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2021-12-31-accounts

REGISTERED COMPANY NUMBER: 07431528 (England and Wales) REGISTERED CHARITY NUMBER: 1139276

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Mediaserve Limited

Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA

Mediaserve Limited

Contents of the Financial Statements for the Year Ended 31 December 2021

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 14
Detailed Statement of Financial Activities 15

Mediaserve Limited

for the Year Ended 31 December 2021

Report of the Trustees

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 31 December 2021. 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 objects of the charity are to advance the Christian religion for the benefit of the public in such parts of the United Kingdom and the world as the trustees may from time to time think fit in accordance with the teachings of the Christian faith as expressed in the Bible, particularly, but not exclusively among Jews.

Public benefit

In planning our activities for the period we kept in mind the Charity Commission guidance on public benefit, at our trustee meetings.

In view of the charity's objectives to advance the Christian religion for the benefit of the public in accordance with the teachings of the Christian faith as expressed in the Bible, particularly, but not exclusively among Jews.

The work of the charity has continued to work in accordance with these aims, seeking to promote the public benefit through the charity's work. This has been done through the distribution of literature to the public which forwards these aims.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity has continued to raise funds from generous donors and these funds have been dispersed successfully in order to make significant progress with its objectives. The charity has also worked with Partner organisations who have raised significant funding for key scripture projects in China, Burma, Ethiopia and several other nations.

FINANCIAL REVIEW

Investment policy and objectives

The charity's excess funds are retained in an interest bearing account with the charity's bankers.

Reserves policy

The trustees consider that the charity's reserves should be sufficient to cover the following contingencies in order to facilitate the winding down of its operations whilst minimising the inconvenience to beneficiaries in the event of the charity ceasing to operate on a permanent basis:

Financial review

The charity continues to function successfully with funds being utilised to fulfil the charity's objectives.

FUTURE PLANS

The trustees intend to continue focussing on developing new and innovative ways of using literature and other means to achieve its objects.

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.

Mediaserve Limited is a charity established on 8th December 1980. The charity was established under a Declaration of Trust, which set out the objects and powers of the charity and was governed by its Trust Deed which was entered on the Charity Commission's central register on 8th December 1980. On 5th November 2010 the charity was incorporated under the Companies Act 2006 and its objects and powers are now delineated by its Memorandum and Articles of Association. The charity is managed by the Board of Trustees.

1

Mediaserve Limited

for the Year Ended 31 December 2021

Report of the Trustees

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

Trustees are recruited as needed from a diverse number of different backgrounds. Each trustee has relevant experience and a wide skills base which they bring to their service as trustees. In the event of particular skills being lost due to retirements, individuals are approached to offer themselves for election to the Board of Trustees. They are elected to the Board of Trustees by a vote taken by the current trustees.

Organisational structure

Mediaserve Limited has a Board of Trustees of up to six trustees who meet a minimum of two times a year and are responsible for the strategic direction and policy of the charity. At present the committee comprises four trustees. The charity's trustees have control of the charity and its property and funds. Existing trustees may appoint additional trustees to their number, at any time, providing the total number of trustees is a minimum number of three.

Induction and training of new trustees

Once trustees are appointed, time is taken to familiarise them with the practices and requirements they need as trustees. They are also made familiar with all aspects of the charity's work and financial situation. Any further training or induction takes place as the need arises.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07431528 (England and Wales)

Registered Charity number

1139276

Registered office

International House 12 Constance Street London E16 2DQ

Trustees

I Faulds B Kallimel D L Gunn A Liljehall

Independent Examiner

Christopher Vaughan Institute of Chartered Accountants in England and Wales Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA

Bankers National Westminster Bank PLC 84 Commercial Road Swindon Wiltshire SN1 5NW

Approved by order of the board of trustees on 26 July 2022 and signed on its behalf by:

2

Mediaserve Limited ort of the Tn]stees for the Year Ended 31 DecemE*r 2021 l Faulds- Trnsiee

Independent Examiner's Report to the Trustees of Mediaserve Limited

Independent examiner's report to the trustees of Mediaserve Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

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

  2. 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

  3. 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.

Christopher Vaughan Institute of Chartered Accountants in England and Wales

Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA

26 July 2022

4

Mediaserve Limited

Statement of Financial Activities

for the Year Ended 31 December 2021

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
28,185
Other trading activities
2
280
Investment income
3
7,207
Other income
5,837
Total
41,509
EXPENDITURE ON
Charitable activities
Gospel Propagation
83,808
NET INCOME/(EXPENDITURE)
(42,299)
Transfers between funds
13
89,061
Net movement in funds
46,762
RECONCILIATION OF FUNDS
Total funds brought forward
129,447
TOTAL FUNDS CARRIED FORWARD
176,209		 Restricted
funds
£
209,264
-
-
-
209,264
117,289
91,975
(89,061)
2,914
256,956
259,870		 31.12.21
31.12.20
Total
Total
funds
funds
£
£
237,449
162,145
280
-
7,207
8,244
5,837
-
250,773
170,389
201,097
176,507
49,676
(6,118)
-
-
49,676
(6,118)
386,403
392,521
436,079
386,403

The notes form part of these financial statements

5

Mediaserve Limited

Balance Sheet

31 December 2021

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
9
1,045
CURRENT ASSETS
Debtors
10
2,552
Cash at bank and in hand
177,460
180,012
CREDITORS
Amounts falling due within one year
11
(4,848)
NET CURRENT ASSETS
175,164
TOTAL ASSETS LESS CURRENT
LIABILITIES
176,209
NET ASSETS
176,209
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
264,317
264,317
(4,447)
259,870
259,870
259,870		 31.12.21
Total
funds
£
1,045
2,552
441,777
444,329
(9,295)
435,034
436,079
436,079
176,209
259,870
436,079		 31.12.20
Total
funds
£
1,230
3,780
385,845
389,625
(4,452)
385,173
386,403
386,403
129,447
256,956
386,403

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 26 July 2022 and were signed on its behalf by:

I Faulds - Trustee

The notes form part of these financial statements

6

Mediaserve Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

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.

Allocation and apportionment of costs

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

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.

continued...

7

Mediaserve Limited

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

2.
OTHER TRADING ACTIVITIES
Product Sales
3.
INVESTMENT INCOME
Rents received
Bank Interest
4.
SUPPORT COSTS
Management
Finance
£
£
Gospel Propagation
13,803
185
5.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases		 31.12.21
31.12.20
£
£
280
-
31.12.21
31.12.20
£
£
7,197
8,153
10
91
7,207
8,244
Governance
Other 2
costs
Totals
£
£
£
71
1,791
15,850
31.12.21
31.12.20
£
£
185
217
16,404
18,553

6. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other ended 31 December 2020. 7. STAFF COSTS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

STAFF COSTS
31.12.21 31.12.20
£ £
Wages and salaries 71,486 76,299
Other pension costs 2,008 1,737
73,494 78,036
The average monthly number of employees during the year was as follows:
31.12.21 31.12.20
Administration 3 3

No employees received emoluments in excess of £60,000.

continued...

8

Mediaserve Limited

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
29,397
Investment income
8,244
Total
37,641
EXPENDITURE ON
Charitable activities
Gospel Propagation
31,207
NET INCOME/(EXPENDITURE)
6,434
RECONCILIATION OF FUNDS
Total funds brought forward
123,013
TOTAL FUNDS CARRIED FORWARD
129,447
9.
TANGIBLE FIXED ASSETS
COST
At 1 January 2021 and 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Restricted
funds
£
132,748
-
132,748
145,300
(12,552)
269,508
256,956		 Total
funds
£
162,145
8,244
170,389
176,507
(6,118)
392,521
386,403
Fixtures
and
fittings
£
14,205
12,975
185
13,160
1,045
1,230

continued...

9

Mediaserve Limited

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 12)
Accrued expenses
12.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
13.
MOVEMENT IN FUNDS
Net
movement
At 1.1.21
in funds
£
£
Unrestricted funds
General fund
129,447
(42,299)
Restricted funds
Bibles
(3,326)
-
Omega Project
28,042
(536)
India
5,918
4,558
Scriptures for Jews
(234)
-
Ethiopia
19,421
20,877
China
123,255
11,072
Ukraine
(892)
7
Burma
30,934
87
Other
53,838
55,910
256,956
91,975
TOTAL FUNDS
386,403
49,676		 31.12.21
£
2,552
31.12.21
£
4,447
4,848
9,295
31.12.21
£
4,447
Transfers
between
funds
£
89,061
-
(3,925)
(4,497)
-
(8,257)
(3,362)
(2)
(26)
(68,992)
(89,061)
-		 31.12.20
£
3,780
31.12.20
£
4,452
-
4,452
31.12.20
£
4,452
At
31.12.21
£
176,209
(3,326)
23,581
5,979
(234)
32,041
130,965
(887)
30,995
40,756
259,870
436,079

continued...

10

Mediaserve Limited

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

13. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Omega Project
India
Ethiopia
China
Ukraine
Burma
Other
TOTAL FUNDS		 Incoming
resources
£
41,509
13,082
14,991
27,524
11,206
7
88
142,366
209,264
250,773		 Resources
Movement
expended
in funds
£
£
(83,808)
(42,299)
(13,618)
(536)
(10,433)
4,558
(6,647)
20,877
(134)
11,072
-
7
(1)
87
(86,456)
55,910
(117,289)
91,975
(201,097)
49,676

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Bibles
Omega Project
India
Scriptures for Jews
Ethiopia
China
Ukraine
Burma
Other
TOTAL FUNDS		 At 1.1.20
£
123,013
(3,418)
13,926
9,630
(234)
13,521
137,032
(913)
39,669
60,295
269,508
392,521		 Net
movement
in funds
£
6,434
92
4,804
(7,580)
-
(1,219)
2,654
21
(1,572)
(9,752)
(12,552)
(6,118)		 Transfers
between
funds
£
-
-
9,312
3,868
-
7,119
(16,431)
-
(7,163)
3,295
-
-		 At
31.12.20
£
129,447
(3,326)
28,042
5,918
(234)
19,421
123,255
(892)
30,934
53,838
256,956
386,403

continued...

11

Mediaserve Limited

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Bibles
Omega Project
India
Ethiopia
China
Ukraine
Burma
Other
TOTAL FUNDS		 Incoming
resources
£
37,641
725
34,351
10,774
8,488
11,572
30
-
66,808
132,748
170,389		 Resources
Movement
expended
in funds
£
£
(31,207)
6,434
(633)
92
(29,547)
4,804
(18,354)
(7,580)
(9,707)
(1,219)
(8,918)
2,654
(9)
21
(1,572)
(1,572)
(76,560)
(9,752)
(145,300)
(12,552)
(176,507)
(6,118)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Bibles
Omega Project
India
Scriptures for Jews
Ethiopia
China
Ukraine
Burma
Other
TOTAL FUNDS		 At 1.1.20
£
123,013
(3,418)
13,926
9,630
(234)
13,521
137,032
(913)
39,669
60,295
269,508
392,521		 Net
movement
in funds
£
(35,865)
92
4,268
(3,022)
-
19,658
13,726
28
(1,485)
46,158
79,423
43,558		 Transfers
between
funds
£
89,061
-
5,387
(629)
-
(1,138)
(19,793)
(2)
(7,189)
(65,697)
(89,061)
-		 At
31.12.21
£
176,209
(3,326)
23,581
5,979
(234)
32,041
130,965
(887)
30,995
40,756
259,870
436,079

continued...

12

Mediaserve Limited

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

13. 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:

Unrestricted funds
General fund
Restricted funds
Bibles
Omega Project
India
Ethiopia
China
Ukraine
Burma
Other
TOTAL FUNDS		 Incoming
resources
£
79,150
725
47,433
25,765
36,012
22,778
37
88
209,174
342,012
421,162		 Resources
Movement
expended
in funds
£
£
(115,015)
(35,865)
(633)
92
(43,165)
4,268
(28,787)
(3,022)
(16,354)
19,658
(9,052)
13,726
(9)
28
(1,573)
(1,485)
(163,016)
46,158
(262,589)
79,423
(377,604)
43,558

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2021.

15. ULTIMATE CONTROLLING PARTY

The charity is controlled by its trustees who are named on page 1. No individual exercises overall control.

16. DEPRECIATION

Fixed assets costing more than £1000 are capitalised at cost.

17. RESTRICTED FUNDS

The charity's restricted funds have the following purposes:-

i) Bibles

Fund utilised to provide bibles to the beneficiaries of the charity.

ii) Omega Project

A project aimed at providing a free bible to every jewish home in Russia and Ukraine.

iii) India

Funds utilised for printing and distributing "The Secret of True Life" in seven Indian languages. They are also used in the same connection for New Testaments and "The Gate of Life" bible study material.

iv) Jewish Scriptures

Funds used for printing and distributing New Testament editions for Jewish people which include an introductory section on how to develop a personal relationship with God.

v) Ethiopia

Fund used for printing and distributing bibles written in the Amharic language. This bible contains special features for Jews and Muslims as well as for general distribution. vi) China

Fund employed for printing and distributing scriptures in China, including bible keys. vii) Ukraine

Distribution of Russian King and Jewish bibles to Ukraine.

continued...

13

Mediaserve Limited

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

17. RESTRICTED FUNDS - continued

viii) Burma Distribution of Burmese bibles. ix) Other

Small funds to advance the charity's objectives in various locations.

14

Mediaserve Limited

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

Detailed Statement of Financial Activities
for the Year Ended 31 December 2021
31.12.21 31.12.20
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 237,449 162,145
Other trading activities
Product Sales 280 -
Investment income
Rents received 7,197 8,153
Bank Interest 10 91
7,207 8,244
Other income
Government COVID grant 5,837 -
Total incoming resources 250,773 170,389
EXPENDITURE
Charitable activities
Wages 71,486 76,299
Pensions 2,008 1,737
Rent 16,404 18,553
Utilities 590 592
Insurance 497 1,386
Sundries 3,807 2,098
Project Costs 90,466 58,042
Foreign exchange differences (1,648) (905)
Professional fees 1,637 1,292
185,247 159,094
Support costs
Management
Administration 6,708 6,592
Office costs 7,095 8,960
13,803 15,552
Finance
Depreciation of tangible fixed assets 185 217
Other 2
Travelling 71 19
Governance costs
Bank charges 1,791 1,625
Total resources expended 201,097 176,507
Net income/(expenditure) 49,676 (6,118)

This page does not form part of the statutory financial statements

15