REGISTERED CHARITY NUMBER: 1098498 REPORT OF THE TRUSTEES AND uNAUDED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE WORD FOR THE VVORLD UK Shaw Gibbs LITnited Wey Courl Wesl Union Road Famham Surrey GU9 7PT
THE WORD FOR THE WORLD UK ONT NTS OF THE FINANCIAL STATEMENTS Lh.oLear ende.d 31 March 2024 Page Report of the Trustees 1 to 4 Independent Examlnerfs Report Statement of Financial Activilies Balance Sheel Notes to the Financial Statements 8 to 15 Detailed Statement of Financial Activities 16 to 17
THE WORD FOR THE WORLD UK REPORT OF THE TRUSTEES for_the ye_aT ended 31 March 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Chafilies.. Statement of Recommended Practice applicable to chanlies prepanng their accounts in accordance with the Financial Reporting StandaTd appIe in the UK and Repsjblic of Ireland (FRS 102} (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The priricipal objective of the charity is to promote the Christsan relig4c through the work of Bible translation I'BT'I. In particular, the tharrty seeks to SUPFKIrt the creation of new translations of the Bible and to support native speakers of the target languages In Ihe work of translation. SpecifiGally we.. Promote the translation of the Bible into any language of the wortd in which the entire Bible has not been previously translated Promote literacy among nations where either low rates of literacy exist or whose language has not developed into wntten form. - Work closely wlh TWFfw Internatsonal IThFfwi-). wilh which TWFfwuK Is affiliated. to further the work of BT inlemalionally and in partnership wilh other. like-minded Bible translab'on organisations. Significant activities The main activibes of the UK arm of the charity are as follow5. -Raising support and fund5 for BT projects from irKlividu31s, churches and by means of grants. -sending these funds to TWFTW partner organisatsons overseas and providing feedback to our supporters on overall progress of the worf Grantmaking As part of its activities the charity commonly recetves grants from trusts and other donors for restricted purposes. Further details of these grants and their application is given in note 13. Page 1
THE V¥O_RD FOR THE WORLD UK REPORT OF THE TRUSTEES for theJear ended 31 March-2024 ACHIEVEMENT AND PERFORMANCE Charitable activities We have seen significant Improvements in all aaS of our ministy- In addrtion to their governan role. the truslees continued to assist in building partnerships wrth UK churthe5. organisakn.ons and key donors to promote and raise support for translation projects Income for the 2023124 financial year increased from £133k lo £320k- a signtfio3nt increase on the previous year. We have parlicularly benefited from increased ITUSt funding as well as match fundirkg from two generous donors. During this period we were able to make over 65 funding applicabons. raising over £72k from Irusts (see Note 13). In terms of our impact, our in(xeased income has allowed us to support more projects than ever before. We have sent more support to BT projects across three continents; Europe, Africa & Asia, specifically projecls in Malaw, Serbia. Croatia, Albania, Zambia. Tanzania. as well as a number of projects in Southeast Asia We have also been able to supkM)rt two Isteracy projects in Malawi, and training projects In Uganda, Malawi, and kngola. We participated in our seco1 fundraising event aniSed by Illuminations Europe, which brought logethei a number of agencies. Around 200 people attended the event held in Windsor, including an incfea5ed number of TwFfw supporters. Thanks to Ihose gupportefs we were able to raise six bmes more than we did at last yea¢s event. The event also strengthened felationships with our patheFs and potential donors. We conknnue to eommunicate with supporter and dorK)r base by providing monthly emailed newsletters. These highlighl specsfic projects and personal testimonies of lives changed as a result of our work. Prayer breakfasts continue lo be held each month in two loca*ons In Ihe South-east, and we'd like to further expand this as the donor base grows In new areas of the county. Together th TWFfwi. we cont'nue lo place a high prionty on our training progr8mme. supporting our team of Bible translators lo pursue a diploma programme The number of qualrfied Iranslator5 IS increasing dramaticalty. which has 3 multiplier effect in teThs of the number of BT projects that can be supported.. and at much lower cost than sending a foreign translator to the host county. Internatsonally. the number of translation projects underway also continues lo grow quIcY and Is now In excess of 290 las at Apnl 2024}. We have seen adVanS in our own artrficlal intelligence inttiatives. progress in sign language transtalion as well as growth in our Oral Translab"on Department. TWFfwi corntinues to develop ils capabilth'es and capacity under the leadership of Kobus van Aswegen. Dr Barry Funnell (VP Consulting). Dr Regine Koroma IVP Relabonal SeNicesl, and Julia Funnell (Training Department) are based In the UK. bul work as part of the inlemalional team. They provide capabilibes critical to achieving the mission of the organisation. Under the leadership of Dr Barry Funnell, who is also a trustee of TWFfwuK. a svJnfficant number of BT Consultants has been recruited and trained dunng the year. The role of a BT consuftant is to mentor and supervise multiple translatson teams in a speafic counlrylregion, and lo sign off the ptDjects as they progress through the various stages of translaiion. This is a crucial t2pabilty which empowers ICal translalors and enables the projects lo progress faster. FINANCIAL REVIEW Financial position At the year end date the charity held unrestr.cted reserves of £117.732 and restricted reserves of £26,739. Page 2
THE WORD FOR THE WORLD UK REPORT OF THE TRUSTEES fortheyear ended 31 m_tih 2024 FINANCIAL REVIEW Reserves policy The trustees IntrodUd a reseNes poliry (26th Ocl 24} which seeks to retsin reserves equal lo approximately six months running costs which indude, inter alia, salaiies. office rent. insurance, accounting and IT FUTURE PLANS The trustees have the follow¢ng principal fijlure plans for the chanty.. We will conbnue to build our capauty as a support base in funding BT projects overseas. This will be achieved through continued deputation and promolton by the CEO at COEiference5. churches and events. We will conlinue to apply to trusts and foundations for funding, exploring new avenues and networking opportunities. We plan lo migrate our accounting system to Quid(Books online. to be compatible with TWFTWI. We aim lo rebuild our website and swal media presen. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documenl The charity is controlled by its goveming diKument, a deed of twst and o)nslilules an unincorpor819d charily Organlsatlonal structure The charity comprises a board of trustees wtlh a chairman. treasurer and secrelary. and meets 34 times per year The board has appointed a CEO. Steve Lancaster. who Is responsible for raising awareness and funds In support of Ihe work of BT overseen by TWFfwi. The CEO has developed a strong network of partnerslcontractors to help manage the accounts. make grant applications and lo promote our work via social media, conference5 an(J events. TWFfwuK is one of 3 fundraising organisations, the olheTS being in the USA anij Soulh Africa. Key management remuneration Key management remuneration Is disclosed in note 7 to the financial stalements. REFERENCE AND ADMINISTRATIVE DETAILS Regi5teTed Charity number 1098498 Principal address Hartham Park Harlham Lane Corsham Wiltshire SN13 ORP Page 3
THE WORD FOR THE WORLD UK REPORT OF THE TRUSTEES for the year ended 31_March 2024 Trusteès P T Quinlan J C Richard5 K A Cherry Dr B Funnell B Mahoney (appointed 1.11.241 Independent Examiner Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT Approved by order of the board of trustees on 22 January 2025 and wgned on its behalf by: Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF E WORD FOR THE WORLD Independent examiner's report to the trustees of The Word for the World. UK I report lo the charity trustees on my examination of the accounts of The Word for the Wodd, UK (the Trust) for the year ended 31 March 2024. Responsibilities and basss of report As the charity trustees of the Trust you are responsible for the preparatson of the accounts In accordan with the requirements of the Charities Act 2011 ('the ACY) I report in respect of my examination of the Trust's accounts carrted out under Section 145 of the Act and In carrying out my examination I have followed all applicable DIOnS given by the Charity Commission under Seclion 14515)Ibl of the Act. Independent examiner's statement Since your charity's gross income exceeded £250:000 your examinei must be a member of a lisled body. I can confimi that l am qualified lo undertake the examinatson because l am a member of the Institute of Chartered Accountants in England and Wales: which Is one of the listed bodies. I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause lo believe that In any material respect." accounting records We not kept in respect of the Tnjst as required by Seclion 130 of the Act., or the accounts do nol aCd with those records" or the accounts do not compty with the applicable requirements ¢onceming the form and conlenl of accounts set out in the Charia"e5 (Accounts and Reports) Regulab"ons 2008 other than any requirement that the acix)unts give a Irue and fair view which is not a matter considered as part of an independent examinatson. I have no concems and have come across no other matter5 in connection wth the examination lo which attention should be drawn in thbs report In order lo enable a proper understanding of the accounts to be reached. Andrew Hodgetts The Insbtute of Chartered Accounlants in Englarn1 and Wales Shaw Gibbs Limited Wey Court West Union Road Famham Surrey Gug 7PT 22 January 2025 Page 5
THE WORD FOR THE WORLD UK STATEMENT OF FINANCIAL ACTIVITIES for they.ear ended_-31_M_arch 202_4 2024 Total funds 2023 Total fvnds unrestn.cted Restricted fund funds Noles INCOME AND ENDOWMENTS FROM Donations and legacies 28.751 157,433 186.184 79,046 Charitable activities Seed Company Income Agency fee 48,429 75.153 48,429 75.153 10,380 9,026 Other trading acliv¢lies Investment income 34,489 66 10.281 10.281 Total 162.614 157.433 320,047 133,007 EXPENDITURE ON Raisin9 funds 2.181 2,181 17,810 Charitable activities Translatson and training Grants 66.150 87,235 105,200 153.385 105,200 77,202 Total 68,331 192.435 260.766 95.012 NET INCOMEI(EXPENDITURE} 94,283 {35.002) 59.281 37,995 RECONCILIATION OF FUNDS Total funds brought forward 23.449 61,741 85,190 47,195 TOTAL FUNDS CARRIED FORWARD 117.732 26,739 144,471 85,190 The notes fi)Tm part of these finaniial statements Page 6
THE WORD FOR THE WORLD. UK BALANCE SHEET 31 March 2024 2024 Total funds 2023 Total funds unrestn.cted Restricted fund funds Notes CURRENT ASSETS Cash al bank 120,232 26.739 146.971 85,190 CREDrroRS Amounts falling due wthin one year (2,500) 12.5001 NET CURRENT ASSETS 117.732 26.739 144.471 85,190 TOTAL ASSETS LESS CURRENT LIABILITIES 117,732 26,739 144,471 85,190 NET ASSETS 117.732 26.739 144,471 85,190 FUNDS Unrestricted funds Restricted funds 10 117.732 26.739 23.449 61.741 TOTAL FUNDS 144.471 85,190 The financial statements were approved by the Board of Trustees and authorised for issue on 22 January 2025 and were signed on Its behalf by= Trustee The noles foTm part of these finanryal statements Page 7
THE WORD FOR THE WORLD UK NOTES TO THE FINANCIAL STATEMENTS for theJear ended 31 March ?_0.2_4 ACCOUNTING POLICIES Basls of prepaiing the financial statements The finanoal statements of the charity, which is a public benefrt enlity under FRS 102, have been prepared in accordan with the Chartties SORP IFRS 1021 'Accounling and Reporting by Charities: Statement of Rec(Knmended practi applrable to ¢haribes preparing their 8c¢ounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffecbve 1 January 20191,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitses Act 2011. The finanual slalements have been prepared under the histori(zl cost convention. Changes In accounting policies The charity has previously Prepared its annual financial statements in the fomi of a Receipts and Payments Account on a c3sh basis. as permilled under charity reporting requirements. As a result i)f the increase In its income in the year ended 31st March 2024 the 2024 financial Statements have been prepared on an accruals basis in accordance with the requirements of the Charities Report"tng SORP. No adustments have been made to restate either the balanS at 1 sl April 2022 or 1st Apnl 2023. or the statement of Financial Actiwb"es for the year ended 31st March 2023. on the grounds that any adjustrnents would be immaterial. Income All Income is renised in the Statement of Financial Acb"vities once Ihe charity has enternenl lo the funds. rt is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. rt is probable that a transfer of economic benefits" will be required in setdernent and the amount of the obligab.on can be measured reliably. Exp8ndilure is accounted for on an arualS basts and has been dasstfied under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed lo particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been mel at the year end date are noted 85 a commitment but not accrued as expenditure. Taxation The charity is exempl from tsx on its charitable ath'vtties. Fund accounting Unrestricted funds can be used in accordan with the tharilable objectives at the discretion ol the trustees. Restn"cted funds can only be used for parkn"cular restn.cted puyposes within the objects of the chanty. Reslriclions arise then speafied by the &sr#)r or when funds are raised for particular restricted purposes. Further explanation of the nature and pury)ose of each fund is included in the noles to the financial slatements. Page 8 continued...
THE WORD FOR THE WORLD UK NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 March 2024 ACCOUNTING POLICIES - continued Agency activities The chanty acts as an agent for Vhe Seed Company". a registered chanly with sifflilar charitable objectives. based in the Uniled Stales Under the lems of Ihe agency agreement with TWFTWI and 'The Seed Companw it receives funds and disburses them according to the directions of that enlty. In line with the guidan sel out within the charities SORP these firlancial statements have exduded the receipts. payments and balances held In relation to these agency activilies. Details of the amounls received and paid during the year. and the opening and closing balar hekl are shown separately in nole 12. OTHER TRADING ACTIVITIES 2024 2023 Fundraising events 34,489 INVESTMENT INCOME 2024 2023 Deposil ac(x)unt Interest 10.281 66 CHARITABLE AcnviTIES COSTS Grant funding of athvities Support costs (see note 51 Direct Costs Totals Tr8nslation and training Grants 89,061 64.324 153.385 105,200 105.21XJ 89,061 1Q5.200 64.324 258,585 Page 9 conttnued...
THE WORD FOR THE WORLD UK NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024 SUPPORT COSTS Management Translation and training 64,324 TRUSTEES. REMUNERATION AND BENEFtrs There were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the yèar ended 31 March 2023. Trustees. expenses There were no tnjstees, expenses paid the year ended 31 March 2024 nor for the year ended 31 March 2023 STAFF COSTS 2024 2023 Wages and salaries 27.183 25,857 27,183 25,857 The average monlhly number of employees during the year was as follows.. 2024 2023 Management No empk)yees receNed er[Urnents in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fvnds Total funds INCOME AND ENDOWMENTS FROM Donalions and legacies 4,278 74.768 79.046 Charilable activitie5 Seed Company Income Agency fee 10,380 9,026 10,380 9.026 Other trading activities Investment income 34,489 34,489 66 66 Total 23,750 109.257 133,007 Page 10 continued...
THE WORD FOR_THE WORLD, UK NOTES TO THE FINANCIAL STATEMENTS - continued for the yearended 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restncted fund funds Totsl funds EXPENDITURE ON Raising funds 15,871 1.939 17,810 Charitable activities Translatson and training 3.437 73,765 77,202 Total 19.308 75,704 95,012 NET INCOME 4,442 33.553 37.995 RECONCILIATION OF FUNDS Total funds broughl forward 19,007 28.188 47.195 TOTAL FUNDS CARRIED FORWARD 23.449 61,741 85,190 cREDORS. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 2.500 Page11 continued...
THE WORD FOR THE WORLD UK NOTES TO THE FINANCIAL STATEMENTS - continued for_the year ended 31 M_arch_2024 10. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 23,449 94.283 117,732 Re5tri¢ted funds Training Basketo Translation Grants Myanmar Nkangala Marketing & fundraising Sponsor a vetse Bible Fund Scnplure engagement 4,373 390 9.569 12.500 10.000 2.299 18,198 2.662 36 1,714 13,202) 1390) (641} (8.161) 1.171 8,928 4,339 10.000 2,299 {18,196) {2,6621 {361 (1.7141 61.741 (35,0021 26,739 TOTAL FUNDS 85.19J 59.281 144,471 Net movement In funds. include(J in the above are as follows". Incoming resources Resources Movement expended in funds Unrestricted funds General fund 162.614 (68,331) 94.283 Restrieted funds Training Basketo Translatton Grants Marketing & fundraising Sponsor a verse Bible Fund Scripture engagement 27.656 120 32,618 97,039 {30,858} 15101 {33.2591 (105,2001 {18.1961 {2,6621 136) (1,714) {3,202) (390) {641) (8,161) {18,196} (2,6621 136} (1.714} 157,433 1192,435) 135,002} TOTAL FUNDS 320.047 1260.7661 59,281 Page 12 (xjntirnued...
THE WORD FOR THE WORLD UK NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31_M_arch 202_4 10. MOVEMENT IN FUNDS- continued Comparatives for movemerrt in funds Nel movement in funds Al 31.3.23 Al 1.4.22 Unrestrieted funds General fund 19.007 4,442 23.449 Restricted funds Training Basketo Translatson Grants Malawi Myanmar Nkangala Marketing & fvndraising Sponsor a verse Bible Fund Scripture engagement 1.564 270 5.989 2,808 120 3.582 12,500 (3351 10,000 2,299 2,936 13571 4,372 390 9.571 12,500 335 10.000 2,299 18.197 2.662 15.261 3.019 36 1,714 1.714 28,188 33.553 61,741 TOTAL FUNDS 47.195 37,995 85.190 Page 13 continued...
THE WORD FOR THE WORLD UK NOTES TO TrIE FINANCIAL STATEMENTS - continued for theyear ended 31 Marc_h 2024 10. MOVEMENT IN FUNDS - Continued Comparabve net movement in funds, induded in the above are as follows.. Incoming resources ReSoUrS expended Movement in funds Unrestricted funds Generdl fund 23.750 (19,308) 4.442 Restricted funds Training Basketo Translabon Grants Malawi Myanmar Nkangala Marketing & fundraising Sponsor a verse 17.527 120 29,251 12.500 370 10.000 5.000 34.489 (14.719) 2,808 120 3.582 12,500 (335} 10,000 2,299 2,936 13571 {25.669) (705) (2,7011 131.5531 (3571 109.257 (75,704) 33.553 TOTAL FUNDS 133,CMJ7 (95,012} 37,995 11. RELATED PARTY DISCLOSURES During th8 yeaf. the charity received donations of £7:581 (2023. £6,6Q6) in supp(xt of the WOTk of Dr Barry Funnell, who is a trustee of the charity. These amounts were passed on lo Dr Funnell as donalions. in support of his work and do not relate to his role as a trusiee. 12. AGENCY ACTIVITIES As explained in note 1 the charity acts as agent for Yhe Seed Company.. a registered charitable organisation with similar obieckn.ves based in the United Stales, which helps lo fund BT organisations around the wortd. Agency fvnding received, and forwarding payments made lo projects are diclaled by The Seed Companf in agreement wth TWFfwi, as per the MemorarKlum of Understanding signe(l on Aug 9th 2022. Further details of the reiptS and paymerlts made. and balances held on behalf of that dlartty are given below 2024 2023 Receipts Catalytic Fund Match Funding Bible Translation Fund 168,959 47.794 1.305.680 1,522,433 59.858 111.517 171,375 Page 14 continued...
THE WORD FOR THEWORLD UK NOTES TO THE FINANCIAL STATEmE[s - continued forthe yearended 31 March 2024 12. AGENCY ACTIVITIES - ¢ontinued Payments Calalytic Funds Match Funding Bible Translation Fund Agency Fees 141,271 30.873 616.486 75.153 863.783 15.422 50.792 8,569 74.803 Bank balances held as agent Balances bff Movement in year Balance CH 96.572 658.650 755.222 96,572 96,572 13. GRANT MAKING As part of rts activities the chanty commonly makes applications for grants from vanous trusts and foundations for restncted purposes. The following grants were awarded.- 2024 Good News Mission Ireslricted lo Lambya BT In Malawi & proiecls in Myanmar) Anonymous {restricted Lambya BT In Malawi) Anonyrnous Irestricted to B T In Myanmar) 3VV Foundation Irestri¢led to BT in Setbia, Croatia and Abani8} Childs Charitable Trust (reslricted lo DB Training In Uganda) The Grace Trust Ireslricted Malawi Literacy projects} Maunce & Hilda Laing Trust {restricled to DB Training In Angola) Women's World Day of Prayer (restricted to BT Nkangala, Zambia Deo Gloria Trust (reslricled lo Lambya BT Malawil Oak Hall lunreslnctedl The Gammadoren Trust (unrestricted) Siobart Newlands Trust (unreslricled) 5.000 2,500 20.000 17.018 10,000 2.500 1.000 5.000 3,300 250 5,000 72,408 Page 15
THE WORD FOR THE WORLD UK DETAILED STATEMENT OF FINANCIAL AcTIVlEs for the year ended 31 March_2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 186.184 79,046 other trading activities Fundraising events 34,489 Investment income Depostt account interest 10,281 66 Charitable actlvities Seed company Income AgenGy fee 48,429 75,153 10,380 9,026 123.582 19,406 Total incoming resources 320,047 133,007 EXPENDITURE Raistng donations and legacÉes Fundraising costs 2,181 2.064 other trading activities Purchases 15.746 Charitable artivities Translation Malawi Nkangala Granis lo instihstions 89.061 40.388 705 2.701 105,200 194,261 43,794 Support costs Management Wages Bank charges Carried forward 27,183 1,393 28.576 25,857 26,483 This page does not form part of the statutory financ4al statements Page 16
THE WORD FOR THEWORLD UK DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 2024 2023 Management Brought forward Accountancy General expenses Travelling Subscriptions Printing, stalionery & postage Legal and profession81 fees Training costs Office rer)t Office IT costs 28.576 8.399 26.483 2,430 326 3,575 302 292 5,329 341 563 18.241 42 1,600 1.233 64.324 33.408 Total resources expended 260,766 95,012 Net income 59,281 37,995 This page does nol form part of ihe slatutory financial stalenients Page 17