COMPANY REGISTRATION NUMBER: 01926963 CHARITY REGISTRATION NUMBER: 327014 ## Grove Books Limited Company Limited by Guarantee Unaudited Financial Statements For the year ended 31 December 2023 ## Grove Books Limited ## Company Limited by Guarantee ## Financial Statements ## Year ended 31 December 2023 ||Pages| |---|---| |Trustees’ annual report (incorporating the director's report)|1to3| |Independent examiner's reportto thetrustees|4| |Statementoffinancial activities (including income and expenditure account)|5| |Statement offinancial position|6| |Notestothefinancialstatements|7to13| mt ‘ ## Grove Books Limited ## Company Limited by Guarantee ## Trustees' Annual Report (Incorporating the Director's Report) Year ended 31 December 2023 Pete teehee ## ain The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. ## Reference and administrative details |Registered charityname|GroveBooksLimited|GroveBooksLimited|| |---|---|---|---| |Charity registration number|327014||| |Company registration number|01926963||| |Principal office and registered|Ridley Hall||| |office|Ridley Hall Road||| ||Cambridge||| ||CB3 9HU||| |The trustees|RevdM PC
Collinson||| ||Dr F Shaw||| ||Revd 1G Silk||| ||Ven B T Lloyd||| ||RevdN J Blandford-Baker||| ||RevA J Guest (Chair)||| ||Mrs SMCoyne||(Resigned 6 June 2023)| ||Rev RA Knight||| ||MrM J Simmonds||(Appointed 27 September2023)| ||RevdB A Brady||(Appointed 27 September2023)| |Company secretary|DrF Shaw||| |Independentexaminer|Mr § TharbyFCA
For and on behalf
of||| ||Streets Chartered Accountants||| ||3 Wellbrook Court||| ||Girton||| ||Cambridge||| ||CB30ONA||| ## Structure, governance and management ## Legal status Grove Books Limited is a registered charity, number 327014 and a company limited by guarantee, company registration number 01926963. The company is governed by its memorandum and articles of association. ## iSs SS -1- ' 1 ## Grove Books Limited ## Company Limited by Guarantee ## Trustees' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2023 a ## Structure, governance and management (continued) ## Organisational structure The trustees determine the general policy of the organisation. The day to day management of the charity is in the hands of Susanne Thompson. ## Risk management As the charity's gross income is less than £250,000, a detailed risk analysis is not required. The trustees have assessed some of the risks to which the charity is exposed and are satisfied that systems are in place to mitigate any exposure to such risks. ## Appointment of trustees Vested in continuing trustees. When a vacancy for a trustee becomes available potential trustees will be interviewed and voted on at the next trustees meeting. ## Objectives and activities The objects of the charity are the advancement of the Christian religion by all means of communication but principally by the publication and distribution of the written word. ## Public benefit The Trustees have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. In accordance with its objects, the main work of the charity is the publishing of booklets which advance the Christian religion in a wide range of subjects. The benefit is not restricted to a specific group of people: anyone, regardless of sex, race, age or geographical location, can buy the booklets, in hard copy or online, and can also have access to them througha library. The booklets provide essential teaching resources for the Church of England, the Established Church. This provides an extended benefit to the public, as ministers, ordained or lay, who read them, thereby delivering a better service to the public; for example, in teaching the faith or in taking funerals. The charity subsidises its publications to make them more accessible. This is primarily through the use of volunteer author groups which the charity establishes. This work with author groups is also aimed at discerning, encouraging and coaching new authors, and also providing a forum where new ideas and developments can be discussed. ## Achievements and performance During the year the charity has continued with its aim of the advancement of the Christian faith through books and publications. Total incoming resources were £113,345 and total outgoing resources were £107,917. ## eSss = die ## Grove Books Limited ## Company Limited by Guarantee ## Trustees' Annual Report (Incorporating the Director's Report) (continued) ## Year ended 31 December 2023 ## Financial review ## Reserves policy The charity's reserves are equivalent to its total funds per the balance sheet of £38,014. The level of cash is targeted to cover three months operating expenses, which the Trustees regard as prudent provision. The Trustees note that current cash levels are above prudent provision as the company adjusts to responding to opportunities for sales post-pandemic. ## Investment powers and restrictions These are govemed by the memorandum and articles of association which permit funds to be invested in investments, securities or property at the discretion of the trustees. ## Pians for future periods The Board will be taking steps to ensure we are maximising opportunities for wider regular income, including the accessibility of our digital texts, and reaching out to a wider and more diverse customer base. ## Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees! annual report was approved on Aa—Andee.br an 5 on behalf of the board of trustees by: Dr F Shaw Trustee a afc —— ## Grove Books Limited ## Company Limited by Guarantee ## Independent Examiner's Report to the Trustees of Grove Books Limited ## Year ended 31 December 2023 a ee I report to the trustees on my examination of the financial statements of Grove Books Limited (‘the charity’) for the year ended 31 December 2023. ## Responsibilities and basis of report The trustees are also the directors of the company for the purposes of company law are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - ° examine the accounts under section 145 of the 2011 Act; - ° to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - ° to state whether particular matters have come to my attention. ## Independent examiner's: statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: - ° to keep accounting records in accordance with section 386 of the Companies Act 2006, and - ° to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 have not been met, or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. **----- Start of picture text -----**
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Mr S Tharby FCA Independent Examiner For and on behalf of Streets Chartered Accountants 3 Wellbrook Court Girton Cambridge CB3 ONA ## 22/6\Ly ass -4- ## Grove Books Limited ## Company Limited by Guarantee ## Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 ## ES |||2023|2023|2022| |---|---|---|---|---| |||Unrestricted||| |||funds|Total funds|Total funds| ||Note|£|£.|£| |Income and endowments||||| |Donations and legacies
Charitable activities|5
6|10,000
102,441|10,000
102,441|~
91,891| |Investment income|i|75|75|62| |Other income|8|829|$29|1,195| |Total income||113,345|113,345|93,148| |Expenditure
Expenditureon charitable activities|9,10|107,917|107,917|103,866| |Total expenditure||107,917|107,917|103,866| |Net income/(expenditure) and netmovement in funds||5,428|5,428|(10,718)| |Reconciliation offunds||||| |Total fundsbrought forward||32,586|32,586|43,304| |Totalfundscarriedforward||38,014|38,014|32,586| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 13 form part of these financial statements. dn.72 Tseee ~Se ## Grove Books Limited ## Company Limited by Guarantee ## Statement of Financial Position ## 31 December 2023 **----- Start of picture text -----**
2023 2022
Note £ - £ £ £
Fixed assets
Tangible fixed assets 16 1,208 -
Current assets
Stocks 17 24,394 23,013
Debtors 18 - 2,520 4,300
Cash at bank and in hand 30,161 30,221
57,075 57,534
Creditors: amounts falling due within
one year 19 20,269 24,948
Net current assets 36,806 32,586
Total assets less current liabilities 38,014 32,586
Net assets 38,014 32,586
Funds of the charity
Unrestricted funds 38,014 32,586
Total charity funds 20 38,014 32,586
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For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. ## Directors! responsibilities: - e The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - » The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the smal] companies' regime. These financial statements were approved by the board of trustees and authorised for issue onGe TOS and are signed on behalf of the board by: Dr F Shaw Trustee The notes on pages 7 to 13 form part of these financial statements. aif Notes to the Financial Statements ## Grove Books Limited ## Company Limited by Guarantee ## Year ended 31 December 2023 **a** **----- Start of picture text -----**
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## 1. General information The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Ridley Hall, Ridley Hall Road, Cambridge, CB3 9HU, United Kingdom. 2. Statement of compliance These financial statements have been prepared in compliance with FRS 102, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006 and the Charities Act 2011. 3. Accounting policies ## Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. ## Going concern There are no material uncertainties about the charity's ability to continue. ## Disclosure exemptions The entity satisfies the criteria of being a non-large charity as defined in Charity SORP (FRS 102). As such, advantage has been taken of the following disclosure exemptions available: (a) No cash flow statement has been presented for the company. ## 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 charity and which have not been designated for other purposes. ## Income Income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. aSS ee ## Grove Books Limited ## Company Limited by Guarantee ## Notes to the Financial Statements (continued) ## Year ended 31 December 2023 yeaee ee 3. Accounting policies (continued) Income (continued) - income from contracts for the supply of goods or services is recognised with the delivery of the contracted goods or services. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. - investment income is recognised in the accounts when it is received. ## Expenditure ## Expenditure is recognised on an accrual basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the charity in furtherance of the charity's objectives and represents the cost of goods and services and ancillary trading costs that have been incurred in charitable activities and the costs associated with meeting the constitutional and statutory requirement of the charity. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## Tangible assets Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or, if gifted, at the value to the charity on receipt. ## Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Office Equipment - 20% straight line ## Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Stocks Stock is stated at the lower of cost or net realisable value. The net reatisable value of stock is calculated on the basis of two years future sales on a straight line projection from the current year. ## ee =8- ## Grove Books Limited ## Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 aaa ## iene ## 3. Accounting policies (continued) ## Taxation No provision has been made for corporation tax or deferred tax as the charity is a registered charity and is therefore exempt. ## Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs and are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. ## Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. ## Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. 4. Limited by guarantee The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 5. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 £ £ £ s, Donations Donations 10,000 10,000 - _ ## me JO ## Grove Books Limited ## Company Limited by Guarantee ## Notes to the Financial Statements (continued) Year ended 31 December 2023 aeeeee ## 6. Charitable activities |||Unrestricted|TotalFunds|Unrestricted|Total Funds| |---|---|---|---|---|---| |||Funds|2023|Funds|2022| |||E|-|£|£| ||Charitable trading income|102,441|102,441|91,891|91,891| |7.|Investment income||||| |||Unrestricted|Total Funds|Unrestricted|Total Funds| |||Funds|2023|Funds|2022| |||PE|£|£|£| ||Bank interest receivable|75|75|62|62| |8.|Other income||||| |||Unrestricted|Total Funds|Unrestricted|Total Funds| |||Funds|2023|Funds|2022| |||£|£|£|£| ||Royalties
Conference income|729
-|729
-|390
705|390
705| ||Association subscriptions|100|100|100|100| |||829|$29|1,195|1,195| |9.|Expenditure on charitable activities by fund type||||| |||Unrestricted|TotalFunds|Unrestricted|Total Funds| |||Funds|2023|Funds|2022| |||£|£|£|£| ||Advancementofthe Christian Faith|57,660|57,660|56,104|56,104| ||Support costs|50,257|50,257|47,762|47,762| |||107,917|107,917|103,866|103,866| |10.|Expenditure on charitable activities by activitytype||||| |||Activities|||| |||undertaken||Total funds|Total fund| |||directly|Support costs|2023|2022| |||£|£|£|5| ||Advancementofthe Christian Faith|57,660|48,257|105,917|101,936| ||Governance costs|~|2,000|2,000|1,930| |||57,660|50,257|107,917|103,866| aSe ee eee Eee -10- ## Grove Books Limited ## Company Limited by Guarantee ## Notes to the Financial Statements (continued) ## Year ended 31 December 2023 aa ## 11. Analysis of support costs **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |Advancement| |of the|Christian| |Faith|Total|2023|Total|2022| |£|£|£| |Staff costs|25,095|25,095|22,775| |Premises|8,061|8,061|7,830| |Communications|and|IT|419|419|332| |Governance|costs|2,000|2,000|1,930| |Other|costs|14,682|14,682|14,895| |50,257|50,257|47,762| |12.|Net income/(expenditure)| |Net|income/(expenditure)|is|stated|after|charging/(crediting):| |2023|2022| |£|£| |Depreciation of tangible|fixed|assets|42|-| |13.|Independent|examination|fees| |2023|2022| |£|£| |Fees|payable|to|the|independent|examiner|for:| |Independent|examination|of the|financial|statements|2,000|1,930| **----- End of picture text -----**
The independent examination fees are for the costs of preparing the financial statements and the independent examination fee. ## 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |2023|2022| |£|£| |Wages and|salaries|24,109|21,809| |Employer|contributions|to|pension|plans|986|966| |25,095|22,775| **----- End of picture text -----**
The average head count of employees during the year was 2 (2022: 2). The average number of full-time equivalent employees during the year is analysed as follows: **----- Start of picture text -----**
||| |---|---| |2023|2022| |No.|No.| |1|1| **----- End of picture text -----**
## Administration No employee received employee benefits of more than £60,000 during the year (2022: Nil). ## ee -11- ‘ L ## Grove Books Limited ## Company Limited by Guarantee ## Notes to the Financial Statements (continued) Year ended 31 December 2023 pedi rn ———————— ## 15. Trustee remuneration and expenses The trustees received no remuneration in carrying out their duties as trustees. Expenses reimbursed to nil (2022: 1) trustee amounted to £nil (2022: £135). ## 16. Tangible fixed assets |||||Equipment| |---|---|---|---|---| |||||£| ||Cost|||| ||At|January2023|||=| ||Additions|||1,250| ||At31 December2023|||1,250| ||Depreciation|||| ||At 1 January 2023
Charge fortheyear|||~
42| ||At31 December2023|||42| ||Carryingamount
At 31 December2023|||1,208| ||At 31 December 2022|||-| |17.|Stocks|||| ||||2023|2022| ||||£|£| ||Goods for resale||24,394|23,013| |18.|Debtors|||| ||||2023|2022| ||||£|£| ||Trade debtors|:|1,518|2,605| ||Other debtors||1,002|1,695| ||||2,520|4,300| |19.|Creditors: amounts fatling due within oneyear|||| ||||2023|2022| ||||£|£| ||Trade creditors||2,506|6,951| ||Accruals and deferred income||17,763|17,790| ||Other creditors||-|207| ||||20,269|24,948| ## 17. Stocks ## ieee a . Ld ## Grove Books Limited ## Company Limited by Guarantee ## Notes to the Financial Statements (continued) ## Year ended 31 December 2023 a a a a ## 20. Analysis of charitable funds ||Unrestricted funds|||||| |---|---|---|---|---|---|---| |||||||At| ||||At|||31 December| |||1|January 2023|Income|Expenditure|2023| ||||£|£|£|£| ||General funds||32,586|113,345|(107,917)|38,014| |||||||At| ||||At|||31 December| |||1|January 2022|Income|Expenditure|2022| ||||£|£|£|£| ||General funds||43,304|93,148|(103,866)|32,586| |21.|Analysis ofnet assets between funds|||||| ||||||Unrestricted|Total Funds| ||||||Funds|2023| ||||||£|£| ||Tangible fixed assets||||1,208|1,208| ||Current assets||||57,075|57,075| ||Creditors less than 1 year||||(20,269)|(20,269)| ||Net assets||||38,014|38,014| ||||||Unrestricted|Total Funds| ||||||Funds|2022| ||||||£|£| ||Tangible fixed assets
Current assets||||=
57,534|=
57,534| ||Creditors less than 1 year||||(24,948)|(24,948)| ||Netassets||||32,586|32,586| ## 22. Related parties During the year £6,525 (2022: £5,700) was paid to K Blandford-Baker, spouse of a director and trustee, for typesetting services. As at the balance sheet date £nil (2022: £nil) was due to K Blandford-Baker. Deen ee ee ee eT eee eee -13-