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2024-12-31-accounts

Annual Report & Accounts

Trustees’ Annual Report and Financial Statements 2024 Scripture Gift Mission (Incorporated)

Company number 145932 Charity number 219055

Scripture Gift Mission (Incorporated)

Page

Contents

Report of the Trustees incorporating the strategic report for the year ended 31 December 2024 ...... 3 Reference and administrative details of the charity, its trustees & advisors ......................................... 3 Aims, objectives & activities ................................................................................................................... 4 Review of achievements and performance during the year .................................................................. 5 Financial review .................................................................................................................................... 13 Plans for future periods ........................................................................................................................ 14 Structure, governance & management ................................................................................................ 16 Trustees’ responsibilities in relation to the financial statements......................................................... 18 Disclosure .............................................................................................................................................. 18 Independent auditor’s report to the members of Scripture Gift Mission (Incorporated) ................... 19 Statement of financial activities ........................................................................................................... 22 Balance sheet ........................................................................................................................................ 23 Statement of cash flows ....................................................................................................................... 24 Notes to the financial statements ........................................................................................................ 25

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REPORT OF THE TRUSTEES INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees are pleased to present their annual report of the trustees, together with the financial statements of the charity for the year ended 31 December 2024 which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2011; the Companies Act 2006; the Memorandum and Articles of Association; and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES & ADVISORS

Charity Number: 219055
Company Number: 145932
Operating Name: Lifewords
Registered Office: 1A The Chandlery
50 Westminster Bridge Road
LONDON
SE1 7QY
Independent Auditor: Forvis Mazars LLP
2ndFloor, 6 Sutton Plaza
Sutton Court Road
Sutton
SM1 4FS
Principal Banker: Royal Bank of Scotland plc
Drummond House, 1 Redheughs Avenue
EDINBURGH
EH12 9RH
Investment Manager BNY Mellon Fund Managers Ltd
Client Service Centre, PO Box 366
DARLINGTON
DL1 9RF

Key management personnel: Trustees and Directors

The Trustees of the charity are the Directors for the purposes of company law and throughout this report are referred to as “the Board” or “the Trustees”. Board members serving during the year were as follows:

Directors and Trustees Robin Baker (Chair – from July 2024)
Liz Heyburn (Chair – until July 2024, retired December 2024)
Mark Hurley
Jo Jowett
Bev Thomas
Danielle Welch
Company Secretary Eduardo Juan Harris (resigned November 2024)
Jo Jowett (appointed November 2024)

Key management personnel: Executive Team

Creative & Communications Director Steve Bassett
Finance & Operations Director Eduardo Juan Harris
Global Bible Resources Director Jarek Jankowski

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AIMS, OBJECTIVES & ACTIVITIES

The Charity is an inter-denominational Christian organisation, formed to take the Christian gospel worldwide by the creation and predominantly free distribution of Scripture products and programmes. This is achieved through an International and UK Office in London, which also has close links with legally separate organisations in Australia, Brazil, Canada, India, Indonesia, Kenya, and USA. Our Global Bible Resources programme is managed and run from Poland. Orders from USA are processed from the UK or Poland.

AIMS

Working with partners around the world and with the church at large, the Charity works so that everyone, everywhere may have the opportunity to experience the Bible’s life words as good news for their lives, and for the world. We do this by creating opportunities for life words to be shared and lived out. All our programmes, resources, literature, and digital tools invite people to explore the Bible for themselves – and to share life words with others. We build bridges across languages and cultures, creating new ways into the Bible’s good news for all.

Our aims are achieved by:

The Trustees confirm that they have complied with their duty per the Charities Act 2011 to have due regard to the Charity Commission's general guidance on Public Benefit.

STRATEGIC OBJECTIVES FOR 2024

Our strategic objectives for 2024 were to be diligent stewards of the ministry and to outwork a vision for the mission of Lifewords that remains fruitful, transformative, and sustainable.

In delivering this strategy, we faced the ongoing challenges of finances, income generation, church activities, supporter engagement/nurture, and capacity, all in the context of global mission and Bible work. Our priority was always to nurture the most effective engagement with the Bible, the best collaborative partnerships, and the most appropriate infrastructure, with high-quality content and delivery. In 2024, we aimed to do this in part by maintaining the ongoing development, growth and delivery of our core, regular mission offerings.

Bible Resources

We are proud of our Scripture Gift Mission heritage of a core range of Bible literature in multiple languages that equips Christians all over the world in their evangelism, discipleship, and proclamation of the gospel. In line with this, we continued to deliver Bible resources in relevant languages while also investing in digital delivery to augment print. We worked to refresh our existing library and extend the range of languages.

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Digital

We strived to adapt to the dynamic changes in the digital and online environment, ensuring accessibility of our existing resources alongside new, authentic digital engagement with Scripture that engages youth and teen content creators with the Bible.

Marketing/communications

We planned to increase ministry awareness to uplift impact of our resources – extending profile through church-focused and culture-facing resources/programmes/projects/initiatives.

Church engagement

We continued networking with churches, communities, and partners to raise awareness of the ministry within UK churches as a go-to producer of resources that bring the Bible’s message to people in all walks of life, and as a ministry to global needs and contexts. We worked out of our heritage to continue producing materials that empower, equip, and engage people with the Bible’s life words.

Bible Engagement projects

We refined our larger scale projects and programmes (Bible Resources, Pavement Project and NINE BEATS), ensuring the most fit-for-purpose shape, and seeking to identify practical and financial partners.

Pavement Project

We continued roll-out of the trainers’ app and online training, alongside in-person counselling. The “train the trainers” model continued, with growth in more regions.

NINE BEATS

Our beatitudes-based project looked to more partnerships and networks, and to assess scale/funding opportunities and development. We connected with churches and the wider culture.

Funding

Seeking new funding sources, nurturing existing trusts and individual donors, and approaching new funders for the ministry across traditional, core, and new digital and “entrepreneurial” donors remained vital. We put effort into growing UK networks for impact and support; and worked with other Lifewords organisations outside the UK to engage more people in this work of sharing the Bible around the world.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE DURING THE YEAR

Providing ways into the Bible

2024 has been a year of looking ahead and laying foundations for our ongoing work, as well as strengthening both new and existing partnerships and connections with churches, organisations, chaplaincies, ministries and individuals.

This year we launched the Little Brick of Little Books as well as releasing both Little Book of Joy and Little Book of Advent .

Our resources have continued to be well-used this year. Our Global Bible Resources Team in Poland distributed over 362,000 printed booklets in 54 languages to 66 different countries. YouTube animations of these resources have now received over 2 million views. The team have a new resource, Love in Many Languages , ready to print at the beginning of 2025.

Through printed booklets, Pavement Project and digital resources, our colleagues in Brazil, Kenya, India, Indonesia, Australia and New Zealand continue to hold out the Bible’s words of life in their unique context. We have particularly enjoyed visiting a number of ministries, chaplaincies and churches in person, as well as introducing our resources to people at events and networks.

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WAYS INTO THE BIBLE – core audiences

LITERATURE

Global ordering website

“For many years I have had access to the prisons and there I have the opportunity to preach the good news. Your materials are very helpful to me in this mission. I can give them to people who come to meetings.”

Piotr, Poland

DIGITAL (GLOBAL)

Life Changing Words (LCW)

“Each message is a teaching for me. I am encouraged to hear the voice of God through your messages.” Francisco, Mexico

1 These figures for new resources include new translations of existing titles – e.g. “5 new titles” will include new languages for existing resources as well as new titles.

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UK

New resources in the UK

“I just wanted to take a moment to thank you for sending out your new Little Book of Advent . It had a profound impact on me, confirming things I felt God had already been speaking to me about. I’d even go so far as to say that the book changed the course of my life, allowing God to reveal more clearly where he is leading me.”

Sharon Lee, Junction 42

Little Brick of Little Books

“I’ve made a sort of library of Little Books in my cell. Lots of the men on my ward (which is designed to accommodate people with learning disabilities) really appreciate each one. When I bring back Little Books to the library, they are excited about each one.” Anon, HMP Dovegate

Easter and Christmas

“This year, we intend to revisit the concept of OUTSIDE/IN and to give each family a copy of the Lifewords booklet. It will be good to remind people, and to share with new people, the message that everyone is included, everyone is invited into the Christmas story, and the good news of Jesus Christ.” Jan Smith, St Bartholomew’s, Deeside

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Partnerships

Community-facing churches

“Thank you so much for sending us the Little Bricks of Little Books. They have been well received in our community café, with a number of people taking an interest or taking [booklets] away. The model of getting congregation members to buy them for us has also been very well received and has given us some inspiration for ways we could involve our congregation more in giving practical gifts to our ministry.” Sarah Hogben, Gateway Church, York

Chaplaincies

“I know that lives have literally been saved because of Lifewords resources because people have told me this. I’ve had some tell me: ‘I was going to kill myself last night. But then I read this, and I can see that I have a future now. I have new value.’ I wouldn’t be able to do my job without your resources. I can talk to people, but they need something to take back into their cells, to read when they are alone.” Rev Matt Martinson, HMP Humber

Exhibitions and Church Networks

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Media

“I heard Elizabeth King speaking on UCB2 radio and I was inspired by her story about the Little Books. I think they will be a valuable resource for our church and people I know who are struggling with depression and anxiety about serious illness and need to make sense of it. These Little Books may be the answer along with friendship and prayerful support.”

Sue Oxbury, Little Brick owner

UK digital and social media

Other resources

WAYS INTO THE BIBLE – unique mission opportunities

PAVEMENT PROJECT

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“One of the best trainings we’ve ever provided our staff was Picture Me . Pavement Project has become invaluable, allowing children to share their stories in ways we never imagined. We used to struggle to understand and break deep-seated behavioural patterns, but now we no longer have to guess. Pavement Project helps us identify specific traumas, enabling us to support children’s emotional healing more holistically. Thank you, Pavement Project team, for walking this journey with us.” Jean, founder of KaruaniIlam Trust, Tamil Nadu.

LATIN AMERICA

Pavement Project

“At just six years old, Ivo* struggled with intense anger, often lashing out at his peers. His parents’ separation and constant changes at home left him feeling lost and unsettled. During the Picture Me counselling, Ivo opened up about his pain, comparing himself to the lost sheep in the Bible story. Hearing how the sheep was found and cared for brought him comfort, and he left smiling, saying he would invite Jesus into his heart. Since then, Ivo has become calmer, fights less, and expresses his feelings more openly.” Pavement Project educator, Brazil

*name changed

AUSTRALIA

“I’m currently incarcerated in the Maryborough Correctional Centre in QLD. I have a lot of spare time to read and learn as much as I can about my new faith in Jesus. I am so grateful for the Lifewords resources that are simple, and [which] encourage me to understand more. … I thank God for you daily.” Paul D, Maryborough Correctional Centre

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AFRICA (KENYA)

Bible resources and partnerships

“The books have changed my life, giving me hope and faith in Jesus. You Matter booklet stands out for me. I learnt to love, live in peace and harmony with others. I asked God to forgive me for anything I have done to devalue others. Through sharing words of life, I have impacted other students in my school.” Emmanuel, 19 years old

Pavement Project Africa

“At a certain point, we stopped using the green bag, then we realised that during that period we did not succeed in our rehabilitation programme. … After much discussion, we found out Pavement Project was the missing component in our ministry, and we needed the children to open up and share their traumatic experiences and find healing. We went back to actively being involved with Pavement Project and since then, we have never looked back. Pavement Project has helped us find out the traumatic experiences our children have gone through, and we are able to connect them to God through the Bible stories, where they find healing. … All our three campuses are testifying to God's power in transforming lives through Pavement Project and more of our workers are asking how they can be trained through green bag to be part of what God is doing.”

Agape Children’s Ministry

INDONESIA

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INDIA

Bible resources

“The quality and content of Lifewords booklets is unmatched. The youth that I meet like to read through the booklet and engage in discussions. One of my favourite booklets is You Matter . God bless Lifewords!” Peter, an evangelist who uses Lifewords resources with young people.

Pavement Project India

Manipur

“This training has been a real eye opener for me. I was raised in a strict environment. And I always thought that’s the way I should treat my children as well as the children I am ministering to. I am like a strict tuition master to my own kids. I have never spoken lovingly to my children nor the kids in the project. I am going back from this training as a transformed man. God’s love is to be expressed through words and actions. Thanks Pavement Project for changing me. The green bag is a miracle bag.” Sankar, the first Pavement Project worker in Chhattisgarh state.

WAYS INTO THE BIBLE – Reaching and engaging new generations

VERSEFIRST

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“This series has been so moving and engaging for me. Thank you for the opportunity.” John Steven, involved in creating designs for the beatitudes series.

NINE BEATS

Ninefold Path

“So excited about this @the_ninefoldpath!! … I want to take everyone I know through this material.” Matt Nash, via Instagram

FINANCIAL REVIEW

Income from donations and grants was £735,901, a decrease of £68,533 on the previous year [2023: £804,434]. Total income was £1,522,991, an increase of £191,097 (+14%) on the previous year [2023: £1,331,894]. This reflects higher legacy income (an increase of £242,247 on the previous year). The financial statements show that 48% of income came from donations and grants [2023: 60%], 48% from legacies [2023: 37%], and 4% from literature sales, investments and other income [2023: 3%]. Total expenditure was £1,556,599 – an increase of £12,274 (+0.8%) on the previous year [2023: £1,544,325].

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The Charity spent 91% of its total expenditure on developing, producing, and delivering products and programmes in the UK and overseas [2023: 92%]. 9% was spent on raising funds [2023: 8%].

During the past financial year there was a deficit on ordinary activities of £33,608 [2023: deficit of £212,431]. The net movement in funds in 2024, which includes other recognised gains and losses, produced a surplus on the total funds of £145,363 [2023: deficit of £348,495]. This surplus includes FRS102 actuarial gains on the defined benefit pension scheme of £132,000 [2023: actuarial losses of £190,000].

Reserves policy

The Board has a formal reserves policy which is to hold in reserve sums to cover nine months’ planned expenditure (currently calculated at £1.5m) to respond to any (unforeseen) change in circumstances and levels of income. Through the approval and management of appropriate budgets the Charity also ensures it is in a position to maximise investment opportunities. Free reserves at 31 December 2024 (calculated as net assets, excluding restricted funds, the pension reserve, property & fixed assets and stock) were £2,018,493 [2023: £1,921,970]. This is above the reserves policy level (taking into account legacies recently notified, and plans for future use of Ministry Development funds) and is considered adequate to meet the needs of the Charity.

Investment policy and review

The Trustees pursue an investment policy on behalf of the Charity which provides a balance between income and capital growth, with a medium level of risk over the longer term, thereby enabling the Trustees to meet their objectives in respect of the requirements of the charity. Designated funds have been invested in the Newton Growth & Income Fund for Charities in line with the above policy. The net performance of the Newton Fund during the year was 9.5% against the comparative index of 9.3% [2023: performance of 8.6% against the comparative index of 9.3%]. During the year the Fund outperformed its comparative index by 0.2% [2023: underperformed by 0.7%]. The fund remains ahead of the index over three, five and ten years. At the end of the year the investments in the Newton Fund showed cumulative unrealised gains of £595,403 [2023: unrealised gains of £526,432]. The Trustees are satisfied with the current return on capital.

Pension fund

The Charity has two pension schemes. One is a defined contribution scheme with Aegon which is currently open to new members and meets the requirements of auto-enrolment. The second is a defined benefit scheme invested with Legal & General and administered by Barnett Waddingham LLP, which has been closed to new members since 25 March 2003 and closed to new accrual since 23 May 2012; and which, for the purposes of FRS102, showed a funding deficit of £388,000 [2023: deficit of £666,000]. The corresponding asset / liability does not result in an immediate cash flow impact on the Charity. In September 2014 the Trustees put in place a contingent asset security agreement with the trustees of the defined benefit pension scheme (on a property currently valued at the book value of £678,506) to strengthen the employer covenant and to give the pension trustees greater financial security over the assets of the employer. During 2025 a full triennial actuarial valuation of the pension fund will be undertaken as of 6 April 2025. If necessary, the Recovery Plan will be adjusted to take account of the result of this valuation. Contributions to the pension scheme are met through additional contributions from the Charity. The pension liability is therefore excluded from the free reserves calculation. Details of the retirement benefit schemes are disclosed in Note 19 to the financial statements.

PLANS FOR FUTURE PERIODS

We live in a world that has many problems, in which Bible ministry is presented with new challenges and opportunities every day. In this landscape, we plan ahead with the posture of being diligent stewards of the ministry, as we work out a mission vision that remains sustainable, fruitful and transformative.

Our core priorities for 2025 remain the management and application of our finances, income generation, expanding and deepening church activities, supporter engagement/nurture, all in the context of global

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mission and Bible work that meets the needs of Christians and communities worldwide. We will do this through the best collaborative partnerships, most appropriate infrastructure, best content/delivery and most effective engagement with the Bible that we can muster. At the same time, we will constantly assess, review and respond to challenges in a considered and prayerful manner.

In 2025 we will do that in part by maintaining the ongoing development, growth and delivery of our core, regular mission offerings:

Bible Resources

In line with our Scripture Gift Mission heritage, we will continue to deliver Bible resources in relevant languages, while adding to this range and investing in digital delivery to augment print. Having completed our project to refresh our existing library and extend the range of languages and achieve our initial target of at least two core titles (print and digital versions) in fifty languages, we will look at new titles and opportunities in 2025.

Digital

We will continue to adapt to the ever-changing digital and online world. We will work to ensure accessibility of our existing resources in digital formats and create new digital engagement with Scripture, whilst assessing skillsets and capacity to do this effectively.

Marketing/communications

We will look for channels to increase ministry profile to uplift impact of our resources – extending profile through church-focused and culture-facing resources/programmes/projects/initiatives.

Church engagement

We will continue networking with churches, communities, and partners to increase presence and profile within UK churches and church networks – presenting Lifewords as a ministry that brings the Bible’s message to people in all walks of life. We will continue to position ourselves as a forward-looking ‘heritage brand’, producing materials that empower and equip, inspire, and engage people with the Bible’s life words.

Bible Engagement projects

We will refine our larger scale projects and programmes (Bible Resources, Pavement Project and NINE BEATS), ensuring the most fit-for-purpose shape, and seek to identify partners, both practical and financial.

Pavement Project

The “train the trainers” model will continue, with anticipated growth in the regions where we provide the counselling resources to our partners who help vulnerable children.

NINE BEATS

We will continue to generate this broad collaboration sharing the beatitudes/Sermon on the Mount as a key text for our time through more partnerships and networks, and online/in person events. We will continue to assess scale/funding development within the overall work of Lifewords.

Funding

We will continue to seek new funding sources, nurture existing trusts and individual donors, and approach new funders for the ministry across traditional, core, and new “entrepreneurial” donors. We will grow UK networks for impact and support, and work with other Lifewords organisations outside the UK to better engage more people in this work of sharing the Bible around the world.

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STRUCTURE, GOVERNANCE & MANAGEMENT

Governing document

Scripture Gift Mission (Incorporated) is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association dated 30 December 1916, and altered by subsequent special resolutions, the most recent being dated 23 June 2011. Anyone over the age of 18 can become a member of the Company and at the accounting date there were 55 members [2023: 57], each of whom agrees to contribute £1.05p in the event of the winding up of the Company.

Organisation

The Board administers the Charity and meets at least four times a year. To facilitate effective operations, the Board has established an International Executive Team to lead the Mission, who have authority, within terms of delegation from the Board, for operational matters including finance, employment, and programme-related activity. The International Executive Team consists of the international directors: Steve Bassett (Creative & Communications), John Harris (Finance & Operations), Jarek Jankowski (Global Bible Resources), Clenir dos Santos (Pavement Project), and Dan Hardie (Australia/New Zealand). The dayto-day operations in the UK are overseen by Steve Bassett and John Harris with Jarek Jankowski in constant contact.

The Charity is the leading member of the Lifewords global family of organisations. The other members are separately incorporated companies in their respective countries. In 2024, there were agency agreements with member organisations in Australia, Brazil, Canada, Kenya, India, Indonesia, and USA. Our Global Bible Resources programme is managed and run from Poland. Orders from USA are processed from the UK or Poland.

Appointment of trustees

Trustees are appointed by the Board or by Ordinary Resolution of members for a three-year term and are eligible for re-election on two successive occasions only. A trustee cannot serve for a period of more than nine years, save with approval by unanimous vote from the Board.

Trustee induction and training

An introductory pack for potential trustees is in use. A programme of preliminary meetings with the Executive Team and Board members (including the Chair) precedes an invitation to attend a Board meeting, prior to an invitation to join the Board. Trustees are offered the opportunity to attend trustee training courses such as those provided by the National Charity Voluntary Organisation (NCVO).

Related parties

The Charity has two wholly owned dormant subsidiary companies in which the share capital is unpaid. Only Lifewords Ltd is likely to be used for the purpose of servicing future commercial needs. This company remained dormant during 2024.

The Finance Director acts as trustee for the charity Radstock Trust CIO which gave grants to the Charity during the year totalling £320,000 [2023: £350,000].

Jadan Reeves-Bassett, son of the Creative Director, was paid £9,400 for design services [2023: £7,150].

The aggregated total amount of donations received without conditions from key management personnel during the year was £1,555 [2023: £1,355].

Pay policy for senior staff

The Trustees consider the Board of Trustees (who are the Company Directors) and the senior staff with International Office responsibilities, comprise the key management personnel of the charity in charge of

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directing, controlling, running, and operating the charity on a day-to-day basis. All Trustees give of their time freely, and no Trustee received remuneration in the year. Details of Trustees’ expenses are disclosed in Note 9 of the financial statements.

The pay of all staff, including senior staff, is reviewed annually and normally increased in line with (CPI) inflation, if funds allow. If funding is under pressure, preference is given to lower-paid staff when making any pay awards. Senior staff pay is benchmarked against pay levels in similar organisations (religious/Christian charities of a similar turnover and size) using information from Third Sector pay surveys (published by ACEVO and Global Connections). The remuneration benchmark is the mid-point of the range paid for similar roles. Salaries were last benchmarked in September 2019.

Fundraising practice

The Charity is committed to ensuring all fundraising activities are carried out in an ethical and godly manner. The Charity is registered with the Fundraising Regulator and adheres strictly to their Code of Fundraising Practice and all legal obligations. We proactively monitor revisions to this code to ensure all our fundraising activities remain fully compliant. We confirm that we received no complaints regarding our fundraising activities or practices during this year or the previous year. We do not sell or swap data with other charities or organisations or make any cold telephone calls to the general public. In 2024 the Charity did not contract the services of professional fundraisers as defined by section 58 of the Charities Act 1992. We encourage all feedback, whether positive or negative, and we regularly monitor and analyse what people tell us to make sure we are continuously improving our procedures. If we become aware of any vulnerable people on our database, we ensure that they do not receive any appeals and ensure that any requests for details to be updated or deleted from our database are handled quickly. We have signed up to receive suppressions under the Fundraising Preference Service.

Risk management

The Trustees acknowledge that they have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. Board members are also cognisant of the requirement and responsibility for safeguarding the assets of the Charity and have taken steps towards the implementation of an ongoing process of risk assessment.

The risk management strategy includes:

The key risks facing the charity are identified as (a) reliance on legacy income; (b) deficit position of the charity’s Defined Benefit Pension Scheme; (c) loss of key management personnel; and (d) loss or damage to reputation (and subsequent loss of support). The Trustees and senior staff have sought to address these risks in 2024 through ongoing review of long-term financial strategy; ongoing management of the Pension Scheme; ongoing development of local Boards and personnel in the associated organisations outside the UK (increasing capacity and reducing the risk of losing key personnel in the UK); and ongoing oversight of creative development, particularly in new areas, with a view to safeguarding reputation.

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TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Charity Trustees (who are also the Directors for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

DISCLOSURE

The Trustees confirm that, so far as they are aware, there is no relevant audit information of which the Charity’s auditors are unaware, and that they have taken all reasonable steps as charity trustees to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Board and signed on its behalf by:

Robin Baker

Robin Baker (Mar 28, 2025 17:57 GMT)

Robin Baker Chair of the Board Date: 13[th] March 2025

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SCRIPTURE GIFT MISSION (INCORPORATED)

Opinion

We have audited the financial statements of Scripture Gift Mission (Incorporated) (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 charity 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 charity'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.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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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Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 the financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, the Charities Statement of Recommended Practice, UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation

20

Scripture Gift Mission (Incorporated)

of the financial statements, such as the Companies Act 2006 and the Charities Statement of Recommended Practice.

We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to use of restricted funds, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

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

Use of the audit report

This report is made solely to the charity’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 charity’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 charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Nicola Wakefield (Mar 31, 2025 10:03 GMT+1)

Nicola Wakefield (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS Date: 31-Mar-2025

21

Scripture Gift Mission (Incorporated)

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2024

STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2024
Notes
Funds
Income
£
Unrestricted Funds
Revaluation Reserve
General Fund and Designated		 Unrestricted Funds Restricted
Funds
£		 Total
Total
2024
2023
£
£
Funds
Designated
Donations and grants 320,317 - 415,584 735,901
804,434
Legacies 735,725 - - 735,725
493,478
1,056,042 - 415,584 1,471,626
1,297,912
Investment income
3
Other income
4		 37,166
2,622		 -
-		 11,577
-		 48,743
30,050
2,622
3,932
Total income 1,095,830 - 427,161 1,522,991
1,331,894
Expenditure
5
Costs of raising funds
Expenditure on charitable activities
Providing Bible resources
Enabling programmes for communities-in-need
Strengthening capacity of branches & partners		 138,146
694,377
81,577
30,338		 -
-
-
-		 -
375,067
237,094
-		 138,146
132,970
1,069,444
1,081,283
318,671
301,972
30,338
28,100
1,418,453
1,411,355
806,292 - 612,161
Total expenditure 944,438 - 612,161 1,556,599
1,544,325
Net (expenditure)/income before gains and losses 151,392 - (185,000) (33,608)
(212,431)
Realised & unrealised losses on property assets
11
Realised & unrealised gains on investment assets
12		 (22,000)
68,971		 -
-		 -
-		 (22,000)
-
68,971
53,936
Net income/(expenditure) 198,363 - (185,000) 13,363
(158,495)
Other recognisedgains and losses
19
Remeasurement gains/(losses) on defined benefit pension
scheme		 132,000 - - 132,000
(190,000)
Net movement in funds 330,363 - (185,000) 145,363
(348,495)
Reconciliation of funds
Funds brought forward 1 January 2024 1,900,735 225,000 895,290 3,021,025
3,369,520
Funds carried forward 31 December 2024 2,231,098 225,000 710,290 3,166,388
3,021,025

All income and expenditure in each of the above two years are derived from continuing activities. There are no other recognised gains or losses relating to either year.

22

Scripture Gift Mission (Incorporated)

BALANCE SHEET

at 31 December 2024

BALANCE SHEET
at 31 December 2024		 BALANCE SHEET
at 31 December 2024
2024
2023
Fixed assets
Notes
£
£
Tangible assets
10
Investment property
11
Investments
12		 802,020
823,556
8,000
30,000
1,037,016
968,045
Total fixed assets 1,847,036
1,821,601
Current assets
Debtors
14
Stock
Short-term deposits		 927,250
1,472,474
15,585
16,209
697,321
253,972
Cash at bank and in hand 181,314
283,200
Total current assets 1,821,470
2,025,855
Liabilities
15
Creditors: amounts falling due within one year		 (114,118)
(160,431)
Net current assets
Net assets excluding pension liability
Defined benefit pension scheme liability
19
Total net assets
Represented by:
1,707,352
1,865,424
3,554,388
3,687,025
(388,000)
(666,000)
3,166,388
3,021,025
Restricted funds
16
Unrestricted funds
16
General fund
Designated funds
Revaluation reserve (property investment)
Pension scheme reserve deficit
19
Total unrestricted funds		 710,290
895,290
1,705,598
1,631,235
1,130,500
1,130,500
8,000
30,000
(388,000)
(666,000)
2,456,098
2,125,735
Total charity funds 3,166,388
3,021,025

These financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies.

The notes on pages 25 to 34 form part of these financial statements.

Approved by the Trustees on 13[th] March 2025 and signed on their behalf by:

Robin Baker

Robin Baker (Mar 28, 2025 17:57 GMT) Robin Baker Chair of the Board

Scripture Gift Mission (Incorporated), Company number 145932 Date: 28-Mar-2025

23

Scripture Gift Mission (Incorporated)

STATEMENT OF CASH FLOWS

at 31 December 2024

----- Start of picture text -----
Notes 2024 2023
Cash flows from operating activities £ £
Net income/(expenditure) as per SOFA 145,363 (348,495)
Adjustments for:
Depreciation 10 23,424 31,825
(Gains)/losses on investments 11/12 (46,971) (53,936)
Investment income 3 (48,743) (30,050)
Decrease in debtors 14 545,224 167,122
Stock 624 8,219
(Decrease)/increase in creditors 15 (46,313) 78,690
Net cash provided/(used) by operating activities 572,608 (146,625)
Cashflows from investing activities
Purchase of property plant and equipment 10 (1,888) (14,163)
Investment income 3 48,743 30,050
Net cash provided by investing activities 46,855 15,887
Cashflows from financing activities
Movement in defined benefit pension scheme 19 (278,000) 47,000
Net cash (used)/provided by in financing activities (278,000) 47,000
Change in cash and cash equivalents in the reporting period 20 341,463 (83,738)
Cash and cash equivalents at the beginning of the reporting period 20 537,172 620,910
Cash and cash equivalents at the end of the reporting period 20 878,635 537,172
----- End of picture text -----

24

Scripture Gift Mission (Incorporated)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

1 LEGAL STATUS OF THE CHARITY

The Charity is a company limited by guarantee having no share capital. At the accounting date there were 55 members [2023: 57]. Each member undertakes to contribute such amount as may be required in the event of the winding up of the Charity up to a maximum of £1.05 (one guinea) each.

2 ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The trustees have reviewed detailed cash flow projections to 31 December 2025 and have agreed detailed budgets for the year ending 31 December 2025. Both sources of income and types of expenditure have been reviewed. Whilst one of the main charitable purposes of the Charity is to help people everywhere to experience the Bible as good news for their lives through programmes, resources, literature, and digital tools, the level of this needed expenditure is at the discretion of the Trustees and can be adjusted during the year. The Trustees have also considered the Charity's working capital and capital expenditure requirements. As a result of the foregoing the Trustees are satisfied that it is appropriate to prepare the accounts on a going concern basis.

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Fund accounting

Unrestricted Funds are funds which are available to use at the discretion of the Board in furtherance of the Charity’s charitable objects. There are two designated funds, the first of which is a fund of £905,500 with a corresponding long-term liability of the same amount designated as security against the deficit of the defined benefit pension scheme, giving a balance at year end of £nil [2023: £nil]. The second fund of £225,000 is a capital fund for new ministry development [2023: £225,000]. These designated funds were established following the surrender of the lease of the Charity’s former offices in 2010. Restricted Funds are funds which are used in accordance with restrictions expressed by donors, or which have been raised for specific purposes. The details of the appropriate funds in the accounting year are shown at Note 16.

c) Income

All income is reflected in the financial statements when the Charity is legally entitled to the income, and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earliest date of the Charity being notified of an impending distribution or the legacy being received. No value is included where the legacy is subject to a life interest held by another party. No amounts are included in the financial statements for services donated by volunteers.

d) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the Charity’s charitable activities. Where possible, all direct costs have been allocated to the appropriate activity. All other costs have been assigned as support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

e) Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include general management, finance and IT, premises and facilities, governance costs, and administration costs for the defined benefit pension scheme. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in Note 6.

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Scripture Gift Mission (Incorporated)

f) Depreciation

The basis for charging depreciation is that assets are depreciated on a straight-line basis to write off the cost of those assets over their estimated useful lives in the Charity’s activities.

Office long-term lease – over 50 years

Office purchase costs and irrecoverable VAT – over 50 years

Leasehold improvements and refurbishment – over 10 years

Equipment, fixtures and fittings – over 5 years Computers – over 4 years

g) Investment property

The investment property, which comprises a half-share in four freehold blocks of flats, is shown at the valuation date of December 2024 but with an impairment amount of £6,100 to reflect current market conditions (Note 11). At 31 December 2024 the investment property consists of the freehold, as all apartments have now been sold [2023: freehold]. Ground rent is being received in respect of the 16 apartments. The investment property is being held jointly with another charity. No depreciation is provided in respect of this property. The rental income from the investment has been shown net after expenses, in view of the immaterial amounts involved.

h) Fixed asset investments

Fixed asset investments are stated at market value at the accounting date. All unrealised gains and losses representing the change in value from the previous accounting date are charged against the appropriate fund.

i) Stock of Scriptures

Printing costs are charged to production costs at the date of purchase, but no account is taken of the stocks of completed or incomplete publications at the end of the accounting period, as these will be given away free of charge (Note 13).

j) Other stock

Stock of NINE BEATS albums, merchandise, and Ninefold Path resources is included at the lower of cost or net realisable value.

k) Operating leases

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain the lessor’s, are charged against income as incurred.

l) Taxation

As a registered charity, the Charity has no liability to United Kingdom taxation on its charitable activities.

m) Pension

The Charity operates a funded defined benefit pension scheme based on final pensionable salary, which is now closed to new employees and to further accrual. This has been replaced by a defined contribution scheme with Aegon based on individual personal pension funds for new employees. The assets of both schemes are held separately from those of the Charity, being invested with the above insurance companies. Contributions to both schemes are charged to the Statement of Financial Activities so as to spread the cost of pensions over employees' working lives with the Charity. The contributions to the defined benefit scheme are determined on the recommendation of a qualified actuary, and to the defined contribution scheme by agreement between the Charity and its employees.

In accordance with FRS102, the SOFA includes: the cost of benefits accruing during the year in respect of current service (charged against net income/(expenditure)); the expected return on the scheme’s assets and the increase in the present value of the scheme’s liabilities arising from the passage of time (charged against net income/(expenditure)); and actuarial losses recognised in the pension scheme (shown within net movement of funds). In accordance with FRS102, the balance sheet includes the deficit in the scheme, taking assets at their yearend market values and liabilities at their actuarially calculated values discounted at year-end AA corporate bonds yield curve. Further details regarding the scheme are disclosed in Note 19.

26

Scripture Gift Mission (Incorporated)

n) Foreign currencies

Foreign currencies have been converted to £ sterling at rates of exchange approximating to those ruling at the Balance Sheet date.

o) Significant management judgements

The following are the management judgements in applying the policies of the Charity that have the most significant impact on the amounts recognised in the financial statements:

3 INVESTMENT INCOME

The Charity’s investment income of £48,743 [2023: £30,050] arises from dividends from fixed asset investments (£22,186 [2023: £22,560]) and interest-bearing deposit accounts (£26,557 [2023: £7,490]).

4 OTHER INCOME

The Charity’s other income of £2,622 [2023: £3,932] arises from literature sales, some church display rack sales, and the sale of NINE BEATS albums, merchandise, and Ninefold Path resources.

5 ANALYSIS OF TOTAL EXPENDITURE

----- Start of picture text -----
Direct Support Total Total
Costs Costs 2024 2023
EXPENDITURE £ £ £ £
Costs of raising funds 81,170 56,976 138,146 132,970
Total cost of raising funds 81,170 56,976 138,146 132,970
Expenditure on charitable activities
Providing Bible resources 810,714 258,730 1,069,444 1,081,283
Enabling programmes for communities-in-need 290,183 28,488 318,671 301,972
Strengthening capacity of branches & partners 18,431 11,907 30,338 28,100
Total expenditure on charitable activities 1,119,328 299,125 1,418,453 1,411,355
TOTAL EXPENDITURE 1,200,498 356,101 1,556,599 1,544,325
----- End of picture text -----

6 ANALYSIS OF SUPPORT COSTS

6
ANALYSIS OF SUPPORT COSTS
Premises, DB pension
General Finance admin, legal Governance Total Total
management
& IT		 & finance Depreciation costs 2024 2023
£ £ £ £ £ £ £
Costs of raising funds 12,747 25,060 9,349 3,748 6,072 56,976 48,214
Providing Bible resources 57,363 112,769 44,406 16,865 27,327 258,730 234,869
Enabling programmes for communities-in-need 6,374 12,530 4,674 1,874 3,036 28,488 25,714
Strengthening capacity of branches & partners 3,187 6,265 - 937 1,518 11,907 12,627
Total support costs 79,671 156,624 58,429 23,424 37,953 356,101 321,424

Cost allocation includes an element of judgement, and the Charity has had to consider the cost benefit of detailed calculations and record-keeping. To ensure full cost recovery on projects, the Charity adopts a policy of allocating costs to the respective cost headings through the year. This allocation includes support costs where they are directly attributable. Therefore, the support costs shown are a best estimate of the costs that have been so allocated. The

27

Scripture Gift Mission (Incorporated)

defined benefit pension administration and finance costs include elements from both the General Fund and the Defined Benefit Pension (FRS102) Fund.

7 ANALYSIS OF GOVERNANCE COSTS

7
ANALYSIS OF GOVERNANCE COSTS
Total Total
2024 2023
GOVERNANCE COSTS £ £
Auditors' fees 19,291 19,266
Professional and legal fees 6,822 3,900
Strategic management 10,473 10,820
Trustees' expenses 1,367 2,522
Total governance costs 37,953 36,508

Auditors' fees (including irrecoverable VAT) include £17,430 for Audit services [2023: £15,070] as well as £1,861 related to a prior year under-provision [2023: £4,196].

8 STAFF COSTS

----- Start of picture text -----
Total Total
2024 2023
Staff costs £ £
Salaries 352,358 307,989
Social security 28,159 25,955
Pension 40,011 31,779
Other staff costs related to staff based overseas 340,609 324,108
Total staff costs 761,137 689,831
----- End of picture text -----

Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds. Other staff costs refer to staffing costs paid by Lifewords offices overseas. During the year, one employee [2023: two] received total employee benefits between £60,000 and £69,999 and one employee [2023: none] received total employee benefits between £70,000 and £79,999. Pension costs were £12,630 [2023: £12,089] in respect of these two employees.

The key management personnel of the Charity, comprise the Trustees, Creative Director, Finance Director and Global Bible Resources Director. The total employee benefits of the key management personnel of the Charity were £200,833 [2023: £177,559].

The average number of employees during the year, calculated based on headcount, was as follows:

Staff (headcount) 2024 2023
UK staff 8 8
Staff based overseas 13 13
Total staff (headcount) 21 21

The average number of employees during the year, calculated based on full-time equivalents, was as follows:

Staff (full-time equivalents) 2024 2023
UK staff 7 7
Staff based overseas 11 11
Total staff (full-time equivalents) 18 18

In the way that our global family of organisations operates, senior staff (key management personnel) in the UK are also responsible for facilitating and supporting work in the other six Lifewords centres in Brazil, India, Indonesia, Australia, Kenya and USA. All other national or functional directors report to the International Executive Team, as part of a global leadership team. Together as a global family we have 20‐25 volunteers outside of the UK making a significant contribution to training and coordinating our Bible programmes. A further 50+ volunteers serve as facilitators (peer mentors) for Pavement Project initiatives.

During the year the Charity transferred £172,347 to the defined pension scheme as part of the Recovery Plan [2023: £168,966] and £nil in respect of accrual of benefits [2023: £nil] in accordance with the Schedule of Contributions.

28

Scripture Gift Mission (Incorporated)

9 TRUSTEES

The Board members were not paid and did not receive any other benefits from employment with the Charity during the year or previous year. The aggregated amount of expenses reimbursed to four Board members during the year was £1,367 [2023: three Board members £2,522]. No Board member received payment for professional or other services supplied to the charity during the year or previous year.

10 TANGIBLE FIXED ASSETS

10 TANGIBLE FIXED ASSETS
Equipment,
fixtures Office
and fittings leasehold Total
Cost £ £ £
At 1 January 2024 101,431 1,084,553 1,185,984
Additions 1,888 - 1,888
Disposals and written off (8,074) - (8,074)
Cost at 31 December 2024 95,245 1,084,553 1,179,798
Depreciation
At 1 January 2024 96,802 265,626 362,428
Charge for the year 2,948 20,476 23,424
Disposals and written off (8,074) - (8,074)
Depreciation at 31 December 2024 91,676 286,102 377,778
Net book value
At 31 December 2024 3,569 798,451 802,020
At 31 December 2023 4,629 818,927 823,556

All the above assets were used in direct furtherance of the Charity's charitable objects.

The Trustees have granted a first legal charge over the office leasehold to the trustees of the defined benefit pension scheme to strengthen the employer covenant and to give the pension trustees greater financial security over the assets of the employer.

11 INVESTMENT PROPERTY

----- Start of picture text -----
2024 2023
UK property £ £
Value at 1 January 30,000 30,000
Revaluation (22,000) -
Value at 31 December 8,000 30,000
----- End of picture text -----

The investment property at 31 December 2024 consists of a half-share in four freehold blocks of flats [2023: freehold]. Ground rent is being received in respect of the 16 apartments already sold. The investment property is being held jointly with another charity. The half-share freehold interest of the Charity was valued in December 2024 by Tim Dallimore BSc MRICS Registered Valuer at £14,100, but is shown with an impairment amount of £6,100 to reflect current market conditions. There are no charges over this property or restrictions on its use.

2024 2023
Revaluation Reserve balance £ £
At original valuation at 31 December - -
Revaluation reserve balance (Note 16) 8,000 30,000

The original valuation was the market valuation at the date of death, as the property was acquired as a legacy.

29

Scripture Gift Mission (Incorporated)

12 FIXED ASSET INVESTMENTS

----- Start of picture text -----
2024 2023
£ £
Market value at 1 January 968,045 914,109
Change in value in the year 68,971 53,936
Market value at 31 December 1,037,016 968,045
Historical cost:
At 31 December 441,613 441,613
----- End of picture text -----

Listed investments are represented by 584,992 units in Newton Growth & Income Fund for Charities at a book value of £441,613 [2023: £441,613]. The cumulative unrealised gains on these investments are £595,403 [2023: £526,432].

13 STOCK OF SCRIPTURES

Stocks of Scripture publications held for future distribution, which have not been included in the assets on the Balance Sheet as these will be given away free of charge, have been valued by the Charity at 31 December 2024 at the sum of £85,443 [2023: £91,500]. This valuation has not been subject to audit.

14 DEBTORS

----- Start of picture text -----
2024 2023
£ £
Legacy debtors (unrestricted) 874,077 547,224
Legacy debtors (restricted) 15,000 896,092
Taxation recoverable 2,464 5,497
VAT recoverable 1,536 -
Pre-payments and other 34,173 23,661
Total debtors 927,250 1,472,474
----- End of picture text -----

15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Taxation and social security
7,143
7,882
Trade creditors
17,314
29,551
VAT liability
-
41,496
Other creditors
89,661
81,502
Total creditors due within one year
114,118
160,431

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Scripture Gift Mission (Incorporated)

16 MOVEMENTS IN FUNDS

----- Start of picture text -----
Balance at Income Expenditure Transfers Investment Actuarial Balance at
1 January Gains/(losses) Gains 31 December
£ £ £ £
Restricted funds
Providing Bible resources - 374,111 (374,111) - - - -
Choose Life - 831 (831) - - - -
Pavement Project 895,290 52,094 (237,094) - - - 710,290
NINE BEATS - 125 (125) - - -
895,290 427,161 (612,161) - - - 710,290
Unrestricted funds
Designated
Security against the deficit of the
- - - - - -
defined benefit pension scheme
Ministry development 225,000 - - - - - 225,000
Revaluation Reserve 30,000 - - - (22,000) - 8,000
General 1,870,735 1,095,830 (944,438) - 68,971 132,000 2,223,098
2,125,735 1,095,830 (944,438) - 46,971 132,000 2,456,098
Total funds 3,021,025 1,522,991 (1,556,599) - 46,971 132,000 3,166,388
----- End of picture text -----

The fund for providing Bible resources covers publications in a wide range of countries. Restricted income was also received and expended towards the development of the NINE BEATS project, aimed at engaging emerging generations with the Bible through the Beatitudes.

The funds for Choose Life and Pavement Project cover the current operation and ongoing development of these programmes (a values-based life-skills curriculum for teenagers, and the training & resourcing of workers in a Biblebased counselling process for children-at-risk, respectively).

There are two designated funds, the first of which is a fund of £905,500 with a corresponding long-term liability of the same amount designated as security against the deficit of the defined benefit pension scheme giving a balance at year end of £nil [2023: £nil]. The second fund of £225,000 is a capital fund for new ministry development [2023: £225,000].

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
General Revaluation Designated Restricted
----- End of picture text -----
Fund Reserve Funds Funds Total
£ £ £ £ £
Fund balances at 31 December 2024 are represented by:
Fixed assets 708,536 8,000 1,130,500 - 1,847,036
Current assets 1,111,180 - - 710,290 1,821,470
Current liabilities (114,118) - - - (114,118)
Total net assets before pension liability 1,705,598 8,000 1,130,500 710,290 3,554,388
Long term pension liability 517,500 - (905,500) - (388,000)
Total net assets 2,223,098 8,000 225,000 710,290 3,166,388

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Scripture Gift Mission (Incorporated)

18 RELATED PARTY TRANSACTIONS

The Charity has two wholly owned dormant subsidiary companies in which the share capital is unpaid. Only Lifewords Ltd is likely to be used for the purpose of servicing future commercial needs. This company remained dormant during 2024.

The Finance Director acts as trustee for the charity Radstock Trust CIO which gave grants to the Charity during the year totalling £320,000 [2023: £350,000].

Jadan Reeves-Bassett, son of the Creative Director, was paid £9,400 for design services [2023: £7,150].

The aggregated total amount of donations received without conditions from key management personnel during the year was £1,555 [2023: £1,355].

19 PENSION

The Charity operates two pension schemes in the UK. The assets of both schemes are held separately from those of the Charity, being invested with separate insurance companies. One is a funded defined benefit scheme invested with Legal & General and administered by Barnett Waddingham LLP, and the other a defined contribution scheme with Aegon; the former having closed to new employees on 25 March 2003 and closed to further accrual on 23 May 2012, with the latter being open to all new employees. Contributions to the defined benefit scheme are assessed on the basis of the advice of qualified actuaries using the projected unit credit method.

----- Start of picture text -----
Pension costs charged were: 2024 2023
£'000 £'000
Defined benefit scheme (Recovery Plan) 172 169
Defined contribution scheme 40 32
Total 212 201
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No amounts were owing at the year end [2023: £nil].

Additional FRS102 disclosures

The valuation used for FRS102 disclosures has been based upon the latest full actuarial valuation at 6 April 2022 and updated by a qualified independent actuary. The major assumptions used by the actuary were:

% 2024 2023
2022
n/a
n/a
3.00
3.05
4.60
4.85
3.10
3.20		 2021
2020
n/a
n/a
3.15
2.85
1.85
1.25
3.30
2.95
Rate of increase in salaries
Rate of increase for pensions in payment and deferred pension
Discount rate
Inflation assumption - retail price index increase		 n/a
3.00
5.50
3.25

32

Scripture Gift Mission (Incorporated)

19 PENSION (continued)

The assets in the scheme and the expected rate of return were:

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Long-term Long-term Long-term
rate of rate of rate of
expected expected expected
return at 2024 return at 2023 return at 2022
31/12/24 fair value 31/12/23 fair value 31/12/22 fair value
% £'000 % £'000 % £'000
Legal & General funds
Managed Funds 4.8 3,608 4.8 3,760 4.8 3,569
Annuities 2.7 913 2.7 1,062 2.7 1,155
Total market value of assets 4,521 4,822 4,724
Present value of scheme liabilities 4,909 5,488 5,343
Deficit in scheme being the net pension liability (388) (666) (619)
Analysis of the amount charged against operating income 2024 2023
£'000 £'000
Current service cost - -
Past service cost - -
- -
Total operating charge
Analysis of the amount credited to other finance income
or debited to other finance costs 2024 2023
£'000 £'000
Expected return on pension scheme assets 219 121
Interest on pension scheme liabilities (245) (147)
Net return (26) (26)
Re-measurements over the year
2024 2023
£'000 £'000
Losses on assets in excess of interest (377) (22)
Experience gains/(losses) on liabilities 22 (124)
(Losses)/gains from changes to demographic assumptions (20) 106
Gains/(losses) from changes to financial assumptions 507 (150)
Re-measurements over the year 132 (190)
The movements on the scheme deficit during the period for FRS102 purposes are:
2024 2023
£'000 £'000
Deficit in the scheme at beginning of year (666) (619)
Movement in year
Contributions 172 169
Interest on assets 219 121
Interest cost (245) (147)
Re-measurements over the year 132 (190)
Deficit in the scheme carried forward (388) (666)
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33

Scripture Gift Mission (Incorporated)

19 PENSION (continued)

History of experienced gains and losses

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2024 2023 2022 2021 2020 2019
Difference between actual and expected return on scheme assets (£'000) (377) (22) (1,927) 374 228 410
Percentage of scheme assets at end of year (8.3) (0.5) (40.8) 5.7 3.7 6.8
Experience gains/(losses) on scheme liabilities (£'000) 22 (124) (108) - 45 40
Percentage of the present value of the scheme liabilities 0.4 (2.3) (2.0) - 0.5 0.5
Total amount recognised in SOFA (£'000) 132 (190) 947 976 (843) (617)
Percentage of the present value of the scheme liabilities 2.7 (3.5) 17.7 11.8 (9.3) (7.6)
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Volatility of FRS102

It should be noted that the methodology and assumptions prescribed for the purposes of FRS102 mean that these disclosures are inherently volatile, varying greatly according to investment market conditions at each accounting date.

20 NOTE TO THE CASH FLOW

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At 1 At 31
January Cash December
2024 flows 2024
Cash at bank 283,200 (101,886) 181,314
Cash on deposit 253,972 443,349 697,321
537,172 341,463 878,635
Net cash 537,172 341,463 878,635
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