REGISTERED CHARITI, NUMBER: 1154646 Report of the Trustees and FinAncial Statements for the I'eAr Ended 30 June 2024 for Ev4ngelirRI Press lissi0n& ry Trust
Evangelical Press lI$S1onary Trust Contents of ihe Financial Statements for the l'ear Ended 30 June 2024 Pagt Report of the Trustees IDdependeni Examiner'5 Report Statement of Financial Activities Balance Sh¢et Notes to the Financial Sta¢emenls Detailed Statement of Financial ActiTrities 14
Ev#ngelitxl Press Nlissionary Trust Report of the Trustees for the l'ear Eniled 30 June 2024 The trustees present their report wilh ihe financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accoui)ling and Reporting by Cl)arities.' Statemenl of Recommended Praclice applicable lo charities preparing their accounls in accordance ivith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019}. OBJECTIVES AIYD ACTIVITIES Objectives and aims The objects of the Charity, are to advance the Evangelical Christian Faith through the preparation. printing, publishing and dislribulion of Chrislian literature w'ith the exception of anN' such literature published in the English langiiage. Significant Activitie5 Evaiigelical Prc55 Missionary, Trust carrie5 Oilt its Core mis5ioiI by means of literature. radio broadcasiing. television, audio visual materials. leadei'ship training and electronic media is used to communicate ihe Gospel of the Lord Jesus Christ. Public benefit Tl)e Charity's aims and aehievements are sel out within this report. The activities set out in this report have been undertaken io further the C.harity's charitable purposes for the public benefit. The Trustees have complied iyith the duty under Section 4 of the C.harilies Aci 2011 lo have dlie regard lo piiblic benefit guidance piiblished bN' the Charity Comniission and the Trustees have paid due regard to this guid31)ce in decidii)g M'liat activities the Charity should undertakc. Public benefit is seen in the publisl)ii)g aiid promoting of Christian lileraiure and education materials for the public in different couiilries and in different languages. primarily bul not exclusively Russian and French. AcHIEVEIENT AND PERFORI¥IANCE CharitAble activitie5 The principal activity of the Charity is Ihe publicalioii and sale of Clirisiiaii literature ii) the Frei)ch and Russian laiiguages. Tliis literalure lias beer) distributed lo niany countries throug,li tl)e C"harity s represeiitatioii iii France. Ivory Coast. Benin Republic and other French speaking Lounlries in Ihe world. Translcltion and production of literature in the Russian language is cenlred in the Charily's subsidiary in Miiisk. BelarLIS. The literature work of the Charity is supported by regular trainino and educational conferences held in a number of Frei)ch speakingv African couiitries. Tlie speak'ers at these coiiferciices are drai from indigenous personi)el augmented by those from France and elsewhere. Conferences in 202Jl?4 ilere limited due lo the political and military unrest in Eastern Elirope but those W'hich look place were a blessing. The C.harity's activities in Easlerii Europe were managed by a wholly owned subsidiar). in Belarus, Faverdale Limited Liability Company. Faverdale LLC helps to facilitate the distribution of the Cliarily's Russiaii literature in Belarus and other Riissian speaking counlries. An ariniial Suinmer School of stlidv is sponsored lo help train and educate local pastors and church 'orkerS. In light of the continuing iyar in Ukraine and the economic sanclioiis against Belarus and Russia, distributioii of Russian Literature has been severely reslricled. Neverthel¢ss, Faverdale LLC lias been able to continue to trade, in part sustained by translation work. FINANCI.4L REI'IEW Principal funding sources The principal sources of funding are gifts and grants made bv individuals, other trusts and Charities together with the sale of books produced by the Charity. The majority of direci costs of the Charity relate to the production and distribulion of Ihes¢ book5. Investment policy and objectives The Trustees have the power to invest in any investmeiit they see fit, subject to conditions imposed or required by law. Page I
Evangelical Press Mission#ry Trust Report of the Trustees (or the l'ear Ended 30 June 2024 FINANCIAL REI'IEIV Reserves policy The C.liarity holds unreslricled funds to cover ongoing costs in relation to tlie ruiining of the Charity. The level of reserves are reviewed by the Trlislees regiilarl>' Ihroiighoul the period. The minimiim level of reserves for the ongoing needs of the Charity is reviewed by the Trustees on an annual basis. This review encompasse5 Ihe nature of income and expenditure streams, Ihe need to nialch income with con)milm¢nts and the nature of reserves. The Trustees therefore coi)sider il prudent lo l)old unreslricled reserves ii) Ilie gyeneral fui)d ii) tl)e foriii of free reserves {lolal funds less tl)e amouiil lield in fixed asselsl. wl)ich aniouni to ai l¢a51 six moiiihs, running Losts. Reserves as al 30 June 2024 amounied 10 £54.755 1202J'. £41.8841. This is considered sufficiei)t to cover the ongoing Losts in relation to runi)iiig the charity. FIITURE PLANS The Chdrily continues lu seek 5pon50rs lo fiind the translation and printing of fiirther Chrislian lileraliire in the key areas of activity. STRIICTIIRE, C.OVF.RN.4NCF. AiYD N1ANAGEMENT Governing document ThL Ch&ll'ily is Lontrolled by ils governing dociiinent, a deed of trust and ¢onstiliiles a Charilable Incorporated Orgyanis4l1ion IQ'IOI. The Cliarily reL7islered on 19 Novenlber 2013. Recruilmenl And appointment of new tru.%tees 'I'l)¥ 'l'rusl¢¢s ha.¢ IIIL PC)IVLr lo appi)inl anv i)thcr PLrson ds a Trustee subjcct lo a iiiaximum of twelve 'frLislees. OrgAni$Ationxl structure 'l-IIL 'I'rii%lLLS arl r¥SPOI)4ible lor all decisions and acliviiies iviiliiii Ilie orgaiiisalion. SpecialisLd Lommiiiees are responsibl<. 10 Ihe Board for Ihe operalions of the F rL'nch langiiiagie work 4ind for the Riissian langjuabie OrK IhroLlbFh Faverdale LLC,. Induction and trmining of new trustees New Trustees will be ii)viled and ei)LourMged 10 3tlend a Iraiiiing session al Ihe I'llarily's re&Jistered offiie 10 familiarise Iheiiiselves iviih the Charily and the contL'Xt iii wliiLli it upiral¢s. Thlv will bL provided with a copy of Ihe ciirrenl version of tli¢ ¢onstitulion and a ¥opy of IliL' CIO'S latLst TruslL'es' Annual RL'porl Jiid stalLlliLnt of acLounls. Related pxrties The EvangJeliLal Times Limited is considered to b¢ a related party. Delails of related party transa¢lion5 are shown in Nole 14 to the accoun15. RETr EREIYC'E AND ADVIINISTRATIVE DETAII.S Re%istered Ch#rilv number 11 $4646 PrincipAI address 89 Brentry Laiie Breiilry BRISTOL BSIO 6RH Trustees RWFay J H Rubens J D Norris A Rowell (resigned 8 August 202.7) J D Siobbs Page 2
.i'n2elical Press lli.¥5ion4r)' l-rusl Report of the Tru51ees for Ihe I'exr Tr"nded 30 June 2024 RF.Ffr:RENI 'CL 1ND,ID%IINlf>TRATII:F. DF.TIlll.S Indcpendeni fr"xgmincr ('hrisioph¢r BLaumoni BA11 lonsl. Bfp. I".CA. tfhA ('li¥'e 0.Ln l.l.P C"haMLfLd Ac¢oLtntants 140 ConisLliflc Road I)ARI.IXI(i I'O ( o l)urham E)1.1 7RT Ilppro¥cd b>. ordir of ihe board of IruslLLs on .1 kebriiary. ?O?S and signLd on iLs bchaifby.. J l) Sii)bbs - 'l-ru8leL
Indtpendtnt Euminer's Report to tbt Trusttts of Evanzelic Press MiSSiODary Trust Independent eJaminer's report to the tn¢¢3 of Evaugelical Pres8 Missionary Trust I report to the chan'ty trustees on my ex8mmation of the accounts of EvaD¥elical Pre&8 mlonary Tn (the Trust) for the year ended 30 June 2024. Responsibilitiu aDd basis of report As the ch8n.ty trSteeS of the Trust you are responsible for the wepar&tkon of the acCOts in a¢coTdance with the requirements of the Chatities Act 2011 {'the ACV). I report in respect of my examinatt.on of the Trus¢s accounts carTied out under Section 145 of the Act and in caryin8 Out my examination I have followed all applicable Directions glven by the Charity Commission wAder Section 145(SKb) of th¢ A¢t. todependent tsxminer'¥ $tatell*nt I have completed my examination. l ¢onfirn) that no Merial matters have come to my attention in connection with th¢ examination ving me cause to believe thai in any matrrial respect.. accounting Tewrds Vre not kept in respect of the Tnst a5 required by Section 130 of the Act: or the aeeounts do noi accord wth those records. or the accounts do not comply wth the applicable requirements concerning the forn and cnnteni of acCOts set out in the Charities (Accounts and Rewjrts) Regu]abons 2008 other than rul[emen1 that the acrA)unts give a true and fair view lch is not a marter considered &s part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to Nth'ch attention should be dra$ in this report in order to enable a proper understanding of the accounts to be reached. -pa Christopher Beaumont BA (Hons). BFP, FCA DChA Clive Ow LLP Chartered Accountants 140 Con]liffe Road DARLtNGTON Co Durham DL3 7RT 3 February 2025 Page 4
Evangeliral Press Missionary Trust Slatement of Financial Actii'ities for ihe Year Ended 30 June 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 25,467 61,750 44,785 Charilable activities Charitable activities 29.978 29,978 27,239 Tot41 66.261 25,467 91,728 72,024 EXPENDITLIRE ON Charitable activities Charilable activiti¢s 73,581 5,256 78.8.17 66,518 NET INCOMEI(EXPEi%DITURE> (7,320) 20.211 12,891 5.506 RECONCILIATION OF FUNDS Total funds brought forward 41,884 41.884 36,378 TOTAL FIINDS CARRIED FORWARD 34.564 20.211 54,775 41.884 The noles forn] part of these financial slatements Page 5
F.1 MnRcliral Pre55 11 li55ion#rv I'rusl Bihlancc Sheel JO June2024 ?0?4 Toial funds ?o?.I UnrL51ricted rund RL.%lri¢lLbd lunds funds Invesin)L'nis i..$00 1.500 Si()¢K's l)Lhii)r C .71 bank 10 1.948 1.468 4.190 1..141 .19.SS.1 1.4(y8 45.686 45.084 I'R Tr'.I)I'I ()R%i Ilnii)uiit% r.'Illinb• diiL iiiihin ) L4ir 14.7001 I l.11()4 5.3.ti75 40.-184 14,S(14 ?0.?11 4.775 41.884 14 4(14 41.884 41.884 'I'()'I'.11. F'l Nl) $4.77£ 41.884 !O!S and ¢r¥ J l) S11)hbs The noiL'S fomi part c)l-IhL%c financial siaiiminls l)ab4 6
Evangelical Press Missionary Trust Notes to the Financial Siatements for the l'ear Ended 30 June 2024 ACCOiINTING POLICIES Basis of preparing the financial statements The financial slalements of ihe charity.. whiLh is a public benefit eiitity. utider FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing iheir accounts in accordance with the Financial Reporting Standard applicable ii? the UK aiid Republic of Ireland IFRS 102) (effective l January 2019,1, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in tlie UK and Republic of Ire1]d.. and the Charities Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention, modified to in¢lude certain items al fair value. The trustees have a rea50nable expectation Ihal the charity will have adequate resources lo continue in operational existence for the foreseeable future and believe Ihat it Is appropriate to continue lo adopt the going coi)cem basis of accounting in preparii)g the financial slatenienls. The financial Statements are prepared in sterlii)g (£1. The Significant Mccoiinling poli¢ies applied in tlie preparalion of these financial slalements are sel out below. These policies have been consislentl). applied to all y'ears presenled iinless otherwise staled. Income All inLome is recognised in tl)e Statemeni of Finaiicial Ac(ivities once the charity has enliilement to ihe funds, it is probable thal the income will be received and the ¢imount can be measiired reliably. Expenditilre Liabilities are recogiiised as eipeiidilure as sooi) as Iliere is a legal or constructive obligation coniniittino ¢liariN to that expei)dilure, it is probable tlial a trai)sfer of econoniic beiiefils ivill be required ii) settleinenl ai)d the amoiini of the obligation can be nieaslired rL.liabl)'. Lxpendiiiire is &ccoiinted for on an accriials basis and has been classified under h¢adings that aggregate all cost related to the calegory. 'here costs Lannot be directly attribllted to particular headings tliey liave been allocated to activities on a basis consisleIit with the use of resuurces. Stocks Stocks are valued al the lower of cost aiid estiinated sellin price less costs lo sell. Taxation The cl)arity is exempt from lax on its charitable aclii'ities. Fund aceounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Irustees. Restricted funds can only be used for particular restricted purposes iviihin Ihe objecls of tli¢ charity. Restrictions arise M,hen specified by the donor or when funds are raised for particiilar restricled purposes. Further ¢xplanation of the nature and purpose of each fund is included in the notes io the financial statements. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling al the balance sheet dale. Transactions in foreign currencies are iranslated into sterling at the rate of exchange ruling al the date of transaction. Exchange differeiices are taken into account in arriving al the operating result. Investments Investments are slated at cost less provision for pernianent diminulion in value. Financial instruments Basic financial instruments are recognised at amortised cost ivith charges recognised in profit or loss. Page 7 continiied...
Evarbgelical Press Missionary Trust Notes to the Financial StAtements- continued for the l'ear Ended 30 June 2024 ACCOIINTING POLIC.IES- continued Critieal xccounting judgements and key sources of estimation uncertainty Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectalions of future events thai are b¢liev¢d to be reasonable under the circumstances. Critical accounting estimates and assumption5'. The cl)aritJ' niake5 estiinales aiid as5uniplions conceming tlie future. There are no resulting accounting estiinales and assuniplions thai have a sigiiificanl risk of causing material adjustmeiil lo Ihe carrying amoui)Is of asse15 and liabilities within the next financial year. Crilieal areas of judgeiii¢iil'. li) Ilie applicaiiui) of tlie cliarity's a¢¢oui)liiig policies the Iruslees are required to nlake judgenienls, eslimales and assumptions aboul Ihe carrying aniounts of certaiii assets and liabililics. The estimat¢s and associated assuniplions are based on historical experience and other factors ihal are considered to be relevant. DOIYATIONS AND LEGAC'.IES 2024 2023 Donalions 61.750 44.785 IiiLonie from doi)aiioiis and Icb?a¢ie5 w'a5 £61,750 1202.3.. £44.785) of wliich £25.467 12023.. £15,371) Ivas attributable to reslriLled and £36.28.112021.. £29.4141 was altribiilable to iinreslricled fiinds. INC.ONIF. FROM C'IIARITAHI.Tr: ,IC"I"IVITIF.S 2024 2023 Aclivily C"harilable aclivilies PLiblishinbJ income 29,978 Iiiconie from cliarilable aclivilie5 Iva5 £29,978 12023.. £27.2.191 of ivlii¢li £nil 12023.. £nil) was attributable lo reslrilled ai)d £?9.9781?0?" £?7.?_391 Ivas allribulable lo uiireslriLled fui)ds. C.HARITABI.E ACTIN'II'IF.S C'OSTS Support Costs Isee nole 5} Direct Cos15 Toials Charitable a¢liviti¢s 74.691 4.146 78.837 £5,256 12023.. £15.371) of the above costs were attributable to restricted funds and £73.58112023: £51,147) werL aiiribulable to unrestricted fund5. Page 8 continlied...
Evangelical Press l¥lissionary Trust Notes to the Financial Statements - continued for the l'ear Ended 30 June 2024 SUPPORT COSTS Govemance 05ts Charitable activities 4,146 Support costs, included in ihe above. are as follow's.. Governance costs 2024 Charitable activities 2023 Total activities Professional fees Iiidependent examinews fees 1,946 2,200 2.214 4,146 2.214 TRIISTEES, REMUNERATION, AND BEIYEFITS Tliere ivere no Iruslees, ren)uneralion or other benefits for tlie year ended 30 June 2024 nor for the year ended 30 June 2023. Tru5tees' expense5 During the )'ear ended 30 June 2024. expeiiscs totslliiig £4,916 ivere reimbursed or paid directly to 2 Trustees for travel and adillinistralive work120?3 £873 to l Triisleel. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AC'.TIN'ITIES Uiirestricted fund Restricted funds Total fui?ds INC'O)IE AND ENDOM'I¥IEI%TS FROM Doiiatioiis aiid l¢gaci¢s 29,414 15,371 44.785 Charilable activities Charitable activilies 27.239 Total 56,65) 15,371 72,024 EXPEIYDITIIRE ON Charitable activitie5 Charitable activities 51,147 15.371 66,518 NET INColE 5.506 5.506 REC.'ONC.ILIATION OF FUNDS Total funds brought fonvard 36.378 TOTAL FI,'NDS CARRIED FORM'ARD 41,884 41,884 Page 9 continLied...
Evangelical Press Missionary Trust Iyotes to the Fin#nciAI Statements - continued for the Year Ended 30 June 2024 AVERAGE NUMBER OF EMPLOYEES The average number of employees durinu the year was nil (2023.. nil). FIXED ASSET INVESTfvIENTS nveslment in group undertakings COST At l July 2023 and 30 June 2024 1,500 NET BOOK VALUE Ai io June 2024 1,500 AI 30 June 2023 1,500 The £1,500 investmenl represent5 the charity's l OOO/o equity investnient in Faverdale LLC in Belarus. Tlie most recent results available were as follows.. 2023 2022 Aooregate capital aiid reserves E averdale Liniited Liability Company 40,596 26.172 Profiilllossl for ihe year Faverdale Limited Liability c.ompany 6,923 4,403 The reslilts shown above are for the year ended 31 December 20?" io. STOCKS 2024 2023 Siock5 2,948 4,190 DEBTORS: AMOUNTS FALLING DUE WITFIIN ONE YEAR 2024 2023 Trade debtor5 Other debtors Prepayments and accrued income 1,062 406 141 ,200 1.468 1,341 Page 10 continued...
EvAngelical Press1¥1issionary Trust Notes to the Financial Statements- continued for the l'ear Ended 30 June 2024 12. CREDITORS: AMOIINTS FALLING DIIE WITHIN ONE YEAR 2024 2023 Trade creditors Other creditors 2.676 2.024 2,411 2.411 4,700 13. MOVEMENT IN FUNDS Net movement in fuiid5 At 30.6.24 At 1.7.23 Unrestricted funds General fund 41,884 17,3201 34,564 Restricted funds French work 20.211 20.211 TOTAL FIINDS 41,884 12,891 54,775 Net moveinenl in fund5, included in the above are as follows.. Ii)coniing resources Resources expeiided Movcn)enl in funds Unre5trieted funds General fund 66,261 173,5811 17,320) Restrieted funds French work 25,467 15,2561 20.21 TOTAL FUNDS 91,728 {78,837) 12,891 Comparatives for movement in funds Nei movement in funds At At 1.7.22 Unrestricted funds General fund 36,378 5.506 41.884 TOTAL FIINDS 36,378 5,506 41,884 Page 11 ontinued...
Ev4ngelical Press Missionary Tryst Notes to the Financ ial Statements- continued for the Year Ended 30 June 2024 13. MOVEMENT IN FUNDS- continued Comparative net moveiiient in funds. included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fuiid 56,653 (51,147) 5,506 Restrieted fund5 French work 15,371 115,371} TOTAL FIINDS 72,024 166.518} 5,506 A current )'ear 12 monil)s and prior year 12 nionths combined p05ilion is as follows.. N'et movement in fuiids Ai 30.6.24 At 1.7.22 Ilnrestricted funds CJeneral fund 36,378 {1.8141 34,564 Reslricted funds Freiich work 20,211 20.211 TOTAL FI',N, DS 36.-178 54,775 A current )'ear 12 months and prior year 12 months combined nel movement in funds, includcd in the above are a5 follows.. Incoming resources Resources expended Movement in funds Ilnrestricted funds General fund 122,914 (124.728) (1,814) Restricted funds French work 40,838 (20.6271 20,211 TOTAL FUNDS 163,752 (145.355) 18,397 Movement on individual funds are shown above. The purpose of each fund 15 as follows: Unrestricted General Fund These funds represent unrestricted resources available for the general work of the charity. Restricted Funds French 'ork These funds represent resource5 available for the Charity's work in Africa. Page 12 continued...
Evangelical Press lis$lonry Trust Notes to the Financial SIAtements- continued for the l'ear Ended JO June 2024 14. RELATED PARTY DISCLOSIIRES During the year donations amounting to £461 12023: £1.9801 th'ere received from Trustees. In addilion. Trustees were reimbursed expenses of £4.916. as detailed in nole 6. J D Norris is a Trustee of ihe Dame Violei Wills Charitable Trusl. During ihe year donations amounting to £1,00012023.' £90011 were received. The Evangelical Times Limited recharged expenses of £12012023.. £1.100) during the year. In addition. the Trust received donalions of £10,058 12023: £7,399) from The Evangelical Times Limited. Orego Limited. a company in which tlie sole director ivas A Rowell, a Trustee. charged administration services in the amount of £nil12023: £2,800) during tli¢ year. Evangelical Press Services Limited. of which J Norris is a Director, during the year donated £13,000 {2023.. £nil). RW Fay and J Norris are Trustees of The Gospel in Action Trust. During the year there were no doiiations received12023= £12.6001. Page 13
Evangelical Press Missionary Trust Detsiled St4lement of FinaneiAI Activities for the YeAr Ended 30 June 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 61,750 44,785 Charitable activities Publishing inconie 29,978 27,239 Total incoming resources 91,728 72,024 EXPENDITURE Charitable aclivities Royalties Bank charges OtTice services Cost of books 501d Advertising Overseas Inission support costs Foreign exchange 169 827 2.284 35,884 407 1,154 966 3.175 17.742 80 41,134 53 290 74,691 Support eosts Governance costs Professional fees Independent examiner's fees 1,946 2,200 2,214 4,146 2,214 Tolal resources expended 78.837 66.518 Net inconie 12,891 5,506 This page does not form part of Ihe statutory financial statements Page 14