REGISTERED COMPANY NUMBER: 05476487 (England and Wales) REGISTERED CHARITY NUMBER: 1110085
Report of the Trustees and
Financial Statements for the Year Ended 30 June 2024
for
Bible And Gospel Trust
Bible And Gospel Trust
Contents of the Financial Statements for the Year Ended 30 June 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 9 |
| Report of the Independent Auditors | 10 to 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Cash Flow Statement | 16 |
| Notes to the Cash Flow Statement | 17 |
| Notes to the Financial Statements | 18 to 27 |
Bible And Gospel Trust
Reference and Administrative Details for the Year Ended 30 June 2024
TRUSTEES Mr C V Anderson Mr K N Dunlop (resigned 30.6.24) Mr W H G Hathorn (resigned 30.6.24) Mr G R Olsson Mr B G Reiner (resigned 30.6.24) Mr R Scott Mr G J Stacey Mr P J Walker REGISTERED OFFICE Chelwood House Cox Lane Chessington Surrey KT9 1DN REGISTERED COMPANY 05476487 (England and Wales) NUMBER REGISTERED CHARITY 1110085 NUMBER SOLICITORS Farrer & Co AUDITOR Saffery LLP
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
The Trustees present their Report together with the audited Financial Statements of the Charitable Company (“the Charity”) for the year ending 30[th] June 2024 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 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 United Kingdom and the Republic of Ireland (FRS 102) (effective 1[st] January 2019).
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:
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1) To distribute Bibles, and other Christian literature entirely in accord with the Holy Scriptures, for the furtherance of Christian knowledge.
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2) To provide its customers with products of superior quality at exceptionally advantageous prices together with a high standard of service, care, and reliability.
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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.
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
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), 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, Hymn Books, and some of the reference books. Some publications are made available to the 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-one booklets, including seventy-nine in English, one in French and one in Italian: these are larger than Gospel Tracts 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 public, including those attending services at the Gospel Halls.
Activities within the Year.
Throughout the year the Charity has fulfilled its objectives and has maintained a policy of supplying Bibles and booklets either at very low cost for distribution to disadvantaged persons, and persons in other countries, or high-quality Bibles for those persons who require such.
The charity has supported the conduct of academic research into relevant areas by providing free access to its library and hard and electronic copies of papers from its archives.
The Charity continues to maintain a website under the name of Christian Doctrine and Gospel Publishing (CD&GP) with full eCommerce facilities enabling customers worldwide to place orders online.
During the Financial Year, the Charity received income of £7,740,481 (2023: £6,720,700) from the sale of literature to subscribers and others.
The Charity sells a range of Bibles to subscribers and the public worldwide, ranging from high-quality leather-bound editions to low-cost editions with either a hard or soft cover, which are sold at very advantageous prices. Typically, Bibles are available, from £3.95 up to £99.00, which makes the Bible widely affordable. In addition, if a bulk quantity of the low-cost Bible is required for distribution to prisons, care homes or hospitals for example, a discounted price is available.
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 nondenominational. The Trustees believe that Gospel Tracts are widely read in private, and their unseen benefit cannot be estimated. The content of each Gospel Tract is available for viewing on the Christian Doctrine and Gospel Publishing website, which allows potential customers to view the contents ahead of purchasing.
Offering a full library set of books either with or without a bespoke bookcase for sale, has continued to prove popular with the Charity’s customers and 401 sets were sold during the Financial Year.
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
Gospel Tracts continue to be purchased by subscribers and others in the UK and overseas for distribution, principally at Street Preachings. 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 twelve 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 supplied to the Rapid Relief Team (RRT) both in the UK (Registered Charity Number: 1161586) and overseas. The RRT is a volunteer led, not-for-profit organisation, set up to support local communities in times of need. Gospel Tracts have been produced in different languages specifically for distribution through PBCC Gospel Halls, community members and the Rapid Relief Team’s humanitarian aid parcels for persons in necessitous circumstances. The Charity is also producing Bibles in other languages.
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.
Achievements and Performance.
During the Financial Year, further new publications and audio editions were added to the range of publications available for distribution.
The new eCommerce website introduced during July 2021, is proving to be very beneficial to our customers, providing a state-of-the-art experience, enhancing the level of security required and continues to ensure compliance with GDPR. Most orders are now placed via this medium.
Further investment is being made in the eCommerce website to enhance the user experience.
Financial Review .
During the year, the Charity generated income of £7,941,710 (2023 - £6,986,059) through its activities, donations, legacies, and investment deposits. A total of £5,796,356 (2023 - £6,265,854) was expended on production, support costs, overheads, and other losses, giving a net income of £2,145,354 (2023 - £720,205), for the year. Total net assets of £12,753,106 (2023 - £10,607,752), are carried forward.
Reserves Policy.
The Trustees’ Policy is to hold adequate reserves of unrestricted funds to enable the completion of future commitments for the annual subscription period. In relation to the 2024-2025 Financial Year the Trustees calculate this commitment at £6,000,000. In addition, the Charity is committed to hold adequate funding for specific forthcoming projects, including replacing existing equipment reaching the end of its serviceable life.
The amount of reserves held in the Unrestricted General Fund on 30 June 2024 was £12,753,106. All funds held by the Charity are unrestricted. Reserves after deduction of Fixed Assets were £7,667,156. These reserves will enable the Charity to advance several major initiatives and will be heavily drawn on to finance projects which are underway in publishing new editions of several publications.
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
The Trustees have authorised significant investment into new machinery which will include a second digital printing line along with a replacement binding machine. This investment in new machinery will take place during the course of the new Financial Year.
It is also considered prudent by the Trustees to retain adequate levels of reserves to safeguard the Charity’s work in times of pandemic, poverty, recession, or war. 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.
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 recognise that the overall investment objective is to create sufficient income and capital growth to enable the Charity to carry out its activities year by year with due regard for future needs. Sufficient cash is retained to meet not only anticipated outgoings, but unexpected cashflow requirements too. While the Trustees recognise that some level of risk may be necessary to achieve the long-term objectives of the Charity, the Trustees have largely 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 a loss of funds due to the failure of a banking institution is followed. This strategy has been followed with the support from professional accountants who have advised on timing.
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 could be used 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 to guidance issued by the Charity Commission and HMRC regarding making payments to overseas bodies.
Fundraising.
The Trustees understand their obligations in respect of fundraising under charity law and particularly the Charities Act 1992 and the Charities Act 2011 (as amended particularly by the Charities (Protection and Social Investment) Act 2016). The Charity does not engage in fundraising activities, petition any donations from members of the public, or work with any professional fundraisers or commercial participators.
Auditors.
Saffery LLP have indicated their willingness to remain as Auditors to the Charity.
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
Plans for future periods .
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, and God’s Glad Tidings, are disseminated widely.
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 either with or without a bespoke bookcase will continue to be offered for sale.
The reduction in the discount relating to the Ministry Subscription applied to the 2022 - 2023 subscription year was withdrawn for the 2023 - 2024 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 the COVID-19 pandemic. 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 worked with the Bible and Tract Depot, another community publisher in Australia, to initiate a study into the suitability of the Charity’s present model for the delivery of its objectives. This included assessing the appropriateness of digital printing equipment to ensure that the most efficient and effective means of meeting the needs of its intended beneficiaries, was in place. The conclusion arrived at following the assessment was that it was necessary to proceed with obtaining a complete digital printing line with installation commencing during March 2022. This project is ongoing, and the initial installation phase and review will continue into 2025. The Bible and Tract Depot granted the Charity some of the funds required for this project.
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.
Reference and Administrative Details.
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Charity Number: 1110085
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Company Number: 05476487 - Registered in England and Wales.
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Registered office: Chelwood House, Cox Lane, Chessington, Surrey, KT9 1DN, England.
Our Advisors.
Auditors:
- Saffery LLP, 71 Queen Victoria Street, London, EC4V 4BE
Bankers:
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Bank of Scotland plc, Central Banking Branch HBOS, PO Box 17235, Edinburgh, EH11 1YH
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HSBC plc, 9 The Boulevard, Crawley, West Sussex, RH10 1UT
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National Westminster Bank plc, Chatham Customer Service Centre, Western Avenue, Waterside, Chatham Maritime, Kent, ME4 4RT
Solicitors:
- Farrer & Co LLP, 66 Lincoln's Inn Fields, London, WC2A 3LH
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
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:
Trustees and Officers:
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C V Anderson
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K N Dunlop Resigned 30/06/2024
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W H G Hathorn Resigned 30/06/2024 G R Olsson B G Reiner Resigned 30/06/2024 R Scott G J Stacey P J Walker
The Senior Management Team reporting to the Trustees and Officers during the year were:
| | C A Campbell | Management Consultant | |
|---|---|---|---|
| | J H Fielder | Fulfilment | |
| | J S Garvie | Prepress | |
| | S C A Ker | Legal, Compliance and Finance | |
| | M McDonagh | Production | Resigned 31/01/2025 |
| | D Payne | Production and IT & Technical | |
| | H Payne | Sales and Purchasing | |
| | A Wheeler | Customer Service |
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.
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
Organisational Structure.
The Charity currently has five Trustees. The Committee structure is gradually being replaced by direct reporting from the Management Consultant to the Board of Trustees. The full Board of Trustees meets regularly and ratifies any major financial or policy decision.
The day-to-day operation of the Charity is managed by the Senior Management Team, comprised of Departmental Team Managers who are responsible for the co-ordination, supervision, and task allocation within their team. Team Managers attended one-to-one meetings with the Management Consultant and have daily contact as appropriate.
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 all Staff is reviewed by three Trustees and normally increases in accordance with general salary inflation. In view of the nature of the Charity, the Trustees benchmark against pay levels in other like organisations.
Risk Management.
The Trustees have a Risk Management Strategy which comprises:
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A regular review of the principal risks and uncertainties that the Charity faces.
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The establishment of policies, systems, and procedures to mitigate those risks identified in the Annual Review; and
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The implementation of procedures designed to minimise or manage any potential impact on the
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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, plus its associated operational needs, and has successfully settled new holding and licensing arrangements for some of those rights. As mentioned above, the Charity continues to carefully monitor its ability to manage and respond adequately and in the best interests of its beneficiaries to changes in consumer behaviour brought about by technological change.
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 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 prepared and are reviewed annually.
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Bible And Gospel Trust
Report of the Trustees for the Year Ended 30 June 2024
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:
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Select suitable accounting policies and apply them consistently.
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- 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 a going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the Financial Statements comply 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 Disclosure to our Auditors.
In so far as the Trustees are aware at 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 report, of which the Auditors are unaware, and the Trustees, having made enquiries of fellow Directors and the Auditors that they ought to have individually taken, have each taken all steps that they are obliged to take as a Director in order to make themselves aware of any relevant audit information and to establish that the Auditors are aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The annual report was approved by the Trustees of the Charity on _& Mace... 2025 and signeg their behalf by:
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Bible And Gospel Trust
Independent Auditor’s report to the Members Year Ended 30 June 2024
Opinion
We have audited the financial statements of Bible and Gospel Trust for the year ended 30 June 2024 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:
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give a true and fair view of the charitable company’s state of affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. 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.
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Bible And Gospel Trust
Independent Auditor’s report to the Members Year Ended 30 June 2024
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Trustees’ Annual Report which includes the Directors’ Report has 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’ Annual 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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’ Annual Report and the Strategic 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.
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.
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Bible And Gospel Trust
Independent Auditor’s report to the Members Year Ended 30 June 2024
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.
There are inherent limitations in the audit procedures described above and the further removed noncompliance 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.
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Bible And Gospel Trust
Independent Auditor’s report to the Members Year Ended 30 June 2024
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 LLP
71 Queen Victoria Street London Statutory Auditors EC4V 4BE
Date: 10 March 2025
Saffery 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 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Production of Bibles and Christian Literature Investment income 3 Other income Total EXPENDITURE ON Charitable activities 5 Production of Bibles and Christian Literature NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.6.24 30.6.23 Unrestricted Total fund funds £ £ 33,310 183,863 7,740,481 6,720,700 114,663 21,417 53,256 60,079 7,941,710 6,986,059 5,796,356 6,265,854 2,145,354 720,205 10,607,752 9,887,547 12,753,106 10,607,752 |
|---|---|
The notes form part of these financial statements
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Bible And Gospel Trust
Balance Sheet 30 June 2024
| 30.6.24 | 30.6.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Intangible assets Tangible assets |
10 11 |
12,018 5,073,932 |
60,093 5,613,698 |
| 5,085,950 | 5,673,791 | ||
| CURRENT ASSETS | |||
| Stocks | 12 | 1,581,355 | 1,662,506 |
| Debtors Prepayments and accrued income Cash at bank and in hand |
13 | 778,267 119,810 5,814,194 |
445,934 109,423 4,766,801 |
| 8,293,626 | 6,984,664 | ||
| CREDITORS | |||
| Amounts falling due within one year | 14 | (626,470) | (2,050,703) |
| NETCURRENTASSETS | 7,667,156 | 4,933,961 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 12,753,106 | 10,607,752 | |
| NETASSETS | 12,753,106 | 10,607,752 | |
| FUNDS | 15 | ||
| Unrestricted funds | 12,753,106 | 10,607,752 | |
| TOTALFUNDS | 12,753,106 | 10,607,752 |
The financial statements were approved by the Board of Trustees and authorised for issue on 2025... and were signed on its behalf by:
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The notes form part of these financial statements
Page 15
Bible And Gospel Trust
Cash Flow Statement for the Year Ended 30 June 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
30.6.24 £ 854,306 854,306 (102,585) 181,009 114,663 193,087 1,047,393 4,766,801 5,814,194 |
30.6.23 £ 2,532,049 2,532,049 (232,501) 32,991 21,417 (178,093) 2,353,956 2,412,845 4,766,801 |
|---|---|---|
The notes form part of these financial statements
Page 16
Bible And Gospel Trust
Notes to the Cash Flow Statement for the Year Ended 30 June 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest received Decrease/(increase) in stocks (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash provided by operations |
30.6.24 £ 2,145,354 559,898 (50,481) (114,663) 81,151 (342,720) (1,424,233) 854,306 |
30.6.23 £ 720,205 695,052 (32,991) (21,417) (531,866) 416,544 1,286,522 2,532,049 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank and in hand Total |
At 1.7.23 £ 4,766,801 4,766,801 4,766,801 |
Cash flow £ 1,047,393 1,047,393 1,047,393 |
At 30.6.24 £ 5,814,194 5,814,194 5,814,194 |
|---|---|---|---|
The notes form part of these financial statements
Page 17
Bible And Gospel Trust
Notes to the Financial Statements for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it 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, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development costs 33.33%
Tangible fixed assets
Tangible fixed assets costing £250 or more are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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Bible And Gospel Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Freehold land and buildings | Freehold land is not depreciated, buildings are depreciated |
|---|---|
| at 2% | |
| Plant and equipment | 10% / 14.29% / 20% / 33.33% straight line dependent on |
| the expected life of the asset | |
| Fixtures and fittings | 10% / 20% straight line dependent on the expected life of |
| the asset | |
| Motor vehicles | 25% reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or normal consideration are measured at the lower of replacement cost and cost.
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.
Cost is calculated using the first-in, first-out (FIFO) basis.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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Bible And Gospel Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
3.
| Gifts & gift aid refunds Bequests & Legacies Grants INVESTMENT INCOME Interest received |
30.6.24 £ 33,310 - - 33,310 30.6.24 £ 114,663 |
30.6.23 £ 6,290 15,079 162,494 183,863 30.6.23 £ 21,417 |
|---|---|---|
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Bible And Gospel Trust
| Notes to the Financial Statements-continued for the Year Ended 30 June 2024 4. INCOME FROM CHARITABLE ACTIVITIES Bible and Christian Literature 5. CHARITABLE ACTIVITIES COSTS Production of Bibles and Christian Literature 6. SUPPORT COSTS Production of Bibles and Christian Literature Support costs, included in the above, are as follows: Auditors' remuneration Accountancy fees Legal and professional Consultancy fees |
Direct Costs £ 5,483,211 |
30.6.24 30.6.23 Production of Bibles and Christian Total Literature activities £ £ 7,740,481 6,720,700 Support costs (see note 6) Totals £ £ 313,145 5,796,356 Governance costs £ 313,145 30.6.24 30.6.23 Production of Bibles and Christian Total Literature activities £ £ 22,100 24,000 90,939 66,177 39,289 54,709 160,817 96,747 313,145 241,633 |
|---|---|---|
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Bible And Gospel Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Audit fees Depreciation - owned assets Surplus on disposal of fixed assets Website Development costs amortisation |
30.6.24 £ 22,100 511,823 (50,481) 48,075 |
30.6.23 £ 24,000 646,977 (32,991) 48,075 |
|---|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.
Trustees' expenses
During the year one trustee was reimbursed costs relating to consultancy totalling £105 (2023: £103).
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
30.6.24 £ 1,634,650 194,686 11,245 1,840,581 |
30.6.23 £ 1,595,114 193,632 10,568 |
|---|---|---|
| 1,799,314 |
During the year the Charity made termination payments which totalled £10,288 (2023 - £Nil)
The average monthly number of employees during the year was as follows:
Employees
| ws: | |
|---|---|
| 30.6.24 | 30.6.23 |
| 22 | 23 |
The number of employees whose annual remuneration was more than £60,000 is as follows:
| 30.6.24 | 30.6.23 | |
|---|---|---|
| £60,001 - £70,000 | - | 1 |
| £70,001 - £80,000 | 1 | - |
| £80,001 - £90,000 | - | 3 |
| £90,001 - £100,000 | 5 | 2 |
| £100,001 - £110,000 | - | 1 |
| £110,001 - £120,000 | 1 | 2 |
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Bible And Gospel Trust Notes to the Financial Statements - continued for the Year Ended 30 June 2024
9. STAFF COSTS - continued
| £120,001 - £130,000 £130,001 - £140,000 £140,001 - £150,000 £150,001 - £160,000 |
2 - 1 1 |
1 1 1 - |
|---|---|---|
Key Management Personnel
The Senior Management Team reporting to the Trustees and Officers during the year were:
| C A Campbell | Management Consultant | |
|---|---|---|
| J H Fielder | Fulfilment | |
| J S Garvie | Prepress | |
| S C A Ker | Legal, Compliance and Finance | |
| M McDonagh | Production | Resigned 31/01/2025 |
| D Payne | Production and IT & Technical | |
| H Payne | Sales & Purchasing | |
| A Wheeler | Customer Service |
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 £479,640 (2023: £302,071), while the additional members of the team were paid £161,205 (2023: £77,100). At the balance sheet date, the amount due to Key Management Personnel on the payroll was £Nil (2023: £Nil) while to the additional members the amount outstanding was £15,453 (2023: £6,655).
10. INTANGIBLE FIXED ASSETS
| INTANGIBLE FIXED ASSETS | |
|---|---|
| Website | |
| Development | |
| costs | |
| £ | |
| COST | |
| At 1 July 2023 and 30 June 2024 | 144,224 |
| AMORTISATION | |
| At 1 July 2023 | 84,131 |
| Charge for year | 48,075 |
| At 30 June 2024 | 132,206 |
| NET BOOK VALUE | |
| At 30 June 2024 | 12,018 |
| At 30 June 2023 | 60,093 |
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Bible And Gospel Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
11. TANGIBLE FIXED ASSETS
| COST At 1 July 2023 Additions Disposals At 30 June 2024 DEPRECIATION At 1 July 2023 Charge for year Eliminated on disposal At 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 12. STOCKS Raw materials Work-in-progress Finished goods |
Land and buildings £ 6,937,132 - - 6,937,132 2,583,408 273,277 - 2,856,685 4,080,447 4,353,724 |
Plant and equipment £ 4,347,528 85,090 (575,482) 3,857,136 3,135,067 223,922 (477,405) 2,881,584 975,552 1,212,461 |
Fixtures and fittings £ 591,687 17,495 - 609,182 576,625 14,624 - 591,249 17,933 15,062 |
Motor vehicles £ 76,709 - (76,709) - 44,258 - (44,258) - - 32,451 30.6.24 £ 271,520 71,314 1,238,521 1,581,355 |
Totals £ 11,953,056 102,585 (652,191) 11,403,450 6,339,358 511,823 (521,663) 6,329,518 5,073,932 5,613,698 30.6.23 £ 293,784 3,567 1,365,155 1,662,506 |
|---|---|---|---|---|---|
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Bible And Gospel Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
| 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Loans VAT 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes GST Payable Other creditors Pensions payable Deferred income Accrued expenses |
30.6.24 £ 258,921 388,432 12,466 118,448 778,267 30.6.24 £ 418,610 58,659 (3,107) 5,984 6,766 15 139,543 626,470 |
30.6.23 £ 245,471 113,975 8,299 78,189 445,934 30.6.23 £ 741,085 56,508 65,180 6,963 5,231 1,052,538 123,198 2,050,703 |
|
|---|---|---|---|
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
At 1.7.23 £ 10,607,752 10,607,752 follows: Incoming resources £ 7,941,710 7,941,710 |
Net movement At in funds 30.6.24 £ £ 2,145,354 12,753,106 2,145,354 12,753,106 Resources Movement expended in funds £ £ (5,796,356) 2,145,354 (5,796,356) 2,145,354 |
|---|---|---|
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Bible And Gospel Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Comparatives for movement in funds | |||
|---|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS |
At 1.7.22 £ 9,887,547 9,887,547 |
Net movement in funds £ 720,205 720,205 |
At 30.6.23 £ 10,607,752 |
| 10,607,752 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 6,986,059 6,986,059 |
Resources Movement expended in funds £ £ (6,265,854) 720,205 (6,265,854) 720,205 |
|---|---|---|
16. RELATED PARTY DISCLOSURES
Name of related party Bible and Tract Depot Pty Ltd
An Australian entity with similar objectives, of which K N Dunlop (who resigned 30.06.2024), G R Olsson and P J Walker are directors.
Charges of £994,420 (2023- £572,017) were made for magazine production and Administration costs on subscriptions incurred by the Charity for magazines despatched to Australia and New Zealand.
During the year Bible and Tract Depot Pty Ltd also passed on freight forwarding and operational costs incurred on behalf of the Charity, invoicing the Charity £337,062 (2023: £285,538) for this.
At the balance sheet date the net amount owed to Bible and Gospel Trust by Bible and Tract Depot Pty Ltd was £56,959 (2023 - £69,107).
Name of related party Plymouth Brethren Christian Church Limited
A company of which C W Hathorn & L Reiner (sons of BGT directors who both resigned 30.06.2024) are directors.
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Bible And Gospel Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
16. RELATED PARTY DISCLOSURES - continued
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 £538 (2023 - £610). At the balance sheet date the amount due to Plymouth Brethren Christian Church Limited was £23 (2023 - £ Nil).
Name of related party Pointer Group t/a Oakway Products
A company of which C V Anderson is a director.
During the year, the Charity purchased MPM Barriers for protection of digital production machinery from the company.
The value of acquisitions from Pointer Group t/a Oakway Products during the year was £5,837 (2023 - £Nil). At the balance sheet date the amount due to Pointer Group t/a Oakway Products was £Nil (2023 - £Nil).
Name of related party ATC Enterprises Limited
A company of which L Reiner (son of a BGT director who resigned 30.06.2024) is a director.
During the year, the Charity purchased grocery and cleaning products from the company.
The value of acquisitions from ATC Enterprises Limited during the year was £6,481 (2023 - £5,026). At the balance sheet date the amount due to ATC Enterprises Limited was £Nil (2023 - £Nil).
Page 27