Registered Charity Number.. 294313 rk A The Ark Angel Trust Trustees, Annual Report and Accounts for the Year Ended 31st December 2023 The Ark Angel Trust Registered Charity Number 294313 Contents Charity Information Pa8e 2 Tru5tees' Annual Report Page 3 Independent E¥aminer's fieport Page G Balance Sheet Page 7 5toteTneril Of Fsnancial Activities Page 8 Notes To The Accounts Page 9 Page I The Ark An6el Trust Charity Inlormaton REGISTERED NUM6Eft 294313 TRUSTEES Mrs Sally F Burton Ireslgned on death 26 J3nuary 20231 Mr Andrew M Pitt Mr5 Susan R Pitt Mrs Jennifer Ward Mr Mark Ward Mr Peter Green IAppointed 27 November 20231 Mr John Marklew (Appointert 19 March 20241 Mr HnwATtI EmrnèN* IAppoSnt•d 19 March 20241 ADDRESS The Ark Angel Christian Bookshop. 4 Lan5downe Mews. Bude, Cornwall EX23 8BH INDEPENDENT EXAMINERS Sanderson Accountsnts Lt 1st Floor 38 Lansdown Road Bude Cornwall EX23 88N BANKERS Barclays Bank pic. 2 The strand Bude EX23 8QX Halifax plc. Page 2 The Ark Angel Trust Registered Cha¥ity Number 294313 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2023 OBJEcfivES AND AcfivrnES: The Ark AftBel Trust exists to propagate the Christian Gospel, primarily among residents of and visitors to the area of Bude and Stratton in Coinw311. and t(J EiJt.h tsihpr xrpaE as the Trustees, may determine The main activity of the Trust has been the operaiion of a Christian Bookshop in iented premises al Lansdowne Mews, Bude. The bookshop serves local people and visitors and is staffed by a part-tirne manaEer supported by other paid staff along with a Small number of volunteers. The Trustees remain responsible for overall oversight. management and administraiion. Occasional bookstalls are also provided at local church events. PUBLIC 8ENEF￿. The trustees have taken into account the Charity Comrnission's general guidance on public benefit and the specific guldance on the advancement of religion through the operation of the Ark Angel Bookshop. The Trust maintains a Service lo people who are seekinB to find out more about Christianity for themselves, which could not be Drovided on a commerclal basis. In addition, the facilities of the shop are made freely available to the community and other voluntary organFsations to provide, for example. box office facilitles for local event5. The Trust will also provide bookstalls foi church events within its catchment area and Is developing opportunities to provide further outreach and training events when appropriate. REVIEW OF THE YEAR.. The chaiities income has increased by £6,819 when compared to the previous year. Trading sales are showing an increase of £917. however the gros5 profit margin on shop sales has reduced to 31% from 39%. Other expenditure has incfeased by £5,242. The majority of thi5 is due to a redundancy payment. Overall the a¢count5 are 5howin8 a deficit for the year of £9.046 compared to a deficit in the previous year of £10.623. At 31st Decernber 2023, the balance of Unrestrtcted Funds amounied to £30.988, which in the opinion of the Trustèes, is 51Jfficient to provide working capital for the bookshop. All funds at that point were Unrestricled. It is the reserves poliry of ihe Trust to maintain sufficlent balances to avoid the need for bank or other boriowinBs. The Trustees would like to note here that one of the founder Trustees, Mrs Sally Burton, sadly passed away in January 2023. She is sadly missed for her insight, V15ion and wisdom. She took her Trusteeship seriously and should be applauded for her 37 year seivice to the Trust. Page 3 The Ark Angel Trust ReBlstered Charity Number 294313 TRUSTEÉS. ANNUAL REPORT FOR THE YEAR ENDED 315t DtCEMBER 2023 Cont. The Trustees will maintain a watchin8 brief to ensure that the bookshop Temains viable. while taking step5 to maintain, or increase, the level of voluntary income. In view of difficult tradinE conditions brought on bv the cost-of-living cri%1% over thÈ last couple of years that has affected the public'5 ability to spend money on non-essential items, the trustee5 took decisive action in September 2023 to call a meetin8 of staff and trustees. This was held in October durin8 which the staff were lold that it wovld be likely that ihere would be redundancies in December and the shop may unfortunately have to close due to the continuin81055es, unless alternative working practices could be adopted. The declsion was not laken lightly but at that time the trustees could see no way forward for the bu5ines5 vnle55 new ideas & personnel were to come forward. Uppermost in their minds was the need to make sure sufficient funds remained available for expenses incuired by pursuinE full closure. For this reason, mid-December was identified as the date of closLtre to ensure each employee received their full entitlemei)l Lv wedundancy payments respectively. Corresporbdence was sent to all regular donors of the charity advising them of the forthcomin8 closure plans. but also asklng that if anyone felt called to become a trustee or volunteer to run the shop. then it may possible to keep the shop going. The current tTUStees felt their time had come io step away but not until 5Ltrfficient time had been given for new peortrle tD tDm> fnrward. As a result of the letter sent out, it became apparent that local supporters and custorners and the local Christians Together in Bude & Stratton Group. felt strongly ihat the shop should remain open. Peter GrÈen came forward. offerin8 to become a trustee. He sald he thought it was not time for the shop to close and that he was confident of fJndinB additional new trustees and volunteers to take the business forward. especially as the alternative plan would be to have less paid staff and more volunteers. much the same as when the Trust began and the shop. onboard a canal narrowboat, first opened. Following ihe appeal, a new trustee was appointed in Novembei 2023 and promised to find others in the New Year. Several offers of help from volunteers also followed. As the trading pèriod ended there existed a very positive apprtsèch to a new way forward, one mernber of staff took redundancy. volunteers came forward and the current trustèes agieed to remain in place until new trustees have been appointed and bank mandates Completed. The on15ne shop had little sales and the Trustees decided to mothball it for the tirne betng. If the new Trustee5 decide to go with it again it would be able to be resurrected bul in the first instance the atm is to see how the shop fares with le55 overheads, and the new volunteers. Page 4 The Ark An8el Trust Re¥lstered Charlty Number 294313 TRUSTEES, ANNUAI REPORT FOR THE VEAR ENDED 31st DECEMBER 2023 Cont. The full name of the charity is The Ark Angel Trust. The Charity was registered on 1st May 1986 under Registration Number 294313, and its Goveining Document is a Trust De￿1 dated 10th April 1986. New Trustees, are appointed by the existing body of Trustees,. and serve until resignation or dèath. The Trustees, who served at the accounting date were.. Mr Andrew M Pitt. Mrs Susan R Pitt. Mrs Jennifer Ward, MT Mark Waid, Mr Peter Green. Mr John Marklew and Mr Howard Emmens. The address of the Trust 15 The Ark Angel Chrislian Bookshop, Lansdowne Mew5, Bude. Cornwall EX23 8BH. The independent examiners are Sanderson Accountants Ltd, 38 Lansdown Road, Bude, EX23 8BN. The Lharity's bankers are Barclays Bank plc and Halifax plc. The Charity'5 annual ieport and accounts for the year ended 31st December 2023 have been Prepared in accordance wSth the Charities Act 2011and ihe Charities.. Staternent of Recommended Practice 2015 as applitable to the Financial Reportin8 Standard IFRSSEI 2015. New Trustees, are appointed by the existin8 body of Trustees,, and serve until res18nation or death. Related Partles There are no related parties. Reserves Policy It 15 the policy of the Trvstees to maintain a suffitieni level of reserves to fund the working capital needed to operate the bookshop without recourse to borrowing and to provide scope for further development of the range of goods stocked. To that end, the Trustees consider that the minimum level of reserves which must be maintained at the present time is £30,000 but that this rigure will be Subject to periodic review to take account of the effects of inflation and of any increases of stocks. Where possible. the level of Reserves will be rnaintained or increased by retained trading surpluses, supplemented with donatlons and other voluntary income. Signed on Behalf of the Trustees Mr A Pitt Page S The Ark Angel Trust Registered Charity Number 294313 Independent Examlner's ReportTo the Trustees omie Ark Angel Trust I report on the account5 of the Trust for the year ended 31st December 2023 which are set out on pages 7 to 11. Respectlve Responslbllities ￿ Tru5tee5 and Examlner: The Charity's Trustees are responsible for the preparation of the account5. The Chartty's Trustees consider that an audit 15 not required for this year under Section 144 of the Charities Act 2011and that an independent examination is needed. It is my responsibility to.. Examine the accounts under Section 145 of the Charities Act Tn fnll(>w the proc@dures laid sown in the 8eneral directions Eivcn by the Charity Commission Iunder Section 145151{blof the Charities Act) To state whether particular matters h8ve come to my attention. Basis of Independent Examiner'5 Ststement: My examination was caTried out in actordance with the general directions given by the Charity Commission. An examination includes a review of the accounting record5 kept by the Charity and a compari50n of thc a¢count5 presented with those records. It 41$0 iriilude5 conslderatlon of any unusual items or disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do noi 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 oul in the statement below. Independent Examiner's Statement In connection with my examination, no matter has come to my attention: l.Which gives me reasonable cause to believe that any material respect the requirements: To keep accounting records in accordance with Section 130of the Charities Act- and To prepare accounts which accord with the accounting records and comply with accounting requirements of the Charities Act have not been met. Or 2. To which, in my opinion, attention shoulil be drawn in order to enable proper understandin8 of the accounts to be reached. Becky Moore FMAAT 08 August 2024 Page 6 The Ark Angel TTUSt Registered Charity Number 294313 BALANCE SHEET AT aist DECEMBER 2023 Unrestricted Restficted 2023 Total 2022 Total Funds Funds Funds Funds Note FIXED ASSErs Shop fitting & equipment 106 CURRENT ASSErs Stock Debtors Cash at bank Cash at building societv Cash in hand 24,868 390 4.609 6,144 30 36,041 24,868 390 4,609 6.144 30 36.041 27.245 9,110 4,586 30 40,971 CURRENT UABILITIES Sundry credltor5 5,053 5,053 1,043 NEf CURRENT ASSETS 30,988 30,988 39,928 TOTAL ASSEfs LESS CURRENT LIABIUTIES 30,988 30.988 40,034 Represented by. Accumulated Fund- General Fund Restricted Funds 30,988 30.988 40.034 30.988 30.988 40,034 The notes on pages 9 to 11 form part of ihese accounts. The Accounts were appfoved and signed on behalf of the Trustees by MrAPitt Page 7 I he Ark Angel I ru51 Reglstered Charity Numbw 294313 STATEMENTOF FIPIANCIAL ACTIVITIES FOR THE YEAR ENOED 31st DECEMBER 2023 2023 Total Fund5 2022 Total Funds Unrestrlcted Restritted Fund5 Fund5 Note 114COME Voluntary Interest ￿ceiVed Miscellaneous incorntr Glft Aid Ihcome from Charltable Actlvltles Charitable trading Sales Tot*1 Income 15,877 15 1,424 15.877 15 1,424 9.752 1,661 25.113 42,429 25.113 42,429 24,196 35,610 EXPENDITURE Cost of sales Wages Advertisin8 Rent ol shop Insurances Elettrlcity Rate5 Telephone and intern P05tsge and stationery Repairs and renewals Computer expenses Subscriptions Accountancy Barik, Eredit card thèrges Sundrie5 Depreciation of fixed asset5 Total Expenst$ 17.3LX) 26.471 17,3rx) 26,471 14,773 21,364 2.208 3.9fr) 531 650 92 $82 742 48 521 211 15 83 254 582 742 48 521 211 15 83 254 180 650 144 106 51,475 173 1.049 71 228 650 144 106 51,475 581 104 105 46,233 NET IOLITGOINGIIINCOME 19.0461 19.0461 110,6231 RECONCILIATION OF FUNDS Accumulated Fund Brought Forward 1st JOn￿ry 2023 umulated Fund Carried Forward 31st Detember 2023 40,034 30,988 40.034 50,657 30.988 40,034 Page 8 Tlie Aik Aii¥rl Trust Registered Charity Number 294313 NOTES TO THE ACCOUNTS Year ended 31st D*￿Mber2O23 l Accounting polkles: 10} Bosis of orcounting The flnancial staternents have been prepared under the Charities Act 2011 in accordance with the Charitics SORP IFRSSEI l Accountirl8 ond BeportinG by Charitics". Statement of Recommended Practic applicable io charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entitieslleffettive from l January 20151. The financtal Statements are prepared under the hlstorlcal cost convefition. Ibl Tanslblt fixed assets Tangible fixed asset5 are capitalised and depreciated at rates calculated to write off the cost, less estirnated residual value, of each asset over its anticipated useful Itfe, ai the following rate5.' Shop Fittines S Equipment-. 25% of Cost per •Thnum. (¢1 Siocks Stock5 are valued at the lower of the lull retail price less a 33.33% deduction in respect of the retsil mark up and the net reall￿tsIe value of reduced 8oods. Idl Income Income from the shop sales is accounted for when the sale is made. Gift5, donations and tnterest are normally brought into account when received. Gift5 grants for specific puiposes are either treated as Deferred In£orne until expended, or, if partially expended dulins the occouTrttn6 persod, are brou81ii Int(J account when received and the L*nspent portion treated as Restricted Funds. lel Expenditure ExpenditUTe is charged on aa accruals basis. If) Funds Unresiritted funds are available for v5e at the Trustees. discretion lor any purpose within the objects of the tharSty. Restricted funds have been received with stipulation from the donor as to the purposelor which thev may be used. 181 Taxatlon The Charity is exempt from tam on its charitable activities. Ihl Debtors Trade Debtors and Other Debtors are reco8ni5ed at the settlement amount due after any trade discounts. Prepayments are valued at the amount prepaid after deduciion of any trade discovnts. Page 9 The Ark An8el Trust Re8lStered Charity Number 294313 NOTESTO THE ACCOUNTS Yearended 31st December 2023 A¢countln8 polltles IContlnued} lil CreditOfS Creditors Jre reco6ni3ed where the Charity has a present obli8ation resulting from o past event thot will probably result in a transfer of funds to a third party and the amount required to settle the oblsgation can be measured or estimated reliably. Creditors are normally valved at their settlement amount after dedurtion of any trade discounts. lj'l Flnandol Instwments The Charity only has financial asset5 and liabilities of a kind that qualfjfy as basic financial instrurnent5. Basic financial instruments are initially recognised at trall￿ction value subsequently measured at thelr settlement value. Ikl Pènsion Costs The charity operates a pe%)sion ￿herne for its ernployees. Thecontributions are reco8nised as expenses when theyfall due. 2 Tanglble Flxed Assets Shop Fittiny & ÈquSpment Cost As at l January 2023 Arlditions at Cost Disposals at C05t at 31st L>ecember 2023 5.882 5,882 Depredation As at l January 2023 Charge lor the yeèr Attributed to disposals A5 at 31 December 2023 5.776 106 5.882 Net Book Value As at l January 2023 As at 31 December 2023 211 3 Employee5 During the year, the number of employee5 varied between two and four part time ernployees, equivalent in total to one full time post. All other work is undertaken by volunteers. No employee is renumerated at a rate of £50,(KK> per annum or more. Page 10 The Ark Angel Trust 8e8lStered Charlty Number 294313 NOTESTO THE ACCOUNTS Year ended 315t De¢ember 2023 4 Trustees No Trustee received any renumeration or be￿efit from the Trust. On occasions, Trusiees may receivè reirnbursemènt whèn thèy have advanced money to meet liabiliti•K of th• Trust. 2023 2022 S Debtors Trade Debtor5 390 6 Credttors Trade Creditors due withing one year 5,053 1043 Page 11