**Annual Report** Shaping a world where everyone can experience Scripture for themselves
2 02 2–20 23
# **The scripture says, ‘Human beings cannot live on bread alone, but need every word that God speaks.’**
**M AT TH EW 4 .4 (GNB)**
|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|ANNUAL REPORT 2022–2023
**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes
4–5
6–7
8–9
10–11
12–13
14–15
16–23
24–29
30–31
32–35
36–39
40–42
43
44–47
48–51
52
53
54
55–67|
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|**Contents**
INTRODUCTION
A letter from the CEO and Chair of Trustees
Our mission
ACTIVITIES & ACHIEVEMENTS
What we do
How we work
Our future plans
Rebranding Bible Society
What we did at home
What we did overseas
What we did about our carbon emissions
Our fundraising ethos
FINANCIAL REVIEW
Financial review
Risk management
Statement of responsibilities of Trustees
Trustees, advisors & governance
Independent auditor’s report
ACCOUNTS & NOTES
Consolidated statements
Balance sheets
Cash flows
Notes||||||||||||
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ANNUAL REPORT 2022–2023
## **A letter from the CEO and Chair of Trustees**
During Bible Society’s long history, some years have been more eventful than others. Last year was one of these; the outbreak of war in Ukraine, turmoil in UK political life and the death of a much-loved monarch made it one to remember.
All these events saw Bible Society engagement. We sponsored once again the National Parliamentary Prayer Breakfast, at which the sermon preached by the Revd Les Isaac prompted a ministerial resignation that led to the fall of a prime minister; an unintended consequence, but one that demonstrated the Bible’s power to challenge and bring change.
As the Ukraine catastrophe unfolded and believers there rose to the spiritual challenge, Bible Society supporters responded with wonderful generosity to our appeal for Bibles. The prayers and giving of our supporters have continued to encourage the Ukrainian Bible Society in its courageous ministry, and Ukrainian refugees in the surrounding countries and in the UK have also been blessed. We are deeply grateful on their behalf.
We joined, with the whole nation and with people around the world, in mourning the loss of our Patron, Queen Elizabeth II. In her quiet but unashamed faith and shining example of service, she was a model for us all.
Our participation in these great events, though, was
in addition to our core work rather than replacing it. We are passionate about making the Bible known and making it understood. We invite people to see it through fresh eyes and discover its life-changing message for themselves. We are driven by the conviction that Bible engagement leads to personal and social transformation.
Accordingly, our strategic priorities remain the same: to build Bible confidence in Christians and to change the conversation about the Bible in wider culture, resulting in the transformative embodiment of the Bible in the world.
Last year this work continued. We took the decision to reopen Mary Jones World in Bala, closed since the outbreak of Covid-19; we look forward to developing these premises as a centre for education and pilgrimage. We have continued to engage Christians and others with the Bible through developing _The Bible Course_ and sharpening our focus on spiritually uncommitted people. We have continued to bring Bible stories to primary-age children through our Open the Book storytelling programme.
4 A LETTER FROM THE CEO & CHAIR OF TRUSTEES
ANNUAL REPORT 2022–2023
In line with this, we have undertaken a
Internally, we introduced the Salesforce customer relationship management system, which will make us more effective in relating to our supporters and stakeholders.
comprehensive Bible Society rebrand, which is far more than a cosmetic change (see pages 14–15). We believe that the Bible is God’s gift to the world, and we have intentionally refocused our thinking on how we can better invite people to discover its message for them. This is a process that has been undertaken in the spirit of prayerfulness which characterises all our work, reflected in the annual Trustees’ retreat in January during which the Board and Leadership Team gathered for 24 hours of prayer and reflection.
As part of our international work we facilitated Global Bible Engagement Forums around the world, bringing together Bible Societies for conversations aimed at understanding their contexts and identifying common challenges and opportunities across cultures and regions. Alongside this we continued to print and distribute Bibles, fund literacy classes and translation work, help provide education and training for church leaders, and resource Bible advocacy.
At a time when much that was familiar is being shaken and we face many new challenges, we take comfort from the words of Psalm 46.7: ‘The Lord Almighty is with us, the God of Jacob is our fortress’ (NIV). We look forward with joyful expectation to what he has for our future.
The Census results released in November showed a sharp drop in the number of people in England and Wales identifying as Christian. Our Research team undertook a comprehensive analysis of these figures, and found much that was more encouraging than it might have appeared. However, we acknowledge that in some ways these are less hospitable times for the Bible and Christianity, and that they need us to be creative and forward-thinking as well as faithful.
Paul Williams Chief Executive Officer
Alan Eccles Chair of Board of Trustees
A LETTER FROM THE CEO & CHAIR OF TRUSTEES
5
ANNUAL REPORT 2022–2023
## **Our mission**
The Bible is for everyone. When we read it we find out more about God, more about ourselves and more about the world. That’s why Bible Society invites people to discover it for themselves.
PAGE TITLE / DESCRIPTION
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ANNUAL REPORT 2022–2023
## **Our history**
1804
Bible Society was founded as the British and Foreign Bible Society in 1804. We’re still known by that name in the context of our overseas work.
## 1948
We were granted a Royal Charter in 1948 by King George VI (amended in 1951, 1968, 1984 and 2007), which defines our purpose as ‘to encourage the wider circulation or use (or both) of the Holy Bible’.
## 2023
In line with that, we work at home and abroad to see Christians confident in the Scriptures, a changed conversation about the Bible in culture and the transformative embodiment of the Bible in the world.
PAGE TITLE / DESCRIPTION
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ANNUAL REPORT 2022–2023
## **What we do**
We work in England and Wales, and internationally through the United Bible Societies (UBS), a fellowship of Bible Societies operating in around 240 countries and territories across the world.
8 WHAT WE DO
ANNUAL REPORT 2022–2023
## **Overseas**
Overseas, we’ve focused our work through UBS on China, Africa (primarily the Sahel region) and the Middle East. Work in these areas includes Bible publishing, Bible translation, literacy classes and theological training; according to the needs of each region, we resource Bible teachers, support Bible Societies with training and equipment, and resource church leaders in their ministry and witness. During 2022–2023 we redefined the reach of our global operations to focus on seven ‘missiological contexts’, where countries share similar characteristics in terms of their cultures and their attitudes towards faith and the Bible.
## **England and Wales**
In England and Wales we don’t just publish Bibles; we also produce online, printed and video resources to help people engage with the Bible. We promote the knowledge and understanding of the Bible in schools. We research perceptions of the Bible and faith in the Church and society, and use the insights we gain to inform how we work and to resource the wider Church in its mission. We partner with and resource organisations involved in transforming society in line with biblical principles.
Through The Pitch film fund and other initiatives, we seek to engage the wider culture with the Bible.
WHAT WE DO
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ANNUAL REPORT 2022–2023
## **How we work**
Bible Society works directly with supporters and beneficiaries of the charity, and indirectly through partners, including other Bible Societies we support with grants.
10 HOW WE WORK
ANNUAL REPORT 2022–2023
## **Our strategic aims are to see:**
**A changed Christians conversation confident in about the Bible the Scriptures in culture**
_which lead to:_
**The transformative embodiment of the Bible catalysed in the world**
**Directly,** we promote Bible engagement through producing Scripture-based discipleship and educational resources, engaging with social and cultural issues from a biblical perspective, and increasing the visibility of the Bible in our culture. We work with churches and church leaders, and with organisations that share our ethos and approach. We research and reflect on the place of the Bible in the world, and this research informs our strategy and how we work.
**Indirectly,** we work in England and Wales through partnerships with like-minded organisations ranging from festivals to think tanks. Our international work to promote the circulation and use of the Scriptures is in close partnership with UBS, which is a global Bible Society movement operating in more than 240 countries and territories. We make grants to projects run by national Bible Societies which include work on Bible translation, literacy and theological education. We assess and monitor projects carefully, assisted by the global services of UBS.
HOW WE WORK
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ANNUAL REPORT 2022–2023
## **Our future plans**
## We’re passionate about making the Bible known and making it understood. We invite people to see it through fresh eyes and discover its life-changing message for themselves.
We’ve begun to implement digital solutions helping us to transform how we communicate with supporters and others. Building on our new brand will also help us connect better with our supporters and with people we want to bring into conversation with us.
We’re working on some exciting projects that will help us achieve our strategic aims – to build Bible confidence, change the conversation about the Bible in wider culture and see the transformative embodiment of the Bible in the world. These are some of them.
## **Building Bible confidence**
## Global Bible engagement
We’ve worked with Bible Societies around the world to facilitate Bible Engagement Forums. These have been inspired by our research into the spiritual makeup of England and Wales, and we’ve been conducting them alongside a groundbreaking survey of global missiological contexts and their key characteristics. These conversations and the outcomes of the research will guide the development of future projects and the creation of resources to support transformational Bible engagement nationally and internationally.
Resourcing Christians overseas We’ll continue to resource the translation, distribution and use of the Bible in Africa, China and
the Middle East, and to support Christians in their life and witness in partnership with local Bible Societies. Building on our global research project, we’ll increasingly focus on clusters of countries and regions which share similar missional characteristics.
## Resourcing Christians
## at home
We’ve built on the success of _The Bible Course_ by publishing a follow-up resource, _The Romans Course_ . This year we’re beginning to develop _The Bible Course – Global Edition_ , aimed at connecting with a wider audience. We’ll also partner with the London Institute for Contemporary Christianity in developing a new thematic Bible _._
## Catholic engagement
We’ll develop The God Who Speaks work to all 22 Catholic dioceses in England and Wales and deliver a series of Scripture Festivals.
## Wales strategy
We’ll implement a new mission strategy in Wales, engaging with a wide range of churches and denominations. We decided to reopen Mary Jones World in Bala after its closure during the Covid pandemic.
## Partnerships and festivals
We will continue to develop and build on our relationships with the Gather movement, New Wine, Big Church Festival, New Wine Cymru, Celebrate, Creation Fest and Satellites.
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OUR FUTURE PLANS
ANNUAL REPORT 2022–2023
## **Changing the conversation**
## **Transforming society**
## Digital mission
We’ll continue to develop our digital mission capabilities. We’ll create experiments for focused audience groups, such as a Biblebased coding club for children. We’re aiming to engage with new English and Mandarin-speaking audiences within England and Wales as part of our commitment to national and international digital mission.
## Open the Book
We’re building on the success of our schools Bible storytelling programme by introducing a membership scheme for Storytellers. As part of the launch, we’re providing Storytellers with a new Handbook and Storytelling Bible – including a Welsh edition – with 90 new stories by Bob Hartman, and additional resources including Bible studies.
## RHS Tatton
Building on the success of our Psalm 23 garden in 2021, we are sponsoring a garden at RHS Flower
Show Tatton Park. This creative engagement with Scripture creates an opportunity to reach new audiences and have a public conversation about the Bible.
## Spiritually open audiences
We’ll continue to engage people who might be curious about the Bible, learning more about communicating with them in ways that connect with their outlook and concerns. We’ll use key dates like Christmas and Easter to mount advertising campaigns, and engage with cultural trends in a way that communicates the value of the Bible.
## Education
We continue to support good teaching and learning about the Bible in schools in England and Wales. We will continue to promote the ongoing importance of sacred texts as part of what young people study in school and advocate for high-quality RE teaching for all students.
## Navigating Trauma
We believe God is with the broken-hearted. As part of our work with marginalised people, we’ll continue to build a network of churches engaged in Biblebased ministry to people who are hurting. We’ll develop, adapt and create new resources for our UK context, partnering with Christian organisations to work through support groups across England and Wales.
## Community engagement
We’ll continue to develop our
prisons ministry, distributing 5,000 copies of the ‘Message Of’ Gospel series to prisons in England and Wales. We’ll show _The Bible Course_ on TV in 78 prisons. We’ll continue to resource Bibles for churches in low-income areas through our Mission Support Fund, aiming for 3,000 Bibles this year. And we’ll translate our Christmas resources into Ukrainian, Russian, Farsi and Chinese (Cantonese) to help in UK mission to speakers of other languages.
OUR FUTURE PLANS
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ANNUAL REPORT 2022–2023
## **Rebranding Bible Society**
In January 2023 we launched our new brand, having spent the previous year in a process of discernment and creative engagement with a professional agency.
REBRANDING BIBLE SOCIETY
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ANNUAL REPORT 2022–2023
The new brand represents far more than a change of logo and visual style, though we’re delighted by the new look we’ve introduced. It’s flexible, distinctive and attractive, marked by a clean typeface and a framing device for photographs that helps our designers highlight the areas of an image they want to emphasise.
More significant, however, is the thinking behind the visual style. ASHA worked with us to identify what we want to achieve and how we would approach our mission. The ‘generative idea’ which informs the rebrand is ‘an invitation to discover’. We want to invite people to discover what the Bible has for them. As individuals, we can encounter God in its pages and be renewed; through its message, society itself can be transformed.
This conviction shapes how we look. The framing device creates associations with changing perspectives and perceptions. The new logo is built around a central image that can look like a book, a window or a cross. But it also shapes how we sound. Our new tone of voice guide helps our writers connect with supporters and with spiritually open people in ways that invite them into conversation and encounter rather than overpowering them with arguments. We want to be positive and optimistic, accessible and real, and inspiring and relevant.
We’re now in the next phase of working with the brand, embedding it in our thinking, content creation and design and letting it inform our corporate strategy. We’re excited to see how it will change not just how we’re perceived by our supporters and in wider society, but how we convey the Bible and its message to a world that needs it now as much as ever.
## **Belief**
We believe the Bible is for everyone, and that engaging with it can bring positive change to individuals, communities and the world around us.
## **Vision**
Our vision is a world where everyone experiences Scripture and its power to change lives for the better.
## **Mission**
The Bible is for everyone. When we read it we find out more about God, more about ourselves and more about the world. That’s why Bible Society invites people to discover it for themselves.
## **Desire**
When people open the Bible, we want them to discover its lifegiving possibilities.
REBRANDING BIBLE SOCIETY
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ANNUAL REPORT 2022–2023
## **What we did at home**
Bible Society works in England and Wales to help people discover the Bible’s message for them. We want Christians to be confident in the Bible’s truthfulness and reliability, and we want to change how people talk about it in wider society and invite them to see it as a source of wisdom and joy. Here are some of the highlights of the work of our different teams last year.
WHAT WE DID AT HOME
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ANNUAL REPORT 2022–2023
## **Wales**
- Siân Rees, our Head of Wales, was the first female keynote speaker at the Parliamentary Prayer Breakfast of Wales at the Senedd in March 2023 and has travelled widely throughout Wales as a speaker at conferences and events
- We brought together church leaders from across Wales at the Senedd to present our latest research findings and our vision for the future
- We decided to re-purpose Mary Jones World in Bala, North Wales, into a missional heritage centre
- We partnered with New Wine Cymru to mobilise the Church across Wales for mission
- Bible Society was heavily involved with the activities of the churches’ tent at the Urdd (Wales’ national youth organisation) Eisteddfod and the National Eisteddfod
## **Parliament**
## **Community**
- We continued our work as lead partner with the Christians in Parliament AllParty Parliamentary Group (CiP). During 2022–23 CiP hosted Bible study groups, weekly chapel services and seminars equipping Members with biblical foundations for political practice
- We distributed over 2,600 copies of _The Bible Course: Prisons Edition_ to the 117 prisons in England and Wales
- We provided over 1,800 Bibles and Scripture portions to prisons in England and Wales
- We supplied over 10,000 Ukrainian and Russian Scriptures to Ukrainian refugees in the UK free of charge
- We were the lead partner in in the UK free of charge
- the National Parliamentary **–** We supplied over 1,200 Bibles
- Prayer Breakfast in to speakers of other languages
- Westminster. The theme was in the UK
- ‘Serving the common good’, with guest speaker Revd Les **–** We translated our Easter Isaac OBE. Among the 180 resource into Ukrainian, parliamentarians who attended Russian and Farsi to help were the Prime Minister and reflect an increasingly leaders of all the Opposition diverse church in the UK parties, as well as church **–** Through our Mission Support
- leaders from across the UK
- Through our Mission Support Fund, we provided over 1,500 Bibles to missional work in lowincome areas free of charge
- **–** We trained 40 new facilitators to deliver Navigating Trauma in their churches or organisations
WHAT WE DID AT HOME
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ANNUAL REPORT 2022–2023
## **Open the Book**
- We continued our programme of Bible storytelling in primary schools both in England and Wales and abroad
- Our Storytellers work in dedicated teams sponsored by local churches and other organisations, adhering to approved scripts and within strict protocols
- In England and Wales we have 6,503 Storytellers working with 3,345 schools
- Storytellers are supported by Regional Training Officers and share ideas and resources in their Facebook group
## **Education**
- Our impact in secondary schools has continued to grow though our high-quality lesson resource material, now being used in almost half of all of the secondary schools in England and Wales
- We launched our first education resource for primary schools. _Gospels in Schools_ supports primary school teachers in regularly reading the Bible with their classes. It’s now being used in more than 500 schools in England and Wales, with around 160,000 children
## **The Pitch**
- The Pitch project sits at the interface between the Bible and culture
- Last year we had 160 entrants into our competition for film ideas based on Bible stories and themes
- The winner in the Comedy category was Carolyn Goodyear with her take on the story of Abigail; in the Drama category Jake Falconer won with a retelling of the story of Judas
- The finals took place at the National Film and Television School in Beaconsfield, with high-profile industry figures including Jon Wardle, Director of NFTS, and actor Indira Varma ( _Game of Thrones_ )
18 WHAT WE DID AT HOME
ANNUAL REPORT 2022–2023
## **Theos**
The theological think tank continued to make major contributions in the public sphere. Last year Theos:
- Capped a three-year Science and Religion project with the launch of its report _‘Science and Religion’: Moving away from the shallow end_ . The outcomes included the Worlds Apart animation and a Science and Religion quiz helping people see where they stand on the issue
- Launched a major report on the social and economic insecurity faced by many people today, _A Torn Safety Net: How the cost of living crisis threatens its own last line of defence_ , with a foreword from Rowan Williams and Gordon Brown
- Completed its most successful series of _The Sacred_ podcast yet, featuring among others singer-songwriter Nick Cave and Paralympic multiple gold medallist and peer Dame Tanni Grey-Thompson
## **Bible Engagement**
- Our Bible Engagement team worked on its followup to _The Bible Course_ , _The Romans Course_ , to be released in July 2023
- The team helped host a Bible week at Lee Abbey, leading sessions on Romans
- Writer and poet Dai Woolridge hosted the Spoken Word Venue at Big Church Festival with a two-day rolling programme of Bible-themed poetry
- Dai also wrote the _Six Beats One Story_ creative devotional and _The Bible in Four Minutes_ animation based on it
- We launched a Bible Trek Egypt series
- Seventeen young adults undertook Bible Communicators training, a six-session hybrid course including attendance at two residentials
- The team contributed to a number of Christian festivals including New Wine’s leadership conference, CreationFest and Big Church Festival
## **Publishing**
Bible Society’s publishing arm is Bible Society Resources Limited (BSRL). During the last financial year:
- BSRL had its highest ever Scripture distribution of over 5.5 million units and associated turnover supporting Bible Societies around the world as well as other mission agencies
- We played a key role in making Scriptures widely available across Europe and Ukraine to those affected by the war in Ukraine
- **–** We promoted the awardwinning Good News Bible (GNB) – Family Edition at Big Church Festival, equipping families to explore the Bible together
- **–** In collaboration with Theos, we produced the Parliamentary Prayer Breakfast resource book, _The Palace of Westminster: Faith, art and architecture_
WHAT WE DID AT HOME
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ANNUAL REPORT 2022–2023
## **Digital mission**
## **EDI**
- **–**
- As life is increasing lived and During 2022-2023 we faith explored online, we held made advances in the an event with digital mission area of equality, diversity practitioners and theologians and inclusion to talk about how we can do **–** Leaders and managers
- digital mission better
- Leaders and managers undertook Cultural Intelligence training, and staff have been encouraged to think more widely about issues of inclusivity when they’re undertaking projects
- We used an experimental platform and met in virtual reality
- We were joined by authors, creators, innovators and lecturers from around the world
- We’ve been more intentional about wider representation in All Staff Gatherings and other Bible Society events, with greater diversity among those who take part
- The event feeds into our All Staff Gatherings and other
- thinking about digital Bible Bible Society events, with
- mission, and how we can greater diversity among those
- catalyse the work of others in the field and build a who take part **–**
- community of practitioners Good EDI practices are being
- **–** We had 2 million website embedded into how Bible Society operates at every level
- We had 2 million website visits to our online Bible
## **Spiritually open people**
- We ran a successful
- Christmas campaign for spiritually open audiences, with digital adverts online and in London rail stations. This was accompanied by a mindfulness-style meditation based on the angels’ message to the shepherds, ‘Don’t be afraid’, and daily challenges through Advent on Facebook and YouTube Shorts
- We also researched key questions people have about the Bible, and began writing a series of articles addressing these questions in a tone that would be suitable for someone who is curious about the Bible
20 WHAT WE DID AT HOME
ANNUAL REPORT 2022–2023
## **Research**
- We began phase 1 of an ambitious research project to survey 86 countries around the world on Bible perceptions, attitudes and behaviours, describing seven missional contexts
- Following our groundbreaking survey of Bible perceptions, attitudes and behaviours in England and Wales in 2018, we re-ran the full survey in 2022, marking shifts in public opinions towards the Bible and Christianity over the past four years
toward the presence of the Bible and Christianity during the mourning period
- Last summer we commissioned an independent external evaluation of _The Bible Course_ . After speaking to over 500 people who had led or undertaken the course, the evaluators concluded that ‘participants and facilitators alike were overwhelmingly positive’ about their involvement with the course
- We conducted a poll following the death of Queen Elizabeth II in September last year, analysing people’s attitudes
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ANNUAL REPORT 2022–2023
## **Catholic engagement**
- We continued to support the God Who Speaks campaign promoting Bible engagement in 22 Catholic dioceses in England and Wales.
- The campaign saw Scripture Festivals at Newman University, Birmingham and Leeds Cathedral
- The God Who Speaks website has been further developed with regular content
- Our Catholic Scripture Engagement manager has spoken widely at conferences
- The ‘Little Bits of God’ mosaic artwork has been on tour in Birmingham, Leeds and Hallam dioceses
- A ‘Let the Scriptures Speak’ poetry challenge for schools was launched for World Poetry Day
## **Children & families**
Our dedicated work with children and families began in September 2022.
- We delivered pilot grandparenting workshops with Christian charity BRF and the United Reformed Church to help grandparents share the Bible with their grandchildren
- We developed The Big Splash, a holiday club curriculum that builds on the Open the Book experience in schools
- We partnered with Youthscape at the first Satellites Youth event
- We inspired children, youth and family workers through speaking at national conferences and seminars
- We helped develop the new GNB Children’s Rainbow Edition
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ANNUAL REPORT 2022–2023
**The grass withers and the flowers fall, but the word of our God endures forever.**
**I SAI AH 4 0.8 (NI V )**
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## **What we did overseas**
Bible Society works overseas within the United Bible Societies Fellowship to help people around the world engage with the Bible.
We translate the Bible into people’s heart language, produce new editions to reflect changes in language over the decades, resource literacy programmes, and support theological education and reflection. We also resource Bible advocacy and help churches not just survive but flourish in situations that can be very challenging.
While we’ve concentrated on the Middle East, China and the Sahel region of Africa over the last few years, we’ve continued to supply hundreds of thousands of Bibles to sister Bible Societies across Africa. We’ve also begun to refocus our work according to ‘clusters’ of countries characterised by similar religious, cultural and economic backgrounds. We’ll continue our Global Research Project to identify attitudes, behaviours and barriers to the Bible, bringing together Bible Societies around the world in Bible Engagement Forums to learn about how to break these barriers down.
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WHAT WE DID OVERSEAS
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## **Africa**
## In Africa, we want to equip Christians by developing relevant Bible engagement resources and empower the Church to build Bible-confident communities.
- During 2022, we funded more than 53,000 adult and children’s Bibles, and more than 5,900 additional Bible resources
- We helped provide training for Sunday school leaders and schoolteachers in Niger, Central African Republic and Togo, and supported family Scripture programmes in Niger, Mali and Malawi. Also in Mali, we equipped churches to witness to their Muslim neighbours through music and storytelling; and we provided trauma ministry to more than 700 people in Mozambique
- **–**
- We continued to make literacy During 2022 we helped Bible a priority, with more than Societies in the Sahel region 2,300 students engaging with with infrastructure and Scripture across 109 classes in resources like office furniture and IT equipment. In Mali, we
- The Gambia, Niger and Eritrea helped the Bible Society there
- **–** 2022 saw the publication of get government permission
- the whole Jola Bible in The to build their Bible House on
- Gambia and the completion land they’d acquired
- 2022 saw the publication of the whole Jola Bible in The Gambia and the completion of the Lyélé Bible in Burkina Faso. We’re continuing to support eight other translation projects, and we’re investing in the training of three permanent translation consultants in Nigeria
- Our support helped fund staff members in Mali, The Gambia, Niger and Eritrea, and we’re also supporting pioneering work in Guinea-Bissau, Cape Verde and São Tomé with the Portuguese Bible Society
WHAT WE DID OVERSEAS
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ANNUAL REPORT 2022–2023
## **China**
In China and in the wider global Chinese community, we want to help the Chinese Church deepen its roots in the Scriptures.
- **–**
- During 2022 we provided Along with Bibles, we funding for five ongoing managed the distribution translation projects, made of nearly 40,000 resources up of four major revisions to seminaries, Bible training of the Bible in minority centres and churches both languages and one study in China and the UK. These Bible translation. We’ve resources included study also supported a video Bibles, materials for Bible recording for a completed study, discipleship resources translation, and typesetting and materials for biblical for a Mongolian translation. ethics training Translation for ethnic minority **–** We increased our investment groups can be challenging in theological education and
- due to local issues, but we’re Bible engagement training,
- confident that this situation in China and in the Chinese
- will improve
- We increased our investment in theological education and Bible engagement training, in China and in the Chinese community in Europe and Taiwan. As well as many church visits and training
events, we conducted two online events for Chinese seminarians, and five training sessions on subjects like discipleship and parenting
- In the UK and the Netherlands we organised two pastor training events, attracting 78 participants from nine countries. In Taiwan we saw 46 Bible teacher training events, with 2,200 people participating. We also helped five postgraduate students undertaking research overseas, two of whom are now teaching in seminaries in China
26 WHAT WE DID OVERSEAS
ANNUAL REPORT 2022–2023
## **MENA**
## In the Middle East and North Africa we want to help the Church sustain a witnessing presence.
are under great pressure, we supported Children and Youth summer camps
- In Egypt, we’ve worked with the Bible Society there on an Inductive Bible Study programme, which has helped us establish a deeper relationship with the Coptic Church, and on a translation project
- In Jordan, we support an internationally recognised biblical Trauma Healing programme, while in Pakistan we’re helping with literacy projects among young women. In Bahrain, we’re supporting the Bible Society in the Gulf in its ministry to churches for migrant workers
- We’ve supported the Arab Israeli Bible Society as it’s run programmes in several state schools in Nazareth and distributed Bibles across more than 100 churches of all denominations. We’ve supported the Palestinian Bible Society as it’s run programmes for women, children and church leaders in the West Bank, and the Israeli Bible Society in its work with Messianic Jewish communities
- In Egypt, where there’s an overwhelmingly young population, we’ve supported the training of more than 1,000 young Bible study group leaders who are helping a new generation discover the Bible for themselves. We’re also supporting the training of Sunday school teachers and the provision of the Bible online
- In Algeria, where Christianity and support for the Bible
## **IBAC**
Our International Bible Advocacy Centre exists to advocate for the place of the Bible in today’s world.
initiated by the Ethiopian Bible Society on the Bible, Education and Peace, held in the context of a deadly conflict between the government and Tigrayan rebels
- Against a background of political tensions, IBAC hosted a conversation on the Bible and National Dialogue on Peace and Justice in Eswatini. The Eswatini Bible Society is working on setting up a National Reconciliation Forum to contribute to peaceful dialogue
- The 2022 African Biblical Leadership Initiative conference was held in Uganda, with representatives from civic society, business and politics as well as church leaders
- In Ethiopia, IBAC was part of a widely publicised gathering
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## **Open the Book Global**
Open the Book (OtB) is our storytelling programme for primary-aged children. Its international work is aimed at building creative and culturally relevant communities of Bible storytellers.
- During 2022–2023 OtB created a new Storytelling Bible and Storytellers’ Handbook. In partnership with the Bible Societies in Portugal and Argentina, these materials are being translated into Portuguese and Spanish. In South America, Bible Societies have been focusing on creating engagement opportunities and resource for children with additional needs
- OtB Global has expanded through Anglophone Africa, with two new pilot projects in The Gambia and Uganda working alongside existing projects in Kenya and Ghana. Across these four countries, there are OtB teams in more than 100 schools reaching more than 30,000 children. With the Bible Society of Portugal, we’ve begun to engage Portuguese-speaking teams in Africa as well
- In The Gambia, work to translate OtB resources into Wolof has begun, allowing teams to engage whole families and communities
- In Albania a team gathers weekly with local Roma children, providing a safe space for them to play and learn. The new content translation is approaching completion and the project has been shared at student conferences, setting the scene for its expansion in 2023
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WHAT WE DID OVERSEAS
**ANNUAL REPORT 2022–2023**
## **Global Bible Engagement**
We continued to implement our Global Research Project aimed at mobilising the UBS Fellowship for Bible mission, and undertook Bible Engagement Forums with leaders of Bible Societies around the world. These forums – 14 in all – have been organised around the seven clusters of regions sharing common contexts for mission, identified in our partnership with Gallup. Each forum comprised between ten
and 12 leaders and was facilitated by our staff. Participants found it encouraging to recognise the experiences they shared with colleagues from other countries, and each cluster has started to design a shared strategy for Bible Engagement. Bible Societies in each of the seven contexts will be able to work more closely together as they build on the research. The forums have also helped generate momentum
towards the UBS World Assembly to be held in October 2023.
The next stage of our Global Research Project involves working with Gallup to survey over 90,000 people from more than 80 countries to understand what people think about the Bible and to identify a set of distinct audiences for Bible mission. Another set of Bible Engagement Forums will be held in 2024, ready for the launch of the research in 2025.
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ANNUAL REPORT 2022–2023
## **What we did about our carbon emissions**
Everything we do – from travelling to meetings to shipping Bibles to people who need them – creates a carbon footprint, which has an environmental cost. The only way to eliminate this is not to do anything at all, and we don’t believe this is God’s call to us. But we do take our commitment to creation care seriously, and we’re constantly looking for ways to reduce and offset our carbon footprint. Energy consumption at all our premises has continued to fall, and all our tariffs are based on 100 per cent renewable energy.
We’ve worked with Climate Stewards since 2016, and have made real progress in this area. In its analysis for 2022-2023, Climate Stewards says: ‘Bible Society’s commitment to report on progress on measuring, reducing and offsetting its carbon footprint in its annual report demonstrates clear commitment and accountability, and is to be commended.’
For the first time, this year we’re including separate figures for our Bible publishing company Bible
Society Resources Limited (BSRL) as well as the Bible Society charity itself.
We’re giving two different measurements of emissions, according to reporting best practice. One is ‘location-based’, which reflects the average emissions intensity of the grids (electricity and/or gas) on which energy consumption occurs. The other is ‘market-based’, which is based on the tariff that has actually been purchased.
## **Location-based emissions (tCO2e) for Bible Society (the charity)**
## **Market-based emissions (tCO2e) for Bible Society (the charity)**
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Emissions are measured in ‘tonnes of carbon dioxide equivalent’ or ‘tCO2e’. Equivalents take into account the effect of other greenhouse gases (like methane and nitrous oxide), giving a more accurate idea of the overall impact of our emissions on the environment.
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WHAT WE DID ABOUT OUR CARBON EMISSIONS
ANNUAL REPORT 2022–2023
## **Bible Society**
Bible Society’s carbon footprint has been decreasing since 2016. It dropped sharply in 2020 and 2021 because of the Covid-19 pandemic, but while emissions in 2022–2023 increased compared to the Covid years, they are still lower than any of the pre-pandemic emissions.
Because of the Covid ‘hole’ in our carbon footprinting continuity, we’re using the figures from 2022–2023 as a new baseline for our reporting.
At our main offices in Swindon, we:
- Installed movement sensors for lights
- Continued to invest in energy efficient double-glazing
- Used remote conference where appropriate to reduce travel
- Planted extra trees as part of the Queen’s Green Canopy
- Were delighted to discover an elephant hawk-moth
- caterpillar on the mound in our courtyard garden, where we also have nesting mason bees
## **Flights**
The pandemic reduced flights dramatically. However, flights did take place in 2022–2023 in connection with the global Bible Engagement Forums held around the world. Even including these flights, Bible Society’s emissions from flying are still 25.5 per cent lower than the last, almost complete, year of flights before the pandemic (2019–2020). Excluding the Bible Engagement Forum flights shows a 50.7 per cent reduction in emissions for what could be called a typical year.
## **Bible Society Resources Limited**
Climate Stewards’ audit for BSRL was carried out on the basis of expenditure data supplied by Bible Society, using the same method as for the charity. We have a separate analysis of the emissions from the worldwide transportation of Bibles and other literature.
In 2022–2023 we shipped Bibles and other books and literature in from the factory gate to the customer – typically other Bible Societies which distribute them further down the chain until they reach their end user. Climate Stewards used this data to estimate the carbon footprint of shipping these items to these other Societies, though we can’t track the footprint of their onward journey from there.
In total we shipped just under 4.5 million Bibles and other items. This may seem like a lot, but to put it in context a cargo ship might have 40,000 containers on board, just one of which might be ours.
## **Shipments**
For every tonne of Bibles, books and literature shipped, there is on average 315 kgCO₂e of emissions.
It’s estimated that emissions from freight total 658.5 tCO₂e from shipping approximately 1,915 tonnes of Bibles, books and literature. Each item shipped has, on average, a carbon footprint of 145 gCO₂e.
The total emissions generated by BSRL – on both location and market bases – totalled 670.18, almost all of which was from freight.
WHAT WE DID ABOUT OUR CARBON EMISSIONS
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ANNUAL REPORT 2022–2023
## **Our fundraising ethos**
We want our supporters and stakeholders to have confidence that we raise money ethically and spend it wisely.
We explain how donations are going to be used, and we keep supporters informed and inspired about how they’re sharing in our work through publications like our _Word in Action_ magazine and _Bible a Month_ prayer letter.
We monitor supporter satisfaction through a regular detailed questionnaire, as well as recording feedback through what people tell us when they get in touch, and by calling them directly.
Asked about their overall experience of supporting Bible Society, 94 per cent said they were satisfied or very satisfied.
32 OUR FUNDRAISING ETHOS
ANNUAL REPORT 2022–2023
## **Our fundraising strategy**
Most of our income is from donations by individuals, though we do have some funding from historic sources. It’s this individual giving that supports our work at home and abroad.
Nearly all our work is carried out by our in-house professional fundraising staff, who are deeply committed to Bible Society’s aims and passionate about inviting people to discover the Bible for themselves. We sometimes work with agencies or external contractors such as designers.
Our primary fundraising activity included our appeals programme, telling stories of our varied mission work via direct mail and online channels, which generated £1.24 million. Our Bible a Month committed giver programme, comprising more than 21,000 supporters, raised £2.76 million last year. £1.26 million was raised from generous major donors and £3.37 million was left to Bible Society in legacies. Churches donated £508,000.
Our fundraising Return on Investment (ROI) in 2022–2023 was 4.82. Including legacies, the ROI is 6.52.
We’re committed to delivering a first-rate experience of working with Bible Society to our supporters. We rely on their prayers, volunteering and giving, and their partnership in mission is essential.
## **Compliance**
We comply with all relevant legislation, regulation and fundraising guidance including UK General Data Protection Regulation (GDPR) and Privacy and Electronic Communications Regulations (PECR). Bible Society is registered with the Fundraising Regulator, and we comply with all its relevant Codes of Practice.
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. In 2022–2023 we had just three cases of negative feedback about fundraising, from people who didn’t want to be telephoned. In line with the Fundraising Code, we never put people under pressure to give. Since much of our direct marketing is dual purpose – aimed at informing them about our work as well as fundraising – we do mail supporters quite frequently, but the financial ask in many of these communications is incidental. For example, our magazine _Word in Action_ does have a gift form attached, but its main purpose is to communicate news and information.
We include instructions in all our fundraising materials on how to change what supporters receive from us. We include a Freephone number so they can get in touch as easily as possible. People can also request no further communication via the national Fundraising Preference Service.
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ANNUAL REPORT 2022–2023
## **Telephone fundraising**
We use external agencies who receive and make calls on our behalf for our telephone campaigns. The agencies are paid a small amount per call, as our policy is not to operate by commission. We use professional fundraising agencies who can work outside normal working hours and have the technology, trained staff and specialist procedures that we need. Our ‘inbound’ campaign – where supporters call in response to a fundraising initiative – was facilitated in 2022–2023 by Angel, a fulfilment services company.
For our ‘outbound’ campaigns – where we call supporters direct – we use NTT, a leading UK telephone fundraising agency. We only call supporters if they
have given us permission to do so and we ask at the beginning of each call if it’s a convenient time to talk. The calls are all made from a landline number that shows up on dialling and can be called back if someone wants to confirm who is calling. Supporters can also use this number to request no further calls. NTT is Telephone Preference Service assured and complies with BS EN ISO 9001 (Quality Assurance) and BS EN ISO 27001 (Data Security).
We regularly monitor our outbound calling and listen to a random selection of calls each week while a campaign is live, and review all calls where someone is flagged as potentially vulnerable.
## **Vulnerable persons**
Our safeguarding policy covers both children and vulnerable adults. Where the Supporter Care team of front-line staff feel that someone is vulnerable, they inform their line management. Staff are encouraged to use their initiative and will refuse to process a donation where they feel that someone is at risk.
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# **How beautiful on the mountains are the feet of those who bring good news.**
**I SAI AH 52.7a (NI V )**
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## **Financial review**
## **How we raised our money**
## **How we spent our money**
Donations (41%) Other trading (1%) Legacies (14%) Investment income (4%) Publishing (40%)
Cost of raising Demonstrating the funds (11%) Bible’s credibility (18%) Making the Bible Educating the available (46%) public (7%) Making the Bible accessible (18%)
## **Overview**
## In the year to March 2023 our income was £23.3 million
This is an increase of 1.2 per cent compared with the previous year (2022: £23 million). There was a reduction in legacy income of £1.4 million, an increase in trading income of £2.7 million and a reduction in investment income of £1 million.
## Our charitable expenditure rose to £23.8 million
(2022: £17 million). This increase reflects the increase in the cost of sales associated with the increase in trading income and also a number of planned one-off projects intended to reduce our reserves, in line with our reserves policy.
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## **Income**
## Donation and legacy income
Donation and legacy income fell compared with the previous year to £12.9 million (2022: £14.3 million). The largest income stream continues to be donations from our supporters which grew by 2.6 per cent. Income from legacies was £3.4 million (2022: £5.1 million); the income in 2022 included some significant legacies. The income in 2022–2023 was closer to our underlying average legacy income.
## **Charitable expenditure**
Spending on charitable activities increased to £23.8 million (2022: £17 million). £2.4 million of this was a result of the increase in the cost of sales related to the trading income. Other costs reflected an increase in activity post-pandemic and also some significant additional planned one-off projects, including the Global Bible Engagement project.
## Trading income
Trading income grew by 41 per cent to £9.3 million (2022: £6.6 million), driven higher by a large number of sales related to supporting activities undertaken as a result of the conflict in Ukraine. Trading income represents the activities undertaken by the wholly owned subsidiary Bible Society Resources Limited, the majority of which form part of the primary purpose of the Charity as they relate to the translation and distribution of the Bible.
## **Pension scheme**
Bible Society has a closed defined benefit pension scheme. Movements in market conditions during the year resulted in a reduction in the deficit. A recovery plan is in place, following the formal valuation completed as at 31 March 2021, with the intention of eliminating the deficit within the next three years, taking into account the recent improvement
## Investment income and
## investment gains
Investment income decreased to £1.0 million (2022: £1.9 million): 2022 included a £1.1 million oneoff distribution from William Leech Investments Limited. Investment losses totalled £2.0 million (2022: losses of £0.9 million). £1.3 million of the loss resulted from the revaluation of the shares held in William Leech Investments Limited.
in market conditions on a technical provisions basis. The Audit and Finance Committee reviews the management of our pension fund liability including the long-term de-risking strategy. The Committee is supported by professional advice when needed and continues to work closely with the pension trustees.
## **Reserves policy & management**
The Trustees consider it important that Bible Society holds an appropriate level of unrestricted reserves as part of its financial management and forward financial planning. The appropriate level should not be so high as to tie up money unnecessarily, limiting the amount spent on charitable activities and the potential benefits that Bible Society can provide. Similarly the appropriate level should not be
too low, thereby increasing the risk to the Charity’s ability to carry on its activities in future in the event of financial difficulties, and increasing the risk of unplanned and unmanaged closure and even insolvency.
The Trustees review risk regularly and a risk register is maintained. Some of the identified risks have a financial impact and so it is important that an appropriate
level of reserves is held to counter this financial risk.
The Trustees review the level of unrestricted reserves annually to ensure that an appropriate level is held. The target range is between three and nine months’ equivalent operating expenditure. We consider if this level continues to reflect the financial risks of the operating environment. At the end of 2022–2023 the unrestricted
FINANCIAL REVIEW
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ANNUAL REPORT 2022–2023
## **Reserves policy & management (continued)**
reserves stand at ten months’ expenditure (2022: 13 months’).
Designated reserves form part of the unrestricted reserves and represent funds which the Trustees have earmarked for a particular use, without creating a legal restriction. Within the designated reserves is the fixed asset reserve which represents the net book value of Bible Society’s fixed assets to indicate that these resources are not available for other purposes. At the end of the year the fixed asset reserve stood at £3.8 million (2022: £3.6 million). The Capital fund for the provision of Bibles overseas stood at £1.1 million (2022: £1.1 million). This fund supports the Jireh programme, which enables overseas Bible
Societies to hold stocks of Bibles for sale by funding their working capital requirement, while working with them to help them achieve financial sustainability. The Special Opportunities reserve stood at £2.0 million (2022: £3.6 million). Large legacies received are designated by the Trustees for specific projects. The balance has been designated for strategic projects in the coming years.
Restricted reserves are funds subject to specific conditions imposed by donors. The year-end balances represent income which has been recorded but where the related expenditure has not yet been incurred. The balance at the end of the year was £2.7 million (2022: £3.2 million).
## **The unrestricted reserves that the Trustees consider consist of the following:**
- General fund £8.6 million
- Designated funds £7.3 million
## **But excluding:**
- Fixed assets reserve £3.8 million
- Capital fund £1.1 million
**Total £11.0 million**
## **Investment policy & performance**
The Charity seeks to adopt a cautious, well-balanced approach to investment, balancing potential returns with the appropriate level of risk. The Charity also follows the guidance of the Church of England’s Ethical Investment Advisory Group’s Statement of Ethical Investment Policy in the selection of investments. The investment policy is reviewed annually by the Audit and Finance Committee of the Board.
The Charity’s aim is to ensure that investments maintain their capital
value in real terms while delivering income growth. The Charity holds permanent endowments of £11.7 million (2022: £13 million) and unrestricted investments totalling £10.0 million (2022: £10.1 million).
The majority of the Charity’s endowed investments consists of a 20 per cent stake in William Leech (Investments) Limited, which aims to secure strong financial returns while taking into consideration Christian principles and ethical considerations in its investment policy. In particular, William Leech (Investments)
Limited follows the guidance of the Church of England Ethical Investment Advisory Group in its selection of investments. While this represents a large asset on the balance sheet, as a permanent endowment it cannot be realised.
Our remaining investment portfolio is held with CCLA Investment Managers. This includes both permanently endowed and unrestricted investments with the ultimate aim of achieving long-term capital and income growth, following similar ethical guidelines.
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# **For the word of God is alive and active.**
**H E B R E WS 4 .12a (NI V )**
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## **Risk management**
## The Charity has a Risk Management Policy that sets out its approach to managing risk.
The Charity actively aims to mitigate risk factors through its everyday management of operations and has a rolling programme of internal review. Over the last year, among other items, strategy, external and internal communications, investment policy, reserves, risk management, equality and diversity awareness, staff remuneration, pension fund provision, technology and IT security, crisis management, family friendly policies, internal executive limitations and procurement have been reviewed in detail and the Charity will continue to monitor key risk items over the coming year. For the first time, policies on modern slavery and on menopause have been adopted. Bible Society staff actively manage risks at a strategic, operational and project level.
Tools used to manage risk include a Strategic Risk Matrix, which sets out the long-term strategic risks to the Charity, with potential impact, existing
controls, planned actions and ratings of impact and likelihood, and a Dynamic Issues Log, which lists matters that give rise to short-term risks and the steps taken to manage them. The Audit and Finance Committee review the Dynamic Issues Log quarterly and the Strategic Risk Matrix biannually. Both of these documents are reviewed annually by the Board as a whole. The leadership team reviews the Dynamic Issues Log monthly and has an opportunity weekly to add items that have recently arisen.
The Risk Management Policy identifies appetite for risks relating to governance, finance, operations, compliance, reputation and mission. The approach of the Trustees and leadership team to appetite for risk is aligned, with an agreed willingness for the Charity to engage in strategies, methods and activities to advance the Charity’s mission even though doing so may involve a relatively high degree of risk.
40 RISK MANAGEMENT
ANNUAL REPORT 2022–2023
## **Significant strategic risk**
The Trustees believe the most significant strategic risk for Bible Society is losing sight of God and focusing on our own ideas and efforts. We control this risk in three ways.
- We’ve developed a prayerful culture. Everyone who serves Bible Society is encouraged to be honest, attentive and humble, because we’re aware of God’s presence among us
- **–**
- We’ve developed appointment We have regular retreats processes for Trustees and for Trustees and the Senior key staff that emphasise our Leadership team where we mission of promoting and discuss and review our vision distributing the Bible and strategy
By intentionally focusing on what God may be saying to us, we keep focused on our mission for him.
## **Other strategic risks**
We review these risks regularly and make sure we have the right controls in place so that we can meet any challenges.
- The Charity starts to lack direction, strategy and forward planning
- The Trustee Board ceases to have relevant skills or commitment
- The Charity becomes insufficiently diverse to operate effectively
- The Charity becomes unable to develop its projects or services
- The Charity’s supply chain becomes unreliable and/or too expensive
- The Charity becomes unable to raise sufficient funds
- Those travelling overseas on behalf of the Charity cannot do so safely or become subject to an unexpected disaster
- IT systems become unable to meet operational needs
- Data becomes lost or corrupted
- BSRL customers are unable to pay for supplies
- The Charity becomes the victim of fraud
- Adverse publicity
## **Dynamic issues**
Throughout the course of the year the Charity has maintained a Dynamic Issues Log identifying matters that have required monitoring and action to ensure they do not adversely affect the mission of the Charity significantly. Each such matter is categorised as green, amber or red according to its potential severity. During the course of the year no issue that arose was regarded as sufficiently serious to be categorised as red.
## **Overall assessment**
The Trustees are satisfied that the major risks to which Bible Society was exposed during 2022–2023 have been assessed and that systems are in place to manage or mitigate exposure to them in the future.
RISK MANAGEMENT 41
ANNUAL REPORT 2022–2023
# **Your word is a lamp for my feet, a light on my path.**
**P SALM 119.105 (NI V )**
42 PAGE TITLE / DESCRIPTION
ANNUAL REPORT 2022–2023
## **Statement of responsibilities of Trustees**
The Trustees are required to prepare an annual report and financial statements for each financial year in accordance with applicable law and the United Kingdom Generally Accepted Accounting Practice. The Trustees are also required to prepare financial statements that give a true and fair view of the state of affairs of the Charity and Group and the incoming resources and application of resources, including the net income or expenditure, of the Charity and Group for the year.
In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently
- observe the methods and principles in the Charities SORP
- make judgements and estimates that are reasonable and prudent
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis, unless it is inappropriate to presume the Charity will continue in operation
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the relevant acts and standards. The Trustees are also responsible for safeguarding the assets of the Charity and hence for 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 charity’s website.
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Each of the Trustees confirms that, to the best of his/her knowledge, there is no information relevant to the audit of which the auditors are unaware. Each of the Trustees also confirms that he/she has taken all necessary steps to ensure that he/she is aware of all relevant audit information and that this information has been communicated to the auditors.
Approved by the Trustees and signed on 12 September 2023 on their behalf by:
## **Alan Eccles**
Chair of the Board of Trustees Registered charity 232759
STATEMENT OF RESPONSIBILITIES OF TRUSTEES 43
ANNUAL REPORT 2022–2023
## **Trustees, advisors & governance**
Bible Society is a registered charity established by Royal Charter and as such is governed by its Charter and by a Board of Trustees. The Board of Trustees comprises up to 21 Trustees, appointed by the Board, and includes the Chief Executive. A minimum of 40 per cent and a maximum of 60 per cent of Trustees must be members of the Anglican Church.
- Trustees are appointed for a three-year term and may be reappointed for up to two further terms
which they are able to make to the work of Bible Society
- New Trustees are inducted in the extent of Bible Society’s activities and their responsibilities, and all Trustees receive ongoing training to enable them to fulfil their roles effectively
- Trustees who have served for three consecutive threeyear terms may not be reappointed for at least a year from the conclusion of their term in office
- The Chair is elected by the Board and serves for a threeyear term, renewable once
- Trustees are appointed on the basis of their skills, year term, renewable once **–**
- experience, time availability The Board of Trustees usually and the general contribution meets four times a year, and
also has a 24-hour retreat. Three of the meetings are residential over two days. Additional meetings of the Trustees can occur when there is a need to consider a specific item of business that has arisen between the regular meetings. In addition, various aspects of the Society’s work and the context in which we operate are presented to the Trustees so they continue to gain a more comprehensive appreciation of them.
## **Sub-Committees**
The Board has established three sub-committees, each with specific terms of reference. These are:
- Audit and Finance Committee
- People and Remuneration Committee
- Board Development Committee
The Audit and Finance Committee oversees the financial affairs and risk management of Bible Society. It gives confidence to the Board that its responsibilities in that regard are being fulfilled and that Bible Society is operating within the legal and financial guidelines set out in current legislation and the Board’s own policies. In addition to Trustees, the Audit and Finance Committee had one non-Trustee member (until May 2022).
The People and Remuneration Committee provides independent strategic support to the Leadership Team. It oversees the people and remuneration activities of Bible Society so that it fulfils its purpose in accordance with its values and strengthens its reputation, and gives confidence to the Board accordingly. It is also responsible for reviewing and setting the remuneration of the CEO and making a recommendation to the Board.
The Board Development Committee promotes Board development, reviews the performance of Trustees, makes recommendations to the Board regarding certain appointments, makes certain other appointments to Board committees and other similar positions, reviews the governance of Bible Society and assists the Nominations Committee with the election and re-election of Trustees.
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ANNUAL REPORT 2022–2023
## **Governance and decision-making**
The Board is responsible for Bible Society’s governance and it shapes and agrees our vision, mission, values and strategy. Trustees are encouraged to pray about and reflect deeply on the spiritual, cultural, political, economic and technological environments in which Bible Society operates and to share their reflections faithfully and fearlessly with the rest of the Board.
Day-to-day management is delegated to the Chief Executive, who in turn delegates management of specific projects to members of the Leadership Team. Strategy is drafted by the Chief Executive and Leadership Team after consultation with stakeholders (including Trustees), and is approved by the Trustees. Responsibility for implementing strategy is delegated to the Chief Executive and Leadership Team.
## **Key Management Personnel remuneration policy**
The Board of Trustees, the Chief Executive, the Chief Financial Officer, the Chief Operating Officer, the Director: People, the Managing Director: BSRL, the Director of International Mission, the Director of Digital and Technology (until April 2022), the Director of Digital Strategy (from September 2022), the Director of Communications and Marketing, the Director of Domestic Mission, the Director of Theos and the In-house Legal Counsel are the key management personnel of Bible Society, in charge of directing and operating the Charity. All Trustees give their time freely and do not receive remuneration, except in the case of the Chief Executive, who under the terms of the Royal Charter is also a Trustee.
Details of Trustee expenses and related party transactions are given in note 11 to the financial statements. Salaries of staff are reviewed annually taking inflation into account. All job roles are also benchmarked using Croner salary surveys and benchmarking to ensure that the level of remuneration set for all staff, including key management, is in line with roles in similar organisations.
## Patron
Her late Majesty Queen Elizabeth II was Patron of Bible Society until her death on 8 September 2022
## President
His Eminence Archbishop Angaelos
## Vice-Presidents
Lord Boateng Baroness Sal Brinton Professor David Ford Revd Stephen Gaukroger Revd Dr Krish Kandiah Cardinal Vincent Nichols Revd Baroness Maeve Sherlock Sir David Suchet CBE
Chair of Trustees
Alan Eccles CBE
Deputy Chair
Dr Olubunmi Olayisade
Treasurer
Keith Starling
Chief Executive
Professor Paul S Williams
Other Trustees
Ramez Atallah Rochelle Bond Paul Chandler
Ian Dighé _(until June 2023)_
Alan Eccles Isaac George Leanne Long Rosemary Nuamah Williams Dr Olubunmi Olayisade
Fidelis Omozuapo _(until March 2023)_ Catherine Pepinster _(until June 2023)_
Sian Rees _(until October 2022)_
Richard Taylor Brenden Thompson
Audit and Finance Committee
Keith Starling
Kate Andrews* Paul Chandler Alan Emery _(until May 2022)_ Isaac George Catherine Pepinster
## Nominations Committee
Ian Dighé _(Convenor)_
Revd Dr Martyn Atkins _(until June 2022)_
Alan Eccles CBE Revd Elfed Godding _(from November 2022)_
Rt Revd Sophie Jelley Revd Katei Kirby Dr Olubunmi Olayisade Revd Canon Christopher Thomas Rosemary Nuamah Williams
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ANNUAL REPORT 2022–2023
_(Convenor from June 2023)_ Rosemary Nuamah Williams _(from_ Investment Managers Professor Paul S Williams* _June 2023)_ CCLA Revd Dr Nigel Wright Professor Paul S Williams One Angel Lane London EC4R 3AB People and Remuneration Auditors Committee Crowe UK LLP Registered Office Leanne Long St James House Bible Society St James Square Stonehill Green Keith Starling Cheltenham GL50 3PR Westlea Sian Rees Swindon SN5 7DG Bankers Susan Mears* Professor Paul S Williams* NatWest Bank plc _Bible Society Resources Limited is_ 84 Commercial Road _a wholly owned trading subsidiary_ Board Development Committee Swindon SN1 5NU _which has its separate Board of Directors. Bible Society is a_ Alan Eccles Solicitors _registered charity (232759)._ Ian Dighé _(until June 2023)_ Anthony Collins Solicitors LLP _*in attendance_ Dr Olubunmi Olayisade 134 Edmund Street Birmingham B3 2ES
Bible Society uses the Charity Governance Code to help the Trustees improve the way they carry out their responsibilities. The Code sets out seven principles: Organisational Purpose; Leadership; Integrity; Decision-making, Risk and Control; Board Effectiveness; Equality, Diversity and Inclusion; and Openness and Accountability.
In 2022, an external review of governance was commissioned, which took place over the financial year up to March 2023.
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ANNUAL REPORT 2022–2023
## **Leadership Team**
Paul Williams Chief Executive Officer
Matt Cooper Director of Digital & Technology _(until April 2022)_
Nigel Langford Director of Domestic Mission
Oldi Morava Director of International Mission
Kate Andrews Chief Financial Officer
Derek Hill Managing Director: Enterprise
Chine McDonald Director of Theos
Stuart Noble Chief Operating Officer
Toby Beresford Director of Digital Strategy _(from September 2022)_
Richard King Legal Counsel
Susan Mears Director: People
Claire Sims Director of Communications & Marketing
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ANNUAL REPORT 2022–2023
## **Independent auditor’s report**
to the Members of The British and Foreign Bible Society
## **Opinion**
We have audited the financial statements of The British and Foreign Bible Society (‘the charity’) and its subsidiaries (‘the group’) for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including 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 group’s and the parent charity’s affairs as at 31 March 2023 and of the group’s income and expenditure, 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 Charities Act 2011
## **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 group 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 or the group’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 Trustees with respect to going concern are described in the relevant sections of this report.
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ANNUAL REPORT 2022–2023
## **Other information**
The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient and proper accounting records have not been kept by the parent charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 43, the Trustees 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 group’s and the parent 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**
We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.
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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below.
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.
INDEPENDENT AUDITOR’S REPORT
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ANNUAL REPORT 2022–2023
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of legacy income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
## **Use of our report**
This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees 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 Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor St James House St James Square Cheltenham Gloucestershire GL50 3PR
## Date: 26 September 2023
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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**Heaven and earth will pass away, but my words will not pass away.**
**M AT T H EW 24 .35 (ESV )**
PAGE TITLE / DESCRIPTION
51
ANNUAL REPORT 2022–2023
## **Consolidated Statements 2022–2023**
## T H E BRITIS H AND FO REIG N BIBL E S O C IETY
CO N S O L IDATED STATEM ENT O F FINANC IAL AC TIVITIES (including consolidated income and expenditure account) for the period ending 31 March 2023
**----- Start of picture text -----**
Unrestricted Restricted Endowment 2023 Unrestricted Restricted Endowment 2022
funds funds funds Total funds funds funds Total
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income :
Donations and legacies 2 8,686 3,934 251 12,871 10,504 3,586 231 14,321
Publishing and exhibitions 3 9,253 - - 9,253 6,571 - - 6,571
Other trading activities 3 217 - - 217 202 - - 202
Investment income 4 961 - - 961 1,945 - - 1,945
Total income 19,117 3,945 251 23,302 19,222 3,586 231 23,039
Expenditure
Cost of raising funds 5 (2,701) (270) - (2,971) (2,566) (280) - (2,846)
Expenditure on charitable activities - -
Making the Bible available 7 (9,930) (2,273) - (12,203) (7,207) (2,126) - (9,333)
Making the Bible accessible 7 (4,701) (79) - (4,780) (3,018) (104) - (3,122)
Demonstrating the Bible's credibility 7 (3,065) (1,819) - (4,884) (2,074) (1,130) - (3,204)
Educating the public 7 (1,938) - (1,938) (1,389) - (1,389)
Total charitable activities (19,634) (4,171) - (23,805) (13,688) (3,360) - (17,048)
Total expenditure (22,335) (4,441) - (26,776) (16,254) (3,640) - (19,894)
Net gains on investments 14 (324) (1,631) (1,955) 762 - (1,613) (851)
Net (expenditure)/income (3,542) (507) (1,380) (5,429) 3,730 (54) (1,382) 2,294
Transfers between funds 22 - - - - - - - -
Other recognised gains/(losses) - actual
gains on defined benefit pension plan 21 1,663 - - 1,663 2,415 - - 2,415
Net movement in funds for the year (1,879) (507) (1,380) (3,766) 6,145 (54) (1,382) 4,709
Total funds brought forward 18,291 3,248 13,049 34,588 12,146 3,302 14,431 29,879
FV Adjustment 23
Total funds carried forward 16,412 2,741 11,669 30,822 18,291 3,248 13,049 34,588
**----- End of picture text -----**
The notes form part of these financial statements. Charity’s income £14 million (2022: £16.4 million)
52
CONSOLIDATED STATEMENTS
ANNUAL REPORT 2022–2023
## **Balance Sheets 2022–2023**
T H E B R I T I S H A N D F O R E I G N B I B L E S O C I E T Y Balance sheets as at 31 March 2023
**----- Start of picture text -----**
Group Group Charity Charity
2023 Total 2022 Total 2023 Total 2022 Total
Note £’000 £’000 £’000 £’000
Fixed assets
Intangible asset 12 414 148 414 148
Tangible assets 12 2,986 2,829 2,986 2,829
Permanently endowed investments 14 11,651 13,032 11,651 13,032
Other investments including subsidiary undertaking 14 9,975 10,088 10,526 10,639
25,026 26,097 25,577 26,648
Current assets
Stock 15 1,356 1,436 2 2
Debtors 16 4,019 4,410 3,914 4,115
Investments 14 - - - -
Cash at bank and in hand 17 5,780 11,709 4,096 10,106
11,155 17,555 8,012 14,223
Liabilities
Creditors falling due within a year 18 (3,109) (4,688) (920) (1,923)
Creditors - constructive obligation for funding commitments 19 (2,250) (2,250) (2,250) (2,250)
Net Current assets 5,796 10,617 4,842 10,050
Defined benefit pension scheme liability 21 - (2,126) - (2,126)
Net assets 24 30,822 34,588 30,419 34,572
The funds of the group:
Endowment funds
William Leech fund 22 9,466 10,733 9,466 10,733
General purposes permanently endowed fund 22 2,203 2,316 2,203 2,316
Total endowment funds 11,669 13,049 11,669 13,049
Income funds
Restricted funds 22 2,741 3,248 2,741 3,248
Unrestricted funds
Designated funds 22 7,254 8,700 7,254 8,700
General fund 22 8,600 11,159 8,197 11,143
Unrestricted funds excluding pension reserve 22 15,854 19,859 15,451 19,843
Pension reserve 21 - (2,126) - (2,126)
Revaluation reserve 23 558 558 558 558
Total unrestricted funds 16,412 18,291 16,009 18,275
Total funds 30,822 34,588 30,419 34,572
**----- End of picture text -----**
The financial statements on pages 52 to 67 were approved by the Board of Trustees on 12 September 2023 and signed on their behalf by:
Alan Eccles Chair of the Board of Trustees Registered charity 232759
BALANCE SHEETS
53
ANNUAL REPORT 2022–2023
## **Cash flows 2022–2023**
## T H E BRITIS H AND FO REIG N BIBL E S O C IETY CO N S O L IDATED STATEM ENT O F C AS H FLOWS For the year ended 31 March 2023
**----- Start of picture text -----**
Group Group
Total 2023 Total 2022
Note £'000 £'000
Net cash used in operating activities A (5,850) 1,926
Cash flows from investing activities
Dividends and interest received from investments 961 1,945
Purchase of tangible fixed assets (448) (142)
Purchase of intangible fixed assets (266) (148)
Purchase of fixed asset investments (251) (231)
Purchase of investments (326) (779)
Net cash used in investing activities (330) 645
Cash flows from financing activities
Receipt of endowment 251 231
Net cash used in financing activities 251 231
Change in cash and cash equivalents in the year (5,929) 2,802
Cash and cash equivalents at the beginning of the year 11,709 8,907
Cash and cash equivalents at the end of the year 5,780 11,709
**----- End of picture text -----**
## **Notes to the cash flow statement**
Note A: Reconciliation of net income to net cash used in operating activities
**----- Start of picture text -----**
Group Group
Total 2023 Total 2022
£'000 £'000
Net income/(expenditure) for the year (5,429) 2,294
Add back depreciation charge 290 277
Deduct investment income shown in investment activities (961) (1,945)
Losses/(gains) on investments 1,955 851
Investment management fee 116 135
Receipt of endowment (251) (231)
FRS 102 pension adjustments (463) (244)
Decrease in stock 81 (130)
Decrease in debtors 391 (1,824)
(Decrease)/increase in creditors (1,579) 2,743
Net cash used in operating activities (5,850) 1,926
**----- End of picture text -----**
CASH FLOWS
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ANNUAL REPORT 2022–2023
T H E BR I T I S H AND FO REIG N BIBL E S O C IETY Notes to the consolidated financial statements for the year ended 31 March 2023
## **Notes**
## **1 . AC C O U N T I N G P O L I C I E S**
## 1.1. Basis of preparation
The Charity is a public benefit entity incorporated in the United Kingdom. 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 (FRS102) (effective 1 January 2015) – (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Charities Act 2011.
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of investment properties, listed and unlisted investments.
## 1.2. Basis of consolidation
The Society is a Charity limited by incorporation under Royal Charter and has no share capital. Its registered office is Stonehill Green, Westlea, Swindon SN5 7DG. The financial statements consolidate the results of the British and Foreign Bible Society (the Charity) and its subsidiary undertakings. The consolidated entity is referred to as the group. No separate Statement of Financial Activities (SoFA) or Cash Flow Statement has been prepared for the Charity as permitted by section 408 of the Companies Act 2006 and FRS 102 respectively.
The consolidated statement of financial activities includes the results of the Charity’s wholly owned subsidiary Bible Society Resources Limited, Company number 05450490. This operates through commissioning print runs of Bibles to service the Charity’s Bible needs and those of Bible Societies around the world. It
sells Bibles in the UK and controls royalty payments.
The accounts (financial statements) have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view.
This departure has involved following Accounting and Reporting by Charities, preparing their accounts in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
## 1.3. Going concern
After reviewing the group’s forecasts and projections, the Trustees consider that the group is well placed to manage the business risks it faces. This position is supported by strong cash balances and a sufficient level of reserves. The trustees therefore have a reasonable expectation that the group has more than sufficient resources to continue in operational existence for the foreseeable future and believe that there are no material uncertainties that call into doubt the ability of the group to continue as a going concern. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.
The group’s planning processes, including financial projections, take into consideration the current economic climate and its potential impact on various sources of income and planned expenditure. The Trustees acknowledge the group’s pension fund obligations and have a clear strategy to manage the deficit, which includes a deficit reduction, subject to continued discussion and agreement with the Trustees of the pension scheme.
## 1.4. Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, which are described in this note, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.
Significant areas of estimate and judgement include provisions, assumptions used to value the defined benefit pension scheme, and the remaining useful life of assets. Related accounting policies for these items are noted below.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the presentation of the financial statements are as follows:
## 1.5. Income
- (i) Donations, other income and investment income are included in the Statement of Financial Activities (SoFA) when the Charity has entitlement to the funds, any performance conditions attached to the items have been met, it is probable that the income will be received and the amount can be measured reliably.
- (ii) Legacies are accounted for when notified, providing
NOTES
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ANNUAL REPORT 2022–2023
the amount can be reliably measured and that ultimate receipt is probable. This is based on settlement of the estate or receipt of payment.
- (iii) Income from charitable activities is included in income in the SoFA and related costs are included in resources expended. Income represents the value of publications despatched and royalties received.
- (iv) Donated goods, services and facilities are included in the SoFA at a reasonable estimate of their gross value to the Charity. Assets given for use by the Charity are recognised as incoming resources and within the relevant fixed asset category of the balance sheet when receivable. Where a gift has been made in kind but on trust for conversion into cash, the incoming resource is recognised when receivable and an adjustment made to the original valuation upon subsequent realisation of the gift.
## 1.6. Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of Bible Society and which have not been designated for other purposes.
Designated funds consist of unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the accounts.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Society’s work. The aim and use of each restricted fund is set out in the notes to the accounts.
Endowment funds are funds which are held subject to donor-imposed stipulations that they be maintained as capital. The income earned from these funds is used for general purposes where allowed or for the
specific purposes intended. The aim and use of each endowment fund is set out in the notes to the accounts.
## 1.7. Expenditure
Expenditure is accounted for on an accruals basis. Support costs are allocated to expenditure categories on a headcount basis. Irrecoverable VAT is included in the cost of raising funds.
Expenditure is classified under the following activity headings:
- Cost of raising funds comprises fundraising costs and fees payable to investment managers.
- Expenditure on charitable activities includes the cost of making the Bible available, accessible and credible, plus the cost of educating the public about our work.
## 1.8. Operating leases
Rental charges payable under operating leases are charged to the SoFA evenly over the term of the lease.
## 1.9. Taxation
Bible Society is a registered charity and is exempt from taxation on its income and gains to the extent that they are applied to its charitable purposes. The charity’s subsidiary, Bible Society Resources Limited, has not incurred a tax charge in the period due to its policy of paying its taxable profits to the charity under Gift Aid.
## 1.10. Intangible fixed assets and amortisation
Intangible fixed assets are capitalised at cost. These include computer software in development. They are amortised over 10 years on a straight-line basis.
## 1.11. Tangible fixed assets and depreciation
Tangible fixed assets are capitalised at cost. Individual fixed assets costing less than £500 are written down fully in the year of acquisition. Depreciation is provided so as to write off the cost of fixed assets on
a straight-line basis over their expected useful lives as follows:
Freehold land Not depreciated
## Freehold buildings
Swindon and London – 50 years, Wales – 20 years
Building improvements 20 years
Visitor displays 4 years
Computer hardware and software 1–4 years
## Other equipment
5 years
## Motor vehicles
Over the estimated useful life of each vehicle (but only down to their estimated realisable value) with a maximum of 4 years
Fixed assets and investments are reviewed at the reporting date for any impairment. Any impairment loss is recognised in the corresponding SoFA category.
## 1.12. Investments
Listed investments are held at fair value. The unlisted investment in William Leech (Investments) Limited is revalued each year based upon the net assets of the company. The SoFA includes realised gains and losses on investments sold in the year and unrealised gains and losses on revaluation of investments.
## 1.13. Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost includes all costs incurred in bringing each product to its present location and condition, as follows:
- Goods for resale at purchase cost on an average prime cost basis
- Net realisable value is based on estimated selling price less any further costs expected to complete and sell
NOTES
56
ANNUAL REPORT 2022–2023
## 1.14. Product
Bible Society Resources Limited develops products for sale. The preparation and development costs for each product are written off over three years (except if minor, i.e. under £1,000) unless their recovery is not reasonably assured. Costs for which recovery is not reasonably assured are written off as they are identified. Income received in advance of the launch of the product is likewise matched to the period of the product launch and treated as deferred income until that time.
## 1.15. Heritage assets
Heritage assets are not recognised on the Balance Sheet. The Trustees consider that obtaining reliable valuations for these would involve disproportionate cost, owing to the number of items and the lack of comparable market values.
## 1.16. Financial instruments other than investments
The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recorded at transaction value and subsequently measured at their settlement value.
## 1.17. Foreign exchange
Foreign currency transactions are recorded at the exchange rate at the time of the transaction, or at an average rate where this rate approximates the actual rate at the date of the transaction. Foreign currency balances are translated into sterling at the exchange rate at the balance sheet date. Resulting gains or losses are included in the SoFA.
## 1.18. Pensions
The Charity’s defined benefit scheme was closed to future accrual on 1 October 2003. The net pension
> finance costs are included in the **3 . I N C O M E F R O M**
> SoFA. Actuarial gains and losses **C H A R I TA B L E**
> are recognised in the SoFA as **AC T I V I T I E S** other recognised gains and losses. The expected costs of providing 2023 pensions under the defined benefit £'000 scheme, as calculated periodically by professionally qualified actuaries, Income from 9,253 publishing are charged to the SoFA so as to spread the cost over the service life of Income from property 151 the employees.
**----- Start of picture text -----**
2023 2022
£'000 £'000
Income from 9,253 6,571
publishing
Income from property 151 151
rental and related
services
Income from research 33 45
and other consultancy
Income from events 33 6
and other sundry
income
Total income from 217 202
other trading activities
**----- End of picture text -----**
The amounts charged to the SoFA for defined contribution pension schemes represent the contributions payable in the period.
The cost of the charity contribution to the defined contribution scheme is allocated between restricted and unrestricted funds in accordance with the function of the individual employees to whom the contribution relates.
## **4 . I N V E S T M E N T I N C O M E**
**----- Start of picture text -----**
2023 2022
£’000 £’000
- Returns on 843 1,942
permanently endowed
and unrestricted
investments
- Interest earned on 118 3
unrestricted deposit
accounts
Total 961 1,945
**----- End of picture text -----**
## **2. I N C O M E F R O M D O N AT I O N S A N D L E G AC I E S**
**----- Start of picture text -----**
2023 2022
£’000 £’000
Donations 9,500 9,262
Legacies 3,371 5,059
Total 12,871 14,321
**----- End of picture text -----**
## **5 . C O S T O F R A I S I N G F U N D S**
The Society benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS102 and the Charities SORP (FRS102), the economic contribution of volunteers is not recognised in the accounts. There were £36,382 of donations in kind (2022: £21,000). Donations from companies and organisations include a gift in kind of £91,260. This represents the benefit of the creation of the main Bible Society logotype / mark donated by ASHA & Co. The benefit is determined as the cost which would be incurred if the Charity had to incur costs of consulting, creating and production.
**----- Start of picture text -----**
2023 2022
£’000 £’000
Direct costs 1,972 1,953
Support and 522 577
governance costs
Irrecoverable VAT 361 181
Managing investments 116 135
Total 2,971 2,846
**----- End of picture text -----**
NOTES 57
ANNUAL REPORT 2022–2023
## **6. G R A N T S PAYA B L E**
## **7. A N A LYS I S O F E X P E N D I T U R E O N C H A R I TA B L E AC T I V I T I E S**
**----- Start of picture text -----**
2023 2022
No. of £’000 £’000 National International 2023 2022
grants programme programme
International grants £’000 £’000 £’000 £’000
Africa 12 148 128 Making the Bible
China 3 310 78 available
Middle East 2 44 15 Grants 26 2,273 2,299 2,155
Other translation projects 10 122 123 Operating costs 838 8,015 8,853 6,439
of charitable
Total translation grants 27 624 344 activities
Direct costs 391 473 864 586
Africa - - 33
Support and 85 102 187 153
China 1 110 337 governance costs
Middle East 9 154 119 1,340 10,863 12,203 9,333
Other production and distribution 3 345 64
grants
Making the Bible
Total production and distribution grants 13 609 553 accessible
Grants 248 79 327 177
Africa 9 125 246 Direct costs 2,431 1,240 3,671 2,348
Middle East 3 83 - Support and 517 265 782 597
Providing Bible Society presence in 6 832 983 governance costs
other countries 3,196 1,584 4,780 3,122
Total capacity building grants 18 1,040 1,229
Demonstrating
Africa 3 58 74 the Bible's
Middle East 1 21 - credibility
Other literacy projects - - 30 Grants 31 2,358 2,389 1,706
Operating costs - - - -
Total literacy grants 4 79 104 of charitable
activities
Africa 21 719 635 Direct costs 1,100 958 2,058 1,195
China 11 441 332 Support and 234 203 437 303
Middle East 23 519 299 governance costs
Other advocacy grants 14 679 412 1,365 3,519 4,884 3,204
Total engagement and advocacy grants 69 2,358 1,678
Total international grants 131 4,710 3,908 Educating the
public
Grants 15 - 15 10
National grants
Cambridge University Library 4 44 41 Direct costs 1,583 - 1,583 1,097
Bibles to prisons, immigration centres, 1,105 208 23 Support and 340 - 340 282
governance costs
colleges
1,938 - 1,938 1,389
Other national grants 6 68 76
7,839 15,966 23,805 17,048
Total national grants 1,115 320 140
Total grants 1,246 5,030 4,048
2023
£’000
These grants are analysed across the charitable activities as follows:
Making the Bible available relates to the
2023 2022
following stages of the lifecycle of the Bible
£’000 £’000
Translation 624
Production and Distribution 10,539
Making the Bible available 2,299 2,155
Capacity Building 1,040
Making the Bible accessible 327 177
12,203
Demonstrating the Bible's credibility 2,389 1,706
Educating the public 15 10
Making the Bible accessible relates to the
Total 5,030 4,048 following stages of the lifecycle of the Bible
Bible Society is part of the United Bible Societies (UBS) Literacy 79
fellowship of around 150 Bible Societies working in more Engagement 4,701
than 240 countries and territories. All international grants 4,780
are made through UBS.
Demonstrating the Bible’s credibility relates to
All grants are payable to institutions. the following stage of the lifecycle of the Bible
Advocacy 4,884
**----- End of picture text -----**
58
NOTES
ANNUAL REPORT 2022–2023
## **8 . S U M M A RY A N A LYS I S O F E X P E N D I T U R E A N D R E L AT E D I N C O M E F O R C H A R I TA B L E AC T I V I T I E S : P U B L I S H I N G A N D E X H I B I T I O N S**
The table shows the cost of the main charitable activities operated through Bible Society Resources Limited and the sources of income relating to these.
**----- Start of picture text -----**
Bible Inter Co 2023 2022
Trading
£’000 £’000 £’000 £’000
Cost of sales 8,068 (197) 7,871 5,517
Grants paid 9 - 9 (5)
Project costs 48 - 48 59
Direct internal costs 752 - 752 661
Support costs 172 - 172 207
Operating costs of charitable activities 9,049 (197) 8,852 6,439
Sales and royalties receivable 9,450 (197) 9,253 6,571
Trading surplus/(deficit) 401 - 401 132
**----- End of picture text -----**
## **9. S U P P O RT C O S T S**
**----- Start of picture text -----**
Operating Raising Bible Bible Bible Educating 2023 2022
costs funds availability accessibility credibility the public
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Cost of sales 41 124 45 186 104 81 581 539
Grants paid 50 151 54 225 126 98 704 602
Project costs 32 99 35 148 83 64 461 386
Direct internal costs 34 104 37 156 87 68 486 427
Support costs 15 44 16 67 37 29 208 166
Trading surplus/(deficit) 172 522 187 782 437 340 2,440 2,120
**----- End of picture text -----**
All support costs are apportioned to activity based on the headcount engaged in that activity.
**----- Start of picture text -----**
2023 2022
Governance costs £’000 £’000
Auditors' remuneration
– External audit 27 26
– Other financial services 7 5
– Stock count cost 7 7
Other governance costs 167 128
– Other direct internal costs 208 166
**----- End of picture text -----**
## **1 0. N E T I N C O M E / (E X P E N D I T U R E ) F O R T H E G RO U P**
## **11. E M P LOY E E S A N D T R U S T E E S**
## a) Employees
**----- Start of picture text -----**
2023 2022
£’000 £’000 2023 2022
This is stated after £’000 £’000
charging: Gross salaries and 5,662 5,161
Operating leases – 9 15 benefits in kind
equipment Social security costs 593 512
Depreciation 290 277 Pension costs - defined 866 784
Foreign exchange loss/ (73) (46) contribution
(gain)
7,121 6,457
**----- End of picture text -----**
Included in the above employee costs are ex-gratia payments of £Nil (2022: £Nil) and redundancy payments of £Nil (2022: £14,535). Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accurate basis when the commitment to terminate a post on the grounds of redundancy has been made.
The average number of persons employed, including part-time staff, calculated on a full-time equivalent (FTE) basis, analysed by activity was:
NOTES
59
ANNUAL REPORT 2022–2023
**----- Start of picture text -----**
2023 2022
Number Number
Charitable activities:
Making the Bible available 32 29
Making the Bible accessible 51 43
Demonstrating the Bible's credibility 28 23
Educating the public 14 15
125 110
Other activities:
Raising funds 27 30
Governance 3 2
155 142
**----- End of picture text -----**
The following number of employees received emoluments within the bands shown:
**----- Start of picture text -----**
2023 2022
Number Number
£60,000-£69,999 4 1
£70,000-£79,999 2 1
£80,000-£89,999 1 1
£90,000-£99,999 - -
£100,000-£109,999 - 1
£110,000-£119,999 1 -
**----- End of picture text -----**
The key management personnel of the parent charity, Bible Society, and of the group, comprise the Trustees and the Leadership Team. The total remuneration of the key management personnel of the Society, inclusive of
benefits, employers national insurance, but excluding pension contributions was £827,494 (2022: £670,269). In addition, pension contributions of £128,473 were paid into Bible Society’s defined contribution scheme on behalf of these personnel (2022: £109,755).
The number of current staff to whom retirement benefits are accruing under the defined benefit scheme is 12 (2022: 14), while 165 staff are members of the defined contribution scheme (2022: 145).
## b) Trustees
As charity trustees, Bible Society’s Trustees, who are not employees, received no remuneration for their services. Travel, subsistence and accommodation expenses incurred on behalf of Bible Society during 2023 were £2,946 for 13 Trustees (2022: £2,281 for 9 Trustees). Bible Society’s Chief Executive who, under the terms of the Royal Charter, is also a Trustee, is deemed by the Board of Trustees to have incurred expenses in discharging his duties as Chief Executive rather than a Trustee.
During the year, the Society received donations of £3,878 (2022: £3,180) from the Trustees. All donations were received for general purposes.
Indemnity insurance is provided for the Trustees at a cost of £1,905 (2022: £5,850).
## **12 A . I N TA N G I B L E A S S E T S**
## **12 B . TA N G I B L E A S S E T S**
**----- Start of picture text -----**
In Total Freehold land, Computers Motor vehicles Total
development buildings and and other
Group and Charity £’000 £’000 improvements equipment
Group and Charity £’000 £’000 £’000 £’000
Cost at 1 April 148 148
2022 Cost at 1 April 2022 6,187 1,389 13 7,589
Additions 266 266 Additions 326 122 - 448
Disposals - - Disposals - (363) - (363)
Cost at 31 March 414 414 Cost at 31 March 2023 6,513 1,148 13 7,674
2023
Depreciation at 1 April 2022 (3,507) (1,240) (13) (4,760)
Depreciation at 1 Charge (213) (77) - (290)
April 2022 Disposals - 362 - 362
Charge - -
Depreciation at 31 March 2023 (3,720) (955) (13) (4,688)
Disposals - -
Depreciation at 31 March 2023 - - Net book value at 31 March 2022 2,680 149 - 2,829
- -
Net book value at 148 148 Net book value at 31 March 2023 2,793 193 - 2,986
31 March 2022
At 31 March 2023, an external valuation of the London property was conducted,
which valued this property at £1,830,000 based on investment purposes. At
Net book value at 414 414 31 March 2023, a valuation was done of the Society’s property at Swindon. This
31 March 2023
**----- End of picture text -----**
At 31 March 2023, an external valuation of the London property was conducted, which valued this property at £1,830,000 based on investment purposes. At 31 March 2023, a valuation was done of the Society’s property at Swindon. This valued the property in the region of £3,000,000. At 31 March 2022, a valuation was done of the Sciety’s property at Bala. This valued the property in the region of £148,500. In the opinion of the Trustees, there has been no significant movement in these values since these dates.
The Charity owns 5 overseas properties (2022: 5). These are made available to the Bible Societies in the countries concerned. In the opinion of the Trustees, these properties have no recoverable value to Bible Society and the cost has
60
NOTES
ANNUAL REPORT 2022–2023
been fully depreciated in the Balance Sheet. The cost of the overseas properties at £40,678 (2022: £40,678) has also been included, but that cost has been depreciated fully.
Included in the cost of freehold land, buildings and improvements is freehold land of £708,819 (2022: £708,819) which is not depreciated.
Bible Society’s properties in Swindon and London serve mixed use, being mainly used for the Society’s charitable purposes, with space which is surplus to current requirements being rented to tenants. The area rented to external tenants represents 30 per cent of the property and has been treated as an investment property, with the remaining 70 per cent accounted for within tangible fixed assets. For the London property, one floor is currently rented to external tenants and 20 per cent of the property has therefore been treated as an investment property, with the remaining 80 per cent accounted for within tangible fixed assets.
## **1 3. H E R I TAG E A S S E T S**
Bible Society’s heritage assets comprise:
- a historic printed Bible collection;
## **1 4 . I N V E S T M E N T S**
**----- Start of picture text -----**
Group Group Charity Charity
2023 2022 2023 2022
£’000 £’000 £’000 £’000
Investments
Market value at 1 April 23,120 23,096 23,671 23,647
Additions 577 1,010 577 1,010
Investment management (116) (135) (116) (135)
fee
Net investment gains (1,955) (851) (1,955) (851)
Market value at 31 March 21,626 23,120 22,177 23,671
The market value at 31
March represents:
Unlisted permanently 9,466 10,733 9,466 10,733
endowed investments
Listed permanently 2,185 2,299 2,185 2,299
endowed investments
Total of permanently 11,651 13,032 11,651 13,032
endowed investments
Other listed investments 8,746 8,851 8,746 8,851
Investment in property 1,229 1,237 1,229 1,237
Investment in subsidiaries - - 551 551
21,626 23,120 22,177 23,671
**----- End of picture text -----**
- a deposit library for new Bibles;
- a collection of paintings and other artefacts, including 500 manuscripts;
- the Society’s own historic archives.
These have been collected over the 218 years of Bible Society’s life and have been acquired by donation, exchange of publications with other societies, or through the occasional purchase.
The printed Bible collection comprises around 35,000 Bibles and books in many of the world’s languages. This includes items of historical importance, such as copies of the first edition (1611) of the King James Bible and the Welsh Bible received and signed by Mary Jones. It is also a living and growing collection, receiving deposits of first editions of new Bibles published around the world.
The collection is housed in Cambridge University Library and items are available for viewing by any reader of the library, upon request. The Bible collection is fully catalogued.
The Trustees consider that obtaining reliable valuations for the collection would involve disproportionate cost. This is because of the number of items in the collection and the lack of comparable market values. The printed Bible collection and the paintings and other artefacts, including manuscripts, were valued on 18 May 2022 for insurance purposes at £13 million to £21 million.
Listed investments are carried at their fair value. These investments comprise equities and fixed interest securities which are quoted in public markets, in the UK and overseas. Holdings in common investment funds are valued at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The Bible Society owns two investment properties. Classified within long-term investments is 20 per cent (or one floor) of the Society’s London property which is currently surplus to the Society’s immediate requirements and is being let to external tenants. This property was valued at 31 March 2023 by an independent professionally qualified valuer. Also within long-term investments is 30 per cent of the Swindon office, currently surplus to requirements and being let to external tenants. This property was also valued at 31 March 2023 by an independent professionally qualified valuer.
The unlisted permanently endowed funds comprise £7,589,000 (2022: £7,338,000) ordinary shares of £1 in William Leech (Investments) Limited, representing 20 per cent of the issued capital. The draft accounts (subject to audit) at its year end of 31 March 2023 show consolidated capital and reserves of £47,323,119 (2022: £53,664,995). Bible Society nominates a member for the board, but cannot exert significant influence over the company.
Bible Society occasionally disposes of items where new duplicate materials are identified or where materials are not a core part of the printed Bible collection. During the year ended 31 March 2023 there were no proceeds from the sale of heritage assets (2022: Nil).
NOTES
61
ANNUAL REPORT 2022–2023
Bible Society’s investment in its subsidiaries at 31 March 2023 was as follows:
- (a) Bible Society Resources Limited:
- Country of incorporation: England and Wales Company number 05450490.
- Nature of business: Production and distribution of Bibles and other related products
- £12,299 gift aid payment was made to the Society during the year ending 31 March 2023 (2022: £Nil)
- Class of shares: Ordinary.
- Holding: 100%.
## **1 6 . D E BTO R S**
**----- Start of picture text -----**
Group Group Charity Charity
2023 2022 2023 2022
£’000 £’000 £’000 £’000
Trade debtors 616 1,371 12 5
Amounts due from - - 1,873 1,761
subsidiary company
VAT recoverable 143 58 - 36
Sundry debtors 2,619 2,686 1,824 2,109
Due from United Bible 641 295 205 204
Societies
Total 4,019 4,410 3,914 4,115
**----- End of picture text -----**
- Cost of investment: £551,049.
**----- Start of picture text -----**
2023 2022
£’000 £’000
Aggregate capital and reserves 968 567
Turnover for the year 9,450 6,601
Profit/(loss) for the year after tax 401 132
**----- End of picture text -----**
## Dormant companies
## **1 7. A N A LYS I S O F C A S H A N D C A S H E Q U I VA L E N T S**
**----- Start of picture text -----**
31-Mar-22 Cash Flow 31-Mar-23
£’000 £’000 £’000
Cash at bank and in hand 11,709 (5,929) 5,780
Total 11,709 (5,929) 5,780
**----- End of picture text -----**
- (b) Christian Research Association
- (c) Christian Booksellers Convention Limited
- (d) Incorporated British and Foreign Bible Society Association
- (e) Open the Book
The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in the financial review and investment policy performance sections of the Trustees’ Annual Report.
The Charity manages investment risks by retaining expert advisors and operating an investment policy that provides for a degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The investment managers also act within ethical policies agreed with the Charity. Ranges have been set for the percentage of holdings which may be held in any one asset class.
## **1 8 . C R E D I TO R S : A M O U N T S FA L L I N G D U E W I T H I N O N E Y E A R**
**----- Start of picture text -----**
Group Group Charity Charity
2023 2022 2023 2022
£’000 £’000 £’000 £’000
Trade creditors 1,715 2,920 445 1,373
VAT payable - - - -
Sundry creditors 1,394 1,768 475 550
Due from United Bible - - - -
Societies
Total 3,109 4,688 920 1,923
**----- End of picture text -----**
Bible Society has given an indemnity to the International British and Foreign Bible Society Association (IBFBSA) such that Bible Society will cover all costs and expenses in relation to properties owned by IBFBSA which are held in trust for Bible Society, United Bible Societies and other Bible Societies around the world.
## **15 . S TO C K**
**----- Start of picture text -----**
Group Group
2023 2022
£’000 £’000
Bible Publishing products 464 374
Finished goods held at other Bible Societies 892 1,062
around the world as part of the Jireh programme
Total stock 1,356 1,436
**----- End of picture text -----**
The amount of stock recognised as an expense during the year was £8,045,444 (2022: £5,437,000)
- **1 9. C R E D I TO R S : C O N S T R U C T I V E O B L I G AT I O N F O R F U N D I N G C O M M I T M E N T S**
**----- Start of picture text -----**
2023 2022
£’000 £’000
Grants to United Bible Societies projects – 2,250 2,250
at 1 April
Paid in the year (3,000) (3,001)
Pledged in the year 3,000 3,001
At 31 March 2,250 2,250
**----- End of picture text -----**
Bible Society pledges to make grants totalling a certain amount to the United Bible Societies each year. This is agreed on a calendar year basis in the preceding year
62
NOTES
ANNUAL REPORT 2022–2023
and the Trustees consider that provision should be made for the balance of the grant agreed for the period 1 April to 31 December 2023. These are funded from supporters’ donations.
## **2 0. F I N A N C I A L I N S T R U M E N T S**
**----- Start of picture text -----**
Group Group Charity Charity
2023 2022 2023 2022
£’000 £’000 £’000 £’000
Financial assets measured 21,626 23,120 22,177 23,671
at fair value
Financial liabilities 2,549 3,909 757 1,790
measured at amortised cost
**----- End of picture text -----**
Financial assets held at fair value consist of investments. Financial liabilities measured at amortised cost comprise trade creditors, accruals and other creditors.
## **2 1 . D E F I N E D B E N E F I T P E N S I O N S C H E M E L I A B I L I T Y**
Bible Society (the Employer) operates a defined benefits pension arrangement called the British and Foreign Bible Society 1972 Pension Scheme (the Scheme), for the benefit of its employees and some employees of United Bible Societies (UBS) employed in the UK.
The following disclosure excludes any allowance for the defined contribution section of the scheme (which transferred out prior to 31 March 2020) or any other schemes operated by the Employer.
The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process, the Employer must agree with the trustees of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective.
The most recent comprehensive actuarial valuation of the Scheme was carried out as at 31 March 2021 and the next valuation of the Scheme is due as at 31 March 2024. In the event that the valuation reveals a larger deficit than expected, the Employer may be required to increase contributions above those set out in the Schedule of Contributions. Conversely, if the position is better than expected, it is possible that contributions may be reduced.
Scheme’s assets. The Trustees delegate some of these functions to their professional advisors where appropriate.
There were no plan amendments, curtailments or settlements during the period.
The weighted average duration of the defined benefit obligation is approximately 12 years (from 15 years as at 31 March 2022).
**----- Start of picture text -----**
31-Mar-23 31-Mar-22
Discount rate 4.9% 2.8%
Inflation assumption (RPI) 3.2% 3.7%
Inflation assumption (CPI) 2.5% 2.9%
Pension increases (RPI min 3% 3.6% 3.8%
max 5%)
Pension increases (fixed 3%) 3.0% 3.0%
RPI min 3% max 5% pension 3.8% 3.8%
increases
Post retirement mortality 1.5% 1.5%
S3PA tables with CMI 2020
projections using a long-term
improvement rate of:
1.3% 1.3%
Commutation (% assumed to 25.0% 25.0%
take the maximum cash free
cash possible)
Pre 1997: Pre 1997:
20.2 for males, 20.2 for males,
Commutation factors at 22.3 for females 22.3 for females
age 65 Post 1997: Post 1997:
21.8 for males, 21.8 for males,
24.2 for females 24.2 for females
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The contributions made by Bible Society during the year amounted to £741,000 (2022: £513,000).
The amounts recognised in the balance sheet are as follows:
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2023 2022
£’000 £’000
Fair value of assets 16,019 18,181
Present value of funded obligations (15,637) (20,307)
Surplus/(deficit) in scheme 382 (2,126)
Effect of asset ceiling (382)
Net defined benefit liability - (2,126)
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Bible Society expects to pay contributions of around £829,364 in the year to 31 March 2024. The scheme is managed by a Board of Trustees appointed in part by the employers participating in the Scheme and in part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the
NOTES 63
ANNUAL REPORT 2022–2023
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2023 2022
£’000 £’000
Administration costs 226 176
Interest on liabilities 557 461
Interest on assets (505) (368)
Past service costs - -
278 269
Remeasurements over the year 2023 2022
£’000 £’000
Loss on scheme assets in excess of interest 2,380 314
Experience losses/(gains) on liabilities 691 (45)
(Gains) from changes to demographic - (498)
assumptions
(Gains) from changes to financial assumptions (5,116) (2,186)
Losses/(gains) from change in effect of asset 382 -
ceiling
Total remeasurements (1,663) (2,415)
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Reconciliation of assets and defined benefit 2023 2022
obligation £’000 £’000
The change in the defined benefit obligation
over the period was:
Defined benefit obligation at the beginning of 20,307 23,485
the period:-
Interest cost 557 461
Benefits paid (802) (910)
Experience (gain)/loss on defined benefit 691 (45)
obligation
Changes to demographic assumptions - (498)
Changes to financial assumptions (5,116) (2,186)
15,637 20,307
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The change in the assets over the period was: 2023 2022
£’000 £’000
Opening fair value of scheme assets 18,181 18,700
Interest on assets 505 368
Employer contributions 741 513
Benefits paid (802) (910)
Administration costs (226) (176)
Return on plan assets less interest (2,380) (314)
16,019 18,181
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The major categories of assets as a percentage 2023 2022
of total assets are as follows:-
Equities 10.27% 27.45%
Bonds 27.32% 37.89%
Cash 0.51% 1.90%
Other assets (including diversified growth funds) 61.90% 32.76%
100.00% 100.00%
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The return on the assets over the period was a profit of (£1,875,000). The assets do not include any investment in shares or property of the Employer.
The estimated value of employer contributions for the year ended 31 March 2024 is £212,000 and the projected effect on the SoFA for the year to 31 March 2024 is:
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£’000
Administration costs 226
Interest on liabilities 747
Interest on assets (780)
Interest on effect of asset ceiling 19
Total 212
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## **22. A N A LYS I S O F C H A R I TA B L E F U N D S**
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Analysis of movements in endowment funds 01-Apr-22 Incoming Gains/(losses) Expendture 31-Mar-23
resources and investment
fees
£’000 £’000 £’000 £’000 £’000
William Leech (Note a) 10,733 251 (1,518) - 9,466
General purposes permanent endowed 2,316 - (113) - 2,203
13,049 251 (1,631) - 11,669
01-Apr-21 Incoming Gains/(losses) Expendture 31-Mar-22
resources and investment
fees
£’000 £’000 £’000 £’000 £’000
William Leech (Note a) 12,294 231 (1,792) - 10,733
General purposes permanent endowed 2,137 - 179 - 2,316
14,431 231 (1,613) - 13,049
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NOTES
64
ANNUAL REPORT 2022–2023
The funds are mainly held for the general purposes of the Society. The most significant of those held for special purposes and annotated above are for use as follows:
- (a) The Charity receives income from the William Leech Foundation on condition that 57 per cent is restricted for endowment purposes. The Charity has invested these proceeds in William Leech (Investments) Limited to generate general fund income in future years. In 2023, £447,000 was received (2022: £406,404) giving a reinvestment figure of £251,000 (2022: £231,000).
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Analysis of movements in restricted fund 01-Apr-22 Incoming Expenditure 31-Mar-23
resources
£’000 £’000 £’000 £’000
Restricted gifts – national 41 26 - 67
Restricted gifts – international 3,207 3,908 (4,441) 2,674
3,248 3,934 (4,441) 2,741
01-Apr-21 Incoming Expenditure 31-Mar-22
resources
£’000 £’000 £’000 £’000
Restricted gifts – national 52 - (11) 41
Restricted gifts – international 3,250 3,586 (3,629) 3,207
3,302 3,586 (3,640) 3,248
Restricted funds are created by donors’ stipulations. At 31 March 2023, there £’000
were 14 restricted funds (2022: 11). Restrictions can apply to the type of activity
which can be undertaken, or the geographical area in which the money must be Work in China 2,638
used, and at 31 March 2023, restrictions are as follows: 11 other funds 103
2,741
Analysis of movements in unrestricted funds 01-Apr-22 Incoming Expenditure Designations 31-Mar-23
resources
£’000 £’000 £’000 £’000 £’000
Funds designated annually:-
Multi-year projects 391 91 (91) - 391
Fixed assets used in charitable activities 3,628 157 - - 3,785
Special Opportunities fund 3,581 - (1,603) - 1,978
Capital fund for Bible provision overseas (Project 1,100 - - - 1,100
Jireh)
Total designated funds 8,700 248 (1,694) - 7,254
General fund:-
Free reserves 11,159 18,869 (21,428) - 8,600
Group 19,859 19,117 (23,122) - 15,854
Subsidiary movements (16) (9,253) 8,866 - (403)
Charity 19,843 9,864 (14,256) - 15,451
01-Apr-21 Incoming Expenditure Designations 31-Mar-22
resources
£’000 £’000 £’000 £’000 £’000
Funds designated annually:-
Multi-year projects 620 - (266) 37 391
Fixed assets used in charitable activities 4,139 - (511) - 3,628
Special Opportunities fund 1,623 - (242) 2,200 3,581
Capital fund for Bible provision overseas (Project 1,100 - - - 1,100
Jireh)
Total designated funds 7,482 - (1,019) 2,237 8,700
General fund:-
Free reserves 8,891 19,222 (14,717) (2,237) 11,159
Group 16,373 19,222 (15,736) - 19,859
Subsidiary movements 116 (6,571) 6,439 - (16)
Charity 16,489 12,651 (9,297) - 19,843
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NOTES
65
ANNUAL REPORT 2022–2023
The funds designated by the Trustees are for the following purposes:
Multi-year projects To ensure that commitments to partners can be met and projects in progress completed. Fixed assets To ensure that adequate reserves are set aside to allow for the depreciation of the Society’s fixed assets. Special Opportunities fund To enable a step change in Society activity through additional one-off expenditure on current activities and initiation of new activities. The fund will be topped up from legacy and other variable income which is exceptionally above budgeted expectations. Capital fund To enable the provision of stocks of Bibles to those countries least able to afford them. Transfers between funds: 2023 2022 To: From: £’000 £’000 Multi-year project designated fund Free reserves general fund - 37 Special Opportunities fund - 2,200
## **23. FA I R VA LU E A DJ U S T M E N T**
The valuation is deemed to be materially the same at 1 April 2022 and 31 March 2023, resulting in no gain or loss in the current year (2022: Nil).
## **24. G RO U P A N A LYS I S O F N E T A S S E T S B E T W E E N F U N D S**
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2023 Revaluation General Pension Designated Restricted Endowment Fund
reserve fund reserve funds funds funds Balances
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Tangible fixed assets - - - 3,400 - - 3,400
Investments 558 9,583 - 385 - 11,651 22,177
Net current assets - (1,386) - 3,469 2,741 18 4,842
Defined benefit pension scheme reserve - - - - - - -
Charity 558 8,197 - 7,254 2,741 11,669 30,419
Subsidiary reserves 403 - - - - 403
Group 558 8,600 - 7,254 2,741 11,669 30,822
2022 Revaluation General Pension Designated Restricted Endowment Fund
reserve fund reserve funds funds funds Balances
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Tangible fixed assets - - - 2,977 - - 2,977
Investments 558 9,430 - 651 - 13,032 23,671
Net current assets - 1,713 - 5,072 3,248 17 10,050
Defined benefit pension scheme reserve - - (2,126) - - - (2,126)
Charity 558 11,143 (2,126) 8,700 3,248 13,049 34,572
Subsidiary reserves - 16 - - - - 16
Group 558 11,159 (2,126) 8,700 3,248 13,049 34,588
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NOTES
66
ANNUAL REPORT 2022–2023
## **2 5 . C A P I TA L C O M M I T M E N T S A N D C O M M I T M E N T S U N D E R O P E R AT I N G L E A S E S**
At 31 March 2023, Bible Society had authorised and contracted for capital expenditure of £nil (2022: £nil).
Annual commitments under non-cancellable operating leases were as follows:
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Equipment 2023 2022
£’000 £’000
Within one year 9 15
Within two years 5 12
Within three years - -
14 27
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## **2 6. C O N T I N G E N T A S S E T S**
Bible Society often receives notifications of residual legacies, where the amounts of these are not known until cash is eventually received. These notifications are subject to a number of uncertainties including whether assets will be sufficient to pay all pecuniary legacies, whether other residual legatees exist and fluctuations in market valuations.
## **2 7. R E L AT E D PA RT Y T R A N S AC T I O N S**
The Charity enjoys a close working relationship with the United Bible Societies, which is a Charity, to whom all of the international grants are made, and through whom controls over expenditure of such monies are operated. The total value of grants given in the year of £4,710,000 is shown in note 6.
The Charity charged the subsidiary £122,669 (2022: £64,788) for office space, IT and payroll services. At the end of the year, the subsidiary has owed the Charity £1,872,670 (2022: £1,760,570). The sales from the subsidiary to the Charity for the year came to £197,219 (2022: £29,843 )
NOTES 67
Bible Society, Stonehill Green, Westlea, Swindon SN5 7DG Registered charity 232759 biblesociety.org.uk