## SOVEREIGN WORLD TRUST
## CHARITY NUMBER 1198177 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
**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 2025
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 2025
The trustees have pleasure in submitting their report and the accounts for the year ended 30 September 2025 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and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.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.
1
SOVEREIGN WORLD TRUST
REPORT OF TRUSTEES (CONTINUED)
## FOR THE YEAR ENDED 30 SEPTEMBER 2025
## **Review of Developments and Activities**
Now in our 40th year, we continue to supply pastors, church leaders, colleges and libraries in the poorest nations of the world with biblical teaching materials.
The vision of Sovereign World Trust remains the same as it was when it started in Chris and Jan Mungeam’s garage (storage) and kitchen (packing), although the implementation is very different. Our activities are made possible through the faithfulness of God and the support of our staff, volunteers and supporters.
The key theme for this year's report is again ‘bespoke’. This reflects the variety of resources we have available to share, the variety of needs among our recipients, and the variety of opportunities before us.
## **Mailings**
Our main strategy to meet the Trust's stated objectives is to send specially curated collections of typically 15 or 25 books. This is far more cost-effective than sending packages once a year. As a result, our recipients hear from us less often, but when they do, it is a substantial offering. Thanks to the generosity of people downsizing their personal collections, we have a good supply of used books available to send, and these often include heavier, high-value items. In this way, we can provide a broad and comprehensive selection of titles, including reference material, doctrine, character building, leadership development, exposition, and other important themes. The bespoke nature of these collections reflects differing circumstances and situations.
For some time, we had been holding a Charles Spurgeon collection while waiting to identify a suitable recipient. We were eventually able to send it to a Baptist training college in Uganda. Similarly, we were pleased to receive with a couple of hundred Grove booklets on a variety of topics, which were offered to a college in Kenya. An Anglican theological college proved a good home for a collection of N. T. Wright’s titles. Rural pastors without formal training benefit from collections of more straightforward, practical books written in less advanced English.
## **Libraries**
Some pastors have asked for help in setting up small libraries for other leaders in their area. In response, we have sent boxes containing multiple copies of a single title so that individuals can own their own copy, alongside collections of books for shared reference. One pastor sent us a photograph of his library, a large custom-built cupboard with a robust lock to keep the books safe. (The idea was to deter thieves who might break in and steal them for resale.)
## **Well received titles**
Two books that have been especially appreciated are the Essentials titles by Richard Wallis — one on leadership and the other a manual for running marriage courses. We are pleased that he is working on a third title, Preaching from the Old Testament, which the Trust hopes to publish in the coming year.
A particularly valued resource is Michael Eaton’s Branch Exposition, covering both the Old Testament and the New. Originally, this was the Preaching Through the Bible series published by Sovereign World Ltd and the Trust. More recently, the Langham Foundation edited and combined these into two volumes: www.bit.ly/LanghamLiteratureEaton.
While these are available online to anyone, anywhere in the world, we aim to place them into the hands of pastors who cannot afford them. Most often, we place them in local libraries where they can be shared or give them to leaders who have significant influence and teach others.
2
SOVEREIGN WORLD TRUST
REPORT OF TRUSTEES (CONTINUED)
## FOR THE YEAR ENDED 30 SEPTEMBER 2025
A particularly valued resource is Michael Eaton’s Branch Exposition, covering both the Old Testament and the New. Originally, this was the Preaching Through the Bible series published by Sovereign World Ltd and the Trust. More recently, the Langham Foundation edited and combined these into two volumes: www.bit.ly/LanghamLiteratureEaton. While these are available online to anyone, anywhere in the world, we aim to place them into the hands of pastors who cannot afford them. Most often, we place them in local libraries where they can be shared or give them to leaders who have significant influence and teach others.
## **Distribution**
It is not only our collections that are bespoke, but also our methods of distribution. We have been privileged to supply support teams travelling to a variety of nations. Using recycled suitcases, we have assembled 23kg collections for people to take as checked luggage on their flights overseas.
Our associate, Richard Smart, continues to take books to remote places in Uganda. Books are transported by container to Kampala, where they are stored and distributed through a network of trusted contacts.
## **Local Printing**
Another aspect of this bespoke approach concerns printing. Now that print-on-demand technology is well established in many nations, it often makes good sense to print locally when we run out of stock. We are confident that books reprinted in this way are especially useful because the requests originate locally. Generally, it costs less to do this than to freight books across the world.
## **Other languages**
Most of our books are, of course, in English. However, there are some languages into which translation makes excellent sense. There are around 150 million Swahili speakers in the world today, of whom around 26 million speak no other language. We continue to roll out a Swahili version of The Bible Student, an excellent collection of biblically themed studies. We are also hoping to produce a Chichewa version of our Mark Project.
Our longer-term future will involve expanding the collections of material available through our resource websites. There is a vast amount of material available on the internet these days. The challenge is that quality varies greatly, and it is often difficult to find reliable resources. Our aim is to provide a relatively small collection of highquality, relevant resources based on proven usefulness.
## **Review of Financial Position**
Last year's income was higher because we received some specific grant income. This year it is less but we have continued to work hard to achieve our objectives, in some instances drawing on reserves of restricted funds.
One area that we are monitoring closely is the imposition of tariffs on imported goods. In some cases, with some nations this is rather arbitrary and unrelated to the actual value of the books concerned. Sometimes recipients can negotiate these down but sometimes not. So, both freight costs and payments of import duty are a factor influencing where we provide support. We aim to strike a balance between need and cost effectiveness.
The long-term solution to these issues is the move to an internet-based resource provision. We are working steadily to reduce our stock levels. At the same time, we have been receiving some generous donations of high quality used **('preloved')** books. So, alongside the keyword ‘bespoke’ is another – ‘balance’.
The trustees and staff, and indeed our recipients, are grateful to all our supporters whose faithfulness enables us to continue this work.
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://sovereignworldtrust.org.uk/admin/userfiles/About_us_images/Annual%20Report%202024%20 %20very%20low%20res.pdf
3
SOVEREIGN WORLD TRUST
## REPORT OF TRUSTEES (CONTINUED)
## FOR THE YEAR ENDED 30 SEPTEMBER 2025
## **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: 27 July 2026
4
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 2025 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.
28 July 2026 72 Commercial Road Paddock Wood, Tonbridge, Kent
T Lane Director in M N Jenks & Co Ltd Chartered Accountants
5
SOVEREIGN WORLD TRUST
STATEMENT OF FINANCIAL ACTIVITIES
## FOR THE YEAR ENDED 30 SEPTEMBER 2025
|Unrestricted
Restricted
Funds
Funds
£
£
Income and endowments from:
Donations and Legacies
32,499
1,464
Investments – UK interest receivable
1,063
-
Income from Charitable Activities – Sales of books
-
-
Activities for Generating Funds - Rent
120
-
Other Income Resources
-
-
Total Income and endowments
33,632
1,464
Expenditure on:
Raising Funds
1,403
-
Charitable Activities
37,735
3,548
Total Expenditure(Note 2)
39,138
3,548
Net Income / (Expenditure)
(5,506)
(2,084)
Transfers between funds
-
-
Net movement in funds
(5,506)
(2,084)
Balances brought forward at 1 October 2024
27,385
34,701
Balances carried forward at 30 September 2025
£ 21,879
£ 32,617
£|Total
Funds
2025
£
33,913
1,063
-
120
-
35,096
1,403
41,283
42,686
(7,590)
-
(7,590)
62,086
54,496
£|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|
|---|---|---|
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.
6
SOVEREIGN WORLD TRUST
## BALANCE SHEET
## 30 SEPTEMBER 2025
|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: 27 July 2026
The notes set out on pages 8 to 12 form an integral part of these financial statements.
7
SOVEREIGN WORLD TRUST
NOTES TO THE FINANCIAL STATEMENTS
## 30 SEPTEMBER 2025
## 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 £150 (2024 - £ 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
8
SOVEREIGN WORLD TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## 30 SEPTEMBER 2025
## 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.
9
SOVEREIGN WORLD TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## 30 SEPTEMBER 2025
## 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|Charitable Activities
Support
Costs
Ministry
Expenses
Governance
Fund-raising
Costs
2025
Total
2024
Total
£
£
£
£
£
£
-
7,353
-
-
7,353
5,702
4,100
15,922
488
964
21,474
20,795
894
4,172
596
298
5,960
6,144
424
1,977
282
141
2,824
919
1,255
701
259
-
2,215
1,163
500
-
-
-
500
601
-
660
-
-
660
-
-
-
594
-
594
582
-
1,106
-
-
1,106
560
£ 7,173
£ 31,891
£ 2,219
£ 1,403
£ 42,686
£ 36,466|
|---|---|
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 2025
£
20,916
-
558
£ 21,474|Total 2024
£
20,185
-
610
£ 20,795|
|---|---|---|---|
||||£|
The Trust had 4 part-time employees during the year to 30 September 2025 (2024 – 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 (2024 – 1.0).
There were no employees with emoluments above £60,000 p.a. (2024 - £60,000).
## Trustee Expenses:
No expense payments were made to Trustees during the year and no remuneration was paid to Trustees during the year.
10
SOVEREIGN WORLD TRUST
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## 30 SEPTEMBER 2025
|4
5
6
7|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 2024
10,168
Additions
2,185
Disposals
-
At 30 September 2025
12,353
Depreciation:
At 1 October 2024
9,607
Charge for Year
1,106
Released by Disposals
-
At 30 September 2025
10,713
BOOK VALUE:
At 30 September 2025
£ 1,640
At 30 September 2024
£ 561
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|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 2024
10,168
Additions
2,185
Disposals
-
At 30 September 2025
12,353
Depreciation:
At 1 October 2024
9,607
Charge for Year
1,106
Released by Disposals
-
At 30 September 2025
10,713
BOOK VALUE:
At 30 September 2025
£ 1,640
At 30 September 2024
£ 561
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|2025
£
1,106
-
594
Office
Equipment
£
7,300
2,185
-|2025
£
1,106
-
594
Office
Equipment
£
7,300
2,185
-|2025
£
1,106
-
594
Office
Equipment
£
7,300
2,185
-|2024
£
560
-
582
Furniture
& Fittings
£
2,868
-
-|2024
£
560
-
582
Furniture
& Fittings
£
2,868
-
-|
|---|---|---|---|---|---|---|---|
|||||||&||
|||||||||
||||||9,485||2,868|
||||||6,739
1,106
-||2,868
-
-|
||||||7,845|||
||||£||1,640|||
|||£ 561|||£ 561|||
||||£||2025
£
297
457
-
£ 754
1,176
281
1,457
|||
|||||||||
|||||||||
11
SOVEREIGN WORLD TRUST
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## 30 SEPTEMBER 2025
|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
1.10.2024
£
4,110
13,573
124
144
100
225
37
26
71
687
2,104
13,500|Incoming
Resources
£
-
-
-
864
-
-
-
-
-
-
-
600|
Expenditure
£
(581)
(660)
-
(1,008)
-
-
-
-
-
(82)
-
(1,217)|Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-|Balance at
30.9.2025
£
3,529
12,913
124
-
100
225
37
26
71
605
2,104
12,883|
|---|---|---|---|---|---|---|
|||£ 34,701|£ 1,464|£ (3,548)|£ -|£ 32,617|
|Unrestricted
Restricted
Funds
Funds
£
£
Fund Balances at 30 September 2025 are
represented by:
Tangible Fixed Assets
1,640
-
Current Assets
21,696
32,617
Current Liabilities
(1,457)
-
£ 21,879
£ 32,617
£|Total
Funds
£
1,640
54,313
(1,457)
54,496|
|---|---|
12