HAYES PRESS Annual Report and FRnancial Statements for the year ended st 31 December 2023 (Registered Charity Number: 242257)
HAYES PRESS Content$ Page Charily Infonnation Trustees, Report Statement of Truste¢s' Responsibilities Independent Exaininer's Report Slalement of Financial Aclivilies Balaiice Sheel Notes to the Accounts
HAYES PRESS A Charity governed by Triisl Deed Charity Information for the year ended 31" December 202.1 Trustees: A W Jarvis J A Bowler A R Joii¢s Address: The Barn Flaxlands Woolton Bassell Wiltshire SN4 8DY Reglslered Charlty No: 242257 Independent ExAmlner: Mr P Biick FCA, DChA Champlon TLL Llmiled Charlcred Accounlanls 7 - 9 Slalioii Road Preston PR4 6SN MAln Bankers: HSBC Head Office 160 Belgrave Road Lciicster LE4 SAU
HAYES PRESS Trustees report for the year ended 31. December 2023 Ih The charity is governed by trusi deed dal¢d l O January 1962 as revised by a schenie daled 6th October 2003, appi'oved by tlie general assembly of elders of the Church¢s of God in the Fellowship of the Son of God, Ihe Loi'd Jesus Christ. Trustees are appointed froin time lo lime by the same general assembly. Thc chai'ity exists to providc Christian Literature for use in Churches of God and for distribution worldividc. The Irustees appoinl a full liime salaried manager to administcr ils affairs. Revieiv of the year and financial review The trustees prescnl iheir annual report and financial stalcmciits, wl)i¢h have been prepared in accoi'dance ivitli tli¢ requii'cments of ils gov¢rning docuin¢nt and in line ivith currei)t statutory r¢quir¢m¢nls aiid Ili¢ Cl)ai'ity SORP (2015). In inecling the objects of thc Cliarity, the Trustees liave considered the Charity Cominission guidaiice 01) public benefil and are salisfied thai the aclivities undertaken during the year, have provided significant benefit to the piiblic as described below. The Charity has continiied to siipply literature required by Churches of God, including the provision of a siibslanlial nuinber of "free issue" items, parliciilarly overseas. We also conliniie lo provid¢ lilei'ature to Ilie Ivid¢r Christian community. Over 140/0 of the sales incoinc is froin onlinc r¢lail¢rs such as Amazon. The Cl)arily lias conlinued to supply literatiire required by Cliurches of God and addilionally added soiiie oiliei. Inedi8 It¢ins, following tlje iiicreased reijiil for the new Fellowship Mcdia coininillee, This body absoi'bed tlie pi'¢vious Fcllowsliip Litciaturc cominittcc as w¢ll as thc olhcr Inedia chaniiels. The liteialui'e coiiipoii¢nt continues lo provide a siibstanlial numbcr of "free issiie" iteins, particularly overseas. inclin'ing a rediiclion in Gross Margin of £2.5k. We also continue lo provide lilerature to tli¢ wider Christian cominunily. Ovei. 140/0 of tlie sales iiicoine is froin online retailcrs such as Amazon. The Cliai'ity Accounls noiv include funds lo cover ihe extra media items and tl)e costs of provision of Iliose seivices, External literatiire Sales in 2023 of £50.2k wcrc 5.6/0 down oli Ili¢ prior year equivaleiit figuir of £53.2k. The download of e-books year on ycar was down by 7.70/0 on 2022. This is less than half the siz¢ of the fftll in the preceding year on 2021. Sales of niagazine, gospel tracts ftnd general literature were slalic ivith tlie 2022 values but tlierc wa5 a r¢du¢lion demand for printing booklels, newsletters etc of £2.3k. Tlie net expendiliire for tlie year in 2023 reported is £12.5k, as compared to a deficit of £54.Ik in 2022. Tlie 2022 deficit ivas iinpacled by th¢ iinpairinent charge of £34.5k regarding Ilie valuation of Ilie operational Depot. Tli¢ 2022 deficit b¢for¢ this cliarge is £7.1 k largcr thali 2021 d¢ficit. Gross inargii)s iii 2021 ivei'e Il)e same as that achieved in Ihc pi'ior y¢ar. ¢ven though the free issue overseas literature costs doublcd. Ovei'head expenses increased by 80/0. Doiialioiis and legacies ITI 2023 at £30.9k showed an increase coinpared with 2022 of 60%, but without a subslanlial legacy, the 2023 figures ivoiild be significanlly loiver Ilian 2022. We are very grateful for all donations received in support of the work of the Fellowship Media Committee, as this enables us to meet our commitments.
At the ¢nd of lh¢ 2023 Financial year a significant change look place in the 0ratiOn of the depot of the Charity. Tli¢ manager retired from lengthy service to the Charity and that role has largely been taken on by personnel Ivl)o are iiot UK based, and not employecs of il)e Charity. Th¢ ivcll-iiiainlained depot ivill be I'ctaincd iii tli¢ meantime though th¢ r¢duclion in product lin¢s ofyered for sale brings reduced usage and r¢diic¢d cost. Total HP funds of £126k, are represented by fixcd assets tolalling £24k, and Ili¢ balaiic¢ in unrestricted deposit funds and current accounts of £102k. Rlsk revlew The trustees have carried out a risk revieiv in accordanc¢ ivilh Charities Act recommendations lo idenlify any risks that surround lh¢ charity and mitigate those risks ivhere possible. Resci'ves pollcy Much of Ilie charity's reserves consist of ivorking capital balances and the trustees seek to conlrol the level of liquid resouires to meet short-lerm liabilities without the building up of excess amounts. The trustees consider suitable lev¢1 of free reserves, Ivith Il)e reduced exposure froin not needing to coiT¢r foi. staff redundancy to be £30,000, based on an average of six months operaling cosls. The curreiit leiiel of free resei'ves is £ l 01,579 after allowing for eleinents that ar¢ r¢pr¢s¢nled by non-liqiiid fixed assets. Trading losses are anticipated foi. some yeai's alicad aiid Ilicrefore the Truslecs expccl to be able lo fuiid iliosc dcficils by r¢ducing the resci'ves to a level approaching ihe minimiim reqiiireiiienl. Statement of trustees responslbllltles Charity law requires trustees to prepare accounts for each financial y¢ar ivhich give a true and fair view of tlic stale of affaii's of the cliarity and of ils inconic and exp¢ndilure for that period. li) prepai'ing accounts Ilie trustees have.. iised siiitablc accounling policies and applied them consistently Inade judgeinenls and esliinales ivhicli r¢asonabl¢ and prudei)t followed applicable accounting standards, subject to any Inaterial departures disclosed and explained in the accounls prepared Ilie accounts on a going concem basis unless it is inappropriate to presuiiie that the chai'ity will conliniie in business. The trustees ar¢ r¢sponsible for maintaining proper records which disclos¢ iviih rcasonable accuracy at ai)y tiine, Ihc fiiian¢ial position of the cliai'ity and cnablc tlicin lo cnsurc that Ilic accounts coii)ply with thc Cl)aritics Act. They are also i'esponsible for safeguarding th¢ asKts of th¢ charity and for taking reasonable steps lo prevent and delecl fraiid and other irregularili¢s. Changes in trustees occur as required, upon discussion and mulual agrecinent of existing liSle¢s. Approval of Report This report ivas approved by the trustc¢s on .Q/&... 2024 aiid sigiied on ils behalf by: A W Jarvis - Trustee A R Jones- Trustee
Independent Examiner's Report to the Trustees on the Accounts of Hayes Press Independent examiner's report to the trustees of Hayes Pre$$ I r¢port to the charity trustees on my exainination of the accounts of Hayes Press (Ihe Trusl) for th¢ yeai. ended 31 st Deceinber 2023. Responsibilities and basis of reporl As 11)e charily Iniste¢s of tli¢ Tnist you are responsible for the preparation of the accounls in accordance wilh the reqiiiremenls of the Charities Aci 2011 ('Ih¢ Acl,). I report in respecl of my exainination of the Trust's accounls carried out under section 145 of the Act and in carrying out iny exainination I have folloived all applicable Dir110nS given by the Cl)arity Commission under section 145(5)(b) of the Acl. Independent examlncr's statement I have coinpleled my examinalion. I confirn) ihal no Jnaterial matters have come to my allention in connection witli lh¢ examination giving me cause to believe that in any material respecl: accounting records iver¢ not kept in respect of the Trust as required by s¢ction 130 of the Act; or the accounts do not accord iviih those records. or the accounts do not coinply ivith the applicable requiremenls concerning Ilie foimi and conlenl of accoiinls set out in the Charilics (Accounts and Reports) Rcgiilalions 2008 other than any r¢quircnienl that tlie accouiits givc a truc and fair vicw ivliich is not a maltei. coi)sidci'ed as pai1 of an indepci)deiit ¢xaniinalion. I confirin that Iliere are no other matters lo which your allenlion should be draivn to enable a proper undcrstanding of ihe accoiints lo be reachcd. Mi. P Buck FCA, DChA Champlon TLL Llmlted Cliai'lei'ed Accoiiiilaiils aiid Regi.flei'ed Aiidilois 7 - 9 Station Road Hesketli Bank Preston PR4 6SN Date.. 171.....1.Zo2y 02
HAYES PRESS Statement of financial aetlvllles for the year ended 31" December 2023 Unrestricted Reslrleted fiinds funds 2023 Tot&1 2022 Total Note Income And Endowments from: Jiicoiiiiiig Ye.soiii'cesfroiii geiieraledfiiiids.. Donations and l¢gaci¢s received UK Deposit accoiint interest 28,486 2.323 28,486 2,323 18,582 662 Cliai'ilfible aL'livilies.' Sol¢s 70,254 70,254 61,599 Total 101.063 101,063 80,843 Expendlture on: Cliayilable rtclivilie.¥.' Cost of activitics in furthcrancc of the cliarity's objeclivcs Cost of Sales Olliei. operating costs 53,183 60,416 53,183 60,416 44,103 90,821 Tolal 113,599 113,599 134,924 Net Income l (Expendltiire) (12,S.36) (12,536) (54,081) Transfers Between Funds Total fiinds brought forward 138,253 138,253 192.334 Total funds earrled forward 10 125,717 125,717 138,253 The result for the year shown above represents the only recognised gain or loss for th¢ year. All turnover in the year relates to continuing op¢ralions. Ther¢ is no difference between the historical cost result and thal shown above since no assets have been subject to revaliiation.
HAYES PRESS Balance Sheet as at 31. December 2023 2023 2022 Note FIXED ASSETS 24,138 26,984 CURRENT ASSETS Stock Debtors Cash al Bank and In Hand Dcposit account 1,014 14,498 7.560 97,535 2,914 19.200 13.051 101,332 120,607 136,497 CURRENT LIABILITIES Creditors.. Aiiioiints falling diie wiil)in one year (19,028) (25,228) Net Curi'ent Assets 101,579 111,269 TOTAL ASSETS 125,717 138,253 REPREI SENTED BY: Uiii'esli'leled liic(piiiefiiiids.' Geiiei'al Fuiid Balance 101.579 111,269 Funds represented by Fixed Assets 24,138 26.984 Designated Fund - Translation of Literature 10 125,717 138,253 Approved by the Board of Tnistees on . p.7...Z. 2024 and signed on ils belialf by: AWJ is - Trust¢¢ A R Jones- Trustee
HAYES PRESS Notes to the aecounts for the year ended 31. Decembei. 2023 l. Accounting Polieies BASIS of Aecountlng The folloivii)g accoiiiiling policies have been #pplied consislently in dealiiig iviih iteins ivhicl) are considered maierial in lalion lo Ihe charity's financial slaiemenls. The Finan¢iJl Sijtemenls have been prepared in accordance iviih the Sialemenl of Re¢ommended Praclice and applicable accoiinling standards. undcr the historical c05t convcnlion. The charity is ¢xempl froin the requireiiient of Financial Reporliiig Siaiidards to preparc a cash floiv slaleineill as il qualifies as a sinall charity. SHI¢s Sales represent nel invoiced amounls, cxcluding Value Added Tax. Sales in advan¢¢ relaling lo Ihe coining yearfs subscriptions ar¢ shoiyn ivilliin creditors on the Balance Sheet and laken into Ille Profit aiid Los5 Account in Il)¢ year lo iyhicl) they relate. TAn%lble fllxcd Assets Depre¢iatioi) is pi'oiiided on fixed assets al the followin¥ lilnual rales in order lo ivrile off each assei over il$ esliinaled useful life: Equipment - 250/0 Siraighi line Buildings 2 % straight line Stock Sio¢k is valued al th¢ lower of cost and net realisable value, after making due alloivance for obsolele and sloiv-moving items and ivriling doivn slock dcslined for free digiribulion. Doiiatloiis Rnd legacle5 Doiialioii aiid legacy iii¢oii)e is iiicliided in th¢ Stat¢inenl of Fiiiancial Activities as it becoiiies due aiid is iii¢liided iii the relevai)I fund. Expendlture Cxpendilure is cliarged lo the Siatcnicnt of Finaiicial Aclivilics on an accNals basis. Tl)c charily has lakei) adv?iilagc of the SORP cxcinplions available to si)iall charilics in Ihe classification of costs. Cost of sales rcpi'cscnls Ihc i)cl costs of ihc priiiiory piirposc Iradiiig of Ilic cliarilyl adjiisled for stock Inovciiiciils. FiiianL¢ cosls118ve bceii segregaled a5 0vei'l)cads Ihal are iiol directly relaling lo the day-lo-day running ¢osls iii¢urred iii meeliTl¥ the eh8rily's objeclives. Penslons The ¢hari(y contributes loivords a defined eonlribulion scheme on behalf of its ¢inploye¢s. Th¢ 8ss¢ls of Ihc scheine are held scpai'alely in an independently adminislered fund. The amount charged in the Sialemenl of Financial Aclivilies represents Ihc coiili'ibiilioiis payable to lh¢ scli¢iiie in r¢sp¢cl of tlic accounliiig year. T4xation There were 110 charges for laxalion in the year. iior in Ihc pffvious year. Support Costs Suppoi't costs are all dir¢cily atlribulable lo the one charilable expendilure cost heading since there are no fundraising costs or oiller cl)arilable cosl categories ,as siicl) a separdt¢ allocation siii))i)iary of 5llPPOrt costs As not I'CqLiireil. Funds Restricted ndS are those relating to amounts received iviil) specific donor condilions regarding the purpose to ivhich Iliose funds should be used.
HAYES PRESS Notes to the accounls for the yeai. ended 31$1 December 2023 (coiiliiiiied) 2, Dlreet Charitable Expendlture Within Direct Charitable Expenditure. operating costs include th¢ following: 2023 2022 Staff cost8 Advertisiiig and publicity costs Depreciation linpaiiinent chai'ge Pi'emises costs Olliei. costs 46,694 2,086 2,846 1,208 2,846 34,51 3,402 4,480 3.141 5,649 60,416 90,821 3. Employee Numbers and Costs The averagc nuinber of full time equivalenl employees for the year is as folloivs: 2023 number 2022 number Manageinent and Administration The total staff costs relating lo 11)ese ¢inployees is as folloivs: 2022 Wages and salaries Social seciirftly Costs Pension costs 44,674 33 1,984 40,848 1,590 1,936 46,694 44,374 In accordance wilh the Charily Act requirements, 11)e tnistees confimi that no einployee received more Ihan £60,000 during the year, being the rcportabl¢ limil specified by the Charities Act.
HAYES PRESS Notes to the aecounts for the year ended 31" December 2023 (comliniied) 4. Flxed Asset$ Freehold Property Equipment Total Cosl.. Ai I sl January 2023 Additions Disposals 84,818 42,738 127,556 At 31st December 2023 84,818 42,738 127,S56 Depiecialioii.. Ai 1st January 2023 Charg¢ for year Disposals 59,818 1,696 40,754 1,150 100,572 2,846 At 31 Dccember 2023 61,514 41,904 101,418 Nei Book Valiie.. At 31st Decembei. 2023 23J04 834 24,138 Ai 31st D¢¢emb¢r 2022 25.000 1,9114 26,984 All fixed assets are for use by the charily for dire¢t charitable purposes. Tlie fiteliold property has been valiied ai £25.0(M) therefore an in)pairn)enl charge lias been a¢coiinled for accordingly. 5. Stock 2023 2022 Goods for re581e 1,014 2,914 1,014 2,914 6, Debtor$ 2023 2022 TrJd¢ debtors Suiidry debtors nild prepaymcnls 5,248 9.250 9,790 9,410 14.498 19.200
HAYES PRESS Notes to the accounts for the year ended 31" December 2023 (coiiliiiued) 7. Current asset Investments 2023 2022 Developineni fund Inonies deposited in Deposit accounls 97.535 101,332 97,5.15 101,132 8. Creditors: Amounls falling due Ivilliin one year 2023 2022 Trade creditors Deposil.s rcccivcd ii) advanLe Social s¢¢ui-ity aiid olliei- lax¢5 Accrnals 2,295 11,047 4,111 1,575 3,634 16,383 3,711 1.500 19,028 25,228 9. Penslons Th¢ charily contribiil¢8 lo a d¢fin¢d conlribulion schemc on bcliaifof ils cmployecs. Thc pcnsion chai'gc for the yeai. rcpi'csents coiilributions Pdyable by Il)e charity to the fuiid aiid ainouiitcd io £1,984 (2022.. £J. 936). Thcrc Iv¢i'¢ no contribiitions outstanding al the end of Ilie year (2022.. iiil). 10. Re¢onclllatlon of movement In funds Flxed Assels Deslgnated Gelieral Fuiid Fund Fund TotAI Fuiids Total fiinds brought forward Moifteipieii¢ iii ilieyeai.: Incoinc Expenditiire Transfer beliveen Funds 26,984 111,269 138,253 101,063 101,063 (110,753) {113,599) {2.846) Total funds carried for4vArd 24,138 101,597 125,717 10