EVANGELICAL BOOKSHOP UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Charlty Number NIC100560
EVANGELICAL BOOKSHOP FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 CONTENTS PAGE Charity reference number and administrative details Trustees annual report Independent examinerfs report to the trustees Statement of financial activities Balance sheet Statement of cash flows Notes to the financlal statements 10
Pa8t I EVANGELICAL BOOKSHOP CHARITY REFERENCE NUMBER AND ADMINISTRATIVE DETAILS YEAR ENDED 31 JANUARY 2024 Reglstered charlty Dame Evang¢lifAI Booksh( Charlty number NIC I(K)560 Reglstered Offlee I S College Square E&81 Belfast BTI 6DD Truste RevAJLu D Walson Rev Dr R Bkett Independent ex•mln¢r B J Friar FCA GMCG Belfast Chartered Accountants & Statutory Auditor Alfred Hou 19 Alfred Stre Belfasl BT2 8EQ BADke Danske Bank 9 Donegall Squar¢ North Belfast BTI 5GJ
EVANGELICAL BOOKSHOP Page 2 TRUSTEES ANNUAL REPORT YEAR ENDED 31 JANUARY 2024 The trustees present their report and financial statements of ih¢ tharity for the year ended 31$¢ January 2024. The truslees have adwed the provisions of the Statement of Recornmended (SORP)"Aceounting Reporting by Clwitie5" {FRS 102) in preparing thc annual report and financial s¢alun¢nts of Ihe charily. The financial slatements hav¢ been prepared in aCrdanCe wilh lh¢ accounting 11¢1¢8 sel oul in nol lo the financial stalements and comply wilh th¢ ¢harily'S governing document, charity law for Northern Ireland and '£harities SORP {FRS 102) (second edition - Othober 2019) A¢¢ounting and Reporting by Charities.. Sialement of ReCOmnded Practice applicable to charities prq)aring thetr acwunts in &Crd1ncc with the Financial Ileporting Standard applicable in Ihe Uni¢¢d Kingdom and Republic of Ireland (FRS 102)", Ihe"Financial Reporting Standard applicable in the Uniied Kingdom and Republic of Ireland (FRS 102) {mah 2018)", Charili¢s Act (Northcrn Ireland) 2008. The Charilies {Account8 and Reports) Regulations (North¢rn Ireland) 201 S and UK Gen¢rally A¢¢¢pt¢d Accounlin8 Practice. REFERENCE AND ADMINISTRATIVE DETAILS R¢8lstered Charlty name Chaylty Dumber R¢stered Offl¢¢ Evangeli1 Bwkshop NIC 100560 15 Coll¢8¢ Squar¢ East, Belf&8t, BTI 6DD B J Friar FCA GMCG B¢lfasl, Chartered Accounlants & Slalulory Auditor, Alfred House, 19 Alfred Sireet. BelfÈ$t, Bf2 8EQ Danske Bank , 9 Don¢gall Square North. Belfast, BTI SGJ Independent examlner B8Ak¢r¥ TRUSTEES OF THE CHARJTY The trustees who serv1 during the year were as follows: Rev A J Lucas D Walson Rev Dr R Beckett E C Brown {reslgrnd V October 2024) PUBLIC BENEFIT STATEMENT The Board of Trusttts of the Evan8elicaJ Bookshop Confirm thai ihey had due regard for Ihe guidance produced on publi¢ benefit by ihe Charity Conunission for Northern Ireland and are pleased to report that during the year the charity has continued to provide public benefils through the holding of assets by the charity for the benefit of ihe Evangclical Pre$b¢rIan Church, the furth¢ring of Christian objectives to spread an ¢van8elical message in particular ihrou8h the access to theological resources and dissemioalion of Chrislian lileralure to Church's minister4 th¢IS leaders. conBregations and the public in general and the provision of facilities for meetings and we rcf¢rto the guidance when reviewing our aims and objectives and in planning our fviure activities.
EVANGELICAL BOOKSHOP TRUSTEES ANNUAL REPORTtsonthu•dJ YEAR ENDED 31 JANUARY 2024 OWECTIVES AND AcrivtTIES The puTrose and elwitable objeclive of the charily IS the Ilding of assels by the organisation for the benefit of the Evangelieal Presbyterian Church. in particular through the dissemknation of Ch]istian literature. The direct public berits which flow lo ihe Evangelical Presbyterian Church frorn Ihe charity, purposes are: • the continued holding of an assel (namely a real estate asset of a rerb]Sh¢d, 4-stor¢y, well- maintained city centrc premises. its eQUient and stock) for its benefit; the 8oodwill developed a$ a result of ¢h¢ work ¢arri¢d out iherein; Ihe rtherIng ofChrist7an objectives to spread an evan8elical message and witness and the benefit of ihe Church's minislers, teachers, leaders and Inde con8r¢galions through access to Iheolo8ical re%)U which enhancc5 their means for spiritual and ryjucalional development. the provision of a Church Denomination address. fonlln, facililies for meetings, distribution of th¢ Church Masazine and advertisin8. The evidence or proof of these benefits can variously be found in the Church's close identity with our ood worl ils continued connection with ourorganisation. Als long-lenn and ongoing us¢ of the facililies and in our annual accoun18. Indirect benefits do accrue lo th¢ public at lar8e, namely ihe improv¢ments enjoyed in their religious knowl¢d8e and educatio bui this is an incidenial outworkin8 of ihe Bookshop's dissemination of Christian lilerature. All members of the public are target benefi¢iari¢s of ihe Church and so this is of broad assislanee to il. The beneficiary of our organisa¢ion is the EvangelicAI Presbyt¢rian Church. Thc premises at Number I S College Square Easl Belfast are held by us for the benefit of ihe Evart8elical Presbytewian Church and 811 ih¢ receAPts profil$ and income from the said premises after payment of all ll¢$$ary oul8oin8S, repairs, maint¢nan¢e, iMur3n¢¢ and all expenses in respeci of the premises, wlll from time to time be paid by us to the Central Fund of ihe said Evangeli1 PresbCrian Church or lo such oiher Fund or Funds in conn¢clion with the said Churth as shall be decided from time to lim¢ by us or a majority of us. No hanns ari$¢ from our purposes. STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng do¢umeDt The bookthop is a charitable twst constituled under a Irusi deed dated 26 October 1982, which is recOlSed as a charity by HM Revenue and Customs (r¢f¢rence number XN 46617). The charity was TC8lStered with The Chariiy Commission for Northern Ircland on 29 August 2014, under referen¢e NIC 100560. Reerultm¢Dt, appolnlment, Inqluctlon aod trfilnlDg The present trnstees have been involved in the charity for a number of yearJ and so are familiar with its work. The trustees regularly review the requirements of ihc ¢Eiarity and the possibilliy of a n¢¢d for addÉtional trustees. Any new Iruslees would be appointed by resolution of a meetin8 of all the iruslees passed by a majority of tlb)sc pTrt. Appropriat¢ training and induction is available to all tTusle¢s.
Page 4 EVANGELICAL BOOKSHOP TRUSTEES ANNUAL REPORT(¢onlthu•d) YEAR ENDED 31 JANUARY 2024 STRUCTURL GOVERNANCE AIYD MANAGEMENT leonilnmdj Flnndal rlsk Dunagement obJectlve8 and trAIDIDg The tTUStees have overall responsibility for ensurin8 thai the charity has in placc an appropriate system of controls, fina141 and othenvisc, to provide assurance ihat: Ihe charily is operating etTeKtively• its assets are safeguarded againsl unauihorisfyl use or disposition; propv reLx)rds are maintained and fimncial inforntIon used within the charity or for publication is reliabl¢; Ihe chariiy complia8 wtth relevant laws and regulations, and the charily's $yStons of financial wntrol are d¢signed to provid¢ reasonable, but not absolute assurance against maleriAI misstatement or108S. The INstee$ have a&sSed the major risks to which th¢ charity is exposed, in particulor those related to th¢ op¢rations and finances of the charity. Th¢ Iruslees are saiisfied (hat syslems are in placc lo miti8al¢ any exp08ure lo major risks. ACHIEVEMENTS AND PERFORMANCE Total incom¢ for the year was £334.889 {2023 - £3(KI,171). Income derived from charitable activities amounted to £312.068 (2023 £275,909); Other income tot8lled £2.000 (2023 £1.667); donalions lotalled £20.650 (2023 - £22,584) and inveslmenl inc¢)me tolalled £171 (2023 - £11). Total ¢xp¢ndilure for ih¢ yur amounied to £330.IJ)9 (2023 - £289,017). The cosl of charilable tIVitIeS amounied to £326,009 (2023 - £286,967) atml governance cosls amounted 10 £4,OW (2023 - £2,050). The net income for the yr amount¢d 10 £4,880 (2023 - £11,154 nel income), The TNstees considers Ihai the dritY is in a satisfactory posilion to carry on its chariiabl¢ activities. FINANCIAL REVIEW Reg¢n¥ pollcy It is the policy of the charily to mainlain free reserves which matches the needs of the organisation, both at the currenl lime and in ih¢ foreseeable futu. This provides sufficient funds lo Cover running eosl$ which include management, administration and support cost& Free reserves are tho$¢ unresiricied reserves t designaled nor invested in fixed as$els which are available for 8¢nsxo1 u8¢. PLANS FOR FUTURE PERIODS The bookshop will continue lo seek every opportunily to inThs¢ in¢ome. STATEMENT OF RESPONSIBILTIES OF THE TRUSTEES Th¢ Board of Trustees are responsible for preparing the financial stAtemen¢s in a¢cordance with applicable law and United Kingdom Accountin8 Standards (Uniled Kingdom Generally A¢¢ted Accountin8 Praclice). The law applicable to charities in Northern Ireland requires ihe ¢Thte£S lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of th¢ chariiy and of ihe Iorning resourc¢s and applicalion of resource$ of th¢ ¢hariiy for Ihat period.
Pw5 EVANGELICAL BOOKSHOP TRUSTEES ANNUAL REPORT (Cffitlnwd) YEAR ENDED 31 JANUARY 2024 srATEMENT OF RESPONSIBILTIES OF THE TRUSTEES ftottilNwedJ In preparing th¢se financial statements, the trustees are required io: select suitable a¢¢ounting p)licies and ¢h¢n apply them consistently; observ¢ the meihthls and principles in the Charities SORP (F RS 102) {snd l{lOn- October 2019) make judgements and cslimates that are re450nable and prudent; state whether applicable ac¢ounting standards hav¢ been followed, subject to any material departures disclos¢d and explained in (h¢ financial statemcnts; prepare ihe financial slAlement$ on the going concern basis unless il 1$ inappropriat¢ to presume that the charity will ¢ontinu¢ in operation. Thc trustees are r¢sponsible for k¢¢pin8 proper accounting records ihai dis¢lose with reasonable accuracy at any tirne ihe financial position of the charity and cnable them to ¢nsurc that the financial slatcments comply wilh the Charities Act (Northern Ireland) 21M)8, lh¢ Charities (Aunt$ and Reports) Re8ulations (Northem Ireland) 2015 and th¢ provisions of the trust deed. The trustees are also responsible for safegua18 the assets of the Charity and hen¢¢ for taking re&sonable steps for ihe prevenlion &nd det¢¢lion of fraud and other irre8ulartties. The trustees spOnsIble for the mainlenanee and int¢8rity of the charity and financial infombation included on the Charity's website. Legislaiion in ihe United Kin8dom 8ov¢rning ihe preparation and dissemination of financiAI siatemenls may differ from le8isIAtion in other jurisdiclions. Dls¢lo8ure of Infornialion to &ndep¢ndent ex*miDer So far as ea¢h ofthe trustees In office at ihc date of ipwoval of these financial stht¢m¢nts is aware: th¢re is no relevant inforniation for the independent examinAtion of whieh th¢ ¢harity's independent exam iner are unaware; and ¢h¢y have laken all steps thai they ought to have taken as trustees to make themselves aware of any relcvant infornialion and to establish that the charity's ind¢pendent examiD¢r are owar¢ of that infomiaiion. INDEPENDENT EXAMINER GMCG B¢lfas¢ will continue in office as bndependent examiner for ihe ensuin8 year. REGISTERED OFFICE BY ORDER OF THE BOARD OF TRUSTEES 15 College Squarc Easl Belfast BTI 6DD D Watson Trustee Approved by Ih¢trustee8 on.......... ...
Page 6 ew AirtfLP.D A¢COUMTINTJ EVANGELICAL BOOKSHOP INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE EVANGELICAL BOOKSHOP YEAR ENDED 31 JANUARY 2024 I rrport on ihe acrountsof the ¢harity for ¢he year mded 3111 jU•ry 2024 which Ke sd out on pages 7 to 19. Rewllve wesp•nilblllilu of tThil•e$ Ind exAmlner As th¢ Chariry's trthstrts you or¢ re4$1ble for thewcp•rntion of th¢ Kcounts in a¢¢tYd•nce wilh ihe Chjrilies Act (Nonhem Ireland) 2008, It IA my reswjnsibility lo- exwnlne lh¢ a¢1$ wjder 5ethion 65 of Ihe chgrill Act: follow lh¢ proced¥res laid down in ihe gefflcral Dir11$ 8iv•n by the Charity Commission for Northern Ir¢land under ie¢tion 6519Mb) of ihe Ch4ri1iH Aci; and ale whaher pthi¢ul8r matlers havi lo my atlenlivn. Bi$h •f Independént eximlner'i roport I h•v¢ ¢xthincd your charity 8LTh)un15 as requiT¢d se¢¢ion 65 of the Charities Act athd my examin&t•on w•$ camed out In a¢¢ordBnce wiih Ih¢8Meral Dire¢iions 8ivcn by the Charity Comrnission (or Northern Ir¢l•nd underjection 6SI9Xb) of Ihe Chorilies Act. My ex•miMiion in¢luded i ffvi¢w of Ihe rEcord$ kepl by ihe ¢harity and a nparIson of the Rccouni8 presffited with those reconis. It alx) Ildl consideraiion of any }uSual 11a5 or di$e105urc5 in Ihe 4¢counts and seekin8 P1aallol from you a8 Charity iTuslffs ¢on¢¢rnin8 any su¢h maii¢r& My rol¢ is to stale whether •ny rn4terial mat¢ers havt corne io my •tlcntion oivin8 me io b¢li¢w. l. Thai aceounling r¢cords were not kept in ordIn¢t wilh 8¢aiM 6J of ik Chariiiei Acl 2. That the a¢¢t$ do nol a¢¢ord With ihose acc<Ning reconk 3. That the 1CnIS do wnply wtih ihe #¢courtiin8 requiTem¢fti$ of Ihe Chariii¢s Act 4. Th# there is furth¢r inforniation needed for a undcrstandin8 Of ihe x¢ounti to b¢ reA¢h¢d. Indep¢nd¢M¢ eximlDtV• M•*menl Since your dJ&rity's gross in¢ome exceeded £250,0 your examin bc 4 mcmber ora lijlcd kndy. l ¢onfirn I am qualifid ¢0 und¢rtfyk¢ Ihc eXlallon 6ec4use l am a re8iSt¢red meml)tt of Chincred Aeciwnlan¢g ITeland which is on¢ of ih¢ listed bodies. I haV¢coMded my ¢x•minalion and hthve no concems in re5pecl of the maiiert{l} to following the Directi4)nJ of Ihe Ch•rity Commission fcr Nonh¢rn lyeknnd. I have found tt¢nlion. lis¢ed abov¢ •nd. in conTr¢¢lion with l¢rs ¢hai vequire th4win8 lo your B J Friar FCA (Ind ChHrtered A¢¢ounl4n¢s Irelan 8mittw) For and on behrOf GMCG Belf•si Chartv¢d Attountknig & Si•tyiory Awlilor Ifred Hous¢ 19 Alfred S¢re¢t Belfast BT2 8EQ
EVANGELICAL BOOKSHOP ge7 STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JANUARY 2024 Unreitrided Restricted Total Fuod$ Total Funds Fundi Funds 2024 2023 Note Income from: Income from don*ions and legacies Charitable aciivitics Inveslm¢nts Other income 20,6SO 312,068 20,650 31L068 22.584 275.909 lo) 1.667 Totil 334089 334189 300,171 ExpeDdltt•re on: Charitable activilies: Bookshop - tradin8 ¢OSts Bookshop - managernent and administration Other 174377 174377 158,864 151,732 151,732 4,01)0 128.103 2.050 Total 330,009 330,009 289,017 Net Income for the yeir 11,154 Transfer between fundi 19 10,692 (10,692) Net movemeot between funds 15J72 (lQ,692) 4880 11.154 R¢¢oacillatlon of fundi Total fill8 broughi fotward Total fuDdg ryfjed forward 112,423 127,995 279,763 269,071 392,186 397,066 381,032 392,186 The Stalement of FinaTh¢ial Activities includes all gains and losses in the y¢ar and iher¢fore a statement of tolal recognised gains and losses has not been prepared. All of th¢ above amounts relai¢ to ¢OAIAnuing a¢tivitie5. Th• not•B on prye• 10 to19 form part of thu• Ilnandd •latom•nt•.
Page 8 EVANGELICAL BOOKSHOP BALANCE SHEET 31 JANUARY 2024 2024 2023 Flxed assels Tangible assets 12 305025 316.684 Current agsels Stocks Debtors Cash ai bank and in hand 13 14 205 J38 6,087 11367 222ffj92 178,794 8,420 5,650 192,864 Credltors: Amounts falllng due wilhin one year 16 (108,560) (83.834> Net eurrent assets 114,132 109,030 Total 98geti le ¢urr¢nt IIAbllltle8 419,957 425,714 Credllors: Amounts falling due After more than 16 one year N¢1 a&t9 {2209J) 397,066 (33,528) 392,186 Ch*rfity funds Restri¢tcd funds Unfestri¢icd income funds 17 269,071 127,995 397,066 279.763 112,423 392,186 Tolal fvDds Ihe financial statements were approved by the m¢mbers of the committe¢ and auihorised for issu¢ on . and are si8ned on their behalf by: Watson Trustee Approved by the tnjstees on .
Page 9 EVANGELICAL BOOKSHOP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Note Cash tlow from operatlng aetlvltie$ Net ¢a$h Ilow from operatlng aelitIes 21 17,628 17,628 (6,164) (6.164) Caih from IDvesiing aetlvltles Purchase asseis Inl¢re8t from inveslm¢nts (lJ45) Nel cash flow from inve8lln2 aetlvlll (la74) Cash flow from finallclng actlvltle¥ Interest from financing Ktivities Repayment of loans Net tajh flow from IlnaDcln8 aetlrftl Net Inerease In t•ib and eA$b ¢qulval¢Dt• 1.194 (5,829) (4,635) (10.788) (10,637) (10,637) 5,617 Caih and ¢ah equlvalents at 1$1 February 2023 C$h And ¢aJh equlvalents at 3111 January 2024 3,6S0 11,267 16,438 5,650 Casb and eash equlvalents ¢onslJt of: Cash at bank and in Iw Cajb and eash equlvaknlj at 3111 JaDuAry 2024 11,267 11367 5,650 5.6SO
Pa£e 10 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 PRINCIPAL ACCOUNTING POLICIES (a) General IDforniAtioD ind basls of preparalloD The Evangelical B(M)kshop is a Chariiy and is T¢gist¢red in Northern Ireland. The address of the registered office is given in ihe charity inforniation on page l of ihes¢ fUnCIal stilemenis. The charity is established under a T1 deed. The charity constitutes a publie knfil eniity as defined by FRS 102. ent com The financial stalem¢nts have been prcpared in accordance wilh the accounting policies xt oul in no1¢5 to ihe financial slatements and comply with ihe charity's governing document. charity law for Northern Ireland and "Charities SORP (FRS 102) (second edition - October 2019) Ac¢ounting and Reportin8 by Charities: Statement of Re¢ommended PraclAce applicable to charities preparing their a¢¢ounts in acrdance WAth ihe Financial Reporting St2ndard applicable in the United Kingdom and Republic of Ireland (FRS 102)" Ihe "Financial Reporting Standard applicable in ihe Uniied Kingdom and Republic of Ireland (FRS 102) (March 2018)" Charilies A¢¢ (Northern Ireland) 2008, The chariti (Accounls and Reports) Regulaiions (Northern Ireland) 2015 and UK G¢n¢rally Accepi¢d Accounting PrACtice. The si8nificant accounting policies applied in th¢ preparalion of ihese financial 8tatem¢nts are set out below. These policies have been consistently applied to all years presented unless otherwise slated. These financial stat¢m¢nt$ hav¢ been prepared under ihe historical ¢051 conveniion, 88 modified by ihe revalualion of freehold property. (b) Fuod *e¢ountln8 - Unrestri¢t¢d ndS The unrestricied ndS of the Chariiy consist of a General Fund which is expendable at (he discretion of the Iruslees in furthcran¢e of the charitable ObJIly¢S of the charity and which has noi been designated for other purpoKs. - Restricted fvnds Restricted fvnds ar¢ fvnds which are to be used in accordance with specific resiri¢tions imposed by donors or which have been raised by ihe charity for particular purposes. The cosi of raising aThl adminislerin8 such fvnds are char8ed against th¢ specific fund. (¢) IDcome re¢ogulllon In¢omin8 resources have beett included in th¢ financial $tatem¢nls usin8 the accruals basis when receivable. Income is derived mostly from bookthop sales, Investment income is interest earned through holdin8 cash ai bank.
Page 11 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS lwnllnu YEAR ENDED 31 JANUARY 2024 PRINCIPAL ACCO1NG POLICIES (conthwdj (d) Expendltllre reeo2nllloD All expeThlitur¢ is a¢counted for on accruals basis and has been classified under headings that aggregate all costs relatcd io the calegory. Expendilure is rccognised where ¢h¢re is a legal or conslructive obligation to make payments to third parti4 it is probable that the scttlement will be required and the amount of the obli8ation eAn be measurcd reliably. Expenditurc on ¢harilable activities includes cost of sales. salary costs. shop running costs and 8overnance cosls. (e) Flxed a¢t$ All fixed assets are initially recorded at cost. Freehold property was revalud before the implementation of Financial Reporting Standard 15 (FRS 15) effeclive for accounting periods ending on or after 23rd March 20CKI. T Iransilioml provisions of FRS 15 have since been followed and therefo the valuation has not been updated, The freehold property is slatd at deemed eost. (O Depre¢latloD Depreciation is Calculat so as to write off the ¢osl of an asset, Icss ils estimated residual valu¢, over the us¢fvl ccorA)mic life of that assei as follow5: Freehold Property Compul¢r Equipment Fixtures & Fittings 2Y• and 4Vo slrAi8hi line 20V• Straighi line IO0/• Straight line (8) Debtors and eredllors re¢elvable I payable wltbln one yéar Debiors and creditOf8 Wtth no slated interest rate and receivable or payable within one year are recorded al Iransaction price. Any losses arising from impairni¢nt are recosnised in cxpendilure. (b) Stoek Stocks are me&8ured at the lower of eMt and estimated selling price less costs to complete and sell. Cost includes all costs of pur¢hase and h¢r 51$ incurred in bringing the sto¢k to it$ pr¢s¢nl localion and condition. (i) ImpalrnieDt Assets not measured at fair value are reviewed for any indication that ihe assel may be impaircd at ea¢h balance sheet date. If such indication exisls. the recovcrnble amount of ihe asset, or ihe asset's cash generating unit, is ¢stimaied and compared io the carrying amounl. Where the carrying amount ex¢eeds its recovcrable amounl, an impaimicnt loss is rf£o8nised in the Siatem¢nt of Fbnancial Aotivities unles5 Ihe assel is caled at a revalued amount where the impalMlI loss 1$ a revaluation decrease.
Page 12 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS {canllnu•dJ YEAR ENDED 31 JANUARY 2024 1. PIUNCIPAL ACCOUNTING POLICIES (¢onllnu•dJ (J) Employee ben¢fil$ Short term employe¢ bencfils and ¢ontribulions io defined contsibulion pension plans ar¢ recognised as an ¢xpense in the period in which they are incurred. Prepaid contributions are recognised as an asset to the cxlcnt that the prepayment will lead lo a r¢thtion in tUre paymcnts or a cash refund. (ky FIDallcl*l Iiiilruments A financial asset or a financial liability is rttOgniS only when the entiiy berneS a party to thc contractual provisions of the inslrumenl. Basic financial instruments are iniiially recognisol al the trnnsaction price. unless the arrangement constitutes a financing transaclion. where it is recognised ai th¢ presenl valuc of the futur¢ paym¢nls discounlcd at a market rale of interest for a Similar debi instnmnent. Finala1 a&8ets that are measured at cost or amortised cosi Ire reviewed for objxtive evidence of impairnient at the end of each reporting dale. If there is objedive evidence of impaimienl, an impatmient loss is recognised in profit or loss immediately. Financial liabilities and quiiy instruments are classified accordin8 to the substance of lh¢ contrnctual a8rewn¢nls entered inlo, An equity instrument is any wnlraci ihat evidences a residual inlerest in the as3els of ihe entity after deduclin8 all of its finarKial liabililies. (l) Golnz eon¢ern The financlal Siaiemenls have been prepared on a going concern basis as the trustees b¢li¢v¢ thal no mal¢rial un¢ertainlia ¢AiSt. The trustees have considered ihe level of fvnds held and lh¢ ¢%ded level of income and expenditure for 12 monihs from authorising these fimncial slalemenls. The budgeted income and ¢xpenditure is sufficient with the level of resources for the Charity to b¢ able lo wntinue as a going concern. (m)Jud8emeDts aad key 50urce$ of ¢stlmatloo uncertalllty The following judg¢menls including those involvittg e81imales have been made in the process of opplyin8 the above accounting policies Ihat have had the most signifirtI ¢ffecl on the amounts rewgni5ed in Ihe financial slatcmcnts and that hav¢ a significant risk of cau5in8 a material adjustment to the caryin8 amounts of a$sds and liabililies wiihin the next financial year: (i) depreciation meihthl and asset useful liv (li) slock provision (iii) bad debt provision The estimates and assumptions are review on an ongoing basis considerin8 lh¢ curTeni and fuwre markd ndIllOns.
Page 13 EVANGELICAL BOOKSHOP MOTES TO THE FINANCIAL STATEMENTS (Gondnuedj YEAR ENDED 31 JANUARY 2024 INCOME FROM I)ONATIONS AND LEGACIES UDrestrl¢ted Restrleted Fun FuDd$ Total Unrestrithd Funds Funds 2024 Restricted Funds Total Funds 2023 Donalions Gift Aid 20,650 20,650 19.896 2,688 22,584 19.896 2,688 22.S84 20,650 20,650 INCOME FROM CHARITABLE AcrivrriLs UDreslrkted Re$trlcted Funds Fullds Total Unrestricted Funds Funds 2024 Restricted Funds Total Funds 2023 Bookshop and online sales 312,068 312,068 275,909 275.909 4. llYVESTMENT INCOME UDrutrl¢ted Restrlcted Funds Fundi Total unr1nded Restricted Funds Funds Funds 2024 Tal Funds 2023 Bank interest rece•vable OTHER INCOME UDrestrlcted Reitricted Fund$ Fund$ Total Unr¢siricted Restricted FuDdi Funds Funds 2024 Toial Funds 2023 Rental income 2,000 2,1)00 2,000 2,0110 1,667 1,667 1,667 1,667
Pige 14 EVANGEUCAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (¢onllnu•dJ YEAR ENDED 31 JANUARY 2024 ANALYSIS OF EXPENDITURE ON CIIARITABLE AcfiviTIES - BOOKSHOP- TRADING COSTS Unrutrl¢ted Re$trl¢ted Fundi Fund$ Total Unrestricted Reslricted Funds Funds Funds 2024 Total Funds 2023 BcM)kshop - fundraisin8 trading costs.. CO of sales costs - Postage, stationery and advertising 160,S36 160W6 148,097 148,097 13,741 174,277 13,741 174,277 10,767 158,864 10.767 158,864 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES - BOOKSHOP- MANAGEMENT AND ADMINISTRATION COSTS Unrestrlcted Restrlcted Fuath Fund8 Total Unrestricted Restricted Funds Funds Fund$ 2024 Total Funds 2023 Bookshop man88ement and admini$iralion costs: Siaff costs Depreci81ion Establighmenl ¢osts Telephone Motor and travel costs Computer costs Bank fees end credit card charges Bank inlerest Other 99,922 12,404 99,922 11404 82,472 12,095 82.472 12,095 20,226 1,687 20,226 1,687 16,350 2,$84 16.350 2,584 3,03l 3,031 2,626 2.626 264 264 1,786 1,786 5.037 1,582 1,579 151,732 5,037 1,582 1,579 151,732 6,343 1,973 1,874 128,103 6.343 1.973 1.874 128.103
Page IS EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (eonthu YEAR ENDED 31 JANUARY 2024 GOVERNANCE COSTS Total 2024 Total 2023 Ind¢pendall examiner's remuneration Consuliancy fees Trustees, remuneration Trnstees. expenses 250 1.800 600 2,050 NET INCOME FOR THE YEAR Thls is slated after chargins.. 2024 2023 Depreciation 11404 12.095 10. INDEPENDENT EXAMINER'S REMUNERATION The independ1 examiner's remuneration amounts to a fee of £3,400 (2023 - £250), 11. &fAFF COSTS, TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES Tolal staff cost8 were as follows: 2024 2023 Wages and salaries Social security costs Other pension costs 92,415 1,828 3,679 99,922 80.352 709 82.472 PartlculArs of employees: The average number of employees dwin8 the year, calculaied on the basis of full-time equivalents, was as follows: 2024 2023 Number of administrative and selling aff No employee received r¢mun¢ralion of more than £60.000 durin£ ihe year {2023 - Nil), The trnste¢s neither re1ved nor waived any remuneration durin8 the year (2023 - £Nil) and none are a¢cruin8 pension benefits (2023- none). The Iruslees did not have any expenses 1mbur5Ed during th¢ year (2023- £Nil).
Page l6 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS {c•ndnu•d) YEAR ENDED 31 JANUARY 2024 11. STAFF COSTS. TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES {¢Qnllnu The key managcmcnl personnel ar¢ wnsidered io be th¢ tnist¢¢s and the total amount of rcmuneration and employee benefjis received by key manag•nent pffsonnel is £Nil (2023 - £Nil). 12. FIXED ASSETS Freebold Equlpment Ffixturej prop¢rty Total Fdttln8S COST Ai l FebNary 2023 Addilions 567,883 34.381 31.591 1,545 633,855 1,545 635,400 At 31 Jiouary 2024 S67083 34J81 33,136 DEPRECIATION At i Febnmry 2023 Chrg¢ for the year At 31 Janu•ry 2024 255,559 lJ,024 266,583 32.385 974 29,227 406 317,171 12,404 329,575 33J59 29,633 NrfBOOK VALUE At 31 January 2024 At 31 January 2023 30IJOO 312,324 1,022 1,996 3,503 2,364 305.825 316,684 Freehold property was revalued before ihe implementation ol Financial Reporting Standard 15 (FRS I S) effeclive for acwunling periods ending on or aft¢r 23rd March 2000. The transilional provisions of FRS I S were followed and thefore the valuation was not updaloj. On transition to Charity SORP (FRS 102) the freehold property was slated at deeffted cost, 13. sfocK 2024 2023 Stwk 205J38 178.794 14. DEBTORS 2024 2023 Tradc dcbtors VAT r¢Verable Other debtors 375 1,273 4,439 6,087 2.900 1,756 3,764 8,420
Page 17 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (¢ontlnu•d) YEAR EMDED 31 JANUARY 2024 15. CREDITORS: AMOUNTS FALLING DUE WIT ONE YEAR 2024 2023 Bank loans Trade cr<tOT5 Other creditors PAYE & NIC A¢¢rual$ and deferred income 10,660 19.042 70,711 1,778 6J69 10,660 15,340 48,537 633 108,560 83.834 Other creditors include a loan from Somerton EPC for £40.( (2023 - £40.0(X)) wilh an interest rale of l.SO/o per annum and repayablc by December 2025, 16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans 22,891 33.528 17. RESTIUCTED FUNDS Balance at l Feb 2023 BlDee at llleome Expeaditur¢ TraD$feN 31 Jan 24 Restricted Fund 279,763 (10.692) 269,071 Balance ai l Feb 2022 Income Transfers Balance at 31 Jan23 Expcnditure ReslriGid Fund 290.455 (10,692) 279,763 Resiricled funds arc funth which are lo be in accordaw with specific restrictions impos by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds charged against th¢ spe¢ific fund.
Page 18 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (¢onthiwd) YEAR ENDED 31 JAMUARY 2024 18. IINR&%fRIED FUNDS BAlan¢e it Expendfture Transfen 31 JaD 2024 l Feb 2023 Ineome General Funds IIL423 334A89 (33Q,009) 10,692 127,995 Balan¢¢ at l Feb 2022 Balance at 31 Jan 2023 Income Expenditure Transfers Gencral Funds 90,577 3Th),171 (289,017) 10.692 J12,423 Th¢ unrestricted funds of the ¢lwity consis1 of a Genernl Fund which is expendable al the discretion of ihc irustecs in fvrtherance of the charilable objtiveS of ihe charity and which has not b¢en dcsi8naid for other purposes. 19. TRANSFERS BrnN FUNDS The amount shown as trnnsfers is the dwreciation on the reslricted freehold property which is initially char8ed lo unrestricted fvnds in the Stalemenl of Financial Activiti and thcn is Iransfered to restricted fund8 on the Iransfer line in the Stalemeni of Financial Activilies. 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS TAD8lble Ilxed aisetl Other net assets Total 2024 Restrleted Fund8: Reslrictcd Fund Unrestri¢ted Jneome FuDd$ Total FuDds 269,071 36,754 305025 269.071 127,995 397,066 91,241 91,241 Tangible fixed awts her net assets Tal 2023 Restricted Funds: Reslricicd Fund Unreslricted Income Funds 279.763 36,921 316,684 279,763 112,423 392,186 75,502 Total Funds 75,502
Pige J9 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (conrfmmd) YEAR ENDED 31 JANUARY 2024 21. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPEIL4TING A1VITIEs 2024 2023 Nei ift¢ for the year Adjiislmenlsfor.. Interesl re¢¢ivable Depreciation Donor gifted loan lo Charity 4080 11,154 (171) 12,404 (I i) 12,095 (6.000) Changes in., (Increase)threa5e in stocks {IncreaseYDF¢asc in debtors In¢reaseJ(Dpxr¢asc) in creditors cash flow from op¢rating activities (26¥4) 2a33 24.726 (20,548) (2,238) (616) (6,164) 17,628 22, ANALYSIS OF CHANGES IN Nyf DEBT Balance a¢ Non cash changes BalAnce At IFcb 2023 Cash Flow Other Reclassify 31 Jan 2024 Short l¢mi borrowings Long temi borrowAngs (50.660) (33.528) 10,637 (10,637) ($0,660) 10,637 (22091) Tolal liabilities (84,188) 10,637 (73JSI) Cash aftd ¢ash equivalents Net debt 5,650 (78,538) 5,617 16,254 11,267 {62,284) 23. RELATED PARTY TrANSAcfioNS Ther¢ w¢rc no related party transactions durin8 the year (2023: £Nil).