**Registration number NI006121**
**Church of Ireland Press Company limited by guarantee**
**Directors report and financial statements**
**for the year ended 31 October 2022**
## **Church of Ireland Press**
||**Contents**||
|---|---|---|
|||**Page**|
|Directors report||**1**|
|Independent Examiner's report||**2**|
|Statement of Financial Activities||**3**|
|Balance sheet||**4 - 5**|
Notes to the financial statements
**Church of Ireland Press**
## **Directors Report for the year ended 31 October 2022**
The Directors present their report and the financial statements for the year ended 31 October 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
## **Structure, governance and management**
The Company is a company limited by guarantee and having a share capital.
## **Directors**
The directors who served during the year were as follows
Ms. Vera Woods
Mr. Patrick Good
Mr. Albert Fenton Mr Edward Wilson Mr. Adrian Clements Dean William Morton Mr. WA Rogan Ms. Heather Alison Flanigan **Objectives and activities**
The Church of Ireland Press is the publisher of the Church of Ireland Gazette a monthly religious paper sold throughout Ireland. The contents of the paper includes items on church activities and events throughout Ireland together with various reports and religious articles in connection with the church of Ireland.
## **Achievements and performance**
The achievement and performance of the Church of Ireland Press are as set out in the Company Accounts year ended 31st October 2022 and the Honorary Treasures report to the Directors.
## **Financial review**
The Company received grants of £16,725 from Charitable Trusts during the financial year but sustained an overall loss on its operations as set out in financial statements,
While the current level of sales is not compatible with costs the board is confident that circulation and advertising revenue will continue to increase year on year and that costs can be managed within long term levels of revenue. The Gazette continues to seek further support from parishes and the Representative Church Body through grants and the board will continue to monitor costs in line with income.
This report was approved by the Board on and signed on its behalf by
## **Mr. WA Rogan Director**
## **Independent examiner's report to the members of**
## **Church of Ireland Press**
I report on the accounts of the for the for the year ended 31 October 2022, which are set out on pages 3 to 10.
**Page 1**
## **Respective responsibilities of the trustees and examiner**
As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
- follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
## **Richard McClay FCA**
**1 Lanyon Quay**
**Page 2**
**Church of Ireland Press**
**Belfast** I have **BT1 3LG**
## **McCreery Turkington Stockman LTD**
examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006
2. That the accounts do not accord with those accounting records
3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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
4. That there is further information needed for a proper understanding of the accounts to be reached.
## **Independent examiner's statement**
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
## **for the year ended 31 October 2022**
|**Unrestricted** **Restricted**
**Year**
**Funds**
**Funds**
**Total**
**2022**
**2022**
**2022**
**Incoming Resources**
_Income resources from_
_generated funds:_
_Incoming resources from_
**Notes**
**£**
**£**
**£**
_charitable activities_
**3**
82,102
-
82,102
Investment income:
-
-
-
**Total incoming resources**
82,102
-
82,102
**Resources expended**
Costs of generating funds
**4**
(92,842)
-
(92,842)|**Total**
**Funds**
**2021**
**£**
80,528
13
80,541
(89,309)|
|---|---|
**The notes on pages 6 to 9 form an integral part of these financial statements.**
**Page 3**
|**Total resources expended**
**Net income before transfers**
**Transfer between funds**
**Net incoming resources**
Fund balances brought forward
**Fund balances carried forward**|(92,842)
(10,740)
-
(10,740)
10,958
218|-
-
-
-
-
-|(92,842)
(10,740)
-
(10,740)
10,958
218|(89,309)
(8,768)
-
(8,768)
19,726
10,958|
|---|---|---|---|---|
**Statement of Financial Activities (Including Summary Income and Expenditure Account)**
All of the above results are derived from continuing activities.All gains and losses recognised in the year are included above.
**Page 4**
**Church of Ireland Press**
## **Balance sheet as at 31 October 2022**
|**Fixed assets**
**Notes**
Tangible assets
**Current assets**
**6**
Debtors
**7**
Cash at bank and in hand
**Creditors: amounts falling**
**due within one year**
**8**
**Net current (liabilities)/assets**
**Net assets**
**Capital and reserves**
Unrestricted funds
**9**
**General funds**|**2022**
**£**
4,577
420
4,997
(5,465)|**£**
686
(468)
218
218
218|**2021**
**£**
**£**
858
3,896
8,782
12,678
(2,578)
10,100
10,958
10,958
10,958|
|---|---|---|---|
**The notes on pages 6 to 9 form an integral part of these financial statements.**
**Page 5**
## **Church of Ireland Press**
## **Notes to the financial statements for the year ended 31 October 2022 Balance sheet (continued) for**
## **the year ended 31 October 2022**
For the year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors' responsibilities:
(a) The members have not required the company to obtain an audit of its accounts for the year in question inaccordance with section 476;
(b) The directors acknowledge their responsibilities for complying with the requirements of the Act withrespect to accounting records and the preparation of accounts.
The financial statements were approved by the Board on and signed on its behalf by
## **Mr. WA Rogan Director**
## **Registration number NI006121**
## **1. Accounting policies**
## **1.1. Basis of preparation**
The financial statements have been prepared under the historical cost convention. The financial
**2. Net incoming resources for the year 2022 2021 £ £**
Net incoming resources is stated after charging:
Depreciation and other amounts written off tangible assets 172 286
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 Companies Act 2006.
## **1.2. Tangible fixed assets and depreciation**
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
**Page 6**
**Church of Ireland Press**
|**3.**|**Income from generating funds:**|**Total**|**Total**|
|---|---|---|---|
|||**2022**|**2021**|
|||**£**|**£**|
||**Income**|||
||Gazette sales|46,082|52,548|
||Advertising sales|19,295|14,480|
||Sponsorship|16,725|13,500|
**The notes on pages 6 to 9 form an integral part of these financial statements.**
**Page 7**
82,102
80,528
## **Church of Ireland Press**
## **Notes to the financial statements**
**for the year ended 31 October 2022**
Fixtures and fittings
- 20% reducing balance
- **1.3. Resources**
## **Incoming resources**
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
**Page 8**
## **Church of Ireland Press**
## **Notes to the financial statements**
## **for the year ended 31 October 2022**
|.................... continued
**Total**
**2022**
**£**
**4.** **Total resources expended**
**Costs directly allocated to**
**generating funds**
Wages and salaries
22,670
Rent
1,680
Insurance
1,377
Meeting expenses
325
Printing
23,510
Distribution
6,466
Postage, stationery and computer costs
2,171
Telephone
658
Contributors and freelance journalist
31,221
Travelling
75
Independant examiner fee
1,350
Bank and credit card charges
533
General expenses
634
Depreciation on fixtures & equipment
172
92,842|**Total**
**2021**
**£**
23,262
1,680
1,409
-
19,755
5,830
4,392
2,290
27,064
79
1,350
521
1,391
286
89,309|
|---|---|
**Page 9**
## **Church of Ireland Press**
## **Notes to the financial statements**
**for the year ended 31 October 2022**
.................... continued
## **5. Taxation**
No liability to UK corporation tax arises on ordinary activities for the year. The Company is a registered charity .
||charity .||||
|---|---|---|---|---|
||||**Fixtures,**||
|**6.**|**Tangible fixed assets**||**fittings and**||
||||**equipment**|**Total**|
||||**£**|**£**|
||**Cost**||||
||At 1 November 2021|21,596 21,596 At 31 October 2022|21,596 21,596||
||**Depreciation**||||
||At 1 November 2021||20,738|20,738|
||Charge for the year||172|172|
||At 31 October 2022||20,910|20,910|
||**Net book values**||||
||At 31 October 2022||686|686|
||At 31 October 2021||858|858|
|**7.**|**Debtors**||**2022**|**2021**|
||||**£**|**£**|
||Trade debtors||4,552|3,783|
||Vat||25|113|
||||4,577|3,896|
|**8.**|**Creditors: amounts falling due**||**2022**|**2021**|
||||5,465|2,578|
**Page 10**
## **Church of Ireland Press**
## **Notes to the financial statements**
## **for the year ended 31 October 2022**
|.................... continued|.................... continued|||
|---|---|---|---|
||**within one year**|**£**|**£**|
||Bank overdraft|1,379|-|
||Trade creditors|2,736|1,228|
||Accruals|1,350|1,350|
|||**Unrestricted**||
|**9.**|**Statement of funds**|**reserve**||
|||**account**|**Total**|
|||**£**|**£**|
||**Total reserves at 1 November 2021**|10,958|10,958|
||Total income for the year|82,102|82,102|
||Total expenditure for the year|(92,842)|(92,842)|
||**Total reserves at 31 October 2022**|218|218|
|||**Unrestricted**||
|**10.**|**Analysis of net assets between funds**|**reserve**||
|||**fund**|**Total**|
|||**£**|**£**|
||**Fund Balances at 31 October 2022**|||
||**represented by:**|||
||Fixed assets|686|686|
||Current assets|4,997|4,997|
**Page 11**
## **Church of Ireland Press**
## **Notes to the financial statements**
## **for the year ended 31 October 2022**
|.................... continued
Current liabilities
**Total net assets**|(5,465)
218|(5,465)
218|
|---|---|---|
## **11. Company limited by guarantee**
The Company is a company limited by guarantee. Every member undertakes to contribute such amounts not exceeding £1 to the company's assets if it should be wound up while being a member, or within one year of ceasing to be a member.
**Page 12**
## **Church of Ireland Press**
**The following page does not form part of the statutory accounts.**
## **Church of Ireland Press**
## **Detailed statement of financial activities**
**for the year ended 31 October 2022**
|**Income**
Gazette sales
Advertising sales
Sponsorship
**Administrative expenses**
Wages and salaries
Rent
Insurance
Meeting expenses
Printing
Distribution
Postage, stationery and computer costs
Telephone
Contributors and freelance journalist
Travelling
Independant examiner fee
Bank and credit card charges
General expenses
Depreciation on fixtures & equipment|**2022**
**£**
22,670
1,680
1,377
325
23,510
6,466
2,171
658
31,221
75
1,350
533
634
172|**£**
46,082
19,295
16,725
82,102
92,842|**2021**
**£**
23,262
1,680
1,409
-
19,755
5,830
4,392
2,290
27,064
79
1,350
521
1,391
286|**£**
52,548
14,480
13,500
80,528
89,309|
|---|---|---|---|---|
|**Surplus/ (Deficit) on year/period**
**Other income and expenses**
**Investment income**
Interest received
**Net loss for the year**|-|(10,740)
-
(10,740)|13|(8,781)
13
(8,768)|
|---|---|---|---|---|