Charity registration number 256633
Company registration number 227064 (England and Wales)
OVERCOMER LITERATURE TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
OVERCOMER LITERATURE TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Rev M P Dilly
Rev G J Hoslett
Mr M McNaughton
Rev M L Weeden
Secretary
Rev M P Dilly
Charity number
256633
Company number
227064
Principal address
129 Sandgate
Swindon
Wiltshire
SN3 4HJ
Registered office
129 Sandgate
Swindon
Wiltshire
SN3 4HJ
Accountants
Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Bankers
NatWest Bank plc
24-30 The Parade
Swindon
Wiltshire
SN1 1BA
OVERCOMER LITERATURE TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Statement of financial position
5
Notes to the financial statements
6 - 11
OVERCOMER LITERATURE TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2024.

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 charity'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)" (effective 1 January 2019).

Objectives and activities

The objects of the charity are to promote the Christian faith by publishing or translating and distributing Christian literature including maintaining the quarterly publication "The Overcomer".

 

The activities undertaken to achieve these objectives continued to be the production of the devotional magazine known as "The Overcomer" to be distributed free of charge to anyone who requests it.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. They are satisfied that such benefit has been achieved by the charity in that the devotional magazine continues to be made available free of charge for the moral and spiritual benefit of its readers.

Achievements and performance
Significant activities and achievements against objectives

The charity produced three issues of "The Overcomer" during the year which were freely dispatched to regular readers held on its mailing list. A second issue of the Russian edition of The Overcomer magazine was produced in the year. The charity relies on donations from its readers to cover the production and distribution costs, and during the year a total of £20,029 was received for which the Trustees are very grateful.

Financial review

All income received by the charity in the year was in the form of donations which amounted to £20,029 (2023 - £16,063). The direct cost of printing and distributing the magazine amounted to £6,992, (2023 - £5,875), honorarium and management fees paid for the editing and production of the magazine amounted to £8,460 (2023 - £10,095). Support costs relating to the production of the magazine (including depreciation) amounted to £4,843 (2023 - £4,151). Governance costs amounted to £630, (2023 - £600). The result for the year is a deficit of £896 compared to a deficit of £4,658 in the previous year. The Company’s reserves stood at £33,178 at the year end (£34,074 at 31 December 2023).

Reserves policy

It is the policy of the charity that all funds of the charity are held in cash, so as to be available to cover expenditure in years in which donations income is insufficient to cover costs.

Structure, governance and management

Overcomer Literature Trust is a company limited by guarantee (company number 227064). It is also a registered charity (charity number 256633). It is governed by Memorandum and Articles Association incorporated 3rd January 1928 and amended 28th March 1950,15th March 2024 and 20th May 2024.

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:

 

Rev M P Dilly
Rev G J Hoslett
Mr M McNaughton
Rev M L Weeden
OVERCOMER LITERATURE TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Recruitment and appointment of trustees

Trustees are recruited by recommendations from the members of the board as and when the need arises. Those with suitable gifts are approached and, if willing, are appointed on agreement by the board. Background information is provided to new Trustees and an introduction to the regular activities of the charity.

Organisational structure

The charity is administered by the chair of the magazine, who is also a Director, who takes day to day decisions regarding the production and distribution of the magazine. The full board of directors, who are also the Trustees of the Charity, meets annually to review the progress of the charity, and to establish appropriate policies.

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

Rev M P Dilly
Trustee
14 March 2025
OVERCOMER LITERATURE TRUST LIMITED
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OVERCOMER LITERATURE TRUST LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Overcomer Literature Trust Limited for the year ended 31 December 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 27 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Overcomer Literature Trust Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Overcomer Literature Trust Limited and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Overcomer Literature Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Overcomer Literature Trust Limited. You consider that Overcomer Literature Trust Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Overcomer Literature Trust Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Caladine Limited
19 March 2025
Chartered Certified Accountants
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
OVERCOMER LITERATURE TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
20,029
16,063
Total income
20,029
16,063
Expenditure on:
Charitable activities
4
20,925
20,721
Total expenditure
20,925
20,721
Net expenditure and movement in funds
(896)
(4,658)
Reconciliation of funds:
Fund balances at 1 January 2024
34,074
38,732
Fund balances at 31 December 2024
33,178
34,074

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

OVERCOMER LITERATURE TRUST LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
10
2,172
985
Current assets
Cash at bank and in hand
31,636
33,689
Current liabilities
11
(630)
(600)
Net current assets
31,006
33,089
Total assets less current liabilities
33,178
34,074
The funds of the charity
Unrestricted funds
12
33,178
34,074
33,178
34,074

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 2024.

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 14 March 2025
Rev M P Dilly
Trustee
Company registration number 227064 (England and Wales)
OVERCOMER LITERATURE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information

Overcomer Literature Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 129 Sandgate, Swindon, Wiltshire, SN3 4HJ.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, 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 charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention. 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 charity 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.

1.4
Income
Income is recognised when the charity 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.

Income is represented by donations for the charity's magazine, which are derived from donors in the UK and overseas, mainly from the USA and Canada.

 

Gifts are credited to income at the time of their receipt. Royalties are brought into account on a receipts basis.

Legacies are recognised on receipt or otherwise if the charity 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.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

The charity is not registered for VAT, and unrecoverable VAT is included in the expenditure to which it relates.

OVERCOMER LITERATURE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 7 -
1.6
Property, plant and equipment

Property, plant and equipment 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 basis:

Fixtures and fittings
5 years straight line
Computers
3 years straight line

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
Impairment of non-current assets

At each reporting end date, the charity 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).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are recognised at transaction price.

Derecognition of financial liabilities

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

2
Critical accounting estimates and judgements

In the application of the charity’s 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.

OVERCOMER LITERATURE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
20,029
16,063
4
Expenditure on charitable activities
Charitable activities
Charitable activities
2024
2023
£
£
Direct costs
Depreciation and impairment
1,163
433
Magazine printing costs
2,445
1,908
Magazine distribution costs
4,547
3,967
Honorarium
8,460
10,095
Use of home office
2,000
2,000
Office supplies
992
1,492
Other costs
631
139
20,238
20,034
Share of support and governance costs (see note 5)
Support
57
87
Governance
630
600
20,925
20,721
Analysis by fund
Unrestricted funds
20,925
20,721
5
Support costs allocated to activities
Charitable activities
Total
2024
2023
£
£
Bank charges
57
87
Governance
630
600
OVERCOMER LITERATURE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Support costs allocated to activities (Continued)
- 9 -
2024
2023
Governance costs comprise:
£
£
Accountancy
630
600
630
600
6
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
1,163
433
7
Trustees

Trustee, Mr M McNaughton, received an Honorarium of £3,000 (2023: £3,000) for work done on the production of the magazine.

 

The wife of a Trustee was paid a monthly fee for her role as office manager. The amount paid in the year amounted to £5,460 (2023: £4,095). She was also was reimbursed £2,000 for use of her home as the charity's office during the year. These payments were authorised by the Charity Commission.

 

Two Trustees were reimbursed for travel expenses amounting to £153.

 

None of the other trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

OVERCOMER LITERATURE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
10
Property, plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
1,358
1,649
3,007
Additions
-
2,350
2,350
At 31 December 2024
1,358
3,999
5,357
Depreciation and impairment
At 1 January 2024
613
1,409
2,022
Depreciation charged in the year
280
883
1,163
At 31 December 2024
893
2,292
3,185
Carrying amount
At 31 December 2024
465
1,707
2,172
At 31 December 2023
745
240
985
11
Current liabilities
2024
2023
£
£
Other payables
630
600
12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
£
£
£
£
General funds
34,074
20,029
(20,925)
33,178
Previous year:
At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
General funds
38,732
16,063
(20,721)
34,074
OVERCOMER LITERATURE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
13
Related party transactions

There were no disclosable related party transactions during the year (2023 - none) other than those included in the Trustees note, note 7.

2024-12-312024-01-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.22270642024-01-012024-12-31227064bus:CompanySecretary12024-01-012024-12-31227064bus:Director12024-01-012024-12-31227064bus:Director22024-01-012024-12-31227064bus:Director32024-01-012024-12-312270642024-12-312270642023-12-312270642023-01-012023-12-31227064bus:FRS1022024-01-012024-12-31227064bus:AuditExemptWithAccountantsReport2024-01-012024-12-31227064bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP