**REGISTERED CHARITY NUMBER: 1154646** **Report of the Trustees and** **Financial Statements** **for the Year Ended 30 June 2023** **for** **Evangelical Press Missionary Trust** **Evangelical Press Missionary Trust** **Contents of the Financial Statements for the Year Ended 30 June 2023** |||**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|13| ## **Evangelical Press Missionary Trust** ## **Report of the Trustees for the Year Ended 30 June 2023** The trustees present their report with the financial statements of the charity for the year ended 30 June 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 objects of the charity are to advance the Evangelical Christian Faith through the preparation, printing, publishing and distribution of Christian literature with the exception of any such literature published in the English language. ## **Significant activities** Evangelical Press Missionary Trust carries out its core mission by means of literature, radio broadcasting, television, audio visual materials, leadership training and electronic media is used to communicate the Gospel of the Lord Jesus Christ. ## **Public benefit** The charity's aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the charity's charitable purposes for the public benefit. The trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission and the trustees have paid due regard to this guidance in deciding what activities the charity should undertake. Public benefit is seen in the publishing and promoting of Christian literature and education materials for the public in different countries and in different languages, primarily but not exclusively Russian and French. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The principal activity of the charity is the publication and sale of Christian literature in the French and Russian languages. This literature has been distributed to many countries through the Charity's representation in France, Ivory Coast, Benin Republic and other French speaking countries in the world. Translation and production of literature in the Russian language is centred in the charity's subsidiary in Minsk, Belarus. The literature work of the Charity is supported by regular training and educational conferences held in a number of French speaking African countries. The speakers at these conferences are drawn from indigenous personnel augmented by those from France and elsewhere. Conferences in 2022/23 were limited due to the political and military unrest in Eastern Europe but those which took place were a blessing. The Charity's activities in Eastern Europe were managed by a wholly owned subsidiary in Belarus, Faverdale Limited Liability Company. Faverdale LLC helps to facilitate the distribution of the Charity's Russian literature in Belarus and other Russian speaking countries. An annual Summer School of study is sponsored to help train and educate local pastors and church workers. In light of the continuing war in Ukraine and the economic sanctions against Belarus and Russia, distribution of Russian Literature has been severely restricted. Nevertheless, Faverdale LLC has been able to continue to trade, in part sustained by translation work. ## **FINANCIAL REVIEW** ## **Principal funding sources** The principal sources of funding are gifts and grants made by individuals, other trusts and charities together with the sale of books produced by the charity. The majority of direct costs of the charity relate to the production and distribution of these books. ## **Investment policy and objectives** The trustees have the power to invest in any investment they see fit, subject to conditions imposed or required by law. Page 1 ## **Evangelical Press Missionary Trust** ## **Report of the Trustees for the Year Ended 30 June 2023** ## **FINANCIAL REVIEW** ## **Reserves policy** The charity holds unrestricted funds to cover ongoing costs in relation to the running of the charity. The level of reserves are reviewed by the trustees regularly throughout the period. The minimum level of reserves for the ongoing needs of the charity is reviewed by the trustees on an annual basis. This review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reserves. The trustees therefore consider it prudent to hold unrestricted reserves in the general fund in the form of free reserves (total funds less the amount held in fixed assets), which amount to at least six months' running costs. Reserves as at 30 June 2023 amounted to £40,384 (2022: £34,878). This is considered sufficient to cover the ongoing costs in relation to running the charity. ## **FUTURE PLANS** The Charity continues to seek sponsors to fund the translation and printing of further Christian literature in the key areas of activity. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes a Charitable Incorporated Organisation (CIO). The charity registered on 19 November 2013. ## **Recruitment and appointment of new trustees** The trustees have the power to appoint any other person as a trustee subject to a maximum of twelve trustees. ## **Organisational structure** The trustees are responsible for all decisions and activities within the organisation. Specialised committees are responsible to the Board for the operations of the French language work and for the Russian language work through Faverdale LLC. ## **Induction and training of new trustees** New trustees will be invited and encouraged to attend a training session at the charity's registered office to familiarise themselves with the charity and the context in which it operates. They will be provided with a copy of the current version of the constitution and a copy of the CIO's latest Trustees' Annual Report and statement of accounts. ## **Related parties** The Evangelical Times Limited is considered to be a related party. Details of related party transactions are shown in Note 14 to the accounts. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1154646 ## **Principal address** 89 Brentry Lane Brentry BRISTOL BS10 6RH ## **Trustees** R W Fay J H Rubens J D Norris A Rowell (resigned 8 August 2023) J D Stobbs Page 2 Evangeli￿1 Pr￿ Missionary Tn Rewrt ofthe Tn￿teeS for th¢ Year Ended 30 June 2023 REFEREYI CE AND ADMINISTRATIVE DETAI[ Independent Exarniner Aniony l.u¢kcii Bcom FCA DChA BFP Cli%'c Oiv¢n LLP Chancrcd A￿ountanL8 140 Coniscliff¢ Road DARLINGI"ON Co Durham DL3 7RT Approv￿ by order of ihe ￿ard of trustees on 16 April 2024 and signed on its i￿h11[ by: J D s￿bb5- TrLEStee Page 3 Independtnt Examiner'5 Report to the Tru5ttts or ETrangtlicaJ Pre55 Nlissionari Trust IndepEndent eiaminer's reporl lo thc trustets ofEI'an%tlical Press NIis5ionari. Trust I report 10 Ihe ihariiy iru%iee% on my examinalion of the all￿￿￿[5 of Evangelical Pre55 MI551￿ Trust (the Tnjsti for ¢he y¢ar en(k41_3a June Th)?_l. R£S￿n$1b11llleS and hasis of re￿rI As ihe Lhariiy ITusiee4 of Ihe Tru%1 j.ou are re%rAMsible the Prepa￿1￿ of ihe acc(wnts in a￿Ord￿￿e with ihe requiremenis of ihe Chariiies Aet 201 I Ilhe Act,). I report in respect of my examinJii(bTr of the Tru%i'$ 2¢coynLs ¢Jrried under Section 145 of ihe Ad and in carying out my examination I Ikive follo￿ed all JpplicJble Direciions 8iven by the Charity Commission UE)der Seciion 14515Kb) of ihe Act. Independent examiner's 51atemtnt I liave coinpleied niv exartiinalion. l LonfLrnI thai no material mailers have corne to my aiienlion in coThneclK)n wilh the examinaiion giving ￿ ¢aJ¥¢ io belie%e Ihai in any maieri#l ￿speCi." ac¢ouTriino record5 were [￿1 kew in refi￿1 o( the TruM as required by Section 130 of the Aci: or the accounis do noi Kcord ￿1th Ihose record5: or Ihe acct)unis Comply iviih the applicable requirements C￿c¢m1Thg lorni and conieni of accounts sei oui in th¢ Chariiie% IA¢(oynis Rew>rt%l Regul)Iions ?(K)8 ￿her than any requ1￿men[ thai acwunis give a irue aml flc ir view which is noi a maiierconsi(Jered as of Jn Inde￿ndent examithaiion. I have no con¢ern5 aTwJ have come acros5 no ￿her Mat￿ in conneciion wilh the examination 10 which 3iieDiion shou be drawn in thi5 repon in (Yder to enabk J pr(yer understanding of ihe amnts io be re3¢hed. A Thlooy Luckett Bcom FCA tLThA BFP Clive Owen LLP Chartered AcLounthnts 140 Coni%cliffe Road DARLIINGTO Co DuTham DL3 7RT Daie.- 16 April 2024 Page 4 ## **Evangelical Press Missionary Trust** ## **Statement of Financial Activities for the Year Ended 30 June 2023** |Unrestricted
Restricted
fund
funds
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
29,414
15,371
**Charitable activities**
3
Charitable activities
27,239
-
**Total**
56,653
15,371
**EXPENDITURE ON**
**Charitable activities**
4
Charitable activities
51,147
15,371
**NET INCOME/(EXPENDITURE)**
5,506
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
36,378
-
**TOTAL FUNDS CARRIED FORWARD**
41,884
-|2023
Total
funds
£
44,785
27,239
72,024
66,518
5,506
36,378
41,884|2022
Total
funds
£
54,366
34,777
89,143
91,155
(2,012)
38,390
36,378| |---|---|---| The notes form part of these financial statements Page 5 ETr•ng¢licai Press Missionary TnL%t Bxlanee Sheet 30 June 2023 2023 Tothl rurtds 2022 Totsl funds UnTesiricied fund Resiricted funds Noies FIXED ASSETS Inv¢stm¢Thts IJ 1500 CURRENT ASSETS Stocks Debtors Cash at bank 10 4.1(X) 4.190 l J41 39?53 5.052 1315 30.185 39ii3 4) 45tJ84 37252 CREDITORS Amounis falling due ii'iihin onc )'ear 12 (4.7{￿)) (4.7￿) {2 J74) NET CURRENT ASSETS 40J84 40.184 34378 TOTAL ASSETS LFSS CURRENT LIABILITIES 41384 41*84 36J78 NET ASSETS 41384 41S84 36J78 FUNDS Unrestricied funds 13 41384 36378 TOTAL FUNDS 41384 36 J78 The financial s￿lemen￿ ￿'ere appro%'cd b>. the Board of Trnstees and auihorised for issue on 16 April 2024 and ivere signe41 on its behalf bj.: J D Siobbs - Trnstee The noies fonn part of thtse finan¢ia] sthi¢men Pagc 6 **Evangelical Press Missionary Trust** ## **Notes to the Financial Statements for the Year Ended 30 June 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, 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 Charities Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The trustees have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future and believe that it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. The financial statements are prepared in sterling (£). The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **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. ## **Stocks** Stocks are valued at the lower of cost and estimated selling price less costs to sell. ## **Taxation** The charity is exempt from 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. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. ## **Investments** Investments are stated at cost less provision for permanent diminution in value. ## **Financial instruments** Basic financial instruments are recognised at amortised cost with charges recognised in profit or loss. continued... Page 7 ## **Evangelical Press Missionary Trust** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2023** ## **1. ACCOUNTING POLICIES - continued** ## **Critical accounting judgements and key sources of estimation uncertainty** Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## Critical accounting estimates and assumptions: The charity makes estimates and assumptions concerning the future. There are no resulting accounting estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. ## Critical areas of judgement: In the application of the charity's accounting policies the trustees are required to make judgements, estimates and assumptions about the carrying amounts of certain assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. ## **2. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||2023|2022| ||£|£| |Donations|44,785|54,366| Income from donations and legacies was £44,785 (2022: £54,366) of which £15,371 (2022: £23,726) was attributable to restricted and £29,414 (2022: £30,640) was attributable to unrestricted funds. ## **3. INCOME FROM CHARITABLE ACTIVITIES** |Publishing income|2023
£
27,239|2022
£
34,777| |---|---|---| Income from charitable activities was £27,239 (2022:34,777) of which £nil (2022: nil) was attributable to restricted and £27,239 (2022: £34,777) was attributable to unrestricted funds. ## **4. CHARITABLE ACTIVITIES COSTS** |Charitable activities|Support
Direct
costs (see
Costs
note 5)
£
£
64,304
2,214|Totals
£
66,518| |---|---|---| £15,371 (2022: £23,726) of the above costs were attributable to restricted funds and £51,147 (2022: £67,429) were attributable to unrestricted funds. continued... Page 8 **Evangelical Press Missionary Trust** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2023** ## **5. SUPPORT COSTS** |**SUPPORT COSTS**||| |---|---|---| |||Governance| |||costs| |||£| |Charitable activities||2,214| |Support costs, included in the above, are as follows:||| |**Governance costs**||| ||2023|2022| ||Charitable|Charitable| ||activities|activities| ||£|£| |Independent examiner's fees|2,214|1,875| ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. ## **Trustees' expenses** The trustees have been reimbursed expenses of £873 (2022: £nil) for travel and administrative work. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
Restricted
fund
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
30,640
23,726
**Charitable activities**
Charitable activities
34,777
-
**Total**
65,417
23,726
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
67,429
23,726
**NET INCOME/(EXPENDITURE)**
(2,012)
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
38,390
-
**TOTAL FUNDS CARRIED FORWARD**
36,378
-|Total
funds
£
54,366
34,777
89,143
91,155
(2,012)
38,390
36,378| |---|---| continued... Page 9 **Evangelical Press Missionary Trust** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2023** ## **8. AVERAGE NUMBER OF EMPLOYEES** The average number of employees during the year was nil (2022: nil). ## **9. FIXED ASSET INVESTMENTS** |**COST**
At 1 July 2020 and 30 June 2022
**NET BOOK VALUE**
At 30 June 2023
At 30 June 2022|Investment in
group
undertakings
£
1,500| |---|---| ||1,500| ||1,500| The £1,500 investment represents the charity's 100% equity investment in Faverdale LLC in Belarus. The most recent results available were as follows: |Aggregate capital and reserves
Faverdale Limited Liability Company
Profit/(loss) for the year
Faverdale Limited Liability Company
The results shown above are for the year ended 31 December 2022.
**10.**
**STOCKS**
Stocks
**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Prepayments and accrued income|2023
2022
£
£
40,596
26,172
======
======
6,923
4,403
======
======
2023
2022
£
£
4,190
5,052
2023
2022
£
£
-
615
141
-
1,200
1,200
1,341
1,815| |---|---| continued... Page 10 ## **Evangelical Press Missionary Trust** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2023** |**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
Accrued expenses|2023
£
2,676
-
2,024
4,700|2022
£
2
182
2,190| |---|---|---| |||2,374| ## **13. MOVEMENT IN FUNDS** |||Net|| |---|---|---|---| |||movement|At| ||At 1.7.22|in funds|30.6.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|36,378|5,506|41,884| |**TOTAL FUNDS**|36,378|5,506|41,884| |Net movement in funds, included in the above are as follows:|||| ||Incoming|Resources|Movement| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|56,653|(51,147)|5,506| |**Restricted funds**|||| |French work|15,371|(15,371)|-| |**TOTAL FUNDS**|72,024|(66,518)|5,506| |**Comparatives for movement in funds**|||| |||Net|| |||movement|At| ||At 1.7.21|in funds|30.6.22| ||£|£|£| |**Unrestricted funds**|||| |General fund|38,390|(2,012)|36,378| |**TOTAL FUNDS**|38,390|(2,012)|36,378| continued... Page 11 ## **Evangelical Press Missionary Trust** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2023** ## **13. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|65,417|(67,429)|(2,012)| |**Restricted funds**|||| |French work|14,226|(14,226)|-| |Russian translation work|9,500|(9,500)|-| ||23,726|(23,726)|-| |**TOTAL FUNDS**|89,143|(91,155)|(2,012)| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.7.21|in funds|30.6.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|38,390|3,494|41,884| |**TOTAL FUNDS**|38,390|3,494|41,884| 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|122,070|(118,576)|3,494| |**Restricted funds**|||| |French work|29,597|(29,597)|-| |Russian translation work|9,500|(9,500)|-| ||39,097|(39,097)|-| |**TOTAL FUNDS**|161,167|(157,673)|3,494| Movement on individual funds are shown above. The purpose of each fund is as follows: ## **Unrestricted General Fund** These funds represent unrestricted resources available for the general work of the charity. ## **Restricted Funds** French work continued... Page 12 **Evangelical Press Missionary Trust** **Notes to the Financial Statements - continued for the Year Ended 30 June 2023** ## **13. MOVEMENT IN FUNDS - continued** These funds represent resources available for the Charity's work in Africa. Russian translation work This fund is related to resources received for a Russian translation project. ## **14. RELATED PARTY DISCLOSURES** During the year donations amounting to £1,980 (2022: £180) were received from trustees. The Evangelical Times Limited recharged expenses of £1,100 (2022: £3,750) during the year. In addition, the Trust received donations of £7,399 (2022: £18,040) from The Evangelical Times Limited. Orego Limited, a company in which the sole director was A Rowell, a Trustee, charged administration services in the amount of £2,800 (2022: £2,100) during the year. Page 13