FLORIS BOOKS TRUST LIMrrED {A Company Limited by Guatsnteel DIREcfoR'S REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2024
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 MHA Chartered Accountants 6 St Colme Street Edinburgh EH3 6AD Bankers Bank of Scotland 8 Morningside Road Edinburgh EH104DD Aldermore Bank 100 West Regent Street Glasgow GU2 2QD Solicitors Balfour & Manson 54-66 Frederick Street Edinburgh EH2 ILS Re8lStered Office 22 Baylie Street Stourbridge West Midlands DY8 IAZ Principal OFFice Canal Court 40 Craiglockhart Avenue Edinburgh EH14 ILT Company Registration Number 02398655 Charity Commission Registration Number 801790 OSCR Registration Number SCl)41837
FLORIS BOOKS TRUST LIMITED DIREcfoRS' REPORT The director5. 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 310ecember 2024. Objertives and Activities The principal activities of the charitable company are producing books relating to it5 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 objettives, 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 Actlvitles Deliver Public Benefit The books relatin8 to the Christian religion and anthroposophy help give readers meaning and purpose in their live5 and contribute to their spiritual well-bein& 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 ffamework 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 director5 have considered the Charity Commission's guidance on public benefit, including the guidance on public benef it and fee charging. In settinE 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. Achlevements & Performance During the year. 38 {2023= 361 new books were published. including When Fragments Make a Whole, Spirit of Community, Music Ther3py and Pathways from Pain to Meaning, which are of fundamental importantance to the Christian Community or help propagate the ideas of anthroposophy; and Bumblebee Garden and Blue Sky Mornin& which help propagate wholesome values for children. 2024 was a challenging year for trading. with sales quantities and values down in all our major markets, including the US. For most of the year, the pound was stron& driving down the value of US dollar sales. A surplus is a good achievement in these conditions.
FLORIS BOOKS TRUST LIMITED DIREcfoRS' REPORT (Continued) Flnanclal Revlew The surplus for the year was £109,307 {2023: £82.749). The charitable companrfs 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 d1ctorS, reserves policy is to retain sufficient funds within the ch3ritable 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 direttors have therefore established a poliry 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 premlses 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 2024 were £2.487,336 {2023.' £2.378,029). The unrestricted fund5 less those invested in tangible f ixed assets 1.the free reserve5"1 were £2,482.09312023-. £2.366.7631 which represents aiound 13.3 months of the normal annual expenditure of the charitable company. The directors regularly review the level of free reserves and are satisfd that the present level is acceptable. Plans for Future Period5 Trading in QI of 2025 is alx)ve 2024 levels. despite difficult international circumstances. including US tariffs. The board is confident that the 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 chafFtable 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 3t 31 December 2024 there were 33 members12023'. 331. Recruitment ond appointment of dirertors (trnsteesj The current directors of the charitable company. and those in office throughout the year. are listed on page l. The directors. defined as Trustees in the Articles of Association, are all members of the charitable company. Under the requirement5 of the Memorandum and Articles of Association one third of the directors retire each year, and are eligible for re-election. at the AGM.
FLORIS BOOKS TRUST LIMITED DIREcfoRS' REPORT (Contlnued) Structure. Governance. Management Icontinuedl Orgunisotion & 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 quarter. The day to day operation5 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 monogement personnel The Board consider that they, together with the Chief Executive and Editor comprise the key management personnel. The directors give their tirne free and the pay and remuneration of the key management personnel is set by the Finance Group and is kept under annual review. Risk monogement 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 thatthe dirertors have identrfied and plans to manage these risks are: general downturn in sales bad debt of major customer Related parties and co-operotion 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 objecttves.
FLORIS BOOKS TRusf LIMITED DIRECTORS, REPORT (Continued) Dlrectorf Responsibility Statement The directors {who are also trustees of Floris Books Trust Limited for the purpose of charlty lawl are responsible for preparing the Directorfs Report and the financial statements in accordance wtth 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 fin3ncial statements. the directors are required to- select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 IFRS 102}- makejudgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material differences disclosed and exp13ined in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 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 IScotland} Act 2C5. the Charities Act 2011 and the Chartties Accounts IScot13nd} Regulations 2006 las 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: there is no relevant audit information of which the charitable company's auditor 15 unaware,. and the directors have taken all relevant steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This report has been prepared in accordance with the special provisions of Part 15 of the Companles Act 2006 relating to small companies. By Order of the Board Katy Lockwood-Holmes Company Secretary 19 May 2025
INDEPENDENT AUDITORS. REPORT TO THE OIREcfoRS AND MEMBERS OF FLORIS BOOKS TRUST UMITED Oplnion We have audited the financial statements of Floris Books Trust Limited 1.the charitable company") for the vear ended 31 December 2024 which comprise the Statement of Financial Activities (including Income and Expenditure Accountl, the Balance Sheet, the Statement of Ca5hflow5 and the related note5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccountinE Standards including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland. {Untted Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable companws affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, forthe year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirement5 of the Companies Att 2006, the Charities and Trustee Investment {Scotlandl Act 2005. the Charitie5 Act 2011 and regulation 8 of the Charities Accounts (Scotland) Regulatn5 2006 {3s arnendedl. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 fin3nci31 statements in the UK. including the FRCS 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. Concluslons relatlng to golng concern In audtting the financial 5tatement5. 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 signrficant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financlal ststements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sertions of this report. Other Inforrnatlon The other information comprises the information included in the directors. report, other than the financial statements and our auditorfs report thereon. The directors are responsible for the other infomiation 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 otheTrve appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements. we are required to deterrnine 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.
INDEPENDENT AUDITORS, REPORT TO THE OIRECTORS AND MEMBERS OF FLORIS 800KS TRUST LIMITED (Continued) Opinlons <>n other matters pwescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the directors. report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whlch 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 Charitie5 and Trustees Investment (Scotlandl Att 2005, the Charities Act 2011 and the Charrties Accounts1Scotlandl Regulations 2006 las amended) requires us to report to you if, in our opinion= adequate accounting records have not been kept: or the financial statements are not in agreement with the accounting records and returns- or we have not receNed all the information and explanations we require for our audit. or the directors were not entitled to prepare the financial 5taternents in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors, report and lake advantage of the small companies exemption from the requirements to prepare a strategic report. 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 lawl 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 companvs ability to continue as a 80in8 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 companv or to Cease operations, or have no realistic alternatNe but to do so. Audltor's responsibilitses for the audit of the financial statements We have been appointed as auditor under section 44111(c} of the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Att5 and relevant regulations made or having effectthereunder. 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 auditorfs report that includes our opinion. Reasonable a55ur3nce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI 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 a88re8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
INDEPENDENT AUDITORS. REPORT TO THE DIRECTORS AND MEMBERS OF FLORIS BOOKS TRUST LIMITED (Continued) Audltorfs responslbilitle5 for the audlt of the financlal statements Icontlnued) Irregtslarities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilrties, outline above. to detect material misstatements in respect of irregularities, includin8 fraud. The specific procedures for this engagement and the extent to which these are capable of detectinE irregularities. including fraud is detailed below: Enquiry of management and those charged with governance around actual and potential litigation and claims- Enquiry of charity management and those charged with governance to tdentify any instances of non-compliance with laws and regulation5' Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for 3ppropfiateness. evaluating the rationale of significant tiansactions outside the normal course of the charitWs activities and reviewing accounting estimates for bias: Reviewing minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testing lo supporting documentation to asse5S compliance with applicable laws and regulations. Because of the inherent limitations of an audit. there is a risk that we will not delect 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 les5 likely to become aware of instances of non-compliance. The risk is also greater re8ardin8 irregularities occurring due to fraud rather than error, as fraud invofves 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 webstte.. www.frc.or auditorsres onsibilities. Thi5 description form5 part of our auditorfs report. Use of our report This report Is made solely to the charitable compan(s members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 26 and to the charitable companrfs directors, as a body. in accordance with section 44111 Icl of the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Act 2011 and Regulation 10 of the Charities Accounts IScotland} Regulations 2006 las 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 auditorfs 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 dlrectors as a body for our audit work, for this report, or for the opinions we have formed. Paul Marshall (Senlor Statutory Audltor) For and on behalfof MHA, Statutory Auditor 6 St Colme Street Edinburgh EH3 6A0 19 May 2025 MHA 15 the trading name of MHA Audit Services ILP, o limited liobility Partnership in Englond ond Woles (registered number OC455542J ond is eligible to oct as an auditor in terms of section 1212 of the Companies Act 2006.
FLORIS BOOKS TRUST LIMITED STATEMENT OF FINANaAL AcfMTIES {Incorporatln8 Income and Expendlture Acc¢)unt) for the year ended 31 Dember 2024 Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Notes Income from: Charitable activities Donations and legacies Other trading activrties Investments 2,311,180 3,551 8,281 2,319,461 3,551 3.000 18.093 2,362,274 3,551 2,500 11,050 18,093 Total Income 2,335.824 8,281 2,344,105 2,379,375 Expendlture on: Charitable activities 12.226.517) 18.2811 12,234,798) {2,296,6261 Total expendlture 12,226,517} 18,2811 12.234.798) 12.296,626} Net income and movement in fvnds 109.307 109,307 82,749 Reconciliation of funds: Total funds brought forward 2,378,029 2.378.029 2.295.280 Totsl funds carried forward 17 2,487,336 2,487,336 2,378.029 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing operations. io
FLORIS BOOKS TRUST LIMITED 8AiANCE SHEET at 31 December 2024 Notes 2024 2023 Flxed Assets Tangible assets Investments li 12 5,243 11,266 5,000 10,243 16.266 Current Assets Stocks Debtors Cash at bank and in hand 13 14 725,512 761,218 1,537,926 733,883 775,291 1,367,362 3,024,656 2,876,536 Liabilities Creditors.. Arnounts falling due wthin one year 15 {516,8871 {484,0971 Net Current Assets 2.507,769 2,392,439 Total assets less current liabilities 2,518,012 2,408,705 Provlsions for liabilities 16 (30,6761 {30.676} Net Assets 2,487,336 2.378,029 The funds of the tharity: General Funds - unrestricted Designated Funds Restricted Funds 17 17 17 2,487,336 2.378,029 2.487.336 2.378,029 These financial statements have been prepared in accordance with the spectal provisions of Part 15 of the Companies Act 2(K16 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 19 May 2025 and are signed on their behalf by: Lesley Taylor Director Company Registration Number: 02398655 li
FLORIS BOOKS TRUST LIMITED RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPERATING AcfiviTIES for the year ended 31 Decembew 2024 2024 2023 Net Incomelor the reporting period (os per the SOFA) 109,307 82.749 Adjustments for: Depreciation Interest from investments Decrease in stocks Oecrease in debtors Increase in creditors 6,690 118,0931 8.371 14,073 32.790 6.623 111,050} 183.666 91.011 18.734 Net cash provlded by opemtlng artlbrftles 153,138 371,733 STATEMENT OF CASH FLOWS for the year ended 31 December 2024 2024 2023 Cash flows from operatlng actlvltles: Net cosh provided by operoting ortNities Cash flows from Investln8 actfvltles: Interest from investments Purchase of tangible fixed assets 153,138 371.733 18.093 {667} 11,050 Net cashflowprovided by investing octivities 17.426 11,050 Chonge In cash and cush equlvolents In the yeor 170.564 382,783 Cash and cash equivalents at the beginning of the year 1.367.362 984,579 Cash and cash equivalents at the end of the year 1,537.926 1,367,362 12
FLORIS BOOKS TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 Accounting policies The charitable comp3n¢s principal accounting policies are summarised below. The accounting policies have been applied conslstently throughout the period. Company stotus 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 l of these financial statements. b) Basis of accounting The financial statements h3ve been prepared in accordance wtth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Finantial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued in October 2019. the Financial Reporting Standard applicabbe in the United Kingdom and Republic of Ireland IFRS 102), the Charities Accounts (Scotlandl 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 Initial 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 existen for the foreseeable future. Income recognition Income is recognised when the charttable 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 quantrfied with reasonable accuracy. Income from 8rants 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 incorne will be received and the amount can be meaSud 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 tompanyi this is normally upon notification of the interest paid or payable by the Bank. 13
FLORIS BOOKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMEMfs (Continued) for the year ended 31 Dernbel Z024 Accounting policies Icontinued) dl Expenditure Expenditure is recogni5ed once there is a legal or constructive oblatIon to make a payrnent to a third party, it bs probable that settlement will be required and the amount of the obligation can measured reliably. Expendrture is accounted for on an accruals basis and includes any irrecoverable VAT. Charitable expendtture comprises those costs incurred by the charitable company in the delivery of rts activities and seNices. 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 6-8. Tangiblefixed assets All assets costing more than £l,OIJO are capitalised. Depreciation is provided on 311 tangible fixed assets at rates calculated to wrtte off the cost, less estimated residual value, of each a55ets even over its expected useful lrfe a5 follows= Tenants improvements Fixtures and fittings - over the term of the lease - over 4 years fl 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 tts cost. gl 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 month5. h) Debtors Trade debtors are recogni5ed at settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due. Cush at bt7nk t7nd 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 310ecember 20Z4 Accounting pollcles (contlnued) Creditors and provisions Creditors and provisions are recognised where the charbtable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normalty recognised at their settlement date after 3llowin8 for any discounts due. kl Financiol instruments The charitable comp3ny only has financi31355ets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured attheir Settlement value. Foreign exchange Assets and liabilities denoted in foreign currencies are translated into sterling at the rate applicable to the balance sheet date. Exchange gains or losses are taken to the Statement of Financial Activities. ml Pension5 The charftable company operates a defined contribution pension scheme hekl personally bv stsff. Contributions are charged to the Statement of Financial ActNities as they become payable. Open7ting lease5 Rental charges are charged on a straight-line basis over the term of the lease. Fund occounting Unrestricted funds are available for use at the discretion of the directors in fvrtherance of the general objectives of the charitable company. Restricted funds are to be used for specrfic purposes as laid down by the donor. pl Taxation Floris Books Trust Limited has been accorded charitable status for tax purposes. For the year ended 31 December 2024 it is considered the companrfs activities were within the scope of the charitable status and accordingly no provision for taxation is necessary. 15
FLORIS BOOKSTRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontlnued) for the year ended 31 December 2024 Charltable actl¥ltles 2024 2023 Books and incidental sales income Grants 2,311,180 8,281 2,346,798 15,476 2,319,461 2.362.274 The income from charitable activities was £2.319.46112023= £2,362.2741 of which £2,311,180 was unrestricted12023: £2.346.7981 and £8.281 was restricted12023: £15.4761. Llonations and legacies 2024 2023 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. Other trading artivities 2024 2023 Consulting income 3,000 2.500 Income from other trading activities was unrestricted in both the current and prior year. Investment Income 2024 2023 Interest reiVed 18.093 11,050 Income from investments Wa5 unrestricted in both the current and prioryear. 16
FLORIS BOOKS TRusf LIMrrEO NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2024 Analysis of expenditure on charitable activitles 2024 2023 Cost of books sold Distribution and advertising Travel and book fairs Trade subscriptions Carbon offset scheme Foreign exchange gain Donations and grants Support costs Isee note 7) Governance costs {see note 81 911.600 527,658 11.417 1,896 15,523 182,1091 20.OIXJ 811.178 17.635 1,004,908 538.487 10.377 1.842 14.986 136.0991 10,000 734.893 17,232 2,234.798 2,296.626 Expenditure on charitable activities was £2,234,798 (2023: £2.296.626} of which £2,226,517 was unrestricted12023: £2.281,1501 and £8.281 wa5 restricted12023.. £15.4761. Support u)sts 2024 2023 Salaries and consultancy Postage and stationery Depreciation Property expenses and insurances Legal and professional fees Sundry expenses 713,199 11,314 6.690 71.493 2.629 5,853 645.709 8.683 6.623 65,768 2,480 5.630 811.178 734,893 Governance costs 2024 2023 Audit and accounting fees Salaries and consultancy 7.715 9.920 7,345 9,887 17,635 17.232 17
FLORIS BOOKS TRUST UMITED NOTES TO THE FINANCIAL STATEMEP4TS (Continued) for the year ended 31 December 2024 Net income for the year 2024 2023 Stoted ofter charging/(creditiTng).' Depreciation of fixed assets Auditors, remuneration Operatine lease payments Foreign exchange {gainl 6.690 6.623 7.715 7,345 13.571 11,579 182.109) 136,0991 10 Employee information 2024 2023 Staff costs during the yet7ramounted to." Wages and salaries Social security costs Employer pension costs 642.530 48,902 31,687 723.119 575,996 42.741 28,484 647,221 8,375 Other staff costs 723.119 655,596 The average monthty number of employees on a FTE basis, excluding directors, during the year was 1912023: 171. The total amount of employee benefits receNed by key management personnel is £72,92912023: £80,084). The key management personnel comprise the Chief Executive and Editor12023: Chief Executive and Editor). No employees recerved emoluments in excess of £60,0(Ki in either the current or prior year. No travel expenses were reimbursed to any directors during the year12023'. £Nill. 18
FLORIS BOOKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 December 2024 11 Tangible fixed assets Tenants Improvements Fixtures & Fittings Total Cost At l January 2024 Additions Disposa15 30.676 10.370 667 14221 41,046 667 14221 At 31 December 2024 30.676 10,615 41,291 Depreclotlon At l January 2024 Charge for the year Released on disposal 20.410 6.123 9,370 567 (422) 29,780 6.690 14221 At 31 December 2024 26,533 9,515 36,048 Net Book Value At 31 December 2024 4.143 1.100 5,243 At 310ecember 2023 10.266 11,266 12 Investments 5,(KIO ordinary shares of £1 each are held in Scottish Book SouTce. Scottish Book sour are contracted to act as agents and book distributors for the company. These are reported at cost in the financial statements at £5,OCKI12023: £5,OC(I). 13 Stocks 2024 2023 Work in progress Publications for resale 166,976 558.536 126,051 607,832 725,512 733.883 19
FLORIS BOOKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMEfffi (Continued) at 31 December 2024 14 Debtors 2024 2023 Trade debtors Other debtors 699.621 61.597 712,453 62,838 761,218 775,291 15 Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals Deferred income Other creditors 491,949 12,551 466.491 10.584 942 6,080 12.387 516,887 484,097 DeAerredlncome 2024 Balar l January 2024 Balance 31 December 2024 Deferred i ve3r Released in year Bologna Children's 8ook Festival grant 1942) 942 1942) The above amounts were released as the Bologna Children's Book FestNal took place in 2024. Defrrred Income 2023 Balance l January 2023 Balance 31 December 2023 Deferred in year Released in year Bologna Children's Book Festival 8r3nt 942 942 942 942 The above amounts were deferred on the basis that these were to be carried over for the purpose of the Bologna Children's Book Festival due to take place in 2024. 20
FLORIS BOOKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (Contlnued) at 31 December 2024 16 Provisions for liabilities 2024 2023 Oilapidation 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. 17 Funds 2024 Balance at l January 2024 Balance at 31 December 2024 Income Expenditure Transfers Unrestricted funds". Generol 2.378.029 2.335,824 {2.226.517) 2,487,336 Restricted funds: Book publicotion grants Christian Community Other 4,339 3,942 14.3391 13.9421 8,281 (8.2811 Totsl funds 2,378,029 2,344.105 12.234.798) 2,487,336 Funds 2023 Balance at l January 2023 Balance at 31 December 2023 Income Expenditure Transfer5 Unrestrirted funds: Generol Designated Carbon footprint offset charge 2.280.280 2.363.899 12,266.1641 14 2.378,029 15,000 114.9861 1141 2.295,280 2.363.899 12,281,150) 2,378,029 Restrfrted funds: Book publicotion grants Christian Community Other 13,276 2.200 {13,2761 {2.200) IS,476 115.476) Totsl funds 2,295.280 2.379.375 12.296,626) 2.378,029 21
FLORIS BOOKS TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS {Continued) at 31 December 2024 17 Funds (¢ontlnued) Restrictedfunds Book publication grants This fund represents grants received in the year for the publication of specific book title5. 19 Analysis of net funds Unrestricted Restricted Total Fixed assets Net current assets Provisions for liabilities 10.243 2.S07.769 130,6761 10,243 2.507,769 {30,6761 Net assets at 31 December 2024 2,487.336 2,487,336 Fixed assets Net Current assets Provision5 for liabilities 16.266 2.392,439 (30.676) 16,266 2,392,439 130,676) Net assets at 31 December 2023 2.378,029 2,378,029 20 Flnanclal commltments At the year end the charitable company had rninimum fvture commf(ment under nonancelIable operatlng leases as follows: 2024 Buildings 2023 Buildings Not later than one year Between two and five years 24,347 35,508 24,347 24,347 59,855 22
FLORIS BOOKS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (Contlnued) at 31 December 2024 21 Analysis of change5 in net fvnds At l January Cash flows At 31 December 2024 2024 Cash at bank and in hand 1,367,362 170,564 1,537,926 22 Related partles During the year the charitable company paid charges relating to the distribution of publications amounting to £185,899 {2023: £188.2581 to Scottish Book Source Limited. a company in which K Lockwood-Holmes is a director. Income was also received by the charitable company of £1.094,727 12023.. £1,134,918) from the sale of publications by Scottish Book Source Limited, and £3.00012023'. £2,5Crf)I for consultancy fees provided. There was bad debt write offs of £1,478 {2023= £Nill during the year and there was a balance of £269.04912023: £271,394) due from Scottish Book Source Limited to Floris Book5 at 31 December 2024. Total donations of £20,(KrfJ {2023: £10,000) were also made in the year to the Christian Cornrnunity International and Christian Communrty Great Britain. organisations which are part of The Christian Community Trustees Limited. of which C Maclean is a diiector. Of this amount donations of £10,000 12023-. £10,000} were in connection with the Christian Community Book Fund. There was a balance of £IO.000 outstanding at the year*nd12023- £Nill. A fee of £56 {2023: £Nill was paid to Edinburgh Steiner School Trust Limited in the year. a company in which C Maclean 15 a director. 23