation

Tangible fixed assets

Freehold Premises and books comprising the Library are shown at cost, for the following reasons.

It is the Library’s policy to maintain its property to a high standard. Because of this, the property has an estimated useful life of more than 50 years, and accordingly no provision for depreciation is made. The property is subject to regular review to consider whether any impairment in value has occurred.

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The Evangelical Library

Notes to the Financial Statements for the Year ended 30 June 2021 (continued)

Depreciation and amortisation

The books are not subject to depreciation as the collection, as a whole, is deemed to be a heritage asset with an indefinite life. The valuation is reviewed for impairment on an annual basis.

Depreciation is provided on all other assets calculated to write off cost of valuation less residual value over the estimated useful life on a reducing balance basis at the following annual rate: Asset class Depreciation method and rate

Depreciation method and rate 12.5% reducing balance

Equipment, furniture and fitting

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business. Trade debtors are recognised initially at the transaction price.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting year, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Investments

Investments are included at Market value at the year end. Gains and losses on disposal and revaluations of investments are charged or credited to the Statement of Financial Activities.

2 Income

2
Income
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Donations and subscriptions 30,954 - 30,954 31,015
Legacies receivable 8,150 2 8,150 228,006
Archiving fees 525 - 525 375
Rental of premises - - - -
Income from investments 8,915 - 8,915 3,417
Sale of lectures, books etc 1,363 - 1,363 12,507
HMRC - Furlough Scheme 7,125 - 7,125 3,494
57,032 - 57,032 278,814

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The Evangelical Library

Notes to the Financial Statements for the Year ended 30 June 2021 (continued)

3
Expenditure
Note Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Raising funds 4 20 - 20 20
Charitable expenditure 5 79,538 - 79,538 58,931
79,558 - 79,558 58,951
4
Analysis of raising funds
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Advertising and website costs 20 - 20 20
20 - 20 20
5
Analysis ofcharitable activities
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Salaries and national insurance 46,349 - 46,349 34,766
Books & periodicals 705 - 705 258
Bookbinding 493 - 493 -
Service charges 2,520 - 2,520 1,590
Rates & insurance 15,380 - 15,380 12,240
Lighting and heating 2,652 - 2,652 1,574
Repairs and maintenance 1,849 - 1,849 689
Telephone and internet 622 - 622 492
Postage 1,133 - 1,133 1,010
Printing and stationery 1,554 - 1,554 1,656
Computer costs 2,489 - 2,489 1,015
Sundry expenses 304 - 304 188
Irrecoverable VAT 399 - 399 207
Depreciation 2,202 - 2,202 1,823
Professional fees 237 - 237 823
Independent examiners’ fee 650 - 650 600
79,538 - 79,538 58,931

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The Evangelical Library

Notes to the Financial Statements for the Year ended 30 June 2021 (continued)

6
Employee Costs
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Gross salaries (including pensions costs) 46,349 - 46,349 34,241
Employer’s NI contributions - - - 525
46,349 - 46,349 34,766

7 Trustees’ remuneration

None of the Trustees received any remuneration in the year (2020: Nil) No trustees received travel expenses in the year (2020: Nil)

8 Tangible fixed assets

Freehold Books Equipment, Total
premises furniture&
fittings
£ £ £ £
Cost
At 1 July 2020 887,770 32,801 68,421 988,992
Additions 7 Z Fe Rs
As 30 June 2021 887,770 32,801 68,421 988,992
Depreciation
At 1 July 2020 - - 50,800 50,800
Charge for the year - - 2,202 2,202
As 30 June 2021 - - 53,002 53,002
Net book value
As 30 June 2021 887,770 32,801 15,419 935,990
As 30 June 2020 887,770 32,801 17,621 938,192
9
Debtors
2021 2020
£ £
Debtors & accrued income 662 4,487
VAT refund due 114 312
Prepayments 3,005 1,829
3,781 6,628
10

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The Evangelical Library

Notes to the Financial Statements for the Year ended 30 June 2021 (continued)

10 Investments
2021 2020
£ £
Market value as at 1 July 2020 141,103 130,447
Additions 280,000 -
Disposals (80,000) -
Net gain on revaluation 36,021 10,656
Marketvalueas at30 June 2021 377,124 141,103
11 Creditors: amounts falling due within oneyear
2021 2020
£ £
Taxation 2 =
Pensions unpaid 579 582
Accruals 2,600 2,477
3,178 3,059
12 Funds
Balance at 1 Incoming Resources Unrealised Balance at30
July2020 2020 resources expended gain June 2021
£ £ £ £ £
Unrestricted 1,390,395 57,032 79,538 36,021 1,403,890
Restricted funds
Publicity DVD 500 - - - 500
Bursey Fund 250 - - - 250
Christian Herald 1,955 - - - 1,955
Totalfunds 1,393,100 57,032 79,538 36,021 1,406,595

14,