Charity registration number 223327
Company registration number 00741097 (England and Wales)
CENTRAL BIBLE HAMMOND TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CENTRAL BIBLE HAMMOND TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr J H Broadley
Mr G Kell
Mr P Ollerhead
Mr B Donaldson
(Appointed 21 December 2023)
Secretary
Mr J H Broadley
Charity number
223327
Company number
00741097
Principal address
31-33 Glover Street
Crewe
Cheshire
CW1 3LD
Registered office
31-33 Glover Street
Crewe
Cheshire
CW1 3LD
Independent examiner
Andrew Hague BEng BFP FCA
Mitchell Charlesworth
24 Nicholas Street
Chester
CH1 2AU
CENTRAL BIBLE HAMMOND TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 14
CENTRAL BIBLE HAMMOND TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Memorandum & 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 (FR5 102)(effective 1 January 2019).

 

Objectives and activities

The objectives and aims of the Charity are to promote the advancement of religion by printing, publishing, and selling all classes of books, newspapers, periodicals, magazines, calendars. maps and other publications designed to make known and propagate the Protestant and Evangelical tenets of the Christian faith in the UK and worldwide for the benefit of the public. For these purposes the Charity produces and distributes literature on the doctrinal and practical aspects of the Christian faith in line with the interpretation put forward by such early writers of the "Brethren" movement as J N Darby and W Kelly.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.

CENTRAL BIBLE HAMMOND TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Achievements and performance

The Trust lost Mr Stephen Thomson, its youngest Trustee. He resigned in June and passed away within the same month. He was very supportive of the Trust and had provided expert advice on financial issues.

Publications continue to be made available on the Trust's website and offered internationally through internet booksellers. Existing e-books continue to be made available through Google Play and Amazon, for the Kindle.

The annual Cheering Words calendar was sold to the public by mail order, the Trust's own web site and via UK Christian bookshops.

The quarterly Scripture Truth magazine continues to provide to subscribers across the globe a range of practical and doctrinal articles in line with the Trust's objectives. The new editor took over in April. The magazine is mailed free of charge to certain readers abroad.

The first fifty volumes (1909-91) and issues from January 2002 to April 2023 of Scripture Truth magazine are freely available online. Preparatory work was completed ready for the reintroduction of printed bound volumes of the magazine.

Work has been in progress to relaunch the Alive! magazine in a new format, together with graphic and technical work for improving its associated website. New articles have been commissioned.

Permission was given to a USA publisher with similar objectives to that of the Trust to translate the works of a particular author into Spanish for digital publishing.

The development of the new main website continues, which will enable an online purchasing facility.

The Trust continues to supply literature to book stalls at Conferences in the Midlands. the North-west and the Scottish Borders.

During 2023 the Trust successfully continued its use of the internet as the primary vehicle for selling second-hand books whose content is in line with the Trust's objectives. Over 9,000 books are now offered.

A consignment of new and second-hand books was donated to contacts setting up a Christian literature library in India.

Consignments of carefully selected surplus second-hand books were donated to the Christian African Relief Trust for onward shipment to their church links in Zimbabwe, Cameroon and Zambia.

Support is occasionally provided to customers who have a genuine difficulty of covering purchase costs.

The Archive of titles published both by the Trust and its antecedents, and by other publishers whose objectives are similar to those of the Trust, is being maintained and expanded.

A new Trustee was appointed in December.

Financial review

The Trustees consider It appropriate to hold free reserves of a minimum of £100,000 to provide adequate working Capital for the charitable trading activities of the Trust and to provide a buffer against changes in circumstances. As at 31 December 2023 free net current assets, which the Trustees consider to be immediately available reserves, were £275,467 (2022: £174,277).

The immediately available reserves were boosted by a legacy receipt prior to the year end. This receipt that was held as cash at the year end will be utilised and invested as a long term income bearing investment during 2024-25.

The charity will make approx £50,000 donations during the 2024-25 year that will affect the cash reserves.

 

CENTRAL BIBLE HAMMOND TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The Charity continues to adopt the going concern basis in preparing the financial statements. The Trustees have considered the most appropriate policy for investing cash resources and have decided that term bank deposits meet their requirements of a reasonable rate of return, without capital risk, and with predictable accessibility to the funds.

The Trustees actively review the major risks which the Trust faces on a regular basis and believe that maintaining free reserves, combined with a review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the Trust and confirm that they have established systems to mitigate the significant risks, particularly through insurance cover.

The Trust is organized so that the Trustees meet formally on a quarterly basis to manage its affairs. Day today responsibilities are delegated to a manager.

It is the Trust's intention to continue its policy of publishing new books and reprinting appropriate out-of-print books from its back catalogue in line with its Objectives. It will continue to explore new avenues to extend the availability of its resources for the benefit of the public.

It is the policy of the that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The Charity is controlled by Its Governing Document, Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Governing Document is the Memorandum and Articles of Association incorporated 16 November 1962 as amended by special resolutions dated 1 December 1970, 13 October 2009 and 29 January 2010.

 

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr J H Broadley
Mr G Kell
Mr P Ollerhead
Mr S Thomson
(Resigned 17 June 2023)
Mr B Donaldson
(Appointed 21 December 2023)

The Board of Trustees has the power to appoint and remove Trustees as it considers fit.

The Trustees' report was approved by the Board of Trustees.

Mr J H Broadley
29 April 2024
CENTRAL BIBLE HAMMOND TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CENTRAL BIBLE HAMMOND TRUST LIMITED
- 4 -

I report to the Trustees on my examination of the financial statements of Central Bible Hammond Trust Limited (the ) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the ’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Andrew Hague BEng BFP FCA
Mitchell Charlesworth
24 Nicholas Street
Chester
CH1 2AU
Dated: 29 April 2024
CENTRAL BIBLE HAMMOND TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
127,011
3,139
Charitable activities
4
18,772
21,643
Investments
5
8,826
12,755
Total income
154,609
37,537
Expenditure on:
Charitable activities
6
56,658
73,483
Net income/(expenditure) for the year/
Net movement in funds
97,951
(35,946)
Fund balances at 1 January 2023
793,068
829,014
Fund balances at 31 December 2023
891,019
793,068

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CENTRAL BIBLE HAMMOND TRUST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
86,043
89,444
Investments
12
526,584
529,347
612,627
618,791
Current assets
Stocks
14
7,881
8,756
Debtors
15
1,251
3,508
Investments
16
-
73,807
Cash at bank and in hand
275,467
91,643
284,599
177,714
Creditors: amounts falling due within one year
17
(6,207)
(3,437)
Net current assets
278,392
174,277
Total assets less current liabilities
891,019
793,068
Income funds
Unrestricted funds
891,019
793,068
891,019
793,068

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 29 April 2024
Mr G Kell
Mr P Ollerhead
Trustee
Trustee
Company registration number 00741097
CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Charity information

Central Bible Hammond Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 31-33 Glover Street, Crewe, Cheshire, CW1 3LD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The is a Public Benefit Entity as defined by FRS 102.

 

The Trust has taken advantage of the provisions in the SORP for charities applying for FRS 102 Update Bulletin 1 not to prepare a Statement of Cashflows.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention{If (#cd99978)<>f0 Then . Else , modified to include the revaluation investment which are included at market value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4
Income
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met:

 

 

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

 

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% reducing balance
Office equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.11
Financial instruments

The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2
Critical accounting estimates and judgements

In the application of the Trusts accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
127,011
3,139
4
Charitable activities

Charitable Income

Charitable Income

2023
2022
£
£
Sales within charitable activities
18,772
21,643
5
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
8,826
12,755
CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
6
Charitable activities
Charitable Expenditure Heading 1
Charitable Expenditure Heading 1
2023
2022
£
£
Staff costs
17,272
16,201
Depreciation and impairment
3,400
4,031

Purchases & Stock

3,235
4,208

Publishing & Binding

4,631
9,594

Postage, Packing & Carriage

8,926
9,070

Commissions & Marketing

3,625
4,338

Rates & Water

1,171
1,224

Insurance

3,987
1,834

Light & Heat

1,259
1,238

Telephone

871
942

Postage & Stationary

469
737

Sundry

508
713

Repairs & Renewals

3,983
1,378

Legal & Professional

324
330

Bank Charges

497
612

Charitable Donations

-
15,000
54,158
71,450
Share of governance costs (see note 7)
2,500
2,033
56,658
73,483
7
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£
Governance costs heading 1
-
2,500
2,500
2,033
-
2,500
2,500
2,033
Analysed between
Charitable activities
-
2,500
2,500
2,033

 

CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
8
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
1
1
Employment costs
2023
2022
£
£
Wages and salaries
16,806
15,727
Other pension costs
466
474
17,272
16,201
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
11
Tangible fixed assets
Freehold land and buildings
Office equipment
Total
£
£
£
Cost
At 1 January 2023
112,526
28,843
141,369
At 31 December 2023
112,526
28,843
141,369
Depreciation and impairment
At 1 January 2023
32,036
19,889
51,925
Depreciation charged in the year
1,610
1,791
3,401
At 31 December 2023
33,646
21,680
55,326
Carrying amount
At 31 December 2023
78,880
7,163
86,043
At 31 December 2022
80,490
8,954
89,444

 

12
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 January 2023 & 31 December 2023
529,347
Carrying amount
At 31 December 2023
529,347
At 31 December 2022
529,347
13
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
526,584
603,154
CENTRAL BIBLE HAMMOND TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
7,881
8,756
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,251
1,070
Other debtors
-
2,438
1,251
3,508
16
Current asset investments
2023
2022
£
£
Unlisted investments
-
73,807
17
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
95
95
Trade creditors
3,537
1,098
Other creditors
75
94
Accruals and deferred income
2,500
2,150
6,207
3,437
18
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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