Charity registra￿0￿ number 223327 Company rÈg5stration number 00741097 [En￿and and Wales) CENTRAL BIBLE HAMMOND TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CENTRAL BIBLE HAMMOND TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J H Broadley Mr G Kell Mr P Ollerhead Mr B Donaldson (Appointed 21 L)e£ember 20231 Se¢￿tsry Mrj H Broadlev Charlty rtum￿r 223327 Company number 00741097 Prrncipal address 31-33 Glover Street Crewe Cheshire CWI 3LD Re8iStered office 31-33 Glover Street Crewe Cheshire CWI 3LD Independent examlner Andrew Hague BEng BFP FCA Mitchell Charle5WOrth 24 Nicholas Street Chester CHI 2AU CENTRAL BIBLE HAMMOND TRUST LIMITED CONTENTS Page Trustees, report Independent examiner's report Statement of linancial activitie5 Balance sheet Notes to the financial statements 7-14 CENTRAL BIBLE HAMMOND TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORn FOR THE YEAR ENDED 310ECEMBER 2023 The Trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accountlng policies set out in note I to the financial statements and comply with the Trust's Memorandum & Articles of Association, the Companie5 Art 2006 and Accountin8 and Reporhn8 by Charities.. Statement of Recommended Pracnce applicable to charities preparing their accounts in accordance with the Financial Reporknng Standard applicable in the UK and Republic of Ireland IFA5 102lleffective l January 20191. Objertl¥es and attr¥rtles The objectives and aims of the Charity are to promote the advancement of reli8ion by PrIn￿n8, publishing, and sellin8 all classe5 of books. newspapeT5, periodicals. ma8azines, calendars. maps and other publications designed to make known and propagate the Protestant and Evangelical tenets of the Christian faith in the UK and worldwide lor the benefit of the public. For these purposes the Charity produces and distributes literature on the doctrinal and practical aspects of the Christtan faith in line with the interpretation put forward by such early writers of the"Brethren" movement as J N Darby and W Kelly. The Trustees have paid due regard to gtsidance issued by the Charity Commtssion in decidin8 what athvities the should undertake. CENTRAL BIBLE HAMMOND TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and perlormance The Trust lost Mr Stephen Thomson. it5 youngest Trustee. He resigned in June and passed away within the same month. He was very supportive of the Trust and had provided expert advice on linancial issues. Publications continue to be made available on the Trust's website and offered internationally through internet booksellefs. Existing e-books continue to be made available through Google Play and Arnazon, for the Kindle. The annual Cheerin8 Words calendar sold to the public by mail order. the Trust's own web site and vta UK Christian Lxjokshops. The quarterly Scripture Trthh magazine continues to provide to subscribers across the globe a range of praitical and doctrinal articles in line with the Trust'5 objectives. The new editor took over in April. The magazine is mailed free of (harge to certain readers abroad. The lirst h.fty volume$11909-911 and issues from January 2002 to April 2023 of Scripture Truth m4azine are freely ayallable online. Preparatory work was completed ready for the reintroduction of Printed bound volumes of the magazine. Work has been in pro8res5 to relaunch the Alivel Magazine in a new forrnat. tO8ether with 8raphic technical work for improvin8 Its associated website. New articles have been commissioned. Permission was given to a USA publisher with similar objectives to that of the Trust to translate the works ol a parricular author into Spanish for digital publishing. The development of the new main website contr'nues, which will enable an online purchasing facility. The Trust coniSnue5 to supply literatUFe to book stalls at Conferences ID the Midlands. the NOrt￿West and the Scothsh Bordors. Durin8 2023 the Trust successfully conrinued its use of the internet as the primary vehicle for selling second-hand books whose content is in line with the Trust's obje£tives. Over 9.OLX) books are now offered. A consi8nment of new and second-hand books was donated to contacts sethng up a Christian literature library in India. Consignments of carefully selected surplus second-hand books were donated to the Christran African Relief Trust for onward Shipment to their church links in Zimbabwe, Cameroon and Zarnbia. Support is occasionally provided to Customers who have a genuine difliculty of covering purchase costs. The Archive of tTtle5 published both by the Trust and its antecedents. and by other publishers whose objectives are Similar to those of the Trust, is being maintained and expanded. A new Trustee was appointed in December. Finan¢lal review The Trustees consider It appropriate to hold free reserves of a minimum of £IOO.000 to provide adeouate working Capital for the charitable trading activities of the Trust and to provide a buffer against changes in cir£umstances. As at 31 December 2023 free net current assets. which the Trustees consider to be immediately available reserves, were £275,46712022.. £174.2771. The irnmediately available reserves were botsste(J by a legacy receipt prior to the year end. This receipt that was held as cash at the year end will be utilised and invested as a long term income beafing investment durin8 2024-25. The charity will make approx £50,000 donations during the 2024-25 year that will affect the cash reserves. CENTRAL BIBLE HAMMOND TRUST LIMITED TRUSTEES, REPORT {INCLUDING DIREcfoRS' REPORT} (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Charity continues to adopt the goin8 concern basis in preparing the financial statements. The Trustees have considered the most appropriate policy for investing cash ￿$oUrceS and have decided that term bank deposits meet their requirements of a Te8sonable rète of return, without capitsl risk, and with predittable acce$5ibility to the funds. The Trustee5 actively revlew the major risk5 whKh the Trust faces on a re8ular basis and believe that maintsining free reserves, combined with a review of the controls over key financièl systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks tsced by the Trust and confirm that they have established systerns to mitigate the significant risks, particularlythrough insurance cover. The Trust 15 ofEani2ed so that the Trustee5 meet formally on a quarterly basis to mana8e its affairs. Day today responsibilitles are delegated to a manager. It Is the Trusr's intention to continue its policy of publishing new books and reprinting appropriate out-of-print ts)oks from its batk catalogue in line with its Objettives. It will continue to explore new avenves to extend the availability of Its resources for the benefrt of the publlc. It is the policy of the that unrestricted funds which have not been de51gnated for a speclfic use should be maintsined at a level equivalent to between three and six month's e¥Pendicu￿. The Trtsstees consider that reserves at this level will ensure that, in thè event of a significant drtsp in funding, they will be able to continue the's current Bctniities while consideration is given to ways in which additional funds rnay be raised. This level of reserves has been rnaintained throughout the year. Strn¢turei govemance and managernent The Charity is controlled by Its Governing Document, Memorandum and Articles of Association and constitute5 a Ilmited company, limited by guarantee, as defined bythe Companies Act 2006. The Governing Document is the Memorandufn and Articles of A5SOCiation incorporated 16 November 1962 as arnended by special resolutions dated i December 1970, 13 October 2009 and 29 January 2010. The Trustee5, who are also the directors for the purpose of company law, and who served during the year and up to the date of 5ignatur@ of the financial stètements were.. Mrj H Broadley Mr G Kell Mr P Ollerhead Mr S Thomson Mr 8 Donaldson IResigTred 17 June 20231 IAppointed 21 December 20231 The 8oard of Trustees hès the powerto appoint and remove Trustees as it considers fit. The Tru5tees' report was approved by the 8oard of Trusrees. Mr J Fl Broadley 29 April 2024 CENTRAL BIBLE HAMMOND TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CENTRAL BIBLE HAMMOND TRUST LIMITED I report to the Trustee5 on my examinatlon of the financial statements of Central Bible Harnmond Tfust Limited Ithe I for the year ended 31 December 2023. Respon5ibilitles and basi$ of report As the Trustees ol rhe land also its director5 for the purposes of company lawl you are responsiUe for the preparatr.on of the financial statements in accordance with the reouirements of the Companie5 Act 2006 (the 2006 Actl. Havin8 Satisfied myself that the financial staternents of the are not reQui￿d to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the 's financial statements carried out under section 145 of the Charities Act 2011 Ithe 2011 Act). In carrying out rny examination I have followed all the applicèble Directions given by the Charity Commission undef section 14515llbl of the 2011 Att. Independent exam1￿r,5 Statemènt I hève completed my examinarion. I confirm thai no matters have come to my attention in connection with the examination 8iving me cause to belleve that in any material respect.. accountin8 records were not kept in respert of the as required by seciioft 386 of the 2006 Act,. or the financial statements do not accord with those records,. or the fi'nancial statements do not comply with the accounting reouirements of settion 396 of the 2006 Act other than any requirernent that the accounts give a true and fair view which is not a matter considered as part of an independent examinatioll.. or the financial staternent5 have not been prepared in accordance with the method5 and principles of the Statement of Recommended Prathce for accountin8 and reporting by charities applicable to tharities preparine their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of thelinanctal statements to be reached. Awtdrew Hague 8Eng BFP FCA Mitchell Charle5WOrth 24 Nicholas Street Chester CHI 2AU Dated.. 29 April 2024 CENTRAL BIBLE HAMMOND TRUST LIMITED STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 unfe￿1[￿ed Unrestrided funds funds 2023 2022 Notes Donarons and legacies Charitable activities Investments 127,011 18.772 8,826 3.139 21,643 12,755 Tot31 Income 154.609 37,537 ure Charitable activities 56,658 73,483 Net Intomellexpenditurel for the yearl Net movemerrt In funds 97,951 135,946 Fun(J balances at l January 2023 793.068 829.014 Fund balances at 31 De¢trnber 2023 891,019 793.068 The statement of finarscial athvities includes all gains and losse5 reco8nised in the year. All income and expenditure derive from continuin8 activi￿&5. The statement of linancièl activitles also complies with the requirements for an income antl expenditure account under the Companie5 Act 2006. CENTRAL BIBLE HAMMOND TRUST LIMITED BALANCE SHEET AS AT31 DECEMBER 2023 1023 2022 Notes Fixed assets Tangible asset5 Investments li 86,043 526.584 12 89,444 529.347 Current asset$ Stocks Debtors Investments Cash at bank and in hanLI 612.627 618,791 7,881 1,251 8,756 3,508 73,807 91.643 Is 16 275,467 Credltors.. amount5 falllng due withln one vear 284.599 177,714 17 16.2071 3,4371 Net current assets 278,392 174,277 Totsl assets less ¢urrent liablllties 891,019 793,068 Income fvnd5 Unrestricted funds 891,019 793,068 891,019 793,068 The Company is entitled to the exemption from the audit requi￿rnent contained in sett￿n 477 of the Companies Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companie5 Att 21J)6 with respert to accounting records and the prepaTrtion of financial statements. The member5 have not required the company to obtain an audit of its financial ststements ft>r the year in question In 3ccordance wlth section 476. These financial ststement5 have been prePa￿d in accord8nce with the provisSons appllcable to companies subject to the small companies regime. The flnancial ststements were approved bythe Trustees on 29 Aprll 2024 Mr G Kell Trustee J(Uvl.d Mr P Ollerhead Company re¥lstrètion number 00741097 CENTRAL BIBLE HAMMOND TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accoundn¥ pollcles Charlty informatfon Central 8ible Hammond Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered offi'ce is 31-33 Glover Street, Crewe. Cheshire, CWI 3LD. 1.1 Accountin8 corwentlon The linancial 5tarement5 have been prepared in accordance with the Trust's governing document. the Companies Act 2006. FRS 102 'The Financial Reporting Standèrd applicable in the UK and Republic of Ireland. I-FRS 102.1 and the Charities SORP "Accounting and Reporrin8 by Charities.. Staternent of Recornmended Practi£e applicable to charities preparing their accounts in accorfO Then Else modilied to include the revaluarion investment which are included at market value. The PfitTrcipal accounting wlicies adopted are set out below. 1.2 Goiwtrg concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operatSoll31 existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial sratements. 1.3 Charltabse funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specifrc cOndi￿OnS by donors a5 to how they may be used. The purrrtTrses and uses of the restricted funds are set out in the notes to the h"nancial staternents. Endowment funds a￿ Subject to specilic conditions by donors that the capital must be maintained the Trust. 1.4 Income Income is recognised when the is le8èlly entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that itFcorne will be received. Cash donattons are recogni5ed on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donation5 received under Gift Aid or deeds of covenant is recognised at the time of the donatitsn. Legacies are reco8nised on receipt or otherwise if the has been notified of an impending distribtjtion, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. CENTRAL BIBLE HAMMOND TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Attounttne policles Icontinuedl 1.5 ExpendFture All expenditure is accounted for on an accruals basis and ha5 been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is re(ognised when the followin8 criteria are met.. There 15 a present legal or constNCtive obli8ation resulting from a past ￿ent. It is more likely than not that a transfer of benefits (usually a cash payment) will be ￿quIred in settlement The amount of the obligation can be measured or estimated reliably. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. 1.6 Tangible thxed assets Tangible lixed assets are ini￿allY measured at tost and subsequently measured at cost or valuation. net of depreciation and any irnpairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Oflice equipment 2% reducing balance 20% reducin8 balance The gain tsr1055 arisin8 on the disposal of an asset is determined a5 the difference between the sale proceeds and the carryin8 value of the asset. and is recognised in the statement of ilinancial activities. 1.7 Fimed asset investments Fixed asset investment5 are initially measured at transattfon price excluding transaction costs. and are subsequent measured at fair value at each feporhng date. Changes in fair value are recognised in net incomellexpenditurel for the year. Tran58rtion costs are expensed as I￿Urred. 1.8 lrnpalment ol Ilxed assèts At each repor￿n6 end date, the reviews rhe carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exi5t5, the recoverable amount of the asset is estimated in order to determine the extent of the impairment105s lif anvl. 1.9 Stocks Stocks are stated at the lower of cost and estim*ed selling price less costs to complete and sell. Cost comprises direct materials and, where applicable. dIr￿t labour costs and those overhead5 that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal considerarion are measured the lower of replacement cost and c05t. Net real￿Sable value is the estimated selling prlce les5 all estfmated costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call wlth banks, other short-term liquid investments with original maturit(es of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in CENTRAL BIBLE HAMMOND TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting pollcles Icgntlnuedl 1.11 FlnancFal instruments The has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Secrion 12 '0ther Financial Instruments Issues, of FRS 102 to all of its fi'nancial instruments. Financial Instruments are reco8nised in the '5 balance sheet when the becomes party to the Contractual provisions ol the instrument. Financial assets and liabilities a￿ offset, with the net amounts presented in the financial statements, when there is legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to ￿alise the asset and settle the l+abilitY 5imultsneouslv. Boslcfinonci01055ets Basic financi31 assets, which include debtors and cash and bank balance5, are initially measured a transaction price including transècnon costs an¢Y ère subsequently carried at amortised cost using the effective Inte￿$t method unless the arrangement constitutes a financing transaction. where the transaction is measured at the presert value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable ￿thin one year are not amortised. 80skfinonciollloblliiyes Basic h-nancial liabilities. including creditor5 and bank loans are in1￿31{Y reco8nised at transacDon price unless the arrangernent constitutes a financing transaction, where the debt instrument is measured èt the presert value of the future pdyiiieiits discounted ai è market rate of interest. Financial liabilitie5 classifred as payable within one year are not amortised. Debt instruments are 51Jbsequently carried at amortised cost, Using the effert7ve interest rate Method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinwy course of operations from suppliers. Amounts payable are classilied as current liabilitie5 if payment is due within one year or les5. If not, they are presented as non-current liabilities. Trade C￿ditorS are reco8nised initially at transaction price and subseouentlv meastsred at amorrised cost using the effective interest method. Derecognltpon oAfinonciullioblllrfes Financial liabilities are der￿ogniSed when the's contractual obligations expire or are dischar8ed or cancelled. 1.12 Employee btnefits The cost of any unused holiday entitlement 15 reco8nised in the period in which the employee's services are received. Termination benelits are r￿Ognised immediately as an expense when the 15 demonstrdbly committed to terminate the employment of an ernployee or to provide termination benetits. 1.13 Retirement beneflts Payment5 to defrned contribution retirement benefit schemes are char8ed as an expense as they fall due. CENTRAL BIBLE HAMMOND TRUST LIMITED NOTES TO THE FINANCIAL STATEMEKfs (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Critical a¢¢ountlng estirnates and judgemènts In the application of the Trusts accounting policies. the Trustees are required to make jud8ements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other facto￿ that are conSide￿d to be relevant. Actual re5*Jlts may differ trom these estTmates. The estimates and underlying assumptions are reviewed on an ongoin8 basis. Revisions to accounting estimate5 are recognised in the period in which the estimate is revised where the revision affects only that pericxl, or in the period ol the revision and future periods where the revision affects both current and future periods. Donatlons and legaciÈs Unrèstrttted Unrestricted fvnds fvnds 2023 2022 Donations and gifts 127,011 3,139 Charitsbl¢ a¢tfvitl¢s Charitsble Intorne Charltable In¢omt 2022 2023 Sales within £haritable activities 18,772 21,643 Investments Unrestrirted Unrestrlcted nds funds 2023 2022 Interest receivable 8,826 12.755 10- CENTRAL BIBLE HAMMOND TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable artlvhles Charltablè Charttable Expertrdlture Expendlture Headin¥ I Headin8 1 2023 2022 Staff costs Depreciarion and impairrnent Purchases & Stock Publishing & Binding Postage. Pècking & Carriage Commissions & Marketing Rates & Water Insurance 17,272 3.400 3,235 4,631 8,926 3,62S 1,171 16.201 4,031 4,208 9.594 9,070 4.338 1,224 r 11 Light & Heat Telephone Postage & 5tat70nary Sundry Repairs & Renewals Le8al & Professional Bank Charges Charitable Otsnations 3.987 1,259 871 469 508 3.983 324 1,834 1.238 942 737 713 1.378 330 612 15,0 497 54,158 71.450 Share of governance costs (see note 71 2.500 2.033 56.658 73.483 Support costs Support costs Governance 2023 2022 Governance costs heading I 2,500 2,500 2,033 2,500 2,5(K) 2.033 Analysed between Charitable activities 2.5(M) 2,500 2,033 11 CENTRAL BIBLE HAMMOND TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees None of the Trustees lor any persons £onnerted with thernl received any remuneratFon or benelits frcTh the during the year. Employees The average monthly number of employees durin8 the year was.. 2023 Number 2022 Number Employment costs 2023 2022 Wages an¢J salaries Other pension costs 16,806 466 15.727 474 17,272 16,201 There were no employees whose annual remuneration wè5 more than £60,000. 10 Taxation The charity is exempt from tax on income and 8ains falling wtthin sechon 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 12- CENTRAL BIBLE HAMMOND TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tangible lixed assets Frnehohl l•nd and bulldln e4ulpmènt Cost At l January 2023 112.526 28,843 141.369 At 31 December 2023 112,526 28,843 141,369 Depreclation and lmpa1rn￿nt At l January 2023 Depreciation char8ed in the year 32.036 1,610 19.889 1,791 51,925 3,401 At 31 December 2023 33,646 21.680 55,326 Carrying amouni At 31 December 2023 78,880 7.163 86,043 At 31 December 2022 80.490 8,954 89.444 12 Flxed asset investments Vnli5ted In¥estments Cost or valuatlon At l January 2023 & 31 December 2023 529.347 Carrying amount At 31 December 2023 529,347 At 31 Decernber 2022 529,347 Financlal instruments 2023 2022 Carrying amount of financlal assets Instruments rneasured at fair value through profit or loss 526.584 603,154 13- CENTRAL BIBLE HAMMOND TRUST LIMITED N