HAYES PRESS
Annual Report and Financial Statements for the year ended 31[st] December 2024
(Registered Charity Number: 242257)
HAYES PRESS
| Contents | Page |
|---|---|
| Charity Information | 1 |
| 2 | |
| 3 | |
| 4 | |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 |
The following does not form part of the statutory financial statements: Detailed Income and Expense Account 11
HAYES PRESS A Charity governed by Trust Deed
Charity Information for the year ended 31[st] December 2024
Trustees: A W Jarvis J A Bowler A R Jones Address: The Barn Flaxlands Wootton Bassett Wiltshire SN4 8DY Registered Charity No: 242257 Independent Examiner: Mr P Buck FCA, DChA Champion TLL Limited Chartered Accountants 7 - 9 Station Road Preston PR4 6SN Main Bankers: HSBC Head Office 160 Belgrave Road Leicester LE4 5AU
1
HAYES PRESS
Trustees report for the year ended 31[st] December 2024
Hayes Press is governed by a trust deed dated 10 January 1962, as revised by a Charity Commission scheme dated 6 October 2003. This scheme was approved by the General Assembly of Elders of the Churches of God in the Fellowship of the Son of God, the Lord Jesus Christ.
Trustees are appointed from time to time by the same General Assembly.
The charity exists to provide Christian literature for use within the Churches of God and for wider distribution worldwide. There is no longer a full-time manager at the depot, but the trustees make arrangements in place to ensure the day-to-day operations are effected efficiently.
Review of the year and financial review
The trustees present their annual report and financial statements, which have been prepared in accordance with the requirements of its governing document and in line with current statutory requirements and the Charity SORP (2015).
public benefit and are satisfied that the activities undertaken during the year have delivered meaningful benefit to the public.
During 2024, Hayes Press continued to supply literature to the Churches of God and, under the expanded remit of the Fellowship Media Committee (established in 2023), to the wider Christian community. Over 15% of sales income was generated through online platforms such as Amazon and eBay.
Sales to the Churches of God remained stable. However, overall income and margin were affected by the transition of a major periodical from monthly to quarterly publication, resulting in a 9% reduction compared to total 2023 sales. Additionally, print-to-order sales declined after the retirement of the full-time depot manager who had significant contact with some who placed orders.
Despite reduced sales volume, gross margin as a percentage of sales improved from 44% to 52%. However, this was offset by a £3,000 reduction in absolute margin. E-book downloads fell by 20% year-on-year, though this was more than compensated by increased sales of Victory gospel tracts.
Following the retirement of the depot manager, responsibilities were redistributed among other individuals involved with the charity, primarily outside the UK. This restructuring led to a net reduction in administration and development costs of £27,000, previously reported in cost of sales and administration costs.
Donations and legacies fell by £18,000 (a 63% decrease), largely due to an unrepeated significant legacy received in 2023. The trustees remain deeply grateful for all contributions supporting the work of the Fellowship Media Committee.
Despite reduced income from both trading and donations, the trading loss for 2024 was £6,45 ~~5 h~~ alf the loss reported in 2023 (£12,500).
The depot remains well-maintained and continues to be used, albeit at a reduced level, for storing leaflets and fulfilling regular orders.
At year-end, Hayes Press held total funds of £119,262, comprising £21,606 in fixed assets and £97,656 in unrestricted deposit and current accounts.
2
HAYES PRESS Trustees report (continued)
Risk review
The trustees have carried out a risk review in accordance with Charities Act recommendations to identify any risks that surround the charity and mitigate those risks where possible.
Reserves policy
liquid resources to meet short-term liabilities without the building up of excess amounts. The trustees consider a suitable level of free reserves to be £100,000, based on an average of two years operating costs. The current level of free reserves is £97,656 after allowing for elements that are represented by non-liquid fixed assets. The Trustees will endeavour to maintain a healthy level of reserves during the current uncertain financial climate in which the charity is currently operating.
Statement of trustees responsibilities
Charity law requires trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that period. In preparing accounts the trustees have:
-
used suitable accounting policies and applied them consistently
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made judgements and estimates which are reasonable and prudent
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followed applicable accounting standards, subject to any material departures disclosed and explained in the accounts
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prepared the accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper records which disclose with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps to prevent and detect fraud and other irregularities.
Trustee appointments are made as needed, following discussion and mutual agreement among existing trustees.
Approval of Report
25 and signed on its behalf by:
A W Jarvis Trustee A R Jones Trustee
to the Trustees
on the Accounts of Hayes Press
Independent examiner's report to the trustees of Hayes Press
I report to the charity trustees on my examination of the accounts of Hayes Press (the Trust) for the year ended 31st December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Mr P Buck FCA, DChA
Champion TLL Limited
Chartered Accountants and Registered Auditors 7 - 9 Station Road Hesketh Bank Preston PR4 6SN
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HAYES PRESS
Statement of financial activities for the year ended 31[st] December 2024
| Unrestricted | Restricted | 2024 |
2023 | ||
|---|---|---|---|---|---|
| funds | funds | Total | Total | ||
| Note | £ | £ | £ | £ | |
| Income and Endowments from: | |||||
| Incoming resources from generated funds: | |||||
| Donations and legacies received | 22,979 | - | 22,979 | 28,486 | |
| UK Deposit account interest | 5,107 | - | 5,107 | 2,323 | |
| Charitable activities: | |||||
| Sales | 36,800 | - | 36,800 | 70,254 | |
| _ | ______ | ______ | ______ | ||
| Total | 64,886 | - | 64,886 | 101,063 | |
| ====== | ====== | ====== | ====== | ||
| Expenditure on: | |||||
| Charitable activities: | |||||
| Cost of activities in furtherance of the | |||||
| - Cost of Sales | 24,790 | - | 24,790 | 53,183 | |
| Other operating costs | 2 | 46,551 | - | 46,551 | 60,416 |
| ______ | ______ | ______ | ______ | ||
| Total | 71,341 | - | 71,341 | 113,599 | |
| ====== | ====== | ====== | ====== | ||
| Net Income / (Expenditure) | (6,455) | - | (6,455) | (12,536) | |
| Transfers Between Funds | - | - | - | - | |
| Total funds brought forward | 125,717 | - | 125,717 | 138,253 | |
| ______ | ______ | ______ | ______ | ||
| Total funds carried forward | 10 | 119,262 | - | 119,262 | 125,717 |
| ====== | ====== | ====== | ====== |
The result for the year shown above represents the only recognised gain or loss for the year.
All turnover in the year relates to continuing operations.
There is no difference between the historical cost result and that shown above since no assets have been subject to revaluation.
5
HAYES PRESS
Balance Sheet as at 31[st] December 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| FIXED ASSETS | 4 | 21,606 | 24,138 | |||
| CURRENT ASSETS | ||||||
| Stock | 5 | 802 | 1,014 | |||
| Debtors | 6 | 5,080 | 14,498 | |||
| Cash at Bank and In Hand | 25,723 | 7,560 | ||||
| Deposit account | 7 | 97,107 | 97,535 | |||
| ______ | ______ | |||||
| 128,712 | 120,607 | |||||
| CURRENT LIABILITIES | ||||||
| Creditors: Amounts falling | ||||||
| due within one year | 8 | (31,056) | (19,028) | |||
| ______ | ______ | |||||
| Net Current Assets | 97,656 | 101,579 | ||||
| _ | _ | |||||
| TOTAL ASSETS | 119,262 | 125,717 | ||||
| ====== | ====== | |||||
| REPRESENTED | BY: | |||||
| Unrestricted Income funds: | ||||||
| General Fund Balance | 97,656 | 101,579 | ||||
| Funds represented | by Fixed Assets | 21,606 | 24,138 | |||
| Designated Fund | Translation of Literature | - | ||||
| _ | _ | |||||
| 10 | 119,262 | 125,717 | ||||
| ====== | ====== |
25 and signed on its behalf by:
A W Jarvis Trustee
A R Jones Trustee
6
HAYES PRESS Notes to the accounts for the year ended 31[st] December 2024
1. Accounting Policies
Basis of Accounting
The following accounting policies have been applied consistently in dealing with items which are considered material in
The Financial Statements have been prepared in accordance with the Statement of Recommended Practice and applicable accounting standards, under the historical cost convention. The charity is exempt from the requirement of Financial Reporting Standards to prepare a cash flow statement as it qualifies as a small charity.
Sales
Sales represent net invoiced amounts, excluding Value Added Tax. Sales in advance relating to the coming year's subscriptions are shown within creditors on the Balance Sheet and taken into the Profit and Loss Account in the year to which they relate.
Tangible Fixed Assets
Depreciation is provided on fixed assets at the following annual rates in order to write off each asset over its estimated useful life:
Equipment - 25% reducing balance Buildings - 2% straight line
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items and writing down stock destined for free distribution.
Donations and legacies
Donation and legacy income is included in the Statement of Financial Activities as it becomes due and is included in the relevant fund.
Expenditure
Expenditure is charged to the Statement of Financial Activities on an accruals basis. The charity has taken advantage of the SORP exemptions available to small charities in the classification of costs. Cost of sales represents the net costs of the primary purpose trading of the charity, adjusted for stock movements. Finance costs have been segregated as overheads that are not directly relating to the day-to-
Pensions
The charity contributes towards a defined contribution scheme on behalf of its employees. The assets of the scheme are held separately in an independently administered fund. The amount charged in the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting year.
Taxation
There were no charges for taxation in the year, nor in the previous year.
Support Costs
Support costs are all directly attributable to the one charitable expenditure cost heading since there are no fundraising costs or other charitable cost categories ,as such a separate allocation summary of support costs is not required.
Funds
Restricted funds are those relating to amounts received with specific donor conditions regarding the purpose to which those funds should be used.
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HAYES PRESS
Notes to the accounts for the year ended 31[st] December 2024 (continued)
2. Direct Charitable Expenditure
Within Direct Charitable Expenditure, operating costs include the following:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Staff costs | 34,043 | 46,694 |
| Advertising and publicity costs | 1,838 | 2,086 |
| Depreciation | 2,533 | 2,846 |
| Premises costs | 1,951 | 3,141 |
| Other costs | 3,579 | 5,649 |
| ______ | ______ | |
| 46,551 | 60,416 | |
| ====== | ====== |
3. Employee Numbers and Costs
The average number of full time equivalent employees for the year is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| number | number | ||
| Management and Administration | 2 | 2 | |
| ==== | ==== | ||
| The total staff costs relating to these employees is as follows: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Wages and salaries |
sub contractors | 34,043 | 44,674 |
| Social security costs | - | 33 | |
| Pension costs | - | 1,984 | |
| ______ | ______ | ||
| 34,043 | 46,694 | ||
| ====== | ====== |
In accordance with the Charity Act requirements, the trustees confirm that no employee received more than £60,000 during the year, being the reportable limit specified by the Charities Act.
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HAYES PRESS
Notes to the accounts for the year ended 31[st] December 2024 (continued)
4. Fixed Assets
| Freehold | |||
|---|---|---|---|
| Property | Equipment | Total | |
| £ | £ | £ | |
| Cost: | |||
| At 1st January 2024 | 84,818 | 42,738 | 127,556 |
| Additions | - | - | - |
| Disposals | - | - | - |
| ______ | ______ | ______ | |
| At 31st December 2024 |
84,818 | 42,738 | 127,556 |
| ====== | ====== | ====== | |
| Depreciation: | |||
| At 1st January 2024 | 61,514 | 41,904 | 103,418 |
| Charge for year | 1,698 | 834 | 2,532 |
| Disposals | - | - | - |
| ______ | ______ | ______ | |
| At 31 December 2024 | 63,212 | 42,738 | 105,950 |
| ====== | ====== | ====== | |
| Net Book Value: | |||
| At 31st December 2024 | 21,606 | - | 21,606 |
| ====== | ====== | ====== | |
| At 31st December 2023 | 23,304 | 834 | 24,138 |
| ====== | ====== | ====== | |
| All fixed assets are for use by the charity for direct charitable purposes. |
The freehold property was valued in 2022 at £25,000 therefore an impairment charge was accounted for accordingly in that year.
5. Stock
| 5. Stock | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Goods for resale | 802 | 1,014 |
| ______ | ______ | |
| 802 | 1,014 | |
| ====== | ====== | |
| 6. Debtors | ||
| 2024 | 2023 | |
| £ | £ | |
| Trade debtors | 3,587 | 5,238 |
| Sundry debtors and prepayments | 1,493 | 9,250 |
| ______ | ______ | |
| 5,080 | 14,498 | |
| ====== | ====== |
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HAYES PRESS
Notes to the accounts for the year ended 31[st] December 2024 (continued)
7. Current asset investments
| 7. Current asset investments | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Development fund monies deposited | ||
| in Deposit accounts | 97,107 | 97,535 |
| ______ | ______ | |
| 97,107 | 97,535 | |
| ====== | ====== | |
| 8. Creditors: Amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Trade creditors | 2,122 | 2,295 |
| Deposits received in advance | 22,374 | 11,047 |
| Social security and other taxes | 796 | 4,111 |
| Accruals | 5,764 | 1,575 |
| ______ | ______ | |
| 31,056 | 19,028 | |
| ====== | ====== |
9. Pensions
The charity contributes to a defined contribution scheme on behalf of its employees. The pension charge for the year represents contributions payable by the charity to the fund and amounted to £Nil (2023: £1,986) . There were no contributions outstanding at the end of the year (2023: nil) .
10. Reconciliation of movement in funds
| 10. Reconciliation of movement in funds | ||||
|---|---|---|---|---|
| Fixed Assets | Designated | General | Total | |
| Fund | Fund | Fund | Funds | |
| £ | £ | £ | £ | |
| Total funds brought forward | 24,138 | - | 101,897 | 125,717 |
| Movement in the year: | ||||
| Income | - | 64,886 | 64,886 | |
| Expenditure | (2,532) | - | (68,809) | (71,341) |
| Transfer between Funds | - |
- | - | - |
| _ | _ | _ | _ | |
| Total funds carried forward | 21,606 | - | 97,656 | 119,262 |
| ====== | ====== | ====== | ====== |
10