Registration number NI006121
Church of Ireland Press Company limited by guarantee
Directors report and financial statements
for the year ended 31 October 2023
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 | 6 - 9 |
Church of Ireland Press
Directors Report
for the year ended 31 October 2023
The Directors present their report and the financial statements for the year ended 31 October 2023. 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 published in October 2019"
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 2023 and the Honorary Treasures report to the Directors.
Financial review
The Company received grants of £ 21,709 from.Charitable trusts and remains fully supported by the representative church body. The Board are very conscious that sales continue to be not compatible with costs and action has been taken to reduce costs. We expect to have savings in administration going forward as well as to continue to monitor printing and other costs.Meetings have taken place with church leaders to encourage parish sales and to seek further support through grants
This report was approved by the Board on 13 March 2024 and signed on its behalf by
Mr. WA Rogan
Director
Page 1
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 2023, which are set out on the following pages.
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:
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examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
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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
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state whether particular matters have come to my attention.
Basis of independent examiner's report
I have 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:
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That accounting records were not kept in accordance with section 386 of the Companies Act 2006
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That the accounts do not accord with those accounting records
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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
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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.
Richard McClay FCA McCreery Turkington Stockman LTD
1 Lanyon Quay Belfast BT1 3LG
13 March 2024
Page 2
Church of Ireland Press
Statement of Financial Activities (Including Summary Income and Expenditure Account) for the year ended 31 October 2023
| Unrestricted Restricted Funds Funds 2023 2023 Incoming Resources Notes £ £ Income resources from generated funds: Incoming resources from charitable activities 3 90,065 - Investment income: 18 - Total incoming resources 90,083 - Resources expended Costs of generating funds 4 ) (88,770 - Total resources expended ) (88,770 - Net income before transfers 1,313 - Transfer between funds - - Net incoming resources 1,313 - Fund balances brought forward 218 - Fund balances carried forward 1,531 - |
Year Total 2023 £ 90,065 18 90,083 ) (88,770 ) (88,770 1,313 - 1,313 218 1,531 |
Total Funds 2022 £ 82,102 - 82,102 ) (92,842 ) (92,842 ) (10,740 - ) (10,740 10,958 218 |
|---|---|---|
All of the above results are derived from continuing activities.All gains and losses recognised in the year are included above.
The notes on pages 7 to 10 form an integral part of these financial statements.
Page 3
Church of Ireland Press
Balance sheet as at 31 October 2023
| Notes Fixed assets Tangible assets 6 Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets/(liabilities) Net assets Capital and reserves Unrestricted funds 9 General funds |
2023 £ 1,275 2,696 3,971 ) (2,989 |
£ 549 982 1,531 1,531 1,531 |
2022 £ 4,577 420 4,997 ) (5,465 |
£ 686 ) (468 218 218 218 |
|---|---|---|---|---|
The notes on pages 7 to 10 form an integral part of these financial statements.
Page 4
Church of Ireland Press
Balance sheet (continued)
for the year ended 31 October 2023
For the year ended 31 October 2023 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 in accordance with section 476;
(b) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements were approved by the Board on 13 March 2024 and signed on its behalf by
Mr. WA Rogan
Director
Registration number NI006121
The notes on pages 7 to 10 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 2023
.................... continued
1. Accounting policies
1.1. Basis of preparation
The financial statements have been prepared under the historical cost convention. 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 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:
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.
2.
| Net incoming resources for the year 2023 £ Net incoming resources is stated after charging: Depreciation and other amounts written off tangible assets 137 3. Income from generating funds: Total 2023 £ Income Gazette sales 47,353 Advertising sales 21,003 Sponsorship 21,709 90,065 |
2022 £ 172 Total 2022 £ 46,082 19,295 16,725 82,102 |
2022 £ 172 Total 2022 £ 46,082 19,295 16,725 82,102 |
|---|---|---|
| 82,102 |
Page 6
Church of Ireland Press
Notes to the financial statements
for the year ended 31 October 2023
| Total 2023 £ Total resources expended Costs directly allocated to generating funds Wages and salaries 20,725 Rent 1,680 Insurance 1,441 Meeting expenses - Printing 22,700 Distribution 6,294 Postage, stationery and computer costs 1,883 Telephone 670 Contributors and freelance journalist 30,710 Travelling - Independant examiner fee 1,390 Bank and credit card charges 492 General expenses 648 Depreciation on fixtures & equipment 137 88,770 |
Total 2022 £ 22,670 1,680 1,377 325 23,510 6,466 2,171 658 31,221 75 1,350 533 634 172 |
|---|---|
| 92,842 |
4. Total resources expended
5. Taxation
No liability to UK corporation tax arises on ordinary activities for the year. The Company is a registered charity .
Page 7
Church of Ireland Press
Notes to the financial statements
for the year ended 31 October 2023
| .................... continued | .................... continued | ||||
|---|---|---|---|---|---|
| Fixtures, | |||||
| 6. | Tangible fixed assets | fittings and | |||
| equipment | Total | ||||
| £ | £ | ||||
| Cost | |||||
| At 1 November 2022 | 21,596 | 21,596 | |||
| At 31 October 2023 | 21,596 | 21,596 | |||
| Depreciation | |||||
| At 1 November 2022 | 20,910 | 20,910 | |||
| Charge for the year | 137 | 137 | |||
| At 31 October 2023 | 21,047 | 21,047 | |||
| Net book values | |||||
| At 31 October 2023 | 549 | 549 | |||
| At 31 October 2022 | 686 | 686 | |||
| 7. | Debtors | 2023 | 2022 | ||
| £ | £ | ||||
| Trade debtors | 1,255 | 4,552 | |||
| Vat | 20 | 25 | |||
| 1,275 | 4,577 | ||||
| 8. | Creditors: amounts falling due | 2023 | 2022 | ||
| within one year | £ | £ | |||
| Bank overdraft | - | 1,379 | |||
| Trade creditors | 1,639 | 2,736 | |||
| Accruals | 1,350 | 1,350 | |||
| 2,989 | 5,465 |
Page 8
Church of Ireland Press
Notes to the financial statements
for the year ended 31 October 2023
| .................... continued | .................... continued | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | ||||||||
| 9. | Statement of funds | reserve | ||||||
| account | Total | |||||||
| £ | £ | |||||||
| Total reserves at 1 November 2022 | 218 | 218 | ||||||
| Total income for the year | 90,083 | 90,083 | ||||||
| Total expenditure for the year | (88,770 | ) | (88,770 | ) | ||||
| Total reserves at 31 October 2023 | 1,531 | 1,531 | ||||||
| Unrestricted | ||||||||
| 10. | Analysis of net assets between funds | reserve | ||||||
| fund | Total | |||||||
| £ | £ | |||||||
| Fund Balances at 31 October 2023 | ||||||||
| represented by: | ||||||||
| Fixed assets | 549 | 549 | ||||||
| Current assets | 3,971 | 3,971 | ||||||
| Current liabilities | (2,989 | ) | (2,989 | ) | ||||
| Total net assets | 1,531 | 1,531 |
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 9
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 2023
| 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 Surplus/ (Deficit) on year/period Other income and expenses Investment income Interest received Net profit/(loss) for the year |
2023 £ 20,725 1,680 1,441 - 22,700 6,294 1,883 670 30,710 - 1,390 492 648 137 18 |
£ 47,353 21,003 21,709 90,065 88,770 1,295 18 1,313 |
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 ) (10,740 - ) (10,740 |
|---|---|---|---|---|