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← The Evangelical Library

2023-06-30-accounts

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The Evangelical Library

Financial Statements

For the year ended 30 June 2023

Charity Registration Number: 1040175

Contents - Page
Trustees’ Report 1-3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
NotestotheAccounts - 7-11

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The Evangelical Library

Report of the Trustees for the Year Ended 30 June 2023

The Trustees have pleasure in submitting their report and the financial statements of the Library for the year ended 30 June 2023.

Reference and Administrative Details

The Evangelical Library is a registered charity, no.1040175. The address of the Library is: 5/6 Gateway Mews, Ringway, Bounds Green, London, N11 2UT.

The Trustees during the year were as follows:

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

Governance

The Evangelical Library is a Trust, constituted and governed by its Trust Deed (dated 6 June 1994), and administered by its Trustees. The trustees meet regularly to discuss and review the Library’s financial and operational affairs. New Trustees are appointed on the invitation of the existing Board of trustees. Prior to nomination, the Chair meets with prospective trustees to brief them about he role and the expectations and responsibilities of becoming a trustee. Following appointment, new trustees are introduced to their new role and given copies of the Trust Deed, and a guide to the policies and procedures adopted by the Library. A number of publications from the Charity Commission are also provided, including guidance on charities and public benefit.

The Charity's Objects and Activities

The Charity's aims are to advance public education of evangelical Christianity in the UK and overseas through the maintenance of a library and an archive of unique historical books, manuscripts and other literature for use by ministers of religion, theological students and the general public.

Public Benefit

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 & Wales. They believe that the Library provides benefit to the public by providing resources of both historical and contemporary evangelical literature for anyone who seeks to know more about Christianity.

The Evangelical Library

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Report of the Trustees for the Year Ended 30 June 2023 (continued)

Achievements The and Performance Library’s modern facilities continue to enable the Library to provide a valuable service to the community, with its unique collection of books and manuscripts available for use by its members and members of the public. The trustees extend a sincere thank you to the many individuals, volunteers, donors, funders and organisations who have supported the Library during the last financial year. Their support is very much appreciated. Thank you so much. The “Lunchtime Lectures” continue to be held on Zoom and are well attended. Financial Review Overall income was higher than the previous year, largely on account of a large legacy received in 2023, and higher books sales. Overhead expenses continue to be tightly controlled. As a result, there was a net gain for the year of just over £5,567 (2022 deficit £61,955), as shown in the Statement of Financial Activities on page 4. Policy on reserves ’ The Trustees reserves policy is to accumulate and retain prudent levels of funds in order to expand the work of the Library. The Trustees consider the current level of reserves to be adequate for this purpose.

Financlal instruments

The charity's activities expose it to a number of financial risks including cash flow risk, credit risk and liquidity risk. The Library’s approach to these risks is set out below.

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 limitedit has nobecause trade receivables. the counterparties The creditarerisk banks on liquid with fundshigh credit-ratings and derivativeassigned financialby instruments internationalis 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).

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The Evangelical Library

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Report of the Trustees for the Year Ended 30 June 2023 (continued)

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 charityon OS: Vt' 2éb and signed on its behalf by:

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Revgs Chairman & dk
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Independent Examiner’s Report to the Trustees of The Evangelical Library

| report on the accounts of the charity for the year ended 30 June 2023, which are set out on pages 5 to 11.

Respective responsibilities of trustees and independent examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 the seeking of explanations from you as trustees concerning any such matters. 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.

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: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or

| 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.

D CS Cooke MA (Oxon) FCA FCIE David Cooke & Co 5 Briar Close Banbury OX16 9DS Date:

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The Evangelical Library

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Statement of Activities for the Year ended 30 June 2023

Note Unrestricted Restricted 2023 2022
Funds Funds Total Total
E £ £ £
Incoming Resources
Donations & Legacies 2 31,596 - 31,596 14,156
Income from investments 11,294 - 11,294 10,404
Income from charitable activities 3 30,518 - 30,518 24,486
Total incoming resources 73,408 - 73,408 49,046
Resources Expended
Expenditure on raising funds 20 - 20 20
Expenditure on charitable activities 4 86,362 - 86,362 80,539
86,382 - 86,382 80,559
Net income/(expenditure) (12,974) - (12,974) (31,513)
Unrealised gain on investment 18,541 - 18,541 (30,442)
Net movement in funds 5,567 - 5,567 (61,955)
Total Funds brought forward 1,341,934 2,705 1,344,639 1,406,594
TotalFundscarriedforward 1,347,501 2,705 1,350,206 1,344,639

The Evangelical Library

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Balance Sheet as at 30 June 2023

Note Unrestricted Restricted 2023 2022
Funds Funds Total Total
£ £ £ £
Fixed assets
Tangible fixed assets 8 932,377 - 932,377 934,063
Current assets
Debtors 9 25,459 - 25,459 5,875
Investments 10 365,222 - 365,222 346,681
Cash at bank& in hand 26,753 2,705 29,458 60,406
417,434 2,705 420,139 412,962
Liabilities: amounts falling due
within one year 11 2,310 - 2,310 2,384
Net current assets 415,124 2,705 417,829 410,578
Total assets lesscurrent liabilities 1,347,501 2,705 1,350,206 1,344,641
Funds 12 1,347,501
—IC		 2,705
1,350,206
1,344,639
—————{[—£{—€**i<@—[T—~L£=—~><=[S=[=[==_=_O=z=z=

Approved by the Board of Trustees and signed on its behalf by:

Trustee

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The Evangelical Library

Notes to the Financial Statements for the Year ended 30 June 2023

1 Accounting policies

Summary of significant accounting policles 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 (published 2016) and the Charities Act 2011. The charity opted to early adopt Bulletin 1 published on 2 February 2016 and has therefore not included a cash flow statement In these financial statements.

Basis of preparation

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

Going concern

As, 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, they continue to adopt the going concern basis of accounting in preparing the accounts.

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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 is recognised when receivable.

Expenditure

Expenditure on raising funds: these are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

work,Charitable Activities Expenditure: this comprises all expenditure directly relatedto the Charity’s 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 partiatly exempt. Irrecoverable VAT is shown separately on the Statement of Financial Activities. ,

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The Evangelical Library

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Notes to the Financial Statements for the Year ended 30 June 2023 (continued)

Tangible fixed assets & depreciation

Freehold Premises and books comprising the Library are shown at cost. 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. 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 annually.

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

Asset class Depreciation rate Equipment, furniture and fittings 12.5%

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. Trade creditors are recognised initially at the transaction price.

Fund structure

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inUnrestricted income funds are general funds that are availablefor use at the trustees’ discretion furtherance of the objectives of the charity. Restricted income funds are those donated for use ina particular area or for specific purposes, the use of which is restricted to that area or purpose.

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

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" The Evangelical Library

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.

Notes to the Accounts for the Year ended 30 June 2023 (cont.)

:

;

2. Donations&Legacies Unrestricted
Funds		 Restricted
Funds		 2023
Total		 2022
Total
£ £ £ £
Donations
Tax-efficient giving
Legacies receivable		 7,945
3,651
20,000		 -
-		 7,945
3,651
20,000		 9,937
4,219
-
31,596
—SSeE=—=—=—a		 -
31,596
SS		 14,156
3. Incomefrom Charitable Activities
Subscriptions
Salesoflectures, books, etc.
Other		 16,973
12,492
1,053		 -
-
-		 16,973
12,492
1,053		 17,086
6,740
660
30,518
-
——eEeEeE=———		 30,518 24,486
4. Expenditureon Charitable Activities
Salaries and national insurance
Books& Periodicals
Bookbinding
Service charges
CouncilTax
Ratesand insurance
Lightingand heating
Repairsand maintenance
Equipment repairs
Telephone& internet
Postage
Printing, stationery&consumables
Computercosts
Finance costs
Sundry expenses
IrrecoverableVAT
Depreciation
Legal& Professional costs
Independentexaminers’ fee		 49,498
200
100
3,123
8,421
7,427
4,376
3,924
37
747
1,203
1,397
2,771
63
173
516
1,686
-
700		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 49,498
200
100
3,123
8,421
7,427
4,376
3,924
37
747
1,203
1,397
2,771
63
173
516
1,686
-
700		 47,446
326
-
2,661
8,216
7,208
3,236
1,723
1,070
693
656
1,239
2,415
96
141
549
1,927
237
700
86,362
—————_—e—e——a		 -
86,362
eS
SS		 80,539

The Evangelical Library

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x

Notes to the Accounts for the Year ended 30 June 2023 (cont.)

5. EmployeeCosts Unrestricted
Restricted
2023
2022
Funds
Funds
Total
~
Total
£
£
£
£
£
£
GrossSalaries
Pension scheme costs
Volunteerexpenses		 42,629
-
42,629
40,660
6,869
-
6,869
6,785
-
-
-
46
49,498
-
49,498
47,491
Eye

7. Trustees remuneration

No trustee or any person connected with them received, or is due to receive, any remuneration for the year directly or indirectly from the Charity's funds (2022, £nil) Trustees received reimbursed expenses totalling £nil (2022 £nil) during the year.

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8. Fixed Assets Freehold Books
Equipment		 Total
Premises furniture
Cost
As at 1 July2022
Additions		 £
887,770
-		 & fittings
f£
£
32,801
68,421
-
-		 £
988,992
-
Disposals - -
-		 -
Asat30June2023 __887,770
32,801
68,421.
988.992
EE
EL
8G, FL
Depreciation
Asat 1July2022
Chargeforyear
Eliminated on disposal
Asat30June 2023		 -
-
54,929
54,929
-
-
1,686
1,686
-
-
-
-
a
eeeeeeeSSSSSSSsSFSSsssssseseet
-
-
56,615
56,615
$$ DLD
5G,O15		 .
Net book value
Asat30June2023 887,770 32,801
11,806		 932,377
Asat 1July2022 887,770
32,801
13,492
934,063
FO
Unrestricted Restricted
2023		 2022
9. Debtors Funds
£		 Funds
Total
£
£		 Total
£
Legacy
Prepayments and accruedincome
Prepayments		 20,000
4,301
1,158		 -
20,000
-
4,301
-
1,158		 7
4,502
1,373
25,459
-
25,459
—VeV6es0—0—oaoaa
ee
SS		 5,875

, The Evangelical Library a Notes to the Accounts for the Year ended 30 June 2023 (cont.)

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10. Investments Unrestricted
Funds
£		 Restricted
Funds
£		 Restricted
Funds
£		 2023
Total
£		 2022
Total
£
Marketvalueat1July2022
Additions		 346,681 - 346,681 377,124
Disposals ~
-		 - - -
Net
gainonrevalution		 18,541 -
-		 -
18,541		 -
(30,443)
Marketvalueat30June2023 365,222
-
SSS		 365,222 346,681
Ot
11. Creditors: amountsfallingdue duewithinone oneyear
Taxationandsocial security
Other creditors		 909 - 909 765
Accruals -
-
1,401
-
2,310
-
SS		 -
1,401
2,310		 218
1,401
2,384
OT
12. Restricted Funds Op.Bal. Incoming
Outgoing
Resources
Resources		 Trfrom
Gen Fund
Cl.Bal.
PublicityDVD Fund
BursaryFund
Christian Herald Digitalisation		 500
250
1,955		 -
-
-		 -
-
-		 -
-
-		 500
250
1,955
2,705 - - - 2,705

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