2024-09-30-accounts - Sovereign World Trust

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SOVEREIGN WORLD TRUST

CHARITY NUMBER 1198177 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

C O N T E N T S

	Page
Charity Information
Trustees' Report	1
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Accounts	8 – 12

SOVEREIGN WORLD TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Charity Name:	Sovereign World Trust
Charity Registration Number:	1198177 (formerly 327284)
Trustees:	Anthony Peter Miles-Prouten
	Paul Caneparo
	Michael John Fawcett
	Calvin Timothy Eaton
Principal Address and	PO Box 777
Registered Office:	Tonbridge
	Kent
	TN11 0ZS
Bankers:	CAF Bank Limited
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent
	ME19 4JQ
	Barclays Bank plc
	73-75 Calverley Road
	Tunbridge Wells
	Kent
	TN1 2UZ
Independent Examiner:	T Lane
	Director in M N Jenks & Co Limited
	72 Commercial Road
	Paddock Wood
	Tonbridge, Kent
	TN12 6DP

SOVEREIGN WORLD TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 SEPTEMBER 2024

The trustees have pleasure in submitting their report and the accounts for the year ended 30 September 2024 The accounts 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Objectives

The overall objective of Sovereign World Trust is to promote the advancement of the Christian faith, primarily by providing Christian literature (mainly of a teaching nature) to any parts of the world where such books are unobtainable or unaffordable.

Mission

To help build the Kingdom of God and to strengthen the Church in the developing nations of the world by supplying quality Christian literature to pastors, leaders, colleges and libraries free of charge.

Aims of the Trust

The aims of the Trust are:

To purchase new quality teaching books that would be culturally relevant to the readers.
To identify and resource key leaders, pastors, colleges and libraries in developing nations. Many of these come through personal referral.
To assist indigenous publishers to get 'Sovereign' books into local languages.
To pioneer in new areas, particularly Islamic nations and regions.
To inform UK churches of the needs of leaders in many parts of the world and to help resource missions.
To encourage prayer.
To work in co-operation or partnership with individuals, churches and other agencies.

In determining our projects each year, we have considered the Charity Commission's general guidance on public benefit and in particular the specific guidance on charities for the advancement of religion, together with the specific mission and aims of the Trust.

Governance and organisational structure

Sovereign World Trust was first constituted by a charitable Trust deed dated 3 October 1986 which as last updated in November 1996. It was registered with the Charity Commission on 10 November 1986 (registration 327284).

On 8 March 2022 Sovereign World Trust was re-registered as CIO (1198177) and the former charity closed.

The accounts herein, being continuous with last years’ accounts therefore relate to both charities. This change has not affected the operation of the charity in any way. The Trustees remain the same.

The Board of Trustees manages the business of Sovereign World Trust according to the powers and duties as defined in the Charities Act of 1993. New members of the Board are appointed following consultation with the Chief Executive and existing Board Members.

Day to day operational decisions are taken by the staff of Sovereign World Trust.

SOVEREIGN WORLD TRUST

REPORT OF TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Review Of Developments And Activities

A much fuller 20-page full colour report for supporters is available on our website. This contains photographs, feedback and contextual information on the work of the Trust.

https://www.sovereignworldtrust.org.uk/admin/userfiles/About_us_images/Annual%20Report%202024%20 %20very%20low%20res.pdf

Now in its 39[th] year, the Trust continues with its mission to supply Biblical Teaching resources to church leaders and various training institutions and organisations in parts of the world where resources are scarce and unaffordable. The benefit of this work is its contribution to the spiritual and moral transformation of communities, alongside that of others who are working in the areas of economic development and social justice. We believe that our efforts contribute a rationale, motivation, and empowerment for positive change, especially necessary in those places experiencing poverty and inequality. We recognise that what is needed is a multifaceted approach, and we are appreciative of our partnerships with other agencies and organisations with different and complementary contributions. This report highlights those areas of our work where there have been significant developments. We hope that it will give readers some insight into what we do, why we do it, and how we do it .

Bespoke Library Collections

A significant feature of our activities over the last 12 months has been the supply of large book collections to theological and Bible colleges, and leaders with significant influence and networks.

These collections have comprised both new and used books ranging from 40 to 400 titles. They have all been bespoke and compiled with the specific needs of the recipients in mind. At one end of the spectrum might be a theological college running diploma and degree courses, and at the other end, small local libraries where literacy levels are basic. The needs of both teachers and students determine the texts selected. In some instances, these library collections are for start-up situations and in other cases, they build on and fill out existing collections. Colleges run by established Christian denominations tend to be stable and durable. Those in poorer remote communities may be more ephemeral. In some of these places the church is growing rapidly, and this creates a huge need for properly equipped leaders.

Not only are the collections very different and varied, but so also are the means of transporting the books. The method of choice for very large collections is to buy space on a shipping container. This is slow (three months by sea and overland), and not without its challenges, but it is reliable. Sometimes, it is possible for multiple recipients to be served by the same container. Supplying suitcases of 23kg or more books and paying for an additional bag allowance works well if a leader is flying to the UK for a conference or training. It has the merit of being very reliable and quick. Freighting collections with a courier is reliable for distant places especially if the consignment is tracked.

Using these methods, we have supplied book collections to Kenya, Uganda, Ghana, Tanzania, India and Malawi. Our warehouse stock is noticeably depleted (around 20,000 fewer). That is, of course, precisely what we want, because it indicates that books are in the hands of recipients, which is where we want them.

Communication with recipients is frequently via WhatsApp. This is secure and very fast and can incorporate video messages and photographs. In many respects, it is superior to email. We have relatively little communication by post these days.

The Mark Project

This is an innovative in-house training publication based on Michael Eaton’s Preaching through the Bible – Mark, designed for implementation in small groups. The aim is to cascade the benefit, as people who have been through the course will in turn take others through it. The content comprises two workbooks, leaders’ handbooks and supporting videos. It is aimed at helping to facilitate the next generation of leaders and has been written to be accessible to people in secondary education and above. It includes structured questions and aims to promote both comprehension and reflection.

At the time of writing, a group of 10 pastors is working through the first volume, and the second is nearing publication.

Interest has been expressed by leaders in other nations, including South Africa, Kenya and Tanzania.

SOVEREIGN WORLD TRUST

REPORT OF TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Other Activities

Regular mailings to individual pastors in many nations: These continue, subject to there being reliable freight channels. This has been severely compromised over recent years. Internal mail in many nations has never properly recovered from the Covid disruption. Recipients must be tested individually.

Revitalised partnerships: We still receive communications from lapsed recipients and are very pleased that we have been able to reconnect. It is encouraging to hear from such people, who tell us just how much they appreciate our resources.

Working remotely: For our small team of 1.5 full-time equivalent, this works very well. The team relies on Zoom meetings, and packing is done in our rented warehouse.

Local printing: We have been able to print and reprint locally in Uganda, working with partners (The Essential Series), and are generally very satisfied with the quality of print and price. This has, of course, saved considerable expense by cutting out freight charges. This is a development we will be pursuing, and a number of projects are under discussion.

Translation: We are working on several projects, some of which involve the use of AI to produce a first draft. Our conclusion is that this is an opportunity to speed up the process, but it does require experienced translators to refine and audit the results. Where AI is less useful is in the conversion of talks to books. This is a far more sophisticated process, and we are unconvinced of its value at the moment.

Funding and income: We are grateful for income from grant-making trusts, which has enabled us to commit to projects that take some time. Such restricted funding is being used for specific ongoing projects. We are also very grateful for some legacy income left to us in the estates of supporters, now deceased.

Volunteers: The Trust is very grateful for the help of unpaid volunteers and also to the voluntary overtime given by some of its paid staff, who see their contribution as much a ‘vocation’ as ‘employment’. This applies most especially to the Trustees, who contribute their time and insight in their quarterly Zoom meetings.

Review of Financial Position

This period saw a slight upturn in our income, and looking forward to next year we envisage a further increase with grants for specific projects and a legacy about which we have been informed. Overheads are low as we had reduced our premises costs and have a small part-time staff team supplemented by volunteers.

Reserves Policy

The Trust aims to carry unrestricted reserves equivalent to three months' running costs less expected income from standing orders. At 30 September 2024, unrestricted cash reserves amounted to £26,036 (2023 - £18,892). The Trustees, together with the Chief Executive, continue to actively seek ways to increase revenues and to minimise costs.

Restricted funds as at 30 September 2024 amounted to £34,701 (2023 - £25,858).

Principal Funding Sources

The Trust's main source of income is giving. Giving to the general fund during the year amounted to £33,292 (2023 - £34,924), of which £16,463 (2023 - £14,238) was pledged regular giving through the Book Club.

Restricted income consisted of donations totalling £14,418 (2023 - £1,290).

SOVEREIGN WORLD TRUST

REPORT OF TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Statement of Trustees' Responsibilities

Charity Law requires the Trustees to prepare, in respect of each financial year of the Charity, a statement of accounts complying with such requirements as to its form and contents as may be prescribed by regulations made by the Secretary of State.

In preparing those financial statements the Trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Signed on behalf of the Trustees

ANTHONY PETER MILES-PROUTEN TRUSTEE

Dated: 28 July 2025

INDEPENDENT EXAMINER'S REPORT TO

THE TRUSTEES OF SOVEREIGN WORLD TRUST

I report on the financial statements of the Charity for the year ended 30 September 2024 set out on pages 6 to 12.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND INDEPENDENT EXAMINER

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:

examine the accounts (under section 145 of the Charities Act);
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act); and
to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts, and the report is limited to the matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

29 July 2025 72 Commercial Road Paddock Wood, Tonbridge, Kent

T Lane Director in M N Jenks & Co Ltd Chartered Accountants

SOVEREIGN WORLD TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Unrestricted Restricted Funds Funds £ £ Income and endowments from: Donations and Legacies 33,292 14,418 Investments – UK interest receivable 1,037 - Income from Charitable Activities – Sales of books - - Activities for Generating Funds - Rent 120 - Other Income Resources 135 - Total Income and endowments 34,584 14,418 Expenditure on: Raising Funds 1,814 - Charitable Activities 29,077 5,575 Total Expenditure(Note 2) 30,891 5,575 Net Income / (Expenditure) 3,693 8,843 Transfers between funds - - Net movement in funds 3,693 8,843 Balances brought forward at 1 October 2023 23,692 25,858 Balances carried forward at 30 September 2024 £ 27,385 £ 34,701 £	Total Funds 2024 £ 47,710 1,037 - 120 135 49,002 1,814 34,652 36,466 12,536 - 12,536 49,550 62,086 £	Total Funds 2023 £ 36,214 678 - 120 126 37,138 2,473 36,536 39,009 (1,871) - (1,871) 51,421 49,550

The Charity had no recognised gains or losses other than the net income or expenditure shown above for the two financial years.

The notes set out on pages 8 to 12 form an integral part of these financial statements.

SOVEREIGN WORLD TRUST

BALANCE SHEET

30 SEPTEMBER 2024

FIXED ASSETS Tangible Assets CURRENT ASSETS Stock Debtors Cash at Bank and In Hand CREDITORS:Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Unrestricted Funds Restricted Funds (page 12) TOTAL FUNDS	Notes 5 1(i) 6 7 £ 8 £

These financial statements were approved on behalf of the Trustees and signed on their behalf by:

ANTHONY PETER MILES-PROUTEN TRUSTEE

Approved by the Board: 28 July 2025

The notes set out on pages 8 to 12 form an integral part of these financial statements.

SOVEREIGN WORLD TRUST

NOTES TO THE FINANCIAL STATEMENTS

30 SEPTEMBER 2024

1 ACCOUNTING POLICIES

(a) Basis of Accounting

These financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined by FRS102.

(b) Income Recognition

Voluntary income is received by way of donations and is included in full in the Statement of Financial Activities as soon as the Charity is entitled to receipt and the amount can be measured with reasonable certainty. Legacies are included as soon as the Charity has entitlement and receipt is probable. Tax recoverable on covenants and gift aid income received has been included as a debtor (Note 4).

No incoming resources have been deferred.

Investment income is recognised on an accruals basis.

(c) Value Added Tax

The Charity is not registered for VAT purposes and all costs are inclusive of VAT.

(d) Resources Expended

Expenditure is included when incurred. The irrecoverable element of VAT is included within the item of expense to which it relates. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Charitable activities costs comprise those costs incurred directly on the objects of the company and also those costs of an indirect nature necessary to support them. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

Pension costs are charged to the statement of financial activities for the year in which they are payable.

(e) Gifts in Kind

Books have been donated by publishers and authors at nil cost. The cost of these books has been estimated at £ (2023 - £ Nil) and included in donations.

(f) Tangible Fixed Assets and Depreciation

Assets costing more than £250 are capitalised. Depreciation on tangible fixed assets is calculated to write off the cost less estimated residual values at the following rates:

Office Equipment - 25% on straight line basis Furniture & Fittings - 15% on straight line basis

(g) Allocation of Costs

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis

SOVEREIGN WORLD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

30 SEPTEMBER 2024

1 ACCOUNTING POLICIES (Continued)

designed to reflect the use of the resource.

(h) Funds Accounting

Funds held by the Charity are either:

Unrestricted general funds - these are funds, which can be used in accordance with the charitable objects at the discretion of the Trustees.
Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.
Restricted funds - these are funds that 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.

(i) Stock

Stock is valued at the lower of cost and net realisable value.

(j) Allocation of Costs

Those costs which cannot be allocated directly to a functional classification have been apportioned on a usage basis. These include (i) staff costs which have been apportioned between ministry, support development and governance costs and (ii) office costs are apportioned equally between ministry, support development and governance.

SOVEREIGN WORLD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

30 SEPTEMBER 2024

2 TOTAL RESOURCES EXPENDED

Costs directly allocated: Books (inc. Carriage and Packing) Salaries Premises Costs Office Costs Other Costs Publishing Projects Foreign Editions Independent Examiner's Fees Depreciation/Loss on Disposal	Support Costs £ - 6,413 922 735 595 - - - - £ 8,665	Charitable Activities Ministry Expenses Governance Fund-raising Costs £ £ £ 5,702 - - 11,543 1,413 1,426 4,300 614 308 73 106 5 203 290 75 601 - - - - - - 582 - 560 - - £ 22,982 £ 3,005 £ 1,814 £	Charitable Activities Ministry Expenses Governance Fund-raising Costs £ £ £ 5,702 - - 11,543 1,413 1,426 4,300 614 308 73 106 5 203 290 75 601 - - - - - - 582 - 560 - - £ 22,982 £ 3,005 £ 1,814 £	2024 Total 2023 Total £ £ 5,702 6,676 20,795 20,798 6,144 5,981 919 2,759 1,163 1,281 601 - - 396 582 558 560 560 36,466 £ 39,009
		Ministry Expenses £ 5,702 11,543 4,300 73 203 601 - - 560 £ 22,982

Fund-raising costs are incurred in connection with direct mailing of the Trust's supporters.

3	STAFF COSTS Staff Costs are as follows: Wages and Salaries Social Security Costs Employers Pension Costs	Total 2024 £ 20,185 - 610 £ 20,795	Total 2023 £ 20,319 - 479 £ 20,798
		£	£

The Trust had 4 part-time employees during the year to 30 September 2024 (2023 – 4), one of whom was involved in ministry, while the other three employees were involved in general support and governance. The full-time equivalent was 1.0 (2023 – 1.0).

There were no employees with emoluments above £60,000 p.a. (2023 - £60,000).

Trustee Expenses:

No expense payments were made to Trustees during the year and no remuneration was paid to Trustees during the year.

SOVEREIGN WORLD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

30 SEPTEMBER 2024

OUTGOING)/INCOMING RESOURCES FOR THE YEAR Net Outgoing/Incoming Resources for the year is stated after charging:- Depreciation on Tangible Fixed Assets Loss on Disposal of Tangible Fixed Assets Independent Examiner's Fees TANGIBLE FIXED ASSETS– For Charity Use Total £ Cost: At 1 October 2023 10,168 Additions - Disposals - At 30 September 2024 10,168 Depreciation: At 1 October 2023 9,047 Charge for Year 560 Released by Disposals - At 30 September 2024 9,607 BOOK VALUE: At 30 September 2024 £ 561 At 30 September 2023 £ 1,121 All tangible fixed assets are used in direct furtherance of the Trust's objects. DEBTORS Income Tax Recoverable Prepayments Other Debtors CREDITORS:Amounts falling due within one year Accruals Other Creditors	2024 £ 560 - 582 Office Equipment £ 7,300 - -	2023 £ 560 - 560 Furniture & Fittings £ 2,868 - -	2023 £ 560 - 560 Furniture & Fittings £ 2,868 - -
		&

	7,300		2,868
	6,179 560 -		2,868 - -
	6,739
	£ 561
£ 1,121	£ 1,121
	2024 £ 299 350 - £ 649 961 4,375 £ 5,336

SOVEREIGN WORLD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

30 SEPTEMBER 2024

8	RESTRICTED FUNDS Legacy Fund Golden Stable Michael Eaton 'Go Global' Project Teelgu Translation Azeri Nm Journey Through the Bible Sudan Libraries Other Libraries Tanzania Fund Acorn Seed Ministries Mission Possible for Print Project	Balance at 1.10.2023 £ 4,110 13,573 4,499 426 100 225 37 26 71 687 2,104 -	Incoming Resources £ - - - 918 - - - - - - - 13,500	Expenditure £ - - (4,375) (1,200) - - - - - - - -	Transfers £ - - - - - - - - - - - -	Balance at 30.9.2024 £ 4,110 13,573 124 144 100 225 37 26 71 687 2,104 13,500
		£ 25,858	£ 14,418	£ (5,575)	£ -	£ 34,701

Unrestricted Restricted Funds Funds £ £ Fund Balances at 30 September 2024 are represented by: Tangible Fixed Assets 561 - Current Assets 27,785 39,076 Current Liabilities (961) (4,375) £ 27,385 £ 34,701 £	Total Funds £ 561 66,861 (5,336) 62,086