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 lhip. 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 $9n•8¥1. Advoc•cy.' t3ff p3rtnpr¢ rparhpA n t•3m of frontline staff feel that someone is vulnerable, they inform their line management. Staff are nrniir38od to iige thgir initiative and will refugo to process a donation where they feel that someone is at rlsk. Our primary fundTai5ing activity included our appeals programme, telling Stories of our varied mSsslon work via direct mail and online channels. which generated £915.000. Our Bible a Month committed giver programme, comprislng more than 20.000 supporters, raised £2.75 mlllion last year. £1.34 million wa5 raised from generous major donors and £4.53 million was left tts Bible Society in legacie5. Churche5 donated E431,000. T•lephon• fundr•l$lni We use external agencles who receive and make calls on our behalf for our telephone campaigns. The agencies are paid a small amount per call. as our policy is not to operate by commi55ion. We use prolesslonal fundralslng agencles who can work outside normal working hours and have the technology. trained st3ff and specralist procedures that we need. Compll•nc• We comply with all relevant legislation, regulatlon and fundraising guidance including UK General Data Protection Regulation IGDPRI and Privacy and Electronic Communications Regulations IPECRI. Bible Society is registered with the Fundraising Regulator, and we comply with all Its relevant Code5 of Practice. Our'inbound, campaign- where supporters call in response to a ItJndraisinE Initiatlve- was facllltated in 2023-2024 by Angel. a fulfllment servlces company. For our'outbound, campaigns where we call supporters direct, we use NTh, a leading UK telephone fundraising agency. We only call supporters if they have given us permission to do so and we ask at the beginning of each call if it'5 a convenient tlme to talk. The calls are all made from a landline number that shows up on dialling and can be called back if someone wants to confirm who is calling. Supporters can al50 Use this number to We entourage all feedback, whether p051tive or negatlve, and we regularly monitor and analyse what people tell u5 to make sure we are continuously improving our procedures. In 2023-2024 we had 24 complaSnts broadly related to our fundraising activity. Eleven of these were regarding a Bible a Month mailing incorrectly sent to people who already donated. There were 13 12 1 OUR FUNDRAISING ETHOS 2024 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 P*opL8 and k*mun•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. Art￿ltIeS 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 lon￿ard 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 Gr￿P 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 aCt￿￿tIeS 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 Re￿ipt 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 charit￿5.. Statement ol Recommended Practice applicable to charlties preparln6 their accounts in accordance with the Finan￿91 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 con￿rn 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 sU￿1¢ient re50urce5 to continue In oper3tlonal exis￿nCe 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 S￿Iety. 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 reSour￿S 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 act￿ltY headlngs.. C05t of raising fut￿5 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 B￿ble 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. Intan￿ble 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 re￿iVed 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 ContrIbu￿On5 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 ￿nd￿Idual 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 orEanISa￿OnS 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 Afr￿a Chlna Middle East othertranslation projects Total production and distribution grants iio 154 345 609 40 40 Afr￿a 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 ￿L￿VILle5 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 Sa￿s 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-gra￿a payments of £6k12023.. £NIII and redundancy payments of £NII12023'. £Nill. Redundancy and termIna￿0Th 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 rece￿Èd emoluments Wlthln the band5 shown.. 20Z4 2023 Numbor Number E60,000-E69,999 £7a,OO￿79.9gg £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 re￿Ived 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 s￿97., 1,148 84 432 13 7,674 106 11,0701 131 DePr￿latIon 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 COn￿rned. 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. HerIt￿e assets Bible Societ¢5 heritaEe assets comprlse.. h1