Annual Report andAccounts Discover the life-changing power of the Bible 2023-2024
ANNUAL REPORT AND ACCOUNTS 2023-2024 Contents A letter from the CEO and Chair of Trustees........................................................................ Our purpose and mission............................................ Our achievements........................................................................................... Sustain3bility and creation care........................................... 11 Our fundraising ethos 2024............................................................................................................................................... .12 Financial review.............................................. 14 Risk management...........................-...........-........................................-........................................................................ .16 Trustees, advisors and gove¥nance...-....................................................................................................... 18 51atement of sponSIbl11t1eS of Trustees......................-............................................................. .20 Independent audltorfs report......-............................................................................. .21 Consolldated statement of financial activities................................................................. .24 Balance shee¢............................................................................................ .25 Cash flows......................................................................................... .26 Notes to the cash flow statement........ .26 -27 CONTENTS
ANNVAL REPORT AND ACCOUNTS 2023-2024 A letter from the CV,O and Chair nf Trustees Bible Society dates its foundation to 1804, when visionary Christian leaders who fincludcd l<ey figures in the anti-slavery campaign saw the need for Bibles to be made available around the world. Translation, printing and distribution still form a key part of Bible Society's mission. Since the mid-twentieth century, however, we have come to focus not just on the circulation of the Bible but alsn nn its use - from shelf and pew to hands and into hearts, enabling the Bible's role in the transformation of those who read it and communitfies that engage with it. We are keenly aware, too, ol the current religlous clSmate. Backed up by rigorous research with YouGov, our analysis shows that most people in England and Wales don't read orvalue the Bible, anLI that many Christians aren't confident in using or recommending it. Globally, working with the Gallup organisation, we've Identlfied a range of spiritual cllmates Impacting attitude5 toward the Bible and Christian faith, and identified diverse audience segrnents within each of these. AIL this research is designed to help us and our partners understand our audiences and make our work more relevant to their needs. Abroad, we have supported translation work like the completed Biss8 Bible in Burkina F3so', Bible engagement project5 in Mali,. trauma healing in Ukraine.. and Ilteracy prolectg In Paklstan. Ourwork n collaboratlon wlth Unlted Blble SocletSes Is increasingly underpinned by our groundbreaking global research. Bible Society is reflecting deeply on the challenges facing faith in society today, in both domestic and gltsbal contexts. We believe that the Bible has to be at the heart of the Church'5 response to these, and we are focuslng Intently on maklng it known and understood. We want people to see the Bible through fresh eyes and discover its life-changlng message forthemselves. We believe Bible Society ha5 a key role to play in meeting the splrltual challenges of our tlmes. Both at hoine and abioad ItliiDush tlie Uiilted Bible Societles Fellowship) we re seeking to build Bible confidence among Christlall5 and to change the £oiiversatloii about Ll)e BILJle Iii wlder CulLilie. W are excited by the possibilitie5 and opportunities before us and energised by the creativity and 'Everything written in the Scripture5 was written to teach us, in order that we might have hope through thp pAtipnrp anrt pnrniiraEpmpnt whirh th Scriptures give us, IRoman$ 15.4, GNBI. At home, we have continued to invite people to discover tho Bihlo'g mogsag@ for thom through a range of programmes and projects. OLJr locus thls year has included growing our work to help spiritually curious people bring their qu@stions to the Bible., Kingdom Calling, a gathering that mobilises key stakeholders for Bible mi55ion in Britain.. the completion of the Dyslexia-Friendly Bible series.. and a new membership scheme to strengthen our highly successful Open the Book school storytelllnE programrne. A LETTER FROM THE CEO AND CHAIR OF TRUSTEES
ANNUAL REPORT AND ACCOUNTS 2023-2024 Our purpose and mission Bible Society was founded in 1804 by activists Inspired by the need to provide low- cost Bibles in Britain and around the world. Our Royal Charter (granted in 1948) defines our purpose as 'to encourage the wider circulation or use (or both) of the Holy Blble,. In Ilne wlth that purpose, we translate, publish and distribute Bible5 and other scriptural material throughout the world, working In colLaboratlon with the United Bible Societies, a global fellowship operating in around 240 countrSes and territories a¥ound the world. inwting and provoking theTn to open it and encounter its Ilfe-giving power. We believe that the Blble Is an essentlal building block for creating a soclety where everyone can flourish in body, mind and spirit. In preparing this report the Trustees have had regard to the guidance Issued by the Charity Commisslon on public benefit. Our strategy is based on building Bible confidence among ChT15tians and changlng the conversatSon about tho Bible in wider culture. We exist to champion the Bible. putting it in everyone's hand, Our main activities In England and Wales, as well as publishing Bibles we also produce online, printed and video resource5 to help people engage with the Bible, including our flagship programme The Bible Course. We promote the knowledge and understanding of the Bible in schooL5 by providing RE resources and through our Open the Book storytelling programrne, and are growing our work with children and young people at festivals and through the provision of exciting resources. Through The Pitch film fund, the work of the Theos theological thlnk tank and other initlatives, we seek to engage the wider culture with the Bible. Overseas, our work includes Bible publishing, Bible translation, literacy classe5 and theological training. Accordlng to the needs of dlfferent countrles and territories. we resource Bible teachers, 5UPPOrt Bible Societies with training and equipment, and resource church leader5 in their mini51ry and witness- often in contexts where the Church Is struggling In the lace of great material or splritual challenges, for instsnce In Ukraine, iiuatemala and the Gulf. All of our work Is on a cross-denominational basis, and we actively pursue partnerships with churches and other organisations that share our values and goals. Our groundbreaking Patmos Study is helping us Undertand thc slobal ¢ont¢Kt of our work in a morc detalled way than ever before, and we've begun to share its insights with the global Bibte Society family and more widely. Otjr Mary Jones Pilgrim Centre at Bala in North Wales engage5 Vlsltors Wlth the 5tOTy of the young girl who inspired the ftrundation of the Societyi and with the wider story of the Bible in Wales. We have an active programme researching perceptions of the Bible and faith in the Church and society, and use the insights we gain to inform how we work and to rssourtè thè wider Chtjrch In Sts mission. OUR PURPOSE AND MISSION
ANNUAL REPORT AND ACCOUNTS 2023-2024 Our achievements Bible Society works at home and abroad to ensure that people have access to the Bible in their own language and can dlscover its message for them. We help Christians build their confidence in its truthfulness and apply it to their lives, and we work to change the conversation about it in wider culture - far from being Irrelevant and outdated, it's living and powerful, and a source of wisdom and joy. Here are some of the things we achieved last year. Our work at home Blble engagem•nt In July 2023 we launched The Romons Course, vldeo-ba5ed di5ciple5hip course which has already been wldely uged In churches and homes. A Roman5 Tour based on the course visited New Wine Festival and CreationFest, among other venues. Thousands of people experienced an entertaining presentation ol the book of Romans through teaching, Spoken Word and live music. Notably we partnered wlth Youthscape In dellverlng the Satellites summer event for young people, collaborated with Dreaming the Impossible to provide G05pels for young people at it5 summer festlval, and engaged with famllie5 at Big Church Festival using fun a¢tivitie5 from our Good News Bible editions. We developed The Blg Splash, a holiday club curriculum that bullds on the Open the Book experience in schools. and produced a Family Advent Box for famllles of all aEes to have Interactivè famlly fun. Our Bible-based Spoken Word performance ministry has flourished, with Dai Woolrldge's 'Romans 8, plece presented at festiva15 and events during the year. We're developlng Dal's Six Beats One storybook a5 a youth leader Tesource. We're showing this audience how they can have confidence that the Bible is a book for them. We've produced a new Bible Trek series of short films basecl on biblical locations in Esypt, and launched a 12-minute film called The Map ond the Mountain. We're building Bible confidence in the Church.-howing how it r¢latc- to lifc today. Communlty tnta£•m•nt We provided over 6,500 8ibleg and BSble-based resoLJrces to the 122 prisons in England and Wales, includin2 packs of praver cards and copie5 01 the Beyond Disuster Bible-based trauma recovery resource. We also supplied them with over 200 copies of The Bible Course.. Prisons Edition. and adapted the course lor prlsons channel Wayout TV. C¥tholl¢ ¢nga¥oment Our partnership with the Catholic Bishops. Conference has continued to flourSsh over the past year. Through our Misslon Support Fund. we prtsvided over 3,200 Bibles to those facing financial hardship, including refugees and asylum seekers. We created a video of our children's Christmas offering, Festive Fred, leaturlng the story belng read In Ukrainlan, Russian, Mandarin, Welsh and English. The booklet wa5 made available in We15h, Simplified and traditional Chinese, Ukrainian and Russian. The God Who Speaks web51te continues to be a fantastic resource with regular appreciated updates, including weekly Sunday reflections called'5eeds. Saplings, and FrLJit' to provide preachers with material to develop their sermons. We've continued to promote Bible engagement through art, including the'Llttle BSts of God. mosalc tour and a video series on the biblical m05aics of Sicily, and we've given Bible presenLaLlons al Cathollc events around England and Wales. We're helping to build Bible confidence in the Catholic Church. We were one of the main sponsoring partners of the Weliome Churche5 conference in M4rch fof Ihurrh leaders, refugees and asylum seekers. We're helping those in crisis engage with the Bible and become confident in finding the resources they need within it Chlldren, youth and famlll•s We've inspired children, youth and famlly workers through speaking at natlonal conferences and seminars, and Supported School chaplains with our resources. 6 1 OURACHIEVEMENTS
ANNUAL REPORT AND ACCOUNTS 2023-2024 Dlgltal ml$$lon Our digital mission research and development this year has continiipd to pxplorp dillital fnrmq nf Aihl engagement that might invite people to discover more about the Blble. place in Westminster Hall and was attended by the Prime Minister, the main party leaders, the Speaker. rgcrjrd number of 230 Mps and Peers and church leaders from all over the UK. We're showing how the Bible can speak wlth relevance and power into t¢sAay É riiltiirp.- We ran 5even'Bible Transformers. coding clubs with 7-11-year-olds where they turned Bible Stories into interactive animations and games. Publlc engagement We're developing ways to corbnect the Bible with people who are'spiritually curious, but don't identify as'religious,. We've releaseLI guided meditatlons covering themes sueh as love, acceptance and joy, shared across blo& email and Social platforms. We focused on one digital eulture, the 500 mlllion users of Pinterest, by holdlng a 'What would Jesus Pir5?' event where we were inspired by a digital mSssionary reaching over 3 million young women every month with the gospel on this platform. We're connectSn8 wlth audiences who might never open a Bible. showing how it can speak into their lives. At Christmas we ran a digital advert15ing campaign inspired by thejourney of the Magi, inviting our audience to discover how the Bible can play a part In their spiritual search. Edu¢atlon Our impact in schools has continued to grow, and our educatlon resources have now been used by over 2,000 secondary schools and almost 900 prlmary schools. We launched a eampalgn deliverinE a positive blbllcal message over the Easter weekend, using London rail Station ads and sUPPOrting social content. L35t year WÉ launched a resource called Gospels in Schools that supports primary school teachers in regulaTly adIng the Bible with thetr classes. It's now being used in more than 800 schools in England and Wales, wlth around 240,000 children hearing the Gospels and discussing them. This year, weve added similar resourcts. The Old Testament in Schools, 50 that they can experience a wideT range of Blble passages. Teacher5 and students are seeing how the Biblè can b& faÈclnating and r•l•v3nt toolay. Many for whom the Bible is a closed book can find their concern5 and values echoed within it., we're helping them make that connection. Publl8hln¥ We've supported the distributlon of free Study Bibles among thousands of Chinese pastors, and co- sponsored the production and free distribution ol 100,000 Gospels ol John in Uganda. We putyllshed the new Good New5 Blble- Children's Rainbow Edition in partnership with RE'.QUEST. We also completed the publication ofthe Bityle in a dyslexia-friendly formar. Oyn th• Book We have 9,600 Storytellers working Wlth 3.600 schools In England and Wales, all adhering to approved scrlpts and working within strict protocols. Storvteller5 are trained and supported by ReRional Training and Development Officers. More than 2,500 Storytellers have been trained in the last12 months. We continue to support financially fragile Bible SocictIC in making Bible2 available under the Jireh programme, which allows them to hold stock for their customers until they are able to pay for it. We're resourcing the Church with excellent Bible esources, making Scripture more accessible and building confidence in Tt. Last year we launched our new Bible storytelllng resource comprising 90 fresh stories lor use in primary Schools in England and Wales. Globallywe have seen our rbew programme used In Guatemala. Sao Tomé and Principe, Cape Verde and Guinea Bissau. We're giving children around theworld a foundational knowledge of Bible stories. Research We published our Mourning Elizobeth research report exploring the presence and impact of the Bible Sn the late Queen's funeral and wider national P•rll4ment Wve coritinued our work as lead partner with the Christians in Parliament All-Party Parliamentary Group ICIPI to commend the goodness and relevance of the Bible in our public life. Revd Mark Harrls and the CIP team led weekly Bible study groups and chapel services and offered individual pastoral support for all Members and staff. In Octoberwe published the Chlnese Christionity in Britain research report, part of a project which aims to understand the spiritual and Teligiou5 characteristics of the Chinese population in Britain, focusing on Bible engagement and its impact on their Ilves. We were a150 the lead partner in the National Parliamentary Prayer Breakfast, with Dr Amy Orr- Ewing as the maln speaker on the theme of'The Power of Forgiveness in Public Life. The event took Our pioneering global reseach programme, revealing attitudes to Christianity and the Bible, continue5 to progress- see page 10 for details. OUR ACHIEVEMENTS
ANNUAL REPORT AND ACCOUNTS 2023-2024 We re changing the conversation about the Bible through 501id, well-conducted research. Freddie Sayers and Jonathan Haidt. The05 Director Chlne McDonald and other member5 of the team undertook speaklng engagemenis ano appeare¢J In the rnedia. Th• Plt¢h The Pitch Fllm Fund sits at the interface between the ibLg film cultur•, funding two short filmg •v•ry year based on a Bible story, text or theme. Wo fo changins the conversation about the BiLile in culture by engaging with opinion-formers and clvic soclety. Last year we had 204 entrants Into our annual fllm fund cycle, the second hlghest number of submissions since The Pitch began. The Comedy category was won with a pitch based on the story of Jael and Sisera,. the Drama category winner was based on Hagar and Sarah. The finals took place at The Kurious in Sheffield, wlth hiEh-proNle Industry figures Including director Nourwazzl (Locked Inl and actor Jassa AhlLJwa112 IRipperStreetl. We re Introducing a new generation of filmmakers to the Bible. changing how they see it. W41•$ This yeaT Bible Society's Wales team sponsored the St David 5 Parliamentary Prayer Breakfast at the Senedd. We gave a copy of Luke's Gospel and the Acts of the Apostles in Welsh and English to everyone present at the Evan Roberts Institute dinner there. The Mary Jones Pllgrlm cent In Bala reopened fully in June 2023. It now includes an exhibition centre with video and touchscreen presentations, cafe anLf a children'5 play park. Throtjgh these projects and events we're showing how the Bible 15 an Integral part of Welsh history and culture. Th•0¥ Our theological thlnk tank, Theos, released reports includlng Al (Jnd theAfterlife.' from Digital Mourning to Mtnd Uplooding, which delves into the intersection ol technology with death and grief. We also Launched our Work Shift serles of reports, whlch charted some of the deep changes in the labour market- how millions more of u5 are workinE from home, the rlse in insecure work. gender shifts in the labour market, and changes undèr way Sn the world of social care. In January. we released our polling Into views and responses to assisted dySng/euthanasia. We are deeply involved church life in Wale5, helping to build Bible confidence. Our Head of Wales spoke at churche5 and community groups across the nation more than 50 times., she Is developlng our engagement with the Catholic Church., we 5pon50red New Wine Cymru to mobilise churches Wales for mi55ion, and suppcrted CytQn's presence at the National Eisteddfod of Wales. The Sacred podcast presented by Liz Oldfield featured guests IncludSng Chrls Packham. Greg Wise. We also developed educational resources to support the National Curriculum ol Wales. Our work internationally Internationally, Bible Society works in partnership with thc Ut)itcd Eiblc Societies Fellow>hip. We support the translation, distribution and use of the Bible, we help to strengthen the mlnistry of the Church in challenging region5, and we resource Bible education and engagement among theological students and emerging leaders. Ufecycle of the Blble Transiatlon: We continued to fund translation work around the world. We completed six complete Bibles and finalised the translation of 291 books of the Bible into different lanEu2ges. Among these were a new translation of the Nacedonian New Testament, 23 books of the Bible for the Ngabe people in C05ta Rica, and the completion of the 8Issa Bible in 8urkina Faso. Our focus ha5 continLJed to be primarily on Chlna, Afrlca and the Middle East, together with our International Blble Advocacy Centre IIBACI and Open the Book. However. we're increasingly working in the light of our global research, whlch identifie5 attitude5 to the Bible in different countries and groups them in seven clusters. WÉ tontinued to support translations of the Fang Bible In Gabon and the Blin Bible in Erltrea. The Blin literacy project that is taking plaie alongside the translation Saw 360 students graduate from their programme, ready to receive and read the Bible in their heart languagè. Below is a snapshot of our work expressed accoTdlng to the'lifecycle of the Bible tool- translation. production and distribution. literacy, Bible engagernent and advocacy. OUR ACHIEVEMENTS
ANNUAL REPORT AND ACCOUNTS 2023-2024 We also suppgrted the development tsf Study Bibles in eswatini and Ghana, where study notès, introductions 2nd •nh3nc•d r•sourcgs were created for nine books of the Bible. In Nigeria, we're supporting the education and equlppln8 of four Blble tfan51alDr&. and supported much-needed family Scripture engagement programme5 in Niger, Mali and $9n•8¥1. Advoc•cy.' t3ff p3rtnpr¢ rparhpA n<kArly ?An.nnn participants wlth programmes and events around Bible Advocacy. defined as afflrmlng the place of the Dible in today's world. Produ¢tlon •nd dlstrlbutlon: We funded the produrtion and distrlbutlon of around 156.000 Bibles and nearly 38,000 Bible resources through our international grants programme. An additional 212,000 Bibles and resources were distributed free through Bible Societies formlng part of the UBS Fellowship. Bible Society Resources Ltd distributed around 5.7 mlllion products. including Bibles and scriptural material. In Mali we helped equip churches to witness to their Muslim neighbours through music and storytelling. We helped provide much-needed trauma healing programmes to familie5 and refugees in Jordan an(J Israel, and tralnlnE to equip churche5 under PTessure in Morocco and Algeria to grow. In Ghana and Mozambique more than 250 church leaders engaged in programmes resourcing them for witne5S to Muslim neSghbours', interfaith dialogues were hosted on three radio stations. We distributed Bibles and scriptural resources to the Ukiaine Bible Society to support its work with frontline troops and civilians displaced by the war. The war in Gaza prompted support for thelsraell, Palestinian and ATab15raeli Bible Societies. with Bibles and relief items distributed. We are supporting the ploneering work in Guinea Bissau. Cape Verde and Sao Tomé, where a Bible Society presence h35 been established for the first time. Each of these Bible Societies has now inaugurated a shop. Intornatlon•l Blbl¢ Advocacy Centre IIBACI IBAC works to Inspire and develop Bible advocates around the world. Together with biblical scholars and teachers, we are developing Catalysing Leadership courses aimed at re50urcing leaders to promote Bible engagement in their different spheres. We carried out pilot work in eswatini, Kenya, Ethiopla and Uganda. In eswatini 28 young graduate5 completed their six-month Catalysing Leadership training. In Uganda 42 young professionals successfully completed the programme. Llteraty.. In Africa and the Middlè East our partners conducted 414 Classes with nearly 6.000 paTticipant5. The Blin literacy project in Eritrèa Is takSng place alongside the translation project. It saw 360 students graduate from their programme, ready to rÈtÈiVÈ 2nd r@ad tho Bible in th6bir heart language. In Pakistan, Bahrain, Kuwait and the UAE, more than 2,800 students engaged with ScTlPture across 260 classes,. In The Gambla and Nlger, there were more than 2.700 students in 94 cLasse& OurAfilcan Blbllcal Leadershlp In5tlatlve forurn tppk place in Living5tone, Zarnbia, bringing together high- level leader5 from the polltlcal, clvil and re11gious spneres. In Shanghal. we contrlbuted to a forurn with the Shanghai Academy of Soclal lenCeS and the China Partnership, brlngSng together academics. church leader5 and theological students from across China. focusing on Bible translatlon and Interpretatlon in China today. Blblfj ¢nKa¥¥mont: Bible Society staff and partners facililated Bible teaching and training in large and small events, among different age groups. Around 390,000 people participated in Bible Society events. In regions where Bible engagement Is prlmarily dSgltal, the onllne reach ran into many million5. In Mali, around 19,000 people benefited from Bible engagement projects over the course of the year. We funded Open the Book Bible Engagement projects in Portugal and Albania. OUR ACHIEVEMENTS
ANNUAL REPORT AND ACCOUNTS 2023-2024 Global r•$••r¢h The Patmos atudy 15 our major research project looking at people's attitudes towards the Bible around the world, with the aim of re50urcing the global Cliuicli to Increase Blt)le eiigagetiieilt. W(Irking with Gallup, we have now succe55fully collected data in 85 COLJntries, hearing from over 90,000 people worldwide. The prolect Is working acr05S seven region5 or 'clusters' which share similar contexts for misslon. In one of these clusters, consistln8 of countrie5 in Western Europe, North America, Australia 8nd New Zealand, we Identifled eight d15tinct audience5 and worked with Bible Societies in that cluster to choose focus audience for potential collaboration. 10 1 OUR ACHIEVEMENTS
ANNUAL REPORT AND ACCOUNTS 2023-2024 Sustainability and creation care Bible Society believes in creation care, and we express that in our physical presence in Swindon as well as in our commitment to reducing our carbon footprint. We mafintain a courtyard garden that is a haven for bees and other insects, and a green space at the front of our buildlng has been converted into an orchard. We partner wlth Cllmate Stewards each year to measure and offset our remaining carbon footprint. Blble Soclety (the charlty) We have flown more miles in 2023-2024. This includes the requirements of our global research programme (The Patmos Studyl. a major project which wtll resource the worldwSde Church for mission for a generation. we attended Bible Engagement Forums in various parts of the world. that our efforts in this respect are bearing fruit, and we remain committed to further reduction5. Emissions are measured in'tonnes of carbon dioxide equivalent, or'tC(Ye'. Equivalent5 take into account the effect of other greenhouse gase5 Iiike methane and nitrous oxidel, giving a more accurate Idea ol the overall Impact of our emissions on the environment. The emissions produced by each flight are also regarded as higher because of the way these are calculated uslng emlsslons factors, which are based on the data from previous years. The data for our flights emissions last year reflect the continuing errvLI vf Llie Cvvid pviivd, wjll? yevple travelled on each aircraft and emissions per passenger-kllometre travelling being consequently greater. Th15 faitQf wlll reduce iii subsvqu¥iIL ye(Ilb. In 2023-2024 our'Location-based' emisslons, whlch reflect the average emissions intensity of the grids (electricity and/oT ga51 on which energy consumption occurs. were 956 tC012022-2o23'. 723 tC02el. Our'market-based, emissions are based on the tariff that has actually been purchased. Bible Society uses a 100 per cent renewable energytarlff for gas and electricity. Our market-ba5ed emissions for 2023- 2024 are 841 tC02e12022-2023.. 604 tcoiel. All of this ha5 driven an overall Increase In the charity carbon footprirlt. Excl(Jding flights, our emissions have fallen and our energy consumption has fallen. We're glad to see Blble Soclety Resources Limited Last year was the first year thatwe measured the emissions resulting from shipping Bibles and other books and Literature from the factory gate to the Customer. ofeach item, our emissions reduced from 658 tco to 620 tCORe. Total emissions Eenerated by BSRL- on both location and market bases- totalled 650 tCOIe. almost all of which was from freight. In 2023-2024. the number of items shlpped increased by 27 per cent to nearly 5.7 million. However. due to a reduction in the average weight SUSTAINA81LITY AND CREATION CARE 1 11
ANNUAL REPORT AND ACCOUNTS 2023-2024
Our fundraising ethos 202
We want our supporters and stakeholders to have cnnfidence that we raise money
ethically and spend it wisely. So we explain how donations are going to be used,
and we keep supporters informed and inspired about how they're sharing in our
work.
Our fundralslng strategy
Most of our income is from donatyons by individuals,
though we do have some funding from historic
sources.
complaint5 frorn people unhappy or worried about
us uslng an external fundralslng agency, N. for
telephone campalgns. We have used this agency for
several years without iSSLJes and are confident in the
robu5tne5s of its ethical framework.
Nearly all our work Is cariied out by our in-house
professional fundraising staff, who are deeply
committed to Bible Societrfs aims and passionate
about inviting people to discover the Bible for
themselves. We sometimes work with agencies or
external contractors such as designers. We monitor
supporter satisfaction throuEh a regular detailed
questionnaire, as well as recordin8 feedback through
what people tell us when they get in touch. and by
calllng them dlrectly.
In line with the Fundraising Code, we never put
people under pressure to Eive. We include
insttuction5 in all our fundraising materia15 on how
to change what supporter5 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.
Our fundraising Return on Investment IROII in
2023-2024 was 4.69, which mean5 that for every
poijnd wg %rJgnd rjn fiJnrlrai
ANNUAL REPORT AND ACCOUNT5 2023-2024 request no further calls. Nrr Is Telephone Preference Service assured and complies with 85 EN ISO 9001 (Quality A5surancel and 85 EN ISO 27001 (Data Securityl. We regularly monitor our outbound calling and listen to a Selection of calls each week while campaign is live, and review all calls where someone 15 flagged as potentially vulnerable. OUR FUNDRAISING ETHOS 2024 1 13
ANNUAL REPORT AND ACCOUNTS 2023-2024 Vinancial review Overvlew In the year to Marcli 2024 our income was £23.6 million. This Is an Ancrease of 1.3 per cent compared with the previous yeay (2023: £23.3 million). There was an Increase In legacy fincome of £1.2 millfion, a reduction in trading income of £0.4 million and a reduction in fundraising income of £0.4 million. Our charitable expenditure decreased to £22.2 million (2023: £23.8 million). This decrease largely reflects tlie completion of a number of planned one-off projects intended to reduce our reserves, in line with our reserves policyj but also includes a reduction in the costs of sales as our trading income reduced. Income Danatlon ond Incomo Donation and legacy income increased to £13.6 million12023.. £12.9 million). The largest income stream contlnues to be donations from our supporters which fell by 4.3 per cent. This reflects the challenging fundraising climate. Income from legacies wa5 £4.5 million12023.. £3.4 million)., this wa5 largely driven by one significant legacy. supporting actlvlties undertaken as a result of the conflict In Ukralne. Tradlng 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 Telate to the translation and distribution of the Bible. Investment Income •nd Investment galns Investment income decreased to £0.9 million12023'. El.0 niillionl. lTrvestnient gain5 totalled £2.1 Inillion 12023.. 1055es of E2.0 million). £l.O million ol the gain related to unrestricted investments. Tradlni Incom• Trading income fetl by 4.6 per cent to Éil.O millio 12023.. £9.3 million). with the prior year figures driven higher by a large number of sales related to Charltable expendlture Spending on charitable activities decreased to £22.2 mlllion12023.. E23.8 millionl. £0.3 million of this was a result of the decrease in the cost of sales related to the trading income. The remainder of the decrease was as a result of planned expenditure in the previous year on one-off projects as part of the plan to reduce reserves. Pension scheme Blble Soclety has a closed defined benefit pension scheme. Movements in market conditions durin£ the year resulted in the elimination of the deficit on an accounting basis. A recovery pian is in place, following the IoTrnal valuation completed as at 31 March 2021, with the intention of eliminating the delicitwlthln the next three year5, taking into account the recent improvement in market conditions on a technical provisions basi5. 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 penslon trustees. 14 1 FINANCIAL REVIEW
ANNUAL REPORT AND ACCOUNTS 2023-2024 Reserves pollcy and mana8ement TheTrustees consider tt important that Bible Society livlLlb dii dtJT)rvpridt¥ Ivvvl vl u(ii¥bliiLL¥U I¥JyivY> as part of Its financial management and forward financial planning. The appropriate level should not be so high as to tie up money unnecE55arily, limltlng the amount spent on charitable actlvities and the potential benefits that Bible Society can Provide. Slmllarly the appropriate level should not be too low, thereby increasing the risk to the Charlty's ability to carry on its actlvitles In future in the event of financial difficultie5, and Increaslng the rlsk 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 impart 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 betweèn 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 2023-2024 the unrestricted reserves stand at nine months, expenditure12023'. ten months'l. Designated reserves form part of the unrestricted [Y>¥IV) djid fvpieseiiL fuiids wlilcli tlie Trustees have earmarkeLf lor a particular use, without creating a legal restriction. Within the designated reserves Is the fixed asset reserve which represents the net book value ol BSble Society s fixed assets to indicate that these resources are not available for other purposes. At the of the year the fixed asset reserve stood at £3.6 million12023.. £3. million). The Capital fund for the provision of Bibles overseas stood at £1.1 mlllion12023= £1.1 million). Thi5 fund support5 the Jireh programme, whlch enables overseas Bible Societles to hold stocks of Bibles for sale by funding their working capltal requlrement. while working with them to help them achieve financial sustainability. The Special Opportunities reserve stood at £1.6 million12023.. £2.0 millionl. Large legacies received may be designated by the Trustees for specific project5. The balance has been designated for strategic project5 in the coming years. Restrlcted 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 £2.2 million12023'. £2.7 milllonl. The Trustees consider that the unrestricted re5erve5 consist of the following.. General fund Designated funds But excluding- Fixed assets reserve Capital fund £8.5 mi11Son £6.6 million £3.6 million £1.1 mllllon Total £10.4 million Investment policy and performance The Chailty seeks to adopt a cautious, well-balanced approach to investment, balancing potential returns wlth the approprlate 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 pollcy Ss reviewed annually by the Audit and Finance Committee of the 8oa¥d. The majority ofthe Charity's endowed investments consists of a 20 per cent stake in William Leech Ilnvestmentsl Limited, whieh alms to secure strong financial returns while taking into consideration Christian principles and ethical considerations in its Investment policy. In particular, William Leech Ilnvestmentsl Limited follows the guidance of the Church of England Ethical Investment Advisory Group in its selection ol investments. While thls represents a large asset on the balance sheet, as a permanent endowment it cannot be realised. The Charity's aim is to ensure that investments maintain their value in real terms while deliverlng income growth. Our remaining investment portfolio is held with CCLA Investment Managers. Thi5 includes both permanently endowed and unrestricted Invéatments wlth the ultlmate aim of achleving long-term capital and incorne growth, followlng similar ethical guidelines. The Charity holds permanent endowments of £13.0 million12023.. E11.7 million) and unrestricted Investments totalling £11.1 million12023.. £10.0 millionl. FINANCIAL REVIEW 1 15
ANNUAL REPORT AND ACCOUNT5 2023-2024 Risli management The Charity has a Risk Management Policy that sets out its approach to managing risk. The Charlty actlvely aim5 to rnitlgate risk factor5 through its everyday management of operatSons and ha5 a rolling programme of internal review. step5 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 DynamSc Is5ue5 Log monthly and ha5 an opportunity weekly to add items that have recently arisen. The Charity continues to review its operational policies. DurinE the year the leadership team'role- played, a crisis management scenario, following which the International Travel and Crisis Management Policie5 were updated. Bible Society staff actively manage rlbks at a strategic, operational and project level. The Risk Management Policy identifies appetite for rlsks relatin8 to governance, finance. operatlOn5, compliance, reputstion and mission. The approach of the TrLJStees and leadership team to appetite lor risk is aligned, with an agreed willingne55 for the Charity to engage in strateEies, methods and activities to advance the Charity s mission even though dolng so may Involve a relatlvely hlgh deEree of risk. Tools used to manage risk include 3 Strategic Risk Matrix, which sets out the long-term strategic risks to the Charity, with potential impact, existing control5. planned actions and ¥atings of impact and likelihood, and a Dynamic Issues Log, which lists matters that give rise to short-term risks and the Most significant strategic rlsk The Trustees believe the most slgnlficant strateglc risk foT Bible Society is losing sight of God and focusing on OLJr own ideas and efforts. We control this risk in three ways. mlssion of promoting and distributing the Bible We have regular retreats lor Trustees and the Senior Leadershlp team where we dlscuss and review ourvision ano scrategy We've LlevEIDpEd d Fjfdyerful culturE. EvEryDne who serves Blble Soclety is encouraged to be honest, attentive and humble, because we're aware of God's presence among us We've developed appointment processes for T¥ustees key slaff Ll)dl enipl1as1s VUI By intentionally focusing on what God may be 3Eyin3 to u3. Yrfe keep focu3ed on oyr miJJion for him. Other slgnlflcant strateglc rlsks rhe Charity engaged external consultants to review the way in which the Board operate5. This was a very positive process and has glven reassurance concerning a n(Jmber of risks which. in the last review of the Strateglc Rlsk Matrlx, were subsequently rated below their target. The Charity'5 supply chain becomes unreliable andlor too expensive The Charlty becomes unable to ralse sufflclent funds Those travelling oversea5 on behalf of the Charlty cannot do so safely or become sublect to an unexpected disaster Strategic risks that the Trustees conslder to be Sl8nificant are.. The org3n¥sational structure becomes ineffectivelinefficient IT 5y5tem5 becDrne unable to rneet operational needs The Charity becomes unable to develop its projects or services Data becomes lost tsr corrupted BSRL customers are unable to pay for supplie5 16 1 RISKMANAGEMENT
ANNUAL REPORT AND ACCOUNTS 2023-2024 The Charity's permanent endowment loses its value We review these risks regularly and make suie we have the right controls in place so that we can meet any challenges. The Charity becomes the victim ol fraud Adverse publicity Dynamlc Issues Throughout the co(Jrse 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. D(Jring the course of the year no issue that arose was regarded as sufficiently serious to be categori5ed as red. Overall assessment YheTrustee5 are satisfied that the major risks to which Bible Society wa5 exposed during 2023-2024 have been assessed and that systems are in place to manage or mitlgate exposure to them in the future. RISKMANAGEMENT 1 17
ANNUAL REPORT AND ACCOUNTS 2023-2024 Trustees, advisors and governance Bible Society is a rexistered 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 furiher terms ongoing trainlng to enable them to fulf51 their roles effectlvely The Chair Is elected by the Board and serves for a thrEe-year term, renewable onre TTUStee5 who have served for three consecutive three-year terms may not be reappointed for at least a year from the conclusion of their term in office The Board of Trustees usually meets four times a year, and also ha5 a 24-hour retreat. Three of the meetings are residential over two day5. Additional meetlng5 of the Trustees can occur when there is a need to conslder a speclflc Item of business that has arlsen between the regular meetlngs. In addltion, varlous aspects of the Society's work and the context in whlch we operate are presented to the Trust@gs so they continue to 8ain a more comprehenslve appreciatlon ol them. Trustees are appointed on the basis ol their skills, experience. time availability and the general contribution 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 re5pon5ibilities, and all Trustees recelve Sub-committees The Board has established three sub-committees. each with specific terms of reference. These are.. Team. It oversees the people and remuneration activities ol Bible Society so that it fullils its purpose Audit and Finance Committee reputation, and give5 confidence to the Board accordingly. It Is also responsible lor reviewing and 5ettlng the remuneratlon of tne ceo maklng recommendation to the Board. P@DpIB and Remunérxtion CDmmittÈ Board Development Committee The Audit and Finance Committee oveTsees the financlal affairs and risk management of Bible Society. It gives confidence to the B03rd that its responsibllStles 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. The Board Development Committee promotes Board development. reviews the performance of Trustees, make5 recommendations to the Board regarding certaln appolntments, makes certain other appointtnents to Board comrnittee5 and other similar positions, reviews the governance of Bible Society and assists the Nominations Committee Wlth the election and re-election of Trustees. The People and Remuneration Committee provides independent 5trategii 5uppor¢ to the Leadership Governance and declsion-making The Board is responsible for Bible Society's governance and It shapes and agrees our vlslon, mission, values and strategy. Trustees are encouraged to pray about and reflect deeply on the spiritual, cultural, political, economlc and technologlcal environments in which Blble Soclety operates and to share their reflections faithfully and fearles51y with the rest of the Board. 18 1 TRUSTEES, ADVISORS AND GOVERNANCE
ANNUAL REPORT AND ACCOUNTS 2023-2024 Day-to-day management is delegated to the Chlel Executive, who in turn delegates management ol sJ)ecific Droiects to members of the Leadershi Team. Strategy is drafted by the Chief Executive and Leadership Team after consultation with stakeholders Ilncluding Trustees) and is approved by the Trustees. Responsibility lor implementing strateRv 15 dele2ated to the Chiel Executive and Leadership Team. Key management personnel rernuneratlon pollcy The Board of Trustees, the Chlef Executlve, the ChSef Financial Officer, the Chief Operating Officer. the Director.. People, the MaDa8ing Director- B5RL the Director of Internation31 Mission, the Director of Digital Strategy, the Director of Communications and Marketing, the Dlrectorof Domestlc Misslon, the Director of Theos and the In-house Legal Counsel are the key management personnel of Blble Soclety, in charge of directing and opeTating the Charity. All Trustees glve thelr time freely and do not recelve remuneration, except in the case of the Chief Executive, who under Che terms of the Royal Charrer is also a Trustee. DetaS1s ol Trustee expenses and related party transactions are given in note 11 to the financial 5tatement5. Salarie5 Of staff are reviewed annually taking inliation into account. All job roles are also benchmarked using Croner salary 5urvey5 and benchmarklng to ensure that the level of remuneration set for all staff. including key management, Ss In line wlth roles In similar organi5ations. Pr•sld•nt HSS Eminence Archblshop Angaelos Board D•v•lapm•nt Commlttee Alan Eccles Bunmi Olayisade Rosemary Nuamah Williams Iconvenorl Paul Williams Audltors Crowe UK LLP St James House St James Square Cheltenham GL50 3PR Vlc•-Pr•sld•nts Lord Boateng Baroness Sal Br(nton Professor David Ford Rovd Stephen fJaiikroggr Revd Dr Krish Kandiah Cardinal Vincent Nichols •vd 8aron9$5 M¥¢v• Sh•rlo¢k Sir David Suchet CBE Bank•rs Natwest Bank pic PopL8 and kmun•rAtlon Commlttee Leanne Long Ichalrl Kèith St#rllng Brenden Thompson Alan Eccles Paul Williams Susan Mears. A4 fomm6¥rcial Road Swindon SN15NU Sollcltors Anthony Collins Solicitor5 LLP 134 Edmund Street Birmingham B3 2ES Trustoes Ramez Atallah Rochelle Bond Paul Chandler (until June 20241 Francis Davi5 (from Januaiy 20241 Alan Eccles Ichairl Isaac George Phil Hewinson (from June 20241 Investmfjnt Manager CCLA vne Angel Lane London EC4R 3AB Audlt and Flnanc• Commltt Keith Starling (Chairl Paul Chandler luntil June 20241 Isaac George Rlchard Taylor Kate Andrews. R•8lst*r•d Offl Bible Society Stonehill Green Westlea Swindon SN5 7DG Leanne Long Bunmi Olayisade (Deputy Chairl Catherine Pepinster (until June 20231 Keith Starling (frea5urerl Clalre Taylor (from January 20241 Richard Taylor Brenden Thompson Paul Williams (Chief Executivel Rosemary Nuarnah Willlams Nomlnatlons Commlttee Rosemary Nuamah Williams Iconvenorl Alan Eccles Bunmi Olayisade Fr Chris Thomas Rt Revd Sophie Jelley Revd Elfed Godding Revd Les Isaac Paul Williams. 'In attendance Bible Society Resource5 Limited is a wholly owned trading subsidiary which has its separate Board of Directors. Bible Society is a registered charity12327591. TRUSTEES. ADVISORS AND GOVERNANCE I 19
ANNUAL REPORT AND ACCOUNTS 2023-2024 Statement of responsibilities of Trustees In preparing financial statements, the Trustees are required to: select suitable accoLJnting policies and then apply them consistently TheTru5tees are responsible for the maintenance and Integrity of the corporate and financial Inlormatlon included on the charity s website. LeEis13tion in the UK governing the preparation and dissemination of financial statements mzy diff@r from legislation in other jurisdictions. observe the methods and principles in the Charities SORP makejudgements and estimates that are reasonable and prudent 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. state whether appllcable accountln2 standards and statements of recomrnÈnded practlce have been followed, subject to any material departures dSsclosed and explalned In the financlal statements Each of the Trustees also confirms that helshe has taken all necessary Steps to ensure that helshe is aware of all relevant audit information and that thls information has been communicated to the auditors. prepare the financlal statements on the golng concern basis. unless it is inappropriate to presume the Charlty wlll continue in operatlon Si8ned on behalf of the charity's YTU5tees The Trustees are required to prepare an annual report and flnanclal statements for each financial year in accordance with applicatsle law and the United Kingdom Generally Accepted Accounting Practice. The Trustees are a150 requlred to prepare financial statements that give 3 trLJe and fair view of the-.tat¢ of offair of thc Charity at)d Group and th¢ Incoming resources and application of resoLJrces, including the net income or expenditure, of the Charity and Group for the year. Alan Eccle5 Chair 10 September 2024 Registered charity 232759 The Trustees are responsible for keeping adequate accountinE records which disclose with reason3ble accuracy at any time the financial p051tion ol thè 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 asset5 of the Charity and hence for taking reasonable Steps for the prevention and detection of fraud and other iTregularitie5. 20 1 STATEMENT OF RESPONSIBILITIES OF TRUSTEES
ANNUAL REPORT AND ACCOVNTS 2023-20Z4 Consolidated statement of financial activities The British and Foreign Bible Society Con501idated Statement of financial activities lincluding consolidated income and expenditure accountl for the period endlng 31 March 2024 Unrestrlcted Restrlcted Endowment 2024 Unrestrlcted Restricted Endowment 2021 fund5 fund5 fund5 Total funds funds funds Total £'mo eooo £'ix)o £'oDJ yooo £'ooo r(0 £,0) Note Income.. Donations and le¥acies Pub115hlng Other tradingactivities Investment Income Total In¢ome 10.144 8.832 285 89? 20,153. 3,205 283 13.632 8,83Z 285 B92 8,686 9,253 217 3.934 251 12,871 9,253 217 961 Z51. ZJ,JO2., 8.2051 283 29,641. 19,117 Zè3,934j Expendllvie Cost of raisln8 funds Expenditure on charltablp. ArtltIeS Makingthe Bibfe 12,6091 12281 IZ,8371 12,7011 12701 12,9711 19,9281 11,4891 111,4171 19.9301 12.2731 112,2031 Mèkingthe Bib accesslble Demonstratingthe 14,5611 11211 14,6821 14.7011 1791 14,7301 12.6131 11.8611 14,4741 13,0651 IL8191 14,8841 Educatingthe publi Total charitable 11.5781 118.6801 13.4711 11,5781 IL9381 122,1511 119,6341 14,1711 11,9381 123,8051 Total expendltura 121289 3,699 24,988 22,3351 14,441 126,7761 Net g31ns on Investment5 Net lexpendltui¢ll Income 14 1.021 1,076 2,097 13241 11,6311 11,9551 11151 1494 1359 750. 13,5421 1507 11,3801 15A291 Tr3wfers betwee fund5 uther recogn15ed 8alnslllossesl- actual Balns on defined benefit penslon plan Net movement In funds forth¢ 22 21 16641 16641 063 i.oos 177911-:,14941 1,359 86. 11,8791 15071 IL3801 13.7661 Total fund5 brought forward Total funds rrIed lonard 16.412 2,741 IL669 30,822 18,291 3,248 13,049 34,588 IS.633 2.247. 13.028 30,908 16,412 2,741 11,669 30.821 The notes fomi part of these flnancial statemÈnts. Ch8rlty'S Income £14.8 mllllon12023.. £14 mllllon 24 CON50LIDA TED ST A TEMENT OF FINANCIAL ACTIVITI ES
AN NUAL REPOA T AND ACCOUNTS 2023-2024 Balance sheet 2023-2024 The Brltlsh and Forelgn Bible Soclety Con501idated balance sheet as at 31 March 2024 Note Group Group 2024 Toial 2023 Total £'ooo £'OOD Charlty 2024Total £'ooo Charky 2023 Total £'oo) Fi¥ed as5et5 Intangible asset TanEible èssets Permanently endowed Investments Other investrnents includinE subsidi3 12 12 14 14 414 2,986 11,651 9.975 25.026. 404 2,778 12,999 11,687 27,8681 414 2,986 11,651 10,526 25.5771 2.778 12.999 11.136 27,3171 undertaking Current assets Stock Debtors Investments Cash at bank and In hand 15 16 14 17 1,127 4,540 1.356 4,019 41 4,045 3,914 4,706 10,373 1 5,780 11,155, 3.005 7,091,. 4.096 8,0121 Credltors falllnE due wSthln a year Creditors- constructive obligation forlundlne cornmitment5 Net current assets 18 19 14.5321 12.2501 13.1091 12.2501 IL9761 12.2501 19201 12.2501 3,591 I. 5,796 2,8651 4,8421 Defined benefit Net assets en51on 5cherne Ilablll 21 30,822 30.739., 30,419 The funds otthe8roup: Endowmentfunds Willlam Leech fund 22 22 10,596 Z,452 13.0281 9,466 Z,203 10,596 2,432 13,028J_ 9,466 2,203 IL669) Total endowrnentfynds Restrlrted funds 22 U*YestYirted lund5 Designated funds General fund Unrestrltted lunds excludlns p•nslofft r•wrv• 22 22 22 6,7 8,508 15m5 7,254 8,600 15,854 6.567 8,333 14,900,, 7.254 8.197 15,451 Penslon reserve RevHlvation reserve Tolol ynrestrlrtedfund$ 21 23 558 15,638. 558 16,412 558 IS.4581 558 16.0091 Total funds 30,419 The financlal statements on pa8es 24 to 44 were approved bythe Board of Trustees on 10 September2024 and slgned on tholr behalf by.. Alan Eccles Charlty number 232759 BALANCE SHEET 2023-2024 25
ANNUAL REPORT AND ACCOUNTS 2023-2024 Cash flows The British and Foreign B5ble So¢letv Statement of cash flows and consolidated statement of ¢ash flows Forthe year ended 31 March 2024 Group Tot812024 £'ooo 11,5721 GrP Total 2023 £'ooo 15,8501 Nor Net cash used in operatlng actlvitles Cash flows frorn Investing attivltles Dividends and Interest recÈlved from Investments Purchase of tangible fixed a5set5 Purchase of Intan8ible fixed assets Purchase of fixed a55et Investments Purchase of Investments Net cash used In investlng aCttIeS 892 11061 961 14481 12661 12711 253 12271 1326 13301 Cash flows from financing activities RÈtÈlpt of endowment Nei cash used In flnanclng artlvltle5 271 271 251 251 Change In cash and cash equivalents in the year CB5h and cash Equlvalents at the beglnnlng ol the year C*sh and cash Ivalents atthe end of the ear 11,0741 5,780 4706 15,9291 11,709 5,780,. Notes to tlie casli flow statenient Note A: Reconciliation of net income to net cash used in operating activities Group Total 2024 £'ooo Group Total 2023 £Q(K> Net Incomellexpendlturel forthe year Add back depredatlon char8e Deduct Investment income shown in investTllentactivitie5 105sesllgainsl on Investments Investment managernentfee Reipt of endowment FRS 102 pension adjustments Decrease stock Ilncreasel/Decrease in debtors Increa5e}IDecreasÈl In credltors Netcash ysed In o eratln 750 857 18921 12,0971 iiz 12711 16641 230 15201 1,423 11.572 15,4291 290 19611 1,955 116 14631 81 391 11,5791 5.850 26 1 CASH FLOWS
ANNUAL REPORT AND ACCOUNTS 2023-2024 Notes The British and ForeiEn Bible Soclety Notes to the consolidated financial statement For the year ended 31 March 2024 A(countln8 polldes Basls of preparatlon The Charity Is a publit benefltentity Incorporated In the Unlted Klngdom. The fSnarKlal statements have been prepared In accordance wlth AccountlnE and ReportinE by charit5.. Statement ol Recommended Practice applicable to charlties preparln6 their accounts in accordance with the Finan91 Reporting Standard appli¢able in the UK and Republic of Ireland IFR51021 (effective ljanuary 20191- Charitie5 SORP IFRS 1021, the Finanu81 Reportlng stsndard applicable In the UK and Republlc of Ireland IFR51021, the Companie5 Act 2006 and the Charitie5 Act 2011. The financial statements have been prepared on the going tontern bas$ and under the hlstorlcal cost ¢onventSon as modified bythe revaluation of Investment properties, listed and unlisted inve5ttnents. The financlal statements have been prepared on the gdng conrn ba515 and under the h15torical tost tonvention as modified bythe revaluation of investment properties, listed and unlisted inve5tment5. Basls of consolidatlon The Society is a Charity limited by incorporation under Royal Charter and has no share capltal. Its reÉlstered offlce is Stonehlll Green, We5tlea, Swindon SN5 7DG. The financlal statements consoTrdate the result5 of the Brit15h and Foreign Bible Society (the Charityl and it5 5ub5idiary undÈrtaklngs. The consolidated entlty Is referred to as the group. No sep3rate Statement of Financial Actlvlties ISOFAI or Cash FlowStatement hès been prepared forthe Ch3rltyas permltted by seetlon 408 of the Companles Act 2006 and FRS 102 respectively. The con5011dated ststement of flnandal actlvltle5 Includes the re5uIt5 ofthe CharfV5 whollyowned 5ub5idiary Bible SotlÈty Resources Llmited. Compèny number 05450490. Thls operates throuEh commlsslonlnE prlnt run5 of Bibles to service the Charib/s Bible needs and those of Bible So¢ties around the world. It sells Blbles the UK and controls royalty poyments. Golng contern After revlÈwinB thè group'sforetasts and prolectlons. the Trustee5 conslder that the group Is well placed to manage the buslnÈss rlsks Itfaces. Thls posltlon Is supported by stron8 cash balances and 3 sufflcient level of reserve5. The Trustees therefore have a reasonable eKpectstlon thatthe group has sU1¢ient re50urce5 to continue In oper3tlonal exisnCe forthe foTe5ee2blefuture and belleve that there are no tnaierlal uncertalntle5 that call Into doubt tlie bility of the group to tontinue as a golng concern. The group therefore continue5 to adopt the goinE concern basis in preparing its consolldated ftnanclal statements. The group's plannlnE processes. Including financial projections, take into consideration the current economic climate and Its potentlal lrnpact on v3riou5 sources of income and planned expenditure. The Trustees acknowledge the 8roup'5 pension fund obligations and have a clear strateEY to manage the deficit, which includes a deflcit reduction, subjectto contlnued dlscusslon and agreement wlth the Trustees of the pension scheme. SIBrtlflcant areas of estlmatloj) andludgement The preparatlon olthe financl815tatement5 requires judgetnents. estlmations and as5umptlons to be made thai affect the reported value of B55et5, liabillties, income and expenditure. The nature of estlmation and ludgement means thatactual outcomes could dlffer from expectation5. Critlcal accountingludgetnents Where the FRS102 valuation of the defined benefit pension scherne Identffies a surplus, ludgÈmÈnt Is applled regardSn8the extent tovthich any such surplus is available to Bible Society. by reference to actuarial valuatlDns available on a 50fvency basis. Where the surplus Is not avallable to Blble SIety. an asset£elllng Is applied. See note 21. Estimation uncertainty The Charity mèkes estimates and assumptlons concerningthe fvture. The re5ultlng accounting estlmates wlll, by definition. seldam equal the related actual results. The estimates and èssumptlons that have a slgnlficant risk of causing a material adjustment to the tarrylng amounts of assets and Ilabllltles wlthln the nextflnandal year are addressed below. NOTES 27
ANNUAL REPORT AND ACCOUNTS 2023-ZD24 Le8acy income recognition Accrued legacy incorne 15 estimated based on the best available information at the balance Sheet date, There is Inherent uncertainty In the probatev8luatlon of estates as a result of the nature of underly4ng assets and Ilabllttles, the time thèt may elapsÈ betwpen probate and closure, and other CDntin¥encies that attpnd the estate. Where the a55ets inthe estEte have notyet been reallsed. the value of the estate Is dlscounted to reflect thls uncertainty. Deflned bÈnÈfit pÈnsion siheme The Group Includes wlthln the account Its defined beneflt penslon obllgatlon In accordance wlth FRS102 Employee Penefits. The valuatlon Is prepared by a quallfSed actuary. The present value of the obllgatlon depends on a number of f2Ctors, Ineludlng Ilk expÈttanty, future Increases ttr pensltrn payments and the discount rate on corporate bonds. Changes In these as5umptlons have a slgnlficant effect on the value of the defined beneflt penslon oblSÉatlon. See note 21. Income Donatlons, otherlncome and Investment Income are Included In the Statement of Nnanclal Artlvltles ISOFAI when the Charity has entitletnent to the funds, any performance CDndition5 attached to the Items have been met, it is probable that the income wll be received and the amount cin be measured reliably. Le8aties are actounted for when notified. providin8 the atnountcan be r2liab1y measured and that ultlrnate receipt is probable. This 15 based on settlement of the estate or receipt of payment. Income from tharitable activities 15 included in incotne in the SOFA and related costs are included in reSourS expended. Income Fepresent5 the value of publications despatched and royalties recewed. Ilvl Donated Éoods, servlces and facilltles are Intluded in the SOFA at a reasonable estimatè of their8rossvalue to the Charity. Assets given foruse bythe Charity 3re recognised 3s incomirTrg resources and within the relevant xed a55et category of the balantr sheet when recelvable. Where a glft has been made In klnd but on trustfor convErsk)n Into lash, the illCDmin8 resource is recosnised when receivable and an adjustment tnade tD the original valuation upon subsequent reali5ation of the gift. 1.6. Fund accountlnE General funds are unrestricted funds whlch are avallable for use atthe dlscretlon of the Trustee5 In furtheran of the objectives of Bible Society and whlch have not been deslgn3ted forother purposes. Desl8nated funds tonslst of unrestricted fund5that have been 5eta51de bythe Trustees forpartlcular purposes. The im and use of each de5ign3ted fund is Set out in the rK>tes to the accounts. Restrlcred funds are donatlons whlch the donor has specSfied are to be solely used for partlcular areas oFthe Soclety's work. The airn and use of each restricted fund 15 Set out in the notes to the accounts. Endowment funds are funds whlch are held sublect to donor-Smposed stlpulatlons that they be malntalned as c8pltal. The income earned from these fund5 15 Used for general purposes where allowed or forthe specific purposes Intended. The oim end use of each endowment fund Is set out in the notes to the aceount5. Expenditure Expendlture Is accounted foron an accruals basls. Support costs are allocated to Èxpendlture categorles on a headcaunt ba51s. Irrecoverable VAT Is included In the cost of raising funds. Fxpenditure15 classlfled underthe followlnE actltY headlngs.. C05t of raising fut5 compri5e5 fiJndrai51llg Costs and fees payable ta investment managers. Expendlture on charltable actlvltles Indudes the cost of miklngthe Blble avallable, acce5slble and credlblei plus the cost of educatlnE the publlc about ourwork. OpÈratlng lease5 Rental charges payable under opÈratln8 leases aTe char8ed tothÈ SOFA evenly over the term of the leH5e. 1.9. Yaxatlon Bble Soclety Is a reglstered charlty and Is exempt from taxJtlon on Its Income and Ealns to the extent that they are applied to its charltable purposes. The charity's subsldiary. Ulble Soclety Resources Llmlted, has not incurred a tax charge In the perlod due to Its pollcy of payin8 Its taxable profits to the eharlty under Glft Ald. 28 1 CASH FLOWS
ANNUAL REPOR T AND ACCOU NTS 2023-2024 1.10. Intanble hxed assets and amortlsailon Intan8lble flxed 8ssets are pItalIsed at C05t. These inclvde computer softwarÈ In development. They are arnortised over 10 year5 on 8 stralght-llne basls. 1.11. Tangible ftxed assets and depreciation Tan8lble fixed assets are capltHllsed at cost. Indivldual fixed a55et5 C05tin8 less thèn £500 are wrltten down fully in the year of acquisition. DÈprecSatlon Is provlded so as to write off the cost of fixed a55et5 on a 5trai8ht-line basls over their expected useful livÈs as follows.. Freehold land Not depreclated Freehold buildln85 Swlndon and LoThJon- 50 years, Wale5- 20years BulldlnE lrnprovements 20 years sltordlsplays 4year5 Computer hardware and software 1-6years Other equipment 5 years Motorvehicle5 Owerthe estlmated useful Ilfe of eèch vehide (but only down to their estlmated reallsable valuel wlth a maxSmum of 4 years Fixed 355ets and investmÈnts are revlewed at the reporting date f(x any impaiTment. ADV Impalrment loss Is recognlsed In the correspondlng SOFA cate8ory. 1.12. Investment5 Llsted Inve5tment5 are hel6 at falr value. The unllsted Investrnent in William Leech Ilnvestmentsl Llmlted Is revalued each year besed upon the netassets of the company. The SOFA includes realised gains and losses on InvÈstments sold n the year and unreallsed g3ln5 and105se5 on revaluauon of ifivestments. 1.13. Stock Stockls valued at the lower of Cost and net reallsable value, after makingdue allowance for obsolete and slow movlng Items. Cost Includes all cost5 Iricurred in brlngin8 each product to Its present locatlon and condition, a5 folliws.. Goods for resale at purchase c05t on an oveTage pilme tost basis Net reallsablp valuÈ 15 based on estimated sellln8 prlce less any further costs expected tDcomplete and Sell. 1.14. Pitylyrt Bibte Society Resources Llmlted develop5 produrt5 for sale. The preparatlon and development costs for each product arewritten off overthrÈÈyears lextept If mlnor, l.e. under £l,OWI unles5 thelr recovery is not reasonably assured. Costs for whlch recovery Is not rea50nab1y a55ured 8re written off as they ere identified. Income reiVed in advance of the launch ef the product likewise m3tched to the period of the produtt lèunch and treated as deferred income 1.15. Hevitage assets HÈrita8È assets are not recoan15ed on the Balance SheÈt. Thè Trustees consider that obtalnlng rellable valuations for these would involve dlsproportlonate cost, owing to the nurnberof item5 and the lack of comparable market v8lue5. 1.16. Flnanclal Instfuments other than Investments The Charity has financial o55et$ and flnantlal Ilabllltles of a klnd thot qua11fy as ba51c financlal Instruments. Basic flnanclal Instruments are Initial recorded ot tran5actlDn value and 5ub5equently measured at thelr settlement value. 1.17. ForelEn exchange ForelEn currency transactlOn5 are recorded at the exchange rate at the time of the transaction, or at an averè$e rate where this rate approxirnate5 thE attual ratÈ atthe date of the transacrion, Forelgn currenw b3lances are translated Into 5terlin8 at the exchange rate at the balance sheet date. RÈsultin8 gains or losses are included In the SOFA. NOTES 1 29
AN NUAL REPOR T AND ACCOUNTS 2023-2024 1.18. Penslons The Charity's defined benefit Scheme was closed to future accrual on l October 2003. The p2nsion finance c05t5 are Included In the SOFA. Actuarial goin5 and losse5 are recoEnised In the SOFA ès other recognised 8alns and losses. The expected coJt3 of providinl penslons underthe defined beneflt 5chenie. a5 calculated perlodlcally by profession8lly quallfled attuarles. Ire charged to the SOFA so a5 to spread the cost overthe service life of the employee5. The amounts £har8ed to the SOFA for defined contflbutlon pen51on schemes repre5entthe ContrIbuOn5 payable In the period. The lQ5tof the charitycontrlbutlon to the deflDed contrlbutlon scheme Is allocated between restritted and unrestricted lunds in ac£ord3nce wlth functlon of the ndIdual employees to whom the contrlbution relatÈs. Income from donatl¢)ns and leBirJe5 2024 £'OLXJ 2023 £,0 Donatlons LeEacles Total 9,094 4,538 13.63Z 9,500 3.371 12,871 Thg ScJC.Ipty benefits Èreatlyfrom the Involvement and enthuslastlc support of Its mènyvolunteers. detalls of whieh arp gh In our annual report. In accordance with FRS102 and the Charitie5 SORP IFRS1021, the economic contrlbution of volunteers15 not reco8nlsed In the accovnt5. There were £59,702 of donafons In klnd12023.. E36,3821. Donatlons from companles and orEanISaOnS Include a glft In klnd of nil12023.. £91.2601. Intt)me from tharltable aclivltie5 2024 £'ouo 2023 £'ooo Income from ub115hln 8.882 9,253 Income from property rental and related setwlces Income from research and otherconsultsncy Income from events and other5vndry income Total Incom¢from her tradlng atllvltles 153 2B loq 285 151 33 33 217 Investmetht InGgrne 2024 tAI 2023 E'ooo £'DCK) Return5 on permanently endowed and unrestritted Investments Interest earned on unrestricted deposit accounts Total 788 104 118 Costof ralsln6funds 2024 £'ooo 2D23 rooo Directcosts support and governance tosts Irrecoverable VAT Managln8 inve5trnentS Total 1,938 520 267 112 2,837 1,972 522 361 116 971 30 1 CASH FLOWS
ANNUAL REPORT ANO ACCOUNTS 2023-2024 Grants payable No. of grant5 2024 vooo 2023 £'O(M) Intematlonal Rrants Afrita China Mlddle East Othertranslètion projects Total translation grants ID 279 iio 148 310 44 122 624 30 423 15 Afra Chlna Middle East othertranslation projects Total production and distribution grants iio 154 345 609 40 40 Afra Mlddle East Providing Bible Soci Total ca 125 125 83 832 1.040 resence In other countrles rants 901 12 Afrlca Mlddle East Other literacy projects rants 89 58 21 32 121 79 Afrlc4 China Mlddle East Other advc>cacy grant5 Total en ement and advoca Total lrttÈrnatlonal rants 20 719 441 519 679 2,358 416 557 696 2,150 3.760 23 26 76 109 rant5 Natlonal grants CHrnbridgE UnivÈrslty Llbrary Bibles to pri50n5, irnrnigrations centres. colleges Other national grants Total natlonal grants rotalgront$ 49 35 139 223 3,983 44 208 68 320 30 37 71 These want5 are analy5ed airu55 thv LVILle5 fulluws". 2024 £'ooo 2023 £'ooo MaklnB Blble avallable M8klnE the Blble accessible Demonstratlng the 81ble's credibillty Educating the public rotsl 2,299 327 2,389 15 216 2,220 31 1983 Blble Soclety Is part of the United Bible Socletles IUBSI fellowshlp olaround 150 Bible Societie5 workin8 In morethan 240 ctsunwies and terrltorles. All Internatlonal 8r8nts are made throuth UBS. All grants are payable to InstituUons. NOTES 1 31
ANNUAL REPORT AND ACCOUNTS 2023-2024 Analysls of expendliure on ch2rltablÈ actlvltle5 National programme £'ooo InternationHI programme L'OOD 2024 2023 'oDo £'ooo Maklng the Bible available Grènts OpeT3tine costs of charltsble 1,489 7,630 1,516 8,665 2,299 8.853 1,035 Dlrect costs ort and governance costs 418. 94 1,574 590 134 9,843 864 187 12.203 228 11,417 Maklttgihe Blble a¢¢e$slble Grants Directcosts Support and governance c05ts 95 2.591 578 3,264 121 1.058 239 1,418 216 3.649 817 4,682 327 3,671 782 4,780 Demonstrailngthe Blble's credlblllty Grants Dlrect costs Support and 70 1,067 238 1,375 2,150 776 173 3,099 2.220 1,843 411 4,474 2.389 2,058 437 4,884 overnat)ce costs Edu£atl#gthe public Grant5 Direct wst5 support and governancp c05t5 31 1,262 285 1,578 31 1,262 285 1,578 1.583 340 1,938 14,360 2024 £'ooo Maklngthe Blble avallable relate5 tothe followlng staBe5 of the Ilfecycle of the Blble Translation production and distribution 423 Y,Yb 1,026 11,417 Maklng the Blble accesslblE relate5 lo the followlng stage5 of the Ilfecy£le of the Blble teracy ement 4,561 Demon5tratlng the Blble's credlblllty relaies iothe followlng StaBe of the lifecycle of the Bible Advocac 32 1 CASH FLOW5
ANNUAL REPOR T AND ACCOUNTS 2023-2024 summary analysls of expendlture and related Income for charltable ortlvltles: Publlshlng and Exhlbltlons The table shows the cost of the main chaTltable actwities operated through Blble Soclety Resources Umlted and the 50urtr5 of Intome relatin2to these. Interco 2024 2023 Tradlng £'ooo eooD 'ooo £'(M)O Costof sales Grants paid Prolect costs DSrect Internal costs Support C05t5 bperallns ¢o5ts ol charltable attlvltles 7,724 11381 7,586 7,871 91 780 200 8A03 91 780 200 8.665 48 752 172 8.852. 11381 Sas and royaltles recelvable TradlA8sur 8,970 167. 11381 8.832 167. 9,253 401,. Support ttjsts Oper3tlng Ra151ng Costs funds £'(KJO eooo m £'ooo Educatln8 2024 2023 £'ooo £'wo £'(M)O £,0 eooo Cost of sales Grant5 paid ProjÈctcosts Direct internal c05t5 Support costs 47 57 35 43 12 200 121 149 92 112 46 520 54 192 234 144 175 72 817 96 118 73 67 577 706 434 527 217 1461 581 704 461 486 208 40 48 20 228 50 61 25 36 411 All support costs are apportioned toactivity based on the headtount eng8ged In thatactivity. 2024 E'ooo 2023 £'ooo Governance costs EKternal audit 31 27 Other financial service: Stock ceuntcost other overnance costs OthAr diroctlntorrtal tosts 185 217.. 174 10. Ne¢ Intomellexpertdlturellorthe group 2024 £'ooo 2023 £'ooo Thls Is slated afterchar8ln8- Operatin8 leases-equlpment DeprecSatlon ForeiEn exchange lossl Igalnl 357 1731 NOTES 1 33
ANNUAL REPORT AND ACCOUNTS 2023-2024 Employees and Trustees Employees 2024 Number 2022 Number Gr055 salarfes and benefits In kind Social security Costs Penslon costs- defined contrlbutlon 6,038 604 9B4 7.626, 5,662 593 866 7,12ll Included In thÈ above emploype t05t5 are ex-graa payments of £6k12023.. £NIII and redundancy payments of £NII12023'. £Nill. Redundancy and termIna0Th tosts only otrur vlhere absolutely nccc55ary and are accounted for on an accurate basls when the commltment to termlnate a post on the grounds ol redundancy has been made. The aver3ge number of person5 ernployed, Includlng part-tSme staff. calculated on a full-tlme Èqulvalent IFTEI ba515. analysed by activitywas.. 2024 NumbeT 2023 Number Charltable actlvltles.. Making the Blble avallable Makingthe Bible atressible Demonstratlng the 81ble's credlblllty Educating the public 33 51 28 15 1271 32 51 28 14 125, Other actlvltles.. Ra151ng fund5 Governan 27 27 IS71 1551 The tollowlng number of employees receÈd emoluments Wlthln the band5 shown.. 20Z4 2023 Numbor Number E60,000-E69,999 £7a,OO79.9gg £80,000489,999 £90,OOW99,999 £IIO.00(1-£119.999 Th2 key rnanagernent per50nnel olthe parent charityi Bible Society, and of the group, comprise the Trustees and the Leadership Team. The total remuneratlon of the key manageineni persuT)n¥l vf tlie SDGiety, inclu51VE of bEnefit5. ernployers national insurance, but excludinE pensSon contrlbutSons was £880,22712023.. £827,494). In addition, pension contributions of £146,534 were pald into Bible Society's defined contribution scheme on behalf of these personnel12023.' £128.4731. The number of current staff to whom retlrement beneflts are 8tcrulng under the defined benefit5cheme 15 1212023.. 121, while 1715taff are rnembers of the defined contribution scheme12023.. 1651. bl Tru5tee5 A5 charity trustee5, Bible Society'sTrustees, who are not employees, recelved no remuneration fortheir 5ervice5. Travel. subgl%tp.nr.p. and actommodatlon expenses Incurred on behalf of Blble Soclety during 2024 were £2,109 for 6Trusteès12023.. £2,946 for 13 Trustees). Bible Sociews Chipf ExecutNe wvho, underthe terrns of the Royal Charter, is also a Trustee, is deemed by the Board of Trusteesto have Incurred expenses In dlschèr8ln8 hls dutles as Chlef Executfve rather than a Trustee. During the ye3r, the Sooety received donations of £3,62512023.. £3,8781 from the Trustees. All donations were reIved l( general purposes. Indemnltv ill5urance Is provlded forthe Tru5tee5 at a cost of £1,90512023.. £1,905). 34 1 CASH FLOWS
ANNUAL REPORT AND ACCOUNTS 2023-2024 12A. Intan8lble 355ets In development £'ooo Total £'ooo Group and Charlty C05t at l April 2023 Addltlons Dis osals Cost at 31 March 2024 414 35 414 35 449 449) Depreciation at IApril 2023 Charge Disposals Depreciation at 31 Marth 2024 1451 1451 1451 Net book value at 31 MHrch 2023 414 414 Net bookvalue at31 March 2024 12B. Tan8lble a55ets Freehold land. buildings ènd Improvement5 Computers and other equipment £'ooo Motorvehicle5 Tot81 eooo £'ooo £'ooo Group and Charlty Cost at l April 2023 Additions Dlsposa15 Cost3t 31 Morch 2024 6,513 22 16381 s97., 1,148 84 432 13 7,674 106 11,0701 131 DePrlatIon at l Aprll 2023 Charge Dlsposals prcclatlon at 31 MafGh 2024 1),7201 12281 637 13,8111 19551 1841 431 14,6881 13121 1.068 14.9921 Net bookvalue at31 March 2023 1931 19861 :, Net book value at 31 March 2024 2,586 1921 7781 At 31 March 2024, an external valuation of the London propertywa5 conducted. whlch valued this property at £1,850,000 based on Investment purpose5. At 31 Marth 2024, a valuafjon was done of the Soclet¢s property at Swindon. Thls valued the property in the region of £3,000.000. At 31 March 2022. è valuation wa5 done of the Sotietrfs property at Bala. This valued the property in the reglon of £148.500. In the oplnlon of the Trustees, there has bÈen no slgnlflcant movement In these values sinte these dates. The Charity Owns 5 overseas properties12023.. 51. These are rnade available to the Blble Socletles In the countries COnrned. In the oplnlon of theTru5tee5, these properties have no recoverabk value to Blble Society ond the cost has been fully depreciated in the Balance Sheet. The cost of the overseas propertie5 at £40,67812023.. £40,678) has also been Included, butthat tost has been dÈpr@clated fully. Included In the costof freehold land, buildln8s and Improvements Is freehold land of £708,81912D23.. £708,819) whlch Is not depreciated. Blble Societrf5 propertie5 in SwindoTr and London serve mixed use, being mainly used foithe SotiÈWs tharltable purposes. with space whlch Is surplus to current requlrement5 belng rented to tÈnants. The area rented to external tenant5 repre5ent5 30 per cent of the property and has been treated as ¥n Investment property. with the remaining 70 per t accounted for withln tanelble fixed assets. Forthe London property. one floor Is currently rented to external tenant5 and 18 per cent of the property has therefore been treated as an Investment property, wth the remaining82 per cent accounted for wlthln tan8lble fixed assets NOTES 35
ANNUAL REPORT AND ACCOUNTS 2023-2024 13. HerIte assets Bible Societ¢5 heritaEe assets comprlse.. h1<tnrSr t)rlntod Rlbl coll@rtlon a dÈposlt libraryfor new Bible5 ollectlon of palntlngs and other artefacts, Includlng SCA) manuscrlpts the SocieV5 own historic archive5 These have been co15ected over the 220 years of BSble Societ15 life and have beenacquired by donatlon, exchange of publlcatltrns wlth other soclÈtles, orthrou8h the occasional purchase. The prfnted Bible collertlon iotnprf5e5 around 35.000 8lbles and books In many of the world's loTiguaEE Th15 Include5 itetn5 of hlstorlcal Importan. such as copies of the first edition116111 olthe KinEJames Bible and the Welsh Bible received and 51gned by Maryjones. It15 also a Ilvlng and 8rowln8 collertlon. receivingdÈposit5 of first editlons of new Bible5 published around the wodd. The collection is housed in Cambridge Universlty Llbrèry and Items are available forviewing by any reader ol the libraryp upon request. The BlblÈ tollettlon Is fully catalo8ued. ThÈ Trustees con51der that obtainng relloble valuatlons forthe collectlon would Snvolve dlsproportlonate c05t. Thls Is because of the number of Item5 In the collection and the lack of comparable market values. The prlnted Blble collectSon and the palritins5 and other artefact5. IndUd1r manuscrlpts. were valued on 18 May 2022 for Insurance purposes at £13 million tc £21 million. Bible So(iety occasionally disp05es of items Wre new dvpllcate matedèls are IdÈntified Dr where materials are nota core part ofthe prlnted Blble cdlectlon. Durlngthe yearended 31 March 2024 there were no pracÈeds from the 53leof herftsge a55et$12023.. Nill. Investments Group 2024 £'ooo Group 2023 Charlty2024 É'n Charity 2023 vnnn lTrve5tmqnts Marketvalue at IApril Addition5 IDve5tment m3naEement fee Net investment gain5 Market value at31 March 21,626 524 11121 2,097 23,llO 577 11161 11,9551 21177 524 11121 2.097 23,671 577 11161 11,9551 The market value at 31 March represents: Unlisted permanently endowed Snvestments Listed permanentl endowed investments Totsl of em)anently endowed InvEStrnent$ 10.596 2,403 Il999 9,466 2,185 11,651 10.596 2,403 11999. 9.466 2,185 Other Ilsted lttvestme*t8 Investment In property Investment In 5ubsidiarle5 9,901 1,235 8.746 1,229 9,901 L235 551 24,fj865 8,746 1.229 551 22,177J .lJ51 21,626 Llsted investments are carrl@d at th@Ir falrvaluÉ. Thp.%p. Investments comprlsp equitle5 and fixed Interest securitles which arè quoted in public markets, in the UK and overseas. Holdines In common investment funds are valued at the bid price. Asset sales and purchases are recognlsed 2t the date of trade at cost (that Is, thelrtransactlon valuel. The Bible Soclety owns two investment propertle5. Classlfied wlthln lon8-term Investments Is L8 per cent lor one floor) of the Society's London propertywhich Is turrently Surplus tothe Socievs immediate requirements and is being let to extern81 tenant5. Thi5 property wa5 valued Jt 31 March 2024 by an Independent professionally quallfied valuer. Also wlthin lon8-term Inve5tment515 30 per trnt of the 5wlndon office, currentlysurplus to requlrement5 and being let to external tenants. Th15 property was also valtsed at 31 March 2024 by an independent professlonally qu31ifled valuer. The unllsted permanentlyendowed funds tornpr15e 7,860,fAIO12023.. 7,589,0} Ordlnarysr@S af Él In Wllllam LÈech Ilnvestmentsl Llmited. representing 20 per cent of the i55ued capital. The draft accountslsublect to audltl at Its year eNJ of 31 March 2024 Show con501idated capitsl and reserves of £52,979.62512023'. £47.323,1191. 36 1 CASH FLOWS
ANNUAL REPOR T AND ACCOUNTS 2023-2024 Bible kKlety nomlnates a memberforthe board. but cannot exert 51gnificant Influen overthe company. Bible Societls InvÈstment In Its subsldiarles 8t 31 March 2024 wa5 as follows.. Blble Soclety Resources Lirnited.. Country of incorporation.. England and Wales Company number 05450490 Nature of buslr*ss.' Productlon and dlstrlbutlon of Bibles and other related products £398,235 gbft ald paytnentwas madÈ to the Socletydurln8 the year endlng 31 March 202412023.. £12.2991 CIB55 of share5'. Ordinary Holding.. 100 percent Cost of investment.. £551.049 . 2024 VOOO 2023 £,0) Aggregate capltèl ènd reserves Turnoverforthe ye3r Profit/llossl forthe yearaftertax 1,135 8,970 167 968 9,450 401 Dormant companles bl Chrlstlin Research A550ClaOn Chrlst13n Bookseller5 Corwentlon Llmlted dl Inrorporated Brftlsh and Forelgn Blble Soclety As50ciatlon OpEll the Book The slgnlflcance of flnancial Instruments to the on8olng fin8ncl81 sustalnablllty of the Charltyls consldered in the finantlal review and Investment policy performance sectlons of the Trustees, Annual Report. The Charity manages investment rlsks by retaining expert advisors and operating an invèstment pollcythat provldes for degree of diversifitation of holdings within investment a55et cla55e5that are quoted on reco8nlsed stock exchanges. The Investment m8n3ger5 also act wth5n ethical polie$ agreed with the Lharity. NanEes have been Ser for the percentage of hddings vthich mby be held in any one asset class. Is. St¢)¢k Group 2024 Yooo Group 2023 £'ooo Bible Publishing produrts Flnished good5 held at other Bible Socletles around the Wor as art of thej1h rogramme Total stock 438 689 464 892 ¥127 ¥356 The amount of stock recognlsed as an expense during the year was £7.350.24312023.. £8.045.4441 NOTES 1 37
ANNUAL REPOR T AND ACCOU NTS 2023-2024 16. Debtors Group 2024 'ooo Group 2023 rooo Charlty 2024 £'ooo (harity 2023 £'wo Trade debtors Arnount5 due from subsidiary company VAT recoverable Sundry debtors DUÉ from United Blble Socletles Total £741 616 ID LB27 12 1.873 iio 15S3 136 4,540 143 2,619 641 4.019 2,072 136 4,045 L824 205 3.914 During this financial year the charity has been the beneficiary of a legacy worth £1.065 mS11ion. The cash Is due to be recelved overa period of two and a half years. with the first payment of £311.865 havinÉ been recelved In January 2024. The remaininÉ settlement has been dlscounted ènd recogni5ed at Present value and is included within Sundry debtors. £251,344.33 Is due wlthln one yearwhlle £501688.66 15 due after rnore than one year. 17. Any515 of rash and cash equlvalents 31-Mar-23 É'ooo Cash Flow £'ooo 31-Mar-24 £'ooo Cash at bank and in hand 5,780 11.0741 4.706 Totsl 074 18. Creditor5'. amountslalllTrz due within one year Group 2024 £'ooo Group 2023 £'o(N) Charbty 2024 £'ooo Charity 2023 gooo Trade credltor5 VAT payable Sundrycreditors Due from uned Bible Sotieties Totsl 3,146 1,715 1.5Z5 445 1.321 65 4,532 1,394 4SI 475 3,109 L976 920 Blble Soc1ety hos Èfven on Indcmnity tg thc Intcfn4tionul Briti3h and foreisn eible Soclety A330clat1on IIDfDfAI 3uch that Blble 5odety wlll tiwer all tosts and expenses in relatlon to propertles owned by IBFBSA whlch are held In trust for Blble Soclety. Unlted Blble Socletles and other Blble Sotletles around the world. 19. Credltors: construalve obllgatlon for fundln8 commltffltn¢s 2024 E'ooo 2023 £'ooo Grants to Unlted Blble Socletles prolects-at IAprll Paid in the year Pledged In the At 31 March 2,250 2,250 13.ODOI 13,OODI 3,000 3,000 2,2501 2,2501 ear 8lble Strciety pledge5 to make grant5 totalling a ttrtain amount to the United Bible Socletles each year. This Is agreed on calendar year ba51s In the precedlng year and theTrustees conslderthat prov151on should be m3de for the balance of the grant agreed for the period l Aprll to 31 December 2024. These are funded from supporter5. donations. 38 CASH FLOW5
AN NUAL REPOA T AND ACCOUNTS 2023-2024 20. Fln•nclal Instruments Group 2024 £'ooo Group 2023 VOOD Charlty 2024 £'OLX) Charlty 2023 £'(M)O Flnanclal assets measured atfalr value Financial liabllltle5 measured at amortised tost 24,135 4,299 21,626 2.549 24.686 1,808 22.177 757 Financlal assets held atfair value c(IllSi5t of investments. Fina181 liabllitles measured at arnO$ed c05t comprise trade credltors, accruals other credltors. 21. Defined benefit pen51on Scheme Ilablllty Bible Society (the Employerl operates a defined benefit5 pension arrangement called thÈ Britlsh and Forelen Blble Soclety 1972 Penslon scheme (the 5chemel. forthe beneflt of it5 ernployee5 and Some employee5 of United 6ible Societies IUBSI employed in the UK. The followin8 di5d05UTe excludes any allowante forthe deflned ¢ontrSbutSon sectlon of the scheme Iwhlch transferred out priorto 31 March 20211 or any other schemes operated bythe Employer. The Scheme is subject to the 5tatiJtory Fundingobjective underthe Penslons Act 2004. A valuatlon of the Stheme Is carried out at 5east once every three year5 to determine whetherthe Statutory Fundlng Oblertlve Is met. A5 part of the proce55, the Employer must agree with the trustee5 of the Scheme the contributions to be paid to addres5 anyshortFall against the Statutory Funding Objectwe. The most retsnt tomprehens5ve actuarfal valuation of the Scheme wa5 carried out a5 3t 31 March 2022 and the next valuatlon ol the Scheme is due as at 31 March 2024. In the eventthat the valuation reveals a larger defklt than expected, the Employer may be re4ulred to Sncrease contrlbutlons above thosÉ set out in the Schedule of Contrlblltlons. Conversely. the position Is better than expected. It Is posslble thatcontrlbutlons may be reduttd. Bible Soclety expects to pay contributions of around £853.0(M) Sn the year to 31 March 2025. scheme is managed by a Board of Trustee5 appointed in part bythe employers partlclpatlne In the scheme and In part from elections by members of the Scheme. The Trustees have responsibility forobtaining valuations of the fund. admini5terin8 benefit payments and investing the SthemÈ's assets. The Trustees delegate seme of these functlons to thelr professional advisors where appropriate. There were no plan amendments. curtallments orsettlements durln8 the perlod. The Charity 15 aware of the Vlr8ln Medla v NTL Penslon Trustees11 timited Court ofAppeal judgement which may gwe ri5eto adjustments io the scheme. At present the legal proces515 Incomplete and therefore we are unable to quantifvany potential The welghted average duratlon ol the defined benefitobligatlon 15 apprornately 12years (from 15 years as at 31 March 2D221. 31-Mar-24 31-Mar-23 Dlscount rate Inflatlon assumptlon IRPII Inflation assumption ICPI Pension Intregses IRPI mln 3% max 5%] Pension Intre8ses lfixed 3%1 RPI min 3% max 5% pension increases P05t Tetirement mortallty S3PA tables wlth CMI 2020 projections uslng a long-term Improvement rate of.. 4.9% 3.2 2.5% 3.6% 3.0% 3.8% 1.5% 3.2% 2.6% 3.6% 3.6% 1.5% 1.3% 25.0% 1.3% 25.0% Commutation (% assumed to tske the maKlmum cash free cash posslblel Commutatlon factors at aEe 65 Pre 1997: Pre 1997.. 17.5 for males, 19.1 for female5 20.2 for males, 22.3 for female5 P0511997.. 18.9 for m¥le$, Post 1997.. 21.8 formales, 20.8 forfemales 24.2 forfemales tIOTES 39
ANNUAL REPORT AND ACCOUNTS 2023-2024 The contrlbuuons made by Blble Soclety durlng the yearamountsd to £831,OLYJ12023.. D41.OLY)I. The amount5 recoEn15ed in the balan sheet are a5 follow5.. 2024 £'ooo 2023 Falrvalue of assets Presentvalue of funded obli Surplus In scheme 15,853 16,019 115.3511 115,6371 482,, 382, , Effect of asset llIng 14821 13821 Plet defined beneflt Ilablllty 2024 £'ooo 2023 £'ow Adtnini5tration c05ts 183 743 17781 19 226 557 15051 Interest on assets Interest on effect of assetceillng 278 2024 £'ooo 2023 £'ooo Remeasurements overtheyear L055 Igainl on 5chetne a55ets in exce55 of interest EKperlence losses Igalnsl on Ilabllltles L055es Igainsl from changes to demographic assumptions Losses18aSnsl from changes toflnanclal assumptlons "es (Eain".) from changc in effect of a"" Total remea5urement5 673 iofj 2,380 691 11611 15,1161 81 282 6641 1,663 2024 £'OLX) 2023 £'o Rerondllatlon of a55ets and deflned beneflt obllgatlon The change in the defined benefit obligation over the perled was.. Defined benefit obliEation at the beEinnin2 of the period Past Service cost5 Interest cost Beneflts pald Experience Igèinllloss on defined benefit obliEatlon Chaiiges to deTiivgraplil¢ assumptloiis Chan8e5 to financial a55UtnptlOn5 15,637 20.307 743 19391 106 1351 11611 15,1161 15.151 557 18021 691 2024 vooo 2023 £'ooo The change In the asset5 over the perlod was.. Openlng falrvalue ofscheme assets 16.019 18,181 Interest on assets Employer contrlbutlons Rectification sett1eMeDt Benefits paid Admlnlstratlon costs Return on plan assets le55 interest 778 831 $05 741 IY391 18021 11831 12261 16731 12,3801 15.833, IlQlg+t 40 CASH FLOWS
ANNUAL REPORT AND ACCOUNTS 2023-2024 2024 £'ooo 2023 £'wo The major categorfesol assets as a percentage of total assets are a5 follow5: 5.03 10.27 26.95% 27.32% 13.74% 0.51% 54.28% 61.90% IQO.OO% IOCI.OD% Bonds Cash Other asset5 diversified growth funds) The return on the assets overthe period was a profit of £105.OW. The a55et5 do nol include any irwestment in shèTes or property of the Employer. The estlmated value Of employÈr ¢ontrlbutSonsfor the yearended 31 March 20251$ É166,QOOand the projected effert on the SOFA forthe year to31 Marth 2025 5s'. vooo Admini5tratioD cost5 183 744 17851 24 Interest on assets Interest on effect of a55et celllng Total 22. Analy51s of charttablelunds 01-Apr-23 Incoming resources Gains/llos5esl E¥pendbtu and investment fees gooo 31-Mar-24 £'ODO rooD £'OOD £'L¥JO Analysi5 of movements in endowrnentfund5 William Leech (Note al General urposes permanent endowed 9,466 2,203 271 12 859 217 10,596 2,432 13.0 01-Apr-22 Incomlng Galnslllossesl EKpendlture nd Investment fees *'noo 31-Mar-23 vooD vooo Analysls of movements In endowment funds Wllliam Leech INote al General purposes permanent endowed 10,733 2.316 251 11,5181 9,466 1203 251. The funds are malnly held for the 8eneral purposes of the Soclety. The most sl8nSflcant of those held for speclal purposes and annotated above a for use as follow5.' The Charity receives income frorn the William Leech Foundation on condition that 57 per cent restricted for endowrnent purpDse5. The Charlty has invested these proceed5 In Willlatn Leech Ilnve5tmentsl knmited to generate Eeneral fund Income In future years. In 2024, £481,704 was received12023.. £447.0001 g1vlnE a relnvestment ftgure of £271,OOD12023.. £251,000). 01-Apr-23 Incomln8 resource5 Expendlture 31-Mar-24 £'o(M) £'ooo rooD rooD Analysls ol movements In restrlcted lund Re5trlcted g1ft5- national Re5trlcted glfts- Internatlonal 67 2,674 2,741 487 2.718 3,20S 11671 13,5321 3.699 387 1,860 2,Z47 NOTES 1 41
AN NUAL REPOR T AND ACCOU NT5 2023-2024 01-Apr-22 Incomlng resources Expendlture 31.Mar-23 £'ooo £'DJo £'o £'ooo Re5trlcted gSft5-natlonal Restricted ¥rfts-intemational 41 3,207 3,248 Z6 3,8 3,934 67 2,674 2,741. 4,4411 14A411 Restricted fund5 are created by donor5. 5tlpulations. At 31 March 2024. there were 14 restrlcted funds12023.. 141. R@strlctlons can 3pplyto the type of actlvltywhlch cari be undertaken. or the Eeographlcal area In which the money must be used, and at 31 March 2024, restrlctlons are a5 follow5.' £'ooo Work in China 11 other fund5 1,860 387 01-Apr-23 Incomin Expenditure Oe5ignations 31-Mar-24 resOurS eooo eooo £'O(M) £'ooo l É'o(x) Analys15 of movements In unre5trlcted fund$ Fund5 designated annualty.. Multl-year projects Fixed assets used in choritsble octwities Speclal Opportunltles fund Capltal lund for Blble provlslon overseas 391 3,785 1,978 I,i(N) 31 11071 12081 14031 3J5 3,577 1,575 1,1 Total desl nited fund$ 718 6.567; Genera1 fund.. Free reserves Group Subsidiary movements 8,6Lh) 15,854 14031 15,451 20,153 20,184 18,8321 IL35Z 120,2451 120,9631 9,060 111,9031 8.508 15,0751 11751 14.5001 Cha¥lty 01 Apr-22 Incomlns resources Expcnditufc Ocsl6nDti¢n5 31-MoY-23 £'ooo vooo f'ooo £'ooo £'ow. Futhdg d@418nat@d an11v.. Multi-year project5 Flxed assets used In charltable actlvltles Special Opportunitie5 fund Capltal fund for Blble provlsion overseas (Pro'ectjlrehl Totsl desl nated funds 391 3,628 3.581 l.LQO 91 157 1911 391 3.785 1.978 i.ioo 11,6031 248 7,254,, General fund.. Free reserves Group Subsidlary movements Ch4flt 11,159 19,859 161 18,869 19,117 19,2531 121,4281 123,1221 8,866 8,500 15.8541 14031 42 1 CASH FLOWS
ANNUAL REPORT AND ACCOUNTS 2023-2024 The funds de5igDated bythe Trustees are forthe follonI purposes.. Multi-yearprDlects To ensure commltments to partners can be met and projects In progress completed. Flxed assets To ensure that adequate reserve5 are set aside to allow forthe depreciation of the Sotietls fixed assets. SpÈclal Opportunlties fund To enable a step change In 5oclety actlvSty through addltlonal ontroff expenditure on current activities and initiation of new activities. The fund will be topped up from le8aty and other varlable Income which15 exceptionally above budgeted expettations. Capltal fund To enable the prOSOn of stock5 of Blbles to those countrle5 least able to afford them. TTansfers between funds.. To.. Multl-year project desl8nated fund Specyal Opportvnitie5 fund 2024 £'ooo 2023 vooo From.. Free reserves Seneral fund Falr value adlustment The valuatlon Is deerned to be materlally the 5aTne at l April 2023 and 31 March 2024, resultlng In no 8aln or loss In the current year12023.' NIII. 24. Group analyslsof net assets between funds Rev8luatlon General reserve fund £'(M)o Penslon re5erye E'QOO Designated Restricted Endowment funds fund5 fund5 gooo £'ooo £'(KJO Fund balances 2024 £'ooo rooo Tèn8ible fixed assets Investments Net current assets Deflned benefit penslon scheme reserve 3,182 395 2,990 3,182 24,686 2,865 558 10,734 12,4DII 12,999 29 2.247 Charlty Subsidiary reserve5 Group 2,2471 13,028 30,7331 175 30,9081 175 8,508. 558 6,567 2,247,. 13,028 Revaluatlon General reserve fund £'ooo 000 Pen51on Designated Restricted EndowrneDt reserve fund5 funds funds £'wo £'ooo £'ooo £'i¥Jo Fund balances ¥c¥)o 2022 Tanglble fixed assets 3,400 385 3,469 3,4 22.171 4.842 558 9.583 11,3861 IL651 18 Net current a55ets Deflned benefit penslon scheme Teserve 2,741 Charlty Subsidiary reserve5 Grou 8,197.. 403 7,2541 11,669, Tr0,41W 403 558,, 7,254. 11,669. NOTES 1 43
ANNUAL REPORT AND ACCOUNT5 2023-2024 Capltal cornmltments and commltments underoperatlng leases At 31 March 2024, Bible Society had auth0ri5ed and contracted for capltal expendlture of £NII12023.. £NIII. Annual commltments under non-tantellablè operatin¥ leases were as follow5.. 2024 £'ooo 2023 £'ooo Equipment Withln one year withln two years Wlthln three years Withiri fouryeèrs 16 26. Contlngent assets Blble 5oclety often recelves notlficatlons of resldual le8acles, where the amovrrts ofthese are not known untll cash Is eventually received. These notifications are subject to a number of uncertainties IrKludinE whether assets wlll be sufficlent to pay 311 pecunlary legacles, whetherother residual le6ateÈs ex15t and fluctuatk)n5 in marketvaluations. RÈlatÈd partylransartlons ThÈ Charity Ènloys a close worklng relatlonshlp wlth the Unlted Blble Socletles. whlch Is a Charftyl towhom all ofthe international grants are made, and through whom controls over expenditure of Such monie5 are operated. The total value of grants given in the year of £3,760,000 Is shown In note 6. The charlty charged the subsldlary £131,56012023'. £122.6691 for offlce space, IT and payroll servltrs. At the end of the year, the subsidiary has owed the charity £1,827.23712023'. £1,872.6701. The sales from the subsidiary to the charity for the year came to £138,04812023.. £197.2191. 44 1 CASH FLOWS
Blble Society. Stonehill Green. Westlea, Swlndon SN5 7DG Reglstered charlty 232759 biblesociety.oYB.uk Ci¢
ANNUAL REPORT AND ACCOUNTS 2023-2024 Independent auditor's report To the Members of The BTltish and Foreign Bible Society Oplnlon We have audited the financial statements of The Brit15h and FoTeign Bible Sotlety I'the charlty'l an(J Its subsldiaries I'the group'l for the year ended 31 March 2024 which comprise the ConsoliLlated Statement or Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financlal statements, including significant accounting policies. The financial reporting framework that has been applled In thelr preparation Is applicable law and Unit Kingdom Accountlng Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practicel. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PractSce', and have been prepared in accordance with the requirements of the Charitle5 Act 2011 Bas18 for oplnlon We conducted our audit in actordance wlth International Standards on Auditing IUKI IISAS IUKII and applicable law. OUT responsibllltles 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 requirement5 that are relevant to our audlt of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethlcal responglbillties in accordance with these requlrements. We belSeve that the avrjit evidence we havè obtained is sufficient and appropriate to provide a basis for our opinion. In our opSnlon the financial statements- give a true and fail view ol the state of the group's and the parent charity s affairs as at 31 March 2024 and of the group s income and expenditure, forthe year then ended., Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use ol the Boing concern basls of accounting in the preparation of the rinancial statements is appropriate. may cast significant doubt on the charity's or the group'5 ability to continue as a going concern lor a period of at least12 months from when the financlal statements are authorised for issue. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. Our respon5ibilitie5 and the responslbllltSes of the Trustees wlth respect to going concern are described in the relevant sections of thi5 report. Other information TheTrustees are responsible fortheother Inlormatlon contalned within the annual report. The other informatlon comprise5 the information Included in the annual report, other than the financial statements and our auditor's reportthereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our rewrt, we do not express any form of assurance conclusion thereon. information is materially inconsistent with the financial statements or our knowledge obtalned In the audit, orotherwlse appears to be materially rnIS5tated. If we Identify such material inconsistencie5 or apparent material misstatements. we are required to determine whether this gives rise to a material mlsstatement in the financial statements themselves. If. based on the work we have perfoTmed, we conclude that there is a materlal mSsstatement ol thls other information, we are required to report that facL Our responsibility is to read the other information and. in doing so. considerwhetherthe other We have nothing to report in this regard. INDEPENDENT AUDITOR'S REPORT 1 21
ANNUAL REPORT AND ACCOUNTS 2023-2024 Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charitie5 (Accounts and Reportsl Regulations 2008 requires us to report to you if, in our opinion.. sufficient and proper accountinE records have not been kept by the parent charity.. or the financial statements are not in agreement with the accounting records and returns- or the information given in the financial statements is inconsistent in any materSal respect with the trustees, report., or we have not received all the Snlormation and explanations we require for our audit Responslbllltles of Trustees As explained more fully in the Trustees. responsibilities statement set out on page 20, the Trustees arÈ responsible for the preparation of the financial statements and for being Satisfied that they glve 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 pieparing the flnancial statement5, the Trustee5 are responsible for assessinE the group s and the parent charity 5 ability to continu@ as a 8Oln8 concern. disclosing. as applicable, matter5 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 50. Audltor's responslbllltles for the audlt of the flnanclal 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. aggregate, they could reasonably be expecterl to influence the economic decisions of users taken on the basls of these fSnanclal statements. DetailJ of the extent to which the audit was consSdered capable of detectlng Irregularltles, including fraud and non-compliance with laws and resulatlons, are set out below. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free From material mijstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of a55ufance, but 15 not a guarantee that A further description of our responsibilities for the audlt of thè finantlal statèmentg is located on thè Financial Reporting Council'5 website at.. es. Thls description forms part of our audltorfs report. audit conducted in accordance with ISAS IUKI will always detect a materlal misstatement when It exists. Misstatements can arise from fraud or error and are considered material if, individually or in the Extent to whlch the audlt was consldered capable of detectln8 Irregularities, Including fraud Irregularitles, Includlng fraud, are instances ol noncompliance with laws and regulations. We identified and assessed the risks of materlal misstatement of the financial statements from irregularitie5, whether due to fraud or error, and dlscussed these between our audit team members. We then designed and peTIoTrned audit procedure5 responsive to those risks, including obtaining audit evidence sufficient and appropriate to provlde a basis for our opinion. We obtained an understsnding ofthe legal and regulatory frameworks withSn whiih the charity and group operateg, focusing on those laws and regulations that havè a direct effect on the determination of rnaterial amounts and di5c105ures in the financial statements. The laws and regulations we considered in thi5 context were the Charities Act together with the Charltles SORP IFRS 1021. We assessed the requlred compllance wlth these laws 22 1 INDEPENDENT AUDITOR'S REPORT
ANNUAL REPORT AND ACCQUNTS 2023-2024 and regulations as part of our audit procedures on the related financial Statement item5. about their own identification and assessment of the risks of irregularitie5, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory coTre5pondence with the Charity Commission, and reading minutes of rneetings of those charged with governance. In additlon, we consSdered provlslons 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 oper3te or to avoid a m2teri31 penalty. We also considered the opportunities and incentives that may exlst wSthSn the chaTlty and the Broup for fraud. Owing to the Inherent limitations of an audit, there 15 an unavoidable risk that we may not have detected some material misstatements in the financial 5tatement5, even though we have properly planned and performed our audit in accordance with auditing stanclard5. For example, the further removed non-complSance wSth laws and regulatlons lirregularitiesj 15 from the events and transactions reflected in thÈ flnancial statements, the loss Ilkely the inherently limited procedures required by audlting standards would Identlfy It. In addltlon, as with any audit, there remained a higher risk of non- detection ol irregulaTitles, as these may involve collusion. forgery, intentional omissions, misrepresentations, or the override tsf inteinal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non- compliance with all laws and regulations. Auditing Standards limit the required audit procedures to identify non-compliance with these laws anLI regulations to enquiry of the Trustees and other management and InspectSon 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 reCogntIon of legacy income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries ol management and the Audit & Finance Committee Use of our report uLmf. This report is made solely to the charity s Trustees, as a boLly, in accorLlance with Part 4 of the Charitie5 (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charlty s Trustees those matters we are reoulred to state to them in an auditor'5 report and for no other purpose. To the fullest extentpermitted 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 opinion5 we have formed. Crowe U.K. LLP Statutory Auditor St J3mes House 5t Jame5 Square Cheltenham Gloucestershire GLSO 3PR Date.. 16 October 2024 Crowe U.K. LLP is eligible for appointment as auditor ol the charity by virtue of it5 eligibility lov appointment as auditor of 3 company under section 1212 of the Companies Act 2006. INDEPENDENT AUDITOR'S REPORT 1 23