REGISTERED COMPANY NUMBER: 02218996 (England and Wales) REGISTERED CHARITY NUMBER: 298807
Alive Publishing Limited (A Company Limited by Guarantee)
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2021
Marshall & Co Chartered Accountants St Mary's House Crewe Road Alsager Stoke on Trent ST7 2EW
Alive Publishing Limited
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 7 |
| Report of the Independent Auditor | 8 | to | 10 |
| Statement of Financial Activities | 11 | ||
| Balance Sheet | 12 | to | 13 |
| Cash Flow Statement | 14 | ||
| Notes to the Cash Flow Statement | 15 | ||
| Notes to the Financial Statements | 16 | to | 25 |
| Detailed Statement of Financial Activities | 26 | to | 27 |
Alive Publishing Limited
Reference and Administrative Details for the Year Ended 31 March 2021
TRUSTEES
Mrs S L Conway M M Conway L M Conway Rev S Heaney Miss J M Moorhead Mrs C Kormoczy Teacher (appointed 6/12/2020)
REGISTERED OFFICE
St Mary's House Crewe Road Alsager Stoke on Trent ST7 2EW
REGISTERED COMPANY NUMBER 02218996 (England and Wales)
REGISTERED CHARITY NUMBER 298807
AUDITOR
Marshall & Co Chartered Accountants St Mary's House Crewe Road Alsager Stoke on Trent ST7 2EW
SOLICITORS
Knights 1759 The Brampton 10 St John Street Newcastle under Lyme Staffordshire ST5 0QW
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Alive Publishing Limited
Report of the Trustees for the Year Ended 31 March 2021
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 March 2021. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the advancement anywhere in the world of the Christian religion and other such purposes (being charitable purposes according to the laws of England) as the trustees shall in their discretion think fit.
The strategies employed to achieve the charity's objectives are to:
Publish magazines, books, newspapers and other resources (DVDs) which teach, educate, inform and celebrate Christian faith.
The major areas of activity are:
Bible Alive: A Catholic scripture magazine with a monthly circulation of around 27,500. Bible Alive will celebrate 25 years since it was launched in June 1996. The essence of the magazine is the daily reflection on one of the daily Mass readings. The Trustees and management are exploring ways of both marking and celebrating this 25 years milestone, given that Bible Alive remains its flagship publication.
Walk With Me: Walk With Me is a seasonal prayer and scripture programme in association and collaboration with Archbishop Vincent Nichols and the Archdiocese of Birmingham. The Walk with Me programme covers the seasons of Advent, Lent and Easter. The booklet is available at national, diocesan level and international level. The print runs for Advent, Lent and Easter are 150,000, 150,000, and 50,000 respectively. The following Catholic dioceses took Walk with Me as their seasonal prayer and scripture programme: Archdiocese of Birmingham, Archdiocese of Cardiff, Diocese of Menevia, Diocese of Wrexham. We intend to make Walk with Me available as a subscription starting with the Advent 2020 edition (£7.99 per anum).
Kindle: Bible Alive is currently available on Kindle and we intend to make Walk with Me available also as a Kindle subscription from Advent 2020. We are also putting up onto Kindle the books which we have published.
Word Alive: Word Alive is a resource containing the daily Mass readings scriptures in full and is available online.
Mail order business: The closure of churches even for private prayer during the pandemic resulted in an increase of traffic both to our website and calls into the office. We published an A4 free document called 'Inspiration in Isolation' which was well received by our readers and customers. Our pandemic message of 'bringing faith/joy directly to your door' wasn't missed on our readers or customers who clearly appreciated and responded positively to our wide range of products both in our book and gift catalogue, our on-line offerings and our ability to turn around their orders in a timely and efficient fashion.
International Prison Outreach: Alive Publishing invites its' readers to donate to its' work with prisoners and prison chaplains all over the world. Bible Alive readers send in donations so that we can send subscriptions to the Bible Alive magazine to prisoners, as well as providing Bibles and other Christian literature to encourage and support prisoners in their faith. The launching of the Loose Change Jar and Bucket Campaign is being well received. The Trustees are in discussion with prison professionals and pastoral care staff regarding the possibility of publishing a Bible exclusively for prisoners.
International Faith Outreach: This is an initiative to encourage readers of Bible Alive to donate funding so we in turn can send subscriptions, Bible and other resources to missionaries, Priests, religious catechists and other parish workers in the Third World.
Alive Publishing no longer publishes Catholic Today - the diocesan newspaper for the Birmingham Diocesan Trust - nor does it manage their website.
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Alive Publishing Limited
Report of the Trustees for the Year Ended 31 March 2021
OBJECTIVES AND ACTIVITIES
Public benefit
In setting plans and priorities for areas of work, the trustees have followed the latest guidance from the Charity Commission on the provision of public benefit, in accordance with section 17 of the Charities Act 2011.
Much consultation has been had between the Charity Commission and religious charities in relation to the question of public benefit and the trustees are encouraged that the Commission acknowledges the intangible spiritual benefits that the charity works to provide. In particular, the trustees consider how activities will contribute to meeting the objectives they have set and focus on the activities that will promote, teach, educate and inform people about the Christian Faith.
Directors of a charity have a duty to report in their annual report on their charity's public benefit. In setting plans and priorities to achieve its vision, the Charity's trustees have followed guidance from the Charity Commission on the provision of public benefit.
The trustees of Alive Publishing Limited confirm they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. Alive Publishing Limited is established for the public benefit of those who want to educate themselves on the benefits of the Christian Faith, including those prisoners that are benefiting from the International Prison Outreach programme and those in the third world that are benefiting from the International Faith Outreach programme.
The Trustees have considered this mater and concluded:
- 1) That the aims of the organisation continue to be charitable;
2) That the aims and the work done give identifiable benefits to the charitable sector and both indirectly and directly to individuals in need;
3) That the benefits are for the public, are not unreasonably restricted in any way and certainly not by ability to pay; and
4) That there is no detriment or harm arising from the aims or activities
STRATEGIC REPORT
Achievement and performance Internal and external factors
Covid 19 and its operational impact on aspects of our business cycle.
The closure of the churches had a direct impact on our parish customers with many deciding to suspend their order during the period of church closure. Parish Plan is a mainstay of our sales of Bible Alive and despite many parishes retaining their order and applying that old dictum, 'Necessity is the mother of invention' (some parishes mailed their parish orders to their parishioners) the loss of these orders was keenly felt. Now that churches are open again (albeit with a reduction in Sunday Mass attendance), many parishes who suspended have reactivated their order. We have begun a campaign to re-establish these orders and also to reach out to non-ordering parishes by offering a free start up trial, 90 days credit and sale or return. This is an on-going and long term strategy and oven ime we are hopeful of returning to our pre-pandemic parish sales.
One significant impact of the churches' closing was a favourable response to the 'Inspiration in Isolation' leaflet and a corresponding noticeable increase in subscriptions and mail order business.
The churches might have closed but we remained open for business and our ability to deliver directly to our donors' and customers' doors was very much appreciated during this difficult and challenging time.
Financial review
Financial position
The Statement of Financial Activities for the year ended 31 March 2021 shows income of £860,759 (2020: £1,040,209). Expenditure amounted to £851,489 (2020: £1,001,674) The net effect of the above is that, over the year, the funds of the charity increased by £9,270.
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Alive Publishing Limited
Report of the Trustees for the Year Ended 31 March 2021
STRATEGIC REPORT
Financial review
Investment policy and objectives
Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish. The trustees, having regard to the liquidity requirements of the charity and to the reserves policy, have operated a policy of keeping available funds in an interest bearing deposit account seeking to achieve a rate of deposit interest which matches or exceeds inflation as measured by the retail prices index.
Reserves policy
The trustees have established the level of unencumbered reserves (that is, those funds that are freely available, not invested in fixed assets, designated for specific purposes or otherwise committed) that the charity ought to have.
Historically, in the early years of the charity, reserves were needed to bridge any gaps between spending on magazine production and receiving resources through subscription charges, as well as to allow for any other possible unforeseen expenditure. Given that the charity has now been in operation for over twenty five years, then the ongoing nature of the subscription receipts makes the existence of gaps between spending and receiving monies more or less non-existent. However, the trustees prefer to err on the side of caution and therefore consider that the required level of free reserves as at 31 March 2021 should continue to be £50,000.
Fixed Assets
In order to fulfil its charitable objectives, the charity needs to retain certain levels and categories of fixed assets and the fixtures and fittings and other contents of the charity's premises are all used in the work of the charity.
As disclosed in the balance sheet, the unrestricted funds amounted to £99,966 of which £1,607 was invested in fixed assets. Setting these terms aside, the balance of £98,359 is considered to be free reserves.
Going concern
The financial position of the charity in terms of the year's results and its assets and liabilities is set out in the principal financial statements on pages 11-13.
Principal risks and uncertainties
The trustees have a formal risk management process to assess risks and implement risk management strategies. This involves the identification of the types of risk faced by a charity, assessing the likelihood and potential impact of occurrence and identifying means of mitigation. Risks have been categorised under five broad headings: Governance, Operational, Financial, External and Compliance. These were then assessed as to the likelihood of their occurring and the severity of the effects of the risk leading to a potential overall impact calculation to give a scale of relative importance or urgency to each one.
The current highest overall adverse impact risks identified relate to the potential effect on income of lapsation of the faithful and resultant reducing Mass attendances; of an increasingly ageing and therefore reducing number of clergy who are expected to undertake ever more administrative responsibilities, and adverse publicity in an increasingly secular society. The trustees have taken steps to mitigate these risks by working to develop new and emerging income streams to ensure that reserves are maintained. The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The trustees believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide enough resources in the event of adverse conditions.
The trustees are responsible for providing reasonable assurance that:
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The charity is operating efficiently and effectively;
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Its assets are safeguarded against unauthorized use or disposition;
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Proper records are maintained and financial information used within the charity or for publication is reliable; and
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The charity complies with relevant laws and regulations.
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Alive Publishing Limited
Report of the Trustees for the Year Ended 31 March 2021
STRATEGIC REPORT
Achievements, Performance Review and Plans for Future Periods
Focus on growing circulation of subscription-based publications: Bible Alive/Faith Today.
Drive and develop the book/gift/mail order business
Maximize on the marketing resource we have in our Oak system.
Focus on utilising the newly redesigned company website which has given us the platform form to promote and market our product range using new technology/social media but has also give our customers the opportunity to renew on line, set up a direct debit or fill in a Gift Aid form with ease.
The intention for the future is to continue to meet the objectives of the charity as outlined above.
As part of the strategy to increase funding streams, further work is planned to increase the use of online giving through internet use and development of the charity's online presence.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
Alive Publishing Limited is a company limited by guarantee and does not have any share capital. It is governed by its' Memorandum and Articles of Association dated 9th February 1988 and amended by Special Resolutions dated 20th October 1992; 3rd May 1996; 7th May 1998 and 10th August 2001. It is a charity registered with the Charity Commission and there are currently 6 members (6 in 2020), each of whom agree to contribute £1 in the event of the charity winding up. Trustees and directors are appointed by ordinary resolution.
Trustees
The trustees who served during the year are listed on page one. The affairs of the charity are governed by the trustees and the Board has the power to appoint additional trustees as it considers fit to do so. When considering new trustees, the Board has regard to those with suitable qualifications and experience as well as the requirement for any specialist skills needed.
New trustees are introduced to their role and responsibilities by existing board members and undergo an orientation day at which time relevant Charity Commission literature is issued together with copies of the trust deed and latest financial information available.
New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. During the induction day, they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of the role, in regarding strategy and good governance.
The board of trustees is not limited by the maximum number of members. The board of trustees administer the charity. The board of trustees meets a minimum of twice a year and an experienced and suitably qualified management team is in place to manage the day to day business of the charity including all operational matters such as finance, employment and business development related activity.
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Alive Publishing Limited
Report of the Trustees for the Year Ended 31 March 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Key management personnel and remuneration
The Board of Trustees is ultimately in charge of directing and controlling the charity and ensuring that it is run and operated in a responsible and appropriate manner. The day-to-day management of the charity, however, is delegated to the Editor in Chief, Mr Michael Conway. All trustees give their time freely, and no trustee receives any remuneration in respect of the work undertaken in the role of trustee.
Details of any related party transactions are disclosed in note 18 to the accounts.
Trustees are required to disclose all relevant interests and register them with the charity and in accordance with the charity's policy, withdraw from decisions where a conflict of interest arises.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 for that period. In preparing the financial statements, the trustees are required to:
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Select suitable accounting policies and apply them consistently;
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Observe the methods and principles of the Charities SORP;
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Makes judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and
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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 which 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 Charity (Accounts and Reports) Regulations 2008 and provisions of the Trust Deed. They 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 financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditor is unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditor is aware of that information.
The trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the trustees have confirmed that they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors.
AUDITOR
The auditors, Marshall & Co Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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Alive Publishing Limited
Report of the Trustees for the Year Ended 31 March 2021
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 1 December 2021 and signed on the board's behalf by:
Mrs S L Conway - Trustee
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Report of the Independent Auditor to the Trustees of Alive Publishing Limited
Opinion
We have audited the financial statements of Alive Publishing Limited (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditor thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditor to the Trustees of Alive Publishing Limited
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, FRS102, Charities SORP, Charities Act 2011, the Charity's governing document, tax legislation and GDPR legislation. We also considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011 and taxation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries and management bias in key accounting judgements and estimates. Audit procedures performed by the engagement team include:
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Enquiry of management and trustees with regard to actual and potential fraud and non-compliance with laws and regulations - Inspecting trustees' meeting minutes
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Inspecting correspondence with tax authorities
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Challenging assumptions and judgements made by management in their accounting estimates
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Testing of journal entries where we identified particular risks
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Assessing financial statement disclosures and testing to supporting documentation, for compliance with applicable laws and
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regulations
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditor.
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Report of the Independent Auditor to the Trustees of Alive Publishing Limited
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Marshall & Co Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 St Mary's House Crewe Road Alsager Stoke on Trent ST7 2EW
1 December 2021
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Alive Publishing Limited
Statement of Financial Activities for the Year Ended 31 March 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Bible Alive subscriptions Books and other sales WWM sales L'osservatore Romano Design service Investment income 3 Total EXPENDITURE ON Charitable activities 5 Bible Alive subscriptions Books and other sales WWM sales L'osservatore Romano Design service Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 28,381 349,860 146,861 111,973 825 6,422 25,942 670,264 416,557 162,276 136,626 966 7,069 723,494 (53,230) 153,196 99,966 |
Restricted funds £ 190,495 - - - - - - 190,495 72,714 30,514 23,270 166 1,331 127,995 62,500 122,079 184,579 |
2021 Total funds £ 218,876 349,860 146,861 111,973 825 6,422 25,942 860,759 489,271 192,790 159,896 1,132 8,400 851,489 9,270 275,275 284,545 |
2020 Total funds £ 250,855 446,889 118,914 161,223 1,110 5,121 56,097 1,040,209 610,522 162,371 220,268 1,502 7,011 1,001,674 38,535 236,740 275,275 |
|---|---|---|---|---|
The notes form part of these financial statements
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Alive Publishing Limited
Balance Sheet 31 March 2021
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Intangible assets 10 1,604 - Tangible assets 11 3 - Investments 12 250,000 - 251,607 - CURRENT ASSETS Debtors 13 46,685 137,190 Cash at bank and in hand 56,335 47,389 103,020 184,579 CREDITORS Amounts falling due within one year 14 (254,661) - NET CURRENT ASSETS (151,641) 184,579 TOTAL ASSETS LESS CURRENT LIABILITIES 99,966 184,579 NET ASSETS/(LIABILITIES) 99,966 184,579 FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
2021 Total funds £ 1,604 3 250,000 251,607 183,875 103,724 287,599 (254,661) 32,938 284,545 284,545 99,966 184,579 284,545 |
2020 Total funds £ 1,791 824 250,000 252,615 337,257 73,061 410,318 (387,658) 22,660 275,275 275,275 153,196 122,079 275,275 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
continued...
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Alive Publishing Limited
Balance Sheet - continued 31 March 2021
The financial statements were approved by the Board of Trustees and authorised for issue on 1 December 2021 and were signed on its behalf by:
L M Conway - Trustee
S L Conway - Trustee
The notes form part of these financial statements
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Alive Publishing Limited
Cash Flow Statement for the Year Ended 31 March 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of intangible fixed assets Interest received Dividends received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
2021 £ 1,642 1,642 - 12 25,930 25,942 27,584 73,061 100,645 |
2020 £ (58,397) (58,397) (1,869) 31 56,066 54,228 (4,169) 77,230 73,061 |
|---|---|---|
The notes form part of these financial statements
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Alive Publishing Limited
Notes to the Cash Flow Statement for the Year Ended 31 March 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2.
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Dividends received Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operations ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year Total cash and cash equivalents |
2021 £ 9,270 1,008 (12) (25,930) 153,382 (136,076) 1,642 2021 £ 56 103,668 (3,079) 100,645 |
2020 £ 38,535 1,084 (31) (56,066) (79,498) 37,579 (58,397) 2020 £ 56 73,005 - 73,061 |
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3. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash | At 1/4/20 Cash flow At 31/3/21 £ £ £ |
|---|---|
| Cash at bank and in hand | 73,061 30,663 103,724 |
| Bank overdraft | - (3,079) (3,079) |
| 73,061 27,584 100,645 |
|
| Total | 73,061 27,584 100,645 |
The notes form part of these financial statements
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Alive Publishing Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of as asset other that cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
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The donot specifies that the grant or donation must only be used in future accounting periods; or
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The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Patents and licences
Patents are depreciated over 10 years.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - depreciated over remaining term of lease
continued...
Page 16
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.
3.
4.
DONATIONS AND LEGACIES
| Donations Gift aid INVESTMENT INCOME Shares in group undertakings Other fixed asset invest - FII Deposit account interest INCOME FROM CHARITABLE ACTIVITIES Activity Subscriptions Bible Alive subscriptions Books and other sales Books and other sales Pamphlet sales WWM sales L'osservatore Romano L'osservatore Romano Design service Design service |
2021 £ 166,410 52,466 218,876 2021 £ 8,500 17,430 12 25,942 2021 £ 349,860 146,861 111,973 825 6,422 615,941 |
2020 £ 132,385 118,470 250,855 2020 £ 38,636 17,430 31 56,097 2020 £ 446,889 118,914 161,223 1,110 5,121 733,257 |
|---|---|---|
continued...
Page 17
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
5. CHARITABLE ACTIVITIES COSTS
| Bible Alive subscriptions Books and other sales WWM sales L'osservatore Romano Design service SUPPORT COSTS Management £ Bible Alive subscriptions 58,839 Books and other sales 15,648 WWM sales 21,228 L'osservatore Romano 144 Design service 675 96,534 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Depreciation - owned assets Patents and licences amortisation |
Support Direct costs (see Costs note 6) £ £ 407,751 81,520 171,110 21,680 130,487 29,409 933 199 7,464 936 717,745 133,744 Governance Finance costs £ £ 7,371 15,310 1,960 4,072 2,658 5,523 18 37 84 177 12,091 25,119 2021 £ 17,500 821 187 |
Totals £ 489,271 192,790 159,896 1,132 8,400 851,489 Totals £ 81,520 21,680 29,409 199 936 133,744 2020 £ 17,500 1,006 78 |
|---|---|---|
6.
7. NET INCOME/(EXPENDITURE)
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
continued...
Page 18
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Bible Alive subscriptions Books and other sales WWM sales L'osservatore Romano Design service Investment income Total EXPENDITURE ON Charitable activities Bible Alive subscriptions Books and other sales WWM sales L'osservatore Romano Design service Total NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 106,858 446,889 118,914 161,223 1,110 5,121 56,097 896,212 515,529 137,107 185,995 1,268 5,920 845,819 50,393 (11,165) 39,228 113,968 153,196 |
Restricted funds £ 143,997 - - - - - - 143,997 94,993 25,264 34,273 234 1,091 155,855 (11,858) 11,165 (693) 122,772 122,079 |
Total funds £ 250,855 446,889 118,914 161,223 1,110 5,121 56,097 1,040,209 610,522 162,371 220,268 1,502 7,011 1,001,674 38,535 - 38,535 236,740 275,275 |
|---|---|---|---|
continued...
Page 19
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
10. INTANGIBLE FIXED ASSETS
| 10. | INTANGIBLE FIXED ASSETS | |
|---|---|---|
| Patents | ||
| and | ||
| licences | ||
| £ | ||
| COST | ||
| At 1 April 2020 | 3,304 | |
| Disposals | (1,435) | |
| At 31 March 2021 | 1,869 | |
| AMORTISATION | ||
| At 1 April 2020 | 1,513 | |
| Charge for year | 187 | |
| Eliminated on disposal | (1,435) | |
| At 31 March 2021 | 265 | |
| NET BOOK VALUE | ||
| At 31 March 2021 | 1,604 | |
| At 31 March 2020 | 1,791 | |
| 11. | TANGIBLE FIXED ASSETS | |
| COST | Improvements to property £ |
|
| At 1 April 2020 and 31 March 2021 | 113,995 | |
| DEPRECIATION | ||
| At 1 April 2020 | 113,171 | |
| Charge for year | 821 | |
| At 31 March 2021 | 113,992 | |
| NET BOOK VALUE | ||
| At 31 March 2021 | 3 | |
| At 31 March 2020 | 824 | |
continued...
Page 20
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
12. FIXED ASSET INVESTMENTS
| Shares in group Unlisted undertakings investments £ £ MARKET VALUE At 1 April 2020 and 31 March 2021 1,000 249,000 NET BOOK VALUE At 31 March 2021 1,000 249,000 At 31 March 2020 1,000 249,000 |
Totals £ 250,000 250,000 250,000 |
|---|---|
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Alive Publishing Trading UK Limited
Registered office: England and Wales
Nature of business: Religious publications production & distribution
13.
| % Class of share: holding Ordinary shares 33 Aggregate capital and reserves Profit for the year DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
2021 £ 300,612 1,637 2021 £ 32,228 10,731 35,954 104,962 183,875 |
2020 £ 324,127 243 2020 £ 32,836 40,792 91,625 172,004 337,257 |
|---|---|---|
continued...
Page 21
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 15) Accruals and deferred income 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 16. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due a Between one and five years 17. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds International Prison Outreach International Faith Outreach Cheerful Giver TOTAL FUNDS |
2021 £ 3,079 251,582 254,661 2021 £ 3,079 s follows: 2021 £ 37,620 Net movement At 1/4/20 in funds £ £ 153,196 (53,230) 93,210 31,720 - 16,317 28,869 14,463 122,079 62,500 275,275 9,270 |
2020 £ - 387,658 387,658 2020 £ - 2020 £ 37,620 At 31/3/21 £ 99,966 124,930 16,317 43,332 184,579 284,545 |
|---|---|---|
continued...
Page 22
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds International Prison Outreach International Faith Outreach Cheerful Giver TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 670,264 (723,494) (53,230) 149,083 (117,363) 31,720 25,771 (9,454) 16,317 15,641 (1,178) 14,463 190,495 (127,995) 62,500 860,759 (851,489) 9,270 |
|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds International Prison Outreach International Faith Outreach Cheerful Giver TOTAL FUNDS |
Net Transfers movement between At 1/4/19 in funds funds £ £ £ 113,968 50,393 (11,165) 97,388 (4,178) - - (11,165) 11,165 25,384 3,485 - 122,772 (11,858) 11,165 236,740 38,535 - |
At 31/3/20 £ 153,196 93,210 - 28,869 122,079 275,275 |
|---|---|---|
continued...
Page 23
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds International Prison Outreach International Faith Outreach Cheerful Giver TOTAL FUNDS |
Incoming resources £ 896,212 118,621 20,892 4,484 143,997 1,040,209 |
Resources expended £ (845,819) (122,799) (32,057) (999) (155,855) (1,001,674) |
Movement in funds £ 50,393 (4,178) (11,165) 3,485 (11,858) 38,535 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds International Prison Outreach International Faith Outreach Cheerful Giver TOTAL FUNDS |
Net Transfers movement between At 1/4/19 in funds funds £ £ £ 113,968 (2,837) (11,165) 97,388 27,542 - - 5,152 11,165 25,384 17,948 - 122,772 50,642 11,165 236,740 47,805 - |
At 31/3/21 £ 99,966 124,930 16,317 43,332 184,579 284,545 |
|---|---|---|
continued...
Page 24
Alive Publishing Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,566,476 | (1,569,313) | (2,837) |
| Restricted funds | |||
| International Prison Outreach | 267,704 | (240,162) | 27,542 |
| International Faith Outreach | 46,663 | (41,511) | 5,152 |
| Cheerful Giver | 20,125 | (2,177) | 17,948 |
| 334,492 | (283,850) | 50,642 | |
| TOTAL FUNDS | 1,900,968 | (1,853,163) | 47,805 |
18. RELATED PARTY DISCLOSURES
During the year the charity made the following related party transactions:
Alive Publishing Trading UK Limited
(Alive Publishing Limited is the registered owner of 249,000 preference shares of £1 each in Alive Publishing Trading UK Limited and also owns 34 ordinary shares of £1 each in the same company. Alive Publishing Trading UK Limited is controlled by Michael and Susan Conway, the editor in chief and the publishing director respectively, of Alive Publishing Limited)
During the year the Charity received dividends from the ordinary shares of £8,500 (2020 £38,636).
The preference shares attract a fixed cumulative preferential net cash dividend of seven pence per annum per share accruing from the date of subscription for the preference shares. During the year the charity received dividends from the preference shares of £17,430 (2020 £17,430)
Subject to the preference dividend being full in respect of that financial year and in respect of all previous financial years of the Company, every dividend shall be paid to the holders of the ordinary shares held by each holder of those shares.
During the year the Charity was charged management fees of £589,750(2020 £716,751) by Alive Publishing Trading UK Limited. At the balance sheet date the amount due to Alive Publishing Trading UK Limited was £65,839 (2020 £209,778).
Conway Associates (UK) Limited
(Conway Associate (UK) Limited is a company that is controlled by M Conway, the editor in chief of Alive Publishing Limited.)
During the year, the Charity was charged rent of £37,620 (2020: £37,621) by Conway Associates (UK) Limited. At the balance sheet date the amount due to/from Conway Associates (UK) Limited was £Nil (2020 - Nil).
Page 25
Alive Publishing Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Investment income Shares in group undertakings Other fixed asset invest - FII Deposit account interest Charitable activities Subscriptions Books and other sales Pamphlet sales L'osservatore Romano Design service Total incoming resources EXPENDITURE Charitable activities Other fundraising costs Outsourcing costs Support costs Management Rent, rates and utilities Consultancy fees Patents and licences Improvements to property Finance Bank charges Carried forward |
2021 £ 166,410 52,466 218,876 8,500 17,430 12 25,942 349,860 146,861 111,973 825 6,422 615,941 860,759 127,995 589,750 717,745 37,620 57,906 187 821 96,534 11,198 11,198 |
2020 £ 132,385 118,470 250,855 38,636 17,430 31 56,097 446,889 118,914 161,223 1,110 5,121 733,257 1,040,209 155,855 716,750 872,605 37,621 55,150 78 1,006 93,855 8,898 8,898 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 26
Alive Publishing Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| Finance Brought forward Foreign currency (gains)/ losses Governance costs Auditors' remuneration Accountancy fees Legal and professional fees Total resources expended Net income |
2021 £ 11,198 893 12,091 17,500 7,500 119 25,119 851,489 9,270 |
2020 £ 8,898 458 9,356 17,500 7,500 858 25,858 1,001,674 38,535 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 27