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2022-03-31-accounts

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

Company Number: 503177 Charity Number: 232692

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

Contents Page
Report of the Council Members 1-4
Statement of Council Members’ Responsibilities 5
Report of the Independent Auditors 6-8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12-18

(1)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS

The Council Members have pleasure in presenting their report and the financial statements of the charity for the year ended 31[st] March 2022. This report serves the purposes of both a Trustees’ Report and a Directors’ Report under company law.

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).

Reference and administrative information

The Society is a registered charity and a company limited by guarantee with no share capital. (Charity number: 232692, Company number: 503177).

Council Members

The following members served during the year:

J Copperwheat Mrs K R Howells (resigned 18.05.2021) A R Passmore (Chairman) D Wightman (Vice Chairman from 21.02.2021) G Lucas (appointed 18.05.21)

I Corby (Vice Chairman) (resigned 21.02.21) Miss A Lawrence J H Pike (Honorary Treasurer) Mrs H Chipperfield G Bennett (appointed 13.04.2022)

Key Management Personnel

The Council Members together with the General Secretary Mr E Browning are the Key Management Personnel of the charity.

Bankers

Barclays Bank plc 5/6 High Street Hitchin Herts SG5 1BJ

Auditors

Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

Solicitors Wellers Tenison House Tweedy Road Bromley Kent BR1 3NF

Registered Office

Joseph House 1 Bury Mead Road Hitchin Herts SG5 1RT

Investment advisors

Clocktower Fund Management The Hollies, Denby Road Cobham Surrey KT11 1JU

(2)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

Structure, Governance and Management

The Society for Distributing Hebrew Scriptures is a company limited by guarantee, incorporated on 5[th] January 1952 in England & Wales, UK. It is registered with the Charity Commission. The company was established under a new Memorandum of Association in February 2011 which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Appointment and induction of Council Members

Council Members are appointed by the Council and at each Annual General Meeting one third of Council Members will retire from office. On retirement Council Members are eligible for re-election. The Articles of Association provides for a minimum of five Council Members and a maximum of 25. The Council Members are directors of the company. The Council Members are also responsible for the appointment of new members.

New Council Members undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Council and the decision making processes and the recent performance of the charity. They also meet key employees and the other Council Members.

Risk assessment policy

The Risk Assessment Committee has had further meetings on a regular basis. From these Committee meetings appropriate recommendations are made to Council and action taken accordingly.

The Council members consider, at this time as far as possible, the principal risks and uncertainties facing the charity and have plans and strategies for managing events that might otherwise disrupt the work of the Society. During this year the Society’s operations have fully recommenced following the Corona virus pandemic. During the past year, as substantial stocks of Scriptures had been purchased in previous years, no new stocks were purchased, as the Society has plenty in hand for distribution in the immediate future.

Organisational policy

The Council Members meet every two months and there are sub-committees covering finance and investments. Other sub committees are formed as and when required. The General Secretary, Mr E Browning is appointed to manage the day to day operations of the Society. To facilitate effective operations, Mr Browning has delegated authority, within the terms of delegation approved by the Council Members, for operational matters including finance, employment and production and policies for the dissemination of religious knowledge.

The key management personnel of the charity as listed on page 1 are in charge of directing, controlling, running and operating the charity. All Council members give of their time freely and no Council member received any remuneration in the year. Details of Council members’ expenses and related party transactions are disclosed in Note 3 to the financial statements.

The salaries of all Society personnel are set by a meeting of Council Members in March of each year. The current national financial situation is taken into consideration, along with the Society’s income and a comparison with other similar organisations. Key personnel and other personnel each receive the same proportionate increase each year.

(3)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

Objectives and activities

The principal activity of the Society is the production, publication and distribution of the Hebrew Scriptures.

Policy of the Society

The policy of the Society is to supply every Jewish home throughout the world with a free copy of the Holy Scriptures, printed in the dual languages of Hebrew and another language appropriate to the recipient.

The policies it has adopted to fulfil this are the production and publication of testaments, religious booklets, leaflets and CD-ROMs which are distributed to the public, and the dissemination of religious knowledge through meetings and conferences.

Public Benefit

The Council Members confirm that they have had due regard to the guidance issued by the Charity Commission relating to public benefit in forming their policy.

The Society has provided public benefit by adhering to its objectives and carrying out the activities referred to in this report. Recognising our debt to the Jewish people for the Bible and the need to overcome prejudice, the Society publishes and freely distributes the Hebrew Scriptures to the Jewish people worldwide. The publication and distribution of the Society’s Scriptures free of charge to Jewish people as widely as possible, both in the UK and overseas, brings spiritual, moral and practical benefits.

Achievements and performance

Review of operations for the year

During the year 10,108 Testaments have been distributed compared to 9,249 in the preceding year and 3,258 booklets have been distributed compared with 3,482 in the preceding year. In addition, 987 CDs containing the Scriptures compared with 461 in the previous year. These numbers indicate the slow recovery from the effects of the global pandemic.

The Council wish to record the faithfulness of the Lord God Almighty in supplying all the needs of the Society from year to year. The Council also wish to place on record their great appreciation of the loyal and devoted services to the Society of the General Secretary and the other members of staff, including voluntary helpers.

Financial review

Overall financial position

The results for the year ended 31[st] March 2022 are set out in the Statement of Financial Activities on page 9. Net income (pre investment gains/losses) of £8,573 (2021: £137,666) arose in the year. The Society remains heavily dependent on donations and legacies, the income from which was £464,095 (2021: £520,055), with last year’s result being heavily influenced by several substantial, but exceptional, legacies. Together with the investment and other income the Society was able to fund its charitable expenditure of £464,589 (2021: £393,087) on charitable activities.

Investment policy

It is the Council’s policy to invest funds in Government Securities, UK Equities, Guaranteed funds and longterm Bank and Building Society deposits to provide income and growth over the medium to long-term which collectively give a low to medium risk portfolio, and will at least maintain the value of the Society’s assets in real terms as far as market conditions allow. The charity has made such investments to generate a return and has made no social investments.

(4)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

Reserves policy

Council Members have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets and stocks of scriptures held by the charity should equate to approximately one year’s worth of other resources expended, approximately £500,000 per annum. At this level the Council feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding.

At the year end, the charity’s unrestricted funds were £2,910,789 of which £1,669,550 were employed in the Society’s stock and fixed assets.

The level of free reserves at the year-end was £741,239 more than the £500,000 required by the reserves policy. The Council Members expect this to be utilised in the ongoing work of the Society in the next few years.

Fundraising policy

The Society does not undertake any direct fundraising activity but is pleased to receive donations from churches and individuals who wish to support its work.

Plans for the future

In the year ahead we anticipate that:

  1. At present there are no definite plans for the re-printing of the Society’s Scriptures, there being sufficient stocks available.

  2. The digitisation of the Hebrew Old Testament will continue and it is now 90% complete, but there are extensive checks to be conducted which we anticipate will probably take at least 12 months and maybe longer.

  3. Due to relaxing of the Covid restrictions, public meetings have begun again and will, we pray, continue during the year before us.

  4. We have been unable to hold our Annual Conference in Hertfordshire as usual, so we are embarking on a slightly different and initial approach to hold a 3 day conference in the Society’s premises.

  5. Personal distribution will continue in north London, Herfordshire, Essex, South Coast, Manchester and Liverpool. This will include further places where opportunities to meet Jewish people occur.

  6. Worldwide distribution will occur through the Society’s Representatives in Canada, USA, the Caribbean, Suriname, Brazil, Uruguay, Argentina, South Africa, Israel, Australia, New Zealand, Ukraine, Russia, Germany, France, Spain and the Netherlands.

Auditors

A resolution will be proposed at the Annual General Meeting that Jacob Cavenagh & Skeet be reappointed auditors to the Society for the ensuing year.

(5)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

Council Members’ responsibilities

The Council Members (being directors and trustees of the charitable company) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Under that law the Council Members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Council Members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the income and expenditure of the company for that period.

In preparing those financial statements, the Council Members are required to:

The Council Members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Small company

The above report is prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

ON BEHALF OF THE COUNCIL

20[th] September 2022

A R Passmore

(6)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

Opinion

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

In our opinion the financial statements:

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 charitable company 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 council members’ 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 12 months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, including the council members’ report, other than the financial statements and our auditor’s report thereon. The council members are responsible for the other information contained within the annual report. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

(7)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included with the report of the council members.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the council members

As explained more fully in the council members’ responsibilities statement, the council members (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to the valuation of stock, identification of legacy income, and incorrect payments to third parties.

In response to the risks identified we designed procedures which included, but were not limited to:

(8)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

STATEMENT OF FINANCIAL ACTIVITIES (including income & expenditure account) FOR THE YEAR ENDED 31ST MARCH 2022

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Haffenden MA(Cantab) FCA (Senior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor Chartered Accountants

5 Robin Hood Lane Sutton Surrey SM1 2SW

20[th] September 2022

(9)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

STATEMENT OF FINANCIAL ACTIVITIES (including income & expenditure account) FOR THE YEAR ENDED 31ST MARCH 2022

Note
Income from:
Donations
Legacies
Investments
2
Other income

Total income

Expenditure on:
Raising funds:
Investment management
Charitable activities:
Production & distribution
4
Dissemination of religious
knowledge
4
Total expenditure
Net gain on investments
Net income
Reconciliation of funds
Funds brought forward

Funds carried forward
 Unrestricted
2022
£
413,688
50,407
6,031
3,036
473,162
148
260,695
203,746
464,589
26,049
34,622
2,876,167
2,910,789

(10)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

BALANCE SHEET AT 31ST MARCH 2022

Note
Fixed assets
Tangible assets
6
Investments
7
Current assets
Stocks
8
Debtors
9
Cash at bank and in hand

Creditors: Amounts falling
due within one year
10
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted funds
11
General fund (including revaluation
reserve of £46,293 (2021: 25,531)
Fixed Asset fund
Stock Reserve		 2022
£
£
626,787
316,972
943,759
725,791
43,321
1,210,669
1,979,781
12,751
1,967,030
2,910,789
1,558,211
626,787
725,791
2,910,789		 2021
£
£
640,750
354,620
995,370
767,515
25,791
1,099,956
1,893,262
12,465
1,880,797
2,876,167
1,467,902
640,750
767,515
2,876,167

These accounts have been prepared in accordance with the provisions available to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements were approved by the Council on 20[th] September 2022 and signed on its behalf by:

A R Passmore

Honorary Chairman

Company number 503177

(11)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2022

2022 2021
£ £ £ £
Cash provided by operating activities
(see below) 42,315 154,795
Cash flows from investing activities
Interest and dividends received 6,031 8,156
Payments for fixed asset additions ( 1,330) ( 501)
Payments for investment additions - (14,430)
Proceeds on investment disposals 63,697 13,542
Cash provided by investing activities 68,398 6,767
Net cash inflow 110,713 161,562
Cash and cash equivalents at 1 April 2021 1,299,956 1,138,394
Cash and cash equivalents at 31 March 2022 1,410,669 1,299,956
Note: Cash flows from operating activities
Net income for the year 34,622 155,821
Interest and dividends included in investing activities ( 6,031) ( 8,156)
Depreciation 15,293 14,992
Net unrealised (gains) on investments (25,425) ( 17,493)
Net realised (gains) on investments (624) ( 661)
Decrease in stocks 41,724 11,093
(Increase) in debtors (17,530) ( 3,000)
Increase in creditors 286 2,199
Cash provided by operating activities 42,315 154,795

(12)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

1 ACCOUNTING POLICIES

The Society for Distributing Hebrew Scriptures is a company limited by guarantee, incorporated on 5[th] January 1952 in England & Wales, UK. It is registered with the Charity Commission. Its registered office is Joseph House, 1 Bury Mead Road, Hitchin, Herts SG5 1RT.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Accounting convention

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of fixed asset investments.

The Society for Distributing Hebrew Scriptures meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts are rounded to the nearest £.

(b) Going concern

The Council members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees believe the going concern basis of accounting continues to be appropriate in preparing the annual financial statements.

(c) Tangible fixed assets

Tangible fixed assets are stated at cost or Council members’ estimate of market value less depreciation and any impairment. Depreciation is charged on tangible fixed assets so as to write them off over their expected useful lives at the following rates:

Freehold buildings – 2% of cost per annum Office furniture and equipment – 12.5% - 25% of cost per annum Motor vehicles – 25% of cost per annum

Freehold land is not depreciated.

At each reporting date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

(d) Stocks

Stocks are valued at cost, as they consist of items that are distributed at nil cost to the beneficiaries. As such, in order for the financial statements to represent a true and fair view of the state of affairs of the company, the valuation of stock at the lower of cost and net realisable value in accordance with paragraph 10.61 of the Charities Statement of Recommended Practice (Charities SORP (FRS 102)), has not been made. Provision is made for old and obsolete stock.

(e) Debtors

Income tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

(13)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

1 ACCOUNTING POLICIES (continued)

(f) Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

(g)

Creditors and provisions

(i) Taxation

The Society is a registered charity which renders its income exempt from UK corporation tax.

(j) Income

(k) Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that are directly attributable to such activities and those costs of an indirect nature necessary to support them. Support costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect use of the resources. Costs relating to a particular activity are allocated directly, other costs are apportioned on an estimated usage. Salary is split 70:30 between production and distribution and dissemination of religious knowledge respectively.

(l) Investments

Investments are stated at the mid-market price ruling at the balance sheet date, which is considered to be materially equivalent to the fair value of the investments. Unrealised gains and losses are included in the statement of financial activities. Investment income is stated on a receivable basis. Realised gains and losses arising on disposal of investments are separately identified in the Statement of Financial Activities.

(m) Funds

The nature and purposes of the designated funds are explained in note 11.

(n) Intangible income

No value has been placed on the support given to the Society by way of unpaid voluntary assistance.

(14)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

1 ACCOUNTING POLICIES (continued)

(o) Pension costs

Pension costs are charged in the period in which they are payable to the pension scheme.

2 INVESTMENT INCOME
INVESTMENT INCOME
Listed investments
Bank and short-term deposit interest
 2022
£
3,235
2,796

6,031		 2021
£
4,753
3,403
8,156

3 EMPLOYEE INFORMATION AND RELATED PARTIES
EMPLOYEE INFORMATION AND RELATED PARTIES
Salaries
Social security costs
Employer’s contribution to defined contribution pension schemes
 2022
£
223,771
17,188
14,525

255,484		 2021
£
220,363
16,790
14,300

251,453

There were no individual staff whose emoluments exceeded £60,000 during the year (2021: none).

The average number of persons employed during the year were: 2022 2021
No No
Administration 4 4
Distribution 2 2
Dissemination 3 3
9 9

Contributions by the employer towards money purchase pension schemes were made in respect of 7 employees (2021: 7). The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost and charge represents contributions payable by the company to the funds. At 31[st] March 2022 no contributions were payable to the funds (2021: £nil).

The Council Members did not receive any remuneration from the company, but some received reimbursement for expenses incurred in attending meetings. The gross amount reimbursed in respect of attendance at meetings and other disbursements in the year was £1,048 (2021: £466) for 2 Council Members (2021: 1).

Total remuneration of £42,881 was paid in respect of the employment of Key Management Personnel during the year (2021: £42,635).

Remuneration including employer pension of £29,445 was paid in respect of the employment of Mr G Howells, the husband of a trustee (2021: £29,342).

There were no other related party transactions during the year.

(15)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

4 CHARITABLE EXPENDITURE

5 Direct
Support
costs
costs
£
£
Production and distribution
Testament costs
41,724
-
Salaries
75,644
38,428
Distribution
62,245
-
Depreciation
-
15,293
Repairs and renewals
-
3,630
Computer expenses
-
2,571
Conferences and advertising
-
178
Travel and subsistence
-
1,053
Other production costs
12,318
-
Audit and accountancy
-
3,330
Other governance costs
-
4,281
191,931
68,764
Dissemination of religious knowledge
Salaries
120,687
16,469
Donations and gifts
40,000
-
Travel and meeting expenses
8,121
-
Vehicle running expenses
1,459
-
Magazine costs
7,007
-
Bookfairs and exhibitions
-
-
Stationery and printing
-
3,995
Bank charges
-
1,041
General expenses
-
1,662
Legal and professional
-
43
Audit and accountancy
-
1,427
Other governance costs
-
1,835
177,274
26,472
Total charitable expenditure
369,205
95,236
Testament costs represent the cost of scriptures granted to individuals.
NET INCOME
The net income is stated after charging the following:
Depreciation
Auditors’ remuneration (including VAT):
for audit services
for accountancy services		 2022
Total
£
41,724
114,072
62,245
15,293
3,630
2,571
178
1,053
12,318
3,330
4,281
260,695
137,156
40,000
8,121
1,459
7,007
-
3,995
1,041
1,662
43
1,427
1,835
203,746
464,441
2022
£
15,293
2,982
1,775		 2021
Total
£
35,040
112,221
47,152
14,992
2,645
2,466
927
651
11,686
3,132
4,075
234,987
135,050
-
1,997
2,569
9,594
-
2,468
1,103
1,093
20
1,343
1,747
156,984
391,971
2021
£
14,992
2,750
1,725

(16)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

6
TANGIBLE FIXED ASSETS

Freehold
Equipment
Furniture and
Motor
property
and fittings
vehicles
£
£
£
£
Cost
At 1st April 2021
823,122
27,005
6,108
17,510
Additions
-
1,330
-
-
Disposals
-
-
-
-
At 31st March 2022
823,122
28,335
6,108
17,510
Depreciation
At 1st April 2021
184,542
26,084
4,859
17,510
Provision for the year
13,542
1,152
599
-
Disposals
-
-
-
-
At 31st March 2022
198,084
27,236
5,458
17,510
Net book value
At 31st March 2022
625,038
1,099
650
-
At 31st March 2021
638,580
921
1,249
-		 Total
£
873,745
1,330
-
875,075
232,995
15,293
-
248,288
626,787
640,750
7 INVESTMENTS 2022 2021
£ £
Long term investments
Fair value at 1st April 2021 154,620 135,578
Additions - 14,430
Disposals (63,073) ( 12,881)
Net unrealised quoted investment gain/(loss) 25,425 17,493
Fair value at 31st March 2022 116,972 154,620
Long term bank and building society deposits 200,000 200,000
316,972 354,620
The fair value comprises:
Historical cost of investments at 31 March 2022 70,679 129,089
Accumulated unrealised loss 46,293 25,531
116,972 154,620
Within these investments are the following whose fair values as at 31st March 2022 are considered to
be material:
Scottish American Investment Co plc
61,985
Royal Dutch Shell plc 54,990

(17)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022 (continued)

8
STOCKS
Stocks
 2022
£
725,791		 2021
£
767,515

Stocks consist of Testaments, Religious Booklets and CD-ROMs for distribution.

9 DEBTORS 2022 2021
£ £
Income tax recoverable 11,595 11,326
Prepayments and accrued income 2,392 2,048
Other debtors 29,334 12,417
43,321 25,791
10 CREDITORS: Amounts falling due within one year 2022 2021
£ £
Trade creditors 3,377 3,352
Other creditors 5,024 4,963
Accrued expenses 4,350 4,150
12,751 12,465
11 UNRESTRICTED FUNDS
2022: Balance Balance
at 1 April Net income Revaluation Transfers at 31 March
£ £ £ £ £
General Fund 1,467,902
8,573		 26,049 55,687 1,558,211
Designated funds
Fixed Asset Fund 640,750
-		 - (13,963) 626,787
Stock Reserve 767,515
-		 - (41,724) 725,791
Total funds 2,876,167
8,573		 26,049 - 2,910,789
2021: Balance Balance
at 1 April Net income Revaluation Transfers at 31 March
£ £ £ £ £
General Fund 1,286,497
137,666		 18,155 25,584 1,467,902
Designated funds
Fixed Asset Fund 655,241
-		 - (14,491) 640,750
Stock Reserve 778,608
-		 - (11,093) 767,515
Total funds 2,720,346
137,666		 18,155 - 2,876,167

The Fixed Asset Fund is a fund whose balance is maintained at a level equal to the net book value of tangible fixed assets held for use by the charity and the Stock Reserve is a fund whose balance is maintained at a level equal to the stocks of scriptures held for distribution. The transfers to the General fund from these funds represent the movement in the net book value of fixed assets and stocks held during the period.

(18)

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS

2022:
Tangible
fixed
Fixed asset
assets
investments
£
£
General Fund
-
316,972
Designated funds
Fixed Asset Fund
626,787
-
Stock Reserve
-
-
Total net assets
626,787
316,972
2021:
General Fund
-
354,620
Designated funds
Fixed Asset Fund
640,750
-
Stock Reserve
-
-
Total net assets
640,750
354,620		 Current
Current
assets
liabilities
£
£
1,253,990
(12,751)
-
-
725,791
-
1,979,781
(12,751)
1,125,747
(12,465)
-
-
767,515
-
1,893,262
(12,465)		 Total
funds
£
1,558,211
626,787
725,791
2,910,789
1,467,902
640,750
767,515
2,876,167

13 COMPANY STATUS

The Society is a company incorporated in England and Wales limited by guarantee with no share capital. The liability of each member under guarantee does not exceed the sum of £10.

14 CAPITAL COMMITMENTS

There were no capital commitments as at 31[st] March 2022.