2023-06-30-accounts - The Friend Publications Limited

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Council members	Council members	Council members	on	30June 2023	Janet Barlow (Trustees and Directors)	Janet Barlow (Trustees and Directors)	Janet Barlow (Trustees and Directors)	Janet Barlow (Trustees and Directors)
					Lis Burch
					Peter Kennedy
					Alastair Reid
					Barbara Windle
Secretary					Janet Barlow
Editor and		Chief Executive Officer			Joseph Jones
Registered		office			Friends House	173 Euston Road London			NW1 2BJ
Webs ite address					~th I d.
Company	registration			number	604838 (England		and Wales)
Charity registration			number		211649(Charity	Commission		for England	8 Wales)
Independent		Examiners			Myrus Smith
					Norman House
					8 Bumell Rd
					Sutton SM1 4BW
Bankers					Co-operative Bank pic
					PO Box250
					Skelmersdale WKIB 6WT
					CAF Bank
					25 Kings Hdl Avenue
					Kings Hill
					West Mailing
					Kent ME184JQ
Solicitors					Bindmans LLP
					236 Gray's Inn Road
					London WC1X 8HB
Investment		Managers			Rathbone Greenbank
					10Queen Square
					BiistolBS1 4NT

CEO &Editor	of The Friend	Joseph Jones
Production and Office Manager		Elinor Smallman
Sub-Editor		George Osgerby
Journalist		Rebecca Hardy
Relationships	Manager	Sarah Chapman	until 30	November	2022
		Vltaly Yerenkov	&Sarah	Chapman	until 13February 2023;
		Vitaly Yerenkov	thereaffer
Subscriptions	Officer	Imogen Sewell Ridley
Finance Officer		Elaine Bright
Publishing assistant (freelance)		Gabrielle Scott
Friends Quarterly Editors		Gill Sewell, Olivia Sewell		Risley
Volunteers:
Arts Correspondent		Rowena Loverance
Environment	Correspondent	Laurie Michaelis

				Unrestricted	Restricted	Total	Total
			Notes	Funds f	Funds f	2023f	2022 F
Income from:
Donations and legacies Charitable activities Investments				50,540 339,223 8,017		50,540 339,223 8,017	60,929 346,419 5,537
Total				397,780		397,780	412,885
Expenditure on:
Raising funds Charitable activities				2,590 435,377	2,512	2,590 437,889	3,108 388,400
Total				437,967	2,512	440,479	391,508
Net income/(expenditure)		before
investment gains				(40,187I	(2,512)	(42,699)	21,377
(Loss)/gains on investments			14	2,299		2,299	(47,203)
Net income/(expenditure)			10	(37,888)	(2,512)	(40,400)	(25,826)
Transfers between	funds
Net movement in	funds			(37,888)	(2,512)	(40,400)	(25,826)
Reconciliation of	funds:
Total funds brought	forward			337,143	4,819	341,962	367,788
Total funds canied forward				f299,255	f2,307	f301,562	f341,962

		AS AT 3	0 JUNE 20	23
FIXEDASSETS		Notes	f	2023		2022
Tangible assets		13
investments		14		310,501		302,299
				310,501		302,299
CURRENT ASSETS
Debtors		15	45,624		44,773
Cash at bank and in	hand	16	104,373		158,403
			149,997		203,176
CREDITORS: Amounts	falling due
within one year		17	146,904		145,747
NET CURRENT ASSETS				3,093		57,429
TOTAL ASSETS LESSCURRENT				313,594		359,728
LIABILITIES
CREDITORS: Amounts	falling due	18
after more than one	year			12,032		'I7,766
NET ASSETS		20		6301,562		5341,962
REPRESENTED BY:
Unrestricted funds		19		299,255		337,143
Restricted funds		19		2,307		4,819
				6301,562		6341,962

DONATIONS AND LEGACIES
	Unrestricted	Restricted	Total	Total
	Funds f	Funds 8	2023	2022 6
Donations Legacies Grant from Religious Society ofFriends,	10,990		10,990	11,534 9,802
Britain Yearly Meeting Grants from trusts	18,000 21,550		18,000 21,550	17,493 22,100
	f50,540		650,540	860,929

			Unrestricted	Restricted	Total	Total
			Funds	Funds	2023	2022
			F	f.	E	F
Publishing	—The Friend and Friends
Quarterly Advertising and book sales Online Friend and Digital Archive			191,371 134,988 12,864		191,371 134,988 12,864	220,086 110,517 15,816
			F339,223		E339,223	E346,419
All ofthe f346,419recognised		in 2022 related to unrestricted		funds.
INVESTMENT INCOME
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2023	2022
Dividends	and interest from listed
investments			E8,017		E8,017	E5,537

	All ofthe	5,537recognised in 2022 related	5,537recognised in 2022 related	to unrestricted fu	nds.
5.	COST OF	RAISING FUNDS
					Support	Total	Total
				Direct costs	costs	2023	2022
	Investment	management	fees	E2,590		f2,590	f3,108
6.	COST OF	CHARITABLE	ACTIVITIES
					Support
				Direct costs	costs	Total	Total
	Production educational	of printed and publications	online	(note 7) f366,936	(note 8) f70,953	2023 f437,889	2022 E388,400

		Total	Total
		2023	2022
		F	E
Publication costs Editorial costs Printing and advertising Discounts	costs	154,037 151,270 32,617 29,012	117,357 145,923 59,572
		E366,936	E322,852

8.	ANALYSIS OF SUPPORT	COSTS
			Total	Total
			2023f	2022f
	Website maintenance Office costs Premises costs		4,385 15,609 15,000	4,077 13,847 15,000
	Marketing Subscription and promotion Finance cost	costs	4,387 29,162 655	6,349 24,229
	Governance costs (note 9)		1,755	1,500
			f70,953	F65,548
9.	GOVERNANCE COSTS
			Total	Total
			2023 f	2022 f
	Examination fees Council and trustee meetings		1,660 95	1,500
			f1,755	F1,500
10.	NET INCOME I(EXPENDITURE)		2023	2022
	This is stated after charging:
	Depreciation
	Independent examiners' remuneration Operating lease rentals Pension costs (defined contribution scheme)		F1,660 f14,000 f11,867	f1,500 f15,000 f13,383


STAFFCOSTS						2023	2022
							F.
Wages and salaries Social security costs Employer pension costs Other related employment Freelance fees	costs					156,953 10,454 11,867 1,413 11,419	172,258 12,078 13,383 1,529 9,115
Pension deficit contributions						192,106	208,363
						f192,106	f208,363
Staffcosts analysed by function:
Production and editorial Adverbsing Subscriptions Friends Quarterly						138,216 27,883 25,533 474	133,504 54,203 20,029 627
						F192,106	f208,363
No employee received total employee benefits (excluding f60,000 per annum during the year (2022 —none).					employer	pension costs) ofmore than
The average number of full	and	pert-time	staff,	analysed	by function	2023	2022
was:						No.	No.
Production and editorial						3.8	3.8
Advertising						1.0	1.0
Subscriptions						1.0	1.0
Management and administration						0.2	0.2
						6.0	6.0
The average number offull-time function was:		equivalent	staff, analysed		by
Production and editorial						3.0	3.0
Advertising						1.0	1.0
Subscriptions						1.0	1.0
Management and administration						0.2	0.2
						5.2	5.2

	or Corporation Tax on income or gains derived from various exemptions available to registered charities.	its charitable activities, as it falls w	ithin the
13.	TANGIBLE FIXEDASSETS Furniture and office equipment	2023f	2022f
	Cost
	At 1 July	27,682	27,682
	Additions
	At 30June	27,682	27,682
	Depreciation
	At 1 July Charge for the year	27,682	27,682
	At 30June	27,682	27,682
	Net Book Value
	30June	fNil	fNil

All t	angible fixed assets ar	e held by the charity for use in meeti	ng its charitable objects.
14.	INVESTMENTS tdi t		2023 f	2022
	Fair value at 1 July		302,299	353,387
	Acquisitions at cost Disposals at opening Unrealised (losses) I	market value gains on revaluation	59,032 (50,945) 115	40,178 (42,618) (48,648)
	Fair value at 30June		F310,501	f302,299
	Historic cost at 30June		f284,266	f257,381
			2023f	2022f
	Analysis of investment	gains;
	Unrealised gains I(losses) on revaluation Realised gains on disposal		115 2,184	(48,648) 1,445
			f2,299	f(47,203)

14. INVESTMENTS/contd
						%of
						portfolio
						market
At 30June 2023 the portfolio comprised		the	following	investments:		value
Ishares II Plc UK Gilts UCITS ETF					2,701	09%
Treasury 7/8% Green Gilt 31/07/2033					8,644	2.8%
Treasury 1/8% I/L Stock 22/03/2024					12,367	4.0%
Aberdeen Standard Fund Managers Gbl Index Lkd Bond S Instl inc					5,562	1.8%
Kreditanst Fur Wie 0.875% Gtd Snr 15/09/2026					7,859	2.5%
Places for People 4.25'k Bonds 15/1	2/2023				1,976	0.6'/o
Liontrust Investments LTD - Corporate		Bond 2			7,429	24%
Rathbone Unit Trust Mgmt Ethical Bond S Inc (GBP)					7,478	24%
Royal London Unit Trust MGRS Ethical		Bond Z inc			7,759	2.5'/o
Lombard Odier Funds					6,248	2.0%
Keller Group PLC					1,750	0.6%
Marshalls Group PLC					1,877	0.6%
Coats Group PLC Sp Ordinary					3,132	1 0%
Genuit Group PLC/(prvious name Polypipe			Group) PLC 0.1p
Ordinary					2,348	08%
Smith (DS) PLC					4,868	1.6%
Halma PLC					6,376	2.1%
Spirax-Sarco Engineering					7,981	2.6%
Experian PLC USD 0.10Ordinary					3,622	1.2%
Intertek Group PLC 1p Ordinary					4,094	1.3'k
Beltway PLC					2,386	0.8%
Smith & Nephew PLC					5,452	18k
Dechra Pharmaceuticals PLC					7,741	2.5%
Hikma Pharmaceutlcals PLC					2,269	0.7%
Relx PLC					4,980	1.6%
Vodafone Group PLC					1,036	0.3o/o
SSEPLC 50p Ordinary					5,523	1.8%
National Grid PLC					3,642	1 2%
Legal &General Group PLC					2,159	0.7%
Prudential PLC					3,713	1.2%
Home REIT PLC					1,838	0.6%
LondonMetric Properly Ltd					2,481	0.8%
Impax Asset MGMT Group 1p Ordinary					2,390	0.8%o
FDM Group Holdings PLC 1p Ordinary					2,244	0.7'k
Kainos Group Ltd					1,971	06%
Brown Advisory Funds US Sustainable		Growth C Inc			24,887	8.0%
LEGG MASON GLOBAL FUNDS					13,648	4.4%o
ASML Holdings NV					3,983	1 3ok
ASSA ABLOY					3,772	1.2%
Liontrust Investments LTD SFEuropean		Growth 2			6,559	2.1%
Stewart Investors Asia Sustainability	BAcc				1,540	0.5'/o

14. INVESTMENTS/contd								o%%d of porffolio
								market
								value
Baillie Gifford & Co							6,314	2.0'/o
BMO INV Funds (LUX) Responsible			Gbl EM	R	Acc		5,360	1.7o/o
Fund Partners LTD IM WHEB	Sustainability			B	Acc		7,520	2 4o%%d
lmpax Environmental Markets	PLC						6,150	2.0o%%d
Janus Henderson Inveslments	Gbl	Sustainable			Equity	I Inc	9,180	3.0'%%d
Schroder Investmnet MGMT Global		energy					4,776	1.FYo
Digital 9 Infrastructure PLC							2,020	0.7%
Foresight Sustainable Forestry							1,400	0.5'%%d
Greencoat UK Wind PLC							2,944	0.9'Yo
Harmony Energy Income TST	PLC						2,940	0.9'/o
Octopus Renewables Infrastructure		Trust PLC					1,943	0.6'%%d
Renewables Infrastructure							3,265	1 1o%%d
Mayfair Capital Invest Mgmt Property			inc Trust		for
Charity							3,163	1 Oo%%d
Mirova Global Green Bond							6,133	2.0'/o
Brown Advisory US Sustainable							15,194	4.9'%%d
Ishares USD TIPS0.5							4,421	1.4'%%d
European Investment Bank Jo Hambro Regional Gbl Eqty							5,485 5,330	1.8'/o 1.73'o
Treasury '/o Gilt 2031							8,678	2 8o%%d
							i 3)o,oos	o1oooo
15. DEBTORS							2023f	2022 F
Publications debtors Prepayments VAT recoverable Cash held by investment	manager						37,986 969 (367) 2,896	28,178 2,347 3,046 11,202
							f41,484	f44,773
16. CASH AT BANK AND IN	HAND						2023	2022
							F	F
Current accounts Deposit accounts Cash							61,338 38,008 749	87,923 66,299 749
Paypal/Stripe							4,278	3,432
							f104,373	F158,403

17.	CREDITORS - AMOUNTS	CREDITORS - AMOUNTS	CREDITORS - AMOUNTS	2023f	2022 F
	Trade creditors Social security costs and taxation Deferred income -Subscriptions			20,504 3,153 94,626	17,930 2,817 99,374
	Accruals Credit card	- BYM	Grant	10,000 12,160 71	8,000 10,500 736
	Bounce back loan			6,390	6,390
				F146,904	f145,747
18.	CREDITORS - AMOUNTS		FALLING DUE AFTER MORE THAN ONE YEAR	2023 F	2022f
	Bounce back loan			12,032	17,766
				F12,032	F17,766
				2023f	2022 F.
	Amounts falling due within:
	1 —2years 2 —5years More than 5years			6,390 5,642	6,390 11,376
				F12,032	F17,766

	FOR T	HE YEAR END	ED 30JUNE	2023 contd
19.	MOVEMENT IN FUNDS	Balance				Balance
		Brought	Income			Carried
2023		forward f	(inc gains) f	Expenditure f	Transfers f.	forward
	Unrestricted Funds
	General funds	337,143	400,079	437,967		299,255
	Restricted Funds
	Website development	2,150		2,150
	Subscription system	1,000				1,000
	Yearly Meeting
	-Warwick University	1,307				1,307
	Oflice equipment	362		362
		4,819		2,512		2,307
	Total Funds	f341,962	F400,079	f440,479	FNil	F301,562

	Balance				Balance
	Brought	Income			Carried
	forward	(inc losses) f	Expenditure	Transfers F	forward f
Unrestricted Funds	362,020	365,682	390,559		337,143
General funds
Restricted Funds
Website development	2,150				2,150
Subscription system	1,000				1,000
Yearly Meeting
-Warwick University Office equipment	1,307 1,311		949		1,307 362
	5,768		949		4,819
	f367,788	f365,682	f391,508	FNil	f341 962
Total Funds

ANALYSIS OF NET ASSETS BETWE	EN FUNDS
	Unrestricted	Restricted	Total
	Funds	Funds
		F
Fixed assets Current assets Current liabilities Long term liabilities	310,501 147,690 (146,904) (12,032)	2,307	310,501 149,997 (146,904) (12,032)
As at 30June 2023	f299,255	f2,307	f301,562

				Unrestricted	Restricted	Total
				Fundsf	Fundsf	Funds F
	Fixed assets Current assets Current liabilities Long term liabilities			302,299 198,357 (145,747) (17,766)	4,819	302,299 203,176 (145,747) (17,766)
	As at 30June 2022			f337,143	f4,819	F341,962
21.	OPERATING LEASE COMMITMENTS				2023	2022
	At 30June 2023the total minimum		payments	due under non-
	cancellable operating	leases were	as follows:
	Vllithin one year				F15,000	f15,000