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2022-01-31-accounts

BEACON BOOKS & CRAFTS LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

G. Thomas & Co.

Chartered Accountants

BEACON BOOKS AND CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

CONTENTS PAGE
Officers and professional advisers 2
Trustees annual report 3 - 4
Accountants report 5
Income and expenditure account 6
Balance sheet 7
Notes to the financial statements 8 - 13
The following pages do not form part of the financial statements 14

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G. Thomas & Co.

Chartered Accountants

BEACON BOOKS AND CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

OFFICERS AND PROFESSIONAL ADVISERS

The trustees T. Jones
Dr. J. McGowan
A.R. Thomas
J.A. Cox
H.D. Crabb
Company secretary T. Jones
Registered office 28 The Parade
Cwmbran
Torfaen
Gwent
NP44 1PT
Bankers Lloyds Bank plc
1 Gwent Square
Cwmbran
Torfaen
Gwent
NP44 1XN
Accountants G. Thomas & Co
Chartered Accountants
12 Llwynderi Road
Newport
South Wales
NP20 4LW

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G. Thomas & Co.

Chartered Accountants

BEACON BOOKS AND CRAFTS LIMITED

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 JANUARY 2022

The trustees, who are also directors for the purposes of the Companies Act, present their report and the unaudited financial statements of the company for the year ended 31 January 2022

METHOD OF APPOINTMENT OF TRUSTEES

Most of the trustees are nominated by local churches, each church entitled to one church representative/trustee. In addition there can also be up to four ad hoc trustees. All trustees must be in agreement with the charity's doctrinal basis.

CHARITABLE OBJECTS

The charity is company limited by guarantee and governed by its memorandum and articles. The object for which the company is established is to advance religion by spreading the Gospel of Jesus Christ and in furtherance of this the the company operates a shop for the purpose of selling Christian Literature, music and other related items. The company is a registered charity, number 517778, and its company registration number is 2030402.

The principal activity of the company during the year was the retailing of books and crafts.

REVIEW OF THE ACTIVITIES FOR THE YEAR

In the year to 31 January 2022 the ministry of the shop has been maintained as a service to the churches in the area and as a witness in the town centre to the whole community.

The trustees have managed the charity carefully and have continued to encourage gift support. Churches and Christians continue faithfully to support the ministry of the shop through regular gifts. The combination of careful management and gift income maintained the financial stability of the shop, resulting in a a small trading deficit for the year. The trustees continue to look for new ways of bringing additional stability.

TRUSTEES

The trustees who served the company during the period were as follows:

T. Jones

A.R. Thomas

J.A. Cox Dr. J. McGowan

H.D. Crabb

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G. Thomas & Co.

Chartered Accountants

BEACON BOOKS AND CRAFTS LIMITED

TRUSTEES ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 JANUARY 2022

RESPONSIBILITIES OF THE TRUSTEES

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company at the end of the year and of the incoming and outgoing resources for the year then ended.

In preparing these financial statements, the trustees are required to select suitable accounting policies and then apply them consistently, making judgements and estimates that are reasonable and prudent. The trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue its activities.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.

REPORTING ACCOUNTANTS

G. Thomas & Co will continue in office as reporting accountants for the ensuing year.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

BY ORDER OF THE TRUSTEES

………………………………………

T. Jones - Company Secretary

Approved by the trustee on 10th October 2022

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G. Thomas & Co.

Chartered Accountants

BEACON BOOKS AND CRAFTS LIMITED

ACCOUNTANTS' REPORT TO THE MEMBERS OF BEACON BOOKS & CRAFTS LIMITED

FOR THE YEAR ENDED 31 JANUARY 2022

We report on the unaudited accounts for the year ended 31 January 2022 set out on pages 6 to 11

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE REPORTING ACCOUNTANTS

As described on page 4 the trustee of the company are responsible for the preparation of the accounts, and they consider that the company is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.

BASIS OF OUR OPINION

Our work was conducted in accordance with the Statement of Standards for Reporting Accountants, and so our procedures consisted of comparing the accounts with the accounting records kept by the company, and making such limited enquiries of the officers of the company as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion.

OPINION

In our opinion:

Dated 12th October 2022

G. THOMAS & CO

Chartered Accountants 12 Llwynderi Road Newport South Wales

NP20 4LW

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G. Thomas & Co.

Chartered Accountants

BEACON BOOKS & CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022

Note
INCOMING RESOURCES
Gifts
2
Job retention scheme income
1
Other coronavirus grant income
1
Activities in furtherance of the charity's objects:
Operating activities
3
Interest receivable
4
Gross profit
RESOURCES EXPENDED
Charitable expenditure:
Costs in furtherance of charitable objects:
Staff costs
5
Depreciation and other costs
5
Management and administration
6
TOTAL RESOURCES EXPENDED
7
NET RESOURCES FOR THE YEAR
Balances brought forward
Balances carried forward		 Total Funds
2022
£
£
5,987
6,120
7,000
23,103
2
42,212
23,956
20,128
575
44,659
(2,447)
20,176
17,729		 Total Funds
2021
£
£
16,028
6,828
17,000
14,350
2
54,208
21,796
18,147
267
40,210
13,998
6,178
20,176		 Total Funds
2021
£
£
16,028
6,828
17,000
14,350
2
54,208
21,796
18,147
267
40,210
13,998
6,178
20,176
54,208
40,210
13,998
6,178
20,176

All movements are in Unrestricted Funds.

The company has no recognised gains or losses other than the results for the year as set out above.

All the activities of the company are classed as continuing

The notes on pages 8 to 12 form part of these financial statements

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BEACON BOOKS & CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS

BALANCE SHEET

AS AT 31 JANUARY 2022

AS AT 31 JANUARY 2022
**Note ** 2022 2021
£ £ £ £
FIXED ASSETS 10 - -
Tangible assets
CURRENTS ASSETS
Stocks 11 7,334 4,877
Debtors 12 1,901 221
Cash in Hand and at Bank 13 13,437 24,548
22,672 29,646
CREDITORS:Amounts falling due within one year 14 2,443 6,970
NET CURRENT ASSETS/(LIABILITIES) 20,229 22,676
TOTAL ASSETS LESS CURRENT LIABILITIES 20,229 22,676
CREDITORS:Amounts falling due after more than one year 15 2,500 2,500
TOTAL ASSETS/(LIABILITIES) 17,729 20,176
Financed By:
FUNDS:
Unrestricted 16 17,729 20,176
TOTAL FUNDS 17,729 20,176

The trustees are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pusuant to section 476 of the Act.

The trustees acknowledge their responsibilities for:

(a). ensuring that the company keeps proper accounting records which comply with Section 386 of the Act, and

(b). preparing financial statements which give a true and fair view of the state of affairs of the company, as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved by the trustees on the 10th October 2022 and are signed on their behalf by:

…………………………………………

The notes on pages 8 to 12 form part of these financial statements

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BEACON BOOKS & CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2022

1 ACCOUNTING POLICIES

Basis of accounting

The financial statements are prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2000) and the Companies Act 2006.

Accounting convention

The financial statements are prepared under the historical cost convention.

Going Concern

The financial statements are prepared under the going concern basis

Cash flow statement

The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (Revised) from including a cash flow statement in the financial statements on the grounds that it qualifies as small.

Incoming resources

Donations are recognised when all conditions relating to their receipt have been met. All incoming resources are recognised without any netting off of related expenditure.

Tangible fixed assets

Depreciation is calculated so as to write of the cost of the asset, less its estimated residual value, over its useful economic life. The rates of depreciation are as follows:

Fixtures & fittings

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Resources expended

Management and administration costsrelate to the costs of running the company as an organisationas listed in note 7, with all other costs being considered as directly relating to the provision of charitable services.

Charitable status

Beacon Books and Crafts Limited is a registered charity. Therefore, no provision has been made for taxation in these financial statements.

Liabilities

Liabilities are recognised by the charity once a legal or constructive obligation exists.

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BEACON BOOKS & CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2022

1
OTHER INCOME
Job Retention scheme income
Local Authority coronavirus grant
2
GIFTS
Gifts
3
OPERATING ACTIVITIES
Shop Sales
4
INTEREST RECEIVABLE
Bank interest receivable
5
COSTS IN FURTHERANCE OF CHARITABLE OBJECTS
Provision of charitable services:
Cost of sales
Premises costs
Insurance
Staff costs
Office costs and sundries
Depreciation		 2022
£
6,120
7,000
2022
£
5,987
2022
£
23,103
2022
£
2
2022
£
8,060
11,056
432
23,956
580
-
44,084		 2021
£
6,828
17,000
2021
£
16,028
2021
£
14,350
2021
£
2
2021
£
7,627
9,672
268
21,796
580
-
39,943

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BEACON BOOKS & CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2022

COSTS IN FURTHERANCE OF CHARITABLE OBJECTS ( Continued )

Analysis of provision of charitable services:

Cost of sales
Premises costs
Insurance
Staff costs
Office costs and sundries
Depreciation		 Staff
Costs
£
-
-
-
23,956
-		 Depreciation
£
-
-
-
-
-
-		 Other
Costs
£
8,060
11,056
432
-
580
-		 Total
2022
£
8,060
11,056
432
23,956
580
-		 Total
2021
£
7,627
9,672
268
21,796
580
-
23,956 - 20,128 44,084 39,943

6 MANAGEMENT AND ADMINISTRATION

Accountancy fees
Legal and professional
Interest payable and similar charges		 2022
£
-
-
575		 2021
£
-
-
267
575 267
Direct charitable expenditure
Fundraising and publicity
Management and administration		 Staff
Costs
£
23,956
-
-		 Depreciation
£
-
-
-		 Other
Costs
£
20,128
-
575		 Total
2022
£
44,084
-
575		 Total
2021
£
39,943
-
267
23,956 - 20,703 44,659 40,210
The aggregate payroll costs were:
2022 2021
£ £
Wages and salaries 23,956 21,796

No trustee received any remuneration during the year, nor was reimbursed any expenses ( 2021 - nil )

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BEACON BOOKS & CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2022

TOTAL RESOURCES EXPENDED ( Continued )

8 Particulars of employees:

The average number of staff employed by the company during the financial year was:

Number of full time equivalent shop staff
9
OPERATING PROFIT/(LOSS)
Operating profit/(loss) is stated after charging:
Depreciation
10
TANGIBLE FIXED ASSETS
Opening Cost
Additions during the year
Disposals during the year
Closing Cost
Opening Depreciation
Charge for the year
Released on Disposals
Closing Depreciation
Net Book Values : This Year
Net Book Values : Last Year		 2022
No
2
2022
£
-
Fixtures
& Fittings
£
12,098
-
-
12,098
12,098
-
-
12,098
-
-		 2021
No
2
2021
£
-

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BEACON BOOKS & CRAFTS LIMITED

REPORT AND FINANCIAL STATEMENTS

NOTES TO THE ACCOUNTS

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2022
11
STOCKS
2022
£
Stocks
7,334
12
DEBTORS
2022
£
Trade Debtors
-
VAT
-
Prepayments
1,901
1,901
13
CASH IN HAND AND AT BANK
2022
£
Cash in hand and at bank
13,437
14
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Trade creditors
2,443
VAT
-
Accruals
-
2,443
15
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022
£
Interest free long term loans
2,500
2,500
16
ANALYSIS OF NET ASSETS IN UNRESTRICTED FUNDS
2022
£
Tangible fixed assets
-
Other net assets
17,729
17
ULTIMATE CONTROLLING PARTY
There is no one ultimate controlling party of the charity.		 2021
£
4,877
2021
£
-
-
221
221
2021
£
24,548
2021
£
928
81
5,961
6,970
2021
£
2,500
2,500
2021
£
-
20,176

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BEACON BOOKS & CRAFTS LIMITED

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2022

The following pages do not form part of the statutory financial statements which are the subject of the accountants' report on page 5

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BEACON BOOKS & CRAFTS LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2022
2022
£
£
INCOME
Gifts
5,987
Bank interest recievable
2
Job retention scheme income
6,120
Other coronavirus grant income
7,000
Shop sales
23,103
TOTAL INCOME
42,212
COSTS OF GENERATING FUNDS
Advertising costs
-
CHARITABLE EXPENDITURE
Cost of sales
8,060
Wages and salaries
23,956
Rent and service charge
9,608
Rates and water
144
Heat, Light & Power
1,010
Insurance
432
Repairs and renewals
294
Carriage and postage
94
Telephone
289
Sundry expenses
197
Depreciation
-
44,084
MANAGEMENT AND ADMINISTRATION
Legal fees
-
Reporting accountants' fees
-
-
INTEREST PAYABLE
Bank interest payable
-
Bank charges
575
575
TOTAL EXPENDITURE
44,659
NET (DEFICIT)/RESOURCES GENERATED IN THE YEAR
(2,447)		 2021
£
£
16,028
2
6,828
17,000
14,350
54,208
-
7,627
21,796
8,883
40
675
268
73
64
243
274
-
39,943
-
-
-
-
267
267
40,210
13,998		 2021
£
£
16,028
2
6,828
17,000
14,350
54,208
-
7,627
21,796
8,883
40
675
268
73
64
243
274
-
39,943
-
-
-
-
267
267
40,210
13,998
54,208
40,210
7,627
21,796
8,883
40
675
268
73
64
243
274
-
39,943
-
-
-
-
267
267
13,998

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