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2025-03-31-accounts

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Company Number: 503177 Charity Number: 232692

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Contents Page
Report of the Council Members 1-4
Statement of Council Members’ Responsibilities 5
Report of the Independent Auditors 6-8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12-19

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS

The Council Members have pleasure in presenting their report and the financial statements of the charity for the year ended 31[st] March 2025. This report serves the purposes of both a Trustees’ Report and a Directors’ Report under company law.

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).

Reference and administrative information

The Society is a registered charity and a company limited by guarantee with no share capital. (Charity number: 232692, Company number: 503177).

Council Members

The following members served during the year:

A R Passmore (Chairman) (Retired 18/2/2025) G Bennett G Lucas Mrs A Popoola

D Wightman (Chairman from 18/02/2025) Miss A Lawrence J H Pike (Honorary Treasurer) M Ramsey

Key Management Personnel

Dr. Alec Passmore, Mr Desmond Wightman, Mr Ian Corby and General Secretary Mr R Meyer were the Key Management Personnel of the charity during the year.

Bankers

Barclays Bank plc 5/6 High Street Hitchin Herts SG5 1BJ

Auditors

Xeinadin Audit Limited 5 Robin Hood Lane Sutton Surrey SM1 2SW

Solicitors Wellers Tenison House Tweedy Road Bromley Kent BR1 3NF

Registered Office

Joseph House 1 Bury Mead Road Hitchin Herts SG5 1RT

1

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

Structure, Governance and Management

The Society for Distributing Hebrew Scriptures is a company limited by guarantee, incorporated on 5[th] January 1952 in England & Wales, UK. It is registered with the Charity Commission. The company was established under a new Memorandum of Association in February 2011 which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Appointment and induction of Council Members

Council Members are appointed by the Council and at each Annual General Meeting one third of Council Members will retire from office. On retirement Council Members are eligible for re-election. The Articles of Association provides for a minimum of five Council Members and a maximum of 25. The Council Members are directors of the company. The Council Members are also responsible for the appointment of new members.

New Council Members undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Council and the decision making processes and the recent performance of the charity. They also meet key employees and the other Council Members.

Risk assessment policy

The Council members consider the principal risks and uncertainties facing the charity and have plans and strategies for managing events that might otherwise disrupt the work of the Society. Recommendations regarding risk management are made to Council by the General Secretary and action taken accordingly.

Organisational policy

The Council Members meet every three months and when required there are sub-committees covering finance and investments and other requirements as necessary. The General Secretary, Mr. Rohan Meyer is appointed to manage the day to day operations of the Society. To facilitate effective operations, the General Secretary has delegated authority, within the terms of delegation approved by the Council Members, for operational matters including finance, employment and production and policies for the dissemination of religious knowledge.

The key management personnel of the charity as listed on page 1 are in charge of directing, controlling, running and operating the charity. All Council members give of their time freely and no Council member received any remuneration in the year. Details of Council members’ expenses and related party transactions are disclosed in Note 3 to the financial statements.

The salaries of all Society personnel are set by a meeting of Council Members in March of each year. The current national financial situation is taken into consideration, along with the Society’s income and a comparison with other similar organisations. All key personnel are treated the same as other employees.

Objectives and activities

The principal activity of the Society is the production, publication and distribution of the Hebrew Scriptures.

Policy of the Society

The policy of the Society is to supply every Jewish home throughout the world with a free copy of the Holy Scriptures, printed in the dual languages of Hebrew and another language appropriate to the recipient.

2

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

The policies it has adopted to fulfil this are the production and publication of testaments, religious booklets, leaflets and CD-ROMs which are distributed to the public, and the dissemination of religious knowledge through meetings and conferences.

Public Benefit

The Council Members confirm that they have had due regard to the guidance issued by the Charity Commission relating to public benefit in forming their policy.

The Society has provided public benefit by adhering to its objectives and carrying out the activities referred to in this report, namely the publication and distribution of the Society’s Scriptures, free of charge to Jewish people as widely as possible, both in the UK and overseas. This brings spiritual, moral and practical benefits. Those of non-Jewish religions, when met, are also offered free of charge, very attractive English New Testaments and they are widely accepted.

Achievements and performance

Review of operations for the year

During the current year 14,672 Testaments have been distributed, compared to 13,632 in the previous year. 2,120 booklets have been distributed, compared with 3,344 in the previous year. Also during the year, 331 CDs were distributed, compared with 512 in the previous year.

The Council wish to record the faithfulness of the LORD God Almighty in supplying all the needs of the Society from year to year. The Council also wish to place on record its great appreciation of the loyal and devoted services to the Society of the General Secretary and all other members of staff, including voluntary helpers.

Financial review

Overall financial position

The results for the year ended 31[st] March 2025 are set out in the Statement of Financial Activities on page 9. Net income (pre investment gains) of £26,180 (2024: £312,769) arose in the year. The Society remains heavily dependent on donations and legacies, the income from which was £595,053 (2024: £817,080). Together with the investment and other income the Society was able to fund its charitable expenditure of £607,813 (2024: £530,241) on charitable activities.

Investment policy

It is the Council’s policy to invest funds in Government Securities, UK Equities, Guaranteed funds and longterm Bank and Building Society deposits to provide income and growth over the medium to long-term which collectively give a low to medium risk portfolio and will at least maintain the value of the Society’s assets in real terms as far as market conditions allow. The charity has made such investments to generate a return and has made no social investments.

Reserves policy

Council Members have established a policy whereby the unrestricted funds not committed or invested in fixed assets and stocks of scriptures held by the charity should equate to approximately one year’s worth of other resources expended, approximately £600,000 per annum. At this level the Council feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding.

At the year end, the charity’s unrestricted funds were £3,344,492 of which £2,027,489 were employed in the Society’s stock and fixed assets.

The level of free reserves at the year-end was £717,003 more than the £600,000 required by the reserves policy. The Council Members expect this to be utilised in the ongoing work of the Society in the next few years.

3

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

Fundraising policy

The Society does not undertake any direct fundraising activity but is pleased to receive donations from churches and individuals who wish to support its work.

Plans for the future

In the year ahead we anticipate:

  1. There will be further purchases of Hebrew-English Old Testaments as required.

  2. The Society continues its meetings in churches, and several conferences are planned for the coming year. Mr. Tom Rice and Mr Geraint Howells continue to represent the Society in Northern Ireland and Scotland, and Wales and the South-West of England, respectively.

  3. Personal distribution will continue in North London, Manchester, Hertfordshire, Essex and other places in the UK on a regular basis as distributors come forward.

  4. Worldwide distribution continues through the Society’s website and personal contacts

Auditors

A resolution will be proposed at the Annual General Meeting that Xeinadin Audit Limited be reappointed auditors to the Society for the ensuing year.

4

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

REPORT OF THE COUNCIL MEMBERS (continued)

Council Members’ responsibilities

The Council Members (being directors and trustees of the charitable company) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Under that law the Council Members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Council Members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the income and expenditure of the company for that period.

In preparing those financial statements, the Council Members are required to:

The Council Members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Small company

The above report is prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

ON BEHALF OF THE COUNCIL

23[rd] September 2025

D Wightman

5

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

Opinion

We have audited the financial statements of The Society For Distributing Hebrew Scriptures (the ‘charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the council members’ 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 12 months from when the financial statements are authorised for issue.

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

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

We have nothing to report in this regard.

6

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the 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 with the report of the council members.

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 the council members

As explained more fully in the council members’ responsibilities statement, the council members (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 council members 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 council members either intend to liquidate the company 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 these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those

7

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES (continued)

laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to the valuation of stock, identification of legacy income, and incorrect payments to third parties.

In response to the risks identified we designed procedures which included, but were not limited to:

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Richard Haffenden MA(Cantab) FCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Statutory Auditor Chartered Accountants

5 Robin Hood Lane Sutton Surrey SM1 2SW

September 2025

8

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

STATEMENT OF FINANCIAL ACTIVITIES (including income & expenditure account) FOR THE YEAR ENDED 31ST MARCH 2025

Note
Income from:
Donations
Legacies
Investments
2
Other income
Total income
Expenditure on:
Charitable activities
Production & distribution
4
Dissemination of religious knowledge
4
Total expenditure
Net gains on investments
Net income
Reconciliation of funds
Funds brought forward
Funds carried forward		 Unrestricted funds Unrestricted funds
2025
£
434,703
160,350
34,623
4,317
633,993
446,345
161,468
607,813
3,801
29,981
3,314,511
3,344,492		 2024
£
420,535
396,545
24,741
1,189
843,010
394,107
136,134
530,241
7,616
320,385
2,994,126
3,314,511

9

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

BALANCE SHEET

AT 31ST MARCH 2025

Note
Fixed assets
Tangible assets
6
Investments
7
Current assets
Stocks
8
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due within
one year
10
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted Funds
11
General fund (including revaluation
reserve of £63,103 (2024: £59,302)
Fixed Asset fund
Stock Reserve		 2025
£
£
1,064,951
333,782
1,398,733
628,756
190,329
1,146,813
1,965,898
(20,139)
1,945,759
3,344,492
1,650,785
1,064,951
628,756
3,344,492		 2024
£
£

1,077,118

329,981
1,407,099
691,539
57,007
1,172,455
1,921,001
(13,589)
1,907,412
3,314,511
1,545,854
1,077,118
691,539
3,314,511

These accounts have been prepared in accordance with the provisions available to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements were approved by the Council on 23[rd] September 2025 and signed on its behalf by:

D Wightman Honorary Chairman

Company number 503177

10

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2025

2025 2025 2024 2024
Note £ £ £ £
Cash (used in)/provided by operating
(i)		 (57,014) 266,937
Cash flows provided by investing
Interest and dividends received 34,623 24,741
Payments for fixed asset additions (3,251) (476,808)
Cash provided by/(used in) investing
activities		 31,372 (452,067)
Net cash inflow (25,642) (185,130)
Cash and cash equivalents at 1 April 1,372,455 1,557,585
Cash and cash equivalents at 31 March 1,346,813 1,372,455
(i) Cash flows from operating activities
2025 2024
£ £
Net income for the year 29,981 320,385
Interest and dividends included in investing activities (34,623) (24,741)
Depreciation 15,418 14,952
Net unrealised (gains) on investments (3,801) (7,616)
Decrease/(increase) in stocks 62,783 (17,647)
(Increase) in debtors (133,322) (18,314)
Increase/(decrease) in creditors 6,550 (82)
Cash (used in)/provided by operating activities (57,014) 266,937
(ii) Changes in net funds
At 1 April 2024 Cash flow
At		 31 March 2025
£ £ £
Cash at bank 1,172,455 (25,642) 1,146,813
NSI investments 200,000 - 200,000
1,372,455 (25,642) 1,346,813

11

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

1 ACCOUNTING POLICIES

The Society for Distributing Hebrew Scriptures is a company limited by guarantee, incorporated on 5[th] January 1952 in England & Wales, UK. It is registered with the Charity Commission. Its registered office is Joseph House, 1 Bury Mead Road, Hitchin, Herts SG5 1RT.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Accounting convention

The financial statements have been prepared under the Companies Act 2006, the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of fixed asset investments.

The Society for Distributing Hebrew Scriptures meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts are rounded to the nearest £.

(b) Going concern

The Council members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees believe the going concern basis of accounting continues to be appropriate in preparing the annual financial statements.

(c) Tangible fixed assets

Tangible fixed assets are stated at cost or Council members’ estimate of market value less depreciation and any impairment. Depreciation is charged on tangible fixed assets so as to write them off over their expected useful lives at the following rates:

Freehold buildings – 2% of cost per annum Office furniture and equipment – 12.5% - 25% of cost per annum Motor vehicles – 25% of cost per annum

Freehold land is not depreciated.

At each reporting date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

(d) Stocks

Stocks are valued at cost, as they consist of items that are distributed at nil cost to the beneficiaries. As such, in order for the financial statements to represent a true and fair view of the state of affairs of the company, the valuation of stock at the lower of cost and net realisable value in accordance with paragraph 10.61 of the Charities Statement of Recommended Practice (Charities SORP (FRS 102)), has not been made. Provision is made for old and obsolete stock.

(e) Debtors

Income tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

12

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

1 ACCOUNTING POLICIES (continued)

(f) Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

(g) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

(h) Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(i) Taxation

The Society is a registered charity which renders its income exempt from UK corporation tax.

(j) Income

Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured.

(k) Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that are directly attributable to such activities and those costs of an indirect nature necessary to support them. Support costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect use of the resources. Costs relating to a particular activity are allocated directly, other costs are apportioned on an estimated usage. Salary is split 70:30 between production and distribution and dissemination of religious knowledge respectively.

(l) Investments

Investments are stated at the mid-market price ruling at the balance sheet date, which is considered to be materially equivalent to the fair value of the investments. Unrealised gains and losses are included in the statement of financial activities. Investment income is stated on a receivable basis. Realised gains and losses arising on disposal of investments are separately identified in the Statement of Financial Activities.

(m) Funds

The nature and purposes of the designated funds are explained in note 11.

(n) Intangible income

13

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

1 ACCOUNTING POLICIES (continued)

(o) Pension costs

Pension costs are charged in the period in which they are payable to the pension scheme.

2 INVESTMENT INCOME

2
INVESTMENT INCOME
Listed investments
Bank and short-term deposit interest		 2025
£
4,582
30,041
34,623		 2024
£
4,371
20,370
24,741

3 EMPLOYEE INFORMATION AND RELATED PARTIES

Salaries
Social security costs
Pension costs		 2025
£
298,720
24,738
17,732
341,190		 2024
£
268,249
21,866
17,436
307,551

There was one individual staff member whose emoluments exceeded £60,000 during the year (2024: none).

The average number of persons employed during the year were:

Administration
Distribution
Dissemination		 2025
No
4
3
2
9		 2024
No
4
2
3
9

Contributions by the employer towards money purchase pension schemes were made in respect of 7 employees (2024: 7). The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost and charge represents contributions payable by the company to the funds. At 31st March 2025 no contributions were payable to the funds (2024: £nil).

The Council Members did not receive any remuneration from the company, but some received reimbursement for expenses incurred in attending meetings. The gross amount reimbursed in respect of attendance at meetings and other disbursements in the year was £817 (2024: £1,404) for 3 Council Members (2024: 2).

Total remuneration of £72,637 was paid in respect of the employment of Key Management Personnel during the year (2024: £72,637).

There were no other related party transactions during the year.

14

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

4 CHARITABLE EXPENDITURE

Direct
costs
Support
costs
2025
Total
£
£
£
Production and distribution
Testament costs
62,783
-
62,783
Salaries
170,276
58,714
228,990
Distribution
86,541
-
86,541
Depreciation
-
15,418
15,418
Repairs and renewals
-
10,918
10,918
Computer expenses
-
4,669
4,669
Conferences and advertising
-
4,952
4,952
Travel and subsistence
-
5,356
5,356
Other production costs
16,767
-
16,767
Audit and accountancy
-
4,245
4,245
Other governance costs
-
5,706
5,706
336,367
109,978
446,345
Dissemination of religious knowledge
Salaries
85,658
25,163
110,821
Donations
10,000
-
10,000
Travel and meeting expenses
8,210
-
8,210
Vehicle running expenses
2,512
-
2,512
Magazine costs
10,852
-
10,852
Bookfairs and exhibitions
2,286
-
2,286
Stationery and printing
-
3,177
3,177
Bank charges
-
2,211
2,211
General expenses
-
2,107
2,107
Legal and professional
-
5,026
5,026
Audit and accountancy
-
1,820
1,820
Other governance costs
-
2,446
2,446
119,518
41,950
161,468
Total charitable expenditure
455,885
151,928
607,813
estament costs represent the cost of scriptures granted to individuals.
5
NET INCOME
2025
£
This is stated after charging:
Depreciation
15,418
Auditors’ remuneration (including VAT):
for audit services
4,200
for non-audit services
1,865		 2024
Total
£
50,180
204,593
80,844
14,952
9,939
3,340
380
5,914
14,866
3,874
5,225
394,107
97,958
-
10,026
3,379
10,884
1,506
3,127
1,295
1,523
2,535
1,661
2,240
136,134
530,241
2024
£
14,952
4,000
1,535

Testament costs represent the cost of scriptures granted to individuals.

15

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

6 TANGIBLE FIXED ASSETS

Freehold
property
£
Cost
At 1 April 2024
1,296,122
Additions
-
At 31 March 2025
1,296,122
Depreciation
At 1 April 2024
225,168
Charge for the year
13,542
At 31 March 2025
238,710
Net book value
At 31 March 2025
1,057,412
At 31 March 2024
1,070,954
7
INVESTMENTS
Long term investments
Fair value at 1st April 2024
Net unrealised quoted investment gain
Fair value at 31st March 2025
Long term bank and building society deposits
The fair value comprises:
Historical cost of investments at 31 March 2025
Accumulated unrealised gain		 Equipment
£
29,381
841
30,222
28,313
676
28,989
1,233
1,068		 Furniture
& fittings
Motor
vehicles
Total
£
£
£
11,825
17,510
1,354,838
2,410
-
3,251
14,235
17,510
1,358,089
6,729
17,510
277,720
1,200
-
15,418
7,929
17,510
293,138
6,306
-
1,064,951
5,096
-
1,077,118
2025
2024
£
£
129,981
122,365
3,801
7,616
133,782
129,981
200,000
200,000
333,782
329,981
70,679
70,679
63,103
59,302
133,782
129,981		 Total
£
1,354,838
3,251
1,358,089
277,720
15,418
293,138
1,064,951
1,077,118
Within these investments are the following whose fair values as at 31st March 2025 are considered to be Within these investments are the following whose fair values as at 31st March 2025 are considered to be
material:
Scottish American Investment Co plc 60,332
Shell plc 73,450

16

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

8 STOCKS

2025 2024
£ £
Stocks of publications for distribution 628,756 691,539

9 DEBTORS

Income tax recoverable
Prepayments and accrued income
Other debtors		 2025
£
12,068
17,973
160,288
190,329		 2024
£
14,312
8,208
34,487
57,007

10 CREDITORS: Amounts falling due within one year

Trade creditors
Other creditors
Accrued expenses		 2025
£
1,825
7,419
10,895
20,139		 2024
£
2,503
6,086
5,000
13,589

11 UNRESTRICTED FUNDS

2025
General fund
Designated funds
Fixed asset fund
Stock reserve
Total funds		 Balance
B/F
£
1,545,854
1,077,118
691,539
3,314,511		 Net
income
£
26,180
-
-
26,180		 Revaluation
£
3,801
-
-
3,801		 Transfers
£
74,950
(12,167)
(62,783)
-		 Balance
C/F
£
1,650,785
1,064,951
628,756
3,344,492

17

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

11 UNRESTRICTED FUNDS (continued)

2024
General fund
Designated funds
Fixed asset fund
Stock reserve
Total funds		 Balance
B/F
£
1,704,972
615,262
673,892
2,994,126		 Net
income
£
312,769
-
-
312,769		 Revaluation
£
7,616
-
-
7,616		 Transfers
£
(479,503)
461,856
17,647
-		 Balance
C/F
£
1,545,854
1,077,118
691,539
3,314,511

The Fixed Asset Fund is a fund whose balance is maintained at a level equal to the net book value of tangible fixed assets held for use by the charity and the Stock Reserve is a fund whose balance is maintained at a level equal to the stocks of scriptures held for distribution. The transfers to the General fund from these funds represent the movement in the net book value of fixed assets and stocks held during the period.

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS

2025
General fund
Designated funds
Fixed asset fund
Stock reserve
Total net assets
2024
General fund
Designated funds
Fixed asset fund
Stock reserve
Total net assets		 Tangible
fixed assets
£
-
1,064,951
-
1,064,951
Tangible
fixed assets
£
-
1,077,118
-
1,077,118		 Investments
£
333,782
-
-
333,782
Investments
£
329,981
-
-
329,981		 Current
assets
£
1,337,142
-
628,756
1,965,898
Current
assets
£
1,229,462
-
691,539
1,921,001		 Current
liabilities
£
(20,139)
-
-
(20,139)
Current
liabilities
£
(13,589)
-
-
(13,589)		 Total
funds
£
1,650,785
1,064,951
628,756
3,344,492
Total
funds
£
1,545,854
1,077,118
691,539
3,314,511

18

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

13 COMPANY STATUS

The Society is a company incorporated in England and Wales limited by guarantee with no share capital. The liability of each member under guarantee does not exceed the sum of £10.

14 CAPITAL COMMITMENTS

There were no capital commitments as at 31st March 2025.

19

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

INCOME
General donations
Donations – non personal
Donations – personal (Gift Aid)
Gift Aid Recoverable
Donations received through representatives
Northern Ireland
England & Wales
Legacies
Other income
Conference income
Stamps for Testament
Investment income
Listed investments
Interest receivable
Total income
EXPENDITURE
Testaments distributed at cost
Stocks at 1st April 2024
Purchases
Stocks at 31st March 2025		 2025
£
212,246
99,014
22,465
333,725
90,725
10,253
100,978
160,350
2,772
1,545
4,317
4,582
30,041
34,623
633,993
691,539
-
(628,756)
62,783		 2024
£
168,998
104,554
23,830
297,382
107,378
15,775
123,153
396,545
20
1,169
1,189
4,371
20,370
24,741
843,010
673,892
67,827
(691,539)
50,180

20

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

EXPENDITURE (continued)
Production cost
Salaries and pensions
Travel and subsistence
Rent and rates
Depreciation
Heat and light
Computer expenses
Repairs and renewals
Insurance
Conferences and advertising
Distribution costs
Carriage and packing
Postage
Telephone
Dissemination of religious knowledge
Salaries and pensions
Donations and gifts
Travel and meeting expenses
Vehicle running costs
Representatives
Legal and professional
Magazine
Book fair & exhibitions
General expenses
Stationery and printing
Bank charges
Governance costs
Office salaries and pensions
Audit and accountancy fees
Travel and subsistence
Hospitality
Total expenditure
Net gain on investments
Net income for the year		 2025
£
228,990
5,356
4,805
15,418
3,963
4,669
10,918
7,999
4,952
287,070
6,994
78,633
914
86,541
110,821
10,000
533
2,512
7,677
5,026
10,852
2,286
2,107
3,177
2,211
157,202
5,360
6,065
738
2,054
14,217
607,813
3,801
29,981		 2024
£
204,593
5,914
4,138
14,952
3,470
3,340
9,939
7,258
380
253,984
20,788
59,433
623
80,844
97,958
-
521
3,379
9,505
2,535
10,884
1,506
1,523
3,127
1,295
132,233
5,000
5,535
1,058
1,407
13,000
530,241
7,616
320,385

21

THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2025 (continued)

22