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 0￿ratiOn 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 li￿Sle¢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 Dir￿110nS 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