REGISTERED COMPANY NUMBER.. 01722963 IEngland and Wales) REGISTERED CHARITY NUMBER: 287182 (OMPAKIES HO SE FINAN(IAL STATEMENTS REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR THE WNGING WORLD LIMITED {UMITED BY GUARANTEE) *ACC*fiYYAJ' 14109r2023 COMPANIES HOUSE A43 Langdowns DFK Chartered Accountants King5gale House, North Wng. Ground Flcor Newbury Road Andover Hampshi SP1040U THE RINGING WORLD LIMITED LIMITED BY GUARANTEE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page Chairman's R•port Report of the Trustees 3 to 6 Independent E¥aminerfs Report Statèment of Financial Activitie5 Balance Sheet Notes to the Financial Statements 10 tt1 16 THE RINGING WORLD LIMITED LIMITED BY GUARANTEE CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 After the difficullie5 and financial deficrt of the previous two years, 2022 ￿sented a stable year for The Ringing in which we were able to consdidale and reap the benefits from the work PLrt in by (he slaff and volunteers. There wa5 3 significant increase in ringing aGbvities forthe Queen's Plalinum Jubilee and the funeral of HM Queen Elizabeth 11 for whith special editiorns of the paper wefe produced. It was good to see the large increase in the number of quarter peals and peals rung over the year which. arttK)ugh not reaching pre-p8ndern￿ levets. were rTh)re Ihan double those achieved in 2021. Wilh around 20% of business income coming from donations from quarter peal and pèal bands, this in￿aSe in ringing activity was very beneficial lo the overall finances of the company. The quality and perlorrnartr￿ from PyramKI Pres5 ha5 r￿fillA￿ at a very hrgh level throughout the year. Unfortunatety Royal Mail's performance was inconsistent. allh(xJgh swjns of improvement were ewdent later in the year. Personn•l At the 2022 AGM in Nottingham. Richard Wallis st&xl dctywn as a Dwector having served on the Board for over 11 years. We are very grateful for Ihe excellent work he did in lookiro after Ihe accounts. We have been very fortunate to have Graham Bradshaw join the Board. As a Chartered Ar£ountani we are conffident that he Mll be able lo lake good care of our finance$. The￿ were staffing changes during 2022 with our Office Adminislrator. Jackie Kara5 leaving in January a￿(1 ouf Deputy Editor, Chris Teasdale leaving in May. Both provided excellenl service lo the Ringing Worfd and we We￿ sorry to see them go A new Deputy Editor. Tnsha Shannon. siarted with us in August. Trisha ha5 a strong background in publishing and editing. as well as w0￿1ng in the Church and in thurth-related chartties for many years. For a few months we covered.the Office Administrator using agency staff but in August we were able to make the job permanent when we employed Jo Leigh. Jo bmgs marketing experience to the role and Ihis is already paY￿g dividends. We are also very gralefvl to our volunteers who pui in many hour5 wth SO￿are development and dataltypesetting corrections. I would like to thank Richard Smrth and Bill Hibbert for their work on BellBoard and associaled 50th¥are. Phil Moyse and Nigel Herriott for their time responding to BellBoard correctiorts and user qu￿leS and Doug Davis for spending time each week proofreadiro quarler W Submissions. Finance The companies finan￿5 held up very well during 2022 and we finished the year with a Sufplus of £26,325. Most of this Surplus carne from increased donations aswuated wilh publicatM)n ol ringing perfomwnce up lo £54.554 over the year but we also Fnade a saving ￿ salary costs of £29,195 due to staff leaving and not beitvJ ￿plaCed imrTTrediately. WÈ are very grateful to Will Bosworth for taking on additional workload during this perk)d_ The slow decline in postal subscriber numbers continued throughout ihe year falling frorn 1920 to 1850 by the end of the year. This wa5 offset a little by the rise in online subscribers fr(Mn 461 to 470 over the same period. However there was only a marginal dedine in revenue from subscripbons due to the increased cover pric¢ intrt>duced in January 2022. We were subjectto an incTease of £3.893 in printirng costs due to the large rise in paper prices Suffered globally. Fortunately postal cost5 were not incrè35ed in 2022 and with our improved contracl with Royal Mad we achieved a saving of £4,881. BellBoard deve1o￿errt 2022 Saw a lot of barkstagework oft all areas of eellBoard. incjuding perfOrna￿e recording, typesetting and data integrity. much of which was Inc￿Mental improvement and some ofwhich grew out of issues such as the 2021 pe81s.to.uk import. the Queen's ju￿.1ee and death, and the upo)ming 2023 endorsement of eighth-peais. For instance, the Dove Import was rewritten to supporf searching by diocese and affiliated 8sSOC4ati¢)n. we have a nèw admrn-edital￿e help page system, and there is vastly rrore effiryent codeforsaving ringets. names in the database. The challengeof coping wth the extraordinarily high period5 of subfflission arKI viewing around the Queen'5 death, aThJ the typesetting requirements created. should not be understated, northe constant process of usabiltty improvements. Straddling 8ellBoard and publications. we designed re￿a$&y popular certthGates lo ￿cord ringing for the Queen's Jubilee and death. Other backstage work ineJudtd imprtsvemtnts to Ihe online slv)p. which works dea￿Y as a fee-free plafforrn for ordellng and dispatching merchandise daity. Work continued on a comptehensNè upgrade to BelBoard's diary. %thich wll improve the ability kn organisers to organise events and ringers, and for users to Ydlow. events which interest them. Page 1 THE RINGING WORLO UMITED LIMITED 8Y GUARANTEE CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The 8ellBoard developers also released the ffirst iteralion of Kolombido HTML, an operFsource lightrleight PHP libiary for HTML generation which 1$ the first of a projected series of low-level libraries to underpin both Dove's Guide and Bell8oard and be useful for other comparable ringing website woiects. Publications After a busy 2021 for new releases, 2022 was a qlieter year. The mapr new publicatson wa5 th? knttlg Green Ringing Book. This is a significant work. acting as a prequel to the'puwe brKJk'. rt contain5 expL3nations. rele￿nce material and ideas 101 learners and teachers from Ihe first lesson up to the Plain Bob l Grand5ire t)oubles stège- like the purple book. it attempt5 to be authoritative bul pedagogically neutral. It is our key offeTing to the leamer ringer Ma￿et', its content will be useful in RW material for several years tg come." and rt show5 a con515tent popUla￿ty. Past book releases continue lo sell as part of an expanding shop colkntion poweTed by a smooth infrastructu￿. We started selling an A4 version of the Little Purple Ringing Book. Vve also released a Treble Dodging Royal volume in the Criblines Series. attempting to 5timuiqt& interest in the moribund 11>bell repert￿re the indusion, amoThJ others, of several suggeslions from an artiGle seiies by Simon Gay. Our 2022 Calendar. an expeiiment with a new portrail formal. was less popular than in previous years. The diary remains a solid seller. though it suffers from the gradual reduction of Gustomers wanting physical organisers - the Littje Ringing Book5 5erie5 is rising to use the pefennial diary reference m*erial in a new fotrnat. A new Christmas card design by Clare Griffiths sold well as part of an expanding collectK)n. Youth Contest IRWNYCI In Juty 2022. just 9 rronths after the poslunts in awirdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecltve 1 January 20191,, Financial Reporting Standard 102 The Finanaal Reporting Standard applicable in the UK and Republ￿ of Ireland. and the Companies Act 2006. The financial statements have been prepa￿d under the historical cost convention. The financial statements a￿ pwesented in SterfiThJ. vthich is also the fvnctional currency ofthe company. The finanrial 5talement5 have been prep8red on a going (x)nceffl basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected le¥el of income and expendrture for 12 month5 from atjthofising these finanGial statements.Thè budgeted income and expenditure is sufficient the level of reserves for the chafrty to continue as a going concem. Income All income is recognised in the Slatemenl of Financial Activiibes 0￿e Ihe chanty has entrtlement to the funds. it 15 probable that the incAJme will be received and the amount can be measured ieliatty. Donations and legaaes income is receNed by way of (*>nab￿s and is i￿l￿ded ui full in the Statement of Financial Actiwlies when rec&vable. Incorne from charilable aCt￿ltIeS is accounted for when eamed. Therefore. an 8ppropriatè proportion of income received is deferred each year. Investment income is included when receNable. Other trading 8¢tivities ￿cOme 1$ receNed by way of *lverliyng. noti¢s and merchandise and is included in full in the Staternent of Finanoal Acbvitses whEn r8ceivable. Expenditure Liatx'lities are re¢ognised as expendrture 85 soon as there is • leg4 or¢onstructive obligation committing the charity to that expenditure, it is probable that a transfer of economK benefts wil be required in settlement and the arnount of the obligation can ￿ measured reliably. Expenditure is accounted for ￿ an accruals basis and has been dasstfied under headings thal aggregate all cost related to the category. Where costs canrK)t be directly attiibuted to partiwlar hgadings they have been albGated lo aGti¥ities on a bashs consistent Tr￿th the use ol resources. Expenditure on raising funds conyrise Ihe costs assocrated with attracling voluntary income and secumg trade acfvertisemenls and notices. EX￿r￿liture on charitable zctivities rx>mprises Ihose ￿Sts irKurred by the charty in the delivery of its activities and seNices for its benefickaries. GoVern￿Ce cosls are no longer shown as a separate expense category to ￿ charity. The experNliture is shown a5 a support cost and allocaled beknn the above expense categories on a basis designed to reflect thÈ use of the resource. The cOmpara￿t figure5 are adjusted accordirgly. All costs are alktated be￿￿￿n èxpenditure catwes of the Stalement of Financjal Activities on a basis designed to ￿fleCt the use of the resource. Costs relatiThJ to a partioJlar adiwty a￿ allocated directly, others are apporboned on an appropriate basis. supp￿ costs are allocated by the company. on the basis of a reasonable estimate using f oor areas, slaff time and usage. Support costs are no longer allocated lo govefftance cost5 as a category expense. Support CQSts that were previousty allorated to governar￿ Gosts hav¢ been reallocated to expenditure on raising fiJnd5 and expenditure on GharitatAe adNities. The u)mparab"ve figures are adjusted accordingly. Tangible fixed assets Depreciation is Pfovided at the followng annual rates in order to wriie off each asset over its estimated useful life. Page 10 continued... THE RINGING WORLD LIMITED LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES . continued Tangible fixed assets Fixed assets are slated at cost less ac￿m￿lated depreuation. Thè tosls of short lrfe assets. Ir￿lUding infomiation technology equiprnent. and rninor additions are not capitalised. Depie(iation is calculated on the straight-line basi5 50 as to write off the c051 of each a&set over its ext￿led lrfe. which in all cases is estimated at 5 years. Investrnents Investments are recJ)gnised Inthal￿ at laii value whith is nomalty the transaclion price e¥d[￿ing transaCt￿n costs. Subsequentty, they a￿ measured at lair value with changes recognised in'nel gains l (lossesl on investments. in the SOFA if Ihe shafes a￿ public￿ traded or their fair Value can othe￿ise be measured rdiably. Other investments are measured at cost less impaimenl. Stocks Siock 15 valued at Ihe lower of cost and net realiSab￿ value and conslsts of various Ringing Wortd merchandise. There is no stock carried foryrard for the Diary and Calendar a5 these are not actively marketed after 1 January. Taxation The charity 15 exempl from corporatv)n tsx on tts charitat4e actNitEs. Fund accounting Unrestricted funds can be used in accordance 7*ri¢h the chariiable objectives at the discretion of the trustees. Restricted funds can only be used for particukr reslricled purposes wilhin the obj.eds olthe charity. Restrictions arise when 5peofied by the donor or when fvnds are raised for particular iestricied purposes. Further ex￿￿ana￿.0￿ of the nature and purwse of each fuThJ induded in the r￿te$ to the financsal statements. Foreign ¢urren¢ies Assets and liabilities in forewjn currencies are translated into slerfing at the rates of exchange ruling at the balance sheet date. TransactK)ns in foreign currenues a￿ translated into slerfing at the rale of exchange njling at the date of transaclion. Exchange drfferences a￿ taken into accwnt in arriving at Ihe operating result. Hire purchase and leasing e¢)mmitments Rentals pai(J under operabng ￿3$eS a￿ charged to the Statement of Finanaal Actiwties on a straighl line basis over Ihe period of ihe lease_ Pension eosts and other post-rttirtment benefits The chantable company operates a defined contribution pens*)n scheme. Contribution5 payable to the charitable coMpan￿S pension scheme a￿ charged to the Statement of FinaTrial Aclivity"es in the period to whith they relate. Trade debtors Trade and other debtots are Measu￿ at trar￿Cl10n vahJe kss a)y impaimient losses for bad and doubtful debts. Cash and cash equivalents CÈ5h and cash equivalents c(xnpnst r25h hryhty IiqLid bank actounts.. Trade and other crndito Trade and other creditors are Measu￿ at transaction value. DONATIONS AND LEGACIES 2022 2021 Oonations and legaaes $4,554 27.763 Page 11 continued... THE RINGING WORLD LIMITED LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022 OTHER TRAOING ACTIVITIES 2022 2021 Ringing Wortd Calendar Advertisements and not*ces Sundry receipts Miscellaneous product sales 5.769 9,950 1,SOO 26,854 6,279 8,636 1,625 30.554 44.073 47.094 INVESThIENT INCOME 2022 2021 Interest receNable 2.020 1.226 INCOME FROM CHARITABLE ACTIVITIES The piincipal lunding sourr£ for the charilable aclivities is the subsuiption irncomÈ for Thè Ringirng which spans the year end. An appropriate propK)rtion of this inwne is ¢Jeferred each year and reported in note 15. SUPPORT COSTS Inforrnalion technol(yJy Human resource5 Managerrenl Other trading activities The Ringing Worfd 1.954 648 10,857 19,540 86.857 Staff expenses Govemancè costs Miscellaneous Totsls Other trading activitEs The Ringing Wowld 154 876 615 2.460 905 15.133 106 374 1.030 3.07S 4,524 121,507 Aetivity to bè allotated Management Information techrKJlogy Human resources Miscellaneous Staff expenses Governance costs Costs allocation on this bas1S floor areas, staff time. usage etc floor a￿a$, staff lime. usage etc Staff lime FI¢￿)r areas Staff expen Usage Page 12 o)ntinued... THE RINGING WORLD LIMITED LIMITED BY G ARANTEE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022 SUPPORT COSTS- Continued Support costs. included in Ihe above, are as follows.. 2022 2021 Othèr trading ad1V￿e$ The Ringing World Total actNlties Total activities Rent and services Telephone Postage ènd stèt*)nery Office services Compuier costs Wages Social security Pensions Miscellaneous Staff expenses Trustees, expenses Accountancy arky legal fees 1,519 134 143 158 13,673 1.203 1.285 1.425 5,833 73.095 1.563 1,342 876 2,460 619 3.000 15,192 1.337 1.428 1.5B3 6.481 83,537 1,786 1,534 1.030 3.075 774 3,750 12,568 1.131 2.059 3.138 10,135 116,857 5,309 1,930 743 2.001 413 3,563 10.442 223 192 154 615 155 750 15.133 106.374 121.507 169847 NET INCOMEIIEXPENDITURE) Nel incomellexpenditure) is Stated after tharg￿{CR￿lti"ng}: 2022 2021 Other operating leases Accountancy 12.568 2.950 12.568 4,000 TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remuneration 01 other ber*ffts for year ènded 31 December 2022 nor for the year ende(131 December 2021. Try￿tee$. expenses 2022 2021 Trustees, expenses 774 413 Travel ￿$ts and ¢Jisbursements amounling to £77412021 - £4131 were ￿4MburSed to 4 trustees Q021 - 4) STAFF COSTS 2022 2021 Wage$ and salaries Social security costs Other pension costs 83,537 1,786 1.534 116.857 5.309 1.930 86.857 124,096 The avèragè mnthly numbtrof Èmpltyees during the year was as fc4lcws'. 2022 2021 Editoiial and administratic Page 13 continued... THE RINGING WORLD LIMITED LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2022 STAFF COSTS- ¢ontrnued No employees reGeived emolurnent5 in exce55.of £60.(￿. No 8mployÈè is paid more than £60,(MIO per year. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES The cornparatives for the statement of financial aciivities are all unrestricted funds. TANGIBLE FIXED ASSETS Improvements to ComptAer equiK¥nent Totals COST At 1 January 2022 and 31 December 2022 8.088 5,760 13.848 DEPRECIATION At 1 January 2022 and 31 December 2022 8,087 13,846 NET BOOK VALUE At 31 December 2022 At 31 December 2021 12. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 January 2022 Addrtions Disposa15 Revaluat￿)n$ 80.000 2,9871 At 31 December 2022 NET BOOK VALUE At 31 December 2022 77.013 At 310¢¢ember 2021 All listed investments are held in unit tnjsts. 13. STOCKS 2022 2021 Stock ofmerchandise 12,559 14. DEBTORS.. AMOUNTS FALLING DUE IPIITHIN ONE YEAR 2022 2021 Trade debtors Gift aid tax recoverable Other debtors Prepayments and accrued income 2.214 4.947 1,380 8,355 614 4,780 4.734 15.129 Page 14 continued... THE RINGING WORLD LIMITED LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022 15. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2022 2021 Trade C￿ditOrS Social security and other taxes VAT Other ciedrtors Subscriptions ce¢eived rn advanc Accrued expenses 4.603 1.171 931 3,747 99,362 15,196 2,759 3.376 1.685 5.754 103,880 15,164 125.010 132,618 16. MOVEMENT IN FUNDS Net movemenl IA funds Al 31.12.22 At1.1.22 Unrestricted funds General fund Revaluation Reserve 164,273 29,312 {2,9871 193,58S 12.9871 TOTAL FUNDS 26.325 190598 Net movement in funds. induded in the above are as follo¥•8.' Incoming ourfje$ Resources expended Gains and losses Movement in funds Unrestricted funds General Fund RevaluatK)n Reserve 313,652 1284,3401 29.312 2,9871 2.9871 TOTAL FUNDS 313.652 2.9871 26.325 Comparatlves for mgvement in funds Net movement in funds At 31.12.21 At 1_1_21 Unrèstricted funds Genefal fvnd 176.910 112,63n 164,273 TOTAL FUNDS 176,910 164273 CornparatNe net mvement in fvnds. induded in the above are as fotbws.. Ino)ming resources Resources expended Movem8nt in funds Unrestrietèd funds General turKI 290,878 1303.5151 112,6371 TOTAL FUNDS 290.878 303,5151 12.6371 Pa9e 15 continued... THE RINGING WORLD LIMITED LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022 17. OTHER FINANCIAL COMMITMENTS Total fU1u￿ financial commitments. guarantees and ￿n11r￿en0e5 which are not included in the balance sheet amount lo £10.250 (2021.. 20,51)01. Thi8 amount 15 in relalion to operatiry le8s0 commilments whtch are payable in Ihe next year. 18. RELATED PARTY DISCLOSURES Donations tr)talliny £880 {2021". £NIL) were received from one trLkStee in respect of The Ringing Worfd National Youth Contest. There We￿ no other related party transaclic¥)s for Ihe year ended 31 December 2022. 19. ULTIMATE CONTROLUNG PARTY Those members ofthe Central Councal ofchurth Bell Ringers who have indicated their ￿llingneSS to be members of the tharitsble company ebeci the Board of tlireclor5 to acl on their tshaff. Page 16