REGISTERED COMPANY NUMBER: 00941912 REGISTERED CHARITY NUMBER: 258927
Report of the Trustees and Financial Statements for the Year Ended 31 July 2024 for The Evangelical Times Limited
| Page | |
|---|---|
| Report of the Trustees | 1-2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Statement of Cash Flows | 6 |
| Notes to the Financial Statements | 7-9 |
Page 1
The Evangelical Times Limited
Report of the Trustees for the Year ended 31 July 2024
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00941912 Company Secretary C Palmer Registered Charity number 258927
Independent examiner
D C S Cooke MA (Oxon) FCA FCIE Registered office David Cooke & Co Chartered Accountants Valley Lodge 5 Briar Close Delaware Road Banbury Gunnislake Oxon. OX16 9DS PL18 9AS Bankers Trustees CAF Bank Limited Kings Hill R W Fay (resigned 7/6/24) WEST MALLING P A Garner S P Metcalfe Kent ME19 4TA M T S Judge Santander J D Stobbs Bridle Road P J Smith Bootle K J Nelson (Chairman) L30 4G
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company, 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 charitable company and is governed under its Articles of Association.
Recruitment and appointment of new trustees
The directors of the company are also trustees for the purposes of charity law. The directors have the power to appoint any other person as a director subject to a maximum of tendirectors.
Induction and training of new trustees
New trustees will be given ample opportunity to familiarise themselves with all aspects 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 statements and the current financial and sales positions. Prospective 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 discussions between trustees and those involved in the senior management of the operation are undertaken.
Page 2
The Evangelical Times Limited
Report of the Trustees for the Year ended 31 July 2024 (continued)
OBJECTIVES AND ACTIVITIES
The principal objective of the charity is the advancement of the Evangelical Christian Faith.
The principal activity of the company is the production and publication of "The Evangelical Times".
Public Benefit
The charity's aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the charitable company's charitable purposes for the public benefit. The trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission and the trustees have paid due regard to this guidance in deciding what activities the charitable company should undertake.
The charity's activities in providing the publication of “The Evangelical Times” benefit the Christian community and the advancement ofthe Evangelical Christian Faith to the public.
ACHIEVEMENT AND PERFORMANCE
The surplus for the year was £7,204 (2023: deficit £14,846) as set out in the Statement of Financial Activities on page 5.
Income from newspaper sales and subscriptions increased slightly during the year, which is encouraging. Advertising income also increased. Interest in the special December issue continues to be good. The development of the online edition of the newspaper continued throughout the year. Response to ETI, the international edition of the newspaper, has been steady despite activities to increase the circulation.
FINANCIAL REVIEW
After considering budgets, cash flows and other financial information the trustees and directors believe that the charitable company will maintain its trading position over the next twelve months. Steps have been taken to reduce payroll costs, and the effect of this will be seen in the ensuring year. The current level of free reserves is £36,323 (2023: £29,328).
The international edition of 'The Evangelical Times' attracts good donor support but will continue to require financial support for the foreseeable future. The current level of reserves is therefore considered to be appropriate.
Approved by order of the board of trustees on 06/03/2025 and signed on its behalf by:
K J Nelson Chairman
Page 3
Independent Examiner's Report to the Trustees of The Evangelical Times Limited
I report on the accounts for the year ended 31 July 2024 set out on pages 4 to 9.
Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act
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to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such 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 limited to those matters set out in the statements below.
Independent examiner's statement
In connection with my examination, I can confirm that –
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1) in accordance with Regulation 31 of The Charities (Accounts and Reports) Regulations 2008, the accounts of this incorporated charity are not required to be audited under Part 16 of the Companies Act 2006;
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2) this is a report in respect of an examination carried out under section 145 of the Charities Act 2011 and in accordance with any directions given by the Commission under that section which are applicable; and
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3) that no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 386 of the Companies Act 2006;
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to prepare financial statements which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and;
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that the financial statements be prepared in accordance with the methods and principles set out in the Statement of Recommended Practice: Accounting and Reporting by Charities (effective 1/1/2015)
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 (Oxon) FCA FCIE David Cooke & Co Chartered Accountants 5 Briar Close Banbury, Oxon. OX16 9DS
Date: 11 March 2025
Page 4
The Evangelical Times Limited
Statement of Financial Activities for the Year ended 31 July 2024
(incorporating the company's income & expenditure account)
| Incoming Resources From generated funds Voluntary income Investment income From charitable activities Publication of Evangelical Times, etc. Total incoming resources Resources expended Charitable Activities Net Movement of Resources in the Year General Fund brought forward General Fund carried forward |
Note 2 3 4 |
Unrestricted Funds 2024 £ 1,706 25,263 153,451 180,420 173,216 7,204 30,139 37,343 |
Unrestricted Funds 2023 £ 2,429 27,508 143,008 |
Unrestricted Funds 2023 £ 2,429 27,508 143,008 |
|
|---|---|---|---|---|---|
| 172,945 187,791 |
|||||
| (14,846) 44,985 |
|||||
| 30,139 |
The notes on pages 6 to 9 form part of these financial statements.
Page 5
The Evangelical Times Limited
Balance Sheet as at 31 July 2024
| FIXED ASSETS Tangible Assets CURRENT ASSETS Stocks Debtors Cash at Bank & in hand CREDITORS: Due within one year Net Current Assets NET ASSETS Financed by: RESERVES Accumulated Income Fund |
Note 6 7 8 |
Unrestricted Funds 2024 £ 1,020 - 7,991 68,432 76,423 (40,100) 36,323 37,343 37,343 |
Unrestricted Funds 2024 £ 1,020 - 7,991 68,432 76,423 (40,100) 36,323 37,343 37,343 |
Unrestricted Funds 2023 £ 811 |
Unrestricted Funds 2023 £ 811 |
||
|---|---|---|---|---|---|---|---|
| - 7,991 68,432 |
- 10,197 59,924 |
||||||
| 76,423 (40,100) |
70,121 (40,793) |
||||||
| 29,328 | |||||||
| 30,139 | |||||||
| 30,139 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act applicable to companies subject to the small companies regime.
Approved on behalf of the Board:
K J Nelson, Chairman
Date: 06/03/2025
The notes on pages 6 to 9 form part of these financial statements.
Page 6
The Evangelical Times Limited
Notes to the Accounts for the Year ended 31 July 2024
1. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company's Financial Statements.
Accounting Convention.
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) 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 Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
Going Concern
At the time of approving the accounts, the Trustees have a 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 activities represents amounts invoiced by the company in respect of goods and services rendered during the year, excluding VAT. Income in relation to subscriptions and advertising 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 comprises those costs incurred by the chariy in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Depreciation.
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 creditors are obligations to pay for goods 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 unconditional right, at the end of the reporting year, to defer settlement of the creditors for at least 12 months after the reporting date. Trade creditors are recognised initially at the transaction price.
Page 7
The Evangelical Times Limited
Notes to the Accounts for the Year ended 31 July 2024 (Cont.)
| 2. Investment income Rental income Bank interest 3. Incoming Resources from Charitable Activities Subscriptions & sales of newspapers Advertising income Evangelical Press Missionary Trust Miscellaneous sales 4. Charitable Activities Costs Direct charitable expenditure Postage & printing Other production costs Payments to contributors Staff costs (see note 12) Bad debts Grants to institutions Other gifts and donations Direct charitable expenditure Support costs Rent & Service charge Rates & water Telephone & broadband Postage, stationery & office costs Advertising & Marketing Insurance Software & website expenses Travel & subsistence Sundries Bank charges Loss on disposal of fixed assets Depreciation Legal fees Independent examination, accounting & administration Total Charitable Activities 5. Net Movement of Resources This is stated after charging:- Depreciation Independent Examiner's Remuneration |
Unrestricted Funds 2024 £ 24,999 264 25,263 74,725 78,680 - 46 153,451 47,074 20,902 288 50,042 2,556 9,500 - 130,362 679 176 3,834 488 5,498 - 18,571 1,611 106 3,179 811 339 774 6,788 42,854 173,216 339 1,500 |
Unrestricted Funds 2023 £ 27,329 179 |
Unrestricted Funds 2023 £ 27,329 179 |
|
|---|---|---|---|---|
| 27,508 | ||||
| 66,887 74,799 1,200 122 |
||||
| 143,008 | ||||
| 45,968 8,846 5,373 73,822 (305) 14,207 99 |
||||
| 148,010 | ||||
| 8,450 195 4,344 1,442 3,612 247 15,107 2,266 370 1,061 - 487 - 2,200 |
||||
| 39,781 | ||||
| 187,791 | ||||
| 487 1,485 |
Page 8
The Evangelical Times Limited
Notes to the Accounts for the Year ended 31 July 2024 (Cont.)
| 6. Tangible Fixed Assets Cost or Valuation At 1 August 2023 Additions Disposals At 31 July 2024 Depreciation At 1 August 2023 Charge for the Year Disposals At 31 July 2024 Net Book Value 31 July 2024 Net Book Value 31 July 2023 All of the fixed assets are used for direct charitable purposes. 7. Debtors: due within one year Trade debtors VAT Prepayments & accrued income 8. Creditors: Amounts due within one year Trade creditors Other Creditors Deferred income Accruals |
Furniture & Equipment 18,818 1,359 (18,818) 1,359 18,007 339 (18,007) 339 1,020 811 Unrestricted Funds 2024 £ 3,350 - 4,641 7,991 5,293 1,156 32,151 1,500 40,100 |
Total 18,818 1,359 (18,818) |
Total 18,818 1,359 (18,818) |
||
|---|---|---|---|---|---|
1,359 |
|||||
| 18,007 339 (18,007) |
|||||
339 |
|||||
| 1,020 | |||||
| 811 | |||||
| Unrestricted Funds 2023 £ 2,224 1,264 6,709 |
|||||
| 10,197 | |||||
| 9,592 999 26,422 3,780 |
|||||
| 40,793 |
9. Contingent Liabilities
There were no contingent liabilities at 31 July 2024 (2023: nil)
10. Capital commitments
There were no capital commitments at 31 July 2024 (2023: nil)
11. Trustees
During the year expenses totalling £710 were reimbursed to 5 trustees (2023: £1,105 to 5 trustees).
Page 9
The Evangelical Times Limited
Notes to the Accounts for the Year ended 31 July 2024 (Cont.)
12. Employees
The number of staff employed by the charity (full-time equivalents) was 3 (2023: 3). No staff member earned £60,000 or more. The costs in respect of these staff were as follows:
| Gross salaries Redundancy costs Pension costs Life Assurance costs 13. Related Party Disclosures Donations made to Evangelical Press Missionary Trust Expenses recharged to Evangelical Press Missionary Trust Purchase of editorial services from Cholton Evangelical Church (a charity of which M T S Judge is the pastor) |
Unrestricted Funds 2024 £ 48,196 - 1,846 - 50,042 9,500 - 8,740 |
Unrestricted Funds 2023 £ 59,583 12,271 1,375 593 |
Unrestricted Funds 2023 £ 59,583 12,271 1,375 593 |
|
|---|---|---|---|---|
| 73,822 | ||||
| 14,207 | ||||
| 1,200 | ||||
| 8,358 | ||||
14. Share Capital
| Authorised 100 Ordinary shares of £1 each Allotted, called up & fully paid 100 Ordinary shares of £1 each |
100 100 |
100 | |
|---|---|---|---|
| 100 | |||
Note: The called up share capital is included within unrestricted funds.