EVANGELICAL BOOKSHOP UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Charlty Number NIC100560
EVANGELICAL BOOKSHOP FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 CONTENTS PAGE Charity reference number and administrative details Trustees annual report Independent examiner's report to the trustees Statement of financial activities Balance sheet Notes to the financial statements
Page I EVANGELICAL BOOKSHOP CHARITY REFERENCE NUMBER AND ADMINISTRATIVE DETAILS YEAR ENDED 31 JANUARY 2025 Reglstered eharity nam¢ Evangelical BLX)kshop Charity number NIC 100560 Reglstered Office 15 College Square East Belfast BTI 6DD Trustees Rev A J Lucas D Walson Rev Dr R Beckett Independent examiner Nigel Moore FCA GMCG Belfast Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Sireet Belfast BT2 8EQ Banker$ Danske Bank 9 Donegall Square North Belfast BTI 5GJ
Page 2 EVANGELICAL BOOKSHOP TRUSTEES ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 The trustces present their report and funCIal statements of the Charity for the year ended 31" January 2025. The tNstees have adopted the provisions of the Statement of Rccommended (SORP)"Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordanc¢ with ihe accounting p)licies set out in notes to the financial statements and comply with the charity's governing document, chltY law for Northern Ireland and"Charities SOIIP (FRS 102) (sccond edition - October 2019) Accounting and Rq)orting by Charities: Statement of R0MMended Practice applicabl¢ to eharities prq)aring their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)", the "Financial ROrtIng Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (March 2018)" Charities Act (Northern treland) 2CK)8, The Charities (Accounts and Reports) Regulalions (Northern ireland) 2015 and UK Generally Accwted Accounting Practice. REFERENCE AND ADMINISTRATIVE DETAILS Evangelical Bookshop NIC 100560 Reglstered chadty nime Cbarity number Registered Office Independent exandner IS College Square East, Belfast, BTI 6DD Nigel Moore FCA GM¢G Belfast, Chartered Accountants & Statutory Auditor, Alfred House. 19 Alfred Street, Belfasl, BT2 8EQ Danske Bank , 9 Donegall Square North, Belfast, BTI 5GJ Bankers TRUSTEES OF THE CHARITY The trustees who served during the year were as follows.. R¢v A J Lucas D Watson Rev Dr R Beckett E C Brown (resigned 9 October 2024) PUBLIC BENEFIT STATEMENT The Board of Trustees of the Evangelical Bookshop confm that they had du¢ iegard for the guidance produccd on public benefit by the Charity Commission for Northern Ireland and are pleased to report that during the year the charity has continued to provide public benefits through the holding of assets by the charity for the benefit of the Evangelical Presbyterian ChurcF4 the furthering of Christian objectives to spread an evangelical message in particular through the access to theological resources and dissemination of Christian literature to Church's ministers, teachers leaders, congregations and the public in generdl and the provision of facilities for meetings and we ref¢r to the guidance when reviewing our aims and objectives and in planning our future activities.
Page 3 EVANGELICAL BOOKSHOP TRUSTEES ANNUAL REPORT(¢ontlnu•d) YEAR ENDED 31 JANUARY 2025 0CTIVEs AND ACTIVITIES The purpose and charitable objcctive of the charity is the holding of assels by the organisation for the benefil of the Evangelical Presbyterian Church, in particular through the dissemination of Christian lilerature. The direct public benefits which flow to the Evangelical PreSberllan Church from the charity's purposes are: the continued holding of an assel (namely a Teal eslate asset of a refurbished, 4-storey. well- maintained city centre premises, its equipment and stock) for ils benefjt: the goodwill developed as a result of the work Caled out therein. Ihe fijrthering of Chrislian objectives to spread an evangelical message and witness and the benefit of ihe Church's ministers, leachers, leaders and indeed congregations through access to theological resources which enhances their means for spiritual and educational development. the provision of a Church Denomination address, forum, facilities for medings, distribution of the Church Magazine and advertising, The evidence or proof of these benefits can variously be found in ihe Church's close identity wilh our good work, its continued connection with our organisation, its long-temi and ongoing use of the facilities and in our annual accounls. Indirect benefits do accrue to the public at large, namely the improvements enjoyed in their religious knowledge and education, bul ihis is an incidental oulworking of the Bookshop's dissernination of Christian literalure. All members of the public are target bcneficiaries of the Church and so this is of broad assistance to it. The beneficiary of our organisation is the Evangelical Presberian Church. The premises at Number15 College Square East Belfast are held by us for the benefit of the Evangelical PreSbcrian Church and all the receipts profits and income from the said premises after payment of all necessary outgoings, repairs, maintenance, insurance and all expenses in respect of the premises, will from time to time be paid by us lo the Central Fund of the said Evangelical Presbyterian Church or to such other Fund or Funds in connection with the said Church as shall be decided from time to lime by us or a majority of us. No hamis aris¢ from our pury)oses. STRUCTURE, GOVERNANCE AND MANAGEMENT GoverDlng document The bookshop is a charitable trusl Constituted under a trust deed daied 26 October 1982 which is recognised as a charity by HM Revenue and Customs (r¢fer¢nce number KN 46617). The charity was registered with The Charity Commission for Northern Ireland on 29, August 2014, under reference NIC 100560. Recrultment, appointmen¢ Induction and tralning The present trustees have been involved in the charity for a number of years and so are familiar with its work. The trustces regularly review the requirements of the charity and the possibility of a need for additional trustees. Any new trustees would be appoint¢d by resolulion of a meeting of all the trustees passed by a majority of those present. Appropriate training and induction is available to all trustees.
Page 4 EVANGELICAL BOOKSHOP TRUSTEES ANNUAL REPORT {contlnu•d) YEAR ENDED 31 JANUARY 2025 STRUCTURE, GOVERNAIYCE AND MANAGEMENT (¢onliMued) Financial risk management objectlves aDd tralning The trustees have overall responsibility for ensuring that the charity has in place an appropriate system of controls, financial and othcrwise. to providc assurance that: the chariiy is operating effcctively: its assets are safeguarded against unauthorised use or dispositio proper records are maintained and financial inforn]ation used within the charity or for publication is reliable; the charity complies with relevant laws and r¢gulalions' and the charity's systems of financial control are designed to provide reasonable. but not absolute assurance against material mi5Stat¢ment or loss. The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity. The trustees are satisfied that syslems are in place to mitigate any exposure to major risks. ACHIEVEMEIYTS AND PERFORMANCE Total income for the y¢ar was £411,032 (2024 - £334,889). Income d¢rived from charitable activities amounted to £287,898 (2024 - £312,068). other income totalled £6.833 (2024 - £2,000); donations and gift aid totalled £116,181 (2024 - £20,650) and investment income totalled £120 (2024 - £171). Total expeThditure for the year amounted to £409,132 (2024 - £330,009). The cost of charitable activities amount¢d io £405.032 (2024 - £326,009) and governance costs anK)unted to £4,100 (2024 - £4,000). The net income for ihe year amounted to £1,900 (2024 - £4,880 net in¢om¢). The Trustees considers that the charity is in a satisfactory position to carry on its charitable activities. FINANCIAL REVIEW Reserves polley It is the policy of the charity to maintain free reserve5 which matches the needs of the organisation, both at the current time and in the foreseeable future. This provides su1Clent funds to cover running cosls which include management, administration and support costs. Free reserves are those unrestricted reserves not designated nor invested in fixed assets which are available for general us¢. PLANS FOR FLrruRE PERIODS The bookshop will continue to seek every opportunity to increase income. sTATEMEr OF RESPONSIBILTIES OF THE TRUSTEES The Board of Trust¢es are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Th¢ law applicable to charities in Northern Ireland requires the trustees to prepare financial statments for each financial year which give a trne and fair view of the state of affairs of the charity and of the incoming resourccs and application of resources of the charity for that period.
Page S EVANGELICAL BOOKSHOP TRUSTEES ANNUAL REPORT (contlnuedj YEAR ENDED 31 JANUARY 2025 STATEMENT OF RESPONSIBILTIES OF THE TRUSTEES fconiinued) In preparing Ihcse financial slatcments, the tNstces are ru]red to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP (FRS 102) (second edition - October 2019) make judgements and estimates that are reasonable and prudenl; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalements; prepare the financial statements on ihe going Concern basis unless it is inappropriate lo presume that the charity will continue in operation. The trustees ar¢ responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial stalements comply with the Charilies Acl (Northern Ireland) 2008, the Charities (Accounls and Reports) Regulations (Northern Iland) 2015 and the provisions of the Irust deed. The Irusteeb are also responsible for safeguarding ihe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for Ihe maintenanc¢ and integrity of the charity and financial infomiation included on the charity's website. Legislation in the United Kingdom governing the prq)aration and dissemination of financial statements may differ from legislation in oiher jurisdictions. Dlsclosure of Informatioo to Independeut examiner So far as each of the trustees in office al the date of approval of these financial slalemenls is aware: there is no relevant infomiation for the independent examination of which the charity's independent examiner are unaware; and they hav¢ taken all steps that they ought to have taken as Iruslees to make themselves aware of any relcvant inforn]alion and to establish thal the charity's independent examiner are aware of thal infonnalion. INDEPENDENT EXAMINER GMCG Belfast will continue in office as independent examiner for the ensuing yw. REGISTERED OFFICE BY ORDER OF THE BOARD OF TRUSTEES 15 College Squar¢ East Belfasl BTI 6DD D Watson Trustee Approved by the trustees on ,....,..
Page 6 CIIARTF.RKD heCOIJNT14YTJ EVANGELICAL BOOKSHOP INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE EVANGELICAL BOOKSHOP YEAR ENDED 31 JANUARY 2025 I report on the accounts of ih¢ charity for the year ¢nd¢d 3111 January 2025 which are out on p88es 7 18. R¢5pectlve responslbllltles of Iru¥tees amd exlmlner As Ihe charity's trustees you arc responsible for the PTq)arntion of the coUnts in 4¢¢ord8nce with th¢ Charities Act (Northern Ir¢land) 2008. It is my r¢sponsibility .. examine ihc accounis under s¢clion 65 of the Chariiies Acl: follow the procedures laid down in the 8en¢ral Dire¢tiOnS 8ivcn by the Charity Commission for Norfhem Ireland und¢r lion 65(9)(b) of the Ch8riti¢5 Acl; and statc whether particular matters have Come to rny attention. Basls of IDdepertdenl ex*mlner'$ report I have cxamined your charity accounis as rtquired under Section 65 of the Charities A¢1 and my examin8iion was carried out in eccordance with ihe general Directions given by the Charity Cornmission for Northem Ir¢land under section 65(9)(b) of ihe Chorilies Act. My ¢xamin&tion included a review of the ac¢ounting rtcords kept by Ihe charity and a ¢ompArison of ihe ac¢oufits presend with those records. It ?Iso included consideration of any unusual i1$ or disclosures in th¢ 8c¢ounts and s¢¢kin8 ¢xplgn&iions frorn you as ¢harity trusie¢s concernin8 any such matters. My role is to Slate whether gny maierial rnaiters hav¢ come lo my attention 8iving me ¢ause to believe: l. That accounting records were not kept in accordanc¢ with sethion 63 of the Charilies A¢1 2. That the 4¢counls do not COrd with Ihose accounlin8 records 3. Thai the accounts do comply with the a¢¢ounlin8 requirements of the Charities Act 4. Th8t ther¢ is fvrther information needed for a proper understindin8 of the accourtls to b¢ ¢ed. INdep¢ndeDi examlner's ststement Sinc¢ your charity's gross income cxceeded £250,0( your examiner must be a member of 8 lisled ixidy. l Can ¢onfinn that I am qii81ified to undertak¢ the examination because l am a r¢gistwed member of Chartered Ac¢ounlanls Ireland whirh is one of the lis(¢d bodi¢s. I have completed my ¢xamin&tion and have no Concerns in of the matt¢r5 (1) to (4) listed above hnd. in conneciion with following th¢ Directions of Ihe Charity Commission for Northern Ireland, I have found no mailers thai require drawin8 to your aiiention. Ig¢ Chartered A A (Ind¢pendent exllminer) Imls Ireland For and on behalf of GMCG Belf8$t Chartered Accouniants & Statutory Auditor Alfred Hous¢ 19 Alfred StYec¢ Belfast BT2 8EQ Dat¢:
EVANGELICAL BOOKSHOP STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JANUARY 2025 Page 7 Unrestricted Restricted Total Funds Total Funds Funds Funds 2025 2024 Not¢ Income from: Income from donations and l¢gacies Charitable activities Inveslmcnts Other income 20,650 312,068 287,898 120 6,833 287,898 120 6,833 2,000 Total 411,032 411,032 334.889 Expenditure OD: Charitable activities: Bookshop - trading costs Bookshop - management and administration Other 218,614 218,614 174,277 186,418 4,100 186,418 4,100 151,732 Total 409,132 409,132 330,009 Net income for tbe year 1,900 1,900 4,880 Transfer between funds 19 10.692 (10,692) Net movement between funds 12,592 (10,692) 1,900 4,880 Reeonclliation of funds l otal funds brought forward 127,995 269,071 397,066 392,186 Total funds carried forward 140,587 258,379 398,966 397,066 The Statement of Financial Activities includes all gains and losses in th¢ year and therefo a statement of tolal recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The note8 on pages 9 to 18 forni part of th080 financlal statements.
Page 8 EVANGELICAL BOOKSHOP BALANCE SHEET 31 JANUARY 2025 2025 2024 Flxed assets Tangible assets 12 293,422 305,825 Current assets Stocks Debtors Cash at bank aThd in hand 13 14 210,000 8,747 12,081 230,828 205,338 6,087 11,267 222,692 Credltors: Amounts falling due witbln one year 15 (113,843) (108,560) Net Current Jsset$ 116,985 114,132 TotAI assets less ¢urreDt Ilabllities 410,407 419,957 Credltors: Amounts falling due After more than one year 16 (11,441) 398,966 (22,891) 397.066 Net asset$ Charity fund$ Restricted funds Unrestricted income fimds Total funds 17 18 258,379 140,587 398,966 269,071 127,995 397,066 These financi st tements were approved by th¢ members of the committee and authorised for issue on . and are signed on their behalf by: D Watson Trustee Approv¢d by the trust¢es on ..
Page 9 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 PRINCIPAL ACCOUNTING POLICIES (a) General Information and basis of prepvdration The Evangelical Bookshop is a charity and is registered in Northern Ireland. The address of Ihe registered office is given in the charity infornialion on page l of these financial slatements. The chariiy is established under a Trust deed. The charity constitutes a public benefit entity as defined by FRS 102. Stalement of com liance Th¢ financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity's governing document, charity law for Northern Ireland and "Charities SORP (FRS 102) (second edition . October 2019) Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing iheir accounts in accordance wilh the Financial Reponing Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)" the "Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (March 2018)" Charities Act (Northem Ireland) 2008, The Charities (Accounls and Reports) Regulalions (Northern Ireland) 2015 and UK Generally Accepted AOUntIng Practice. The signifjcanl accounting policies applied in the preparation of these financial statements are set out below. These poli¢ies have been consistently applied to all years presented unless otherwise slaled. These financial stalements have bcen prepared under the historical cost convention, as modified by ihe revaluation of freehold property. (b) Fund a¢counting - Unrestricted funds The unrestricted funds of ihe charity consist of a General Fund which is expendable at the discretion of the trustees in furtherance of th¢ charitable objexlives of ihe charity and which has noi been designated for other purposes. - Restricted funds Restricted funds are fijnds which are to be used in accordance with specific restriclions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against ih¢ specific fund. (c) Income recogllfillon Incoming resources have bcen included in the financial statements using the accruals basis when receivable. Income is derived mostly from bookshop sales. Investment income is interest earned through holding cash at bank.
Page 10 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS Iwithued) YEAR ENDED 31 JANUARY 2025 PRINCIPAL ACCOUNTING POLICIES (mn¢thUj (d) Expenditure recognltion All expenditure is accountcd for on accruals basis and has bcen classified under headings that aggregate all costs related to the category. Expenditurc is recognised where there is a legal or constructive obligation to make payThents to third parties, it is probable that the seltlcment will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes cost of sales, salary costs, shop running costs and gov¢rnance costs. (e) Flxed assets All fixed assets are initially recorded at cost. Freehold property was revalued before th¢ implementation of Financial Reporting Standard 15 (FRS 15) effective for accounting periods ending oti or after 23rd March 2CK)O. The transitional provisions of FRS 15 have Since been followed and therefore the valuation has not been updated. The freehold property IS 5tat¢d at dttmed cost. (f) D¢preelallon Depre¢iation is calculated so as to write off the cost of an asset, less its estimated residual value, over the us¢ful economic life of that asset as follows: Freehold Property 20/0 and 40/0 slraight line Compuler Equipment 20 /fj Straight line Fixtures & Fittings I 00/0 Straight line (g) Debtors And ¢redltor$ receivable I payable witblll one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction pric¢. Any losses arising from impainnent are recognised in expenditure. (b) Stock Stocks are measured at the lower of cost and estimated selling price less costs to complete and scll. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition. (l) Impalrment Assets not measured at fair value ar¢ reviewed for any indication that the assel may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unil, is estimated and compared to the carrying amount. Where the carrying amount ¢xceeds its r¢covcrable amount, an impaimient 105S is recognised in the Statement of Financial Activities unless the asset is carried at a revalued amount where the impairnicnt Ioss is a revaluation de¢rease.
Page 11 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS fconflnuett) YEAR ENDED 31 JANUARY 2025 1. PRINCIPAL ACCOUNTING POLICIES (continuod) (i) Employee benefits Short t¢rn] employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which ihey ar¢ incurred. Prepaid contributions are recOgls¢d as an asset to ihe extenl Ihal th¢ prepayment will lead io a ru¢ll0n in fuiure payments or a cash refund. (k) Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party lo the Contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangcment conslilutcs a financing transaction, where it is recogniscd at the present value of the fulure payments discounted al a market rate of interest for a similar debt instrumenl. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaiment al Ihe end of each reporting date. If there is objective evidence of impaimienl, an impairnient loss is recognised in profit or loss immediately. Financial liabilities and equily instruments are classified accordtng to ihe substance of the contractual agreements entered into. An equity instrument is any contract Ihal evidences a residual inlerest in the assets of the enlity after deducting all of its financial liabilities. (l) Going concer The financial statements have been prepared on a going ¢oncem basis a5 the Iruslees believe that no malerial uncertainties exist. The Irustees have considered the level of funds held and the expecied level of income and expendilure for 12 months from authorising these financial slatements. The budgeted income and expenditure is sufficienl with the level of resources for the charily to be able lo continue as a going concern, (m) Judgements and key sources of estimation uncertalnty The following jud8ements including ihose involving estimates have been made in the process of applying the above accounting policies ihai have had the mosl significanl effecl on the amounts recognised in the financial stalements and that have a significant risk of causing a material adjustment to the carrying amounts oc assets and liabilities wiihin the next financial year: (i) depreciation method and asset useful lives (li) stock provision (iii) bad debt provision The estimate5 and assumptions are review on an ongoing basis considering the current and future market conditions.
Page 12 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS IGontlnu•dJ YEAR ENDED 31 JANUARY 2025 2. INCOME FROM DONATIONS AND LEGACIES Unrestricted Restrlcted Total Unrestricted Fund$ Fundg Funds Funds 2025 Restricted Funds Total Funds 2024 Donations Gift Aid 114J06 1075 116.181 114JJ6 1,87S 116,181 20,650 20,650 20,650 20,650 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restrlcted Funds Funds Tot*1 Unrestricted Restri¢ted Fundj Funds Funds 2025 Total Funds 2024 Bookshop and online sales 312,068 312,068 287,898 287,898 4, INVESTMENT IIYCOME Unrestricted Restrl¢ted Funds Funds Total Unrestricted R¢stricted Funds Funds Funds 202S Total Funds 2024 Bank interest receivabl¢ 120 120 171 171 S. OTHER IIYCOME Unrestrided Restrlcted Funds Funds TotAI Unrestricted Restricted FuDds FutLds Funds 2025 Total Funds 2024 Rental income Other income 3,833 3,000 6,833 3,833 3,000 833 2,000 2,000 2,000 2,000
Page 13 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (contlnuedj YEAR ENDED 31 JANUARY 2025 ANALYSIS OF ExPEND[TRE ON CHARITABLE ACTIVITIES - BOOKSHOP- TRADING COSTS Unrestrlcted Restrlcted Funds Funds Total Unrestricted Funds Funds 2025 Restricted Funds Total Funds 2024 Bookshop - fvndraising trading cosls: Cosi of sales Shop costs - Postage, slattonery and advertising 207,652 207,6S2 160,536 160,536 10,962 218.614 10,962 218,614 13,741 13,741 174,277 174.277 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTTVITIES - BOOKSEIOP- MANACEMENT AND ADMINISTRATION COSTS Unrestrl¢ted Restrl¢ted Funds Funds Total Unrestricted Fuods Funds 2025 Restricted Funds Total Funds 2024 Bookshop - management and administration cosls: 121,341 12,403 Siaff costs Deprecialion Establishment cosls Telephone Travel costs Computer costs Bank fees and credit card harges Bank interest Other 121,341 12,403 99,922 12,404 99,922 12,404 20,761 20,761 20,226 1,687 3,031 20,226 1,687 3.031 11,422 11,422 13,043 13.043 6,264 6,264 267 lJ15 1,918 186,418 2,567 iJis 1,918 186.418 5,037 1,582 1,579 5,037 1,582 1,579 151,732 151,732
Page 14 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS {contlnu•d) YEAR ENDED 31 JANUARY 2025 GOVERNANCE COSTS Total 2025 Total 2024 Independent examiner's remuneration Consultancy fees Trustees. remuneration Trustees, expenses 4,100 3,400 600 4,100 4.000 NET INCOME FOR THE YEAR This is slated after chargin8: 2025 2024 Depreciation 12,403 12,404 10. INDEPENDENT EXAMINERIS REMUNERATION The independent examiner's remuneration amounts to a fee of £4,100 (2024 - £3,400). 11. STAFF COSTS, TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AIYD EXPENSES Total staff eosts were is follows: 2025 2024 Wages and salaries Social security costs Other pension costs Redundancy ¢ost$ 101.181 3,075 5,089 11.996 121341 92,415 1,828 5.679 99,922 Partlculars of employees: The avcrage number of employees during the year, calculaied on the basis of full-time equivalents, was as follows: 2025 2024 Number of administrative and selling staff No employee reccived remuncration of more than £60,000 during the year (2024 - Nil). The trust¢es neithcr received nor waived any r¢muneration during the year (2024 - £Nil) and none are accruing pension benefits (202& none). The trustees did not have any expenses reimbursed during the year (2024- £Nil).
Page 15 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS f¢ontlnu¢d) YEAR ENDED 31 JANUARY 2025 11. STAFF COSTS, TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES {conelnued) The key management personnel are considered to be the truslees and the total amounl of remuneration and employee benefils received by key management personnel is £Nil (2024 - £Nil). 12. FIXED ASSETS Freehold property Equipment Fixtures Total Ffitting$ COST At l February 2024 and 31 January 2025 567,883 35,926 31,591 635,400 DEPRECIATION At l February 2024 Charge for ihe year At 31 January 2025 266,583 1,024 33,359 974 29,633 405 329,575 12,403 277,607 34J33 30,038 341,978 NET BOOK VALUE At 31 January 2025 At 31 January 2024 290,276 301,300 1,593 2.567 1,553 1,958 293,422 305,825 Freehold property was revalued beforc the implementation of Financial Reporting Standard 15 (FRS 15) effective for accounting periods ending on or after 23rd March 2000. The transitional provisions of FRS 15 were followed and therefore the valuation was not updated. On transition lo Charity SORP (FRS 102) the freehold property was slated at deemed cosi. 13. STOCK 2025 2024 Stock 210,1)00 205,338 14. DEBTORS 2025 2024 Trade debtors VAT recoverable Other debiors 3,695 484 4,568 8,747 375 1,273 4,439 6,087
Page 16 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (¢ontlnued) YEAR ENDED 31 JANUARY 2025 15. CREDITORS: AMOUThTS FALLING DUE WITHIN ONE YEAR 202S 2024 Bank loans Trade creditors Other creditors PAYE & NIC 11,205 2(290 68,786 3,660 3,902 113,843 10,660 19.042 70,711 1,778 6,369 108,560 Accruals and deferred income 16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 Bank loans 11,441 22,891 17. RESTRICTED FUNDS Balance at IFeb24 Balance at Income Expendlture Trinsfers 31 Jan 25 (10,692) 258J79 Restricted Fund 269,071 Balance at IFeb23 Transfers Balance at 31 Jan24 Income Expenditure Restricted Fund 279.763 (10,692) 269,071 Restricted ndS are fimds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular pury)oses. The Cost of raising and administering such funds ar¢ charged against the specific fund.
Page 17 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (contlnwd) YEAR ENDED 31 JANUARY 2025 18. UNREST1UED FUNDS Balance at l Feb 2024 Balance at 31 Jan 2025 Income Expenditure Transfers General Funds 127.995 411,032 (409,132) 10,692 140,587 Balance at l Feb 2023 Balance at 31 Jan 2024 Income Expendilure Transfers General Funds 112,423 334,889 (330,009) 10,692 127,995 The unrestricted funds of the charity consist of a G¢neTal Fund which is expendable at the discretion of the Irustees in furtherance of the charitable objectives of the charily and which has not been designated for other purposes. 19. TRANSFERS BETWEEN FUNDS The amounl shown as transfers is the deprcciation on the rcstricted freehold property which is inilially charged to unresirict¢d funds in the Statement of Financial Activities and Ihen is transferred to restricted funds on Ihe transfer line in the Statement of Financial Activities. 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible rixed $sets Otber net assets Total 2025 Restricted Funds: Restricted Fund Unrestricted Income Funds Total Funds 2S8,379 35,043 293,422 258J79 140,587 398,966 105,544 105,544 Tangible fixed assets Other net assets Total 2024 Re5lricted Funds: Restricted Fund Unr¢stri¢ied Income Funds Total Funds 269.071 36,754 305,825 269,071 127,995 397,066 91,241 91,241
Page 18 EVANGELICAL BOOKSHOP NOTES TO THE FINANCIAL STATEMENTS (¢ontlnu•dJ YEAR ENDED 31 JANUARY 2025 21. RELATED PARTY TRANSAcfioNS The aggregate amount of unconditio[1 donations received from trustees during the year was £104,685 (2024: £Nil). There were no other related parly transactions during the year (2024: £Nil).