REGISTERED COMPANY NUMBER: 12487487 (England and Wales) REGISTERED CHARITY NUMBER: 1190105
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023
FOR
BOOKS PLUS CARDIFF LIMITED
Green & Co Chartered Certified Accountants Pembroke House Llantarnam Park Way Cwmbran Torfaen NP44 3AU
BOOKS PLUS CARDIFF LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 11 |
| Detailed Statement of Financial Activities | 12 to 13 |
BOOKS PLUS CARDIFF LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st May 2023. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's object and principal activity is to advance the Christian faith and in particular to provide Christian literature and other forms of media communication. This object is met through the operation of a Christian bookshop trading under the name BOOKS Plus in the concourse of hospitals for the benefit of the community of Cardiff and South Wales. The charity is organised so that the trustees meet regularly to manage its affairs. All staff are to be employed in direct charitable activities.
Public benefit
The trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Preparatory activity that we undertook during the period were for medium- and long-term public benefit though much of this was done under the auspices of the parent charitable company Light on the Mount.
Activities
The charity operates through a bookshop known as BOOKS Plus Cardiff, located at the University Hospital of Wales, Cardiff. From 1999 to 2022 the charitable bookshop has been operated by parent charitable company Light on the Mount. Operational activities in Cardiff formally transitioned to BOOKS Plus Cardiff Limited from Light on the Mount for the beginning of the financial year which commenced 1st June 2022.
BOOKS Plus Cardiff Limited was registered and established in February 2020 but the original plan for the charity to take over operation of the BOOKS Plus Cardiff shop from Light on the Mount was significantly delayed by the arrival and major impact of the Covid-19 pandemic. As a consequence BOOKS Plus Cardiff Limited was made dormant for the period 2020-2022.
The performance of BOOKS Plus Cardiff Limited for 2022-2023 has met the charity's objective of enhancing the caring environment of the University Hospital of Wales through the provision of Christian literature and related goods. Considerable and much appreciated effort by staff management has gone into adjusting the stock on offer to ensure the shop remains an attractive, caring and relevant outlet whilst also addressing current financial imperatives.
During this period, satellite BOOKS Plus outlets were established in three Cardiff churches to help improve the profitability and reach of the Cardiff operation. This activity required additional investment in stock which has resulted in a higher level of stock purchasing for this year. Whilst two of the satellite outlets have proved to be successful, the third outlet didn't run reliably, giving further insight into the conditions which need to pertain in order for any new satellites to be successful.
Page 1
BOOKS PLUS CARDIFF LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2023
FINANCIAL REVIEW
Reserves policy
The results for the year are summarised in the Statement of Financial Activities. At 31 May 2023 the charity is reporting net assets and unrestricted reserves amounting to -£22,277. This is because a proportion of the assets have been retained within the parent charity Light on the Mount.
Reserves are currently held within the Light on the Mount owned group of companies to ensure the charity is well placed to meet future demands on its resources. The trustees are agreeing a group policy to define how reserves are to be held for each of the individual companies, including BOOKS Plus Cardiff Limited. The trustees consider the level of reserves to be adequate.
FUTURE PLANS
The trustees will maintain activity at the University Hospital of Wales via the shop BOOKS Plus Cardiff in Unit 8 of the hospital's main entrance and concourse.
Sufficient reserves are held to support the continuation of the activity in the short-term as a number of individuals and churches have supported the work during this financial year. Fundraising and increasing support for the work remains a priority for the future of BOOKS Plus Cardiff Limited in association with its parent charity Light on the Mount. 2024 will mark the 25th anniversary of BOOKS Plus Cardiff and activities are being planned in conjunction with this milestone.
The ability to demonstrate in Cardiff that the ministry/trading model is sustainable, will be a key element of the charity's strategy in association with parent company Light on the Mount.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
BOOKS Plus Cardiff Limited is both a private limited company and a registered charity. The charity is controlled by its Memorandum and Articles of Association. Control of BOOKS Plus Cardiff Limited lies with its parent charitable company Light on the Mount. The charitable objects of BOOKS Plus Cardiff Limited mirror those of Light on the Mount. The charity has been structured this way to balance the need for local accountability whilst ensuring consistency and good management practice across the group of charitable companies operating BOOKS Plus charitable bookshops.
Staff employed by BOOKS Plus Cardiff Limited are also employed by Light on the Mount on dual employment contracts.
Recruitment and appointment of new trustees
The formal method of appointing trustees is contained within the constitution of the charity. New trustees are appointed by formal resolution of existing trustees.
New trustees are trained by other trustees and the charity's management staff to become familiar with the charity's objectives, constitution, memoranda and articles of incorporation, their legal duties as trustees, business, finance and other related operational matters.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
12487487 (England and Wales)
Registered Charity number
1190105
Page 2
BOOKS PLUS CARDIFF LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2023
Registered office 19 Franklen Road Cardiff CF14 1HR
Trustees
A S Dubljevic Crown Prosecutor C J Graves It Professional
Independent Examiner
Ed Gooderham FCA Green & Co Chartered Certified Accountants Pembroke House Llantarnam Park Way Cwmbran Torfaen NP44 3AU
Approved by order of the board of trustees on 25th March 2024 and signed on its behalf by:
C J Graves - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BOOKS PLUS CARDIFF LIMITED
Independent examiner's report to the trustees of Books Plus Cardiff Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st May 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also 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 your charity's accounts as 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.
Ed Gooderham FCA
Green & Co Chartered Certified Accountants Pembroke House Llantarnam Park Way Cwmbran Torfaen NP44 3AU
25th March 2024
Page 4
BOOKS PLUS CARDIFF LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2023
| 2023 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Sale of Christian literature 154,866 EXPENDITURE ON Raising funds 134,346 Charitable activities Sale of Christian literature 42,797 Total 177,143 NET INCOME/(EXPENDITURE) (22,277) RECONCILIATION OF FUNDS Total funds brought forward 1 TOTAL FUNDS CARRIED FORWARD (22,276) |
2022 Total funds £ - |
|---|---|
| - - |
|
| - | |
| - 1 |
|
| 1 |
The notes form part of these financial statements
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BOOKS PLUS CARDIFF LIMITED
BALANCE SHEET 31ST MAY 2023
| 2023 Unrestricted funds Notes £ CURRENT ASSETS Stocks 4 40,701 Debtors 5 2,520 Cash at bank and in hand 5,013 48,234 CREDITORS Amounts falling due within one year 6 (70,510) NET CURRENT ASSETS/(LIABILITIES) (22,276) TOTAL ASSETS LESS CURRENT LIABILITIES (22,276) NET ASSETS (22,276) FUNDS 7 Unrestricted funds: General fund (22,277) Share capital 1 (22,276) TOTAL FUNDS (22,276) |
2022 Total funds £ - 1 - |
|---|---|
| 1 - |
|
| 1 | |
| 1 | |
| 1 | |
| - 1 |
|
| 1 | |
| 1 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
BOOKS PLUS CARDIFF LIMITED
BALANCE SHEET - continued 31ST MAY 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 25th March 2024 and were signed on its behalf by:
C J Graves - Trustee
The notes form part of these financial statements
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BOOKS PLUS CARDIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised 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 accounted 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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BOOKS PLUS CARDIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2023
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Hire of plant and machinery | 775 | - |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st May 2023 nor for the year ended 31st May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st May 2023 nor for the year ended 31st May 2022.
4. STOCKS
| Stocks DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors VAT Prepayments and accrued income |
2023 £ 40,701 2023 £ 712 1,428 380 2,520 |
2022 £ - |
|
|---|---|---|---|
| 2022 £ 1 - - |
|||
| 1 |
5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
continued...
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BOOKS PLUS CARDIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2023
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes Other creditors Accruals and deferred income 7. MOVEMENT IN FUNDS Unrestricted funds General fund Share capital TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.6.22 £ - 1 1 1 Incoming resources £ 154,866 154,866 |
2023 2022 £ £ 9,705 - 639 - 52,257 - 7,909 - 70,510 - Net movement At in funds 31.5.23 £ £ (22,277) (22,277) - 1 (22,277) (22,276) (22,277) (22,276) Resources Movement expended in funds £ £ (177,143) (22,277) (177,143) (22,277) |
|---|---|---|
continued...
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BOOKS PLUS CARDIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2023
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st May 2023.
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BOOKS PLUS CARDIFF LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2023
| INCOME AND ENDOWMENTS Charitable activities Bookshop sales Total incoming resources EXPENDITURE Raising donations and legacies Bookshop sales Other trading activities Opening stock Wages Pensions Hire of plant and machinery Closing stock Charitable activities Rates Rent Support costs Management Insurance Telephone Advertising Storage Finance Postage and stationery Bank charges Credit card |
2023 £ 154,866 154,866 92,744 42,574 37,826 1,128 775 (40,701) 41,602 2,087 27,624 29,711 887 834 197 959 2,877 1,055 262 1,179 2,496 |
2022 £ - |
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This page does not form part of the statutory financial statements
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BOOKS PLUS CARDIFF LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2023
| FOR THE YEAR ENDED 31ST MAY 2023 | ||
|---|---|---|
| Finance Other Sundries Repairs and renewals Subscriptions Governance costs Accountancy and legal fees Bookkeeping Total resources expended Net (expenditure)/income |
2023 £ 1,401 337 1,504 3,242 1,271 3,200 4,471 177,143 (22,277) |
2022 £ - - - |
| - - - |
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| - | ||
| - | ||
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This page does not form part of the statutory financial statements
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