Institute for Bible Translation Report and Accounts Year ended 31st March 2024 Stewardship Active generosity 1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
INSTITUTE FOR BIBLE TRANSLATION YEAR ENDED 31 MARCH 2024 LEGAL & ADMINISTRATIVE DETAILS ADDRESS FOR CORRESPONDENCE PO BOX 18728 BIRMINGHAM B133SD GOVERNING DOCUMENT Declaration of Trust dated 12 March 2002 as amended 9 November 2017 CHARITY REGISTRATION NUMBER 1091358 TRUSTEES RESPONSIBLE FOR MANAGING THE CHARITY Dr RH Williams- Chair Rev TJ Herbert Rev Dr Guichun Jun Mrs G Miles Dr J Miles Mr Anton Ponomarev Mr CP Cleaver (appt. 11th March 2024) Dr B Cleaver (appt. 11th March 2024) CONNECTED CHARITIES Institute for Bible Translation, Moscow PRINCIPAL BANKERS Royal Bank of Scotland Unity Trust Bank INDEPENDENT EXAMINER Lisa Darby FCA Stewardship 1 Lamb's Passage LONDON EC1Y 8AB INDEX Page 1 Legal & Administrative Details Pages 2-3 Trustees. Report Page 4 Independent Examiner's Report Page 5 Receipts and Payments Account Page 6 Statement of Assets & Liabilities Pages7-8 Notes to the Accounts Page 1
INSTITUTE FOR BIBLE TRANSLATION REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in submitting the Report and Accounts for the year ended 31 st March 2024. OBJECTS OF THE CHARITY The principal objective of the charity is the advancement of the Christian faith and this is primarily achieved through the translation of the Bible and other Christian literature for the non-slavic peoples of Russia and the Commonwealth of Independent States. REVIEW OF ACTIVITIES The charity has as its goal the translation and printing of the Word of God into the approximately 130-150 languages spoken by one third of the population of the former Soviet Union. This includes languages spoken in Central Asia, Siberia, the Caucasus, Finnovugnc languages and a number in Russia. Our UK role is to continue to support the 59 Cuent translation projects throughout Russia and the CIS. The Trustees have complied with the duty to have due regard to the public benefft guidance published by the Charity Commission. FINANCIAL REVIEW Total income from grants, donations and bank interest was £52,136 compared with £49,018 in the previous year. Total payments were £62,590 mainly to ongoing grant making, compared with £44,542 in the previous year. The resulting deficit this year is £10,454 {2023= £4,476). Bank balances at year end were £11,119 (2023.. £21,573). A significant surplus was retained in the prior year (2023) as a responsible action by the trustees and after agreement with all parties involved, because of a major drop in the value of the pound against the US dollar, linked to intemational tension between Russia and the Ukraine. The bank balances held at the 31 st March 2024 are expected to be distributed as grants during 2024-25. RESERVES POLICY The trustees have determined that the charity should aim to hold unrestricted cash of no less than £1,500 so that the charity could continue to operate should income and l or expenditure vary adversely. At the year end, the charity held unrestricted cash of £10,789 (2023.. £10.633) and the charity is complying with its reserves policy. Page 2
KEY RISKS The ongoing intemational tension between Russia and the Ukraine has not had a major effect on the Bible translation work of IBT. Thus, work continues as before on 59 Bible translation projects, and with three Bibles having recently been completed.. the Buryat, Bashkir and Karakalpak. The Trustees are aware of Charity Commission guidance, are making progress on policy issues. and have fulty in place a Financial Control Policy and Safeguarding Policy. The trustees are monitoring income and expenditure and, if it becomes neSsary, will take measures to mitigate the impact of all risks on the charity's unrestricted net funds. GOVERNANCE Responsibility for setting policy and for making operating decisions rest wth the trustees who meet regularly to monitor the activities of the charity. New trustees are recruited and appointed by the existing trustees, by a majority vote. TRUSTEES. RESPONSIBILITIES Charity law requires us as Trustees to prepare financial statements for each accounting year which record the receipts and payments of the charity for the year. We are responsible for keeping proper accounting records which disclose wth reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with the Charities Act 2011. We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities. Approval This report was approved by the trustees on Jul 27. 2024 and signed on their behalf by.. richard h williams (Ju! ?:?: ?:0?.4 15.-46 GNIT+ll RH Williams Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE FOR BIBLE TRANSLATION I report to the trustees on my examination of the accounts of Institute for Bible Translation ('the charity,) for the year ended 31 March 2024 on pages 5 to 8 following. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act.). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and 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 material 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 accordance with section 130 of the 2011 Act., or 2. the accounts do not accord with the accounting records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Lisa Oarby iJul 29, 2024 16. GMT+II Lisa Darby FCA For and on behalf of.. Stewardship 1 Lamb's Passage LONDON EC1Y 8AB Date.. Jul 29, 2024 Page 4
INSTITUTE FOR BIBLE TRANSLATION
RECEIPTS AND PAYMENTS ACCOUNT
YEAR ENDED 31 MARCH 2024
| Un restricted | |||||||
|---|---|---|---|---|---|---|---|
| Restricted | General | ||||||
| Funds | Funds | 2024 | 2023 | ||||
| Notes | £ | £ | £ | £ | |||
| Income receipts | |||||||
| Donations | 14,300 | 9,777 | 24,077 | 24,830 | |||
| Grants | 10,000 | 17,600 | 27,600 | 24,060 | |||
| 24,300 | 27,377 | 51,677 | 48,890 | ||||
| Other Receipts | |||||||
| Bank Interest Received | 459 | 459 | 128 | ||||
| Total receipts | 24,300 | 27,836 | 52,136 | 49,018 | |||
| Payments | |||||||
| Payments in relation to activities undertaken directly |
charitable | 2 | 1,590 | 1,590 | 1,503 | ||
| Grants paid in | relation to | charitable | |||||
| activities undertaken by others | 3 | 34,910 | 26,090 | 61,000 | 43,039 | ||
| Total payments | 34,910 | 27,680 | 62,590 | 44,542 | |||
| Net of receipts / (payments) before transfers |
(10,610) | 156 | (10,454) | 4,476 | |||
| Transfers between funds | |||||||
| Net movement in funds | (10,610) | 156 | (10,454) | 4,476 | |||
| Cash funds as at | last year end | 10,940 | 10,633 | 21,573 | 17,097 | ||
| Cash funds at this year end | A | 330 | 10,789 | 11,119 | 21,573 |
The notes on pages 7-8 form part of these accounts.
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INSTITUTE FOR BIBLE TRANSLATION
STATEMENT OF ASSETS AND LIABILITIES
YEAR ENDED 31 MARCH 2024
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Unrestricted
General Restricted
funds funds 2024 2023
Notes £ £ £ £
A Cash funds
Royal Bank Of Scotland 179 179 21,567
Unity Trust Current Account 10,106 330 10,436
Unity Trust Savings Account 504 504
Monies Held to be Deposited 5
10,789 330 11,119 21,573
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B Liabilities
Falling due within one year
Fee for Independent Examination 690 690 630
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The accounts were approved by the trustees and signed on their behalf by:
Date: Jul 27, 2024
The notes on pages 7 - 8 form part of these accounts.
Page 6
INSTITUTE FOR BIBLE TRANSLATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 l. Accounting policies al The accounts have been prepared on a reipts and payThents basi5 and cornprise a statement that 5h(M5 the chatty's receipt5 and paytnent5, a statement that 5umrnan5e5 the chariV5 asset5 and liabile5 and rdated notes. The accountancy profession have determined that only account5 prepared In accordan wth applicab accounting Standards present a e arKI fair wew and. as these reipts and payment5 account5 have not land nn0t) be prepared in accordance bwlh accounting 5tandard5 Ihese acc(yJnts do not psent land ale not intended to presentl a'true and fairf ew of the charrtl5 finanoal aCtiv"eS and State of affair& bl Restricted funds are to be $ for $ffied oSe$ as laid the donor. EXtendItu which meets certain criteria is identified to the levant fun¢Y. cl Unrestnded funds a donations and other ints)me r1ved or generated for the objects ofthe tharityiwthout futher specffjed purpose and a available as general fvnds. un$th¢ted General Fund5 Resthde Funds 2024 2023 2. Payments in relation to charrtable activrtses undertaken Manager Contract Fee Independent examinerfs fee Equipment. Postage & Stab"onery Bank Fee 500 630 396 500 630 396 600 827 77 1.503 1.590 1.590 3. Grants paid in relation to charrtable activibes undertaken by othe15 Gfyy's Wor¢ for the Nations Moscow Offl- Institute for Ble Tran4ats"on IIBT) 34.910 26.090 61.000 43.039 34.910 26.090 61.000 43.039 Grants a paid to God's Word forthe Nabon5 IUSAI the restricted wrposes to LE distributed to IBT Rus5ialCIS fortran51ation work. The grant 15 in line with the charitys rni5son objeL*"¥e5. and IBT RusskglCIS have fi[Trd receipt. Employees The organisation has no paid emty. In [ch 2024. Rev Titnothy Herbert ltrusteel wa5 contracted to act as Manager fLYthe charty for 3 year5 a5 a sdf etnployed consuttant. The contractual cotnpensabon paid for his Managernent fLle during Ihe yearended 31st Marth 2024 Wds £500. There 15 no payment rnade for h15 resW)n5ibilrties a5 trust. The maionty of It's adivities a undertaken by v(Aunteets. No furtheramountvas pa1 to any trustee or to any person conneded to them In pect of muneration. Trustees do receive lMJr$ernents forextenses Inculd. Page 7
INSTITUTE FOR BIBLE TRANSLATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 5. Restrictet1 Funt1s The restricted funds psent amounts received for speofic purK¥)ses a1 movements in tt)e year are as follows". 2024 Closing balance 2023 Closing balance OnINj balan Incoming resources Outgoing sour Nenets Project Fund Lak Project Fun Yakut IIIu5trator Fund Altai Project Fund RSL Projed Fund SIL Fun Retreat Fund 5.000 230 100 10.000 115.0001 11.8001 5.000 230 100 230 100 2.000 2.000 1.610 12.0001 12.0001 11.6101 112.5001 34.910 2.000 2.000 1.610 12.500 10.940 24.300 330 10.940 Nenels Project Fund holds fvnds reIVed fty the translatKJn of Nenets Bib. Lak Project holds funds received for the tran51abon of the Lak Bits. Yakut Illustrator Fund was a donation given to assist a Yakut illustrator fcknmng a fire her premises Altai BINe Translation Fund hdds funds donated forthe transLqb"on work or this proiecL Russian Sign Language Project IRSLI holds funds donated for Ihis sign language proi SIL Fund hiAds a donatson given speuficalty for pw)stage. 5hiwng and pnnbng cost. Retreat Fund held donations given 5fiGlt0 resou an IBT Russia staff retreat in lhela1 ReputAic and firture retreats 6. Related Party Dr Bron%%en Cleaver Jrusleel is also a Trustee of IBT Russk¥CIS. who a ents of£61.000 grants during the 2023124 year12022123."£43.0391 Page 8