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2023-12-31-accounts

THE PRINTING CHARITY

Registered Charity

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 ST DECEMBER 2023

Fourth 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 31ST DECEMBER 2023

CONTENTS Page
Legal and Administratve Details 2
Chair’s & CEO’s statement 4
Trustees’ report (including governance, policies, key objectves) 7
Independent auditor’s report 22
Statement of fnancial actvites (including income and expenditure) 26
Balance sheet 27
Cash fow statement 28
Notes to the accounts 29

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THE PRINTING CHARITY

LEGAL AND ADMINISTRATIVE DETAILS

Trustee board

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

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

R Bernstein P Blake (Hon Treasurer) L Bull J Cole (Vice Chair – appointed 22/06/2023) C Cook (appointed 22/06/2023) S Hay (appointed 22/06/2023) S Mathavan (appointed 22/06/2023) A Neal J Palmer-Poucher (resigned 20/09/2023) D Phillips (Chair – appointed 22/06/2023 J Povey (Vice Chair – resigned 22/06/2023) J Wright (Chair – resigned 22/06/2023)

Advisory committees

Investment Commitee

P Blake, J Wright (to 22/06/2023), R Bernstein, N Lovell, M Rogers, J Job, G Bishop, H Hughes, N Cooney

Premises Commitee

J Wright (to 22/06/2023), D Phillips, J Cole, C Cook, N Lovell, T Brinkley, K Dillon

Staf Commitee

J Wright (to 22/06/2023), D Phillips, 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 Manager: 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: HLM Queen Elizabeth II until 2022; King Charles III confirmed May 2024

2023 President: Lord Grade of Yarmouth

President Emerit: Sir Jeremy Elwes, CBE, ACIS, OStJ, FRSA Alan Miller, ACMA MC (Bill) Offer, B Ed (Hons), HNC, FTC Lord Black of Brentwood Jon Wright, FCCA

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

Chief Executve & Secretary: Neil Lovell

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

Website: www.theprintingcharity.org.uk

Email: info@theprintingcharity.org.uk

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THE PRINTING CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

Chair’s & CEO’s report

The charity is focussed on working within the print, paper, packaging, publishing and graphics sectors to raise awareness of its services and support for people who work or have worked within them. In the year we have seen positive increases in adoption by companies in our sectors of the charity’s free helpline service, providing in the moment emotional and practical assistance. At the end of 2023, the helpline reached c25,000 people across almost 300 companies.

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 2023. This will be available on our website and shared across our social media channels ahead of our AGM.

Supporting our sector

Our key objective is to support those who work or have worked in our sectors, as well as their immediate family members. No matter what role someone has or had, we aim to be there when help is needed. The main way in which we aim to meet this objective is through the provision of practical and emotional support, including financial grants for people facing hardship, and in the moment counselling and assistance, via our free 24/7 helpline. Our additional services include accommodation at our two Almshouses for people who have retired from the sector, our Rising Star Awards providing grants to support personal skills development for younger people working in our sector, and funded partnerships which reach into other areas of the sector, from journalism to bookbinding.

The charity is focused on ensuring its services are relevant for the audiences we were established to support and works hard to assess how better to understand our reach and impact. This has resulted in making investments in rolling out our helpline, improving our marketing and engagement, and reviewing and enhancing the ways in which we work across the charity.

What we do

Helpline & welfare support

We know that one of the hardest things for anyone to do is to ask for help. A large part of our work involves raising awareness of the help available from the charity, encouraging people to start a conversation with us so we can work out the best way to offer support. Our welfare team, together with our 24/7 helpline, are key in delivering help when it’s needed.

We have been steadily growing the reach of our helpline through building relationships with companies in our sector and working with them to promote it to their employees either as a standalone employee support or as a complement to their existing wellbeing strategy. During the year we saw the number of people with access to the helpline increase from 18,000 to over 25,000, in almost 300 companies, an increase of 38% from 2022 on the number of people covered. Our aim is to become a trusted partner to 500 companies by 2027, supporting employees and their immediate families when needed and developing relevant welfare and wellbeing services as needs change.

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Our existing beneficiaries, and those applying for financial assistance, are supported by the welfare team who take time to listen and respond to an individual’s needs, including providing grants for essential items and support for living costs as well as signposting to other services. In 2023 we had over 320 people who received direct support, including 40 people being helped for the first time.

At the end of 2023, the Trustees agreed a plan to focus more clearly on our external services, including the welfare and helpline support under one team headed by a Director of Services role to be recruited in 2024. Through this combined function the charity will seek to plan the future of its overall services, gaining insight from service users and the sector’s HR communities; and looking at the future landscape and ways of delivering welfare and wellbeing support to better understand and reach people who need help.

Almshouses

people of reduced means who have retired from working in the sector or are or were a dependant of someone who has. After a period of major works to both Almshouses, we are now working to a detailed plan for periodic and routine maintenance to keep the facilities at an acceptable standard.

Combined occupancy rates for the year were 81%, and maintaining occupancy levels has been challenging in recent years, despite increased marketing campaigns to increase awareness. We continue to review our approach to maximising occupancy and the long-term options to provide support to people in retirement.

Rising Star Awards

Always a highlight of the year, our Rising Star Awards provide an opportunity to champion the sector’s young talent. Now in its 15th year, the Awards recognise young people who have demonstrated exceptional potential in their chosen career. Applicants for a financial award of up to £1,500 must show how the funding will enhance their personal skills and development, complementing the support given by their organisation. We had 114 applications and 34 winners in 2023. For the first time we had a broader representation of job roles across our sector, giving insight to the rich and diverse opportunities that exist for young people.

Funded partnerships

We continued with our funded partnerships, supporting skills, welfare and access principally for people working or training in journalism and bookbinding. 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 supporting our sector or offering practical and emotional assistance. Our partnerships are reviewed annually and, working with organisations who have expertise in their own area and can demonstrate impact, aim to reach individuals who may not otherwise be aware of what we offer.

Income

The charity has two main sources of income; investment income (c60%) and income received from our Almshouses (c40%). There has been an improvement in our main income from investments (21% increase) whilst challenges in occupancy rates have impacted on income derived from our homes. In the year we received £493k income (2% down from 2022). Our investment portfolio did, however, benefit from improvements in global equities. As a result, the investment gains in the year have . offset the overall deficit. A detailed breakdown is covered within the Trustees’ Report on page 7

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Trustee board & sub commitees

In the year our Chair and Vice Chair stood down, having served the maximum term possible based on the charity’s bye-laws, updated in 2019. With a combined near 30-year service, the impact they have had on the charity over the years is significant. They leave the charity in good health with our grateful thanks. Jon Wright, as former Chair and Treasurer, was also made President Emeritus in recognition of his long service.

One other trustee, Julia Palmer-Poucher, also stepped down in the year, due to time pressures, and we welcomed three new trustees, Catherine Cook, Sam Hay, and Si Mathavan who, respectively, bring legal, welfare and finance experience to the board and sub committees.

Looking to the future

As the print, paper, packaging, publishing and graphics sectors evolve they will continue to change both in terms of what they do and how they do it. Inevitably, this means some areas will grow and more will shrink. It is the impact of these changes that will be felt by people working in our sector. Our challenge is to be able to respond appropriately, recognising that although we aim to be here to help people, no charity has the resources to meet every need. In looking at how we meet current and future needs, the charity believes developing a range of scalable, sustainable services, as already demonstrated through our helpline, is a clear future focus. The charity is also looking at developing support across all ages, from in work through to retirement. Combining our external facing welfare and wellbeing services is the next step in achieving greater focus in the services we develop.

In remembrance

Early in 2023 our Head of Finance, Mark Rogers, tragically and unexpectedly passed away. Joining the charity in 2018, Mark made a big impact. His loss was and continues to be felt by everyone who worked with him.

Our thanks

The charity could not achieve as much as it has nor positively look to the future without the skill, commitment and determination of its staff, trustees and volunteers. Our thanks go to them all.

We are, as ever, grateful to our President Emeritus, Lord Black of Brentwood, for his unstinting enthusiasm, support, and friendship. Thanks also to our 2023 President, Lord Grade, who gave a standout speech as the guest of honour at our 194[th] Annual Luncheon.

continue to respond to ensure that for people who work or have worked in our sector, support is in place, now and in the future.

Signed

David Phillips, Chair Neil Lovell, Chief Executive & Secretary

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 DONORS

Independent Print Industries Association (IPIA) The Privy Purse The Publishing Training Centre Daily Mail & General Trust (DMGT) Michael Yorke Mr RPF Shorten Mrs S Grieg Buchan Estate APCOM

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:

Organisatonal 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.

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.

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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 efectveness:

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 ensure 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, term limit reached AGM, 2023)

Jon joined as a Trustee and Honorary Treasurer in 2004, becoming Chair of the Investment Committee in 2007 until 2022, and appointed as Chair 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.

David Phillips: Trustee (appointed Trustee 2019, appointed Chair AGM, 2023)

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.

James Povey: Vice Chair (appointed Trustee 2004 & Vice Chair 2021, term limit reached AGM, 2023)

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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Julia Cole: Vice Chair (appointed Trustee 2015 & Vice Chair 2023)

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.

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 2022)

A CFA Charterholder and Chartered Fellow of the Institute for Securities and Investment (CISI), Richard has extensive experience in compliance and risk encompassing financial advice, wealth and investment management. He is currently Head of Compliance at JM Finn, where he is a member of the Management Committee. Richard is also Chair of the Regulatory Committee for the Personal Investment Management and Financial Advice Association (PIMFA), as well as a member of the CISI Ethics & Integrity Committee. He is also a governor at Roding Valley High School and a member of the Chelmsford Learning Partnership.

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.

Catherine Cook: Trustee (appointed 2023)

A qualified solicitor admitted in England and Wales and Scotland, Catherine has over 26 years’ experience advising on corporate real estate transactions and was a real estate partner at Clifford Chance LLP from 2007 until May 2021.

Sam Hay: Trustee (appointed 2023)

Sam has worked across the Health and Social Care sector for 30 years. Following a period as a professional Social Worker, he has held several senior management positions in strategic commissioning, business development and operational delivery.

Si Mathavan: Trustee (appointed 2023)

Si is a Partner at Johnston Carmichael, part of the Moore Global network leading on risk assurance and internal audit for the UK. He joined the firm from Ernst & Young in 2022 to lead and build the service line and is the Risk Advisory service line lead for the international firm. He has undertaken internal audit and controls reviews for firms of various sizes, up to large, listed entities and has significant experience from working with firms in a variety of industries, covering both the public and private sectors. He also leads the firm’s ESG assurance service offering and is an ACCA Internal Audit Network Panel member.

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Andrew Neal: Trustee (appointed 2021)

Andrew is Chief People Officer at Nash Squared where he is accountable for the full people and culture agenda. Prior to joining them he was Chief People Officer at Communisis. Andrew has also held senior HR roles with Tesco Plc.

Julia Palmer-Poucher: Trustee (appointed 2019, resigned 2023)

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 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.

Carol Nicholson: Interim Finance Manager

Carol joined the charity on an interim basis in August 2023 and continues to provide support as the Interim Finance Manager. With over 30 years’ financial experience in both the public and private sector, her diverse career has included managing a £47 million regeneration budget in Brighton and Hove, reporting back to central government. Carol has responsibility for the financial operations of the charity until a permanent Finance Manager is recruited.

Debbie Beck: Head of Welfare & Wellbeing

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

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Sophie Kirby: Head of Education & Partnerships (to July 2023)

Sophie left the organisation in July 2023. We paused on a replacement to consider the role specification. A new Director of Services role was subsequently agreed for recruitment in 2024. In the interim, Sophie’s responsibilities were absorbed by the CEO and COO.

Liz Ross Martyn: Head of Marketing & Engagement

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 wire 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.

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 procedures 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.

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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 2024, have considered the resources available in 2025 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 rising interest rates and significant reductions in inflationary pressures within a very low growth economy (with the UK falling into recession in the second half of 2023) 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. Expected demand for the charity’s support and the charity’s actual expenditure will continue to be monitored and reviewed by the Trustees and Senior Management Team 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 Almshouses. 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, Finance Manager, and independent (lay) members with the necessary skills, knowledge, and experience to provide additional oversight.

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 & 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.

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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 Almshouses 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

Secondary

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.

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 riskbased 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.

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 Almshouses, the majority of which were completed at the end of 2022. Broadly speaking, these monies should be regarded as expenditure expected in the near term (less than three years).

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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

ude to risk could It has been established that the Investment Committee and Council’s overall at 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 2023, the charity’s total funds were £36.25m. Of this total, £1.9m 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.

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 Almshouses. As at 31st December 2023, this designated fund had been adjusted to £7.58m to represent £4.83m being the net book value of the homes, with the remaining balance of £2.75m 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.

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The free reserves available for the charity to the end of 2023 were £25.79m – this comprises £34.35m of unrestricted funds less £7.58m of designated funds, less tangible fixed assets within general funds of £981k. 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. In 2023 it was agreed, as part of good governance, and in line with the charity’s Regulations, to conduct a formal review of the investment manager. The review is being conducted by a third party to support the Investment Committee and Council in assessing and evaluating potential investment managers. The review will conclude in 2024.

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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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.

circumstances that put them at a disadvantage in our society. It assesses each application on their own 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 time available 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.

In June, three new trustees were welcomed to Council. Each new trustee has specific expertise (including legal, financial and welfare) to further strengthen the trustee board.

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, and visits to its Almshouses 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.

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Trustees approve annually the budget assigned for salary costs (excluding redundancy/termination expenses) in relation to the charity’s total anticipated expenditure. The actual achieved in 2023 was 28% against 23% in 2022 due to expenditure being under budget by £645k as a result of delayed projects involving maintenance for the Homes and the impact of interim staffing due to unexpected changes in our Finance team in the year.

The Staff Committee are responsible for reviewing annually and recommending to the Council the appropriate level for the charity to allocate to its overall staff cost budget in line with the activities and objectives of the Charity in the year ahead.

The charity’s Staff Committee meets twice a year and reviews pay awards, HR related policies and benefits, and where appropriate recruitment and training.

Safeguarding & whistleblowing

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 have further reviewed the charity’s approach to risk and how it is reported and are satisfied that effective systems and procedures are in place to mitigate the charity’s exposure to risk. It will continue to be a key element at Council.

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 and all confidential and sensitive data is stored in applications which have Multi Factor Authentication enabled.

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Our cloud-based Customer Relationship Management (CRM) system is through Salesforce. Salesforce provides real time 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

each supplier and then pays in accordance with this agreement.

Auditor

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

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

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.

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OUR KEY OBJECTIVES FOR 2024

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.

The charity’s objectives for the coming year remain consistent with previous years to ensure gradual progress with our core aims. These include:

REVIEW OF FINANCIAL POSITION

By way of context to the charity’s financial position, the year 2023 began with predictions of an impending global recession in an environment of rising interest rates, high inflation and continuing geopolitical tensions such as the war in Ukraine. In reality the global economy fared better than many economists expected to the previous year - its resilience driven by a strong post-COVID Chinese consumer spending recovery (5.2% growth versus 3.0%) and an increase in US growth as fiscal pressures eased (2.5% growth versus 1.9%), which have outweighed a sharp slowdown in the European Union (0.4% growth versus 3.4%) following the regional energy price shock in 2022. Global growth increased to 2.9% from 2.7% in 2022 - however, the UK economy grew by just 0.1% (the country's weakest economic result since 2009 excluding the COVID-19 pandemic) and fell into a shallow recession by the end of the year.

Financial markets were disrupted by the worst banking crisis since the Global Financial Crisis of 20072009. In March 2023, the US government was forced to step in to protect depositors after the failures of Silicon Valley Bank and Signature Bank due to aggressive interest rate hikes by the US Federal Reserve. The following month, First Republic Bank became the second-largest bank to fail in American history. European banks were not immune to this crisis, with Credit Suisse subject to an uncontrolled bankruptcy which could only be prevented by Swiss government aid and an emergency merger with competitor UBS.

Although cost-of-living pressures are still felt by many, interest rates in UK, US and Europe have stabilised and are expected to fall in 2024, and inflation is declining. Rising UK interest rates (from 3.5% to 5.25%) led to a significant reduction in the UK’s inflationary pressures (which had peaked at a 41-year high in October 2022 at 11.1% and had fallen to 4.0% by December 2023). At a global level,

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headline inflation fell rapidly in most economies, driven down by restrictive monetary policy settings, lower energy prices, improved harvests/crop availability and continued easing of supply chain pressures.

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 (2023: 75.2% compared to 2022: 71.7%).

As of 31 December 2023, our total investments were £28.3m compared to £28.6m in 2022. The small decrease was despite a transfer of £1.5m out of the main portfolio during 2023 for charitable use, demonstrating the recovery of the market.

Global equity markets ended the year 2023 on a high note with several major global equity benchmarks producing double-digit returns. This outperformance was led by a cooling off in global inflation, a slide in the dollar index, declining crude, and higher expectations of rate cuts by the US Fed and other Central banks. The MSCI All-Country World Index of stocks was up by 22.2%. Europe’s STOXX 600 ended 12.6% higher - with the CAC 40 and DAX indices up by 16.5% and 20.3% respectively. In Asia, the Nikkei 225 index rose by 28.2% as foreign investors took advantage of the cheap yen and corporate governance reforms. Strong performance in the US was fuelled in part by an exceptional final three months of the year. The S&P 500 index returned more than 26%, but less than a third of its constituent stocks outperformed the index overall. Seven of the largest stocks within the S&P 500 (the “Magnificent Seven”) accounted for most of the S&P 500 index returns in 2023. The Dow Jones Industrial Average and the tech-heavy Nasdaq-100 rose 13.7% and 55.1% respectively. The UK’s FTSE 100 was unique in posting a smaller return of 3.8% compared to its global counterparts. After two years of negative returns in 2021 and 2022, bond returns recovered this year.

During times of changing global economics and geopolitical conditions, the charity has benefited from maintaining a diversified, global portfolio. The performance of the investment manager is overseen by the Investment Committee on a quarterly basis. Our Investment Committee includes members with considerable investment knowledge and experience. The review of the investment manager, being concluded in 2024, is part of the charity’s due diligence to ensure that comparisons can be made between investment managers, in terms of relative performance and costs, against the charity’s aim to maintain the core value of its investments while supporting the charity’s distribution policy and charitable objectives.

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 £1.16m in 2023, a 9% increase from £1.06m in 2022. Investment income has risen from £532.2k to £643k - a change of £111k - due in part to increased dividends and interest income.

Income from sheltered living decreased by £10k to £493k – a reduction of 2% due to slightly decreased occupancy levels. Occupancy at Beaverbrook House fell from 94% to 87% and the occupancy at Southwood Court fell from 79% to 75% over the year, ending at 80%. In 2024 we are running a significant marketing campaign to reach audiences who could benefit from vacancies in our Homes. Donation and legacy income for the year totalled £8.6k, a decrease of £5.8k on the prior year (£14.4k).

Expenditure on our charitable activities has decreased by 10% from £3.14m to £2.8m. Whilst overall charitable expenditure saw a decrease of £381k from 2022, due in part to the deferred maintenance

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programme for the Homes and a reduction in grants such as the Winter Weather payment (with temperatures not being low enough to trigger any payment during 2023), expenditure on services within Education & Partnerships and the Helpline has increased since 2022, by 7% and 14% respectively. The number of people with access to the charity’s Helpline services has risen by 38% due to success of our marketing and engagement activities supporting the roll out of the Helpline to more companies during 2023. Our helpline now covers c25,000 people in almost three hundred companies as the total number of people helped directly and indirectly through our activities continues to grow.

Due to the recovery of the investment market after the instability of 2022, the Charity reported net income of £112k at the end of 2023 in comparison to 2022, which reported a net loss of £6.4m. This significant movement was due to the Charity’s investment portfolios returning a net gain of £1.96m in comparison to a net loss of £4.1m in 2022.

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:

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

Trustees approved the Annual Report and Accounts on 9th July 2024.

David Phillips Chair

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STATEMENT OF THE TRUSTEES’ RESPONSIBILITIES

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:

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:

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 31st December 2023 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).

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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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement on page 22, 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.

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

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

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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.

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

11 July 2024

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 FINANCIALACTIVITIES for the year ended 315t DecetnkEr 2023 Note Unre5tricled Endovrnent Funds Funds 2023 Total 2022 Total Income and endowments from.. Donations and legacies Charitable actiwties.. 8.592 8,592 14.368 Hornes Sheltered housing orher trading activities Investment income 49L665 492,665 15,889 502.930 13,922 532,151 1,063,371 15,889 576,142 1,093,288 66,493 66,493 2,635 1,159,781 Total Income Expenditure on= Cost of rai5in8 funds.. Expenditure on other tradin8 athvitkes Inve5trnent rnanagetnent iosts 28.937 28.337 24,370 230,927 169 178.426 Charitsble actiwties.. Sheltered housing We￿are 962.602 962.602 1.116.865 1.232.OS6 301.162 268.782 62.673 988.739 323.069 988.739 323.069 Education & P3rtner5hips Helpline Horne Maintenance Project Costs Promoting The Printing Charity Marketin& Events and Public Relations 307.638 307.638 3L199 31,199 IYL413 191,413 155.950 Total expendlture 3,IX)W3 3,011,423 3.392.785 Net Gain/lLossl on inve5ttnents (including forex movementsl li 1.861.370 102.138 1.963.508 14.069.518) Net IncoMelExpendi￿re 148.1851 160.051 111.865 16.398.932) Tran5fer5 between funds 15 152.8401 Reconciliation ol fund5 Fund balance5 brought forward at Istjanuary 34.343.721 1.794.730 36.138.451 42.537.383 Fund balance5 carried forward at 31st December 34.348.376 1.901.940 36.250.316 36.138.451 The outgoinglincoming resources and net movement in funds for the current and prior year5 relate to continuing activitie5. All realised gains and losses are included within the Statement of Financial Activities. 26

BALANCE SHEET 25 at 31st December 2023 Note Unrestricted Funds Endowmerbt Funds 2023 Tot41 2022 Total Flxed assets Tangible lixed assets Investtnents io 5,812.911 5.812,911 6,134,720 li 26.098,184 1.900,639 27.998,823 28,652,682 34,787.402 31,911.095 1.900,639 33.811.733 Current assets Debtors 12 102,924 102,924 90,124 Cash at bank and in hanrl 2,558,282 1,301 2,559,583 1,609,681 1,699,805 2,661.206 1,301 2.662,507 Current liabilitie5 Creditor5. arnounts falling due within one year 13 1223.9251 1223,9251 1223,9251 1223,9251 1348,7561 1348,7561 Net turreni assets 2,437,281 1,301 2,438,582 1,351.049 Totol o5sets less current liabilities 34.348.376 1.901.940 36.250.316 36,138,451 Net assets 34,348,376 1,901,940 36,250,316 36,138,451 The fvnds of the charlty Endowment funds 15 1.901.940 1.901.940 1,794,730 34,343,721 36,138,451 Unrestricted funds 15 34,348.376 34.348.376 34.348.376 1.901,940 36.250,316 These financial statement5 were approved by the Council of The Printing Charity on 9th July 2024 and signed and authorised for issue on its behalf by.. Ch4ir 27

STATEMENT OF CASH FLOWS for the year ended 31st De￿mI￿r 2023 Note 2023 2022 Net cash used in operating activities 11299,7101 12,491.3291 Cash flows from investing athviriÈs 18b 3.249.611 975,023 Changes in cash during yeaf 18c 949,90Z I1,516.3[￿l Cash and Ea5h equivalents at 1st January 1.609.681 3,125,987 Cash and cash equivalents ai 31st De￿mber 2,559,583 l.ffj9,681 28

NOTESTOTHE ACCOUNTS l. Accountin Poliaes el Resour￿ expended Ewenditure is recognised on an accruals basisasa liabiltty Is incurred. LiabIl￿eS are re£oEnised as %)on asthere is legal or construrriveobligarion commithn8theCharitytothe expenditure. al Basis of accounting Theffnancial ststements h8ve been prepared on the hist(￿Cal cost ba%sas modified bythe indusion of invesrments at marktWdluÈ. Thefinancial reportingfrarnework that has been apJied in thwr preparation is appIl￿ble law and Untted Kingdorn Accounting Standards, including FRS 102'The Financi81 Reportin8stsndard ap￿Kable in the UKand Republic of Ireland" (United KinBrk)m General￿A£cep1edA£cOUntinS Prathcel a5 It applies from l January 2019 and the Charities Art IrrecoverableVAT 15 charged again5tthe tateg(ryof resourTr5 eypended fromwlNch ttwas itKurred. Cosis of raising fundscomprise the￿5￿a￿lated with attrdthnB voluntary income. 2011. Charttable expenditurecDtnpri5es those cost5 incuTted by the tharity in thedelivery of itsachwitiesand Ser￿￿5fOr its beneficiaries. It includes both costSthat can be alliKated dirthtosuth actiwtiesand thosecostsof an indirert nature ne￿ssaryt0suppOrt them. Theffnancial statements h8ve been prepared to gve a true and fair. viewand have departed from the Charities IAccounts Ènd Reports) ReBulatiDnS 2(K>8 only to thE extent re4uired to prowde a'trueand fair'view. Thisdeparture has invofved followng Accounting and Rewhng by Charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UKand Republicof Ireland IFR5 1021. issued in October 2019 rather than Accountin8 and Reporrin8 bychariries". StatÈment of Retommerded PrattiÈ' effecrive frotn l October 2019 which ha5 5inie b￿n withdrawn.The £harttVi5a public benelitentity. ￿0￿manTr cvst5 in￿￿e those cost5 irwdwingthe public accountabilityofthecharityand it5compliance wth regulatio andgo(xJ pr￿Ce. These costs include costs relatingto statutory audit, legalfeeSt￿etherWth an apporrionmentof overhead and sijpport tosts for thÈCouncil and athressing COn5tituhonal, audit and other statutory requiretnents. Othercosts coveractivthes which are desgned to promote the Charnvs work with the intention of achieving the stratwc objective of hdpin8 more people in a meaningful way. Expenditure under rhis headin8 has been broken down into tnarketingof the Charitytofundet5 and beneliiiariE% public relabonsand corDrnunication5 (this isgeneral tnaterial and ackvity relatingtocover within the rnedia. I￿luding50clal media actDAtyI togetherwth attendanceat industryshow5arKI seminars which reach outtothosewithin Ihe indus￿. Thefinanaal ststementsare presented in sterling and are rounded tothe nearest pound. bl Goir¢ c¢xKern detailed intheTrusteel respon5ibilthes staternent,the accounts are prepared on agoing con￿rn basis unless it is inappropriate to presume that ihecharity continue in operation. The tharity have considered and reco8nisLMI the ongoing impartof turrent Économ￿ situation on its resÈrves. In addition the charivs trustees haveapproved the Iharivs budgetsand forecasts lor 2024, and have con5ideTedthe resourctt 3vai13ble in 2025 and in addition have increased cash reservesforexpected eX￿nditUreand corKludethatthe arity has adequate resources tocontinue in operarional e￿stenCe for at least 12 rnonthsfrorn the date of 51BninB of the linancial stements. Please relerto thetru5tee5 report lor furthei information. JI cost5 areallocated between the expenditurecategorie5 of the Statementof Financral ACtN￿e50￿ a basis de5ignedto reflectthe useof the resource. Costs relatingto a parkncular aLtiwty8re allocated direcdy, others areapw)rtioned as detailed in Note If. fj Alk¥r*ion of Support and Governance Costs The costs associatedwfchthe Support and Govemance functi)ns, which support rn(Kethan one of the charivs ac￿vin￿, have been alkKXted based on tirne S￿nt (support costs) and as a per￿n[age0f total cost18overnarKecostsl. ¢1 Donattons8nd legades I voluntary income is rÉ£c8ntsed once charity has Èntitletnent to the iniomÈ. It is PrOba￿e that the in10mÈ￿11 be recwved andtheatnountcan be trEasured reliab￿. dl Irthming resourc￿1¥0M tharitsble eKtivrkne5 Income from the provision of sheltered hOU￿ng is accounted for on an accruals basil. 29

NOTES TO THE ACCOUNTS gl Grnnts poyoble Grants p￿ble are accounted for on award to the reupient. Grantsand the level of grani are judged against criteria set out in rhÈ£harity's le&slaiion. Granis are made io relieve and prevent w)verty and assist th￿É whoare aged or distress￿. fjrantsto organisation5 are madewhere the trustee5 are 5atished that the ￿e￿￿ng organi￿tion or charity can idenirfy Indi￿ldUalsWho meet the criteria required underthe charity's objects. kl Re¥enue and deSi￿ated rexrves Generalty all donations. realised capital gainsand other receipts of a capital nature are added tothe revenue reserve. unless required for specilic projects. Any income not utilised on charitable expenditurÈ or in mÈeting thÈ adtninistrarK)n and other expense5 Of theyear in whiih it isearned. 15 Set a￿de forspe£ific project5. 11 Pensloncosts The Charityoperates a delined conrribution youp personal pension plan. Pension c05t5 are accounted for on the basis of charging actual c05tsof providing pensions duringthe year. Outstanding contributions for the yvar have been included i Othercreditors. h) Fin?￿1•1 instruments The (harity only has h"nancial asset5 (other debtors. rents, loans. accnjed incornel and linanual liabilities (other creditors, accruals) of a kind that qualify as basic ffnanaal instruments and are not considered ro be of a financin8 nature. Such financial instrurnent5, except for inve5trnent5, arÈ iniknallv recognised at the transaction value and sub5equenttv measured at their5ettlementvalue. ml Opertln8 lease tosts Rentals payable under opprating lease5 are th3rged in the ststetnent of Finanoal Actiwtie5 on a Straight line basi50ver the leasetemi. 11 Inve#ments Investmenrs are stated at their Bid-marketvalue ar 31 Deietnber. Reali5ed gain5 and losses and the chanBe in value of investments held at the yearnd are tsken tothe Statement of Financial Activities. Realised gains and losse5 representthe difference beiween nei proceeds of sales less thÈori8inal cosr, unrealised gains and losses represent the movernent after takingaccount of 5ale5 In the year, in the differenie between the tnarketvalue of securities attheyeaT end and theiroriginal cost. Gross income frorn fixed interest 5ecurttFes is accounted for{￿ a receivable basis. Investment management fees are8ross of any commission rebate recewed on the rA)rtfolio. n) Uquld resources For the purpDSe5 of preparing the cash flow staternent all ShOrt-te￿ deposit5Wlth a rnaturity greaterthan One day but less than oneyear aretreated as liquid resources. ol Corporatlon tax The Prinknn8Charity is È re8i5tered charityand as such its incotne and gain5 falling wthin Section5 471 to 489 of the c￿ration TaxAct 2010 or Section 256 ofTaxation of Chargeable Gains Act 1992 are exemptfrom corporationtax to the e￿entthal they are ap￿led to itscharitable objectives. pl Funds The Charity kK)Id5 two type5 offunds, unre5trirted and endowment. Unrestricted are those which can be spentat the Trustees. discretion wthin the powers given under Ihe Royal Charter. Endowmenr are the funds subsumed under Order of Charity Cotntnis5ion frotn Caxton Convalescent Hotne and the A5501iation of Printer5, Trust. IncotneBenerated bythe endobwnent fund5. which are invested separatelyfrom the unfestricted funds are appliedto thecharity's Welfare a￿l￿ties. The Charity has permission to use the I￿orne in rhis way underthe schemes that sei upthe A550ciation of Printer5, Trust and Caxton Corwalescent Home. ) Tongible osxtsand depreaation Iterns of expendtture of a capital nature extreding a de minimis level of El(KX) are fdpitalised and included in fixed assets at cosr orvaluation atthe date of donation. Itemsof exp2nditure that are below the de rninirni5 litnit are taken dirertlytothe Staternent of Financial Activities_ Depreciation is calculated on a stiaight-line basistowrite down the costrof theassets over theirethmated useful INes atthe following rates.. Freehold Buildin85 Fixturesand FithThg5- General Electrical Equipment computer Equipment 2% per annutn l(Ph per annurn 2(N per annum 51PA per annum No dÈpretiation is prO￿ded freÈhold land. 30

NOTESTOTHE ACCOUNTS . Particulars of income and em nditure from lettin 2023 Unrestricled Funds 2022 Unrestricted Funds Income from lethn8S Sheltered housln8 Rent receivable net of identifiable sÈrMtÈ tharges SerwicÈ thargÈs rÈtÈivable Gross rents retÈivable 571.733 549,687 31,380 581.067 178,1371 502.930 32.647 Le55.' Rent1055e5 frorn void5 1111.7141 492.665 Totsl incorne *rorn lettinBS Expendlture on letting act1￿￿8$ Sheltered housln8 Dirert cosr SerwicÈs 42,115 32,550 356,433 236,836 376,012 IS￿1.830 Managemeni Maintenance 327,589 130A26 336.804 Depreciation 836.933 Support & Governance c05t Adtninistration 89.903 78.935 36,100 115.035 Governance 35.765 125.669 Total expenditure on lettings 962.602 1.116.865 Operatlngdefi¢ft on letting ectlvlties 1469.9361 1613.9351 3. Trustee E nses 2023 Unreslricled Fund5 2022 Unrestricted Fund5 143 The Trustees did Th)t receive any remuneration lincludin8 pension contributions) durin8 2023. 4.Em lo ees and Man ement The Charityconsiders its key managernent personnel to Comprise the Chief Executive. Chief Operating Officer. Head of Finance. Head of Welf8re & Wellbeing. Head of Ed￿￿tion & Partnerships. and Head of Marketing & Engagement. The total employmeni benefit includin8 eM￿o¥er pension contriburions of the key mana8ement personnel is shown below. The numbÈr of employees who rÈtÈivÈd Èmoluments abovÈ £60,￿)0 lÈxtluding pension tontTibutionsl in thÈ follo￿n8 range was.. Z023 2022 £90.001 to £IOO,(MK) E70.001 to £80,0(M) £60.001 to £70,0(M) 31

NOTES TO THE ACCOUNTS 2023 2022 Average monthly number of persons lincludin8 Part-time Èmployees) employed durin8 the yÈar". Sheltered accommodation Head Oftice 17.0 14.2 23.0 20.5 The average number of employees expressed in full-tirne equivalent5.' Sheltered accommodation Head Oflice 13.7 11.9 18.1 16.6 Key Management Staff Costs Wages and salaries Social security costs Employer pension costs 310,233 272.873 35.843 33,217 56,844 43.658 389.734 362.934 Totsl Staff Costs Wages and salaries Social Security costs Employer pension costs 704.493 617,936 63,285 85.903 68,058 75.580 848.130 767.124 5. Imiestment Income Unrestricted Funds Endowment Funds 2023 Totsl 2023 Investment income- listed 531,037 37,654 52,719 197 583.756 Bank interest reteivablÈ 37.851 Rebaie from Investment Mana8ers Totsl Investment Income 2023 7,451 13.577 21,028 576,142 66.493 642.635 Unrestrirted Funds Endowment Funds 2022 Total 2022 Investtnent incorne- listed 451,380 50,602 501,982 Bank interest receivable 7,683 7,057 466.120 31 7,714 22.455 Rebate from Investment Managers Totsl Investmeni Income 2022 15,398 66.031 532.151 The CharitW5 Investment Man8gers rebate the fees they charge on the Common Investment Funds ICIFI they manage so that the Charity is not charged twice. 32

NOTES TO THE ACCOUNTS 2023 2022 Income Dlretl Expendi￿re Unrestricted Surplus/lDefftcltl Unrestricted 5urplus/lDeficitl Annual Printing Charity Luncheon Other Events 15,889 127,1761 111,287) 19.5951 436 15.889 127.1761 111.2871 19.1591 Grant giving to individua15 and institution5 15 the core activity ol the Printing Charity's work and the trend5 and developments in this activityform a majorfeature of the Trustee report. The cost of these grants and the administration thereof. are as follows= Unrestrficted Funds Endowment Funds 2023 Total 2023 Grantsto Indlvlduols Welfare Financial Support Nursing home gtants UnetnployFnent Support One-off grants 711,225 5,200 i.LK)o 42,067 759.492 71L225 5.200 42.067 759.492 Educotion & Portnerships Print Futures- Educational Bursaries 73.553 40.(M)O 73.553 Rory PeckTrust Ncrj 40.(M)O New Star College Shine Awards 8,tK)O 5,(M)O 6,800 10,400 3,740 I8,1￿) 179,393 938.884 Stationèrs. Foundation Educational Bursaries Wiltshire Barn Project Other Projert5 Grant provisions not uknlised 10.400 3.740 18.IIN)I 179.393 Totsl Grnntsto individuels 938.884 Support Cost Vlelf8re Adminisrration costs 59.985 59,985 Governance costs 38,063 98,048 38.063 98,048 Education & Partnership5 Adrnini5tration costs 51,LK19 11,150 62.159 160.207 51.1)09 fjovernance costs 11.150 62.159 Totsl Support C05t If￿1.207 Totsl Grnnts 1.099.091 1.099.091 33

NOTESTOTHE ACCOUNTS Unre5trirted Funds Endowtnent Fund5 2022 Total 2022 Grgni$to Sndlvlduals Wellgre Regular h-nancial a551Stance Nursing horne grants Unetnployrnent Support One-off Brants 862.050 8.318 1,516 152,884 1,024,768 862,050 8.318 1,516 152,884 1,024.768 Educatlon & P8rtnershlp$ Print Futures- Educational Bursaries 78.187 78.187 Rory Peck Trust NCTJ New Star College Stationer5' Foundation Shine Awards 4.060 5,349 8,500 4,570 180,666 5,349 8,5(K> Wilrshire Barn Project other Projetts 4.570 180.666 Tot41 Gra[￿t0 indNidual$ 1.205.434 1,205,434 Support C051 Well8Ye Administration costs 50,744 50,744 overnance costs 24,497 24.497 75.241 75.241 Educotion & Partnership5 Adrnini5tration c05t5 42.286 19,984 62,270 42,286 19,984 62,270 Governance ctssts Total Support Cost 137,511 137.511 Totsl Grnr 1.342.945 1.342.945 34

NOTES TO THE ACCOUNTS Dirert Costs Support Governonce c￿t$ 2023 Total 2022 Total Cosi of other tradin8 activities Investment Mana8er costs 27,176 162,612 1,161 6,949 28,337 24,370 230,927 8,866 178,426 Sheltered housing Welfare 836,933 890,691 260,910 243,384 29,920 149,455 2.601,080 89,903 59,985 51,L¥J9 53,854 35.765 38.063 11.150 10,401 1,279 6,387 111,154 962.602 1.116.865 1.232.056 301.162 268,782 62,673 155,950 3,392,785 988.739 Education & Partnerships Helpline Home Maintenance Costs 323.069 307.638 31,199 Marketin& PR & Events Total 35,571 299,189 191,413 3,011,423 Support Costs of £295.18912022.' £281,909) have been allO￿ted across activities. These include costs associated with finan￿, payroll. Pfoviding managemeni, premises. IT and other ceniral services. Costs have been allO￿ted based on time spent by the Direcrorate supporrin8 the various activities. Governance cosrs of £111,15412022'. £128,929) have been allocated across activitie5 In respect of the percÈnta8e of the t05t to the total Iharity'5 expenditure. 9. Net movement in funds for the Unrestrirted Funds 2023 Total 2022 Totsl Net Movetnent in funds for the year 15 St*ed after chargiThg'. Depreciation on tan8iblÈ fixed assets Auditor's Remuneration linc. VAT) 339,550 339,550 387,163 27.480 27,480 Operating lease charEes- buildings 51,122 5L122 49.455 35

NOTESTOTHE ACCOUNTS Tar¥I￿e F1xedAv￿ts Leasehold Freehoh bull¢*n81 z% A￿ets in Cours• of C47Mtructlon ures F￿t￿re8 & Flthtw & Fliunp Fithre & Flttln Yotsl At Istjanuary 2023 Addlttong 7.797,327 L219,786 459,123 23,7 9.499,936 17,358 22,267 Disposals Adjustmefits At 315t ()ecernber 2023 115.4861 7.781.841 1.056 9.￿5 14.5261 9.517.677 L238,2￿) 473.937 23.7LK7 At IstJaThuary 2023 Charee foryear txsposals At 315t OEcember 2023 2,795,334 272,759 276,169 20,954 3,365,216 155,017 113,099 68,688 2,746 339,550 2.950.351 385.858 344857 23.7Tr) 3.704.766 bwkv•lu At 315t ()ecember 2023 4￿31.4%1 852.342 129.1 s￿12.911 At 31st De¢ember 2022 5.001.993 947.027 182.954 2.746 6.134.720 l. Fixed Assets Investments Unrtstrirted Funds Endowment Fund5 Total Listed Securities Market V8lue a$ at istjanuary 2023 Net cash withdrawn 26,857,952 1,794,730 28,652,682 11.056.337) 15,383,732 116,864.1371 12.6721 6,443 11,059.IK)91 Is,3￿.174 Additions Disposal proceeds 116.864.1371 Unrealised and realised gains A5 Nt 31$t December 2023 1,776.974 26.098.184 102.138 1.9(Kl.639 1.879,112 27.998.823 12. Oebtors 2023 Totsl 2022 Total Loans to beneliuaries Isecuredl Other debtor5 22.118 11,758 67,433 1,614 22.118 12,564 55,442 Prepayrnent5 Accrued income 102,924 90,124 Loans to benefiuaries have no fixed terrns of repayrnent and. therefore, might not be recovered within one year. 36

NOTESTOTHE ACCOUNTS 2023 Totsl 2022 Total Amount5falling due within one year Taxation and social security Trade creditors 23,184 18,415 111.843 60,938 Other creditors 12,754 17.266 Accrued expenditure 127.049 201.233 348.756 223.925 eratin At 315t December 2023 the Charitywas cownrnitted to rnaking the following minimum payments under non-cancellable operating leases for rent of premi5e5. which expire5 on 31st December 2026. 2023 2022 Within one year Within two to fve years Totsl 60.613 43,588 126,770 170.358 130,249 190,862 15. Reserves The re5erve5 shown below are set aside foT the following purpose5'. Revenue Re$erve Funds that are available to be expended in accordance with the aims and objectDies of the charity. Unrestrlcted Funds Balance 31st Decembef 2022 Net out80in8 resources Balence Gains Transfer 2023 Revenue Reserve ladjustÈdl DesiBnated Homes Maintenance Fund 26,716,691 11,909,555) 1,861,370 101,033 26.769.539 7,627,030 148,1931 52,840 7.578.837 34.343,721 11.909,5551 1,861,370 34,348,376 Atotal designated fund of £6,152,123 was established in 2016to recognise thefvnds required to ensurethe Charivs sheltered homes are operated and maintained appropriately. This designatsdfund has been reviewed at 31st December2023 and has been adjusted to £7.578.837 ro represent £4,831,490, bein8the net tx)ok walue of the buildings plus £2,747.347 reflectin8 an uplift of 4% on thÈ maintenance needs over a IS year pèriod in line with theAlmsh(AJse Ass(￿13￿)￿$ rÉ£ommendations on cost increases and ouraverage length of (Kcupancy. Thetransferfrom the enth)wmentlund 01 £52.840 repfesentsthe transferof dniidend arml interest income received in the year. 37

NOTESTOTHE ACCOUNTS Endowment Funds Funds from the sale of CaKion Lod8e were invested on behalf of Caxton Convalescent Home Trl￿ as a subsidiary chariry of the Printers, Charitable Corporation. In 2010 the Trust was subject to a further Charity Commission Scheme and the Èndowtnent fund wa5 Ireated. The Association of PrintErs' Trust wa5 Initial￿ Set up a5 a 5ub5idiary charity of the PrintÈrs' Charitable Corporation. In 2010 the Charity Cornrnission agreed to a furthei scheme. which sub5urned the A550ciation of Printers. Trusts into the Printers. Charitable Corporation as aTh endowmentfund. Balance Net 31st December incoming 2022 resour￿5 B4lDnce 31st December 2023 Gains Transfer Assoclotlon of Ptlnters. Trusts Revenue Reserve 1.389,145 44.810 79.056 152.8401 LI1￿,171 C￿n Convales¢ent Home Revenue Reserve 405,585 1,794,730 13,101 57,911 23,082 102,138 441.768 152,8401 i.Wi.940 Association of Printers, Trust was creared by way of a Charity Commission Scheme in 1992 as a subsidiary charity of the Printers, Charitable Corporation bringing together 24 charitie5. In 1974 the ChaTity Cotnrnission vested the adtninistration of Caxton Convalescent Hotne in the Printer5, Charitable Corporation. In 2010 the Charity ComrDission agreed to a further scheme, which subsumed both of these Trusts into The Printing Charity as perrnanent endowment funds. 16. Anal is of Funds Net Assets 2023 Fixed ￿se1$ Inve5trnents Fixed Assets Tangible Fixed Assets Provisions Current A55et5 Total Fund5 General Funds 23,350,837 2,747,347 1,9(M),639 981,421 4,831,489 2.437,281 26.769.539 Desi8nated Funds Endowment Funds 7.578.837 1,301 1,901,940 Totsl funds 27.998.8Z3 5,812.911 2,438.582 36.250,316 2022 Unrèstricred Funds 24,232,915 2,625,037 1,132,727 5,(K>l,993 1,351,049 26.716,691 Designated Funds Endowment Funds 7,627,030 1,794,730 1,794,730 Totsl funds 28.65168Z 6.134.720 1,351.049 36.138.451 17. P•nslon Schème From February 1995 the Charity has coTrtributed to a delined contribution pension Scheme. which is a group personal pension plan managed by Ae8on. The pension cost char8e represents coniributions payable byThe Printing Chariiy io the plan amountin8 ro £75,58012022.' £85,903). As at 31st December 2023 an amount of £8,415 of contributions were out5tandin8 to Ae80n. 38

NOTESTOTHE ACCOUNTS Ir.. 2023 2022 l NetCa5h used in operating activittes Net IDeficitllsurplus for the reportin8 period Adjustment for.. Depreci8ti0n charges Los5/lGainsl on investment5 Los5 on disposal of lixed assets Decrea5e/llncre35el in other debtors Inirea5ellDecre35el in creditot5 Dividends, interest from investments Net C8$h used In oper8ttn8 8¢tlvllles 111,865 16,398,932) 339.551 387,163 11.963.508) 4,092,115 98,166 36,833 1174,5231 1532,1511 12,491.3291 IuRooI 11311841 16416351 IL299,7101 2023 2022 bl Cash flows from irwesting activitres Dividend5, interest frorn inve5trnent5 Net Incorne Retained 642.635 S32,151 1364,9071 1512,5911 1,320,370 975,023 11912251 1212671 21,469 Purchase of property, plant and equipment Received from Investments Net Cesh flows from Investlng 8ctlvMes 3.249.611 cl Change in rash during year 2023 2022 Change in cash and cash Èquivalents Cash and cash equivalents at 1st January Cash and cash equivalents at 31st De￿mber 949.902 11,516,306) 3,125,987 L609.681 559,583 1,609,681 19. Le Islatlve status The Printing Charity is registered wrch the Charity Comtni55ion in England and Wale5. registered charity number.. 208882. 20. Related rties There have bEen no related party transacrions rEquiiing dist105ure in Èither year. The Trustee5 did not receive any remuneration (including pension Contribu￿onSI or reitnbursement of expenses in 2023. 21. Ca ital commitments There were no capital contfact5 undertaken durinB 2023. 39