Institute for Bible Translation
Report and Accounts Year ended 31st March 2022
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
INSTITUTE FOR BIBLE TRANSLATION YEAR ENDED 31 MARCH 2022 LEGAL & ADMINISTRATIVE DAlLs 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 2022 The Trustees have pleasure in submitting the Report and Accounts for the year ended 31 st March 2022 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 49 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 £60,274 compared with £27,536 in the previous yeor.Totol poyments were £46,236 moinly to ongoing gront moking,compored with £40,839 in the previous year. The resulting surplus this year is £14,03812021 .. deficit £13,303). Bank balances at year end were £17,09712021 ..£3,0591. A significont surplus wos retoined ot the 2022 yeor end os o responsible oction by the trustees ond ofter ogreement with all porties involved, because of o mojor drop in the volue of the pound ogoinst the US dollar, linked to international tension behveen Russia and the Ukroine and to a lesser extent, Covid-19. RESERVES POLICY The trustees have determined thot the charity should aim to hold unrestricted cash of no less than £1,500 $0 thot the chority could continue to operote should income ond l or expenditure vory odversely. At the year end, the chority held unrestrirted cosh of £16,76612021 .. £2,829) and the chority is complying with its reserves policy. Page 2
KEY RISKS In March 2020 the charity took steps lin line with govemment odvicel to help contain the OLrtbreak of COVID-19. This included the temporory suspension of oll physicol gotherings and the chority chonged how it operates in terms of the move to hold Trustee meetings on-line. This is currently still in ploce. The international tension betyveen Russia and the Ukraine hos not hod a major effect on the Bible tronslation work of IBT. Thus, work continues os befo on 49 Bible tronslotion projects, ond with three full Bibles due for completion ond publication this yeor IBuryot, Bashkir ond Korakolpokl. The Trustees ore owore of Charity Commission guidance, are making progress on policy issues, and have fully in place o Finonciol Control Policy ond Sofeguording Policy. The trustees ore monitoring income ond expenditure ond, if it becomes necessory, will toke meosures to mitigote the impocf of oll risks on the chority's unrestricted net funds. GOVERNANCE Responsibility for setting policy and for moking operating decisions rest with the trustees who meet regulorly to monitor the activities of the charity. New trustees ore recruited and oppointed by the existing trustees, by o majority vote. TRUSTEES, RESPONSIBILITIES Charity law require5 U5 as Trustees to prepare financial Statements for each accounting year which record the receipts and poyments of the charity for the yeor. We ore responsible for keeping proper occounting records which disclose with reosonoble occurocy ot any time the financial position of the charity and enable us to ensure thot the financial statements comply with the Chorities Act 2011. We also have a responsibility to safeguard the 05sets of the charity and to take reasonable Steps to prevent froud or ony other irregularities. Approval This report wos opproved by the truslees on 15 Septernb8r 2022 ond signed on their beholf by.. RH Willioms 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 2022 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. Li44* PArby Liso Dorby ACA For and on behalf of.. Stewardship l Lamb's Possoge LONDON ECIY 8AB Dote.. 21 September 2022 Page 4
INSTITUTE FOR BIBLE TRANSLATION RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31 MARCH 2022 Unrestrirted Generol Funds Restricted Funds 2022 2021 Note5 Income receipts Donation5 Gronts 1.900 i 0.000 34,373 14,000 36,273 24.000 6.534 21,000 11,900 48,373 60,273 27,534 her Receipts Bank Interest Received Totol receipts 11,900 48,374 60,274 27,536 Payment5 Payments in relotion to choritoble activities undertaken dIrelY 1,236 1,236 1,339 Grants paid in relation to charitable otrivitie5 undertaken by other5 11.800 33,200 45,000 39,500 Total payments 11,800 34,436 46,236 40.839 NÈt of receipts I Ipaymentsl before tronsfers 100 13,938 14,038 113,3031 Transfer5 between fund5 Net movement in funds 100 13,938 14,038 113,3031 Cosh funds os ot lost yeor end 230 2,829 3,059 16,362 Cosh funds ot this yetsr end 330 16,766 17,097 3,059 The OCCOLJnts were opproved by the Irustees on is Sepiember 2022 ond signed on iheir behoif by.. R H Williom5 The n(>tes on poge$ 7-8 f(>rm port of these occounts. Page S
INSTITUTE FOR BIBLE TRANSL4TION STATEMENT OF ASSETS AND LIABILITIES YEAR ENDED 31 MARCH 2022 2022 2021 A Bonk Balances & Other Deposit5 Royal Bank Of Scotland CAF Bank 194 16.903 223 2,836 17,097 3,059 B Liobilities Falling due within one year Unbilled fee for accounts prepar(rtion & independent examination 600 570 600 570 P8g8 6
INSTThUTE FOR BIBLE TRANSLATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 l. Accounting pollcies The accounts hove been prepored on o reTript5 ond payment5 bosis ond cotmprise a statement thot Shows the chority'5 receipt5 and poyments, O Stotement thtst Surnmorisei the chority's assets Ond liobilities and related notes. The tsCCOuntOnCy profession hove determined thol only occounts preFrf)red in accordance with opplicoble occounting stondords present o Irue ond loil view ond, as these receiptl Ond poyments actounti have not lond Cannot) be prepured in aCCOrdonce with accounting stondords, these OCCOunts do not present lond ore intended to presentl a'true and foir, view of the chority's financial octivities and stote ol offair5. bl Restrided lund5 Qrt to bè used for specthed purposes ai laid down by the donor. Expenditure whith rneets certain triteria il identified to the relwont fund. l Unre5trided lunds ore donations ond other incorne receed orgeneroted lor the objeth of the chority without lurther Specified purpose and ore Qvoiloble os generol funds. Unrestritted Generol Funds RestritseJ Funds 2022 2021 2. Poyments In rÈlotion to chtsrftoble OttwrftlÈg underto Travel and Subsistence Independent examinerf5 tee Equipment, Posloge & Siotiollery Bonk Fee Evongelicol Allion 570 444 177 45 1,236 570 444 177 45 1,236 540 585 154 60 1,339 3. Gronis pold in relotion to chorftoble aCtlteS undertaken by others Moscow Office 11,8 33,200 45,000 39,500 11.800 33.200 45.000 39.500 4. Employees The organisolion ho5 no paid employees. All of its ocliyilies ore undertaken by volunteers. No omouni wos paid to ony tsu5tee or to any peOn connectred to them in re5pectr of remunerotrion. Trustees do receive reimbuf5enient5 for expense5 incurred. Page 7
INSTThUTE FOR BIBLE TRANSLATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 5. Resthcted Funds The restritted fund5 represent amount5 received lor specific purw5es ond the movernents in the yeor are a5 follows 2022 Cltssing bolonce 2021 Cltssing Balonce Opening balonce Incoming resour Outgoing resources Nenet5 Projett Lok Project Yokut Illustrrtir Fund 10,000 1,800 loo 11,900 11 0,0001 230 230 100 330 230 230 230 Nen*5 Pn)ject was o gift lor the Ironslolion of the Nenets Bible. Lok Projeu wos o gift for the iranslaiioTh of the Lak Bible. Yokut Ilustrihor Fund wos a donolion given to QS5iSt a Yokut illustratorfollowing a lire on her pretMi5es Page 8