## **Hulbert Enterprises Ltd**
## **Financial Statements**
**For The Year Ended 31 March 2024**
**Company Number 11636537**
## **Hulbert Enterprises Ltd Reference and Administrative Details**
**Charity Name** Hulbert Enterprises Ltd **Company Number** 11636537 **Charity Number** 1182215 **Trustees** Martin Charlesworth (Chair) Margaret Hemp Christopher Burtenshaw (resigned 20th June 2023) Andrew Westerman Alan Charlesworth Bonnie Zahl Kevin Martin **Accountant** Community Accounting Services Ltd 7 Napoleon Drive Shrewsbury SY3 5PH **Registered office** Barnabas Church Centre Longden Coleham Shrewsbury SY3 7DN
## **Trustees' Report Hulbert Enterprises Ltd on the Accounts for the Year Ended 31 March 2024**
The trustees present their annual report and financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the Companies Act 2006 and the Charities SORP (FRS 102).
## **Structure, Governance and Management**
The organization is a charitable company limited by guarantee, incorporated on 23 October 2018. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association as amended on 7 August 2019 and again on 26[th] October 2022.
During the year ended 31[st] March 2024, the charity’s key activities were The Well Systems, Decibel Training and Word Online. These are more fully described in the activities section.
The trustees have determined that all these activities fall within the charitable objectives of the charity.
The trustees delegated day-to-day management of the charity to the CEO, Finn Kier-Hansen, with two executives, Alex Bjergbæk Klausen (The Well Systems) and Mette Bjergbæk Klausen (Decibel Training) responsible for those particular activities. Martin Charlesworth, Chair of trustees, was involved in a consultancy capacity with the development of Word Online.
## **Trustee selection methods**
The directors of the company are also members and charity trustees for the purposes of charity law and are elected by the other director/trustees at trustee meetings and confirmed in their position at the Annual General Meeting. The trustees have formed a board established to act as guidance and support. The board aims to allocate responsibility for different areas of activity and governance to each trustee. These areas comprise chair duties, finance, fundraising, learning/education activities, technical activities, human resources and culture.
## **Objectives and Activities**
The objectives of the charity are unchanged:
- 1 The promotion of the Christian faith and Christian religion in particular through the production and dissemination, by various means, of bible teaching resources in different languages.
- 2 The advancement of education, particularly in relation to the Christian religion, knowledge of the Bible and Christian doctrine, faith and practice.
- 3 The relief of poverty through the outworking of the educational and teaching resources and appropriate partnerships.
## **Achievements and Performance in the year**
## _TheWell Systems_
During the year, TheWell device underwent continued development and considerable beta testing by users in several parts of the world resulting in the implementation of improvements to both the software and hardware. The product was officially launched at the EMCD conference in May 2024 when several orders for the finished product were received.
## **Trustees' Report Hulbert Enterprises Ltd on the Accounts for the Year Ended 31 March 2024**
## _Decibel Training_
During the year, five courses were developed, modified and completed in English with a total of 37 lessons and around 13 hours of video material. All five courses, totalling 37 lessons, were translated into French and Spanish. Also, a sixth course is under development but not finalised yet. This sixth course is expected to be completed during the second half of 2024.
The courses are available to be used, and the partner organisation Timothy Leadership Training, together with TheWell platform, are two channels of distribution of the material. The distribution, though, is not limited to these channels, since the courses can be made available on any platform that wishes to host the courses.
## _Word Online_
During the first few months of the financial year, Word Online recorded two new series covering Paul’s Letter to the Romans and Paul’s Letter to the Galatians with a total of more than 40 episodes. These two series were edited and prepared for launch. But, due to a lack of resources, it was not possible to launch these series on the website.
In order to strengthen the Word Online ministry, the charity has appointed a consultant on two days a week to help with this work. This has strengthened the area significantly, and the series is anticipated to be launched very soon. Also, the consultant has assisted in making it possible to employ a social media specialist, who will be brought in by mid-July 2024.
In March 2024 the recording of several new series commenced. These series had been prepared during the winter period of 2023-2024. The recordings are scheduled to be finalised later in 2024.
## **Post Balance Sheet Event**
In April 2024, the Relay Trust, the principal funder of the charity, indicated its intention to cease funding the charity with immediate effect.
As this constituted an existential threat to the charity, the trustees quickly made the following decisions:
- A cash flow forecast would be created to guide decision-making around future costs.
- All employed staff would be made redundant within a timescale that did not infringe the cashflow forecast and would allow them to work on transitional arrangements to preserve the key work of the charity.
- • All consultants would be immediately advised of the position and what work they could expect during the transitional period.
- Regarding the future of TheWell systems, it was agreed that this should be transferred to the existing development partner OfflineX. A license has been agreed to this effect allowing the charity to retain the Intellectual Property as defined in that agreement and allowing OfflineX to continue development and launch of the product subject to a license fee.
- Regarding the continued development and use of the Decibel Training material, the charity retains its ownership for the time being and is in discussions with Mette Bjergbæk Klausen about arrangements for another charitable entity to continue development and possibly take ownership of the material.
- Regarding Word Online, this remains within the charity and will continue to be developed and published by the charity. A separate agreement has been drawn up with the Relay Trust with regard to continued funding and the charity has also found funding for this project from other sources.
**Trustees' Report Hulbert Enterprises Ltd on the Accounts for the Year Ended 31 March 2024**
## **Reserves Policy**
The trustees intend to build unrestricted reserves to a value which will cover three months of normal operating costs. At 31[st] March 2024 reserves were £13,322, which does not meet this objective.
## **Statement of Trustees' Responsibilities**
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Declaration**
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
## **Martin Charleswoth**
## **Date**
## **Independent Examiner's Report to the Directors of Hulbert Enterprises Ltd on the Accounts for the Year Ended 31 March 2024**
## **Basis of independent examiner’s report**
We report on the accounts of Hulbert Enterprises Ltd Limited for the year ended 31 March 2024 which are set out on pages 2-12.
The trustees (who are also the directors of the company for the purpose of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed. It is our responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and
- to state whether particular matters have come to our attention.
## **Basis of independent examiner’s statement**
Our examination was carried out in accordance with general directions for an independent examination. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statements below.
## **Independent examiner's statement**
In connection with our examination, no matter has come to our attention:
1. which gives us reasonable cause to believe that in, any material respect, the requirements • to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recognised Practice: Accounting and Reporting of Charities
have not been met; or
2. to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Community Accounting Services Ltd 7 Napoleon Drive Shrewsbury SY3 5PH**
> **Date:** 03/10/2024
## **Hulbert Enterprises Ltd Statement of Financial Activities for the Year Ended 31 March 2024**
|**Note**
**Incoming Resources**
Incoming resources from generated funds:
Voluntary income
**2**
Activities for generating funds
**3**
**Total Incoming Resources**
**Resources Expended**
**4**
Charitable activities
Governance costs
**Total Resources Expended**
**Transfer Between Funds**
**Net Incoming / (Outgoing) Resources**
Fund balance brought forward at 1 April 2023
**Fund Balance Carried Forward at 31**
**March 2024**
**Net Incoming / (Outgoing) Resources**
**Before Transfers**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**643,427**
**-**
**643,427**
**3,487**
**-**
**3,487**
**646,914**
**-**
**646,914**
**640,798**
**-**
**640,798**
**670**
**-**
**670**
**641,468**
**-**
**641,468**
**5,446**
**-**
**5,446**
**-**
**-**
**-**
**5,446**
**-**
**5,446**
**7,876**
**-**
**7,876**
**13,322**
**-**
**13,322**|**Total**
**Funds**
**2023**
10,037
-|
|---|---|---|
|||10,037|
|||26,281
590|
|||26,871|
|||(16,834)
-|
|||(16,834)|
|||24,710|
|||7,876|
## **Hulbert Enterprises Ltd Balance Sheet for the Year Ended 31 March 2024**
|**Note**
**Fixed Assets**
Tangible fixed assets
**9**
Intangible fixed assets
**10**
**Current Assets**
Cash at bank and in hand
Stock
Debtors
**11**
**Creditors: Amounts falling**
**due within one year**
**12**
**Net Current Assets**
**Net Assets**
**Funds of the Charity**
**13**
Unrestricted fund
**Total Funds**|**£**
**£**
**7,866**
**487**
**167,095**
**9,068**
**15,228**
**(186,422)**
**4,969**
**13,322**
**13,322**
**13,322**
**2024**|£
£
3,388
574
151,428
-
5,893
(153,407)
3,914
7,876
7,876
7,876
2023|£
£
3,388
574
151,428
-
5,893
(153,407)
3,914
7,876
7,876
7,876
2023|
|---|---|---|---|
||||7,876|
||||7,876|
||||7,876|
For the period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
- 2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board on and signed on its behalf by:
## **Martin Charleswoth**
## **Hulbert Enterprises Ltd Notes to the Financial Statements for the Year Ended 31 March 2024**
## **1. Accounting Policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
## **(a) Basis of accounting**
The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and the Charities SORP (FRS 102).
## **(b) Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are those donated for use in a particular area or for specific purpose, the use of which is restricted to that area or purpose.
## **(c) Incoming resources**
All incoming resources are included in the statement of financial activities when the charity is entitled to, and certain to receive, the income and the amount can be quantified with reasonable accuracy. The following policies are applied to particular categories of income:
Voluntary income is received by way of monetary donations and are included in full in the Statement of Financial Activities when receivable.
## **(d) Resources Expended**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is recognised on an accrual basis and is reported as part of the expenditure to which it relates. The resources expended within direct costs include those services which have been donated and are valued at the market rate:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the Independent Examiner's fee.
All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource.
## **(e) Fixed Assets**
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Plant & equipment
## 25% reducing balance basis
Impairment reviews are carried out as and when evidence comes to light that the recoverable amount of a functional fixed asset is below its net book value due to damage, obsolescence or other relevant factors.
Intangible fixed assets are stated at cost less accumulated amortisation. Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful life as follows:
Intangible assets
10 years straight line
## **Hulbert Enterprises Ltd Notes to the Financial Statements for the Year Ended 31 March 2024**
## **2 Voluntary Income**
|Donations
Gift aid
Total
**3**
**Activities for generating funds**
Sales
**4**
**Total resources expended**
**Direct costs**
Production costs
Import & export costs
Carriage
Website costs
Advertising
Support costs
Rent & room hire
Licences
Repairs
Computer costs
Printing, postage & stationery
Telephone
Insurance
Wages
Employers NIC
Staff training & welfare
Staff VISAs
Pension
Sundry
**Support costs**
Travel & subsistence
Mileage, parking & tolls
Depreciation of tangible fixed assets
Amortisation of intangible fixed assets
Bank charges
Legal & other professional fees
Accountancy fees
**Total**|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**643,212**
**-**
**643,212**
**215**
**-**
**215**
**643,427**
**-**
**643,427**
**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**3,487**
**-**
**3,487**
**3,487.00**
**-**
**3,487.00**
**Charitable**
**Governance**
**Total**
**Activities**
**Costs**
**Costs**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**3,379**
**-**
**3,379**
**1,092**
**-**
**1,092**
**495**
**-**
**495**
**4,201**
**-**
**4,201**
**962**
**-**
**962**
**284,878**
**-**
**284,878**
**32,399**
**-**
**32,399**
**536**
**-**
**536**
**211**
**-**
**211**
**14,085**
**-**
**14,085**
**101**
**-**
**101**
**146**
**-**
**146**
**3,451**
**-**
**3,451**
**236,241**
**-**
**236,241**
**19,564**
**-**
**19,564**
**334**
**-**
**334**
**4,588**
**-**
**4,588**
**5,071**
**-**
**5,071**
**681**
**-**
**681**
**16,448**
**-**
**16,448**
**1,515**
**-**
**1,515**
**2,622**
**-**
**2,622**
**87**
**-**
**87**
**2,965**
**-**
**2,965**
**4,746**
**-**
**4,746**
**-**
**670**
**670**
**640,798**
**670**
**641,468**|Total
Funds
2023
£
8,146
1,891|
|---|---|---|
|||10,037|
|||Total
Funds
2023
£
_-_|
|||-|
|||Total
Costs
2023
£
5,860
-
-
9,386
181
5,414
-
-
152
636
63
-
265
-
-
-
-
-
-
730
-
1,858
124
138
1,474
590|
|||26,871|
|**5**|**Net Incoming Resources for the Year**|||
|---|---|---|---|
||This is stated after charging:|**2024**|2023|
||Depreciation of owned assets|**2,622**|1,858|
||Amortisation of intangible assets|**87**|124|
## **6 Trustees Remuneration & Related Party Transactions**
No members of the management committee received any remuneration or reimbursements during the year.
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.
## **7 Taxation**
As a charity, Hulbert Enterprises Limited is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
## **8 Independent Examiner's Fees**
These are included within Accountancy Fees under Governance Costs as detailed below:
|Independent Examiner's Fee
Other accountancy fees
**Total Accountancy fees**|**2024**
**625**
**45**
**670**|2023
500
90|
|---|---|---|
|||590|
**Hulbert Enterprises Ltd Notes to the Financial Statements Continued**
**for the Year Ended 31 March 2024**
## **9 Tangible Fixed Assets**
|**9 Tangible Fixed Assets**||
|---|---|
|**Cost**
As at 1 April 2023
Additions
Disposals
As at 31 March 2024
**Depreciation**
As at 1 April 2023
Charge for the year
On disposals
As at 31 March 2024
**Net Book Value**
As at 31 March 2024
As at 1 April 2023
**10 Intangible Fixed Assets**
**Cost**
As at 1 April 2023
Additions
Disposals
As at 31 March 2024
**Depreciation**
As at 1 April 2023
Charge for the year
On disposals
As at 31 March 2024
**Net Book Value**
As at 31 March 2024
As at 1 April 2023|**Plant &**
**Machinery**
**£**
**7,190**
**7,100**
**-**|
||**14,290**|
||**3,803**
**2,622**
**-**|
||**6,425**|
||**7,865**|
||_3,387_|
||**Intangible**
**Assets**
**£**
**872**
**-**
**-**|
||**872**|
||**298**
**87**
**-**|
||**385**|
||**487**|
||_574_|
## **Hulbert Enterprises Ltd Notes to the Financial Statements Continued for the Year Ended 31 March 2024**
## **11 Debtors**
|**11 Debtors**
Prepayments
Rent Deposit
Total
**12 Creditors: Falling Due within One Year**
Accruals
Trade Creditors
PAYE
Deferred Income
Total|**2024**
**12,035**
**3,193**
**15,228**
**2024**
**625**
**28,011**
**6,189**
**151,597**
**186,422**|_2023_
_5,893_
_-_|
|---|---|---|
|||_5,893_|
|||_2023_
_500_
_386_
_-_
_152,521_|
|||_153407_|
## **13 Analysis of Net Assets Between Funds**
|Fixed Assets
Current Assets
Current Liabilities
Net Assets at 31 March 2024
**14 Movement in funds**
**Brought**
**Forward**
**£**
**Unrestricted Funds**
**7,876**
**Total of Funds**
**7,876**|**Incoming**
**Resources**
**£**
**646,914**
**646,914**|**Unrestricted**
**Funds**
**£**
**8,353**
**191,391**
**(186,422)**
**13,322**
**Resources**
**Expended**
**£**
**(641,468)**
**(641,468)**|**Restricted**
**Funds**
**£**
**-**
**-**
**-**
**-**
**Transfers**
**in/(out)**
**£**
**-**
**-**|**Total**
**Funds**
**£**
**8,353**
**191,391**
**(186,422)**|
|---|---|---|---|---|
|||||**13,322**|
|||||**Carried**
**Forward**
**£**|
|||||**13,322**|
||||||
|||||**13,322**|