2022-12-31-accounts

THE PRINTING CHARITY

Registered Charity

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st DECEMBER 2022

Registered Office and Principal Address:

Third Floor The Pinnacle Station Way Crawley West Sussex RH10 1JH

Registered Charity Number 208882 (England & Wales)

Royal Charter No. RC000417

THE PRINTING CHARITY

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31[st] DECEMBER 2022

CONTENTS

CONTENTS	Page
Legal and Administrative Details	2
Chair’s & CEO’s statement	4
Trustees’ report (including governance, policies, key objectives)	7
Independent auditor’s report	22
Statement of financial activities (including income and expenditure)	25
Balance sheet	26
Cash flow statement	27
Notes to the accounts	28

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THE PRINTING CHARITY

LEGAL AND ADMINISTRATIVE DETAILS

Trustee board

The trustee board, also referred to as its Council, are the ultimate governing body of the charity. An explanation of the method of appointment of Trustees, and its governance is provided in the Trustees’ Report.

The Trustees serving during the year and at the time the accounts were signed were:

R Bernstein (Appointed 09/2022) P Blake (Treasurer) L Bull J Cole B Lawrence (Resigned 03/2022) R Moosa (Resigned 07/2022) A Neal J Palmer-Poucher D Phillips J Povey (Vice Chair) J Wright (Chair)

Advisory committees

Investment Committee:

P Blake, J Wright, R Bernstein, N Lovell, M Rogers, J Job, G Bishop, H Hughes, N Cooney

Premises Committee:

J Wright, D Phillips, J Cole, N Lovell, T Brinkley, K Dillon

Staff Committee:

J Wright, L Bull, A Neal, N Lovell, T Brinkley

Our professional advisors

Independent Auditors: Crowe UK LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire RG1 1PL

Bankers: NatWest Bank plc, 16 The Boulevard, Crawley RH10 1GL

Investment Managers: Sarasin & Partners LLP, Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU

Surveyor to the Fabric: Dillon Associates, 16 Lower Belgrave Street, London SW1N 0LN

Patron to 2022: Her Late Majesty, Queen Elizabeth II

2022 President: George Osborne CH

President Emeriti:

Sir Jeremy Elwes, CBE, ACIS, OStJ, FRSA Alan Miller, ACMA MC (Bill) Offer, BEd (Hons), HNC, FTC Lord Black of Brentwood

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Honorary Chaplain: Reverend Canon Dr. Alison Joyce, Rector of St Bride’s Church, Fleet Street, London EC4Y 8AU

Chief Executive & Secretary: Neil Lovell

Registered Office: Third Floor, The Pinnacle, Station Way, Crawley, West Sussex RH10 1JH

Website: www.theprintingcharity.org.uk

Email: [e-mail]

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THE PRINTING CHARITY

CHAIR’S AND CHIEF EXECUTIVE’S STATEMENT

If the last few years have shown us anything it is to expect the unexpected. That was certainly true of 2022, a year we had thought may be less challenging than the previous one and yet, due to the impacts of global events and post-pandemic shocks, people faced continuing and unexpected challenges and pressures in their daily lives. Against these challenges, our focus remained in supporting those from across our sector with practical and emotional support.

However, we could not begin this report without mention of the great sadness we felt at the death of Her Majesty Queen Elizabeth II, who had been our patron for the entirety of her reign. We are profoundly grateful to her late majesty for her patronage and also for her service and duty to the UK and Commonwealth. Our connection to the royal family began when Queen Victoria granted our first Royal Charter and became our first patron in 1865.

We have taken a different approach to this year’s annual report. In addition to the detailed financial statements and statutory obligations covered within this report, we have produced a separate impact report which brings to life some of the key activities and achievements of the year. This will be available on our website and shared across our social media channels ahead of our June postal AGM.

Supporting our sector

Established in 1827, our role has always been to support people who work, or have worked, in our sectors, from print, publishing and graphics to paper and packaging. The call on our services is needed now more than ever. No matter what role someone has or had, we aim to be there for them when help is needed, through practical, emotional and financial support. We provide this through our free, 24/7 helpline; through the financial assistance we give to those facing hardship; and through skills funding for the next generation of people working in our sector.

What we do

Welfare support

Our welfare team are the main point of contact for existing beneficiaries and those who are seeking financial assistance for the first time. The team look at each application to make sure it meets our eligibility criteria and to assess how best to help, this could include direct financial assistance, advice, or signposting to other specialist services. In the year, the team helped 379 individuals through financial support, and 163 people through one off grants which include items such as white goods, furniture and mobility aids, and redundancy support. Recognising the additional pressure brought about by the energy crisis, our financial support in the year included two cost of living payments to existing beneficiaries.

We have seen a steady decline in requests for financial support overall, with the number of people receiving this moving from 509 in 2019 to 481 in 2022, though our overall reach within the sector has, as a result of the helpline, increased. As awareness grows of the support we offer, we envisage requests will increase.

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Sheltered living

Our two sheltered living developments, one in Bletchley, and the other in Basildon, have a total of 72 one-bedroom apartments for people who can live independently and have retired from the sector. We have completed major works costing c£3.3m to the homes over the last few years as part of our strategy to ensure the buildings and environment are of a high standard, providing appropriate facilities for residents. Occupancy rates at the Basildon site have been challenging for some time and it is a key priority to build greater awareness of what we offer to increase the number of residents we have. In the year the long-standing husband and wife team at our Bletchley site, Kathy Senior, Home Manager, and Roy Senior, Maintenance Operative, retired after a combined service of very nearly 60 years. We are so grateful to them for their tireless service.

Helpline

Our helpline is in its third year and now forms an integral part of our services, offering free, in the moment emotional support 24/ 7 /365, together with practical help and guidance Monday to Friday.

We have been rolling out the service to companies across our sector, attending industry events and working with our sector partners to raise awareness of the helpline and how to access it. We ended 2022 with 211 companies signed up to the helpline, providing cover to more than 18,000 people working in our sector and their immediate family. This is a terrific 59% increase from 2021.

We have been building our team of relationship managers to maximise our connections to the companies using the helpline and work with each company to raise awareness of the service and encourage people to use it when they need. As we look to the future, we aim to offer the helpline to all companies within our sector through a planned roll-out and focused marketing and communications strategy.

In future we aim for the helpline to be the first point of call for people working in our sector looking for help, whether practical, emotional or financial. To achieve this we will continue to build awareness within our sector for this free service and find new ways to reach as many of the 7,400 organisations and 105,000 people estimated to make up our sector as we can. * BPIF UK Printing Facts & Figures 2021

Rising Star Awards

We were delighted to open up our events in 2022 with the first at the House of Lords in July, celebrating the winners of our Rising Star awards. These awards, for people aged 18-30 who work in our sector, recognise the next generation of talent, with recipients receiving grants of up to £1,500 to support the development of personal skills through additional training. We had 114 applications and 52 winners in 2022, covering the depth and breadth of roles across our sector and the UK. We hope to increase the number of winners to pre-pandemic levels over the next couple of years, through maximising our increased profile with the companies adopting our helpline and refining our marketing strategy.

Funded partnerships

Our other skills and training related initiatives are delivered in partnership with like-minded organisations. Our largest funded projects are the NCTJ’s Journalism Diversity Fund, established to bring greater diversity to the newsroom, and the Rory Peck Trust who provide training and welfare grants for freelance journalists. We also provide funding for smaller initiatives from time to time if they meet our requirement for practical and emotional assistance. Our partnerships aim to reach

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individuals who may not otherwise be aware of what we offer by working with organisations who have expertise in their own area and can demonstrate impact.

Income

The charity has two main sources of income; investment income (c50%) and income received from our sheltered living (c47%). There has been downward pressure on income streams in 2022; investments have been under significant pressure due to the challenges in the global economy, and occupancy rates at our sheltered living were lower than budget. In the year we received £1.06m income (20% down from 2021). We are, however, fortunate to have solid reserves and can weather the economic downturn and reduced income. The total value of the charity’s portfolio fluctuates during any 12-month period, however, taken over the medium- to long-term, our investments have outweighed the deficits. Additionally, the trustee board review the charity’s deficit on a regular basis and have agreed to use the charity’s reserves to cover any shortfall.

Trustee board & sub-committees

Two long-standing trustees stood down in the year. Raffiq Moosa served as a trustee since 2014, and Brett Lawrence since 2017. We thank them both for their vision, insight, commitment, and considerable contribution over the years.

In the year we also welcomed Richard Bernstein to the board. Richard brings a wealth of experience in risk and governance and also sits on our Investment Committee which had two additional, independent, members join in 2022. Joanne Job and Graham Bishop bring additional expertise to an already strong Investment Committee, providing valuable oversight and scrutiny of our investment manager.

In the year, Pauline Blake, Treasurer, took the role of Chair of the Investment Committee as part of the plans in place to reallocate roles ahead of the charity’s Chair and Vice Chair stepping down in 2023.

Strategic vision and aims

The trustee board held a strategy session in May to review the charity’s existing activities, to consider areas requiring further development and support, and to look ahead to the charity’s 200[th] year in 2027. As a result of the session, the charity is looking at how best to develop existing activities to ensure they are relevant, accessible and scalable to meet future needs. This will include looking at how the welfare support offered can be developed, bringing greater focus to our alumni programme for Rising Star recipients, and building a formal marketing and engagement plan for the charity that supports our aim to reach more people within our sector.

Our team

It has been a challenging year but also one where we have been able to look to the future. The charity team has grown in size to help deliver on our mission to raise awareness of the support we offer, and to build strong and lasting relationships with the sector we support. Our board and committees have also been strengthened to ensure effective oversight and scrutiny. None of our achievements could have been possible without the charity’s dedicated staff, the considerable time and commitment given by the trustees and those on our committees.

We are, as ever, grateful to our President Emeritus, Lord Black of Brentwood, for his exceptional enthusiasm and support, and to our 2022 President, George Osborne CH.

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Looking ahead, we may not know what is around the corner, but we are confident in our ability to respond, no matter the challenge, to ensure that for people who work or have worked in our sector support is in place, now and in the future.

Signed

Jon Wright, Chair Neil Lovell, Chief Executive & Secretary

TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] DECEMBER 2022

2022 DONORS

Independent Print Industries Association (IPIA) The History Press The Privy Purse The Publishing Training Centre Mr RPF Shorten Unite The Union

OUR GOVERNANCE AND STRUCTURE

The charity’s overall strategic direction is the responsibility of the trustees.

The trustee board (also referred to as Council) is the charity’s ultimate governing body and meets formally, with the CEO, four times a year. A trustee’s term of office is for a maximum of three terms of three years. The charity’s Bye-laws and Regulations set out its rules and governance requirements.

In addition to the formal trustee meetings, three sub-committees assist Council in fulfilling its role. They are the investment committee, premises committee, and staff committee. Of these, only the investment committee has delegated powers and independent (lay) members.

The charity’s day-to-day management is entrusted to the Chief Executive and senior management team with delegated powers and budget authority as laid down in the charity’s Bye-laws and Regulations.

The charity follows best practice as set out by the Charity Commission and uses the Charity Governance Code, refreshed in 2020, as a practical tool to help further develop high standards of governance. The charity’s work in aligning to the seven principles of the code includes:

Organisational purpose: The trustee board monitors and reviews the charity’s strategy annually as part of setting the budget and with the CEO and management team. The charity has a clear aim and pathway to achieving its objectives.

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Leadership: We review and update from time to time the trustee role descriptions, induction plan, and board pathway to ensure prospective and new trustees have a full understanding of their individual and collective responsibilities and the time commitment required.

Integrity: Every trustee is required to follow the trustee code of conduct, which is based on the seven Nolan Principles of Public Office. Trustees and members of the charity’s management team are required to complete Fit and Proper declarations annually and update the Register of Interest at every council meeting.

Decision making, risk & control: Our governing Regulations are reviewed from time to time to ensure that the terms of reference are fit for purpose and relevant for the changing landscape charities work in. We operate a risk and a safeguarding register and review both at all Council meetings or earlier if there is a reason to do so.

The board of trustees or the relevant sub-committee also review and sign off core policies based on an agreed calendar and timetable.

Board effectiveness: Our induction process ensures trustees are well informed and have a good grounding in all areas of our work. Trustees are given governance briefings and relevant training is offered. This is an area that will continue to develop depending on what is needed.

Equality, diversity & inclusion: Our focus is on maintaining our board’s good ethnic and gender diversity as well as improving its social diversity.

Openness and accountability: Our AGM is an opportunity for our members to hear about our activities and plans. Since the pandemic we have held postal AGMs which have resulted in a much higher level of engagement than the physical AGMs. We aim to combine, where feasible, a hybrid approach to AGMs with the aim of ensuring sufficient engagement by members in fulfilling their role approving the charity’s Annual Report and Accounts, and election and re-election of Council members.

OUR COUNCIL MEMBERS AND MANAGEMENT TEAM

Our Council members

Jon Wright, FCCA: Chair (appointed 2004)

Jon joined as a Trustee and Honorary Treasurer in 2004, becoming Chairman of the Investment Committee in 2007 until 2022, and appointed as Chairman of Council in 2013. A qualified accountant with the Association of Chartered Certified Accountants, he joined the Financial Times in 1974 and worked his way up to Acting Finance Director. Jon was Finance Director of Pearson Global Real Estate from 2003 until April 2019.

James Povey: Vice Chair (appointed Trustee 2004 and Vice Chair August 2021)

James joined as a Trustee in January 2004 and was appointed Vice Chair in 2021. Previously Group Publications Director at YM Group, James has worked in the printing industry for over 20 years in various sales and marketing roles.

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Pauline Blake FCA, CMIIA, QIAL: Trustee and Honorary Treasurer (appointed 2017)

Pauline was appointed as a Trustee and Honorary Treasurer in 2017, and became Chair of the Investment Committee in 2022. A qualified accountant with the Institute of Chartered Accountants of England and Wales and a Chartered Internal Auditor with The Chartered Institute of Internal Auditors, Pauline began her career at HLB Kidsons (now part of RSM International) before joining Pearson Plc’s Internal Audit team in London in 2005. In 2013 she was appointed Pearson’s Audit Director EMEA and in 2016 joined FT Limited as Internal Audit Director.

Richard Bernstein: Trustee (appointed September 2022)

Richard was appointed as a Trustee in 2022. A CFA Charterholder and Chartered Fellow of the Institute for Securities and Investment, he has extensive experience in compliance and risk encompassing financial advice, wealth and investment management. He is currently Chief Risk Officer at the Kingswood Group, where he is a member of the Executive committee and Director of a number of financial services firms.

Louisa Bull: Trustee (appointed 2019)

As National Officer, Louisa heads up Unite’s Graphical, Paper, Media, IT and Service Industries sectors. She was an industrial officer in the Sector and its predecessor unions for the last 20 years. Having worked in the industry since leaving school, she spent several years in The Daily Telegraph’s newsroom.

Julia Cole: Trustee (appointed 2015)

Julia was appointed as a trustee in 2015 and has held senior marketing, training, and sales roles within the print industry for 30 years. Previously EMEA Marketing Manager and Liaison for Dscoop, HP’s Graphics user group, she was Worldwide HP Advantage Program Manager until November 2019. She also worked extensively with the BPIF to establish the organisation’s graduate training programme and spent 12 years at Xerox.

Brett Lawrence: Trustee (appointed 2017 – resigned March 2022)

Appointed as a trustee in 2017, Brett has over 30 years’ print experience, starting as an electrical engineer and progressing to Production Director of Westferry Printers, running six national newspaper titles and five Sunday titles. He then ran production and operations for Guardian News and Media, and contracts in Ireland and Europe for 11 years.

Raffiq Moosa: Trustee (appointed 2014 – resigned July 2022)

Raffiq was appointed as a trustee in 2014. He has spent most of his working life in the printing industry, joining Multi Packaging Solutions in 1997. From early in his career he has been active in his Chapel and Trade Union and has been the Imperial FOC for his site for over 16 years. He is also the Branch Secretary of the GPM LE19 and a member of the Unite GPM & IT National Committee.

Andrew Neal: Trustee (appointed 2021)

Andrew joined Communisis in 2014 with initial HR responsibility for two divisions, before becoming Group HR Director in 2017. Communisis was acquired in 2018 by OSG and Andrew became Chief People Officer for the wider group in the summer of 2020. He is responsible for all HR activities, ensuring the group can attract, recruit, develop, and retain the best people. Prior to Communisis, Andrew held senior HR roles with Tesco Plc.

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David Phillips: Trustee (appointed 2019)

David began his print journey in 2006 when he joined K2 to work in their planning department. A number of acquisitions then led him to Paragon Customer Communications and, having progressed to the role of Site Director at Paragon Dagenham, he is now responsible for the day-to-day operation of one of the UK’s largest print production facilities. A keen advocate of talent development, he plays a key role in the Paragon Apprentice Academy and intern programmes.

Julia Palmer-Poucher: Trustee (appointed 2019)

Julia is the Group Production Director of Harmsworth Quays Printing. Harmsworth Printing is a subsidiary of Daily Mail General Trust, with Harmsworth providing intra-group printing supply services to dmg media, the media operating company within DMGT. During her 24-year career with dmg media, Julia has progressed from Circulation to Senior Production Manager and was appointed Group Production Director in 2013 with overall responsibility for the printing of all dmg media’s newspapers and magazines, and taking on responsibility for Primary Logistics from 2018.

Our management team

The charity’s day-to-day management is the responsibility of the CEO and Senior Management team. They operate within the scope of their powers as set out in the charity’s governing document and against the annual budget as agreed by Council each year.

Neil Lovell: Chief Executive & Secretary

Neil joined the charity as CEO in February 2016. His experience spans the commercial and not-forprofit sectors. His career started in an advertising agency in the late 1980s; eventually becoming Regional Director with responsibility for six offices. He moved to in-house roles as Director of Corporate Communication, firstly joining One-2-One/T-Mobile and then RAC plc where he led the development and delivery of large-scale and complex internal and external communications programmes. In 2009 Neil moved into the not-for-profit sector, initially working on fundraising and external relations. Prior to joining The Printing Charity, Neil was CEO of the Jamie Oliver Food Foundation.

Teresa Brinkley: Chief Operating Officer

Teresa joined the charity as our new COO in 2021. Her career in operations developed in marketing, design, and brand agencies over 20 years, culminating in senior strategic roles as COO for a global brand agency and Director of Operations for Rankin. In 2020 she moved to the non-profit sector and is now responsible for our operations including governance, people, policy, data, and health & safety. Teresa is an Associate Member of the Chartered Institute of Personnel Development.

Mark Rogers: Head of Finance

Mark joined the charity in 2018. He looks after the charity’s finance function and is a member of our Investment Committee. He is an experienced finance manager with a Diploma in Charity Accounting (DChA) qualification spending the last 17 years working at a senior level in both the care and education sectors.

Debbie Beck: Head of Welfare & Wellbeing (including our sheltered living)

Debbie joined the charity in 2014. A Chartered Manager (CMgr) and member of the Chartered Management Institute (MCMI) with change management and project management experience, Debbie has worked at a strategic level in the public sector. She has responsibility for the

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management and leadership of our welfare and grants, incorporating our sheltered living in Basildon and Bletchley.

Sophie Kirby: Head of Education & Partnerships

Sophie joined the charity in 2017. She has worked in the print sector since graduating with a BA (Hons) in Business Studies in 2006. Her roles have included project management, service delivery and, as an Account Director, predominantly working in large organisations delivering complex client facing solutions. Sophie has responsibility for developing our education initiatives and corporate partnerships.

Liz Ross Martyn: Head of Marketing & Engagement (appointed November 2022)

Liz joined the charity at the end of 2022. Prior to joining the Printing Charity, she worked in businessto-business marketing for media organisations, in both strategic and operational roles encompassing all areas of the marketing mix. Liz has responsibility for increasing awareness of the charity and growing understanding of its activities throughout the print world, increasing uptake of the organisation’s products and services as a result.

OUR POLICIES

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Statement of Recommended Practice (SORP), and 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 published on 16 July 2014.

Financial delegation

The trustees approve an annual operational plan and budget between September and December, prior to a new financial year commencing on 1st January. The operational plan includes the staffing and budget required. Where day-to-day change is deemed appropriate by the Chief Executive, they can implement such changes without referral to the trustees, provided that they do not materially alter the level of service provided, its quality, the approved staff level or the expenditure required, either in part or full-year terms, excluding items reserved for the trustees.

The Chief Executive has the power to vire monies across the charity’s operations in meeting the charity’s objects.

Grant making

The charity’s primary form of grant making is to individuals who meet their criteria. The charity assesses all applications for support to ensure they meet the criteria, particularly relating to length of time within the print sector and financial means, as agreed by the Council. Grants are primarily made to relieve and/or prevent poverty and assist those who are aged or distressed (as defined in Trustees of Mary Clark Home v Anderson [1904] 2KB 645). Every application is assessed on its own merits.

The charity is under no obligation to continue with the financial support further than the initial grant period specified when the grant is made. The charity also contributes through its Rising Star Awards and other funded projects to support apprenticeships, further education, training, and development for people in the sector.

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Grant criteria and amounts are set by the trustees and reviewed from time to time to take into account factors such as increased costs of living and other events. The level of payment is judged against criteria set out in the charity’s Regulations. The criteria, policy and procedure are monitored at least annually to ensure that they meet the charity’s objectives. Day-to-day grant decisions are based on the criteria and funding limits set by the trustees and are authorised by the charity’s CEO.

The charity also makes grants to organisations, where the trustees are satisfied that the receiving organisation or charity can identify individuals, who meet the criteria required under the charity’s objects. The grant recipients and the work of the receiving organisation or charity must also be consistent with the charity’s strategic aims. Working agreements are established between the charity and the receiving organisation to ensure agreed monitoring, auditing, and reporting on how the grant is used are in place. New funding proposals are signed off by the trustees.

Going concern

The accounts are prepared on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The charity’s trustees have approved the charity’s budgets and forecast for 2023, have considered the resources available in 2024 and conclude that the charity has adequate resources to continue in operational existence for at least 12 months from the date of signing of the financial statements.

The impact of inflationary pressures, rising interest rates and the UK economic downturn following the September 2022 UK fiscal statement has been managed carefully; primarily due to the considerable work completed in recent years to review our income and expenditure over the short to medium term and to ensure we maintain sufficient liquid funds to cover our forecasted expenditure for a period of at least 12 months. Expenditure will continue to be monitored and reviewed throughout the year and appropriate adjustments will be made accordingly to noncommitted expenditure.

Our strong cash position and absence of long-term financial commitments continue to provide certainty and reduce the need to make unnecessary investment decisions during periods of market volatility. As a result, there is a very clear view from the trustees that the charity meets all reasonable going concern considerations.

Investment

The charity predominantly relies on income from its investments to carry out its charitable activities. It also receives income from the sheltered homes. The charity’s long-term investment objective is CPI+4.5%, net of investment management fees, on a rolling five years’ basis.

Trustees can tolerate reasonable volatility of the capital value of the portfolio, as long as the charity can meet its short-term funding requirements through either income or liquid capital assets. The Investment Committee has delegated powers and includes representatives from the Trustee Board, the charity’s CEO, Head of Finance, and independent (lay) members with the necessary skills, knowledge, and experience to provide additional oversight. In 2022 three additional ‘lay’ members were appointed to the Investment Committee to further strengthen its skills, knowledge and experience in providing oversight of the appointed fund manager, Sarasin & Partners LLP.

The appointed Investment Fund Manager, Sarasin LLP, has complete discretion over the portfolio subject to FCA Rules regarding suitability and best execution. There are no specific restrictions, other than the limitations imposed by the charity’s existing Charter, that the investments should be suitable for Trusts. The Investment Manager takes a responsible approach to Environmental, Social

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& Governance (ESG) factors which are embedded in the overall investment selection process. Increasingly, investment committees are using their charity’s capital to encourage good corporate governance by using their voting rights that are attached to the investments they own. Voting is delegated to the Investment Manager and key votes are reported to the Investment Committee quarterly. There are no companies or sectors that are specifically excluded from investment.

The Fund Manager provides monthly statements setting out the value, composition of the portfolio and performance. The Investment Committee monitors progress and decides on further actions, if necessary, to produce the best financial return, within an acceptable level of risk, to ensure the sustainability of the charity.

Financial aims & objectives

Our main income comes from the investments. Income also comes from residents in our sheltered living developments in Basildon and Bletchley, and a small amount from donations, legacies, and other trading activities.

We have a portfolio of liquid reserves, which is a combination of working capital and investments to ensure the long-term sustainability of the organisation. The financial objectives for total assets are outlined below.

Primary

• Increase real value: Our overriding objective is to ensure long-term financial security so that our charitable objects can be delivered indefinitely. The primary objective, therefore, is to generate a total return (that is, a combination of income and growth) of 4.5% above the rate of CPI inflation on a five-year rolling basis. The current annualised return over a five-year period is 4.9%.

Secondary

• Liquidity & flexibility: Being a medium-sized charity with specific charitable expenditure relating to our sheltered living and beneficiaries, coupled with a variable income, it is vital that our investment assets provide diversification, flexibility, and liquidity to cater for inevitable changes in our situation and funding requirements. In other words, we wish to avoid negative implications of selling assets at the wrong time to meet urgent funding requirements.

We review our reserves policy to meet our medium to long-term funding obligations, predominantly relating to our sheltered living and beneficiaries in receipt of regular financial support.

• Income generation: Although we are flexible as to whether monies are drawn from capital or income, we would expect to generate some income from our investments. This should not be at the expense of our primary objective.

Reserves policy & liquidity management

The reserves level is reviewed at least annually by Council as part of the charity’s budget planning and in preparation of our annual report and accounts. In reviewing the level, Council considers the latest assessment and quantification of major risks and agrees an appropriate range in which the risk-based element of reserves (also known as ‘available free reserves’) should be maintained.

The free reserves level is based on an assessment of the potential financial impact of the risks faced by the charity.

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Short-term reserves policy

The short-term reserves policy is to hold low-risk, cash-based investments for any immediately required monies. This is to help support our ongoing deficit and the refurbishment works to our sheltered living, the majority of which completed at the end of 2022. Broadly speaking, these monies should be regarded as expenditure expected in the near term (less than three years).

Long-term reserves policy

Any capital not required for ongoing operational purposes or future designated projects is to be invested in the long-term portfolio (subject to oversight and approval by the Investment Committee). It is expected that this part of the portfolio will provide the greatest long-term protection against inflation. It is accepted that free reserves may rise and fall above this level during the short term due to the inevitable fluctuations in income and expenditure, as well as investment market volatility. The charity has considered and recognised the impact of market volatility on its reserves during the pandemic and the subsequent economic downturn and is confident that the impact is manageable. This will be monitored and reviewed at least annually.

Investment risk

It has been established that the Investment Committee and Council’s overall attitude to risk could realistically be described as Balanced/higher risk, as described below:

A Balanced/higher risk investor is generally market aware and understands and is willing to accept a higher level of capital volatility over the short to medium term in return for the potential for higher returns in the longer term.

The Investment Committee is keen to maximise diversification, whilst ensuring that the primary and secondary aims are achieved. The purpose of this diversification is to maximise opportunities for income and growth, whilst managing risk and both preserving and developing the capital value of the portfolio.

The Investment Committee and Council have discussed their “capacity for loss”, that is, the charity’s ability to cope financially with falls in the value of these investments, particularly if the fall would seriously affect its ability to meet its charitable aims. The Investment Committee and Council have agreed they would be uncomfortable if there was a significant drop in the value of this part of the portfolio on a given anniversary. The Investment Committee and Council consider the impact of investment volatility when deciding on the level of short-term reserves to be retained.

It is also worth noting that, in the event of a significant drop in the value of the charity’s assets, it can take immediate measures to reduce expenditure, whilst continuing to fulfil our charitable objectives. The charity’s ability to manage a downturn in its income is closely monitored and reviewed annually.

The Council and the Investment Committee are aware that volatility would typically be expected to be c10% over a five-year rolling period and take this into account when considering the timing of investment returns and changes to the investment portfolio.

Reserves

The charity has three types of funds: unrestricted, endowment, and designated. At the end of 2022, the charity’s total funds were £36.14m. £1.79m of this total was classified as endowment funds.

These funds represent assets subsumed under Order of Charity Commission from Caxton Convalescent Home and the Association of Printers’ Trust.

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In 2016 the charity established a designated fund of £6.15m to recognise the funds required to ensure the appropriate operation and maintenance of the sheltered living. As at 31st December 2022, this designated fund had been adjusted to £7.63m representing the net book value of the buildings of the homes and Assets Under Course of Construction £5.0m, with the remaining balance of £2.63m reflecting the maintenance needs over a 15-year period, based on the Almshouse Association’s recommendation and our average length of occupancy. The level of this fund is monitored and amended annually.

The free reserves available for the charity to the end of 2022 were £25.58m – this comprises c£34.34m of unrestricted funds less c£7.63m of designated funds, less tangible fixed assets within general funds c£1.13m. The main purpose of this fund is to provide income enabling the charity to fulfil its charitable objectives. The investment income alone does not cover the charity’s total annual expenditure. Therefore, free reserves are used to supplement income when needed. The charity’s strategy is to increase the impact of its charitable activities and, where appropriate, utilising the reserves to provide a platform for future growth.

Ethical & responsible investment

We recognise that our investments must be consistent with our objectives and our organisational values. At the same time, we must have regard to the fact that, while investment returns should help our financial strength as an organisation, we should remain mindful of the balance of fulfilling our ongoing charitable objectives.

Therefore, we select investment managers who are skilled, not only in generating good investment returns, but are also committed to and expert in ethical investment. We set an ethical investment mandate that reflects our objectives, our role, and our values, and we monitor the managers’ performance against that mandate. This approach is reviewed from time to time.

Our investment mandate identifies two categories of our approach to investment: the expectation of the investment manager to implement an ESG strategy when investing and the expectation that our investment manager is a signatory to the UN Principles of Investment.

Monitoring & review

The Investment Committee has delegated powers to review and monitor the performance of the Investment Manager(s). Meetings are held on a regular (currently quarterly) basis to provide sufficient oversight of performance, discussion on current and future risks, and to gain market intelligence and insight to support current and future investment policy.

The Investment Committee also reviews the valuations of the sub-strategies so that (if appropriate) funds can be re-allocated in line with the reserves policy. For example, if short-term cash reserves are more than the required amount, a discussion would take place to determine when this excess should be placed into the long-term portfolio, depending on projected cash flow needs.

Charges

The Council is looking for value for money and, in line with the guidance provided in the Charity Commission Statement of Recommended Practice, the charity is satisfied that any charges or expenses levied in relation to investment management may be deducted from capital.

The Investment Manager(s) provide a review to the Investment Committee, on an annual basis, providing a clear and transparent explanation of all charges and fees.

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Public benefit

Trustees review the charity’s public benefit annually against Charity Commission guidance and are entirely satisfied that the charity continues to fulfil a valuable public benefit to those for whom the charity was established to help.

Establishing a free 24/7 industry helpline and rolling it out to people working in the sector is further evidence of how the charity is growing its public benefit.

Additionally, the charity targets assistance at those whom it believes to be on an income that meets its definition of poverty, as set from time to time, and have limited savings.

The charity assesses an individual’s overall financial situation by reviewing a range of information provided by applicants to ascertain eligibility for help. The help provided is both practical and emotional, including financial assistance and signposting to specialist services.

The charity also seeks to assist people, who are vulnerable due to age, infirmity or other circumstances that put them at a disadvantage in our society. It assesses each application on its own particular situation.

Trustee recruitment, induction, and training

The charity has a policy of drawing its trustees predominantly from the industry it represents. However, the Trustee Board considers all prospective trustees based on an individual’s skills, knowledge, experience, and available time to fulfil their role and support the charity’s aims. Trustees may initially be co-opted and are subject to formal election at the subsequent AGM. One third of trustees must retire at each AGM and are eligible for re-election provided they are within the maximum term allowed.

New trustees receive an induction pack based on Charity Commission ‘essential guidance’ for new trustees. This is supported by a meeting with the Chief Executive to discuss relevant issues prior to attending their first trustee meeting, visits to its sheltered living and head office to meet the charity’s team. The trustee has a follow-up meeting with the Chief Executive at an appropriate time after appointment to give feedback.

Trustees receive details of relevant training courses where appropriate including articles and information from the Charity Commission. The trustee recruitment policy is reviewed from time to time. Our investment fund managers also provide seminars, which are open for members of the Investment Committee and trustees to attend.

Remuneration

The charity is committed to pay staff fairly to attract and retain appropriately qualified staff to lead, manage, support, and deliver the charity’s objectives.

The charity’s ethos is to ensure that no member of staff earns less than the National Living Wage, which is an hourly rate set independently and updated annually, based on the national living costs in the UK. Salaries for key management personnel are benchmarked, where possible, against similar roles or family of roles, within comparable sectors or environments.

Trustees also agreed that salary costs (excluding redundancy/termination expenses) should not exceed 25% of the charity’s total expenditure. The actual achieved in 2022 was 23%.

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The charity’s Staff Committee meets annually and reviews salaries against cost-of-living data at that time.

Safeguarding & whistleblowing

The charity’s safeguarding and whistleblowing policies reflect the areas of work it is involved in. The charity has a clear process to follow if there is any cause for concern. This includes a register of potential concerns and actions taken.

Trustees are informed of any issues as appropriate and it is a standard item on the council agenda. These policies are reviewed in line with changes in policy or guidance from the Charity Commission and other relevant bodies. Although the charity’s sheltered living does not deliver care to residents and is not covered by the Care Quality Commission, the charity is a member of the Almshouse Association and adheres to relevant best practice recommendations. The charity is also a member of the Helplines Partnership to further support its access to training and best practice guidance.

Risk management

Trustees assess the major risks to which the charity is exposed. The key areas of risk include safeguarding relating to our residents and beneficiaries, security of our systems from cyber attack and fraud. In general, the areas of focus are related to the operations, finances, and reputation of the charity. The trustees are satisfied that effective systems and procedures are in place to mitigate the charity’s exposure to risk, including, in recent years, measures taken to provide COVID-19 secure workplaces and following government guidelines within the sheltered living.

Risk management also appears on sub-committee and senior management agendas as a regular item. This cascading approach is designed to manage the risk as effectively as possible. Risk management and the charity’s ‘risk map’ are standing agenda items for all trustee meetings. Trustees assess risk management every twelve months.

The charity takes cyber security extremely seriously. We outsource our IT management to CNC Ltd, which is an ISO 9001 accredited provider of IT infrastructure and support services with over 20 years’ experience. All changes to our organisational data are securely recorded every 60 minutes and are backed up every night to an off-site location. We employ Webroot to protect our systems from antivirus and malware, and Windows Bitlocker to encrypt our data. Our office network is cloud-based using Microsoft Office 365.

Our cloud-based Customer Relationship Management (CRM) system is through Salesforce. Salesforce provides realtime monitoring of system performance and security on a microsite dedicated solely to security. Salesforce also uses the latest Transport Layer Security (TLS) for authentication and encryption. TLS, the most widely used security protocol in the industry, protects the privacy and integrity of data as it moves between two communicating applications.

Supplier payments

The charity does not impose standard payment terms on its suppliers, but agrees specific terms with each supplier and then pays in accordance with this agreement.

Auditor

Crowe UK LLP has indicated its willingness to continue in office.

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Endowment Funds Association of Printers’ Trust

Created by way of a Charity Commission Scheme on 9 June 1992 as a subsidiary charity of the Printers’ Charitable Corporation, this brought together 24 charities, which had been founded between 1863 and 1939.

The charity was known as the Printers’ Charitable Corporation Trust and the order refers to this name. The trustees subsequently changed the name to the Association of Printers’ Trusts. The trust was initially set up as a subsidiary charity of the Printers’ Charitable Corporation. In 2010 the Charity Commission agreed to a further scheme, which subsumed the Association of Printers’ Trusts into the Printers’ Charitable Corporation as an endowment fund.

Caxton Convalescent Home Trust

The Caxton Convalescent Home was built at Limpsfield, Surrey and opened in 1895. The home became a reality because of the efforts of John Passmore Edward, a notable Victorian philanthropist. In 1974 Caxton Convalescent Home was subject to a Charity Commission Scheme, which vested the administration of the charity and the property in the Printers’ Charitable Corporation.

In 1977 the convalescent home was sold due to the annual cost of reinstating the home greatly exceeding the income. Following the sale, the Printers’ Charitable Corporation offered convalescent care at Caxton Lodge in Eastbourne. This too was eventually sold due to a lack of demand. The funds were invested on behalf of Caxton Convalescent Home Trust as a subsidiary charity of the Printers’ Charitable Corporation. In 2010 the Trust was subject to a further Charity Commission Scheme and the endowment fund was created.

OUR KEY OBJECTIVES FOR 2023

Our trustees set our key objectives each year to ensure we learn from our past, remain relevant for today, and consider what we could be facing in the future.

2023’s objectives have been set against a backdrop of continuing uncertainty, where people still faced unexpected pressures and challenges in their daily lives. Within this context, we will be able to fulfil our charitable purpose and will manage our organisation against our agreed budget to meet the following priorities:

• Manage the charity effectively, and against the agreed budget, to meet the organisation’s aims and objectives

• Track progress against the key strategic priorities as defined by the Council in 2022

• Complete formal production of an ongoing homes maintenance programme to ensure the charity’s physical assets are well-maintained

• Expand the Helpline offer to more companies, with a target of 350 by the end of 2023, together with identifying a clear programme to manage Helpline relationships as the reach of new companies grows

• Build the success of the Rising Stars Awards programme to pre-Covid levels, targeting circa 100 winners representing the breadth and depth of the sector, by maximising awareness of the awards through new companies signed up to the helpline

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• Develop a clearer understanding of the pressures facing employees through our new and existing network of companies adopting the helpline, to identify ways in which the charity can reach those in most need, including any post-Covid pressure points

• Continuous improvement of operations and governance to maximise the opportunities of digitisation and ways of working that support the overall aims of the charity

REVIEW OF FINANCIAL POSITION

The year 2022 will be seen as a period of significant volatility in energy, commodity and financial markets due to the war in Ukraine, global inflationary pressures as economies reopened from COVID-19 lockdown restrictions, Russia triggering an energy crisis in Europe, central banks aggressively rising interest rates, and the UK’s Q3 fiscal statement (‘mini-budget’). The year will also be remembered for the significant political upheaval in the UK with three Prime Ministers and four Chancellors passing through the doors of Downing Street. Kwasi Kwarteng’s (then-Chancellor) plans for unfunded UK tax cuts in September 2022 resulted in a depreciation of the currency (sterling crashing to a record low of $1.03), an expected increase in interest rates affecting future mortgage rates, and financial instability in which some pension funds were forced to offload billions of pounds of UK government bonds at distressed prices.

With our continued medium to long-term focus, the largest proportion of the charity’s main investment portfolio continues to be made up of UK and global equities (2022: 71.7% compared to 2021: 77.3%). As of 31 December 2022, our total investments had fallen to £28.65m – a decrease of 15.0% from the previous year (2021: £33.70m).

Global stocks suffered their worst year since the 2008 financial crisis. The MSCI All-Country World Index of stocks lost about a fifth in its worst performance in 14 years. Europe’s STOXX 600 fell by about 12%, its worst performance since 2018. All three of the major US stock indices suffered their worst year since 2008 - with the S&P 500 falling by 19.4%; and the Dow Jones Industrial Average and the tech-heavy Nasdaq Composite falling 8.8% and 33.1% respectively. The UK’s FTSE 100 was unique in posting a small gain of 0.9% over the year, lifted by energy companies and defence firm BAE Systems. Bonds were not immune to the volatility seen in financial markets. Global bonds fell sharply losing 31% in 2022, the worst annual performance for fixed income in more than a century, with UK bonds faring even worse falling by 39%.

In the face of these demanding global economic and geopolitical circumstances, the charity continues to maintain a diversified portfolio which also includes bonds, property and alternative investments; and it has appointed three new lay Investment Committee members who bring with them vast knowledge and experiences from the world of financial services. The charity’s strategic asset allocation policy, investment portfolio composition, as well as its exposure to major currencies, are discussed and acted upon at our quarterly investment committee meetings. Our continued aim is to maintain a stable budget by achieving a return, which supports the charity’s distribution policy and charitable objectives. We regularly monitor and evaluate variances to budget as part of our financial controls.

Our income continues to be mainly sourced from our investments and sheltered living contributions - amounting to £1.06m in 2022, a 19.8% decrease from £1.33m in 2021. Investment income has fallen from £716.6k to £532.2k - a change of £184.4k - due in part to reduced dividend income receipts.

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Income from sheltered living increased by £35.4k to £502.9k – a rise of 7.6% due to slightly increased occupancy levels. Occupancy at Beaverbrook House rose from 89% to 94% and the occupancy at Southwood Court rose from 76% to 79% as the adverse impacts of COVID-19 upon the charity’s ability to promote its facilities began to disappear. Donation and legacy income for the year totalled £14.4k, a decrease of £127.0k on the prior year due to the absence of any large legacies in the year.

Expenditure on our charitable activities has increased by 6.3% from £2.95m to £3.14m. There have been significant increases in welfare (from £1.09m to £1.23m), helpline (from £199k to £269k) and education & partnerships (from £249k to £301k). There was increased demand for one-off grants as we provided emergency support for those employed by businesses who went into administration. Also, in response to the cost of living crisis the Board agreed to a one-off significant increase of the Christmas payment to those in receipt of Regular Financial Assistance, with two winter grants made during the year. Our helpline now covers over 18,000 people in 211 companies as the total number of people helped directly and indirectly through our activities continues to grow. There were recruitment costs and salaries related to the appointment of two new Relationship Managers. Overall, these increases in expenditure reflects the ongoing commitment of the charity to extend its reach and help to those in need.

With our works on our residential homes now complete, we do not have a year-end capital expenditure balance in relation to our Homes Maintenance Programme i.e. Assets in Course of Construction (2021: £1.2m).

This year we made a net loss after investment losses, which amounted to £(6.4)m compared to a gain in 2021 of £1.0m - a change of £7.4m. This significant decline is predominantly driven by falls in the market values of the charity’s investments during a very challenging global economic period (2022 loss of £4.1m compared to 2021 gain of £2.8m).

Overall, we regard the charity’s finances as being in a sound position to meet its upcoming and medium-term financial obligations.

A note on our policies on Reserves, taxation, and supplier payments:

• The Printing Charity's unrestricted reserves amount to £34.3m plus endowment reserves of £1.8m, giving a total of £36.1m representing a decrease of 15% from 2021. Free reserves amount to £25.58m as we have established a designated fund of £7.63m to cover our sheltered living’s future maintenance needs (£2.63m) and the net book value of the homes (£5.0m). Financial reserves provide the income and capital growth to fund The Printing Charity’s charitable activities by subsidising residents in our sheltered living and meeting the full cost of grants payments. The level of reserves is monitored regularly and reviewed annually.

• The Printing Charity is a registered charity that can claim an exemption under section 505 (Income and Corporation Taxes Act 1988) for income and gains, which are applied for charitable purposes. The charity is not registered for VAT.

• The Printing Charity does not impose standard payment terms on its suppliers but agrees to specific terms with each supplier and then pays in accordance with this agreement.

I am confident that the charity will continue to move forward over the coming 12 months, and it is well supported, both financially and by those charged with protecting its assets, to increase its reach and impact in the future.

Pauline Blake, FCA, CMIIA, QIAL Honorary Treasurer

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Trustees approved the Annual Report and Accounts on 9th May 2023.

Jon Wright, FCCA Chair

STATEMENT OF THE TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources 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 in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards 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, 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. 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.

In so far as the trustees are aware, at the time of approving our Trustees’ Annual Report:

• there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the charity’s auditor is unaware; and

• the trustees have taken all the actions that they ought to have taken as members of council, in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PRINTING CHARITY

Opinion

We have audited the financial statements of The Printing Charity (‘the charity’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient and proper accounting records have not been kept by the charity; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement on page 21, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context were General Data Protection Regulations, Health and Safety at Work Act and the Equality Act.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

Reading

24th May 2023.

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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STATEMENT OF FINANCIALAcfiviTIES for the yea¥ ended 315t December 2022 2022 Total 2021 Total Fynds Funds Ineomè and endo¥mints from: Donations and legacies Charitable acti¥￿eS.. 14,368 141,329 Hornes Sheltered housing Other tradinE athvitie5 Investment income 502.930 13.9ZZ 466,UO 997,540 502,930 13.922 532,151 1063,371 467,484 500 66,031 66.031 716.580 1.325,893 Totsl Incomo Expendfture on: Cost of raising fund5'. Expenditure on othertradirw activities Investment management costs 70 24.370 230,927 808 ZZL065 165.485 Charitable activitres.. Sheltered housing Welfare 1.116 1.231P56 301.162 168.782 1.116.865 1232,056 301.162 268,782 62,673 1.178.882 1.085,926 248,879 198.886 Education & Partner5hip5 Helpline Horne Maintenance Project Costs Promtsttn8The Pririttng Charity Marketing & Events Public Relatlons 61673 57.176 %,978 58,972 78,230 102,997 58.972 Totsl expendlture 3.38Z.9ZJ 9.86Z 3392.785 3.117,269 Net GainllLossl on investments (including forex rnovementsl 11 13115.4771 1254.0411 I4.069￿18) 2,835.759 N•t IntomèlEyndhur• 16301.0601 1197721 16.398?321 1,044,383 Is 150.6331 Reconciliation of funds Fund balance5 brought forward at l January 40N94.148 2.043.235 41￿37,385 41,493,000 Fund balances carrfed forward at 31 December 34.343.711 1,794,730 36,138,451 42,537,383 The outgoingfincorning re50urces and Tret rn0sEment in fvnd5 forthe curTent and prioryear5 relate to continuing artiwtie5. All re81ised gains and losses are included within the Ststement of Finanoal Activities. 25

BALANCE SHEET as at 3tst December 2022 2021 Total Funds Funds Total FiMd a5s•ts Tangible fixed assets Investments io 6.134.720 26,857,952 6,134,720 28,652,682 6,107,458 33,700,260 li 1.794,7XI 32,992.672 1.794.730 34.787.402 39.807,7J8 Current assets Debtors .124 1.609.681 .124 126,957 3.125.987 3,252,944 Cash at bank and in hand Lf4)9.681 1,699W5 1,699,B05 Current Ilabl1￿e$ Cr•ditors'. amounts falling due within one year 1348.7561 1348,7561 1348,7561 1348,7561 1523,2791 1523,2791 I.351￿49 1.351,049 2.729,665 Total assets less current Ilabllkles 34.343.721 1.794.730 36.U8.451 42.537.383 Nrta$5¢ts 34,343,721 1.794,730 36,138,451 42,537,383 Thtfunds ofth* tharlty Endowment funds 15 1.794.7JO 1.794,730 34.343,721 36.138.451 2.043,235 40,494,148 42.537,383 Unre5trirted fvnds 34,343,721 34.343.7ZI 1.794.7XI These financial ststements were apprrwed h the Council of The Printing Charity or$ 9th May 2023 and signed and authorised for issue on its behalf bv.. Jon Wright. FCCA Chair 26

STATEMENT OF CASH FLOWS for the yearended 3tst D￿effib￿ 2022 2022 2021 Net cash used in operating artivrknes 12.491,3291 12.139,9941 Cash flows frorn irw￿n8 actfvitle5 18b 975.023 455,569 Changes in c45h duringyear 11,516.3061 11.684.4251 Cash and cash equivalents at 1st January 3.125.987 4.810,412 Cash and cash equivalents at 31st Decemter 1,609,681 3,125,987 27

NOTES TO THE ACCOUNTS l. Atttuntin Policies al Basis of ￿COUnting Thefinancial 5taternents have been preparedon the histori( cost ba515 as rnodified bythe indu5in of irNestrreThtsat ma￿rtet value. Eypenditure is reccÉnised on an accruals ba%s as a liabil is irKurred. Liabilthesare reco￿lIsed as soon as there is legal cconstructi¥ obligation COMMthngt￿ O)aritytothe Apenditure. ThefinaMal repOrtirefranM￿kthat ha5 ap￿led in thÈyr prepaRtion ￿ applicable law and Unitsd Kiw¢kni Accounting Stsndards, including FPS 102 TrFinanaal Repo￿ngstrnd8rd appI1(Ab￿ in the UK and ReWbI￿ of Ireland. Iunffted Xingdom General￿ AC￿pted Acc(xJntin8 Practi￿) a5 Itappliesfrom ljanuary 2019 andtr Charitie5 Act 2011. Irrecovera131e VATt5 thar¥ed against therategyof re50ur Co5t50f raNngftJnd5 cornprise thec05ts associated with attr3ctingwhjntary1nc0rr￿. Charitsble exp￿d￿(ure comprisesthose costs incurred by the charity inthe delwyof itsactiwties and servicesfor rtsbenefiaaries. r( indudes both coststhatcan be allc<ated direct￿ to actiwties and thosecosts of an indirect nature Thefinancia15tsternents have been preparedtogi¥r a Irue and fair, view and have departedfrom the Charitie5lPawnts and Reports) ReEulations 2(LB only toextent wuired to prowde a'true and fair, view. This departure has itwol¥ed followng'AccountinE and ReporbnE b4 Charitres preparing their acwJnts in accordan￿￿th the FinaNal Reporhr 5tsndard applicabk in the UKand Rewblic of IreLand IFRS 1021. ssued In O£tober2019 ratherthan A£(ountin8 and Rwting bycharities.. Staternerrt of ReC(￿￿rnEnded Prathe. eff frorn l Ortober 2019which hassince been withdrawrL charity is a publit benefftentity. G￿MarKe¢o#S I￿lUdeth05ec05i5 irwdwingthe public atcountability of the charity and it5 c0tnpl1an￿ with regukn.on nd g(KxI praciKY. TIEse LX)5ts includec05ts relatingto tutoryaudit, le8al feestogether wth an apportionmentof thead and SUFV)rtcosts forthecouncil and addressing conskntutional, audr( and other statutory requirements. Cther costscoRr aCb￿t￿5wh￿h are deygned to promote the ChariVs workwith the intsntion of ad)ievingthe strate8lC Objecti￿ of helping mre people in a meaningful wav. Expenditutè underths heading has been broken down into rnarketirygof thE CharTtytofunder5 and beneficiaries, publi rebt1(￿S and communrions Ithis is gereral material and vity rdatingto C(P4erwithinthe tnedia, includingso￿al rnedia artivttylt(Wherwith attendan￿ atindustyshow5 and seminar5 whKh Lxrtto those withinthe industry. ThefinarKia15tstwnents are we5ented in 5terfingard are roundedtothe nearest pound. blGoln¥cotKem detsiled in theTrustee's responsibilthe5ststement. the accounts are prepared on a goingconcem basis Lnless rf(is inappropriate to presurr that the charitywll continue in operation.The charity haveconsthredard ret(wtsedthe ongoing irnpact of currerrt ecorK)mic5ttuation on it5 reserv In addthonthe charivstrustees hwe appro￿￿ the clwrivs budgets and forecasts for 2023, and have (xJn5idered th resource5avaikble in 2023 and in have increased rash reser¥e5fore¥pected expenditureforthe first halfof 2023 and conclude thatthe Charity has adequate resourwtocontinue in operation31 existerKefor at kast 12 months fromthede of Si8ningof thefinancial statements. Nease refertothe trustees report forfvrther infomiation. Imstsare alkKated ￿ts¥een the &Krendf(urecatsgoriesof the Stateffnt of FinantsalActiwtseson a basis degned to reflect the use of the resour￿. Costs relatingtoa parhcular hvity areallcthe in(xKrE. tt 15 probablethattlE inc(xre *il be retrwed and ￿arnOUnt (an be rrea5ured rdrdbty. Income fromthe provision of shehered hw5inE 15 Kcounted for on an accruals basis. 28

NOTESTO THEACCOUNTS Il Grams payable Grants payable are accounted foron awBrd tothe reopient. G￿Trts and the level of Erant arejudged against Criteria set out in the ch8riVs legislation. Grants are madeto relie¥aThJ prevent poverty and assistthose whoare aged ordistressed. Grants to or8ani5thons are made vthere the trusteesare satisfied thatthe receiwng organi5ation or charttycan identify individualswho meetthe£riteria requirÈd underthÈ drrtrfs kl Rtrthut arKI dÈsnattd resen￿$ objects. Generally all donation5, realised capital gainsarKI other rEceptsof a capital natu￿ a￿ added tothe revenue reserve. unless required forsFecffic projects. Any income not utili5ed on tharitsbk eX￿ndItUreOr in meeting the administration and other eynsesof the year in ¥hich it isearned. is set a%de for specific projects. Costs irKurred in relation tothe Home Maintenance PrcgTrmme have been recorded a5A55ets in Course of Construchon. Eypenditure of a capitsl nature relating tothe Home maintenan￿ Programmewill incurdepreciation until rrified as c¢)mpletÈd and costs allocatedto the appropriate Fixed Asset categ(ry and deP￿lated atthe appropriate late. h) Flnanaal The Charity On￿ has finarKki1 assets lother debtors. rents. 108ns, 8ccrued incorrl and finanaal liabil￿eS lotherueditors. accruals) of a kind that qualfy as basicfinanual instruments and are not considered to be of a finanang nature. Such financial instruments, exceptfor investments, are inthal retognised atthe tt3n5action value and subsequent measured at their 5ettlementvalue_ 11 Penskn tosts The Charity opÈratesa defined contribunon group pÈts¢)nal n￿0￿ plan. Pension c05t5 are accounted for on the basis of thargingartual costs of prowidirE pensions during the year. Outstsnding()ntrilxrtf¢)nsforthèyÈar hiÈ been intluded in Other Credftor5. 111rnfft5trnEnts Investments are smed at their BKknarket value at 31 Detrmber. Realised gainsand1055es and the tharEe in V81ue of investrnents held attheyearnd aretsken tothe statement of Financial Aththes. Realised gains and los representthe drfference between net proceedsof Sa￿ less the original cost, unrealised gains and losses rewesentthe movement aftertaking account of sales in the ￿ar, in the difference between the marketvalue of securitiesat the￿ar end and their Original cost. Gross lntomefv0mf￿ irteresi 5ecuritie5 15 accounted foron a receNakAe basis. Inve5trrent management fees a￿ gross of anycomrnission rebate recewed on the PDrtftAK). Rentals payable under operating leasesare charged in the ststement of Fina￿la1 ActNititson a straight line basis over the lease tern). n) Llwld Yesourtes Forthe purwjsès of preparingthe cash flow sratement all sIK>rt-term deFx)5its Mith a maturTty 8reaterthan ￿e day but than one year are treated as liquid rey)urces. o)Cor￿rat￿jnlZx The Printing Charity i4 a registered charityand as such its irmme and gairtsfalling within Sections471 to 489 of the CorpOra￿n Tax Act 2010orSection 2560fTa￿tion of Char8eable GainsAct 1992 are exempt from corporation tax totheextent that theyare applied to itstharitsble objectives. Income generated by the endOW￿￿t￿nd$. which we invested sepaTrtely from the unrestricted fvnds are applied to the Charity's Welfareactivities. Thecharty has rem￿S1On to usethe Incor￿ in this way underthe Sche￿ that set up the Association of Printsrs, Trust and Caxton Con%lescent Iksme. 11 T•￿ble asstts ènd dÈwedatl¢)n Iterns of expenditure of a capital natUreexce￿ir￿ a de rninimi5 level of £l,tXM) are capitaliseil and induded in fiYd assets * cost or waluation atthe date of tY0natiC￿. tterr6 of expenditurethat are b2lowthe de minimi5 lirnfft aretaken dirertlytothe Sternent of Finanoal Acbwbe5. tkpreciation is calculated on a straight-line basisto write down the c05t of the assets overtheir estimated useful I￿atthe fc4hx¥i rates.. pl Funds The charity haSthr￿ offunds.. unrestricted, end0vm￿￿t, and deslgr￿ted. Unre5tricled are those which an Pk spent at theTrustee5' discretion within the powers 81%￿rI underthe Riryal Charter_ EndowTrient are the funds subsumed under Order of Charity Commission from CJ¥ton Corfv71escent Horne and theAssociation of Printer5, Trust. Freehold Buildings Fixtu￿ and Fithn8s- General Elettrical Equipment Computer Equipment 2% per annum I(WA per annum 2(PA per annum per aruLum No depreciation is provided on freehold land. 29

NOTES TO THE ACCOUNTS 2. Particulars of income and nditure from letti Z022 Unrestrkted Funds 2021 Unrestricted Funds Income from lettlnES Sh•k•r•d hou5inK Rent receivable net of identifiable service char8es Service charBe5 re￿1vable Gross rents receivable 549.687 31,380 581.067 538,111 30,724 568.835 1101,3511 467,484 Le55.' Rent lossesfrom ¥￿d5 Total Intomèfrom Idtfr 501930 Exptmd￿￿rt ¢)n lettln8 •thlllts Sheltered houslr Direct C05t Services 32.550 356,433 32,550 343,340 416,437 296,568 1,088,895 Managernent Routine maintenance Depreciation 376,012 (￿1,810 Support & Governance cost Administration 78.935 36,1 115.035 67.358 22,629 89.987 G¢)vernan¢e Total expendlture on lettln 1.116.865 1,178.882 Oyratlnt defttlt ¢)n lettlne attfvlllts 1613,9351 1711,3981 3. Trustee Ex nses 2022 2021 Unr•strict•d Funds Unre5trirted Fund5 Reimbursement of expensesto paylor retirement eyent 143 The Trustees did not recewe any remuneration lirKludirg ￿er￿10Th contribut)n51. Trustee received reimbursernent of £143 in expense charges in the year ending 2022. 4.Em lo sandma ent In addition tts the Trustees, the Charrty tonsiders its key mana8ernent personnel to comprise of the Chief Executive, the Chief Operating Officer, the Head of Finance, the Head of Wetfare & Wellbeing, the Head of Education & Partnerships. and the Head of Marketing & Engagernent The number of employees who re￿Ved emoluments atr)ve £EQ.(W (excluding pen%on ￿￿tribUtiOns) in the following range was.- 2022 2021 £90,CKII to £I￿.oCKI £70,0)I to £80.COJ £60.Wl to £70,000 30

NOTESTO THEACCOUNTS 2022 2021 Average monthly number of persons lirKluding part-time employeesl em￿0ved duringthe year.. Sheltered accornmodation Head Oflice 12.2 19.2 The average number of employees expressed in full-time equivalents". Sheltered accommodation Head Office 11.9 12.6 16.6 18.5 Key M8na8ement staff Costs Wages and salaries s￿la1 Sècurity costs Employer Pensi￿ costs 272.873 247,997 28,740 54,929 331,666 33,217 362,934 Totsl Staff Costs Wages and salaries Social Security costs Employer pension costs 617.936 63285 525.137 49.692 85.903 767,124 69,587 644,416 5. Investment income Endowment Fund5 2022 Total Funds 2022 Investment inc¢)me- listed 451,380 7.683 7,057 50,602 31 501,982 7,714 22,455 532.151 Bank interest receivable Rebate frorn Inve5trnent ManaBer5 Total Investment Income 2022 15,398 66.031 Unrestricted Funds EThdcwment Funds 2021 Ttstal 2021 Investment income- listed 513,443 54,198 567,641 346 Bank interest receivable Rebate frorn Inve5trnent Mana8er5 Totsl Investment Income 2021 143.692 148.592 657,481 59,098 716,579 The Charivs Investrnent Managers rebatethefees they charge on the Common In¥estment Funds ICIFI they manage so that the Charity 15 not charged twice. 31

NOTESTO THEACCOUNTS 6. Other tradin activrties 202Z D1￿ct Unrestrftted Empendlture Surplu5llD•ftcitl 2021 unrestricted SurplusllDefit((I Annual Printing Charity Luncheon other Events 123.0811 19.5951 436 500 13,922 123,CQil 19,1591 SC 150f rants Grant givingto individuals and institutions is the core activty of the Printin8 CharitWs work and the trends and developments in this activrty fom a major feature of the Trustee report. The cost of these grants and the administration thereof, are as follows= Unre5trKted Funds Endowment Funds 2022 Totsl Z022 Grnrtsto individuals Wehre Financial Support Nursing home grants Unernployment Support Ontroff grants 862.050 8.318 1.516 862,050 8,318 1.516 152,884 1.024.768 152,884 1.024.768 Education & Partnetshlps Print Futures- Educational Bursaries 78,187 78,187 Rory Peck Trust NCTJ New star college Stationers Foundation Shine Awards 5.349 5,349 Wiltshire barn project other Projects 4,570 4.570 180.666 Total Grants to IndI￿dUal$ 1.205,434 1,205,434 Support Cort Welfare Adrninistration costs 50.744 50,744 Governance costs 24,497 24.497 75.241 75,241 Edueadon & Partnetshlps Administration costs 42.286 42,286 Govemance c05ts 19.984 62,270 137,511 19,984 62.270 Totsl Support Cost 137,511 Totsl Grants 1.34Z.945 1.342.945 32

NOTESTO THEACCOUNTS Vnrthcted Funds Endowment Funds 2021 Total 2021 Grantsto Indmduals Welfare Regularfinanclal assistante Nursing home grants Unernployrnent Support One-off gtants 804075 804,875 5.2CKI 5.20) 720 720 899.483 899,483 Educatlon & Partneyshlps Print Futures- Educational Bursaries si.iii 51,111 Rory Peck Tnjst NCTJ Ststioner5' Foundation 12.¢ 12. Stationer5' Foundation Shine Awards Other Projects 269 269 147,780 147,780 Totsl Grnnts to IndS¥lduèls 1.047,263 1,047,263 Support Cost W4lfar• Administration costs 43,301 43,301 Govemance costs 15,356 15,356 58.657 58,657 Edu￿￿trn & ￿rtnerShIPS Administration costs 36.084 12.527 48.611 36.084 12.527 48,611 Govemance c05t5 Totsl Support Cost 107,268 107.268 Totsl Grnrrts 1.154,531 1,154,531 33

NOTESTO THEACCOUNTS & Anal sofEx nditure Dlrert SuPp￿t Gobwnance 2022 Total 2021 Totsl Cost of other trading actwities Investrnent Manager c05tS 23.081 212.439 24.370 230,927 12.686 5.802 165,485 Sheltered hou51 I.iX)1.830 1.156.815 78.935 50.744 36.IlJ) 24.497 1.116.865 1.232.056 1.178,882 1.085,926 Welfare Education & Partnerships Helpline Home Maintenance Costs 238.892 42.286 19.984 301.162 248,879 198,886 57,176 194.832 50,743 23,207 3,868 268,782 62,673 %,978 58.972 58.805 Marketing & Events Public Relations 58.877 36.376 2,981.947 31.010 15.505 7.091 7.091 128,929 78,230 102,997 3.117,2S9 Total 281,909 3,392,785 Support Costs of £281,90912021.. £240,563) have been allorated across artivtbes. These indude costs as5(xiated with h"nance, payroll, providin8 management, property, IT and other tentral servKes. Costs have been allotated based on time spent bythe Directorate 5upw)rhng the variou5 ath¥￿e5. Governance (x)sts of £128,92912021." £80,819) have been allocated acr055 activitie5 in respert of the peT£entaEe of the costtothe totsl charity's expenditure. zozz Totsl 2021 Total Net MoveTrient in funds forthÈ year is Stated fter charging.. Funds Depreciation on tsngible ffxed assets Auditor's Rernuneration linc. VATI - Crowe 387.163 387.163 305.867 25.( 49.455 22.740 31.355 Operating lease tharges- ￿Ik11r*S 49A55 34

NOTESTO THEACCOUNTS 10. Fixed Assets Taniible FiNed Assets LeJ5ehokl ￿￿￿methts Freehold buiklln¢s Assets Fwtvres Fixtvres Courteof &Fththrts &Fltthw &FItht Totsl At 1st January 2022 16.L 65SXI.626 L196.707 858.314 450.654 18.028 9.130.397 Addthon5 498.919 5,672 512.591 116XWI 197.6121 127.4071 1143.0521 Transfer I.21￿.?01 I1.598￿14) 388.879 2.434 At 31st December 2022 7.797,327 1.219,786 459.123 23.7C￿l 9,499.936 Deprttlatlon At 1st January 2022 16.rfi8 2,639.388 169.569 188.8(r4 9,105 3,021939 Charge foryear 155,946 130,043 89,325 11,849 387,163 Disposa Il6.0681 126.8931 144,8861 At 31st December 2022 1795J34 271759 276.169 20.954 3,365,216 Net boo*¥alue At 31st December 2022 5.i¥JL993 9•7￿27 182,954 2.746 6,134,720 At 31st December 2021 3.951.238 1.196.707 688.745 26L845 8.923 6.107.458 35

NOTESTO THEACCOUNTS 11. Fixed Assets Irbvestments Unrestrlcted Funds Total Funds stsd Securiti•s A5 at 1st January 2022 Additions 31,057,225 12.355.717 114.368,1101 13.243.217) Z5.801.615 31,057,225 2,043,235 33,100,460 12,358,581 114,368,1101 13,497,258) 27.593.673 33,100,460 0isP05al proceed5 Unrealised and realised k)sses 1254,0411 As at 31st December ZOZ2 1.792.058 As at 31st December 2021 2,043,235 C45h Depwi15 As at 1st January 2022 Net Disposals Net Income retsined 599.801 2.012.393 359,370 599,802 2.009,529 364,905 12.8641 5.535 Paid to Charity Effect of exth3n8e rate movement As at31si Detember 2021 11.320.370) 1594.8571 1.056.337 11,320,370) 1594,8571 1,059,009 599,802 2,672 A5 at 315t Decernber 2021 599,801 Total C•sh Deposlts Total A5 at 1st January 2022 Net Disposals Net Inc¢yne retsined 33,IrKJ,460 12.ClJ9.5291 599,802 33,700,262 2.ClJ9,529 364,9)5 11,320.3701 1594,8571 364,905 11,320,370) 1594,8571 Paid to incorne account Effect of exchange rate movement Unreali5ed and reali5ed bsses 13.497,2581 13,497,258) As at Jlsi December 202Z 27.593.673 1.059.( 28.652.682 As at 31st Decernber 2021 33.ILK).460 599,802 33,700,262 lal mar￿ value Unrestrl<ted Fub Totsl Funds Listed on London Stock Exchange Cash Deposits with investment managers As at3151 December 20ZZ 25.801.615 1.792,058 27,593,673 1,056,337 2,672 1,059,009 Z6.857.95Z 1.794.730 28.652.682 Listed on London Stock Exchange 31.057.225 2.LN13.235 33,100,460 Cash Deposits with investment manage As at 31st December 2021 599,801 599,802 31.657,025 2,043,236 33,700,262 36

NOTES TO THE ACCOUNTS Ibl At cg# valu• at dat•of donatton Unr•&rlCt￿ Fund5 EndDwrn•nt Fun(k Total Listed on London Stock Exchange Deposits with investment managers As at 31st Dewnber Z022 25.449.548 1.249.824 26,699,372 1.056.336 2.672 1,059,(K 27.758.380 z6￿5.884 1252.496 Listed on London Stock Exchange Deposits with investrnent manager5 As at 31st December 2021 26,368,521 1.246.961 27,615,482 $9),991 26.959.512 590,992 28,206,474 1.246.962 12. Debtors 2022Totsl 2021 Total Loans to beneficiaries Isecuredl Other debtor5 22.118 22,118 12,564 55,442 Prepayments Accrued income 61,538 36,311 126,957 90.124 Loans to beneficiaries have no fixed term5 of repayment and. therefore. rnight not be recobtred within one year. 13. Creditors 2021Total 2021 Total Amwnts f4lllnz due wlthln 0￿￿￿0r Taxation and soaal Security Trade creditors 18N15 12,344 111.843 17,265 201,233 348.756 177,694 15,3(K> 317,941 523,279 Other creditor5 Accrued expenditure 14.0 ratin lea At 31st December 2022 the Charity was committed to making the folk)win8 minimum payments under non-cancellable operattn8 lease5 for rent of prernises, which expires i)n 31 DecembEr 2026. 2022 2021 Within one year 43.588 46,964 Within two tofive year5 Totsl 126,770 170,538 170,358 217,502 37

NOTESTO THEACCOUNTS 15. Reserves The reserves shown are set aside for thefc41cwir purposes-. R•v•nu• R•5•rv• Funds that are available to be expended in accordafft￿ with the aims and obj-ectives of the charrty. Unr951rirt•d Fund5 8alance 31 December 2021 Net ou[g￿ng resourtes BalaThc• 31 December 2022 Losses Transfer Revenue Reserve 32,884,048 7.610.1 12,385,5831 13,815.4771 33,703 16,930 26,716,691 7,627,030 DesiEnated Homes Maintenance Fund 40,494,148 12,385.5831 13,815,477) 50,633 34,343,721 A total designated fund of £6,152.123 was established in 2016 to recognise the funds requtred to ensure the Charity's sheltered homes are operated and maintsined appropriately. This designated fund has been reviewed at 31 De￿mber and has been adjusted to £7,627,030to represent £S,C#)1.993, being the net book value of the buildings assets under £on5truction at 31 Decetnber 2022 plu5 £2,625,037 reflecting an uplrft of 4% on the rnaintenance need5 over a 15-year period in line with the ￿mShou$e Association's recornmendation5 on (x)5t increases and our average length of occupancy. The transfer from the end(v￿￿￿￿tfUnd of £50.633 rEpre5ents ttEtran5ferof dmdend and interest inc¢)rne ryeived in theyear. Endowm•nt Funds Funds from the sale of Caxtcfi Lodge were irNested on behalf of Caxton convale5￿￿t Home Trust as a subsidiary charity of the Printers. Charitable Corporation. In 2010 the Trust was subject to a further Charity Commission Scheme and the endowment fund was created. TheAssociation of Printerf Tntst was Initial￿ set up as a subsidiary charity of the Printers, Charitable Corporation. In 2010the Charitycommission agreed tts a fUrt￿r￿cheme, whith subsumed the Assotiatton of Printers. Trusts into the Printsr< Charitable Corporation as an endowment fvnd. Balance 31 December 2021 Net incoming resources BalaTrce 31 December 2022 Losses Transfer Associa￿On of Print•rs' Tns Revenue Reserve 1,581,491 45,677 1197,2781 140,7451 1,389,145 C4xton Con¥4lex•nt Hom• Revenue Reserye 461.744 10.492 156.7631 19,8881 405.585 2,043.235 56,169 1254,0411 150,6331 1,794,730 Association of Printe￿. Trust VRS created bywof a Charity commi￿0￿ Scherne in 1992 as a subsKliary charity of the Printers. Charitable Corporation briwing together 24 char￿eS. In 1974the Charity Commission vested the administration of Ca*con Convalescent Home in the Printers, Charitsble Corporation. In 2010 the Charity Commission a8reed to a further scheme, which subsumed both of theseTrusts intoThe Printin8 Charrty as ￿mianent endowment funds. 38

NOTESTO THEACCOUNTS 16. Ana Is of Funds b Net Assets 2022 Fixed Assets Investments Fixed Assets Tangible Fixed Assets Provisions Current Assets Total Funds General Funds 24,232.915 2,625,037 1.132.727 5.(M)1.993 1.351.049 26,716,691 7,627,030 Designated Fund5 Endowment Funds 1.794.730 1.794.730 Total funds I8.652￿2 6.134.720 1.351 36,138N51 2021 Unrestricted Fund5 29.194.870 2.462.155 2.043.235 959.513 5.147.945 2.729.664 32,884,047 7,610,100 2.043.235 Designated Fund5 Endowment Funds Total funds 33.7(￿•?60 6.107.458 2.729.664 42,537,382 17. Pension Scheme From February 1995 the Charity has contribjted to a defined contribution pension scheme. which is a group personal pension plan managed by Aegon. The pension tost charge represents contributions payable by The Printing Charity to the plan afflounting to £85,90312021." £79,174). As at 31st December 2022 an amount of E7.640 of contribution5 we outstanding to Ae80n. 18. Notes tothe cash statement 2022 2021 al Net ush used in operntinga¢tivrknes Net IDefiatllSurplu5 for the reportinE period Adjustment for.. Depreciation charges Loss/lGainsl on investments L055 on éistK)5al of fixed a55ets De¢￿aSe/l1nC￿è5ej in dethors IncreasellDecreasel in creditors Dividends, interest from investments Net cash used In operadn¢ a¢￿IdeS 16J98,9321 1,044,382 387,163 4.092.115 98,166 305,867 12,gM,6751 36.833 1174.5ZJI 1SJ2,1511 12.491.329) 138,9801 169.991 1716,5791 12,139.9941 39

NOTESTO THEACCOUNTS 2022 2021 bl Cash fiowsfrom SrNestlnE aetF4itSes Dividends, interest from investments received Net Income Retained 5Y2,151 1364.9)71 151Z.5911 1,320,370 975.023 716,579 1708.6571 11.072.353) 1,520,000 455.569 Purchase of property, plant and equipment Received frotn InvestTnents Net cash fiows from InveAln¢ aed¥ltles tl Ch•np In ea5h during￿r 2022 2021 Change in cash and cash equNalents Cash and cash equivalents at 1st January Cash and cash equivalents at 31st Decernkr 11,516.3061 3.125.987 11,684,425) 4.810.412 1,609,681 3,125,987 19.L slati¥e status The Printing Charity is registered wth the Charrty Cornmission in E￿land and Wales. registered charity number.. 208882. 20. Related artles There have been no related partytransarti￿s requiring disclosure in eitheryear. The trustees did not receive any remuneration lincluding pension contributions) otherthan reimbursement of expenses in either year. Costs relating to reimbjrsement of expenses are shown in Note 3. 21. Ca ital commitments During 2019 the charity entered intotwo contrncts to undertake refvrbishment work at our tw she￿ered home schemes. The contract at Beaverbrook House was completed during 2021. Practical completion was made on Southwood Court in 2022. These contracts totalled £3,325.713 Beaverbrook House. Bletthley £1,182,494- 2021 £1.182.494 and Southwood Court, Basildon £2,143,219- 2021 £1.739.078. Attheyearend the totsl committed to on these contracts was £91.052 which related to retention on the contract.