Company registration number: 5476487 Charity registration number: 1110085 

## Bible and Gospel Trust 

Annual Report and Financial Statements 

for the Year Ended 30 June 2021 



## **Bible and Gospel Trust** 

## **Contents** 

|Trustees' Report|1 to 10|
|---|---|
|Independent Auditors' Report|11 to 14|
|Statement of Financial Activities|15|
|Balance Sheet|16|
|Statement of Cash Flows|17|
|Notes to the Financial Statements|18 to 28|





## **Bible and Gospel Trust** 

## **Trustees' Report** 

The Trustees present their Report together with the audited Financial Statements of the Charitable Company (“the Charity”) for the year ending 30th June 2021 which are also prepared to meet the requirements for a Directors’ Report as required by Company Law. 

The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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). 

## **Public Benefit.** 

The Trustees have had due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The Trustees are satisfied that the activities of Bible and Gospel Trust are undertaken to further its charitable purposes for the public benefit, and this is addressed by the overview of the Charity's achievements set out under the section below entitled "Objectives and Activities". 

## **Objectives and Activities.** 

## _**Objects of the Charity**_ 

The Objects of the Charity are to provide for the increase and improvement of Christian knowledge and the spread of the Gospel as exemplified in the writings and works of J.N. Darby, F.E. Raven, J. Taylor Senior, and other servants of the Lord, including by providing for the purchase, printing, publication, and distribution or sale of such writings and works, either gratuitously or at such a price (including a price less than cost), as the Trustees from time-to-time think fit. 

## _**Charity's Aim.**_ 

The Aim of the Charity is to provide for the increase and improvement of Christian knowledge and the spread of the Gospel by the printing, publication, and distribution of Christian literature. 

## _**Charity’s Main Objectives for the Year.**_ 

The Main Objectives of the Charity for the year were: 

- (1) To distribute Bibles, and other Christian literature entirely in accord with the Holy Scriptures, for the furtherance of Christian knowledge. 

- (2) To provide its customers with products of superior quality at exceptionally advantageous prices together with a high standard of service, care, and reliability. 

- (3) To advance Biblical teachings for all Christians worldwide, and to promote Christian values through the spread of the Gospel. 

## _**Strategies for Achieving Objectives.**_ 

The Trustees continually review all aspects of purchasing, production, and distribution to ensure efficiencies are maintained, and costs are controlled. The Trustees also review and update the Charity's distribution channels for making Christian literature and values directly and indirectly available to the public. 

Page 1 



## **Bible and Gospel Trust** 

## **Trustees' Report** 

## _**Activities of the Charity.**_ 

The Charity distributes a range of Bibles and Christian literature, including volumes of ministry (containing Gospel Preachings, articles, letters, and discourses, etc), smaller booklets, short Gospel booklets (also known as Gospel Tracts), Gospel Cards, reference books and a Hymn Book. Virtually all publications are produced in-house except for the Bibles and Hymn Books. Some publications are made available to the general public and others are generally only available to subscribers. 

From time to time the Charity receives letters from persons in soul distress and will always respond sympathetically with words of comfort and encouragement, and if requested will forward Gospel Cards and/or Booklets to them. 

The Charity sells eighty-three smaller booklets in English, one in French and one in Italian: these are larger than Gospel tracts, have plastic-coated covers, and contain fuller doctrine for needy souls. 

Stocks of literature and low-cost Bibles are purchased by Gospel Hall Trusts for holding at numerous Gospel Halls, in many parts of the world. This provides subscribers with easy access to publications for distribution to the general public, including those from the wider community attending services at the Gospel Halls. The Trust also has an established network of stockists in Argentina, Australia, Barbados, Canada, Denmark, France, Germany, Ireland, Italy, Jamaica, the Netherlands, New Zealand, St Vincent and the Grenadines, Sweden, Switzerland, Trinidad and Tobago and the United States. These stockists are able to respond to local needs and enquiries as a situation may arise. 

Page 2 



## **Bible and Gospel Trust** 

## **Trustees' Report** 

## _**Activities within the Year.**_ 

Throughout the year the Charity has fulfilled its objectives through what was an unprecedented year and has maintained a policy of supplying Bibles and booklets either at very low cost or free of any charge, for distribution to disadvantaged persons, and persons in other countries. 

The Charity continues to maintain a website under the name of Christian Doctrine and Gospel Publishing (CDAGP) with full eCommerce facilities enabling customers worldwide to place orders online. The vast majority of orders are now placed online via this website. During the Financial Year, the website received 210,403 sessions (visits) from seventy-three countries, and over 916,280 web pages were viewed with users spending an average of 3.5 minutes on the website. These statistics are a significant decrease on the previous year. 

In the Financial Year, the Charity received income of £3,506,374 (2020: £3,971,898) from the sale of literature to subscribers and others. 

The Charity sells a range of Bibles to subscribers and the general public worldwide, ranging from high-quality leather-bound editions to a low-cost hard cover pocket size edition, which are sold at very advantageous prices. This makes the Bible widely affordable. Over 1,450 copies of the low-cost Bibles were purchased from BGT in the financial year. 

The Charity continues to sell Gospel Tracts which are of four to twenty-four pages in length and explain God’s way of salvation simply and briefly by reference to the Bible. All Gospel Tracts are non-denominational. The Trustees believe that Gospel Tracts are widely read in private, and their unseen benefit cannot be estimated. 

Work on a new edition of the J.N. Darby Bible incorporating Mr. Darby’s original footnotes in an appendix has continued during the year; the research on chronology and the notes has been extensive. Production of new artwork, commissioned in 2015, is virtually complete. It is anticipated that production of the new edition of the Bible could commence during the next twelve months. 

Offering a full library set of books with or without a bespoke bookcase for sale has continued to prove popular with the Charity’s customers and 411 sets were sold during the financial year. 

## **Achievements and Performance.** 

During the Financial Year, further new publications and audio editions were added to the range of publications available for distribution. 

The eCommerce website is continuing to prove very beneficial with most orders now being placed via this medium. A new website has been in the process of development. Work has been completed and the website was made available to customers during July 2021. This has provided a state-of-the-art experience for our customers, enhancing the level of security required and continues to ensure compliance with GDPR. 

The Charity has successfully requalified for ongoing certification to UKAS Accreditation for being ISO 9001 & ISO/IEC 27001 compliant. 

Page 3 



## **Bible and Gospel Trust** 

## **Trustees' Report** 

## **Impacts of COVID-19.** 

The Charity continued to revise and adapt its strategy during the year to manage the impact of the onset of the COVID-19 pandemic. The Charity was able to adapt its Risk Management and make provision for safe home working and social distancing in the workplace to enable the Charity to remain in operation during the pandemic. Government Legislation and Guidelines are regularly monitored and assessed, with a view to ensuring that the Charity’s COVID-19 Risk Management is current and compliant. 

With the ongoing suspension of public worship in many areas the Charity continued to work to fulfil its aims by providing subscribers with an additional audio program. In addition to this, during the first global lockdown in early 2020 when there were transportation constraints the Charity organised a programme of local printing of some publications. This facility has remained available throughout the pandemic. 

Gospel Tracts continue to be purchased by subscribers and others in the UK and overseas for distribution, with over 500 purchased during the Financial Year. This figure was considerably lower than the 317,000 purchased in the previous Financial Year. Historically, these Gospel Tracts were largely distributed at Street Preachings, however since the pandemic this activity has been severely restricted. Gospel Cards were supplied to the Rapid Relief Team in the UK and overseas to be added to food packs which were distributed to those affected by the COVID-19 pandemic. It is considered that the distribution of Gospel Tracts and other Christian literature helps promote Christian values through the spread of the Gospel, and the publishing of titles in both English and in eleven foreign languages also helps achieve this through increased readership. In accordance with the Charity’s charitable objectives, during the year Bibles, Gospel Cards and Gospel Tracts have been donated to those in areas of need including Missionaries working in Kenya through the charity ‘Hope in the Village’, the Managing Chaplain of Thorn Cross Open Prison and Young Offender Institution in Warrington, a Columbian evangelical pastor who lives in the UK and has now sent over seventeen thousand Spanish Gospel Tracts to Columbia and Cuba for distribution and the Rapid Relief Team (Registered Charity Number: 1161586), a volunteer led, not-for-profit organisation, set up to support local communities in times of need. 

The Charity strives for continuous improvement and measures its performance and success across all areas of the organisation by monitoring sales and production output against set targets, and also by seeking feedback from its customers and subscribers and responding to this. 

## **Financial Review.** 

During the year, the Charity generated income of £3,509,914 (2020 - £3,980,030) through its activities, donations, and legacies. In addition, the sum of £240 (2020 - £18,396) was earned on bank and investment deposits. A total of £5,651,570 (2020 - £5,790,855) was expended on production, support costs and overheads, giving a deficit of £ (2,140,021) (2020 - £ (1,744,630)) for the year. Total net assets of £9,651,274 (2020 - £11,791,295) are carried forward. 

The allocation of costs in Note 2 shows the analysis of resources expended and was a planned action by the Trustees. 

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## **Bible and Gospel Trust** 

## **Trustees' Report** 

## _**Reserves Policy.**_ 

The Trustees’ Policy is to hold adequate reserves of unrestricted funds to enable the completion of all commitments for the annual subscription period. In relation to the 2021-2022 Financial Year the Trustees calculate this commitment at £3.09m. In addition, the Charity is committed to hold adequate funding for specific forthcoming projects. The Trustees are concerned as to safeguarding the supply of high-quality leather-bound Bibles due to the very limited number of these specialist suppliers available worldwide; for the new edition Bible circa £1.75m will be required. 

The amount of reserves held in the Unrestricted General Fund on 30 June 2021 was £9,651,274. All funds held by the Charity are unrestricted. Reserves after deduction of Fixed Assets were £3,947,343. These reserves will enable the Charity to advance a number of major initiatives and will be heavily drawn on to finance projects which are underway in publishing new editions of a number of its publications. This includes the publishing of a new edition of the J.N. Darby Bible which requires substantial funding to be able to fulfil anticipated order requirements. 

It is also considered prudent by the Trustees to retain adequate levels of reserves to safeguard the Charity’s work in times of recession, poverty, war, or pandemic. This is so that the spiritual welfare of the market it serves is not at risk, and to further the Charity’s objectives in relation to a world of declining moral and spiritual values. 

To financially support subscribers through the COVID-19 pandemic the Trustees have provided a subsidy from reserves for the 2021-2022 subscription. 

## _**Treasury.**_ 

Cash holdings may be invested at the discretion of the Trustees in accordance with the Governing Document. 

## _**Investment Policy.**_ 

Whilst the Trustees have unrestricted powers in how they invest funds, they have maintained a policy of low-risk investment in connection with the Charity’s funds. The Trustees have reviewed investments, and due to the continuing instability amongst financial institutions, a policy of spreading monies between the main High Street banks to minimise the risk of loss of funds due to the failure of a banking institution has been followed. 

## _**Grant Making Policy.**_ 

The Charity will consider making a grant to another organisation that carries out similar activities where it is in furtherance of the Objects of the Charity. Any grant that is made by the Charity is made under an agreement for approved purposes and is made at the discretion of the Trustees. 

Given the vital service the Charity provides to its customers, and the disruption to that service that might be caused by major events (such as war or disaster) the Trustees have adopted a policy of supporting production of similar Christian literature in other jurisdictions by charities with similar objects, so that alternative facilities can remain in production if for whatever reason production by the Charity is disabled or severely disrupted. To this end the Charity will consider granting funds to other like charities. In formulating the Terms and Conditions of any proposed grant the Trustees have regard for guidance issued by the Charity Commission and HMRC regarding making payments to overseas bodies. 

Page 5 



## **Bible and Gospel Trust** 

## **Trustees' Report** 

## **Fundraising.** 

The Trustees understand their responsibility and the implications of fundraising as set out under the Charities (Protection and Social Investment) Act 2016. The Charity does not engage in fundraising activities, nor does it petition any donations from members of the general public and does not work with any third-party commercial fundraiser. Any legacies left to the Charity will only be accepted and used if they are within its aims. The funds within the Charity are accumulated surpluses from efficient sales. The Trustees are not aware of any fundraising complaints made in respect of the Financial Year. 

## **Auditors.** 

Saffery Champness have indicated their willingness to remain as Auditors to the Charity. 

## **Plans for the Future.** 

Being in a time when Christian values are declining, the Charity is committed to continue using its resources in making Christian literature available to address this decline wherever possible, and to ensuring that the truth of the Gospel, God’s Glad Tidings, are disseminated widely. 

A new website went live during July 2021 to provide an enhanced and secure user experience for customers ordering. 

Work continues on the new edition of the J.N. Darby Bible. It is anticipated that publication will reach the production stage during the 2022-2023 Financial Year. 

It is intended to continue the distribution of Bibles and Gospel Tracts to disadvantaged persons. 

It is intended that the full library set of books with or without a bespoke bookcase will continue to be offered for sale. 

A reduction in the subsidy relating to the Ministry Subscription has been applied for the 2021-2022 subscription year, in order to manage reserves in line with the policy. 

The Trustees are aware of and are monitoring various risks and changes in the publishing environment since COVID-19. This includes the increasing shift in society generally from printed literature to audio and electronic literature and the rapid development of digital printing. As a result, the Trustees have initiated a study into the suitability of the Charity’s present model for the delivery of its objectives. This includes assessing the appropriateness of digital printing equipment to ensure that the most efficient and effective means of meeting the needs of its intended beneficiaries, is in place. 

The Trustees confirm that in their opinion the Charity has the resources it requires to continue its operations as a going concern and will monitor financial and environmental developments. 

Page 6 



## **Bible and Gospel Trust** 

## **Trustees' Report** 

## **Reference and Administrative Details.** 

Charity Number: 1110085 Company Number: 5476487 Chelwood House, Cox Lane, Chessington, Surrey, KT9 1DN, Registered office: England. 

## _**Our Advisors.**_ 

Auditors: Saffery Champness LLP, 71 Queen Victoria Street, London, EC4V 4BE Bank of Scotland plc, Central Banking Branch HBOS, PO Box 17235, Edinburgh, Bankers: EH11 1YH HSBC, 9 The Boulevard, Crawley, West Sussex, RH10 1UT Lloyds Bank plc, Legg Street OSC, 1 Legg Street, Chelmsford, Essex, CM1 1JS 

National Westminster Bank plc, Chatham Customer Service Centre, Western Avenue, Waterside, Chatham Maritime, Kent, ME4 4RT 

Solicitors: Farrer & Co, 66 Lincoln's Inn Fields, London, WC2A 3LH 

## _**Directors and Trustees.**_ 

The Directors of the Charity are its Trustees for the purpose of Charity Law. The Trustees and Officers serving during the year and since the year end were as follows: 

## **Key Management Personnel: Trustees and Officers:** 

Trustees: C V Anderson D F Druckenmiller K N Dunlop W H G Hathorn G R Olsson B G Reiner G J Stacey P J Walker S Whiley (Resigned 04/02/2022) **Senior Management Team:** Prepress and Production J S Garvie Compliance and Finance S C A Ker Customer Service K D McIntyre 

Page 7 



## **Bible and Gospel Trust** 

## **Trustees' Report** 

## **Structure, Governance and Management.** 

## _**Governing Document.**_ 

The Charity is incorporated as a Charitable Company Limited by Guarantee and does not have a Share Capital. It is governed by its Articles of Association. 

## _**Recruitment and Appointment of Trustees.**_ 

Trustees are nominated and appointed by the Board of Trustees and are recruited from within the community. One third of the Trustees retire at the First Meeting of the Trustees in each year, with those who have been in office longest retiring first. A retiring Trustee who remains qualified may be reappointed. 

## _**Policies and Procedures for the Induction and Training of Trustees.**_ 

It is normal policy for any new prospective Trustees to attend Trustee Meetings to gain an understanding of the Charity, and they are often involved in work relating to the Charity before being formally signed on. On induction, new Trustees sign a Declaration of Willingness to act as a Charity Trustee and are provided with an induction pack containing copies of the Governing Documents, relevant Charity Commission Guidance including a copy of CC3 - The Essential Trustee, and the Charity Governance Code for Larger Charities. They are also required to study the history of the Trust since it was set up in 1932. Advice and training are provided as required by fellow Trustees and the Senior Management Team on any aspect of the operation of the Charity. 

## _**Organisational Structure.**_ 

The Charity currently has eight Trustees and operates with separate Committees covering key areas of the Charity, namely: Customer Service, Finance, Legal, Prepress and Production, and Remuneration. Each Committee has at least three Trustees and will hold a meeting each month to review and discuss operational, financial and employment matters prior to reporting to the full Board of Trustees. The full Board of Trustees meets regularly and ratifies any major financial or policy decisions. 

The day-to-day operation of the Charity is managed by the Senior Management Team, comprised of Department Team Co-ordinators who are responsible for the co-ordination, supervision, and task allocation within their team. Team Coordinators also attend Committee Meetings and have regular one-to-one meetings and daily contact with Trustees. 

## _**Related Parties.**_ 

Any connection between a Trustee or Senior Manager of the Charity with any other entity or supplier must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. 

## _**Pay Policy for Senior Staff.**_ 

The pay of the Senior Staff is reviewed annually by the Remuneration Committee comprising of four Trustees, and normally increased in accordance with general salary inflation. In view of the nature of the Charity, the Trustees benchmark against pay levels in other like organisations. 

Page 8 



## **Bible and Gospel Trust** 

## **Trustees' Report** 

## _**Risk Management.**_ 

The Trustees have a Risk Management Strategy which comprises: 

- A regular review of the principal risks and uncertainties that the Charity faces; 

- The establishment of policies, systems, and procedures to mitigate those risks identified in the Annual Review; and 

- The implementation of procedures designed to minimise or manage any potential impact on the Charity should those risks materialise. 

Financial instability is the major financial risk for the Charity, and a key element in the management of financial risk is a regular review of available liquid funds, budgeting and cash flow forecasting to ensure sufficient working capital is maintained by the Charity. The Charity is also engaged in assessing the security of its interests in intellectual property rights relevant to some of its publications. 

Attention has also been focused on non-financial risks arising from production and warehouse operations, the health and safety of employees, and fire prevention. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place, providing regular awareness training for staff working in these operational areas, and the correct insurance cover. 

Risk Assessments have been ongoing during the current pandemic. This particularly has applied to the Covid-Secure Risk Assessment which has been reviewed monthly to ensure that Government Legislation and Guidelines are adhered to and implemented. Staff are regularly reminded as to the necessity for personal hygiene and consideration and care for their own welfare and the welfare of others at all times. Social distancing guidelines are reinforced by pictorial posters in strategic locations. A policy is in place relating to the reception of visitors, contractors, and delivery drivers, to protect staff and visitors. 

## **Trustees’ Responsibilities in relation to the Financial Statements.** 

The Trustees (who are also the directors of Bible and Gospel Trust for the purposes of Company Law) are responsible for preparing the Annual Report of the Trustees and the Financial Statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 

Company Law requires the Trustees to prepare Financial Statements for each Financial Year. Under Company Law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these Financial Statements, the Trustees are required to: 

- Select suitable accounting policies and apply them consistently; 

- Observe the methods and principles in the Charities SORP; 

- Make judgements and estimates that are reasonable and prudent; 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and 

- Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

Page 9 



Blble and Gospel Trust
Trustees, Report
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the Charitys Iransackn'ons and disclose with reasonable accuracy al any lime the financial
position of the Charity and enable them lo ensure that the Financial Stslemenls Gomply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement as to DisclosuTr to our Auditors.
In so far as the Trustees are aware al the time of approving the Annual Report of the Trustees there is
no relevant information, being information needed by the Auditors in connection with preparing their
repDrt, of which the Auditors are unaware, and the Trustees, having made enquiries of fellow
Direclofs and the Auditors that Ihey ought to have indivldually taken, have each taken all steps that
they are obliged lo lake as a Director in order to make Ihernselves aware of any relevant audit
information and lo establish that the Auditors are aware of that information.
The annual report was approved by the Iruslees of the Charity on
on the
half by..
and signed
PJW
Truste
Iker
Page 10

## **Bible and Gospel Trust** 

## **Independent Auditors' Report to the Members of Bible and Gospel Trust** 

## **Opinion** 

We have audited the financial statements of Bible and Gospel Trust for the year ended 30 June 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the charitable company’s state of affairs as at 30 June 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

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## **Bible and Gospel Trust** 

## **Independent Auditors' Report to the Members of Bible and Gospel Trust** 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees’ Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Trustees’ Report which includes the Directors’ Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Report. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities statement set out on [page 9], the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. 

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## **Bible and Gospel Trust** 

## **Independent Auditors' Report to the Members of Bible and Gospel Trust** 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

Identifying and assessing risks related to irregularities: 

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. 

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales . 

Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

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## **Bible and Gospel Trust** 

## **Independent Auditors' Report to the Members of Bible and Gospel Trust** 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

...................................... Cara Turtington (Senior Statutory Auditor) For and on behalf of Saffery Champness LLP 

Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE 

9 March 2022 Date:............................. 

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

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## **Bible and Gospel Trust** 

## **Statement of Financial Activities for the Year Ended 30 June 2021** 

(Incorporating an income and expenditure account) 

|**Note**<br>**Income from:**<br>Donations and legacies<br>Publication of religious literature<br>Investment income<br>Other income<br>Total Income<br>**Expenditure on:**<br>Publication of religious literature<br>2<br>Total Expenditure<br>Net expenditure<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>15|**Total**<br>**2021**<br>**£**<br>3,540<br>3,506,374<br>240<br>1,395<br>3,511,549<br>(5,651,570)<br>(5,651,570)<br>(2,140,021)<br>(2,140,021)<br>11,791,295<br>9,651,274|**Total**<br>**2020**<br>**£**<br>8,132<br>3,971,898<br>18,396<br>47,799|
|---|---|---|
|||4,046,225|
|||(5,790,855)|
|||(5,790,855)|
|||(1,744,630)|
|||(1,744,630)<br>13,535,925|
|||11,791,295|



All of the Charity’s activities derives from continuing operations during the above period, which were unrestricted in nature. 

Page 15 



Bibl8 and Gospel Trust
(Company Registratlon number: S476487)
Balance Sheet as at 30 June 2021
2021
2020
Nots
Fixed assets
Tangible assets
5,703,931
6,256,241
Current assets
Stocks
Debtors
Cash al bank and in hand
1,250,540
609,528
2,433,239
1,108,774
806,220
5,571,682
10
4,293,307
7,486.676
Credltor$'. Amounts falllng due wlthln one year
Net current assets
12
345,964
1,951,622
3,947,343
5,535,054
Net assets
9,651,274
11,791,295
Funds of the charity:
Unr•strlct•d In¢ome funds
Unrestricted funds
9,651,274
11,791,295
Total funds
9,651,274
11,791,295
The financial statements have been prepared in accordance with the provisions applicable lo
compani8s subject lo the small companies regime.
The financial statements on pages 15 to 28 were approved by the trustees, and authorised for issue
on..
and signed on their behalf by..
er
Tfusle
Page 16

## **Bible and Gospel Trust** 

## **Statement of Cash Flows for the Year Ended 30 June 2021** 

|**Note**<br>**Cash flows from operating activities**<br>Net Movement in Funds<br>**Adjustments to cash flows from non-cash items**<br>Depreciation<br>Investment income<br>**Working capital adjustments**<br>Increase in stocks<br>Decrease in debtors<br>Decrease in creditors<br>Net cash flows from operating activities<br>**Cash flows from investing activities**<br>Interest receivable and similar income<br>Purchase of tangible fixed assets<br>Sale of tangible fixed assets<br>Net cash flows from investing activities<br>Net decrease in cash and cash equivalents<br>Cash and cash equivalents at 1 July<br>Cash and cash equivalents at 30 June<br>16<br>**Reconciliation of net cash flow to movement in net funds**<br>Decrease in cash<br>Net funds at 1 July 2020<br>Net funds at 30 June 2021|**2021**<br>**£**<br>(2,140,021)<br>567,949<br>(240)<br>(1,572,312)<br>(141,766)<br>196,692<br>(1,605,658)<br>(3,123,044)<br>240<br>(16,211)<br>572<br>(15,399)<br>(3,138,443)<br>5,571,682<br>2,433,239<br>(3,138,443)<br>5,571,682<br>2,433,239|**2020**<br>**£**<br>(1,744,630)<br>595,114<br>(18,396)|
|---|---|---|
|||(1,167,912)<br>(80,617)<br>674,300<br>(497,358)|
|||(1,071,587)|
|||18,396<br>(97,010)<br>21,886|
|||(56,728)|
|||(1,128,315)<br>6,699,997|
|||5,571,682|
|||(1,128,315)<br>6,699,997|
|||5,571,682|



All of the cash flows are derived from continuing operations during the above two periods. 

Page 17 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **1 Accounting policies** 

## **Summary of significant accounting policies and key accounting estimates** 

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 

## **Statement of compliance** 

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as revised in 2019 (Charities SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Practice. 

## **Basis of preparation** 

Bible and Gospel Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity. 

Page 18 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## _**Impacts of COVID-19**_ 

The Charity continued to revise and adapt its strategy during the year to manage the impact of the onset of the COVID-19 pandemic. The Charity was able to adapt its Risk Management and make provision for safe home working and social distancing in the workplace to enable the Charity to remain in operation during the pandemic. Government Legislation and Guidelines are regularly monitored and assessed, with a view to ensuring that the Charity’s COVID-19 Risk Management is current and compliant. 

With the ongoing suspension of public worship in many areas the Charity continued to work to fulfil its aims by providing subscribers with an additional audio program. In addition to this, during the first global lockdown in early 2020 when there were transportation constraints the Charity organised a programme of local printing of some publications. This facility has remained available throughout the pandemic. 

Gospel Tracts continue to be purchased by subscribers and others in the UK and overseas for distribution, with over 500 purchased during the Financial Year. This figure was considerably lower than the 317,000 purchased in the previous Financial Year. Historically, these Gospel Tracts were largely distributed at Street Preachings, however since the pandemic this activity has been severely restricted. Gospel Cards were supplied to the Rapid Relief Team in the UK and overseas to be added to food packs which were distributed to those affected by the COVID-19 pandemic. It is considered that the distribution of Gospel Tracts and other Christian literature helps promote Christian values through the spread of the Gospel, and the publishing of titles in both English and in eleven foreign languages also helps achieve this through increased readership. In accordance with the Charity’s charitable objectives, during the year Bibles, Gospel Cards and Gospel Tracts have been donated to those in areas of need including Missionaries working in Kenya through the charity ‘Hope in the Village’, the Managing Chaplain of Thorn Cross Open Prison and Young Offender Institution in Warrington, a Columbian evangelical pastor who lives in the UK and has now sent over seventeen thousand Spanish Gospel Tracts to Columbia and Cuba for distribution and the Rapid Relief Team (Registered Charity Number: 1161586), a volunteer led, not-for-profit organisation, set up to support local communities in times of need. 

The Charity strives for continuous improvement and measures its performance and success across all areas of the organisation by monitoring sales and production output against set targets, and also by seeking feedback from its customers and subscribers and responding to this. 

## **Critical accounting judgements and key sources of estimation uncertainty** 

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 areas where critical judgements and estimates are required are: 

Page 19 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## _**Stock**_ 

Publications that are held in stock are produced in batches that will fulfil sales for a number of years. However it is progressively written down on the assumption that the longer an item has been held in stock the greater the risk that it cannot be sold for a surplus. 

Work in progress is comprised of two elements: 

1) Production WIP - the labour overheads and material cost incurred on volumes part way through the production process at the period end. 

2) Prepress WIP - Prepress WIP is included in stock in relation to non-subscription publications. For subcontracted prepress WIP, it is valued at the cost incurred by the Charity. For prepress WIP produced by employed staff, it is valued based on the hourly cost of the prepress department multiplied by the number of hours spent on the publication according to internally produced system reports. 

## **Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. 

Sales of Bibles and Christian literature are recognised as income at the point of despatch of the publication. Subscriptions are recognised over the period to which they relate, after taking account of the timing of deliveries to subscribers over the subscription period. 

## _**Donations and legacies**_ 

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity. 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. 

## _**Charitable activities**_ 

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

Page 20 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Governance costs** 

These include the costs attributable to the Charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees' meetings and reimbursed expenses and are included in support costs. Note 3 to the accounts gives a detailed breakdown. 

## **Taxation** 

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **Tangible fixed assets** 

Individual fixed assets costing £250 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

## **Depreciation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

|**Asset class**|**Depreciation method and rate**|
|---|---|
|Freehold land|Not depreciated|
|Freehold buildings|2% Straight line|
|Furniture & equipment|10/20/33.33% Straight line dependent<br>on the expected life of the asset|
|Motor vehicles|20% Straight line|
|Plant & equipment|10/20/33.33% Straight line dependent<br>on the expected life of the asset|



## **Stock** 

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) basis. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

Page 21 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **Foreign exchange** 

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. 

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate). 

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for: 

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above); 

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and 

3) in the case of the financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Charity. 

All fixed assets of the Charity, namely freehold land and buildings, and plant and equipment, are shown as part of the General Fund, together with cash set aside for replacing fixed assets and income received. 

## **Financial instruments** 

## _**Classification**_ 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. 

## _**Recognition and measurement**_ 

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. 

Page 22 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

|**2**<br>**Expenditure on charitable activities**<br>Production of Bibles and Christian Literature<br>Depreciation, amortisation and other similar costs<br>Staff costs<br>Governance costs|**2021**<br>**£**<br>2,883,515<br>567,949<br>2,019,825<br>180,281<br>5,651,570|**2020**<br>**£**<br>2,828,969<br>595,114<br>2,195,885<br>170,887|
|---|---|---|
|||5,790,855|



|Production of Bibles and Christian<br>Literature<br>Governance Costs|**Activity**<br>**undertaken**<br>**directly**<br>**£**<br>3,271,183<br>-<br>3,271,183|**Activity**<br>**support**<br>**costs**<br>**£**<br>2,019,825<br>180,281<br>2,200,106|**Total**<br>**2021**<br>**£**<br>5,291,008<br>180,281<br>5,471,289|**Total**<br>**2020**<br>**£**<br>5,283,725<br>170,887|
|---|---|---|---|---|
|||||5,454,612|



## **3 Analysis of governance costs Governance costs** 

|Audit fees<br>Audit of the financial statements<br>Other fees paid to auditors<br>Accountancy fees<br>Legal fees<br>Other governance costs<br>**4**<br>**Net expenditure**<br>Net expenditure for the year includes:<br>Audit fees<br>Depreciation of fixed assets<br>Stock recognised as expense|**Total**<br>**2021**<br>**£**<br>16,675<br>1,175<br>71,998<br>42,117<br>48,316<br>180,281<br>**2021**<br>**£**<br>16,675<br>567,949<br>2,752,279|**Total**<br>**2020**<br>**£**<br>18,350<br>435<br>64,925<br>72,785<br>14,392|
|---|---|---|
|||170,887|
|||**2020**<br>**£**<br>18,350<br>595,114<br>1,022,259|



Page 23 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **5 Trustees expenses** 

No trustees, nor any persons connected with them, have received any remuneration from the Charity during the year. 

No trustees have received any other benefits from the charity during the year. 

## **6 Staff costs** 

The aggregate payroll costs were as follows: 

|**Staff costs during the year were:**<br>Wages and salaries<br>Social security costs<br>Pension costs<br>Other staff costs|**2021**<br>**£**<br>1,796,501<br>208,567<br>14,757<br>-<br>2,019,825|**2020**<br>**£**<br>1,940,138<br>238,836<br>16,715<br>196|
|---|---|---|
|||2,195,885|



The monthly average number of persons (including senior management team) employed by the Charity during the year expressed as full time equivalents was as follows: 

|Average headcount of Employees|**2021**<br>**No**<br>28|**2020**<br>**No**<br>29|
|---|---|---|



During the year, the Charity made a termination payment which totalled £15,699 (2020 - £Nil). 

The number of employees whose emoluments fell within the following bands was: 

|£70,001 - £80,000<br>£80,001 - £90,000<br>£90,001 - £100,000<br>£100,001 - £110,000<br>£110,001 - £120,000<br>£120,001 - £130,000<br>£130,001 - £140,000<br>£140,001 - £150,000|**2021**<br>**No**<br>1<br>3<br>5<br>2<br>1<br>1<br>1<br>-|**2020**<br>**No**<br>1<br>4<br>5<br>2<br>1<br>-<br>1<br>1|
|---|---|---|



Page 24 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **7 Taxation** 

The charity is a registered charity and is therefore exempt from most forms of direct taxation. 

## **8 Tangible fixed assets** 

|**Land and**<br>**buildings**<br>**£**<br>**Furniture**<br>**and**<br>**equipment**<br>**£**<br>**Cost**<br>At 1 July 2020<br>6,916,239<br>682,972<br>Additions<br>-<br>686<br>Disposals<br>-<br>(38,843)<br>At 30 June 2021<br>6,916,239<br>644,815<br>**Depreciation**<br>At 1 July 2020<br>1,768,181<br>554,019<br>Charge for the year<br>269,098<br>53,168<br>Eliminated on<br>disposals<br>-<br>(38,271)<br>At 30 June 2021<br>2,037,279<br>568,916<br>**Net book value**<br>At 30 June 2021<br>4,878,960<br>75,899<br>At 30 June 2020<br>5,148,058<br>128,953<br>**9**<br>**Stock**<br>Raw materials<br>Work in progress<br>Finished goods<br>**10 Debtors**<br>Trade debtors<br>Prepayments and accrued income and deposits<br>VAT recoverable|**Motor**<br>**vehicles**<br>**£**<br>56,985<br>-<br>-<br>56,985<br>(6,556)<br>23,501<br>-<br>16,945<br>40,040<br>63,541|**Motor**<br>**vehicles**<br>**£**<br>56,985<br>-<br>-<br>56,985<br>(6,556)<br>23,501<br>-<br>16,945<br>40,040<br>63,541|**Plant &**<br>**equipment**<br>**£**<br>3,833,743 <br>15,525<br>(10,371)<br>3,838,897<br>2,918,054<br>222,182<br>(10,371)<br>3,129,865<br>709,032<br>915,689<br>**2021**<br>**£**<br>158,170<br>20,892<br>1,071,478<br>1,250,540<br>**2021**<br>**£**<br>275,212<br>169,154<br>165,162<br>609,528|**Plant &**<br>**equipment**<br>**£**<br>3,833,743 <br>15,525<br>(10,371)<br>3,838,897<br>2,918,054<br>222,182<br>(10,371)<br>3,129,865<br>709,032<br>915,689<br>**2021**<br>**£**<br>158,170<br>20,892<br>1,071,478<br>1,250,540<br>**2021**<br>**£**<br>275,212<br>169,154<br>165,162<br>609,528|**Total**<br>**£**<br> 11,489,939<br>16,211<br>(49,214)<br>11,456,936<br>5,233,698<br>567,949<br>(48,642)<br>5,753,005<br>5,703,931<br>6,256,241<br>**2020**<br>**£**<br>788,481<br>47,823<br>272,470|
|---|---|---|---|---|---|
||16,945||3,129,865|||
||40,040||709,032|||
||63,541||915,689|||
||||**2021**<br>**£**<br>158,170<br>20,892<br>1,071,478<br>1,250,540<br>**2021**<br>**£**<br>275,212<br>169,154<br>165,162<br>609,528|||
||||||1,108,774|
||||||**2020**<br>**£**<br>674,391<br>95,722<br>36,107|
||||||806,220|



Page 25 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **11 Cash and cash equivalents** 

|Cash on hand<br>Cash at bank|**2021**<br>**£**<br>734<br>2,432,505<br>2,433,239|**2020**<br>**£**<br>72<br>5,571,610|
|---|---|---|
|||5,571,682|



## **12 Creditors: amounts falling due within one year** 

|Trade creditors<br>Income received in advance<br>Other creditors<br>Accruals|**2021**<br>**£**<br>203,656<br>6,523<br>3,477<br>132,308<br>345,964|**2020**<br>**£**<br>118,748<br>1,608,559<br>6,689<br>217,626|
|---|---|---|
|||1,951,622|



## **13 Charity status** 

The Charity is a charitable company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charitable company in the event of liquidation. 

## **14 Commitments** 

The Charity had commitments of £393,071 (2020: £199,134) at 30 June 2021 in respect of orders placed with suppliers, which had not been invoiced or delivered at the Balance Sheet date. These have not been charged to the Statement of Financial Activities in the year, and they are due for payment within one year from the Balance Sheet date. 

During the year the charity entered into a contract to update its Ecommerce operation. Costs incurred in 2021 have been included within current assets at a value of £62,420, with a view to being capitalised when the final cost is incurred. The expected remaining costs to be incurred are £81,803. 

## **Operating lease commitments** 

Total future minimum lease payments under non-cancellable operating leases are as follows: 

|**Motor Vehicles**<br>Within one year<br>Between one and five years|**2021**<br>**£**<br>48,600<br>3,784<br>52,384|**2020**<br>**£**<br>50,152<br>45,676|
|---|---|---|
|||95,828|



Page 26 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **15 Funds** 

|**15 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**<br>General<br>**Unrestricted funds**<br>General<br>**16 Analysis of net debt**<br>Cash at bank and in hand<br>Net debt<br>Cash at bank and in hand<br>Net debt|**Balance at**<br>**1 July 2020**<br>**£**<br>11,791,295<br>**Balance at**<br>**1 July 2019**<br>**£**<br>13,535,925|**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**expended**<br>**£**<br>**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>**Balance at**<br>**30 June**<br>**2021**<br>**£**<br>3,512,121<br>(5,651,570)<br>(572)<br>9,651,274<br>**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**expended**<br>**£**<br>**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>**Balance at**<br>**30 June**<br>**2020**<br>**£**<br>4,000,795<br>(5,790,855)<br>45,430<br>11,791,295<br>**At 1 July**<br>**2020**<br>**£**<br>**Financing**<br>**cash flows**<br>**£**<br>**At 30 June**<br>**2021**<br>**£**<br>5,571,682<br>(3,138,443)<br>2,433,239<br>5,571,682<br>(3,138,443)<br>2,433,239<br>**At 1 July**<br>**2019**<br>**£**<br>**Financing**<br>**cash flows**<br>**£**<br>**At 30 June**<br>**2020**<br>**£**<br>6,699,997<br>(1,128,135)<br>5,571,862<br>6,699,997<br>(1,128,135)<br>5,571,862||**Balance at**<br>**30 June**<br>**2021**<br>**£**<br>9,651,274|
|||||**Balance at**<br>**30 June**<br>**2020**<br>**£**<br>11,791,295|
||||||
||||2,433,239||
||||**At 30 June**<br>**2020**<br>**£**<br>5,571,862||
||||5,571,862||



Page 27 



## **Bible and Gospel Trust** 

## **Notes to the Financial Statements for the Year Ended 30 June 2021** 

## **17 Related party transactions** 

During the year the charity made the following related party transactions: 

## **Intergrand UK Ltd** 

A company of which P J Walker was a director. During the year, the Charity purchased stationery and notebooks from the company for job planning. 

The value of acquisitions from Intergrand UK Ltd during the year was £397 (2020 - £464). At the balance sheet date the amount due to Intergrand UK Ltd was £Nil (2020 - £Nil). 

## **Bible and Tract Depot Pty Ltd** 

An Australian entity with similar objectives, of which K N Dunlop, G R Olsson and P J Walker are directors. 

Charges of £651,827 (2020 - £758,763) were made for licence fees in respect of the Charity’s magazines and volumes published in Australia under the terms of a Licence Agreement dated 30 March 2016, book production materials, books & associated shipping costs, Prepress and Administration Costs incurred by the Charity for magazines and volumes published in Australia and provision of audio recordings to BTD’s subscribers via Global Media Stream. During the year Bible and Tract Depot Pty Ltd also produced books for the Charity, and invoiced the Charity £23,569 (2020: nil) for work carried out. At the balance sheet date the amount due from Bible and Tract Depot Pty Ltd was £81,401 (2020 - £184,055). 

## **Plymouth Brethren Christian Church Limited (formerly Plymouth Brethren (Exclusive Brethren) Christian Church Limited)** 

A company of which S Whiley was a director. 

During the year, the Charity purchased publications from the company for resale. The value of acquisitions from Plymouth Brethren Christian Church Limited during the year was £629 (2020 - £4,048). At the balance sheet date the amount due to Plymouth Brethren (Exclusive Brethren) Christian Church Limited was £112 (2020 - £35). 

## **Key Management Personnel** 

The Charity is managed on a day to day basis by a Senior Management Team which constitutes key management as defined on page 7. However, not all members of this team are on the payroll of the Charity. Those of the Senior Management Team who were on the payroll were paid £264,098 (2020 - £355,144), while the additional member of the team was paid £43,420.00 (2020 - £ Nil). At the balance sheet date the amount due to Key Management Personnel on the payroll was £ Nil (2020 - £ Nil) while to the additional member the amount outstanding was £7,128.00 (2020 - £ Nil). 

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