REGISTERED COMPANY NUMBER: 00941912 REGISTERED CHARI￿ NUMBER: 258927 Report of the Trustees and Financial Ststements for the Year Ended 31 July 2023 for The Evangelical fime5 Limited Page Report ofthe Trustees Independent Examiner's Report Staternent of Financial Artivitie5 Balance Sheet Statement of Cash Flows Notes to the Financial Ststements Page I The Evangelical fimes Lirnited Report of the TTUStees for the Year ended 31 July 2023 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report wtth the financial statements of the charity for the year ended 31 July 2023. REFERENCE AND ADMINISTRATIVE D￿AlL$ Registered Company number 00941912 Company Secretary C Palmer Registered Charitynurnber 258927 Independent examiner D C S Cooke MA (Oxonl FC4 FCIE David Cooke & Co Chartered Accountants 5 Briar Close Banbury Oxon. OX16 9DS Registered offi 3 Trinity Court Faverdale North DARLINGTON Co Durham OL3 OPH Bankers CAF Bank Limited Kings Hill WEST MALLING Kent ME19 4TA Tiustee5 RWFav P A Garner S P Metcalfe MTSJudge J D Stobbs P J Smith M G Cox (resigned 111111221 K J Nelson (appointed 10121231 Santander Bridle Road Bootle L30 4G STRucfuRE, GOVERNANCE AND MANAGEMENT GoveTning document The organisation is a Charitable tompany. incorporated on 6 November 1968 and registered as a charity on 27 June 1969. The company was established under a Memorandum of Association which established the objects and the powers of the charitsble company and 15 goverried under its Articles of Association. Recruitment and appointment of newtrustees The directors of the company are also tWStees for the purpose5 of charity law. The dirertor5 have the power to appoint any other person as a dirertor subject to a maximum of ten directors. Indurtion and training of newtrustees New trustees will be Eiven ample opportunity to familiarise themselves with all aspect5 of the charity and the context in which it operates. They will be provided with a copy of the Memorandum and Articles, the latest financial ststements and the current financial and sales positions. Pro5peciive trustees will be invited to sit in on the work and meetings of the existing trustees for an agreed period prior to appointment by mutual agreement. Related parties Evangelical Press Missionary Trust is a related party- Risk management The trustees have identified the major risks to which the charity is exposed. These have been reviewed and the trustees are satisfied that adequate systems of control have been established to mitigate these risks. As part of the controls of the charity, regular financial reports are considered by the trustees and frequent discussion5 between trustees and those involved in the senior management of the operation are undertaken. Pa8e 2 The Evaryelcal fimes Lirnited Report of the Trustees forthe ended 31J￿ 2023 (continued) OBJECTIVES ANDAcnvrriES The principal objertive of the charity 15 the advan￿ment of the Evangelical Christian Faith. The prinupal artrvityof company is the production and publicatK>n of 'The Evangelical fimes" p￿1￿ Benefft The charity's aims and athievemelits are Set out within this report. The attpif(ies set out in thls report have been urKlertaken to further the CharItsb￿ company's tharitable purposes for the public benefft. The tn￿tee5 have complied with the duty under Section 4 of the Charities Act zoii to due regard to publlc benefft guidance published by the Charities Commission and the trustees have paMJ due regard to this ￿ldaD￿ in decKlinB what activities the charitsble company should undertake. The chaiity's actNttie5 in providing the publication of The Evangelr(Il fime< benefft the Christian community and the advancement ofthe Evangeliral Christian Faith to the public ACHIEVEMEpfr AND PERFORMAKfE The deficit for the year was £14.846 (2022: deficit £28.0551 as set out in the Statement of Flnanoal Activitw on page 5. Income from newspaper 5ale5 and substrfptions In￿ased sltghtty during the year. which is enc(wraginE. Advertising income a150 increased. Interest in the special December ￿sue continues to good. The development of the online editiDn of the newspaper contlnued thTDughout the year. Response to Eti, the international edIt￿n of the newspaper, h&4 been steady despite it￿$ to increase the cirrulation. FINANCIAL REVIEW After coN*ldering budgets. cash fknws and other financial inforniation the trustees and directors believe that the Charitab￿ company will maintain its trading position over the next twelve months. Step5 have been taken to redu￿ payroll costs, and the effect of this will be seen In the ensuring year. The current level of free reserves is £29.32812022: £43.6871. The intemational edition of Yhe Evangelical Tirne5' attracts Eood donor 5UPPOrt but will continue to require financial support for the foreseeable f￿￿re. The current level of reserves 15 therefore considered to be appropriate. Approved by order of the LK)ard of trustees on and swd on its ￿half by: RWFay Trustee Page 3 Independent Examiner's Report to the Trustees of The Evangelical fimes Limited I report on the accounts for the year ended 31 July 2023 set out on pages 4 to 9. Respecttve responsibilitie5 of trustees and exarniner The charity's trustees (who are also the directors for the purpose5 of company lawl are responsible for the preparation of the accounts. The charity's trustees considerthat an audit is not required for this year (under Section 144121 of the Charities Act 2011 {the 2011 Act1} and that an independent examination is required. It 15 my responsibilityto.. examine the accounts under Sertion 145 of the 2011Att to follow the procedure5 laid down in the Getberal Direction5 given by the Charity Commission (under Section 14515llb} of the 2011 Actl,. and to state whether particular matters have cowne to myattention. Basis of the independent examiner'sreport My examination was carried out in accordance with the General Direction5 given by the Charity Commission. An examination includes a review of the accounting record5 kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unLrsual items or disclosures in the accounts. and seeking explanation5 from you as trustees concerning any suth matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limitod to those matters set out in the statements below. Independent examiner'sstatement In connection with my examination. I can confimi that- 11 in accordance with Regulation 31 of The Charities IAccounts and Report51 Regulations 2008, the accounts of this incorporated charity are not required to be audited under Part 16 of tho Companies Act 2006; 21 this is a report in respect of an examination carried out under settion 145 of the Charities Act 2011 and in accordance with any directions given by the Commi55ion under that section which are applicable- and 31 that no matter has come to my attention in connertion with my examination which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 386 of the Companies Act 2LKJ6- to prepare financi31'5tatements which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and; that the financial statements be prepared in accordance with the methods and principles set out in the Statement of Recommended Prac[1￿.. Accounting and Reporting by Charities (effective 11112015} have not been met- or to which, in my opinion. attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached. D C S Cooke MA (Oxonl FCA FCIE David Cooke & Co Chartered Accountants 5 Briar Close Banbury, Oxon. OX16 9DS Date.. 5 April 2024 Page 4 The Evangelical fimes Limited Staternent of Financial Activitie5 for the Year ended 31 Juty 2023 (incorporating the company's income & expenditure account) Unrestricted Funds 2023 Unrestrirted Funds 2022 Note Incomins Resources From enerated funds Voluntary income Investment income 2,429 27.508 3,014 25,713 From charitable activities Publication of Evangelical Times. etc. 143.008 134.229 Total incoming resources 172,945 162,956 Resource5 expended Charitable Attivities 187,791 191.011 Net Movement of Resources in the Year 114.846) 128,0551 General Fund brought forward 44,985 73.040 General Fund carried 10Th￿rd 30,139 44,985 The notes on pages 6 to 9 form part of these financial statements. Page 5 The Evangefid fimes iirnited Balance Sheetas at 31 July 2023 Unrestricted Fund5 unrest[￿ted Funds 022 Note FIXED ASSErs Tangible A55Èts 811 1,298 CURRENT ASSETS Stocks Debtors Cash at Bank& in hand io, 59.924 11,081 57,381 70,121 68,462 CREDITORS: Due within onÈyear (40,793) 124,775} Net Current Assets 29.328 43,687 N￿AsSErs 30.139 44.985 Financed by: RESERI Accumul*ed Income Fund 30.139 44.985 The dlrectors are Satisfied that the company is entitkd to exemption from the requirement to obtain an audtt under section 477 of the Companies Act 2006 and that members have not requiTed the cornpany to obtain an audit in accordan￿ with sertion 476 of the Act. The dIrert0￿ acknowledge their reswnsibilities for complyingwith the requirements of the Companie5 Act 2006 with respect to accountirrg record5 and the prepar*pn ofaccounts. The accounts have been prepared in accordance wilh the provisions in Part 15 of the Companies Act applicable to companiÈs subjed to the small cornpanies regime. Approved on behatfofthe Board: R Fay. Director Date: The note5 on pages 6 to 9 fomi part of the5efinancial ststements. Page 6 The Evangelical Times Limited Notes to the Accounts for the Year ended 31 Juty 2023 l. Accounting Policies The following accounting policies have been used consistently in dealing with items which are considered material in reSation to the Company's Financial Statements. Accountin Convention. The accounts (financial statements) have been prepared under the historical cost convention with item5 recognised at cost or tran50Ction value unless otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelarbd IFRS 1021 issued on 16 July 2014 and the Charities Act 2011. The charity constwtutes a public benefit entity as defined by FRS 102. Goin Concern At the time of approving the accounts. the Trustees have 3 reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus. they continue to adopt the going concern basis of accountinng in preparing the accounts. Income. Voluntary income represents donations and grants received during the year. including tax repayments receivable. Income from charitable activitie5 represents amounts invoiced by the company in respect of goods and Se￿iCe5 rendered during the year, excluding VAT. Income in relation to subscriptions and advert15ing is included in the accounts in the period to which it relates. Deferred income therefore represent amounts received in advance for future periods. Resources Expended Charitable expenditure comprise5 those costs incurred by the chariy in the delivery of its attivities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs ofan indirect nature necessary to supportthem. De reciation. All fixed assets are written off on a straight line balance basis over their expected useful lives, at the following annual rates= Furniture & Equipment 25% Trade Debtors Trade debtors are amounts due from customers in the ordinary course of business. Trade debtors are recognised initially at the transaction price. Trade Creditors Trade creditor5 are obligations to pay for good5 or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an uncondrtional right. at the end of the reporting year, to defer Settlement of the creditors for at least 12 months after the reporting date. Trade creditor5 are recognised initially at the transaction price. The Evangelical fime5 Limited Page 7 Notes to the Accounts for the Year ended 31 July 2023 Icont.) Unrestricted Funds 2023 Unrestricted Funds 2022 2. Investment income Rental income Bank interest 27.329 179 27.508 25.190 523 25.713 3. Incorning Rewurces from Charitable Activities Subscriptions & sales of newspapers Advertising income Evangelical Pre55 Missionary Trust Miscellaneous sales 66,887 74,799 1,200 122 143,008 59,756 70,264 3,850 359 134.229 4. Charitable Activities Costs Direct charitablÈ expenditure Postage & printing Other produrtion cost5 Payments to contributors Staff costs (see note 12} B8d debts Grants to institutions Other gifts and donations Direct charitable expenditure 45.968 8.846 5.373 73,822 (305) 14,207 99 148.010 50.580 9.139 1,731 72,298 271 18,040 25 152,084 ort costs Rent & se￿ICe charge Rate5 & water Telephone & broadband Postage, stationery & office costs Advertising & Marketing Insurance Software & website expenses Travel & subslstence Sundries Bank charge5 Depreciation Independent examination. accounting & administration 8.450 195 4,344 1,442 3,612 247 15,107 2,266 370 1.061 7,550 263 2.789 2.048 679 374 13,630 3,547 193 1,264 853 5.737 38.927 2.200 39,781 Total Charitable Aetivities 187,791 191.011 S. Net Movement of Resource5 This is stated after charging:_ Depreciation Independent Examiner's Remuneration 853 1,600 1.485 Page 8 The Evangelical Times Limited Notes to the Accounts for the Year ended 31 July 2023 (Cont.1 6. Tanglble Fixed Assets Furniture & ui Total Cost or Valuation At l August 2022 Additions At31July2023 18.818 18,818 18,818 18,818 De reciation At l August 2022 Charge for the Year At 31 July 2023 17,520 17.520 487 18,007 18,007 Net Book Value 31 July 2023 811 811 Net Book Value 31 July 2022 1,298 1,298 All of the fixed a55ets are used for dirett charitable purposes. Unrestricted Funds Unrestricted Funds 2022 7. Debtor5: due within one year 2023 Trade debtors VAT Prepayments & accrued income 2.224 1.264 6,709 10,197 6.178 814 4,089 11,081 8. Creditors: Amounts due within one year Trade creditors Other Creditors Deferred income Accruals 9,592 999 26.422 3.780 40,793 1.049 gio 19,133 3.683 24,775 9. Contingent Liabilities There were no contingent liabilitie5 at 31 July 202312022- nil) 10. Capital commitments There were no capital commitments at 31 July 202312022: nil} 11. Trustees During the year expenses totalling £1.015 were reimbursod to 5 trustees12022.. £3.121 to 7 trustees). In addition, £nil was paid to Mr J Rubens for hi5 work as company secretary12022- £3.9371 and £488 to Mr M Cox for his work as book review editor12022- £1,084). Page 9 The Evangelical Times Limited Notes to the Accounts for the Year ended 31 July 2023 {ConL) 12. Employees The number of staff employed by the charity Ifull-time equtvalentsl was 312022: 31. No staff member earned £60.IKK) or more. The costs in respect of these staff were as follows: Unrestricted Funds 2023 Unrestricted Funds 2022 Gross salaries Redundancy costs Pension costs Life Assurance costs 59,583 12,271 1,375 593 69,085 1,778 1,435 73.822 72.298 13. Related Party Disclosures Donations made to Evangelical Press Missionary Trust 14.207 18,040 Expenses recharged to Evangelical Press Missionary Trust 1,200 3,850 Purchase of editorial services from Cholton Evangelical Church la charity of which M T S Judge is the pastor) 8,358 8,055 14. Share Capital Authorised 100 Ordinary shares of £1 each l(MJ loo Allotted, called up & fully paid 100 Ordinary shares o* £1 each 100 loo Note: The called up share capital is included within unrestricted funds.