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2022-12-31-accounts

FLORIS BOOKS TRUST LIMITED (A Company Limited by Guarantee)

DIRECTOR’S REPORT

AND FINANCIAL STATEMENTS

for the year ended 31 December 2022

FLORIS BOOKS TRUST LIMITED

Directors (Trustees) : Jane Grant
Peter Holman
Tom Ravetz
Lesley Taylor
Senior Management Team: : Katy Lockwood-Holmes – Chief Executive
Christian Maclean
Auditors : Geoghegans
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
Bankers : Bank of Scotland
8 Morningside Road
Edinburgh
EH10 4DD
Triodos Bank (to 9 March 2022)
24 Hanover Street
Edinburgh
EH2 2EN
Aldermore Bank
100 West Regent Street
Glasgow
GU2 2QD
Solicitors : Balfour & Manson
54-66 Frederick Street
Edinburgh
EH2 1LS
Registered Office : 22 Baylie Street
Stourbridge
West Midlands
DY8 1AZ
Principal Office : Canal Court
40 Craiglockhart Avenue
Edinburgh
EH14 1LT
Company Registration Number : 02398655
Charity Commission Registration Number : 801790
OSCR Registration Number : SC041837

1

FLORIS BOOKS TRUST LIMITED

DIRECTORS’ REPORT

The directors, who are also trustees for the purposes of charity law, submit their report and the audited financial statements of the charitable company for the year ended 31 December 2022.

Objectives and Activities

The principal activities of the charitable company are producing books relating to its charitable objectives which are to propagate Christian principles, the ideas of anthroposophy, and wholesome spiritual and ethical values for children for the benefit of the public anywhere in the world, and to advance the work of The Christian Community in Great Britain.

To achieve these objectives, the books published are a balance between those relating directly to the aims, and those which are in harmony with the aims. For some publications grants are sought either from individuals, public bodies, or from other trusts.

How Our Activities Deliver Public Benefit

The books relating to the Christian religion and anthroposophy help give readers meaning and purpose in their lives and contribute to their spiritual well-being, and provide a moral or ethical framework to live by.

The books for children help children to experience and adopt wholesome spiritual and ethical values which offer meaning and purpose in their childhood and future adult life, ultimately contributing to their spiritual well-being, and providing a moral or ethical framework to live by.

Promoting an understanding of the human being as a spiritual being contributes towards a better society by promoting social cohesion and recognition of the worth of every individual.

The directors have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. In setting the prices of books the directors give careful consideration to those on low incomes, and also give consideration to the lower cost of books in some foreign countries by appropriate discounts to distributors and bookshops in those countries.

Achievements & Performance

During the year, 47 (2021: 52) new books were published, including Perspectives on a Century, Konig's Season and their Festivals, and Seeing Colour, which are of fundamental importance to the Christian Community or help propagate the ideas of anthroposophy; and When Little Owl Met Little Rabbit, The Connected Family Handbook, The Last Rainbow Bird and Pomme and the Pumpkins, which help propagate wholesome values for children.

2022 saw the world emerge from the Covid pandemic. The Floris office was able to reopen in April 2022, and tourist visitors returned to Scotland from overseas. Online sales weakened and traditional bookshops increased their sales. The war in Ukraine, combined with other global pressures, meant rising costs, including the cost of printing and shipping, and rising salaries on the back of the UK's cost-of-living crisis. A weak pound helped the value of US dollar sales.

2

FLORIS BOOKS TRUST LIMITED

DIRECTORS’ REPORT (Continued)

Financial Review

The surplus for the year was £124,221 (2021: £154,987).

The charitable company’s funds are raised through the sale of books and are used to fund further publications of religious books. The directors continue to explore ways of directly targeting readers including use of the internet and direct mail.

Reserves policy

The directors’ reserves policy is to retain sufficient funds within the charitable company for working capital together with a contingency to cover either unexpected expenditure or the cash flow problems a change in market conditions would produce. The directors have therefore established a policy whereby the unrestricted funds not designated or invested in tangible fixed assets (“the free reserves”) held by the charitable company should be between 12 and 15 months of resources expended in addition to the costs of investing in new premises and staff as part of the expansion of the charitable company’s activities. The directors have adopted a prudent approach to the related risks of that expansion.

Total reserves at 31 December 2022 were £2,295,280 (2021: £2,171,059). The unrestricted funds less those invested in tangible fixed assets (“the free reserves”) were £2,277,391 (2021: £2,148,547) which represents around 12.7 months of the normal annual expenditure of the charitable company. The directors regularly review the level of free reserves and are satisfied that the present level is acceptable.

Plans for Future Periods

Trading in Q1 of 2023 is encouraging, albeit with ongoing weakness in the UK book trade. The board is confident that our healthy level of reserves will enable the organisation to continue to trade past the current challenges.

Structure, Governance, Management

Governing Document

Floris Books Trust Limited is a charitable company limited by guarantee. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Each member has undertaken to contribute an amount not exceeding £1 to the assets of the company in the event of its being wound up. As at 31 December 2022 there were 33 members (2021: 31).

Recruitment and appointment of directors (trustees)

The current directors of the charitable company, and those in office throughout the year, are listed on page 1. The directors, defined as Trustees in the Articles of Association, are all members of the charitable company. Under the requirements of the Memorandum and Articles of Association one third of the directors retire each year, and are eligible for re-election, at the AGM.

3

FLORIS BOOKS TRUST LIMITED

DIRECTORS’ REPORT (Continued)

Structure, Governance, Management (continued)

Organisation & structure

The directors meet once a year, while the finance committee made up of Lesley Taylor, Jane Grant, Christian Maclean and Katy Lockwood-Holmes aim to meet quarterly. The day to day operations of the charitable company are the responsibility of Katy Lockwood-Holmes as delegated by the board of directors.

Director induction and training

All directors appointed are already familiar with the practical work of the charitable company and their responsibilities as directors of the company, and as trustees of the charitable company. They all have the main documents of the charitable company including the Memorandum and Articles of Association, and receive regular accounts and papers on the financial situation of the company.

Key management personnel

The Board consider that they, together with the Chief Executive and Editor comprise the key management personnel. The directors give their time freely and the pay and remuneration of the key management personnel is set by the Finance Group and is kept under annual review.

Risk management

The directors continue to assess the major risks to which the charitable company is exposed, in particular those related to operations and finance, and are satisfied that systems are in place to mitigate the charitable company’s exposure to those risks.

The main risks that the directors have identified and plans to manage these risks are:

Related parties and co-operation with other organisations

Katy Lockwood-Holmes is a director of Scottish Book Source Limited during the year. Scottish Book Source is one of Floris Books Trust Limited main distributors of publications and considered to be a key organisation with which it co-operates in pursuit of its charitable objectives.

4

FLORIS BOOKS TRUST LIMITED

DIRECTORS’ REPORT (Continued)

Directors’ Responsibility Statement

The directors (who are also trustees of Floris Books Trust Limited for the purpose of charity law) are responsible for preparing the Director’s 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 directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the directors are aware:

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 Board

Katy Lockwood-Holmes Company Secretary

23 May 2023

5

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS AND MEMBERS OF FLORIS BOOKS TRUST LIMITED

Opinion

We have audited the financial statements of Floris Books Trust Limited (“the charitable company”) for the year ended 31 December 2022 which comprise the Statement of Financial Activities (including Income and Expenditure Account), the Balance Sheet, the Statement of Cashflows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the directors’ report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the directors report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

6

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS AND MEMBERS OF FLORIS BOOKS TRUST LIMITED (Continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005, the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors (who are also the trustees of the charitable company for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

7

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS AND MEMBERS OF FLORIS BOOKS TRUST LIMITED (Continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures to respond to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:

As a result of these procedures, we consider the opportunities and incentives that may exist within the charitable company for fraud. In common with all audits under ISAs (UK), we perform specific procedures to respond to the risk of management override and inappropriate income recognition.

We also obtain an understanding of the legal and regulatory environment in which the charitable company operates, focusing on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements and those which may be fundamental to the charitable company’s ability to operate. The key laws and regulations we considered in this context included the Companies Act 2006, the Statement of Recommended Practice: Accounting for Charities FRS 102 (2019), Charities and Trustee Investment (Scotland) Act 2005, the Charities Act 2011 and Charities Accounts (Scotland) Regulations 2006 (as amended).

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

8

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS AND MEMBERS OF FLORIS BOOKS TRUST LIMITED (Continued)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s directors, as a body, in accordance with section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005, the Charities Act 2011 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charitable company’s members and its directors those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, the company’s members as a body, and its directors as a body for our audit work, for this report, or for the opinions we have formed.

Paul Marshall (Senior Statutory Auditor)

23 May 2023

For and on behalf of Geoghegans, Statutory Auditor

6 St Colme Street Edinburgh EH3 6AD

Geoghegans is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

9

FLORIS BOOKS TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) for the year ended 31 December 2022

Notes
Income from:
Charitable activities
2
Grants – COVID 19
3
Donations and legacies
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure

Net income and movement in funds
10
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
18		 Unrestricted
Funds
£
2,264,291
-
3,551
2,500
4,656
2,274,998
(2,150,777)
(2,150,777)
124,221
2,171,059
2,295,280		 Restricted
Funds
£
21,539
-
-
-
-
21,539
(21,539)
(21,539)
-
-
-		 Total
Funds
2022
£
2,285,830
-
3,551
2,500
4,656
2,296,537
(2,172,316)
(2,172,316)
124,221
2,171,059
2,295,280		 Total
Funds
2021
£
2,214,850
5,514
3,551
2,500
3,837
2,230,252
(2,075,265)
(2,075,265)
154,987
2,016,072
2,171,059

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure is derived from continuing operations.

10

FLORIS BOOKS TRUST LIMITED

BALANCE SHEET at 31 December 2022

Notes
Fixed Assets
Tangible assets
12
Investments
13
Current Assets
Stocks
14
Debtors
15
Cash at bank and in hand
Liabilities
Creditors: Amounts falling due within one year
16
Net Current Assets
Total assets less current liabilities
Provisions for liabilities
17
Net Assets
The funds of the charity:
General Funds - unrestricted
18
Designated Funds
18
Restricted Funds
18		 2022
£
17,889
5,000
22,889
917,549
866,302
984,579
2,768,430
(465,363)
2,303,067
2,325,956
(30,676)
2,295,280
2,280,280
15,000
-
2,295,280		 2021
£
22,512
5,000
27,512
680,483
873,628
1,066,272
2,620,383
(446,160)
2,174,223
2,201,735
(30,676)
2,171,059
2,171,059
-
-
2,171,059

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the charitable company.

These financial statements were approved and authorised for issue by the directors on 23 May 2023 and are signed on their behalf by:

Lesley Taylor

Director

Company Registration Number: 02398655

11

FLORIS BOOKS TRUST LIMITED

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES for the year ended 31 December 2022

STATEMENT OF CASH FLOWS
for the year ended 31 December 2022
Net income for the reporting period (as per the SOFA)
Adjustments for:
Depreciation
Interest from investments
(Increase) in stocks
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Cash flows from operating activities:
Net cash provided by operating activities
Cash flows from investing activities:
Interest from investments
Purchase of tangible fixed assets
Net cash flow provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
124,221
6,623
(4,656)
(237,066)
7,326
19,203
(84,349)
2022
£
(84,349)
4,656
(2,000)
2,656
(81,693)
1,066,272
984,579		 2021
£
154,987
6,123
(3,837)
(69,990)
299,412
(38,357)
348,338
2021
£
348,338
3,837
-
3,837
352,175
714,097
1,066,272

12

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022

1 Accounting policies

The charitable company’s principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

a) Company status

Floris Books Trust is a charitable company limited by guarantee, incorporated in England. The address of the registered office is given in the charity information on page 1 of these financial statements.

b) Basis of accounting

The financial statements have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

Floris Books Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless stated in the relevant accounting policy note.

Based on the charitable company’s business plans and the related expected financial outcomes, the directors deem it appropriate to prepare the financial statements on the going concern basis which assumes that the charitable company will continue in operational existence for the foreseeable future.

c) Income recognition

Income is recognised when the charitable company is entitled to the income, any performance conditions attached have been met, it is probable that the income will be received and the amount can be quantified with reasonable accuracy.

Income from grants and donations, including government grants, is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the grant or donation have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the Bank.

13

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31 December 2022

1 Accounting policies (continued)

d) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and includes any irrecoverable VAT.

Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities and services. It includes both costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include the audit fees and costs linked to the strategic management of the charitable company.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, while others are apportioned on an appropriate basis as set out in notes 7-9.

e) Tangible fixed assets

All assets costing more than £1,000 are capitalised.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each assets evenly over its expected useful life as follows:

Tenants improvements - over the term of the lease Fixtures and fittings - over 4 years

f) Investments

The investment is viewed as a programme related investment held to further the charitable objectives and its fair value is deemed to relate to its cost.

g) Stocks

Finished goods and work in progress have been valued at the lower of cost and net realisable value. Provision is made for obsolete, slow moving and defective stock with the cost of a new publication written off evenly over 50 months.

h) Debtors

Trade debtors are recognised at settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due.

i) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

14

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2022

1 Accounting policies (continued)

l) Foreign exchange

m) Pensions

n) Operating leases

o) Fund accounting

p) Taxation

15

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2022

2 Charitable activities

Books and incidental sales income
Grants		 2022
£
2,264,291
21,539
2,285,830		 2021
£
2,193,547
21,303
2,214,850

The income from charitable activities was £2,285,830 (2021: £2,214,850) of which £2,264,291 was unrestricted (2021: £2,193,547) and £21,539 was restricted (2021: £21,303).

3 Grants – COVID 19

Grants – COVID 19
2022 2021
£ £
HMRC – CJRS grant - 5,514

All grants received in the prior year due to COVID 19 were unrestricted.

4 Donations and legacies

Donations and legacies
2022 2021
£ £
Contribution received from landlord for Tenant’s improvements 3,551 3,551

Income from donations and legacies was unrestricted in both the current and prior year.

5 Other trading activities

Other trading activities
2022 2021
£ £
Consulting income 2,500 2,500

Income from other trading activities was unrestricted in both the current and prior year.

6 Investment income

Investment income
2022 2021
£ £
Interest received 4,656 3,837

Income from investments was unrestricted in both the current and prior year.

16

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2022

7 Analysis of expenditure on charitable activities

2022 2021
£ £
Cost of books sold 976,276 947,902
Distribution and advertising 551,228 506,974
Travel and book fairs 10,333 1,696
Trade subscriptions 1,776 980
Foreign exchange gain (81,348) (24,767)
Donations and grants 10,000 10,000
Support costs (see note 8) 686,705 616,262
Governance costs (see note 9) 17,346 16,218
2,172,316 2,075,265
Expenditure on charitable activities was £2,172,316 (2021: £2,075,265) of which £2,150,777 was
unrestricted (2021: £2,053,962) and £21,539 was restricted (2021: £21,303).
8
Support costs
Salaries and consultancy
Postage and stationery
Depreciation
Property expenses and insurances
Legal fees
Sundry expenses
9
Governance costs
Audit and accounting fees
Board expenses
Salaries and consultancy		 2022
£
590,315
12,371
6,623
69,801
950
6,645
686,705
2022
£
7,165
50
10,131
17,346		 2021
£
533,202
12,245
6,123
60,939
-
3,753
616,262
2021
£
6,505
9
9,704
16,218

17

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31 December 2022

10
Net income for the year
Stated after charging/(crediting):
Depreciation of fixed assets
Auditors’ remuneration
-
audit
-
other services
Operating lease payments
Foreign exchange (gain)
11
Employee information
Staff costs during the year amounted to:
Wages and salaries
Social security costs
Employer pension costs
Other staff costs		 2022
£
6,623
4,657
2,508
12,176
(81,348)
2022
£
461,987
40,874
85,510
588,371
12,075
600,446		 2021
£
6,123
4,206
2,299
11,377
(24,767)
2021
£
427,847
35,536
79,523
542,906
-
542,906

The average monthly number of employees on a FTE basis, excluding directors, during the year was 16 (2021: 16).

The total amount of employee benefits received by key management personnel is £84,625 (2021: £86,524). The key management personnel comprise the Chief Executive and Editor (2021: Chief Executive and Editor).

No employees received emoluments in excess of £60,000 in either the current or prior year.

No travel expenses were reimbursed to any directors during the year (2021: £Nil).

18

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

for the year ended 31 December 2022

12
Tangible fixed assets
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net Book Value
At 31 December 2022
At 31 December 2021		 Tenants
Improvements
£
30,676
-
30,676
8,164
6,123
14,287
16,389
22,512		 Fixtures
& Fittings
£
12,615
2,000
14,615
12,615
500
13,115
1,500
-		 Total
£
43,291
2,000
45,291
20,779
6,623
27,402
17,889
22,512

13 Investments

5,000 ordinary shares of £1 each are held in Scottish Book Source. Scottish Book Source are contracted to act as agents and book distributors for the company. These are reported at cost in the financial statements at £5,000 (2021: £5,000).

14
Stocks
Work in progress
Publications for resale		 2022
£
89,642
827,907
917,549		 2021
£
56,654
623,829
680,483

19

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) at 31 December 2022

15
Debtors
Trade debtors
Other debtors
16
Creditors:Amounts falling due within one year
Trade creditors
Accruals
Deferred income
Other creditors
Deferred Income 2022
Go Digital grant		 Balance
1 January
2022
£
1,500
1,500		 Deferred in
year
£
-
-		 2022
£
807,900
58,402
866,302
2022
£
442,543
12,697
-
10,123
465,363
Released in
year
£
(1,500)
(1,500)		 2021
£
812,485
61,143
873,628
2021
£
409,586
22,055
1,500
13,019
446,160
Balance
31 December
2022
£
-
-

The amounts deferred in 2021 for digital development work have been released as grant income in 2022. No other amounts met the criteria for deferred income in the year.

Deferred Income 2021

Frieling grant
Kovacs – ‘Michael letters’ publication
Go Digital grant		 Balance
1 January
2021
£
6,596
2,000
-
8,596		 Deferred in
year
£
-
-
1,500
1,500		 Released in
year
£
(6,596)
(2,000)
-
8,596		 Balance
31 December
2021
£
-
-
1,500
1,500

The above amounts have been deferred on the basis that these are to be carried over for the purpose of digital development work in 2022.

20

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

at 31 December 2022

17 Provisions for liabilities 2022 2021
£ £
Dilapidation charge 30,676 30,676
The provision for dilapidation is in respect of ensuring the leased office premises are returned to their
original condition and will come into effect on the termination of the lease.
18
Funds
2022
Unrestricted funds:
General
Designated
Carbon footprint offset charge
Restricted funds:
Book publication grants
Christian Community
Other
Digital development grants
Go Digital
Total funds
Funds
2021
Unrestricted funds:
General
Restricted funds:
Book publication grants
Christian Community
Other
Total funds		 Balance at
1 January
2022
£
2,171,059
-
2,171,059
-
-
-
-
2,171,059		 Income
£
2,274,998
-
2,274,998
5,430
14,609
1,500
21,539
2,296,537
Balance at
1 January
2021
£
2,016,072
-
-
-
2,016,072		 Expenditure
£
(2,150,777)
-
(2,150,777)
(5,430)
(14,609)
(1,500)
(21,539)
(2,172,316)
Income
£
2,208,949
7,800
13,503
21,303
2,230,252		 Transfers
£
(15,000)
15,000
-
-
-
-
-
-
Expenditure
£
(2,053,962)
(7,800)
(13,503)
(21,303)
2,075,265		 Balance at
31 December
2022
£
2,280,280
15,000
2,295,280
-
-
-
-
2,295,280
Balance at
31 December
2021
£
2,171,059
-
-
-
2,171,059

21

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) at 31 December 2022

18 Funds (continued)

Designated funds

Carbon footprint offset charge

This fund has been set up in the current year in respect of a commitment made by the Trustees pre year end to offset the carbon costs incurred by the charitable company in 2021. This will come into effect on the completion of a report commissioned in late 2022 to quantify the charitable company’s CO2 usage for 2021 and will be paid up to a maximum of the £15,000 designated in the year.

Restricted funds

Book publication grants

This fund represents grants received in the year for the publication of specific book titles.

Digital development grants

This fund represents income received from Go Digital for digital development work in the year.

19

Analysis of net funds
Fixed assets
Net current assets
Provisions for liabilities
Net assets at 31 December 2022
Fixed assets
Net Current assets
Provisions for liabilities
Net assets at 31 December 2021		 Unrestricted
£
22,889
2,303,067
(30,676)
2,295,280
27,512
2,174,223
(30,676)
2,171,059		 Restricted
£
-
-
-
-
-
-
-
-		 Total
£
22,889
2,303,067
(30,676)
2,295,280
27,512
2,174,223
(30,676)
2,171,059

20 Financial commitments

At the year end the charitable company had minimum future commitment under non-cancellable operating leases as follows:

Not later than one year
Between two and five years		 2022
Buildings
£
35,508
59,855
95,363		 2021
Buildings
£
35,508
95,363
130,871

22

FLORIS BOOKS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) at 31 December 2022

21 Analysis of changes in net funds
At 1 January Cash flows At 31 December
2022 2022
£ £ £
Cash at bank and in hand 1,066,272 (81,693) 984,579

22 Related parties

During the year the charitable company paid charges relating to the distribution of publications amounting to £163,155 (2021: £178,609) to Scottish Book Source Limited, a company in which K Lockwood-Holmes is a director. Income was also received by the charitable company of £1,097,954 (2021: £1,062,842) from the sale of publications by Scottish Book Source Limited. There was a bad debt write off of £98 (2021: £415) during the year and there was a balance of £356,777 (2021: £350,028) due from Scottish Book Source Limited to Floris Books at 31 December 2022.

Total donations of £10,000 (2021: £10,000) were also made in the year to the Christian Community in Great Britain. Of this amount donations of £10,000 (2021: £10,000) were in connection with the Christian Community Book Fund. There was a balance of £Nil outstanding at the year-end (2021: £Nil).

22