Charity number: 1040175 The Evangelical Library Trustees Annual Report and Flnanclal Statements For the year ended 30 June 2024 The Evangelical Library Trustees Report and Financial Statements for the year ended 30 June 2024 Contents Page Legal and Administrative Infomiation Trustees, Annual Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the financial statements 8-13 The Evangellcal Library Trustees Report and Financial Statsments for the year ended 30 June 2024 Legal And Admlnlstratlve Inforn￿tIon Charity registration number 1040175 Trustees The Trustees, all of whom seNed throughout the year. were as follows- Rev G B Brady Dr l M Densham DrJBHall Col. D V Underwood Mr F M J Raynsford Mrs S E Marshall Rev C R H Kilgour Mr N L Hopkins Mrs K Evers Mr G F Stephenson Mr K Berry Chairman Vice Chairman Appointed l June 2024 Re81stered Offlce 516 Gateway Mews Ringway Bounds Green London NII 2UT Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Managers CCiA Investment Management Limited One Angel Lane London EC4R 3AB Independent Examlner D C S Cooke MA (Oxon). FCA. FCIE David Cooke & Co S Briar Close Banbury Oxon OX16 9DS The Evangellcal Library Trustees Report and Financlal Statements for the year ended 30 June 2024 Trustees Annual Report The Trustees present their Annual Report and the independently examined Financial Statements of the Library for the year ended 30June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the Library's governing document. the Companies Act 2006, the Charities Act 2011 and "Accounting and Reportin8 by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (published in Ortober 2019). Structurep governance and management The library is a Trust, constituted and govemed by its Trust Deed dated 6 June 1994. Its objective is to advance public education of evangelical Christianity in the United Kingdom and overseas through the maintenance of a library and an archive of unique historical books, manuscrlpts and other literature for use by ministers of reli8ion, theolo8ical students and the general public. The Trustees manage the affalrs of the Llbrary and meet regularly to dlscuss and revlew its flnancial and operational affalrs. New Trustees are appolnted by existin8 Trustees. Prior to nomlnation, the Chair meets with prospectlve Trustees to brief them about the 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 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 charitles and publlc benefft. This ensures that new Trustees are aware of the scope of their responsibilitles under the Charitles Act. Trustees are recruited to and provide leadershlp on specific roles such as finance, educational matters, safeguarding and social action. Publlc benefft statement The Trustees are aware of the Charity Commission's guidance on public benefft and have re8ard to It in the administration of the charity. They believe that the Library provides benefft to the public by providing resources of both historical and contemporary evangelical literature for anyone who seeks to know more about Christianity. Financial review Overall income for the year was lower than the previous period, largely on account of much lower legacies received and lower book sales. Overhead expenses continue to be tightly controlled and are similar to the previous period. As a result there was a net deficit for the year of £2,56312023: net gain of £5.568). as shown in the Statement of Financial Activities on page 6. The Balance Sheet on page 7 shows net assets of £1,347,643 (2023: £1,350,206}. The Evangellcal Library Trustees Report and Financial Statsments for the year ended 30 June 2024 Review of activltles durfng the year 2023-2024 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. We also said goodbye to our long stsnding Librarian, Steve Taylor. and we did so at a special presentatlon on 24th June 2024. Steve had been the Librarian since 1986 and we would like to thank hlm for his many years of exceptional commftment and diligence to the Library. It was an absolute pleasure worklng with hlm and he will be mlssed. Our new Llbrarlan is Shaunee Deleon. who was appointed at the end of May 2024. The "Lunchtime Lectures. continue to be held mainly on Zoom and are well attended. Future Plans And Challen8es The Library continues to face any challenges- not least of whlch is the availablllty of free onllne e- books and a decline in book reading. This has contributed to fewer people making use of the Library. The Trustees continue to seek ways of raising the public profile of the Library and look for ways to Increase the day to day income of the library in the years to come, with a view to achieving break even without bein8 dependent on legacies and investment income. Reserves pollcy The Trustees reserves policy is to accumulate and retain prudent levels of funds In order to expand the work of the Llbrary. The Trustees consider the current level of reserves to be adequate for thls purpose. Rlsk management The Trustees are ￿sponSIble for ensurln8 that the Llbrary has a rlsk framework that identifies. assesses and manages risks to which it may be exposed. They have examined the major strategic business and operatlonal risks which the Library faces and confirni that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to minimise these risks. Flnanclal Instruments The Library's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidlty risk. Cash flow rfsk The Library's activities do not expose it to the financial risks as commitment to expenditure is only made when funds are available. Credlt rlsk The Library's principal financial assets are bank balances. The Library does not have a credit risk as it has no trade receivables. The Evangellcal Llbrary Trustees Report and Financial Statsments for the year ended 30 June 2024 Related parties No trustee received any remuneration or claim for expenses during the reporting period. The Library has a clear policy that any activities which could result in a perceived conflict of interest are fully declared as and when relevant. Independent examlner A resolution will be tabled at the next Trustees, meeting to reappoint David Cooke as the independent examiner. Statement of Trustees, responslbllltles The trustees are responsible for preparing the trustees, ￿port and the financial statements for each financial period which give a true and fairview of the charity's State of affairs as at the balance sheet date and of its financial activities for that period. In preparin8 those financial statements the trustees are required to: select sultable accountlng pollcles and then apply them conslstently: observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting stsndards have been followed, subjert to any material departures dlsclosed and explained in the financial statements: and prepare the flnancial statements on a golng concern basls unless It Is Inapproprfate to presume that the Library will continue in business. The Trustees are responsible for keepin8 proper accounting records that a￿ sufficlent to show and explain the 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 are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detectlon of fraud and other irre8ularlties. Slgned on behalf of the Trustees: G Bradv Chair Dated.. 21 . oz.2gZS ## **Independent Examiner’s Report to the Trustees of The Evangelical Library** I report on the accounts of the charity for the year ended 30 June 2024, which are set out on pages 6 to 13. ## **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: - Examine the accounts under section 145 of the Act; - To follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the Act; and - To state whether particular matters have come to my attention. ## **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** I have completed my examination. I 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 - the accounts did 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. D C S Cooke MA (Oxon) FCA FCIE David Cooke & Co 5 Briar Close Banbury OX16 9DS Date: 27 February 2025 5 The Evangellcal Ubrary Trustees Report and Financial Statsments for the year ended 30 June 2024 Statement of Flnancial Acthiltles 2024 Total 2023 Total Notes funds funds Incomlng resources Income and endowments from: Charltable activities 20,825 20.825 30,518 Donatlon and le8acies 13,615 13,615 31,596 Investments 10.898 10,898 11,294 Total Incom• and •ndowments 45,338 45,338 73,408 Resource$ expended Expenditure on: Ralslng funds Charitable actlvities 178 178 20 86.441 86,441 86,362 Total expendlture Net {out8olngl resources 86,619 86,619 86,382 {41,281) 141,281} {12,9741 Unreallsed galns/(losses) on Investments 38,718 38,718 18,541 Net movement In funds (2,563) 12,563) 5,568 Total funds brought forward Total funds carrled forward 1,347,501 2,705 1,350,206 1,344,639 1,344,938 2.70S 1,347,643 1,350,206 The Evangellcal Library Trustees Report and Flnandal Statements for the year ended 30 June 2024 Balance Sheet Unrestrlcted Restrkted funds fvnds 2024 Totsl 2023 Total Notes Flxed assets Tangible assets 10 930,901 930,901 930,901 930,901 932,377 932,377 Current assets Debtors Investments Cash in hand and at bank 11 5,355 403,941 7,020 416,315 5,355 403,941 9,725 419,020 25,459 365,222 29,458 420,139 2,705 2,705 Credltors: amounts falllng due wlthln one year Net current assets 2,278 414,037 2,278 416,742 2,310 417,829 2,705 Net assets 1,344,938 2,705 1.347,643 1,350,206 Funds Funds of the charfty Restricted funds Unrestricted funds Total funds 14 14 2,705 2,705 1,344,938 1,347,643 2,705 1,347,501 1,350,206 1,344,938 1,344,938 2,705 These financlal statements We￿ approved by the trustees on Zi 0 2.2025 arbd si8ned on their behalf by: G Brady Chairman The Evangellcal Llbrary Trustees Report and Flnandal Statements for the year ended 30 June 2024 Notes to the Financial Statements l. Accounting pollcles 1.1 Basls of preparatlon The financial statements have been prepared In accordance with the Charlties 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 1021 and the Charities Act 2011. The financial statements have been prepared to give a '*rue and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent requlred to provide a "true and fair" view. Thls departure has involved following the Charities SORP {FRS 102). The Evangellcal Llbrary meets the definition of a publlc benefit entity under FRS 102. Assets and Ilabilitles are Inltlally recognlsed at hlstorlcal cost or transartion value unless otherwlse stated in the relevant accounting poIIcv. 1,2 Dlsclosure exemptlons The Library Is a small charity. as defined by FRS 102, and has taken advantage of the exemptlon avallable In paragraph 1.12 of FRS 102 not to present a cash flow statement 1.3 Golng concern The Trustees assess whether the use of going concern Is approprlate l.e. whether there are any materlal uncertaintles related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a golng concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for Issue of the financlal statements and have concluded that the Charity has adequate resources to continue in operatlonal exlstence for the foreseeable future and there are no material uncertainties about the Charity's ablllty to contlnue as a goln8 concern. Thus, takin8 into conslderation the Charity's level of reserves. the Trustees continue to adopt the going concern basis of accountlng In preparlng the flnanclal statements. 1.4 In¢om• Income Is recognlsed when the charity has entltlement to the funds, any performance conditions attached to the Itemlsl of income have been met, It Ss probable thatthe income will be received and the amount can be measured reliably. Subscrlptlon Income Is recognised over the membership year (Aprll to March), stsrting from the date of recelpt. Legacies are included in the Statement of financial activities on a receivable bas15. Sales of books and lettures are Included in the Statement of financial artivities on a receivable basis. Income tax recoverable in relation to donations recelved under Gift Aid or deeds of covenant is recognised at the time of the donatlon. The balance of Income recelved for speclfic purposes but not expended durin8 the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income 15 accrued. The value of donated servlces and volunteer help is not included in the financial statements. The Evangellcal Ubrary Trustees Report and Financial Statements for the year ended 30 June 2024 Notes to the Flnanclal Statements (contlnued) 1.5 Expendlture Expenditure is accounted for on an accruals basis and has been included under expense categories that a88regate all costs for allocation to activities. The library is registered for VAT and accordingly expenditure only includes any VATwhich cannot be recovered and is included in the relevant costs in the ststement of financial activities. Expenditure on charitable activities comprises resources applied to meet the charitable purposes of the Llbrary, namely Custodianship, Research, Learnin& and Public Lending. Dlrect Library expenditure comprises the costs associated with attrarting voluntary income, the costs of trading for fundralsln8 purposes and th05È costs incurred by the charity in the delivery of its artivities 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. Support costs are those costs Incurred dlrettly in support of expendlture on the objects of the charity. Governance costs are those costs Incurred Sn connertion with the general governance of the Library Includlng compllance wlth constltutlonal and statutory requlrements. 1.6 Interest recelvable Interest on funds held on deposlt Is recognlsed when It Is recelvable and when the amount can be measured rellably, whlch15 normally when it has been notified by the bank. 1.7 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £500 or more are capitslised and reco8nlsed when future economic benefits are probable and the c05t or value of the asset can be measured rellably. The charlty's freehold property comprlses land and bulldlngs includlng subsequent Improvements to the property. Depreclation Is not char8ed on the land element, whlch Is Instead subject to Impalmient review. No deprecSatlon charge is made against the buildin8 and Improvements as it is considered that the residual value of these Is at least as great as the carrying value and not materlally dlfferent to cost. The charity operates a rollln8 repalrs and malntenance programme to prolon8 No depreclatlon Is provided on the book collectlon as they are deemed to be heritage assets with an indetlnlte Ilfe. All other tanglble flxed assets are inityally stated at cost less accumulated depreciation. Depreciation Is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful Ilfe, as follows: Furniture, fittings and equipment 12.5% per annum on a reducing balance basls 1.8 Taxatlon The Library is registered as a charity and is not liable to United Kingdom income or corporation tax on its income from charitable activities as they are applied wholly to charitsble objectives. 1.9 Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. The Evangelical Library Trustees Report and Financial Statements for the year ended 30 June 2024 Notes to the Flnanclal Statements (continued) 1.10 Investments Current asset investments are a form of financial instrument and are initially recognised at the transaction cots and subsequently at fair value ate the balance sheet date, unless the value cannot be measured reliably, in which case it is measured at cost less impairment. investment gains and10sses. whether realised or unrealised, are combined and presented as unrealised gains/llossesl on investments" in the statement of financial activities. 1.11 Cash at bank and In hand Cash at bank and cash In hand includes cash and shortterm highly liquid Investments with a short maturlty of three months or less from the date of acquisition or opening of the deposit or similar account. 1.12 Credltors Credltors and provisions 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 thlrd party and the amount dueto settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade di5count5 due. 1.13 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, Basic financial Instruments are Initially recognised at transaction value and subsequently measured at their settlement value. 1.14 Penslons The Llbrary operates a workplace penslon scheme In respect of Its employee and contrlbutes to hls personal penslon plan. The penslon cost charge represents contrlbutlons payable by the Ubrary to thSs pension plan. 1.15 Fund Accountln8 Unrestrlcted funds are avaSlable for use at the discretion of the Trustees in furtherance of any of the Charity'5 purposes. Restricted funds are funds whlch are subject to specific ¢ondition5 by donors as to how they may be used. The purp05e5 and uses of the restricted funds are set out in the notes to the financial statements. 1.16 Key sources of estlmatlon. uncertalnty and Judgement The preparation of financial statements in conformity with generally accepted accounting prartice requires management to make estimates and jud8ement that affect the reported amounts of assets and liabiltties as well a5 the disclosure of contin8ent assets and Siabilities at the balance sheet date and the reported amounts of revenues and expenses during the reportin8 period. The main source of estimation uncertainty is considered to be the calculation of depreciation. A full line by line revlew of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreclation policy is as accurate as possible, there remains a risk that the policy does not match the useful lrfe of the assets. io The Evangellcal Ulxary Trustee5 Report and Financial Staternents for the year ended 30 June 2024 Notes to the Flnanclal Statements (conllnued) 2 Analysls ol Incomln8 resources 2024 Totsl 2023 Total Unrestrlrted Restrlcted Inc(wne fr(xn tharitible aclivitie5 Subscrlptions Sales of books Other 16,924 2,902 16,924 2.902 999 20,825 16,973 12,492 1,053 30,518 20,825 2024 Total 2023 Total Donatlons and Leydes Donation5 Tax-efficient planned 8Svln8 Legacles 9,319 3.296 9.319 3,296 1,000 13,615 7,945 3,651 20,000 31,596 13,615 2024 T¢)t•l 202J Total UTrresirlctsd Restrlcted Investment Bank Interest Investment Income 456 10,442 10,898 456 10,442 10,898 901 10,393 11,294 Total Incomln8 resources 45.338 45,338 73,408 3 Analysls of cosi ol r•lsln8 lunds 2024 Total 2023 Total Advert151ni and v￿b$Ite costs 178 178 178 178 20 20 4 An•lys15 01 resources expended 2024 Tot•1 2023 Total Unr*stritt•d Restrlrted Expendlture on: Ch4rltable athltles Staff costs (note 5 below) 8ooks and perlodlcals Book blndlng Insurances Lighting and heatlng Telephone and internet Postsge Equipment repair and malntenance Building repair and maintenènce Council tax Rent and service charges Prfnting, stationery and consumables Support costs IT￿te 6 below) 53.265 53,265 236 49,498 200 loo 7,428 4,376 747 1,203 37 3,924 8,422 3,123 1,397 5,908 86.362 4.967 3571 733 4.967 3,571 733 1.694 L920 8.956 3.454 L278 6,361 86.441 1.920 8.956 3.454 1,278 6.361 86.441 li The Evangelical Llknary Trustees Report and Finanual Ststements kn the ￿ar ended 30June 2024 Notes to the Flnancial Ststements I￿￿tinued) 5 Staff Costs 2024 2023 Salarles Contributions to defined contribution pension $d￿M Volunteer expenses 45,892 7.373 42,629 6,869 53,265 49,498 No employees during the year received employee benefits of more than £60.(th. The avefa8e number of persons ern￿Oyed by the Ilbrary durine the year was 6 Support costs 2024 2023 Software and IT costs Governance costs (note 7 below) Depreclation Finance costs other cost5 (note 8 below) 2,971 750 1,476 2.771 700 1,686 63 688 5,908 1.097 6,361 7 Governan