Annual Report and Financial Statements for the Year Ended 31 January 2022
Grace Publications Trust
Charity registration number: 285237
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
GRACE PUBLICATIONS TRUST
CONTENTS (CONTINUED)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
GRACE PUBLICATIONS TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
M M Stolarski (resigned 15 October 2021) M D Smith J T McDonald (resigned 22 June 2022) A Shrimpton M Taylor (resigned 15 October 2021) P Tervet (resigned 15 October 2021) J Keble (resigned 15 October 2021) M Adams R Tibbs J Sayers (appointed 15 October 2021) A M King (appointed 15 October 2021) A Prelock (appointed 15 October 2021) N Graham (appointed 15 October 2021)
Charity Registration 285237 Number Principal Office c/o Grace Baptist Charities Ltd 62 Bride Street London N7 8AZ Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
Page 1
GRACE PUBLICATIONS TRUST
TRUSTEES' REPORT
The Trustees present the annual report together with the financial statements of the charity for the year ended 31 January 2022.
Structure, governance and management
Nature of governing document
Grace Publications Trust is a registered charity, number 285237, and is constituted under a Trust deed.
Recruitment and appointment of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Organisational structure
The charity has a management committee who are elected/re-elected annually at the AGM and an executive to direct the work of the charity.
The charity has formulated, agreed and implemented policies in relation to privacy (GDPR), reserves, investments and risk assessment.
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Objectives and activities
Objects and aims
The principal object of the charity is to promote the better knowledge and understanding of the doctrines of the the Christian faith as expressed in the London Confession of Faith 1689 and the Strict Baptist Affirmation of Faith 1966 and to do all such lawful things as are incidental or conducive to the attainment of these objects.
The charity aims to fulfill its main object by producing, acquiring, publishing and disseminating literature of all kinds and the making and distributing of mechanical, electrical and other recordings, films and visual aids.
Public benefit
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
Once again we thank God for enabling the Trust to continue its work of publishing sound Christian literature.
Page 2
GRACE PUBLICATIONS TRUST
TRUSTEES' REPORT (CONTINUED)
During the year DayOne Christian Ministries handled the sales of "What a Comeback", "Pastor with a Thorn in His Side", "Baptism Sign and Seal", "Holy Spirit, Living God", "Association", "Children of Abraham" and "Christmas without Masks", all of which were produced during a year of unprecedented publishing zeal.
The residual book stocks held at Christian Books in Dunstable were sent to DayOne during the year. In addition, copies of "2000 Years of Christ's Power" and a number of Grace Essentials books were purchased from Christian Focus Publications and delivered to DayOne.
Before the year end, copies of "We Believe", "Notes on Matthew's Gospel" and "Foundations of the Christian Faith" were delivered to DayOne ready for sale after the year end. "Pure Church" (second edition) had also been printed prior to the year end and was in transit to DayOne. After the year end "Gospel-Driven Change", "Christ's Return as King of Kings" and "Saved by Grace from First to Last" were produced.
After the year end work was undertaken on a major project, the Anglicisation of the Christian Standard Bible.
The Trust continued to publish Geneva Bible Notes (GBN), with distribution handled by Gospel Cards, Etc. After the year end, DayOne took over the handling of subscriptions and the distribution of GBN.
The work of the Trust has diversified to such an extent that an Executive Committee now deals with day to day operations. The Management Committee, comprised mainly of Trustees, monitors ongoing operations and acts in an advisory capacity. The respective roles and responsibilities were discussed in great detail at the Management Committee meeting following the Annual General Meeting held on 15 October 2021. Both the Executive Committee and Management Committee meet about four times per annum.
Four Trustees retired during the year to 31 January 2022. Peter Tervet, Maciek Stolarski, Mike Taylor and John Keble retired on 15 October 2021. Four new Trustees, J Sayers, N K Graham, A M King and A Prelock, were appointed on 15 October 2021.
We give thanks to the Lord for the faithful service of all committee and executive members, and for those who assist the Trust in editing and proof-reading manuscripts.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Page 3
GRACE PUBLICATIONS TRUST
TRUSTEES' REPORT (CONTINUED)
Statement of Responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the Trustees of the charity on 13 October 2022 and signed on its behalf by:
......................................... ......................................... M D Smith A M King Trustee Trustee
Page 4
GRACE PUBLICATIONS TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRACE PUBLICATIONS TRUST
I report to the Trustees on my examination of the accounts of Grace Publications Trust for the year ended 31 January 2022.
Responsibilities and basis of report
As the charity Trustees of Grace Publications 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 Grace Publications Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
-
accounting records were not kept in respect of Grace Publications Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting 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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
13 October 2022
Page 5
GRACE PUBLICATIONS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 2 - Charitable activities 3 40,652 Investment income 4 12 Total income 40,664 Expenditure on: Charitable activities 5 37,645 Total expenditure 37,645 Net income/(expenditure) 3,019 Net movement in funds 3,019 Reconciliation of funds Total funds brought forward 124,132 Total funds carried forward 10 127,151 |
Restricted funds £ 560 - - 560 2,408 2,408 (1,848) (1,848) 8,172 6,324 |
Total 2022 £ 560 40,652 12 41,224 40,053 40,053 1,171 1,171 132,304 133,475 |
Total 2021 £ 868 31,747 155 |
|---|---|---|---|
| 32,770 | |||
| 21,253 | |||
| 21,253 | |||
| 11,517 | |||
| 11,517 120,787 |
|||
| 132,304 |
The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
GRACE PUBLICATIONS TRUST
BALANCE SHEET AS AT 31 JANUARY 2022
| Note Current assets Stocks Debtors 8 Cash at bank and in hand Creditors: Amounts falling due within one year 9 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 10 |
2022 £ 17,012 15,993 104,997 138,002 (4,527) 133,475 6,324 127,151 133,475 |
2021 £ 861 12,038 124,405 |
|---|---|---|
| 137,304 (5,000) |
||
| 132,304 | ||
| 8,172 124,132 |
||
| 132,304 |
The financial statements on pages 6 to 14 were approved by the Trustees, and authorised for issue on 13 October 2022 and signed on their behalf by:
......................................... ......................................... M D Smith A M King Trustee Trustee
The notes on pages 8 to 14 form an integral part of these financial statements. Page 7
GRACE PUBLICATIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Grace Publications Trust meets the definition of a public benefit entity under FRS 102. 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.
Going concern
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Gift aid
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 8
GRACE PUBLICATIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 (CONTINUED)
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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 period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Liabilities
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 9
GRACE PUBLICATIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 (CONTINUED)
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the Trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
2 Income from donations and legacies
| Donations and legacies; Donations Gift aid reclaimed |
Restricted funds £ 510 50 560 |
Total 2022 £ 510 50 560 |
Total 2021 £ 810 58 |
|---|---|---|---|
| 868 |
3 Income from charitable activities
| Sales - General Subscriptions - Geneva Bible Notes |
Unrestricted funds General £ 26,531 14,121 40,652 |
Total 2022 £ 26,531 14,121 40,652 |
Total 2021 £ 16,635 15,112 |
|---|---|---|---|
| 31,747 |
Page 10
GRACE PUBLICATIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 (CONTINUED)
4 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits 5 Expenditure on charitable activities Unrestricted funds Note General £ Authors, editors & readers payments 1,844 Postage & distribution (GBN) 5,380 Marketing & advertising 3,982 Production & bought-in costs 18,753 Royalties 380 Storage 230 Postage, carriage & packing (books) 2,082 Bank interest & charges 347 Committee members expenses 1,722 Consultancy 2,400 Independent examination 525 Grant funding of activities 6 - 37,645 |
Unrestricted funds General £ 12 Restricted funds £ - - - 1,593 - - - - - - - 815 2,408 |
Total 2022 £ 12 Total 2022 £ 1,844 5,380 3,982 20,346 380 230 2,082 347 1,722 2,400 525 815 40,053 |
Total 2021 £ 155 |
|---|---|---|---|
| Total 2021 £ 2,675 4,636 501 10,083 - - 5 101 327 2,400 525 - |
|||
| 21,253 |
Page 11
GRACE PUBLICATIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 (CONTINUED)
6 Grant-making
Analysis of grants
Grants to institutions 2022 2021 £ £ Grants 815 -
7 Trustees remuneration and expenses
No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
During the year, travel expenses totalling £192 were reimbursed or paid directly to 2 Trustees (2021 - £295 to 4 Trustees).
During the year, ex gratia payments totalling £1,000 were paid to 4 retiring Trustees - (2021 £Nil).
8 Debtors
| 8 Debtors | ||
|---|---|---|
| Trade debtors Prepayments Accrued income VAT recoverable Other debtors |
2022 £ 8,624 1,240 50 300 5,779 15,993 |
2021 £ 2,683 707 100 401 8,147 |
| 12,038 |
9 Creditors: amounts falling due within one year
| Trade creditors Deferred income |
2022 £ 2,578 1,949 4,527 |
2021 £ 2,375 2,625 |
|---|---|---|
| 5,000 |
Page 12
GRACE PUBLICATIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 (CONTINUED)
10 Funds
| Unrestricted funds General General Funds Designated Writer's fund Total unrestricted funds Restricted funds Book fund Total funds Unrestricted funds General General Funds Designated Writer's fund Total unrestricted funds Restricted funds Book fund Total funds |
Balance at 1 February 2021 £ 122,741 1,391 124,132 8,172 132,304 Balance at 1 February 2020 £ 110,684 1,581 112,265 8,522 120,787 |
Incoming resources £ 40,664 - 40,664 560 41,224 Incoming resources £ 31,902 - 31,902 868 32,770 |
Resources expended £ (37,645) - (37,645) (2,408) (40,053) Resources expended £ (19,845) (190) (20,035) (1,218) (21,253) |
Balance at 31 January 2022 £ 125,760 1,391 |
|---|---|---|---|---|
| 127,151 6,324 |
||||
| 133,475 | ||||
| Balance at 31 January 2021 £ 122,741 1,391 |
||||
| 124,132 8,172 |
||||
| 132,304 |
Page 13
GRACE PUBLICATIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 (CONTINUED)
11 Analysis of net assets between funds
| Current assets Current liabilities Total net assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ Designated £ 130,296 1,391 (4,527) - 125,769 1,391 Unrestricted funds General £ Designated £ 127,741 1,391 (5,000) - 122,741 1,391 |
Restricted funds £ 6,324 - 6,324 Restricted funds £ 8,172 - 8,172 |
Total funds at 31 January 2022 £ 138,011 (4,527) |
|---|---|---|---|
| 133,484 | |||
| Total funds at 31 January 2021 £ 137,304 (5,000) |
|||
| 132,304 |
Page 14