THE EVANGELICAL BOOKSHOP UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021 Charity Number NIC100560
THE EVANGELICAL BOOKSHOP FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2021 CONTENTS PAGE Charity reference number and administrative details Trustees annual report Independent examiner's report to the trustees Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 10
Pagg 1 THE EVANGELICAL BOOKSHOP CHARITY REFERENCE NUMBER AND ADMINISTRATIVE DETAILS YEAR ENDED 31 JANUARY 2021 Registered cliarity name Tlie Evangelical BooLsl)op Charity numbei. NIC 100560 Registered Offiee 15 College Square Èast Belfast BTI 6DD Trustees A Lucas D Waison R C Beckell E C Browii Clii)irman C C Brown Inilepen(lent examiner B J briarFCA Jack'soii Aiidiews Cli<irtered Accouiitants & Siaiiitory Auditor Aiidras Hoiise 60 Great Victoria Street Belfast BT2 7ET Bankei Daiiske Baiik 9 Donegall Square North Belfast BTI 5GJ
THE EVANGELICAL BOOKSHOP Page 2 TRUSTEES ANNUAL REPORT YEAR ENDED 31 JANUARY 2021 The trustees preseiit tl)eir IEpoi1 aiid finaiicial slaleii)eiits of tlie charity for ihe year ei)ded 31, Jaiiiiaiy 20?1. Tl)e trLislees liavc adopted tlie pi'ovisi01is of il)e Stateinent of Reconiniended ISORPI 'Accoiiiiting aiid Reporting by Cliai'ities". {FRS 102) ii) prepariiig tlie ai)iiual repoit and fiiiaiicial staleineiits of tl)e cliarily. 'ri)e fiiiancial siaieiiieiits liave beeii prep<ired iii accordai)ce witli tli¢ accoLiiilii)g policies set out in notes to ilie fiiiai)ci21 statellieilts and comply witli the charity's goveriiiiig docuinent, ¢l)arity lai¥, for Northen) Ireland and 'Cliarities SORP {fRS 102) {secoiid edilioi) October 2019) Accoiinting aiid Repoi'ting by Clii£ rities.. Stateineni of Recoinineiided Pi'actice applicable to cliariiies piEparing Ilieir accoiints iii aeeoi'dance Mfiili tlic fiiiaiicial Reportii)g Staiidard applieable in the United Kiiigdoiii aiid Repiiblic of Ireland IfRS 1021-" tli¢ "fiiiaiicial Repoi1iiig Staiid2c rd applicable iii Ilie Uiiited Kiiigdoin aiid Ilepiiblic of Irel£iiid (fRS 10?) (Maicli ?018)" Cl)arilics Act (Northern Irelaiid) 2008. 'ri)e Charities (Accouiits aiid Repoi'15} Regiilaiioi)s (Northern Ircll< nd) ?015 and UIC Geiierally Accepted Accoui)tiJig Practice. IIEFERENCE AIYD ADMIIYISTRATIVE Df.TAILS R¢gistcred ch.?rity name Charity number Tl)e Evangelical Booksliop NIC 100560 Registered Office 15 College Square Cast, Belfast. BT16DD Chi)irman E C Browii Iiidependent examiner B J Fi'iar FCA Jacksoii AndiEws . Cliai1ered Accouiitai)ts & Statulory Aiiditor, Andrc2S l-loiise. 60 Great Victoria Street, Beifasl. BT2 7ET Bankcrs Danske Baiik . 9 Doiiegall Square Noi'tlL Belfast, BTI 5GJ TRUSTEIS OF THE CHARITY Tlie trustees wlio served duriiig Ilie year were as folloi¥s'. A LLicas D Watson R C Beckett E C Brown PUBLIC BENEFIT STATEMEI NT The Board of TrLislees of Tlie Evangelical Bookshop confirni that tliey had diie regard for Ilie guidaiice pi'odiic¢d 011 piiblic beiiefii b), Il)e Cl)ai'ity coinini55ioiI foi. Nortlieri) Irelai)d aiid ale pleased to repoi1 tl)at diii'ii)&F tlie )Jeai' Il)e clii¢ rit), l)as ¢oiitillLied to pr(>vide piiblic b¢iielits tlii-ougli tl)e liolding of assels b), the cliarity foi. the benefit of the Evic iigclical Presbvtcriaii Cl)ur¢li, tlie furtheriiig of Cl)I'istiaii obje¢tives to spread ali eviliigelical iiiessage in partlCLilai' Iliiougli tlie access to tlieological resoui'ces and disseiiiiiialioii of Clirisiiaii litei'atiire lo Cliiircl) s iniiiistei's, ieacliers leaders, coiioreatios and tlie piiblic iii genei'al aiid il)e provisioii of facililics for Ineeiin¥s aiid we refei. to Ilie giiidaiice wlien I'eviewiiig OLII. aiiiis aiid objectives aiid in plaiiiiiiiLI oiir fLItLlI'e activities.
THE EVANGELICAL BOOKSHOP Page 3 TRUSTEES ANNUAL REPORT ( continued) YEAR ENDED 31 JANUARY 2021 OIIJECTIVII S AND ACTIVITIES Tl)e piirpose and chai'itable objective of tl)e cliarity is the liolding of assets by the orgai)isatioi) foi. tl)¢ beiiefit of tlie Ev<ingelical Pi'esbyteriaii Church, in partlCLilar througli tlie disseiiiination of Clii'istiaii litcr?c tui'e. Tlie dii'ect piiblic benefits ivliicli flow lo tlie Evangelical PKsbyterian Cliurcl) Froin tlie cliarily"-s pui'poses al'e-. tl)e coiitiiiued liolding of ai) asset (namely a real estate ass¢1 of a i'efuibislied, 4-slorey, Ivell_ Inaii)tained city c¢nti'e preniiscs, its eqiiii)Ineiit aiid stock) for its beiiefil. tlie goodwill developed as a result of Ilic work carried oiit thereiii: Ilic flIrther1}g of Clij'istiai) objectives lo spirad ali evaii¥clic<l1 niessage aiid wiliiess aiid il)e beiiefit of tlie Cliuirli's iiiiiiisters: teacliers, leadcrs aiid iiideed coiigi'cgJatioiis Il)I'oiigli c1ccess lo tlieoloTrical resources wliicli enliaiices tlieii. iiieaiis toi- spiritLlc21 <11)d educatioiial dcvelopiiieiil. tlie piovisioi) of a CIILircl) Denoiniiiation addi'css, foi'uiii. facilities for 11)eelings, distributioii of the CIILlI'clI M&gazinc aiid adv¢itising. I'l)e evideiice or pioof of tliese benefit5 can variously be found in tl)e Cliui-cli's close ideiitity iviili oiii. good work, ils coiitiiiued ¢oiiiiection witli oiir 01-g7aiiisatioii, its loiig-tetin and oiigoing use of tlie Iiidiitct benefits do accriie lo tlie piiblic al 11( I'<Tre, namely tlie iiiii)roveinei)Is ciijoyed iii ilieii. I'eligious knowledge aiid edueatioi), but this is ali iiicident£il outworkiiig of tlie Booksl)op's disscinincltion or Cl)ristiaii literatiire. All meinbei's of tlie piiblic al'e targel beiieficiaries of tlie Cliuirli and $0 Iliis is or broad assistance lo it. Tlie beiieficiary of our oigaiiisalioii is tl)e Evangelical Presbyterian CIILlI'cli. The preinises at Nuinbei- 15 CollebTe Sqliai'e East Belfast are held by lis foi. tl)e beiiofit of tl)e Evaiigelical Presbyteriaii Chiii'cli and all the I'eceipts i)i-ofits aiid iiicoiiie fi'om tlie said premises aftci- i)ayinenl of all ne¢¢ssaiy oiitgoings, repaii's, iiiaiiiteiiaiice, iliSill<111ce and all expenses ii) I'espe¢t of tlie pi'eiiiises, Ivill fi'oin tiiiie to tiine be paid by us to ilie Ceiili'al ILiiid of tlie said Evangelical Pi'esbylei'ian Cliiii'ch or to siicli otlier Fliiid or fiinds iii coiiiiectioii witli tlie said Cliurch as sl)all be decided fi'om lim¢ to tinie by us or a niajoi'ity of us. No liariiis ai'ise fiDin our pui'poses. STRUCTUI£E, GOVERNANCE AND MANAGEMENT Governing (locunieilt Tlie booksliop is a cliaritable ti'iist coi)stitiited uiider a trLlSt deed dated 26 October 1982. 11,lii¢h is recogi)ised as a cli<irity by I-IM Reveiiiie aiid CiisloJi)s (I'efei'eiice iiuinber XN 46617). Tl)e clilc I'lty was registered will) l-lie Cliai'ily Coiniiiissioi) foi. Nortlicrii IIElaiid oli ?9 ' ALISTllSt ?014, ui)dei' refei'ence NIC 100560. Recruitvnent, appointment, in<luction and training Tlic pi'eseiil triistees liavc beeii iiivolved iii tlie cl)arity for a iiiiiiibcr of yeais ai)d so are taiiiiliar witli ils ivoi'k. Tlie trLlStees regLilai'lv I'evieyi. the I'eqiiii'eiiients of tl)e ¢l)ai'ity aiid tl)e possibilily ora Ii¢¢d foi. additional trLlStees. Aiiy neiv ti'iislees ivoiild be api)oii)ted by I'esoliitioii ora nieet11) of all tlie ti'iistees passed by a niajoi'ity of tliose pi'eseiil. Appropriatc Irali)ii) aiid indiiclioii is available lo all ti'iislees.
THE EVANGELICAL BOOKSHOP Page 4 TRUSTEES ANNUAL REPORT fcontinuedj YEAR ENDED 31 JANUARY 2021 STRUCTURE, GOVERNANCE AND MANAGEMEwf (coiitiitued) Financial risk management objeetives and tratning The triistees liave overall responsibility for ensuring that tlie charity lias in place ali appropriate syste of controls, financial and otherwise, to provide 8ssurance that.. the charity is operatiiig effectively- its assets are safeguarded against uiiauthorised use or disposition. proper records are maintained &nd financial inforination used within the charity or for publication is reliable; tlie charity compli¢s with relevant laws and regulations- and the charity""s systeins of fiiiancial control are designed to provide reasonable. but not absolute assurance agaiiist material misstatement or loss. The trustees liave assessed tl)e major risks to which the cliarity is exposed, in particular those related to the operations aiid finaiices of tlie cliarity. Tl)e trustees are satisfied il)at systems are in place to Initigate any exposure to major I'isks. ACHIEVEMENTS AND PERFORMANCE Total income for the year ivas £262,983 (2020 - £384,265). Incotne derived frotn charitable activities anioiinted to £188,895 (20?0 - £384.224); 0il)er incoine lolalled £59,634 (2020 £Nil): donations tolalled £14,448 {2020 £Nil) and investment income totalled £6 (2020 - £41). Total expenditure for tlie year ainouiited to £275.656 (2020 £409.345). Tlie cost of charitable activities ainounted to £265,932 {2020 £407,845) aiid governance costs amounted to £9,724 (2020 £1,500). The net expendilure for tlie year amounted to £12.673 {2020- £25,080). The Trustees consider5 that the cliarity is in a satisfactory position to cary on its charitable activities. FINANCIAL REVIEW Reserves policy It is the policy of tlie charity to maiiilaiii free reserves wliich matches Ihe needs of tlie orgaiiisation, both at the current time and in the foreseeable future. This provides sufficiei)t funds to cover running costs which incllide management, adininistration and support costs. Free reserves are those unrestricted reserves noi designated nor invested in fixed assets whi¢h are available foi. geiieral use. PLANS FOR FUTURE PERIODS The bookshop will continue to seek every opportunsty to increase incoine. IMPLICATIONS OF COVID-19 Follom'ing the Covid-19 oiitbreak r¢striclions have beeii imposed on the operalion of the bookshops althougl) oiiline sales have continued. STATEMENT OF RESPONSIBILTIES OF THE TRUSTEES The Board of Trustees are responsibl¢ for preparii)gF tlie financial statements in accordance ivith applicable law and Uiiited Kiiigdom Aicouiiting Standards {United Kiiibdoin Generally Accepted Accolinliiig Practice). The law applicable to cl)arities in Nortliem Ir¢laiid reqiiires the trustees to prepare fiiiancial statemeiits for eacli financial year ivhich give a true and fair viciv of the slate of affairs of the charity and of the incoming resources and applicalioii of resouires of tlie cliarity for that period.
THE EVANGELICAL BOOKSHOP Page 5 TRUSTEES ANNUAL REPORT(continued) YEAR ENDED 31 JANUARY 2021 STATEMENT OF Illl SPONSIBILTIES OF THE TRUSTEES (coiiliiiiiedj In pi'epai-ing tl)ese financial stateineiits, tlic ti'iistees ai'¢ I'equired io.. select suitable <lCCOUllting policies aiid tl)eii apply tlieii) coiisisleiitly. obsci've tlie iiietl)ods and principles in the C112c I'lties SORP (fRS 102) (second editioii Oclobei. 2019) InaLe jLidgein¢i)Is and estiinales that are reasoi)able and prudent; state whetlier applicabl¢ accouiitll)bY Staiid<l1'ds liave been followed, subject to an), matei'ial depaitiires disclosed and explained in the financial stateiiieiits. prepai-e tli¢ fiiiancial staleilleiits 01) tlie going coiicei'n basis unless it is iiiappropi'iate to pi'esuiiie tliat tlie charity will conlinLie in operatioii. 'rii¢ trustees al'e respoiisible for keepiiig proper <iccoiiiiling I'ecoi'ds Iliai disclose witli ieasonable ac¢ui'acy at any limc the finaiicial positioii of Ilic cl)<l1'lty aiid eiiable tlieiii io eiisiire thal tlic finalici11 slaleiiients comply witl) tlie Chai'ities Acl {Nortlieim Ii'eland) 2008: tlie Cliai'ities {Accoiii)Is and Repoits) Re<yiilations (Northern Ii'eland) 2015 aiid tl)e provi5ioiis of tl)e iiiist deed. Tlie triistees are also responsible foi. safcguai'dii)g Ilic assets of Ilie cliai'ily and heiice for taking I'easonable Sieps for tlie preveiilioii aiid deleclioii of fi-aud aiid otlier inrgLiliirities. Tlie Iriistces are resi)oiisible foj. tlie iiiaiiileii<iii¢e ui)d ii)te¢yriiy of tlie chai-ity aiid financial iiiforiiiation iiicluded 011 tlie cliai'ily's ivebsite. Legislcltioii iii Ilic Uiiited Kiiigdoiii ftovei-i)iiig tlie preparaiioii aiid disseininalioii of fii)aiicial slateinei)ts inay diffei. froin legyislatioi) in otliei. jui-isdiclioiis. Disclosure of infoi'mation to independent exAniinei' So far as ea¢li of tlie triiste¢s in off5ce al the date of appi'oval of tl)ese financial statemei)ts is aivare: tlieiE is no relevaiit ii)fonnatioi) for tl)¢ indepeiident examinatioi) of wl)icli Il)e charity's iiidependent exc21niner ait Linaware- and tliey Iiave taken all steps tliat tl)ey ouglit to liav¢ laken as triistee5 to iiiake Il)¢iiiselves aivaiE of any relevant ii)formatioi) and lo cstablisl) ilial tlie cliai'ity's independeilt examinei. al'e aware of JNDEI PENDfi NT EXAMINER JacLson Andi'eivs will contllllie in office as indepeiideiit exainii)ei' foi. tlie eiisliing year. REGISTF.RED OFFICE BY OIIDER OF THE BOARD OF TRUSTEES 15 College Squai'e Easl Belfast BTI 6DD E C Browii Ti'LlSte¢ D WatSOl1 tt) Approvcd by tlie ti'iistecs oli J.Tf&V/j
Page 6 THE EVANGELICAL BOOKSHOP INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE EVANGELICAL BOOKSHOP YEAR ENDED 31 JANUARY 2021 I report on tlie accoLlllts ofilie cliarity for tlie year elided 31, Jaiiuary ?021 wliich are set out oll pages 7t0 18. Respective responsibilities of trustees an(1 examiner As thc cliai'ity-s triistees yoii aiE respoiisible for tlie PlEparatioii of tlie accounts in accordance willi tlie Cliarities Act INortl)en) Ii'elaiid) 2008. It is Iny respoi)sibility to.. exaiiiine tlie £iccounts iiiider sectioii 65 of Ilic Cliarities Act.. follom, tlie procediiies laid dowii iii Ilie gei)eral Diieclions &Jiven by tlie Cliarity Coii)ii)ission for NoAI)eri) Irelaiid ui)der section 65(9llb) of tlie Cliarilies Act. aiid stale wl)eil)¢r partlCLilar Inatters liave coine to my atientioii. Basis of indep¢iidenl examiner's rcport I Iiave examiiied youi. cliarity accoiii)ts as reqiiired under scctioii 65 of ilie Charities Act ai)d iiiy ex81niiiation was C£irried out iii accordai)ce witli tlic geiieral Dircclioiis giveii by tlie Cliarity Cominission for Nortlierii Ireland urtder section 65191(bl of tlie Charities Acl. My ¢xaiiiiiiatioii iiicluded a review of Il)e accouniii)g records kept by tlie cliarity and a Coiiiparison of tlie aceoiiiits pi'eseiiled ii'iili 11i05e records. It also ii)clLided coiisideratioii of any iiniisiial itcins or disclosiiies ii) tl)e accounts, aiid seekii)g cxplaiiatloiis from )'oii as cliarity ti'ustees coiicei'iiiiig any such n)atters. My role is to state wlictlier any Inatei'ial Inatte151)ave eoine to Iny atteiition giving me cause to believe.. l. Th81 aecouiiting records weir Iiot kept iii accordaiice witli section 6) of tl)e Cl)arities Act 2. Tliat the aecoiiiits do not accoj'd M'itli tliose accoliiiliiig re¢ords 3. Tliat tli¢ accoLiiils do iiot coinply witli the accoiii)liiig requiremeiits of the Cl)ai'ities Act 4. TIt tliere is fllltlier iiiforinatioii i)eeded for a proper uiiderstanding of the accounts lo be reaclied. Independent ex4?miner's statement Sii)ce yoiii. cliarily's gTOSS incoii)e exceeded £250.000 your examiiier Inust be a Ineinber of a listed body. I can coiifinii Il)ai l aiii qualified to iii)dertakc tlie exainiTiation because l am a I'egistered ni¢nibei' of Chaitered Accoiii)lai)ts Iirlaiid ii,hicli is one of tlie listed bodies. I have completed Inv exaiiiination aiid liave iio coiicei'iis iii respecl of tlie Inait¢15 {1) to (4) listed above aiid. iii Loiiiiectioii witli follomiji)L tlie Directions of the Charity Coininissioii for Northei-ii Irelai)d. I liave foiiiid iio iiiattei's tl)at require drciiviiig to yoiir atteiition. B J fri<l1' FCA {Iiidepeiideiit exaii)inei'l Cliariei'ed Accouiitants Irelaiid For ai)d oli bel)alf of Jacksoii Andreiv5 Cliarieied Accoiiiitl£ Ilts & Slatiitoiy Auditoi. Aiidrcls Holis¢ 60 Great Vicioria Street Belfast BT? 7ET Date..
Page 7 THE EVANGELICAL BOOKSHOP STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JANUARY 2021 Unrestricted Restricted Totkil Fllnds Total Fiinds Funds Funds 2021 2020 Note Income from: Income from donations and legacies Charitable activities Investinents Other income 14,448 188,895 14,448 188,895 384.224 41 59,634 59,634 Total 262,983 262,983 384,265 Expenditllre on: Charitable activities= Booksliop - trading costs Bookshop - maiiagicineiit and adiniiiistration Other 122,822 143,110 9,724 122,822 143,110 9,724 267,054 140,791 1,500 Total 275,656 275,656 409,345 Net (expenditure)lincome for the year (12,673) (12,673) (25,080) Tr2n$fer between funds 19 10,692 (10,692) Net movement between funds (1,981) (10,692) (12,673) (25,080) Reconeiliation of funds Total funds brougl)t forward Total funds carried forward 149,249 311,839 461,088 486,168 147,268 301,147 448,415 461,088 The Statement of Finan¢ial Activities includes all gains and losses in Ili¢ y¢ar and therefore a statement of total re¢ognised gains aiid losses has not beeii prepared. All of the above amounts relate to continuing activities. Thè notes on page5 10 to 18 form part of these financial statements.
THE EVANGELICAL BOOKSHOP BALANCE SHEET Page 8 31 JANUARY 2021 2021 2020 Nots ri¥ed Assels I'aiigibltr assets 12 303,208 315,542 Cui'rent ItSSCts Debtoi's Casli <11 baiik aiid iii l)aiid 182,483 20a60 64,261 1)0,414 14 12,638 267,104 181,510 Ci-eilitoi-s: Anioiiiils f4211iiig duc Ii'itliiii oiic )'cgii' 15 (71,897) 135.964} Tet cui'i'eiil assets 195,207 145.546 Total assets less cul'i'ent liabililies 498,41i 461,088 Cre(litoi's: Amounts fAllina diie Aftei- iiioi'e (lixii oiie )rear 16 {iO,OOU) 448,41 > Net $sets 461,088 Cliarity fun(Is Resti-icted fiiiids Uiii'esli-icled ii)coine fLlI)ds 17 18 301,147 147,268 311,839 149.249 Total t'uiids 448,415 461,088 -l-liese fili on tl)e Icial s ateiiieiits le1-¢ api)ioved by tlie iiieinbcis of tli¢ coiiiiiiiltee aiid uIIIoi-ised foi. issue aiid ai'¢ sigiied oil Iliei If by-. l-. C Bi'owii I i-listee D Walsoi) Ti'iistce LL) Ai)piovcd by tlie ti'uslecs 011
Page 9 THE EVANGELICAL BOOKSHOP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2021 2021 2020 Note Casli floiv from operating activitie5 Net casli flow from operating aelivities 22 1,617 (29.845) (29,845) 1,617 CAsli floiv from invcsting aetÈvitics Ii)terest from inv¢stineiitS 41 Net casti floiv [1M inv¢sting activities 41 Casli l]oi%' froiii fiiiancing activitics New baiik loaii 50,000 Net cash lloiv from fingtncing #ctii'ities Nct decrease in casli and cash equii'rfilcnts 50,000 51,623 {29,804) Cash an(1 casli equii'alents at I. February 2020 Cash and cash equivalents at 3151 January 2021 12,638 42,442 64,261 12.638 Cash and casli ¢quii'alents consist of: Casli at bai)L aiid iii liaiid 14,261 12,638 Cash and casli cquivalents at 31" January 2021 12.638
THE EVANGELICAL BOOKSHOP Page 10 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2021 PRINCll)AL ACCOUNTING POLICIES (a) General infoi'mation and basis of pirparation Tli¢ Evangelical Bookshop is a chai'ity aiid is regisler¢d iii Noril)erii Ii'eland. The address of the registered office is given in tlie cliai'ily ii)foi'mation on page l of thes¢ financial slateineiits. The charity is established linder a TrLlSt deed. Tlie cliai-ity consliliiles a publi¢ benefit ei)tity as defined by FRS 102. Siateincnt of coi)) liaiice Tl)e fii)aiicial statein¢iils liave been i)repar¢d ii) accoi.dance ivitli ilie accountii)g policies sel oiit in not¢s lo tlie fiiiancial stateiiiei)ts aiid ¢oiiiply iviili Il)e el)ai'ity's goveriiino dociimci)t, cliai'ity law foi. Nortlierii Ii'elai)d and 'Cliarities SORP (fRS 1021 (secoiid editioii Octobei. 2019) Accoui)ting <ind Rei)ortii)g by Cl)ai'itics'. Siateiiieiil ol. Recoiniiiended Practic¢ applicable to cliai'ities pi'epariiig tlieii. accoui)ts in accordance Hjitli tlie fiiiaiicial Reportiiig Staiidai'd ai)plicable ii) tlie Uiiiled Kiiigdoin and Repliblic of Ireland {fRS 102)-'- tlie -"Fii)aiicial Repoi'lings Siai)daiYi applicable ii) the Uiiiled Iciiigdoin ai)d Rei)ublic of Ii'eland {FRS 102) (M2( rcli 2018)," Cliarities Act (Noi'il)¢i'i) Ii'elaiid) 2008. Tlie Cliarities (Accoiiiils aiid Reports) Regulations (Noitliei'ii Ii'eland) 2015 and UK Geiiei'ally Accepted Accouiitii)g Practice. Tlie sigjiificaiil accountiii<r i)olicies applied in tl)¢ pi'epar£ition of tl?ese fii)ancial stateiiieiils are set OLlt below. Tliesc policies l)ave bceii coiisislei)tly applied lo all yeai's presentcd iinless oilierivise statcd. Tliese fiiiaiicial staletneiit5 1)ave be¢ii prepared ui)der tl)e historical cost conveiilioii, as 11)odified by tl)e I'evaluation of fiEeliold property. (b) Fund a¢couiiting Uiii'eslricted fuiids Tlie uiiiEsli'ieled fuiids of Ilie cl)ai'ity consist of a Gen¢i?l FLiiid wl)icli is expeiid£ibl¢ al tlie disci'etioi) of tlie ti'iistees iii fiiitheraiice of Il)e cl)ai'itable objectives of tlie Charity and ivliicli lias iiot beeii d¢sigi)ated foi- oil)¢r i)ui'poses. Resti'icted fiiiids Resti'i¢led fuiids al'e fiii)ds wliicl) are to Ik Lised ii) accordance witli specific restriclioi)s iinposed b}, doiiors oi. wliicl) l)ave beeii I'aised by tlie cliai'ily foi- parliclilar piii'poses. Tlie cost of raisi110 ai)d adiiiiiiistei'iiig sucl) fuiids are cl)arg¢d agaii)st Ilie specific fiii)d. (c) IIicoine recognition Ii)coiiiiiig I'esouit¢s liavc beei) iiicluded li) Ilie financial statemeiils iising tlie accrlials basis wlien receivable. 1i)coiiie is derived iiiostly froin booksliop sales. Iiiiiesliiicnt ii)coine is ii)lei'est eari)ed Il)rougli liolding casli at bai)k.
Page 11 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 31 JANUARY 2021 PIIINCIPAL ACCOUNTING POLICIES (continued) {d) xpenditure Ircognition All eApei)ditiire is accouiited foi. oli acci'iials basis ai)d lias beci) classified iii)der lieadii)gs tliat abgr¢gate all costs IElated to the cAtegoiy. ExpenditLlI'e is recogiiised wl)ere tlieiE is a leg<il oi. constructive obligatioii to Inakc paymeiits lo tl)ird parties, 1¢ is probable tl)al tlie settleiiient will be I'equii'¢d aiid tlie aiiiount of tlie obligatioi) Can bc iiieasiired I'eliably. Lxpeiidilui'¢ oil cl)ai'itable activities incliidcs cost of sales, salaiy costs, sliop I'uiiiiiiig costs aiid (Foveriiance costs. (e) Fiieil assets All fi.led assets are initially I'e¢orded at cost. Fitcliold properly ivas I'evalued befoi'e tl)e impleinciitation of finaiicial Repoitiiig Standai'd 15 (FRS 15) effective for accouiiliiig periods endiiig oli oi. aftei. 2Ji'd M21'¢11 2000. Tlie trai)sitioi)al provisioiis of fRS 15 liave siiice beeii followed and tlierefoiE tlie valiiation lias iiol been Lipd£lted. Tl)e fi'eehold pi'operty is st<lted at d¢¢iiied cost. (Q Depreciation Depi'eciatioii is calciilaled so c2S to wi'ite off tlie cost of an asset, less its cstiinated residual valiie, ovei. Ilie LisefLII economic life of tliat asset as follows- Freeliold Pioperty Coiiipulei. Eqiiipmei)I rixtures & Fittiiigs 2¢/0 Straiglit liiie 200/¢ 511'aigiii liiie I 00/0 sli'aiglit liiie (g) Debtoi% and creditors receivable I payable Ivitliin one y¢ai- Debtol's <iiid ¢i'ediloi's ivitli i)0 statcd ii)(ei'est l'ate aiid receivable oi. payable ivithii) 01)e year al'e I'ecoi-ded al ti'aiisactioii pi'ice. Ai)y losses arisii)g froix impaii'iiieiit al'e r¢cogi)ised iii expenditure. (l)) Stock Siocks are iiieasiired at tlie lower of ¢osl ai)d estim<lted selliiig pi'ice less costs to colpIct¢ and sell. Cost iiicliides all costs of PLircl)as¢ and otlier costs iiiciii'red in briiigJiiig tl)e stock to its preseiit locatioii aiid coiiditioii. (i) Impaii'ment Assets not Ineasiired at faii. vallie al'e revicived for ai)y ii)dicatioii tl)at tlie assel may be imi)aiitd at eacli balaiice slieet d<lte. If sucli iiidication cxists. the recoverable ainounl of tlic asset. oi. tlie 2ssel"s C<islI iJener<i1ing Lll)Il, is estiiiiated and coiiipai'ed to tlie C1( I'ryiiio ainoiiiit. Where tlie carryii)g aiiioiiiit exceeds its I'ecoverable aiiioLllIt, ai) iinpilil'meiil loss is I'ecogiiised ii) Il)¢ Sialeii)eiit of Fii)ai)ei<l1 Activities iiiiless tlie asset is cai-l'ied a Tevaliied amoiii)t wliei'e tlic isni)aii'iiieiit loss is a I'cyalulc tioii decrease.
Page 12 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 JANUARY 2021 1. PRINCIPAL ACCOUNTING POLICIES (continued) li) Employee benefits Shoit terin eiiiployee benefits ai)d ¢oiili'ibLltioiis to d¢fii)ed conti'ibution pensioi) plans are recogi)ised as an eipeiise ii) tl)e period iii wliicli tliey are iiicuii'ed. Prepaid contribiitioi)s are recognised as <1n asset to tlie extent tlial tlic pi'eijayiiieiil will lead to a reduciioii in futiire paym¢iits or a casli r¢fiii)d. (k) Financial instriiments A fii)ancial assel or a finaiicial liability is I'ecognis¢d oiily wl)eii tl)e entity becoines a party to tlie coi)tractual provisioiis of the i11sti.uiiiei)t. Basic finai)eial insli'iinients are initially I'ecogi)ised al Ilie ti'ai)sactioii price. uiiless tl)e arraiigeineiit constitutes a fii)aiicinbT Iransactioi), i¥li¢i'e il is recogiiised at the i)resent vallie of Ilie futLire payineiils discoiiiited <lt 8 iiiai'ket rate of interest foi. a siniilai- debi i1151riiinei)t. Finaiicial assets that ait iiieasured al Cost or <1lnortis¢d cost are I'evieiiied for objective evidence of iii)pairiiicnt at the eiid of eacl) i-eportii)g d<lte. If tliei'e is objeclive ¢videiice of impairinent, ai) itnpairillci)t loss is i'ecogi)ised iii piofit oi. loss ii))iiiedi<ltely. Financial liabilities and cqiiity iiistrliments ar¢ classified accoi'ding to tlie siibslance of tlie contractual agreeineiils enler¢d iiito. Ali eqiiily iiistrumei)t is ai)y coiitract tl)<lt evideiices a residual interest iii tl)e assets of the eiitity after dediictiiig all of its financial liabilities. (l) GoiDg cojicern Tl)e fiiiancial slateiiieiits l)ave be¢ii pr¢pai'ed 01) a goii)g eoiicein basis as tl)¢ trLlStees believe tliat no Inalerial uiicert<lillties exist. Tlie ti'iistees liave coiisidei'ed tl)e level of tuiids Iield 211d tlie expected level of iiicoine aiid exiKiiditLlIE for 12 1))oiiilis fioin aiithorisiiig tliese financial stateiiieiils. Tl)e budgeted iiicoiiie and expeiiditlire is sU1¢]e7)t with tlie level of resources for tl)e charity to be able to coi)tiiiiie as a goii)g concerii. (m) Judgenients and key sourccs of estimation uncertainty Tlie following jLidgeiiiei)Is iii¢ludiftgJ tliose iiivolviiig estiin<ltes have been Inade in tli¢ process of applyiii(tr tlie above accoiiiitll1 policies tliat liave l)ad Ilie iiiost sigiiificaiil effect on the ainoLlllts Ircogiiised iii tlie fiiiaiicial slalei))eiils and tl)ai 118ve a significaiil I'isk of ¢aLisiiigT a In<ltei'i&l adjiistmei)I to tlie cariying aiiioiiiits of assets and liabilities witliiii Ilie iiext finftncial yeai.: (i) depi'eciation Inethod aiid asset Lisefiil lives (li) stock piovision (iii) bad debt provision Tlie estllll<ltes £l1)d assiiinptioiis al'e I'eviei¥ed on an oiigoii)g b41SiS considei'ing tlie ciirreiil aiid futiire Ial.ke1 ¢oi)ditioiis.
Page 13 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 JANUARY 2021 INCOME FROM DONA TIONS AND CACIES UJ)i'estricted Restrieted Fund$ Fiinds Total UniEsti'i¢ted Fuiids Fiii)ds 2021 Restricted Funds Total ruiids 2020 Doi)alions 14,448 14,448 INCOME FROM CHARITABLE ACTIVJTIES Uni'estrictell Resti'iet¢d Funils Funds Total Unresti'i¢led Fiii)ds Fui)ds 2021 Resti'icted Funds Total Fiiiids 2020 Booksliop aiid oJ)liti¢ sales 188,895 188,895 188,895 384,224 384,224 188,895 384,224 384,224 INVESTMEI NT INCOME Uni-esti-lcted Ilestrictecl Funds Fllnds Total Uni'esli'icted Funds Fui)ds 2021 Resli'icled Fiinds Total riinds 2020 Baiik ii)tei'est receivable 41 41 OTHER INCOME Unrestrieted Ilesti-icteil Funils Funds Total Uni'csli'icted Funds ruiids 2021 Resti'icted Fiinds Total Fiiiids 2020 Covid gi7nts Reiital ii)coiiie 56,934 2,700 56,934 2,700 59,634
Page14 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS iconltnued) YEAR ENDED 31 JANUARY 2021 ANALYSIS OF E4 XPCNDITURE ON CHARITABLE ACTIVITIES - BOOKSHOP- TRADING COSTS Unrcsti'ieted Rcstricted Fiinds Funds Total Unrestricted Fun(Is 2021 Restricted l-oial 20?0 Booksliop - fiindrais1i) trading costs: Cost of sales Sliop costs Posiage, slationery and advertisiiig 118,686 118.686 257.777 257.777 4.136 4,136 9.277 9,277 122,822 122,822 267,054 267,054 ANALYSIS OF EXPENDITURE ON CHARITABLf. ACTIVITIES - IIOOKSHOP- MANAGEMENT AND ADMINISTRATION COSTS Unrestrieted Restrictcd Fund. Fiinils Total Unrestricted Fun(Is Fiiiids 2021 Resti'ict¢d Total Fuiids 2020 Booksliop- iiianageineiit aiid costs: Siaff costs Depreciaiioi) Establisliinent costs Telepl)one Motor aiid travel eosls Conipiil¢l' Cost Eqiiipnienl leases Bank fees and ci'edit cgiLI cliarges Otlier 107,951 107,9SI 12,334 75.504 12,334 75.504 12.334 14J95 14,395 4,714 4.863 2,472 63 2.472 14,i32 14,332 ?.361 382 382 1,146 1,146 420 379 420 379 2,696 143,110 143.110 140.791 140.791
Page 15 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS I continuedj YEAR ENDED 31 JANUARY 2021 GOVERNANCE COSTS Total 2021 Total ?o?o IndepeJ)deiit ekaniiiier s reinuneration Consultaiic), fees Trusiees reinLiiieratioi) Trustees, expeiis¢s 3,724 6,000 l.iOO 9.724 I,iOO NET EXPENDITURE FOII THE YEAR I'liis is slated after cl)ai'giiig'. 2021 2020 Depi'eciatioii 12,334 10. INDEPENDE4 NT EXAMINER'S REMUNEIIATION Tlie iiidependent exaniii)er s reinuiieration ainouiits lo a fee of £3.724 (2020 £1.500). 11. STAFF COSTS, TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND CXPENSES Total staff ¢osts M'crc as folloii's: 2021 ?o?o Waoes ai)d salaries Social securily costs Otliei. pei)sioii costs 93.915 .328 12,708 70.779 1,057 107,951 75.504 Particular5 of employees: Tlie averagc IiLiiiibei' of einployces dLiriiig Ilie yeai.. calculated on tlie basis of full-lime equivalei)Is, H'as as follows.. 2021 2020 No Niiii)b¢r of adininistrative aiid sellii)kT staff No einployec received reiniii)eratioii of iiioi'e tliai) £60.000 diii'iiig? tlie year (20?0 - Nil). Tlie ti'ustees iieiiliei. ieceived nor W<iived ai)y I'einiiiier¢ltioii dLII'inLTr tlie ye81. (2020 £Nill aiid Iioiie are acci'Liiiig peiision bcnefits {2020- iioiiel. I'lie triisiees did not liave aiiy expeiises reisiibiii'scd dLlI'iiig ilie slleai. (?O?O- £Nil). Tlie ke), iiiaiiageii)eiit persoiiiiel are coiisidei'ed io be Il)e ti'iistees £ind tl)e total *lllOLinl of ieiiiuiiei'atioii aiid eiiiploye¢ beiiefits rettived b), ke), Ink)lii¢ geineiit persoiiiiel is £Nil (2010 £Nil).
Page 16 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS ( continued) YEAR ENDED 31 JANUARY 2021 12. FIXED ASSETS Fith01(1 pJ'op¢rty Equipnient Fixtui-es & Fittings Total COST At l Febriiary 2020 Additions 534,657 31,055 30,466 596,178 At 31 Januairy 2021 534,657 31,055 30,466 596,178 DEPRECIATION At l F¢bi'iiaiy 2020 Cliarge for Ilie yeai. At 31 Januai'y 2021 222,818 10,69? 31.055 26,763 1,642 280.636 233,510 31,055 28,405 292,970 NET BOOK VALUE At 31 Januaiy 2021 At 31 Jai)uaiy 2020 301,147 2,061 303,208 311.839 3,703 315,542 ri'eeliold properly was revalLied before Il)e iinpleineiitation of Fiiiai)¢ial Reporting Staiidard 15 {FRS 15) effective for <lCCOlllltiiig i)eriods endii)g oli or after 231'd Mai'cl) 2000. Tlie ti'aiisitional provisioi)s of l.-RS 15 wei'e folloived aiid tliei'etoi'e ilie valuatioii was Iiot iipdaled. Oli Ii'aiisition to Cliarity SORP (FRS 102) the fitel)old pi'opeity was slated at deeined cost. 13. STOCK 2021 2020 Stock 182,483 130,414 14. DEBTORS 2021 2020 Ti'ade debtoi's VA T recoverabl¢ Otlier debtors 10,989 4,173 34.061 3,886 20J60 38,458 15. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YII AR 2021 2020 Baiik loaiis and overdrafts Trade ci'ediloi's O(lici- ci'editoi's PAYE &NIC Accriials ai)d defei'red incoiiie 28,792 12,386 949 29,770 23.951 2,507 7,006 2.500 71,897 35.964 Otliei. creditors ii)clLide a loai) of £ l ? 000 froni a triistee I'epayable oil deinand on an ii)t¢rest fl'ee b<lSI5.
Page17 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS {¢ontsrJued) YEAR ENDED 31 JANUARY 2021 16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2021 2020 Bai)k loai)s 50,000 50,000 17. RF.STRICTF.D FUNDS Balaiice at l Feb 2020 Balanec at Inconic Expenditui-e Transfers 31 Jan 2021 Restricted Fund 311,839 (10,692) 301,147 Balance 1£ t l Feb 2019 Balaii¢e at 31 Jaii ?O?O Income Expeiiditure Tra115fers Restricted Fiiiid 322.531 {10,692) il 1,8J9 Resli'i¢ted fiiiids al'e fiii)ds ivliieli are lo be iised iii accordaiic¢ witli spccific rcslrictions iiiip05ed by doiiors or wliicli have been raised by tl)e cliarity foi. particulai. purposes. Tlie cosi of 12isiiig aiid admiiiisleriiig sueli funds are ¢harged agaiiist tlie specific fuiid. 18. UNRESTRICTED FUNDS Balance t I rieb 2020 Balance At Inroine Cxpcn(litui'e Traiisfers 31 Jan 2021 General Funds 149.249 262,983 (275,6i61 10,692 147.268 Balance at l Feb2019 Balaiice at i l Jan ?020 liicoine Expei)ditiire Transfers Geiieral FLllids 163.637 384,265 (409.345) 10.692 149,?49 Tlie Lillifstricted fLiiids of tlic charity consist of a Geiicral Fuiid ii,hicli is expeiidable al tlie disci'etion of Ilie Ii'iislees iii fiiril)erai)ce ol- Ilie cliaritable objeclives of Ilie cl)ai'ily and wliicli lias iiol beeii desigi)ated for otliei. purposes. 19. TRANSFERS BETWECN FUNDS Thc aiiioiint sliom'ii as tl'iliisfei-s is tl)e dei)recii£ tion 011 Ilie restricled fi-eeliold property which is trdiisfei'ied to ieslricied fuiids oli tlie Iraiisfei. liiie in tlie Stateineiit of Finaiicial Activities.
Page 18 THE EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (contlnuedl YEAR ENDED 31 JANUARY 2021 20. ANALYSIS OF NIIT ASSETS BCTWEEN FUNDS Tangiblc rixc(l assets Otliei. nct assets Total 2021 Restricted Funds". Restricted Fund Unresti'ieted Income Funds 301,147 301,147 147,268 147.268 Total Funds 301,147 147,268 448,415 Tai)gible fixed 855et5 Otl)ei' iiet assets Toial 2020 Restricted Fiiiids.. Restricted Fiiiid Unrestricted Iiicoiiie FLiiids JI 1.8)9 311.839 149,249 145.546 Total Fui)ds 315,542 145.546 461.088 21. RICONCILIATION OF NET INCOMIIIEXPENDITURE) TO NET CASH FLOW FROM OPCIIATING ACTIVITIES 2021 Net expendilui'e foi. the year Iiitei'est ieceivable Depieciation (Iiicreasel in stocks Decreasel(Iiicreasc) iii debtors Increase iii creditors {12.673} (61 12,334 (52,069) 18,098 35,933 {25,080} 141) (2i.J76) (10.460) 16.778 Net ca511 flow froin operating activiiies 1,617 129.845) 22. ANALYSIS OF CHANGES IN NET DEIIT Balance at I reb 2020 Bftlance at Casl) flow 31 Jan 2021 Long teiin borrowiiigs Totcil liabilities 50.000 50,IJOO 50.000 50,000 Casli ai)d casli equivalenis Net debi (311.8J9} 1311,8391 1311,839) (261,839) 50.000 23. RELATED PARTY TRANSACTIONS Otlier creditors iiicliide a loaii of £12.000 froiii a tl'LlStee i-epayable oli deiiiai)d 01) uii interest free basis. Tliei'e M(ere lio otlicr related party ti.a1aCllo1lS dLlI'iiig? tl)e period120?0.. £ iiill.