## **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. 

5. 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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the 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: 

- the information given in the Trustees' Report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the Trustees' Report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the 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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of council members’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the council members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemptions in preparing the council members report and from the requirement to prepare a strategic report. 

## **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: 

- verifying the existence and cost of stocks held 

- reviewing council members meeting minutes 

- reviewing correspondence relating to legacies 

- evaluating the charity’s internal controls 

- verifying payments to third parties on a sample basis 

- identifying and testing journal entries 

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



9 



## **THE SOCIETY FOR DISTRIBUTING HEBREW SCRIPTURES** 

## BALANCE SHEET 

## AT 31ST MARCH 2025 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>6<br>Investments<br>7<br>**Current assets**<br>Stocks<br>8<br>Debtors<br>9<br>Cash at bank and in hand<br>**Creditors: Amounts falling due within**<br>**one year**<br>10<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Represented by:**<br>Unrestricted Funds<br>11<br>General fund (including revaluation<br>reserve of £63,103 (2024: £59,302)<br>Fixed Asset fund<br>Stock Reserve|**2025**<br>**£**<br>**£**<br>1,064,951<br>333,782<br>1,398,733<br>628,756<br>190,329<br>1,146,813<br>1,965,898<br>(20,139)<br>1,945,759<br>3,344,492<br>1,650,785<br>1,064,951<br>628,756<br>3,344,492|**2024**<br>**£**<br>**£**<br> <br>1,077,118<br> <br>329,981<br>1,407,099<br>691,539<br>57,007<br>1,172,455<br>1,921,001<br>(13,589)<br>1,907,412<br>3,314,511<br>1,545,854<br>1,077,118<br>691,539<br>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**|<br>(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**<br>**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**|<br>**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** 

- No value has been placed on the support given to the Society by way of unpaid voluntary assistance. 

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



## 3 **EMPLOYEE INFORMATION AND RELATED PARTIES** 

|Salaries<br>Social security costs<br>Pension costs|**2025**<br>**£**<br>298,720<br>24,738<br>17,732<br>341,190|**2024**<br>**£**<br>268,249<br>21,866<br>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<br>Distribution<br>Dissemination|**2025**<br>**No**<br>4<br>3<br>2<br>9|**2024**<br>**No**<br>4<br>2<br>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**<br>**costs**<br>**Support**<br>**costs**<br>**2025**<br>**Total**<br>**£**<br>**£**<br>**£**<br>Production and distribution<br>Testament costs<br>62,783<br>-<br>62,783<br>Salaries<br>170,276<br>58,714<br>228,990<br>Distribution<br>86,541<br>-<br>86,541<br>Depreciation<br>-<br>15,418<br>15,418<br>Repairs and renewals<br>-<br>10,918<br>10,918<br>Computer expenses<br>-<br>4,669<br>4,669<br>Conferences and advertising<br>-<br>4,952<br>4,952<br>Travel and subsistence<br>-<br>5,356<br>5,356<br>Other production costs<br>16,767<br>-<br>16,767<br>Audit and accountancy<br>-<br>4,245<br>4,245<br>Other governance costs<br>-<br>5,706<br>5,706<br>336,367<br>109,978<br>446,345<br>Dissemination of religious knowledge<br>Salaries<br>85,658<br>25,163<br>110,821<br>Donations<br>10,000<br>-<br>10,000<br>Travel and meeting expenses<br>8,210<br>-<br>8,210<br>Vehicle running expenses<br>2,512<br>-<br>2,512<br>Magazine costs<br>10,852<br>-<br>10,852<br>Bookfairs and exhibitions<br>2,286<br>-<br>2,286<br>Stationery and printing<br>-<br>3,177<br>3,177<br>Bank charges<br>-<br>2,211<br>2,211<br>General expenses<br>-<br>2,107<br>2,107<br>Legal and professional<br>-<br>5,026<br>5,026<br>Audit and accountancy<br>-<br>1,820<br>1,820<br>Other governance costs<br>-<br>2,446<br>2,446<br>119,518<br>41,950<br>161,468<br>**Total charitable expenditure**<br>455,885<br>151,928<br>607,813<br>estament costs represent the cost of scriptures granted to individuals.<br>5<br>**NET INCOME**<br>**2025**<br>**£**<br>This is stated after charging:<br>Depreciation<br>15,418<br>Auditors’ remuneration (including VAT):<br>for audit services<br>4,200<br>for non-audit services<br>1,865|**2024**<br>**Total**<br>**£**<br>50,180<br>204,593<br>80,844<br>14,952<br>9,939<br>3,340<br>380<br>5,914<br>14,866<br>3,874<br>5,225|
|---|---|
||394,107|
||97,958<br>-<br>10,026<br>3,379<br>10,884<br>1,506<br>3,127<br>1,295<br>1,523<br>2,535<br>1,661<br>2,240|
||136,134|
||530,241|
||**2024**<br>**£**<br>14,952<br>4,000<br>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**<br>**property**<br>**£**<br>**Cost**<br>At 1 April 2024<br>1,296,122<br>Additions<br>-<br>At 31 March 2025<br>1,296,122<br>**Depreciation**<br>At 1 April 2024<br>225,168<br>Charge for the year<br>13,542<br>At 31 March 2025<br>238,710<br>**Net book value**<br>At 31 March 2025<br>1,057,412<br>At 31 March 2024<br>1,070,954<br>7<br>**INVESTMENTS**<br>**Long term investments**<br>Fair value at 1st April 2024<br>Net unrealised quoted investment gain<br>Fair value at 31st March 2025<br>Long term bank and building society deposits<br>**The fair value comprises:**<br>Historical cost of investments at 31 March 2025<br>Accumulated unrealised gain|**Equipment**<br>**£**<br>29,381<br>841<br>30,222<br>28,313<br>676<br>28,989<br>1,233<br>1,068|**Furniture**<br>**& fittings**<br>**Motor**<br>**vehicles**<br>**Total**<br>**£**<br>**£**<br>**£**<br>11,825<br>17,510<br>1,354,838<br>2,410<br>-<br>3,251<br>14,235<br>17,510<br>1,358,089<br>6,729<br>17,510<br>277,720<br>1,200<br>-<br>15,418<br>7,929<br>17,510<br>293,138<br>6,306<br>-<br>1,064,951<br>5,096<br>-<br>1,077,118<br>**2025**<br>**2024**<br>**£**<br>**£**<br>129,981<br>122,365<br>3,801<br>7,616<br>133,782<br>129,981<br>200,000<br>200,000<br>333,782<br>329,981<br>70,679<br>70,679<br>63,103<br>59,302<br>133,782<br>129,981|**Total**<br>**£**<br>1,354,838<br>3,251|
|---|---|---|---|
||||1,358,089|
||||277,720<br>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<br>Prepayments and accrued income<br>Other debtors|**2025**<br>**£**<br>12,068<br>17,973<br>160,288<br>190,329|**2024**<br>**£**<br>14,312<br>8,208<br>34,487|
|---|---|---|
|||57,007|



## 10 **CREDITORS:** Amounts falling due within one year 

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



## 11 **UNRESTRICTED FUNDS** 

|**2025**<br>**General fund**<br>**Designated funds**<br>Fixed asset fund<br>Stock reserve<br>**Total funds**|**Balance**<br>**B/F**<br>**£**<br>1,545,854<br>1,077,118<br>691,539<br>3,314,511|**Net**<br>**income**<br>**£**<br>26,180<br>-<br>-<br>26,180|**Revaluation**<br>**£**<br>3,801<br>-<br>-<br>3,801|**Transfers**<br>**£**<br>74,950<br>(12,167)<br>(62,783)<br>-|**Balance**<br>**C/F**<br>**£**<br>1,650,785<br>1,064,951<br>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**<br>**General fund**<br>**Designated funds**<br>Fixed asset fund<br>Stock reserve<br>**Total funds**|**Balance**<br>**B/F**<br>**£**<br>1,704,972<br>615,262<br>673,892<br>2,994,126|**Net**<br>**income**<br>**£**<br>312,769<br>-<br>-<br>312,769|**Revaluation**<br>**£**<br>7,616<br>-<br>-<br>7,616|**Transfers**<br>**£**<br>(479,503)<br>461,856<br>17,647<br>-|**Balance**<br>**C/F**<br>**£**<br>1,545,854<br>1,077,118<br>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**<br>**General fund**<br>**Designated funds**<br>Fixed asset fund<br>Stock reserve<br>**Total net assets**<br>**2024**<br>**General fund**<br>**Designated funds**<br>Fixed asset fund<br>Stock reserve<br>**Total net assets**|**Tangible**<br>**fixed assets**<br>**£**<br>-<br>1,064,951<br>-<br>1,064,951<br>**Tangible**<br>**fixed assets**<br>**£**<br>-<br>1,077,118<br>-<br>1,077,118|**Investments**<br>**£**<br>333,782<br>-<br>-<br>333,782<br>**Investments**<br>**£**<br>329,981<br>-<br>-<br>329,981|**Current**<br>**assets**<br>**£**<br>1,337,142<br>-<br>628,756<br>1,965,898<br>**Current**<br>**assets**<br>**£**<br>1,229,462<br>-<br>691,539<br>1,921,001|**Current**<br>**liabilities**<br>**£**<br>(20,139)<br>-<br>-<br>(20,139)<br>**Current**<br>**liabilities**<br>**£**<br>(13,589)<br>-<br>-<br>(13,589)|**Total**<br>**funds**<br>**£**<br>1,650,785<br>1,064,951<br>628,756|
|---|---|---|---|---|---|
||||||3,344,492|
||||||**Total**<br>**funds**<br>**£**<br>1,545,854<br>1,077,118<br>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**<br>**General donations**<br>Donations – non personal<br>Donations – personal (Gift Aid)<br>Gift Aid Recoverable<br>**Donations received through representatives**<br>Northern Ireland<br>England & Wales<br>**Legacies**<br>**Other income**<br>Conference income<br>Stamps for Testament<br>**Investment income**<br>Listed investments<br>Interest receivable<br>**Total income**<br>**EXPENDITURE**<br>**Testaments distributed at cost**<br>Stocks at 1st April 2024<br>Purchases<br>Stocks at 31st March 2025|**2025**<br>**£**<br>212,246<br>99,014<br>22,465<br>333,725<br>90,725<br>10,253<br>100,978<br>160,350<br>2,772<br>1,545<br>4,317<br>4,582<br>30,041<br>34,623<br>633,993<br>691,539<br>-<br>(628,756)<br>62,783|**2024**<br>**£**<br>168,998<br>104,554<br>23,830|
|---|---|---|
|||297,382|
|||107,378<br>15,775|
|||123,153|
|||396,545|
|||20<br>1,169|
|||1,189|
|||4,371<br>20,370|
|||24,741|
|||843,010|
|||673,892<br>67,827<br>(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)**<br>**Production cost**<br>Salaries and pensions<br>Travel and subsistence<br>Rent and rates<br>Depreciation<br>Heat and light<br>Computer expenses<br>Repairs and renewals<br>Insurance<br>Conferences and advertising<br>**Distribution costs**<br>Carriage and packing<br>Postage<br>Telephone<br>**Dissemination of religious knowledge**<br>Salaries and pensions<br>Donations and gifts<br>Travel and meeting expenses<br>Vehicle running costs<br>Representatives<br>Legal and professional<br>Magazine<br>Book fair & exhibitions<br>General expenses<br>Stationery and printing<br>Bank charges<br>**Governance costs**<br>Office salaries and pensions<br>Audit and accountancy fees<br>Travel and subsistence<br>Hospitality<br>**Total expenditure**<br>Net gain on investments<br>**Net income for the year**|**2025**<br>**£**<br>228,990<br>5,356<br>4,805<br>15,418<br>3,963<br>4,669<br>10,918<br>7,999<br>4,952<br>287,070<br>6,994<br>78,633<br>914<br>86,541<br>110,821<br>10,000<br>533<br>2,512<br>7,677<br>5,026<br>10,852<br>2,286<br>2,107<br>3,177<br>2,211<br>157,202<br>5,360<br>6,065<br>738<br>2,054<br>14,217<br>607,813<br>3,801<br>**29,981**|**2024**<br>**£**<br>204,593<br>5,914<br>4,138<br>14,952<br>3,470<br>3,340<br>9,939<br>7,258<br>380|
|---|---|---|
|||253,984|
|||20,788<br>59,433<br>623|
|||80,844|
|||97,958<br>-<br>521<br>3,379<br>9,505<br>2,535<br>10,884<br>1,506<br>1,523<br>3,127<br>1,295|
|||132,233|
|||5,000<br>5,535<br>1,058<br>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