## Institute for Bible Translation Report and Accounts Year ended 31st March 2021 1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk INSTITUTE FOR BIBLE TRANSLATION YEAR ENDED 31 MARCH 2021 LEGAL & ADMINISTRATIVE D￿AlLs ADDRESS FOR CORRESPONDENCE PO Box6481 Colchester Essex C04 3AF GOVERNING DOCUMENT Decloration of Trust dated 12 Morch 2002 os omended 9 November 2017 CHARITY REGISTRATION NUMBER 1091358 TRUSTEES RESPONSIBLE FOR MANAGING THE CHARITY Rev TJ Herbert Rev Dr Guichin Jun Mrs G Miles Dr J Miles Mr Anton Ponomorev Dr RH Willioms - Choir CONNECTED CHARITIES Institute for Bible Translation, MOSCOW PRINCIPAL BANKERS CAF Bonk INDEPENDENT EXAMINER Lisa Darby ACA Stewardship l Lamb's Passage LONDON ECIY 8AB INDEX Page I Legal & Administrotive Details Poges 2_3 Trustees, Report Poge 4 Independent Examinels Report Page 5 Receipts and Payments Account Poge 6 Stotement of Assets & Liobilities Poges7-8 Notes to the Accounts Page 1 INSTITUTE FOR BIBLE TRANSLATION REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2021 The Trustees have pleasure in submitting the Report and Accounts for the year ended 31 st March 2021 OBJECTS OF THE CHARITY The principal objective of the charity is the odvancement of the Christian faith and thig is primarily ochieved through the tronslotion of the Bible and other Christian literature for the non-slavic peoples of Russio ond the Commonweolth of Independent Stotes. REVIEW OF AcfiviTIES The chority hos os it5 gool the tronslotion and printing of the Word of God into the opproximotely 130- 150 longuages spoken by one third of the population of the former Soviet Union. This includes longuoges spoken in Centrol Asio, Siberio, the Coucosus, Finno-ugric longuoges ond o number in Russio. Our UK role is to continue to support the 53 current tronslotion projects throughout Russia ond the CIS. The Trustees have cornplied with the duty to have due ￿gard to the public benefit guidance published by the Charity Commission. FINANCIAL REVIEW Total income from grants. donation5 and bank interest was £27,536 compared with £79,389 in the previous yeor.Totol poyments were £40,839 moinly to ongoing gront moking,compored with £65,220 in the previous year. The resulting deficit this year is £13,30312020'. surplus £14,169). Bank balances at year end were £3,05912020..£16,3621. RESERVES POLICY The trustees htsve determined thot the chority should oim to hold un￿stricted cosh of no less thon £1,500 Iwhich equotes to about 6 months. of L4nrestricted expenditL4rel so thot the charity could continue to operate should income and / or expenditure vary adversely. At the yeor end, the charity held un￿Stricted cash of £2,82912020.. £11,977> ond the chority is complying with its reserves policy. COVID_ 19 PANDEMIC In Morch 2020 the charity took steps lin line with govemment odvicel to help contain the outbreok of COVID-19. This included the temporary suspension of all physical gatherings and the charity changed how it operates in terrns of the rnove to hold Trustee meetings on-line. The work of the Trustees htss been considerably hompered by multiple illnesses in oddition to the Covid-19 disruptions so they hove not had the opportunity to transoct as much business os they would othetwise hove done. The Trustees are aw0￿ of Chority Cornrnission guidonce, ore rnoking progress on policy issues, ond plan to discuss sofeguarding at their next meeting. The trustees are monitoring income ond expenditure ond, if it becomes necessory, will take meosures to mitigate the impact of COVID-19 on the chority's unrestricted net funds. Page 2 GOVERNANCE Responsibility for setting policy ond for moking operating decisions rest with the trustees who meet regularly to monitor the activities of the charity. New trustees ore recruited and oppointed by the existing trustees, by a majority vote. TRUSTEES, RESPONSIBILITIES Chority low ￿qUireS us os Trustees to prepore finoncial stotements for eoch occounting yeor which record the receipt5 and payments of the chority for the year. We ore responsible for keeping proper occounting records which disclose with reosonoble occurocy ot ony time the linancial posltion of the chority ond enable us to ensure that the financial statements comply with the Chorities Act 2011. We olso hove o responsibility to sofeguord the ossets of the chority and to toke reosonoble steps to prevent fraud or any other irregularities. Approval This report was approved by the trustees on 24 JLJIY 2021 ond signed on their behalf by.. RH Williams Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE FOR BIBLE TRANSLATION report to the trustees on my examination of the accounts of Institute for Bible Translation I'the charity'l for the year ended 31 March 2021 on pages 5 to 8 following. Responsibilities and bosis of report As the trustees of the charity you are responsible for the preparation of the account5 in accordance with the requirements of the Charitie5 Act 2011 ('the 2011 Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carying outr my examination I have followed all the applicable Directions given by the Charity Commission under section 1451511bl of the 201 l Act. Independent examiner's statement I have completed my examinotion. I confirm that no material matters have come to my ottention in connection with the examination giving me cause to believe that in any m(rterial respect.. accounting records were not kept in accordance with section 130 of the 2011 Act,. or 2. the accounts do not accord with the accounting record5. I have no concerns and hove come across no other mcttters in connection with the examination to which attention should be drawn in order to enoble a proper understanding of the occounts to be reoched. Liso Dorby ACA For and on behalf of.. Stewardship l Lamb's Possoge LONDON ECIY 8AB Dote.. 28 July 2021 Page 4 INSTITUTE FOR BIBLE TRANSLATION RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31 MARCH 2021 Unrestrirted Generol Funds Restricted Funds 2021 2020 Note5 Income receipts Donation5 Gronts 550 i 0.000 5,984 11,000 6,534 21.000 19.535 59,845 10,550 16,984 27,534 79,380 her Receipts Bank Interest Received Totol receipts 10,550 16,986 27,536 79,389 Payment5 Payments in relotion to choritoble activities undertaken dIre￿lY 1,339 1,339 1,944 Grants paid in relation to charitable otrivitie5 undertaken by other5 14.705 24,795 39,500 63,276 Total payments 14,705 26,134 40,839 65.220 NÈt of receipts I Ipaymentsl before tronsfers 14,1551 19,1481 113,3031 14,169 Transfer5 between fund5 Net movement in funds 14,1551 19,1481 113,3031 14,169 Cosh funds os ot lost yeor end 4,385 11,977 16,362 2,193 Cosh funds ot this yetsr end 230 2,829 3,059 16,362 The occounts were opproved by the trustees on 24 July 2021 ond signed on their beholf by". R H Williams The notes on poges 7-8 fom port of these occounts. Page S INSTITUTE FOR BIBLE TRANSL4TION STATEMENT OF ASSETS AND LIABILITIES YEAR ENDED 31 MARCH 2021 2021 2020 A Bonk Balances & Other Deposit5 Royal Bank Of Scotland CAF Bank 223 2,836 223 16,139 3,059 16,362 B Liobilities Falling due within one year IBT Moscow March 2020 alloc(rtion, paid April 2020 Unbilled fee for accounts prepar(rtion & independent examinotion 13,000 540 570 570 13,540 P8g8 6 INsT￿UTE FOR BIBLE TRANSLATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 l. Accounting policies The occounts hove been prepored on o receipt5 ond poyment5 bosis ond cornprise o stotement thot sho￿ the chortty'5 receipt5 ond poyn)enls, o #olement Ihth sumn)orises the chority's oss*s liabilities ond reloled Dotes. The occounlancy profession have determined thot only occounts prepDred in occordance with opplicable occounting stondards present a ITue and loi¢ view ond. os these ceipts poyments occounts hove Dol lond connotl be prep0￿d in occordance with accounlirng Stondords, these accounts do not pr£sent lond ore rth intended to presentl o'true ond foirf view of the chortty's finonciol ottivities stote ol ol(oir5 bl Re#ritted funds Ore ttr be used for S￿Ified purposes os laid down by the donor. ExpenditL4re which meets certoin criteria is identified to the relevont fund. cl Unrestrided lunds donations and other intorne received Or yenerated Ior the objects of the th￿rity without further SPeCiPied purpose and are ovailoble as general funds. Unrestritted Generol Funds Restricted Funds 2021 2020 2. Poyments In relation to chorftable actfvitles underto Trovel and Subsistence Inde[￿dent exominerf5 fee Equipment. P95toge & Stotionery Bank Fee Evangelital ￿li￿n 540 585 154 60 1,339 540 585 154 60 1.339 420 443 60 1,944 3. Gronts paid in relotion to choritable oclwites undertaken by other5 Moscow Ottice 14,705 24,795 39.500 63,276 14,705 24.795 39.500 63,276 4. Employee5 The oryanisotion ho5 no paid employees. All 01 it5 octivthes ore undertaken by voluntee￿. No amount wos paid to ony trustee Or to ony person connected to them in respect of remunerotion. Trustees dts receive ￿1mburSeMetttS ftsr expens￿ incurred. Page 7 INsT￿UTE FOR BIBLE TRANSLATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 5. Restricted Fund5 The re5trictred fund5 represent amount5 received for specific PU￿Se5 ond the movernents in the year a￿ 05 follows. 2021 Closin9 bolonce 2020 Closing Balonce Opening bolonce Incoming resourTrs OutgOiD9 re5wrce5 UBS Poymentftsr stoff salory, IBT RussioICIS Nenets Projett Lak Proje 4,385 14,3851 11 0,0001 3201 4,385 10,000 550 230 10,550 230 Nen*s Prtsitxt WOS a gift for the tronslation of the Nen*s Bible. Lak Proiett wos o gift lor the iranslaiion ol the Lak Bible. Page 8