Registered number: 06591195 Charity number: 1125471
FOUR CORNERS BOOKS
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
FOUR CORNERS BOOKS
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 - 10 |
| Notes to the financial statements | 11 - 20 |
(A company limited by guarantee)
FOUR CORNERS BOOKS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2021
| Trustees | Elinor Sainsbury |
|---|---|
| Alessio Antoniolli | |
| Ines Basille | |
| Lindsay Evans | |
| Francesca Vinter | |
| Mireille Fauchon (appointed 29 January 2021) | |
| Company registered number 06591195 Charity registered number 1125471 Registered office 56 Artillery Lane London E1 7LS Bankers The Co-operative Bank PO Box 101 1 Balloon Street Manchester M60 4EP Solicitors Portrait Solicitors 21 Whitefriars Street London EC4Y 8JJ |
Page 1
(A company limited by guarantee)
FOUR CORNERS BOOKS
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2021
The Trustees present their annual report together with the financial statements of the company for the 1 June 2020 to 31 May 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, governance and management
a. Constitution
Four Corners Books was incorporated and registered as a company limited by guarantee, company registration number 6591195, on 13 May 2008, and was registered with the Charity Commission on 12 August 2008, registration number 1125471. It is governed by its Memorandum and Articles of Association
b. Method of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
c. Policies adopted for the induction and training of Trustees
The charity's solicitors send each new Trustee a copy of the Charity Commission Guidelines for Trustees, highlighting Trustees' responsibilities. In addition, the Chair of the Trustees has experience as a trustee on the board of another charity.
d. Organisational structure and decision making
The Trustees formally meet as a board three times a year. Informal discussions between Chair of Trustees and other board members occurred regularly.
Day to day operations of the charity are directed by the Chair of the Trustees who is responsible for the implementation of policies and strategies as determined by the Board of Trustees.
e. Related party relationships
During the year Four Corners Books was charged £10,000 (2020: £10,000) from Raven Row for rent of the premises. Elinor Sainsbury, a Trustee, is the wife to Alex Sainsbury, a Trustee of Raven Row.
During the year Four Corners Books received donations of £Nil (2020: £105,000) from Alex Sainsbury.
During the year Four Corners Books received donations of £100,000 (2020: £50,000) from Glass House Trust of which Elinor Sainsbury is a Trustee.
Page 2
FOUR CORNERS BOOKS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Structure, governance and management (continued)
f. Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to manage exposure to the major risks.
g. Remuneration of key management personnel
Pay and remuneration in general is reviewed annually by the Board of Trustees. Annual appraisals and reviews are carried out by the Chair of Trustees with all full-time members of staff.
Achievements and performance
a. Policies and objectives
The Objects of Four Corners Books as recorded in its Memorandum of Association are to advance, for the public benefit, education in the visual arts. The primary means through which this is achieved is through the publication and dissemination of affordable books about art.
b. Activities for achieving objectives
The charity works with artists and authors to produce high quality books which commercial publishers would be unable to produce, and to make these available at affordable prices. The Trustees believe that by using the existing bookshop network, the books can be distributed very widely, to reach people who might not necessarily be able to visit exhibitions. In addition, the charity offers its books free of charge to libraries who wish to have the books in their collections.
c. Public benefit
In setting the charity's policy and planning its activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. In particular, Four Corners Books focuses on publishing projects not suited to the commercial or institutional sectors, as well as making its books available at affordable prices through the retail network, and free through the library system.
Page 3
FOUR CORNERS BOOKS (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Achievements and performance
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Review of activities
We continued to work on new books and the distribution of our existing catalogue. This included reprinting a popular title from the Familiars’ series: The Nose, by Gogol, illustrated by Rick Buckley.
We published a new illustrated survey and history of maritime company flags: Flag Waves: House Flags from the National Maritime Museum by Sue Prichard, in May 2021. The book, the first on its subject, was positively received, and it was reviewed in a wide range of publications, including: Selvedge, Vexillum, Eye Magazine, Africa Ports and Ships, Creative Review and World of Interiors.
To coincide with the release of Flag Waves, we published three new essays on the art and design of flags on the Four Corners Books website. These online essays attracted interest from new readers and helped draw attention to the book.
We also launched our Irregulars Online series of illustrated essays, also published on our website, on visual culture in Britain. These essays offer opportunities to commission writers on a range of topics, from banners and posters to badges and coins, engage new audiences and introduce people to our wider publishing output.
Four Corners Books continued to use a third party, ArtData, to handle most of our distribution, and books remained at prices lower than the cost of their production. This year, partly prompted by the closure of so many physical bookshops, we worked on increasing direct sales via our website, social media and online booksellers and invested in marketing to support this activity alongside, where possible, continuing to build relationships with physical bookshops.
In January 2021, following a call out on social media, we provided free books to the public and university libraries and continued to add new institutions to the list in 2020/21.
In July 2020, Four Corners Books made financial contributions of £1,000 each to Art History Link Up (an organisation working to bring more people from a wider range of backgrounds into the art history sector) and arts mentoring charity Arts Emergency. And, from February 2021, Elinor Sainsbury has been mentoring a young person, through the Arts Emergency scheme, who is interested in pursuing a career in publishing and writing.
Although making appointments in person was not possible during lockdown, we continued at a smaller level by providing 'book surgery' meetings, where we offered advice on publishing, on request following enquiries and provided them online via video conferencing. Feedback was positive and attendees reported the sessions to be useful.
Page 4
(A company limited by guarantee)
FOUR CORNERS BOOKS
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Financial Review
a. Reserves policy
The Trustees consider that free reserves should equal the costs of running the charity for the next 3 months, which is £19,000. The free reserves total is £139,649 (2020: £192,055).
Total funds are £140,048 (2020: £196,840), which are unrestricted. There are no designated funds. The free reserves which amounts to the unrestricted funds less fixed assets is equal to £139,649 (2020: £192,055). The free reserves are in excess of the policy because this figure includes stock of £109,733 (2020: £137,713).
The Trustees view that it is acceptable for available funds to exceed this amount [of 3 month's running costs] if the excess amount is in the form of unsold stock, as producing books on an as-needed basis would be costprohibitive, and the cost advantage of having two or three-year's supply of books is considerable. Four Corners Books regularly monitors the stock levels, and consults with its distributors, to ensure that an appropriate level of such stock is maintained.
Large costs remain predictable long in advance - most of the costs in book production come at the end of the process, during the reprography and printing stage, and the charity does not commit to this stage until it has cash on hand for those invoices. In addition, Trustees regularly monitor available funds and income from donations and book sales, to ensure that the charity is able to maintain its running costs.
b. Principal funding
Principal funding comes in the form of donations £100,000 (2020: £155,000). Some additional funds are gathered through the sales of books £44,603 (2020: £45,675).
c. Future developments
As the global pandemic continued to make office working difficult, we began to make arrangements to establish working from home in the long-term; this will involve giving up the lease on the office and finding alternative storage solutions.
Whilst income from books sales was negatively impacted following extended periods of closure of physical bookshops, we continue to build our network of booksellers and make books available via our own website.
Where progress was delayed on some titles because institutions we were working with were temporarily closed, work on those projects resumed as the institutions reopened. Meanwhile, we continue to publish projects online which build on and enrich its existing catalogue and enable us to keep publishing even in the difficult circumstances imposed by the pandemic.
Key funding from donations is not threatened by the pandemic, and Four Corners Books' financial situation remains stable. Trustees will be monitoring this situation and meet regularly to discuss changes and action needed.
Page 5
FOUR CORNERS BOOKS
- (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
Company law requires the Trustees to prepare financial statements for each financial Under company 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 company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then app ly them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
the The Trustees are responsible focompany and enable them to ensure that the financial statements comply wcompany's transactions and dr keeping adequate accounting records that are sufficient to show and explain isclose with reasonable accuracy at any ith the Companies Act 2006. Theytime the financial position of the are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Page 6
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FOUR CORNERS BOOKS (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2021
Independent Examiner's Report to the Trustees of Four Corners Books ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 May 2021.
Responsibilities and Basis of Report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 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 accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company'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 company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 28 February 2022
Kerry Brown FCA
CROWE U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG
Page 7
FOUR CORNERS BOOKS
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2021
| Note Income from: Donations and legacies 3 Other trading activities 4 Total income Expenditure on: Charitable activities Other expenditure 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 100,000 44,603 144,603 199,395 2,000 201,395 (56,792) 196,840 (56,792) 140,048 |
Total funds 2021 £ 100,000 44,603 144,603 199,395 2,000 201,395 (56,792) 196,840 (56,792) 140,048 |
Total funds 2020 £ 155,000 45,675 |
|---|---|---|---|
| 200,675 | |||
| 147,407 - |
|||
| 147,407 | |||
| 53,268 | |||
| 143,572 53,268 |
|||
| 196,840 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 20 form part of these financial statements.
Page 8
FOUR CORNERS BOOKS (A company limited by guarantee) REGISTERED NUMBER: 06591195
BALANCE SHEET AS AT 31 MAY 2021
| Note Fixed assets Intangible assets 10 Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
109,733 8,784 27,055 145,572 (5,923) |
2021 £ - 399 399 139,649 140,048 140,048 140,048 - 140,048 140,048 |
137,713 11,755 48,589 198,057 (6,002) |
2020 £ 4,200 585 |
|---|---|---|---|---|
| 4,785 192,055 |
||||
| 196,840 | ||||
| 196,840 | ||||
| 196,840 | ||||
| - 196,840 |
||||
| 196,840 |
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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(A company limited by guarantee)
FOUR CORNERS BOOKS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
1. General information
Four Corners Books is a company limited by guarantee in England and Wales, whose registered office is 56 Artillery Lane, London, E1 7LS. The companies registered number is 06591195. The members of the company are the Trustees named on page 1. In the event of the Four Corners Books being wound up, the liability in respect of the guarantee is limited to £10 per member of the Four Corners Books.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Four Corners Books meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The charity has cash resources and has no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They contunue to believe that the going concern basis of accounting is appropriate in preparing the annual financial statements.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 11
FOUR CORNERS BOOKS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
2. Accounting policies (continued)
2.5 Intangible assets and amortisation
Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
The estimated useful lives are as follows:
Amortisation is provided on the following basis:
Website - % 25% straight line
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
- Fixtures and fittings 25% reducing balance
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Page 12
(A company limited by guarantee)
FOUR CORNERS BOOKS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
2. Accounting policies (continued)
2.8 Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at transaction price.
Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
There are no complex financial instruments.
2.9 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.10 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 company and which have not been designated for other purposes.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Donations | 100,000 | 100,000 | 155,000 |
4. Income in furtherance of the Charity's
Income from fundraising events
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Book sales | 44,603 | 44,603 | 45,675 |
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FOUR CORNERS BOOKS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
5. Other expenditure
| Unrestricted funds 2021 £ Donations 2,000 Analysis of expenditure by activities Activities undertaken directly 2021 £ Book publishing 169,050 Activities undertaken directly 2020 £ Book publishing 115,070 |
Total funds 2021 £ 2,000 Support costs 2021 £ 30,345 Support costs 2020 £ 32,337 |
Total funds 2020 £ - |
|---|---|---|
| Total funds 2021 £ 199,395 |
||
| Total funds 2020 £ 147,407 |
6. Analysis of expenditure by activities
Page 14
FOUR CORNERS BOOKS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Opening book stock Printing and scanning Author, illustrator, editing and design fees License and copyright Delivery costs Venue hire Commission PR for book release Marketing Closing book stock |
Book publishing 2021 £ 57,125 137,713 37,824 16,898 5,063 2,867 - 8,633 309 12,351 (109,733) 169,050 |
Total funds 2021 £ 57,125 137,713 37,824 16,898 5,063 2,867 - 8,633 309 12,351 (109,733) 169,050 |
Total funds 2020 £ 56,025 111,721 40,455 26,397 2,098 3,131 462 11,508 986 - (137,713) 115,070 |
|---|---|---|---|
Page 15
(A company limited by guarantee)
FOUR CORNERS BOOKS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Travel expense Insurance Sundry Computer costs Bank charges Telephone Rent Stationery Storage Accountancy Independant examiners fee |
Book publishing 2021 £ 4,386 - 3,227 46 2,407 10 876 10,000 136 4,638 2,219 2,400 30,345 |
Total funds 2021 £ 4,386 - 3,227 46 2,407 10 876 10,000 136 4,638 2,219 2,400 30,345 |
Total funds 2020 £ 4,395 538 3,146 308 1,709 25 726 10,000 424 6,109 2,557 2,400 |
|---|---|---|---|
| 32,337 |
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,400 ( 2020 - £2,400 ).
8. Staff costs
| Wages and salaries Social security costs Pension contributions |
2021 £ 52,502 1,998 2,625 57,125 |
2020 £ 50,684 2,757 2,584 |
|---|---|---|
| 56,025 |
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FOUR CORNERS BOOKS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
8. Staff costs (continued)
The average number of persons employed by the company during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Adminstration staff | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charity are the Trustees and Administation staff. Total employee benefits of key management personnel were £57,125 (2020: £56,025).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 May 2021, no Trustee expenses have been incurred (2020 - £NIL) .
10. Intangible assets
| Cost At 1 June 2020 At 31 May 2021 Amortisation At 1 June 2020 Charge for the year At 31 May 2021 Net book value At 31 May 2021 At 31 May 2020 |
Website £ 16,800 |
|---|---|
| 16,800 | |
| 12,600 4,200 |
|
| 16,800 | |
| - | |
| 4,200 |
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FOUR CORNERS BOOKS
(A company limited by guarantee)
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 |
||
|---|---|---|
| 11. Tangible fixed assets Cost or valuation At 1 June 2020 At 31 May 2021 Depreciation At 1 June 2020 Charge for the year At 31 May 2021 Net book value At 31 May 2021 At 31 May 2020 12. Stocks Finished goods and goods for resale 13. Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income |
2021 £ 109,733 2021 £ 7,598 575 611 8,784 |
Fixtures and fittings £ 4,264 4,264 3,679 186 3,865 399 585 2020 £ 137,713 2020 £ 11,146 - 609 11,755 |
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FOUR CORNERS BOOKS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
14. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 3,123 - - 2,800 5,923 |
2020 £ 2,548 449 205 2,800 |
|---|---|---|
| 6,002 |
| 15. Statement of funds Statement of funds - current year Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 June 2020 £ 196,840 Balance at 1 June 2019 £ 143,572 |
Income £ 144,603 Income £ 200,675 |
Expenditure £ (201,395) Expenditure £ (147,407) |
Balance at 31 May 2021 £ 140,048 |
|---|---|---|---|---|
| Balance at 31 May 2020 £ 196,840 |
Page 19
(A company limited by guarantee)
FOUR CORNERS BOOKS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Tangible fixed assets 399 Current assets 145,572 Creditors due within one year (5,923) Total 140,048 |
Total funds 2021 £ 399 145,572 (5,923) 140,048 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 585 4,200 198,057 (6,002) 196,840 |
Total funds 2020 £ 585 4,200 198,057 (6,002) 196,840 |
|---|---|---|
17. Related party transactions
During the year Four Corners Books was charged £10,000 (2020: £10,000) from Raven Row for rent of the premises. Elinor Sainsbury, a Trustee, is the wife to Alex Sainsbury, a Trustee of Raven Row.
During the year Four Corners Books received donations of £Nil (2020: £105,000) from Alex Sainsbury.
During the year Four Corners Books received donations of £100,000 (2020: £50,000) from Glass House Trust of which Elinor Sainsbury is a Trustee.
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