REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
LIGHT ON THE MOUNT |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
LIGHT ON THE MOUNT |
LIGHT ON THE MOUNT |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
Page |
Report of the Trustees | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 16 |
LIGHT ON THE MOUNT (REGISTERED NUMBER: 03590949) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MAY 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st May 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The charity's object and principal activity continues to be the advancement of the Christian faith with particular emphasis on the provision of literature and other forms of communication. This object is met through the operation of Christian bookshops trading under the name BOOKS Plus in the concourse of hospitals. The charity is organised so that the trustees meet regularly to manage its affairs. All staff are employed in direct charitable activities. |
Public benefit |
The trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the commission. Significant activities that we undertook during the period that demonstrate public benefit are set out below. |
Activities |
The charity operates through supporting and resourcing bookshops known as BOOKS Plus. It has wholly owned subsidiaries in Cardiff, Gloucester and (previously) Norwich. |
The performance at BOOKS Plus Cardiff has continued to meet the charity's objective of enhancing the caring environment of the University Hospital of Wales through the provision of Christian literature and related goods. Considerable and much appreciated effort by staff management has gone into adjusting the stock on offer to ensure the shop remains an attractive, caring and relevant outlet whilst also addressing current financial imperatives. |
During the period of this report 1 June 2022 to 31 May 2023, the operation of BOOKS Plus Cardiff was separated out into the wholly owned charitable subsidiary of BOOKS Plus Cardiff Limited. Satellite BOOKS Plus outlets were established in three Cardiff churches to help improve the profitability and reach of the Cardiff operation. Whilst two of the satellite outlets have proved to be successful, the third outlet didn't run reliably, giving further insight into the conditions which need to pertain in order for any new satellites to be successful. |
The wholly owned subsidiary, BOOKS Plus Gloucester Limited has traded successfully during the year meet the charity's objective of enhancing the caring environment of the Gloucestershire Royal Hospital through the provision of Christian literature and related goods. Staff at Gloucester have worked hard to run an effective operation, with the shop continuing to trade more profitably than Cardiff because of lower rents and other charges, even though footfall was affected by building work at the hospital. The working arrangements for the shop managers was adjusted during 2022-23 and along with regular review of the range of stock held, the overall operation and ambience of the shop has been improved. |
BOOKS Plus Norwich Limited remains dormant, with options to recommence at some stage in the future either in Norwich or at a hospital in that part of the country. |
LIGHT ON THE MOUNT (REGISTERED NUMBER: 03590949) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MAY 2023 |
FINANCIAL REVIEW |
Reserves policy |
The results for the year are summarised in the Statement of Financial Activities. At 31 May 2023 the charity is reporting net assets and unrestricted reserves amounting to £35,843. |
Sufficient reserves are held to support the continuation of the activity in the short-term as a number of individuals and churches have supported the work during this year. Fundraising and increasing support for the work remains a priority for the future of Light on the Mount as the overarching charity with new activities being considered, particularly while the financial climate remains somewhat difficult. |
Reserves are held to ensure the charity is well placed to meet future demands on its resources. The trustees consider the level of reserves to be adequate. |
Going concern |
As at 31 May 2023 the trustees are satisfied that it is appropriate for the charitable company's financial statements to be prepared on a going concern basis, they have concluded that no adjustments or additional disclosures are required to the financial statements at this time. |
FUTURE PLANS |
Following the separation of BOOKS Plus Cardiff Limited as a subsidiary, Light on the Mount will be focusing on activities supporting the group of subsidiaries. The charity's first shop in Cardiff will have been trading successfully for 25 years in June 2024. Future fundraising will be focused on preparing for and deriving value from this milestone. |
The trustees expect to continue to support BOOKS Plus activity at the University Hospital of Wales and the Gloucestershire Royal Hospital with all shop operational staff employed by Light on the Mount as charity workers. |
The ability to demonstrate both in Cardiff and Gloucester that the trading model is sustainable, remains a key element of the charity's strategy. The charity is therefore continuing to explore working closely with key supporting churches to establish BOOKS Plus satellite outlets and provision them from the BOOKS Plus Cardiff shop. Three outlets were set up in the first phase, but with two remaining and running successfully. The charity will continue to review how to take this initiative forward in a sustainable manner either from Light on the Mount or its subsidiaries. |
The trustees are continuing to explore, with key supporters, ways to expand this work into hospitals in South Wales, the west of England and elsewhere within the UK. The potential for a BOOKS Plus project being established at a healthcare location in Pembrokeshire was stalled by Covid-19 and health issues. The possibility of this project running using the satellite model is being considered. |
SUCCESSION PLANNING |
The trustees seek to maintain a balance of expertise on the board of the charity. The primary method used to recruit and appoint new trustees is via personal networks of individuals positively disposed to and in agreement with the aims and objectives of the charity and its subsidiaries. Individuals with the required expertise are approached and given sufficient time to process the invitation and speak with existing trustees. |
LIGHT ON THE MOUNT (REGISTERED NUMBER: 03590949) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MAY 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Light on the Mount is a company limited by guarantee and a registered charity. The charity is controlled by its Memorandum and Articles of Association. |
Recruitment and appointment of new trustees |
The formal method of appointing trustees is contained within the constitution of the charity. New trustees are appointed by formal resolution of existing trustees. |
New trustees are trained by other trustees and the charity's management staff to become familiar with the charity's objectives, constitution, memoranda and articles of incorporation, their legal duties as trustees, business, finance and other related operational matters. |
Related parties |
At the 31 May 2023 the company was owed £51,972 from Books Plus Cardiff Limited. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
LIGHT ON THE MOUNT (REGISTERED NUMBER: 03590949) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MAY 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Edwin Gooderham |
Green & Co |
Chartered Certified Accountants |
Pembroke House |
Llantarnam Park Way |
Cwmbran |
Torfaen |
NP44 3AU |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
LIGHT ON THE MOUNT |
Independent examiner's report to the trustees of Light On The Mount ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st May 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Edwin Gooderham |
Green & Co |
Chartered Certified Accountants |
Pembroke House |
Llantarnam Park Way |
Cwmbran |
Torfaen |
NP44 3AU |
26th March 2024 |
LIGHT ON THE MOUNT |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST MAY 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Bookshop sales |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities | 5 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 41,184 |
LIGHT ON THE MOUNT (REGISTERED NUMBER: 03590949) |
BALANCE SHEET |
31ST MAY 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Investments | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 16 |
Unrestricted funds: |
General fund | 35,843 | 41,184 |
TOTAL FUNDS | 41,184 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006. |
LIGHT ON THE MOUNT (REGISTERED NUMBER: 03590949) |
BALANCE SHEET - continued |
31ST MAY 2023 |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
1. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
2. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Donations |
Gift aid |
Grants | 1,044 | 13,315 |
3. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2023 | 2022 |
Activity | £ | £ |
Bookshop sales | Bookshop sales | - | 60,623 |
5. | CHARITABLE ACTIVITIES COSTS |
Support |
costs (see |
note 7) |
£ |
Sale of Christian Literature | 1,842 |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2023 | 2022 |
£ | £ |
Rent and service charges | - | (4,891 | ) |
7. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
Sale of Christian Literature | 23 | 1,819 | 1,842 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st May 2023 nor for the year ended 31st May 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st May 2023 nor for the year ended 31st May 2022. |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Bookshop sales |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 41,184 |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
11. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
VAT |
Prepayments and accrued income |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
14. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Shares in group undertakings | 13 | 13 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
16. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.6.22 | in funds | 31.5.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 41,184 | (5,341 | ) | 35,843 |
TOTAL FUNDS | (5,341 | ) | 35,843 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 6,240 | (11,581 | ) | (5,341 | ) |
TOTAL FUNDS | ( |
) | (5,341 | ) |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
16. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.6.21 | in funds | 31.5.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 39,083 | 2,101 | 41,184 |
TOTAL FUNDS | 39,083 | 2,101 | 41,184 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 96,844 | (94,743 | ) | 2,101 |
TOTAL FUNDS | 96,844 | (94,743 | ) | 2,101 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.6.21 | in funds | 31.5.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 39,083 | (3,240 | ) | 35,843 |
TOTAL FUNDS | 39,083 | (3,240 | ) | 35,843 |
LIGHT ON THE MOUNT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
16. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 103,084 | (106,324 | ) | (3,240 | ) |
TOTAL FUNDS | 103,084 | (106,324 | ) | (3,240 | ) |
17. | RELATED PARTY DISCLOSURES |
During the year, aggregate donations of £nil (2022: £10,000) were received from trustees. |
At 31 May 2023, included within Creditors: Amounts falling due within one year is a total of £101,000 (2022 - £101,000) due to trustees. No interest has been charged on these loans. |