BRF Ministries Inspiring people of all ages to grow in Christian faith BIBLE READING FELLOWSHIP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 COMPANY REGISTERED NO: 301324 REGISTERED CHARITYNO: 233280 BRF
Bible Readlng F•llowshlp CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 Reference and administrative information.................................. Report of the Covncil.......... Independent auditor's report..-.......... Statement of financial activities 2024............-.-....... -16 .19 Statement of financial activities 2023... .20 Balante sheet............ .22 Statement ofcash flows................... -23 Notes to the financial statements......-............ .24 FIRF
Biblè Reading Fellowship
REFERENCEAND ADMINISTRATIVE INFORMATION
Registered name..
Bible Reading Fellowship lalso known as'BRF Ministries'l
charity registration number..
233280
Company registered number-.
301324
Registered Dffice..
15 The Chambers, Viney
REPORT OF TIIE COUNCIL REPORT OF THE COUNCIL The Council presents Its report and audited financial statements lor the year ended 31 March 2024. Introduction from the chief executive In common with many in the charitable sector, this has been another financially challenging year, with the impact of the ongoing cost 91 living crisis and the wider OnoMiC climate continuing to be felt. Neverthele55, despite thèse challenges, there has been much to celebrate and for which to give thanks. In September 2023 we repositioned BRF tn become known as'BRF Ministries,, reflecting more accurately the nature of the charity today, a5 the hc>me of an exciting family ol ministries that peoplè know and love.. Anna Chaplaincy, Living Faith, Messy Church and Parentingfor Faith. Feedback to the chan8e of name has been very positive, ènd it has made it easier to communicate who we are and what we do. We have experienced anothèr year of growth and development, as the reports in the following page5 from our ministry leads illLJStrate. It ha5 been exciting to see growth both in numbers and in leach. More Anna Chaplains have joined the network. including the first Elim, Salvation Army and Scottish Episcopal Anna Chaplains. More Messy Churche5 have règistered on our directory and the international movement ha5 been strengthened as organisation5 in Norway and Finland have agreed to chatllpion the ministry there. The new Parenting Teens course has proved popular, and Parenting for Faith 15 increasingly acknowledged as an authoritative voice. Me3nwhile our Living Faith publications continue to be well-received, with emails and letters of appreciation coming in from readers every week. A distinctive feature of BRF Ministries is that rathèr than bypassing local churches, we choose to partner with them to resource the spiritual journÈy of individuals and to enable mission ènd ministry in the local context. We estimate that, collectively across our ministries, we work with over 2,000 churches each year across the UK. Anna Chaplaincy, Messy Church and Parenting for Faith have all become an integral part of the BRF Ministries larnily duringthe past 20years. Each started as a local initiative in a single church. We have enabled and nurtured each of them to develop into the national, and in some ca5Ès international, rllinistries thatthey hre today, supported by the resources frotn Living Faith, which has been at the heart ol our ministry for over 100 years. The retirement of Anna Chaplaincy founder and pioneer Debbie Thrower in November 2023 means that Anna Chaplaincy, Messy Church and Parenting for Faith have all now progressed to second generation leadership within the13st two year5. It's a testament to all involvèd that the 5tJccession has bèen so smooth and effective in each case. We're delighted that Debbie will continue to be an ctive advocate for Anna Chaplaincy in a new role as an honorary BRF Ministrie5 vice president. This has also been a year ol change within the staff team. Three of the sènior mar)agement team moved on to take up new opportunities, with exciting new appointments made to the team, bringing fresh ideas and thinking. It became necessary during theyear to undertake a programme of restructuring tts reduce costs going forward. This sadly resulted in the loss ol six staff positions., however, it places us in a more stable position within the changing13ndscape lor the charitable sector. Although this has been a challenging year, we are excited by the possibilities and opportunities for the year ahèad. We are so thankful for all who have partnered with us, through giving, prayer and working alongside us. We give thanks lor the creètivity and dedicatic>n ol our staff team. And we pray for God's blessing on all whose lives are touched by our BRF Ministries. Richard Fishe Chief executtve BRF
REPORT OF THE COUNCIL Aims, objectives and activitie5 BRF Ministries, charitable objectives are to advance the Christian religion by encouraging understanding ol the Bible by people of all ages and encouraging and re50urcing the development of Christian life andlor ministry amon8 people ol all èges. BRF Ministries is a Christian charity that is passionate about enabling people of all ages to grow in faith and understanding ol the Bible. BRF Ministries resources the spiritual journey of individuals and the mission and ministry of Socal churches. BRF Ministries, strategic prioritiès BRF Ministries, strategic prioTlties are.. BRF Ministries at the centre.. making a cle3r link back to BRF Ministries as a whole in everything we do. Maximise impact.. maxirni5ing the potential and impact ol all our ministries and resources. Invèst in our people.. ensuring that BRF Ministries is a great place to work, developing individuals and enabling teams to play their part in Seeing BRI Ministries, vision fulfillod. Financial sustainability.. securing the funding we ne. ensuring prudent financial management and maximising our assets. BRF Ministries works with two key constituencies.. Individuals.. resourcing individuals of all ages ID grow in their Christian faith and understanding of the Bible. Churches= resourcing the mission and ministry of local churches., BRF Ministries is the home of Messy Church, Parenting for Faith and Anna Chaplaincy. Strategic report Achievements and performance Anna Chaplaincy- offering spiritual care in later life Debbie Ducille, Anno ChaplJincy minisrrylead, writes.. '1 find this on extroordinurygift thL7tyou are offering the churches. It is o timely space forAnno ChuplGincy to come in. The Rt Revd Sally Foster-Fulton (modèrator of the General Assembly of the Church of Scotland 2023-241, speaking at Faith in Older PeoplelAnna Chaplaincy webinar, 20 March 20241 Anna Chaplaincy, BRF Mtnistries. ministry resourcing the spiritual journey of older people, provides training and support for churches, and lor those called to be Anna Chaplains and their volunteer teams in a distinctive ministry. appointed through their local church. BRF Ministrie5' national Anna Chaplaincy team has developed and ènables a flexible, community-based chaplaincy model that encourages sale, effective and flourishing ministry among those lalld often bythosel in later life. At the end of the financial year, the Anna Chaplaincy network stood at 362 Anna Chaplains and others in equivalent roles, with hundred5 olv0lunleersworknga1og5Ide and supporting them in their ministry. Thi5 is a significant increase nd demonstrates the tremendous potential for growth. At the beginning of the year, the network membership figure Stood at 267. At any one time, the national team are engaged in conversation with 40-50 individualslorganisations exploring thi5 ministry model. This rate ol growth is hugely exciting and Challenging, in equal measure. Anna Chaplains provide spiritual support for older people with strong, little or no faith. A few network members are in paid roles, but there are still disappointingly lew salaried church roles for such chaplainslDlder pec>ple's workers which would attract younger applicants. Most network member5 are volunteers frequently supporting pec>ple of a similar age. Some chaplains are ordained, though the majority are lay people. Undoubtedly, Anna Chaplaincy is offering new pathways into lay ministry for pec>ple with valuable skills and expertise often developed during professional careers. Network growth through individual or Tegional group5 of churches is increasingly ecumenical in Ilavour, although a recent Survey conducted among the network confirmed that most Anna Chaplains are metnbers of Anglican churches, due in large part to the growth ol teams, with local coordinators, in 15 Anglican diocese5 across England and Wales who BRF
REPORT OF THE COUNCIL have adopted the ministry model. The first Elim Anna Chaplain was commissioned in November2023,' similarly, the first Salv3tion Army Anna Chaplain was commi55ioned last summer and the first Scottish Episcopal Anna Chaplain in February ol this year. An expanding ecumenical team is flourishing across Wales and the pioneering development ol Anna Chaplaincy in Northern Ireland is in process through the Methodist Church. A lull calendar of events is offered, including online Anna Chap1ainiy training, 'Introduction to Anna Chaplaincy, presentations, network get-togethers and themed workshops, in which new themes are regularly developed, often in conjunction with other org3nisations. A new training programTMe for volLJnteer Anna Friends has a150 been launchèd this year. The four-slrong freelance trailling team are increasing our capacity to deliver Iboth online and in person) the Anna Chaplainiy training course (including as a four-day residential annually at St Padarn'5, Cardiffj and the Spiritual Care Series, aimed at a broader church audience seeking high-quality training in this arena. other highlights from the year include a 24-hourAnna Chaplaincy Fetreat at Sarum College. Salisbury in September. an interview with Archbishop JLJStin Welby conducted by Debbie Thrower as part of his visit to Portsmouth Dioce5e,' and our annual network Gathering, held in person once again in November. Thi5 proved to be a wonderful but poignant event, where colleagues and network members gathèred to say goodbye and expres5 gratitude to Debbie Thrower (Anna Chaplaincy pioneer), Sally Rees (Church lead in Wales) and Alex Burn In3tional coordinator) who all retired from their ioles during the year. The nationalAnna Chaplaincy team, supporters and network members lookforward later thi5 year to markingthe tenth anniversary olAnrt3 Chaplaincy as a nètional movement under BRF Ministrie5. A range ol planned celebration5, services and sponsored events will raise both the profile and much-negdèd funds for continued sustainability of this vital ministry. Living Faith- resourcing your spiritual journey Ruchel Tronter. COntentctIon teom leud, writes.. Living Faith is the longest-standing ministry of BRF Ministries, following the vision of our founder Leslie Mannering to help peoplè 'get a move on, 5piritu3lly. We are proud to continue that vision over 100 years later. Today, Living Faith resources people's spiritual lives with the range of books, Bible reading notes and events that we oller, as well as re50urcing our other thrèe ministrie5. In 2023-24 we published 14 new titles. We also published three new editions and reprinted an incredible 34 titles during the year, as well as making numerous titles available on print on demand, increasing the audience ol our valu3ble backlist titles. Three of OLJr titles this year have OLJtsold their original print runs and already been reprinted. One is our Advent book for 2023, An Advent M(Tnife5to by Martyn Percy. The author tackled the theme of light overcoming darkness. looking particularly at the Magnificat and the Benedictus, which resonated well with readers. Another is Knowing You. Jesus, an ambitious 365-day devotion31 created in iollaboration with multiple authors including Tony Hor5f311. It uniquely take5 the readerthrough the gospels, in roughly chronological order. allowingthem to linger in these often-f3miliar passages and to'see ljesusl more clearly, love Ihiml more dearly and follow IhiTnl more nearly, every day of the year. Our surprise success this year was GrGndparenting for Faith by Becky Sedgwick of the Parenting for Faith team. This book clearly resourced an audience that was crying out for content. namely Christian grandparents looking to pass on their faith to their grandchildren. The book sold extremely well and needed to be reprinted only threc months alter publication. Becky has been invited to numerous speaking engagements to promote the book. and doing so has a150 helped to raise the prolilè of our Parenting for Faith ministry. Excitingly, we have begun publighing more books in differentformats. Forthefirst time, we released one new title. Celtic Rhythms olLife, in both paperback and a gift hardback edition. Both have sold well and been very well receiwed. We also published Christmos Voices and Holdijjg Onto Hope, both square-format colour books with illustrationslwatercolour painting5 throughout. These made labulous gift purchases for the Christmas season. BRF
REPORT OF THE COUNCIL Olivia Warburton, the former Living Faith tninistry lead, left BRF Ministries in February 2024. While we were pleased that she continues to freelance for u5 as commissioning editor, we have started the process for recruiting her successorand are excited for this opportunity to hire a new commissioning editor who can continue to expand and diversify our list. This year Saw increasing diversity in terms of our writers, and this continues to be a focus for us. We receive lots of positive feedback for ovr books and Bible reading notes, including. l only'discovered, BRFjust over a year ago, but have had enormous inspiration from its various publications and it's the Living Faith sector to which my monthly donations go. We're so grateful to be able to resource the churth in this way and are already looking forward to our future publicationsl Messy Church- church, but not as you know it Aike Kennctt-Brown, MessyChiJrch ministrylead, writes.. 'Many tell us they would never gc> to church, and we tell them this is church, to which they reply, no this is better, this is Me$5y Church.'_ Anne Scott, Messy Church otSelgrove St Peter's, Leicester. During 2023-24, the BRF Ministries, Messy ChLJrch team continued to focus on the consolidation and growth of the Messy Church movement. On 31 March 2024, there were 1,701 Messy Churches registered on our directory Ic.ompared to 1,543 in 20231, including 125 new UK registrations during this financial year. There are several ways we support both those who wish to start a Messy Church and existing Messy Church leader5 and teams develop their ministry. This includes in-person and online training organised by Jane Butler (training and development lead). The number of paid in-person training bookings remains low compared to pre-pandemic levels (seven in this time period, compared to six the previous financial year). In contrast, duringthe same period, the training team delivered 26 Me55y M3Sterclasses, covering six topics, with 215 attendees from both the UK and around the world, including USA, Canada, South Africa, Norway, Finland, and Sweden. This year we released four 'How to... videos and accompanying'lop tips, downloads. These bite-sized short training vidèos tackle common issues facing busy volunteer Messy Church lèaders. including'.'How to build your team How to dvertise your Me55y Church,, 'How to welcc>me those with SEND, and 'How to leed your Messy Church,. Featuring experienced Messy Church practitioners, after an initial 'watch' party on Zoom, the video and top tips downloads are freely accessible on the webslte. Supportfor overseas Messy Church continuestogrow. In Novefflber2023, after a six-month pilot involving 14 new Messy Churches, Norwegian Mission Society and Sunday School Norway have committed to work in partnership with each other alongside BRF Mini51ries, to promote Messy Church in Norway. In January 2024, Kansan Raamattuseura ILogos Ministries), signed an agreement with BRF Ministries to promote Me55y Church in Finland. We are also working towards a new agreement in Canada. Support for Mesgy Church also comes in the form of digital and printed resource5. For leadersjustthinking about Messy Church, we updkted and republished Storting o Messy Church. 2023 saw the reconfiguration ol Get Messyf magazine, moving from three issues per yeaT to an annual publication. Get Messyl Volume i launched in June 2023, contèining twelve Messy Church segsions that follow the UK academic year. We have started a journey of commi55ioning writer5 Irotn more diverse b3ckgrounds and celebrated this in February 2024's session, 'LekrninE to live together,. As well as our paid resouices, our volunteer writer5 team produced a free session to mark the coronation of King Chailes 111. Meanwhile, OUT Christian Aid Messy Church session released in September 2023, looked al harvest through the lens of climatejustice, using the pzrable of the farmerwho built bigger barns (Luke L2'.16-211. In December 2023, we partnered with Tearlund to launch a 'Rubbish Messy Church, session, focusing on plastic pollution. while exploring the biblical mandate to care lor our planet. All of these sessions were available as PDFS to download from our website. We continue to use our digital channels to promote Messy Church Goes WilLI, the movement within Messy Church which aims to encourage Messy Churches to meet God outdoors and to be more eco-aw3re in all we do. The resource to support this initiative, MessyAdventure5, was released in print in April. It is also available as a free digital download. We greatly enjoy showcasing this resource at our Messy Church Goes Wild foad5hows. In April 2023 we partnered with Bath and Wells Diocese to delivei two roadshows in one day. including visiting a working farm. One highlight was when we BRF
REPORT OF THE COUNCIL
paused by a pond, a ten-year girl exclaimed, 'Who wants to be baptised?, which led to a delightful discussion about
pèople's baptism stories. In June, Aike led training in conjunction with Hazelnut Community Farm, Bristol. Havin8jUSt
explained that tèking church outdoors removes Some barriers about entering a church building for some people, a
passerby 35ked if he could join the group, as he'd spotted the welcome sign in the church garden and was curious. In
August, Jane, Sally and Aike became festival makers at Greenbelt knd hosted two Messy Church Goes Wild Adventures.
We were allocatgd a night-time slot, so adapted a session based on Psalm 8. As Aike pointed to the_sky to, 'consider
your heavens, the work of your fingers, the moon and the stars, Psalm 8..3 INIVI. a shooting star wa5 seenl After the
Messy Church Goes Wild roadshow led by Sally and Jane and hosted by Norbury Parish Church in Stockport,we received
this feedback..
'We reallyenjoyedattendingyesterdoyondleel veryin5piredto mukeo st(TrtottsMessyChurch Goes Wildatourchurch
in October half term os o resultl We hove o verysm
REPORT OF THE COUNCIL Further integration of BRF Ministries websites into a single site Launch a nÈw'Parenting Teens, course for churches Review telephony and other systems to 5UPPOrt hybrid working Continue work to improve diversity within trustees, stall and those who write for and contribute to BRF Ministries resources and ministries The plans regarding BRF Ministries and the Parenting Teens course have already been comn7ented upon. Notes on thè other plans are set out below. Websites In September thè main charity website brf.org.uk was redesigned to reflect the new BRF Nlinistries brand, leading to an increase in bDth visitors and donations. Dvring the year the Messy Church and Parenting lor Faith website5 were intogr3ted into the new BRF Ministries mullisitè environment on Wordpress. Our online shop saw an increase in turnover of ten percent. Hybrid working After fully capitalising on the opportunities that Covid afforded for remote working, three quarters of the staff team are now either permanentlyworkingfrom home or are on hybrid contracts. This has removed our dependence on recruiting within commutable distance from the offices in Abingdon and enabled us to acce55 è lar greatgr pool ol high calibre candidates. A review of our telephony and other systems undertaken during the past year has enabled remote working to become a permanent feature for most of our staff, with posilive impact on morale as well as recruitment. Diversity We have continued to work on irnproving diversity acr055 the organisation. Across our ministries the Number, range, and variety of contributor voices in our podcasts, video$ and publications h35 continued to grow, drawing from 3 wider diversity of experience and perspectives from different communities. The new head ol pe(>ple has begun to review all policies, practices and training though the lens of Equality, Diversity and Inclusion IEDII and has introduced a new EDI policy for the or8anisation. Diversity continues to be a priority area for BRF Ministries and as such will continue tc> be included in subsequent plans for future periods too. Plans forfuture periods BRF Ministries plans to continue with the activities outlined above, subject to securing the funding necessary. Developments for the coming year include- Continue to extend the research and take up of all our ministries, both numèrically and across the denominations Focus on the development of Messy Church taking place in schools Implerllent a new learning afjd development programme for staff Continue work to improve diversity within trustees, staff and those who write for and contribute to BRF Ministries resources and ministriès Financial review The year ended 31 March 2024 has been financially challenging for BRF Ministries. While we weathered the effects of Covid due to oursignificant and prudent cash reserves, the aftereffects of Covid, coupled with the tight macroeconomic efivironment continued to impact on donors and funders. The fundraising team maintained their sterling work in securing voluntary income and grant funding. The charitable activities of the organisation continued to contribute at almost 2023 levels, however the perceived cost ol living crisis and rising costs irnpacted our overall results and again. we report an operating deficit before exceptional costs of £408,620. The deficit has been compounded by an in-year review of our VAT position leading to a voluntary error and correction notice and settletnent of £81.517. In addition, on 24 July 2024, our long-standing distributor, Marston Book Services, appointed Leonard Curtis as Administrators to manage the affairs, bu5ine5s and property of the company. We were already in the process of moving BRF
REPORT OF THE COUNCIL io business to another distributor to avoid interruption of business, however, the debtor outstanding at 31 March 2024 was £77,357 which has been written ott as an exceptional item due to uncertainty over its recoverability. Halfway through the year, the trustees and senior management team began a programme of re5tructLJring and redundancy to ensure sustainability ol the charity, together with improvements in operational efficiency. Redundancy costs in the year amounted to £30,502. These have been treated as an exception31 item. The measures taken, together with a reduction in working week for several senior membèrs ol staff enabled strategic decisions to be made in terms of staffing requirements, to focus on core activities and strèngthening thecharity moving forwards. As a result of the above, we recorded a loss for the year of £596,996. In 2024, total income held steady at £1,899,87012023.. 11.924,6981. In 2024, 580h of income was voluntary and BRF Ministries is deeply grateful for the ongoing support from our donors and from charitablè trusts to enable us to carry out work across our ministries. Voluntary income was £1,075,853, marginally lower than the 2023 figure ol £1,114,612. Of the voluntary income received dvringthe year, 46Q/o12023.. 50%) came from individual don3tions lincluding legaciesl and 54%12023.' 500/0) from charit3ble trLJSt grant5. Income from legacies was £24,088. Of thè total voluntary income received, 39% was restricted for specific ministrie5. Our relationship with donors and charitable trusts, together with the drive to increase the donor-base, is critical to maintaiiiing the work we do and enabling us to take advantage ol ministry opportunities. The cost of raising funds was £280,595, amounting to 12% of expenditure. The core c>bjective of BRF Ministries is to resource the spiritual journey of individua15 and the mission and ministry of local churches. A5 a result. a significant portion of income was from the sale of resources and events, atllounting to £780,249. The sales from event5 Still contribute to overall revenue, engaging people with our individual ministries directly and providing spiritual and educational resources. Sales of greetings cards continue to provide 3 small but strong recurring income stream during the year. We continue to offer online training lè mix ol free and paid for). Normal operating total expenditure was higher than the prior year at £2,496,86612023: £2,242,155). In addition to the exceptional matters, normal operating expenditure increased due to UK inflationary pressures within the global macroeconomic environment. Payroll costs remain the most significant cost. howèver, this doesn't recognise the contribution olthe volunteers that SUPPOrt BRF Ministries, work. BRF Ministries owns a property in which the head office is based. This property is owned outright. Investment performance during the year The investment held its value throughout the year, generating income. The year-end valuation was £597,34412023'. £702,128). The overall net movement of funds of £596,99612023.. 401,5741 provided overall reserves at 31 March 2024 of £1,232,812 12023.. £1,829,808), ol which unrestricted reserves were £1,232,66712023.. £1,817,166). Principal funding source5 BRF Ministries generate5 41%12023 41%) of our annual overall funding from iniome from sales of Tesources and lees charged for training and events. Otherthan GiftAid, BRF Ministries normally receives no funding from 8overnment or other statutory bodies, or from the National Lottery. Fundraising Recogni5ing our dependence on voluntary income. BRF Ministries aims to inspire and encoLJrage others to give in support of our work. BRF Ministries seeks to act responsibly in our commullicatlQn5 Wlth supporters and donors. In our approach to potential donors, we will never subject anyone to pressure or a'hard sell,, but will always treat individuals with dignity, integrity and respect. We are aware that 50me of our donors may be older, potentially vulnerable adults. BRF
REPORTOFTHECOUNCIL li BRF Ministries ha5 guidance for staff on identifying vulnerable older donor5 and how to work with them in a way that mbintains their dignity. We seek to work to the highest level of transparency. integrity and respect towards all who engage with the charity, including those who give to our work. All fundraising activity is carried out by BRF Ministries, in-house fLJndraising tcam, managed during the year by BRF Ministries, head of fL5ndraising, working closely with the chief executive. No professional fundraiser or commercial participator was used during the year. BRF Ministries is registered with the Fundraising Regulator, adheres to thè standards of the Regulato>r'5 Code of Fundraising Practice and has signed up to receive suppressions under thè Fundraising Preference Service. BRF Ministries, fundraising team look5 for appropriate ways to share our funding needs with those churches and individuals who engage with the charity and its particular ministries, alongside identifying charitable trusts and foundations whom we may approach forgrant funding support. Incomc from Gilts in Wi115 is a key part olthèfundraising stialegy and recent gift5 have had a significant impact on ministry activity and development. BRF Ministries benefited frc>m a number of significant grants from the following charitable trusts.. The Douglas Trust. The Bishop Radford Trust, The Jeru53lem Trust, The Kirby Laing Charitable Trijst, The Mauricé & Hilda Laing Charitable Trust. BRF Ministries 5UPPOrter5, rehders and subscribers are kept informed about BRF Ministries, wider ministry and funding needs through article5 in New Daylight and Guidelines Bible reading notes, through regular newsletters such as BRF Ministries New5 and through our social media channels. No complaints were received during the year about fundraising for the charity. The trustees wish to thank all the individuals, churches and charitable trusts fortheir geneTOUS funding support during the year. Re5ervÈs policy BRf Ministries, reserves are unrestricted funds that are freely available to apply for the purpose of its charitable purposes. BRF Ministries, various ministriès (particularly Messy Church, ArTrna Chaplaincy and Parenting lor Faithl are almost exclusively funded Irom voluntary income. Much ol the recent development of these ministries has been made possible through generou5 grants from individuals and charitable trusts. However, donor and grant income is unpredictable- while BRF Ministries seeks to secure ILinding each year to cover the annual costs of its ministries, reserves are extremely important in providing resilience and sustainability. Reserves also provide the potential to invest in new developments and opportunities. The statu5 of reseNes is reported within BRF Ministries, monthly management accounts and reviewed by the Finance Committee, which meets fourtimes 3 year. The lèvèl ol reserves needed is reviewed each year by the full Council when the annual budget 15 3greed, so there is an integrated approach to BRF Ministries, overall financial planning. rhe trustees Co5[der that BRF Ministries requires unstricted free reserves 0125% (i.e. three months) of committed operating expenditure for it5 choritoble activities. These reseTres enuble us to make good tyny Iluctuotions in voluntory income ancl any shortfoll of income overexpenditure lor these ministries, c711owing time for us to seek olternotive sources of income nden(7b[ln9 us to continue the delivery of our choriroble octivities eochyeor. The trustees continue to hold the view, therefore, that a level of £1,232,812 is currently appropriate in Order to safeguard future activities. At the end of March 2024, BRF Ministries, total funds were £1,232,812. These comprised.. £913,042 General funds E306,984 Property fund £L2,786 Restricted fund5, available for use only lor the specific charitable activity for which they are given. The property fund is a designated fund representing the net book value of thè charity's long leasehold property. BRF
REPORT OF THE COUNCIL 12 These funds are considered to be adequate fc>r the immediate future requirements ol BRF Ministries, activities. Going concern The trustees expect the charity to continue to operate for more than twelve month5 from the date of this report. Ag such, they consider the charity to be a going concern. Along with the senior management team, the trustees regularly review historical projected financial information as well as reviewing future strategic plans. Investments including policy BRF minStrieS held inve5tment5 01 £597,344 on 31 March 202412023.. £702,138) The trustees actively revsewed this investment policy in conjunctic¥n with the resèrves policy. The overall objectives were to create long-term income and capital growth to provide funds as required by BRF Ministrie5 to carry out it5 charitable purposes consistently year by year with due and proper consideration for future neèds 3nd the maintenance ol, and if p055ible, enhancement of the value of the invested funds while they are retained. Ongoing, Èconomic uncertainty in both this country and across the world meant the decision was made to keep our investments low risk. Throughout the year BRF Ministries kept the investments in an unrestricted fund for general use. BRF Ministries takes an ethical investment approach. Ethical investments arè deemed as matching the criteria as desLribed by thè EIRIS Foundation research or other recognised ethical investment bodies. At the beginning of thé year. both investment portfo1105 were invested in Cofunds. The fund5 were both sold, and the majority of the funds reinvested into CCLA. In September 2023, there was a disposal releasing cash of £104,783 01 the funds held for development so that we could meet financial obligations, leaving £597,344 on deposit for the ongoing benefit of charitable activities. The risk appetite forthis fund is low, an FCA risk rating ol i or equivalènt. The Finance Committee reviews the investment at each of its meetings. The investment policy was reviewed on 5 September 2024. Taxation The cornpany 5s entitled to exemption from taxation on income and capital gainsto theextent that the funds are applied lor charitable purposes. structure, governance and management Governing document Bible Reading Fellowship IBRF Ministries) was established in 1922. It is a charitable company limited by gu3r3ntee. incorporated on 30 May 1935 and registered as a charity on l February 1965. It is governed by its Memorandum and Articlc5 of Association. BRF Ministries, charitable objectives are'to advance Christian rèligion by.. al encouraging understanding of the Bible by people of all ages. bl encouraging and resourcing the development of Christian life andlor ministry among people of all ages. The Memorandum of Association prohibits the distribution of the iniume and property of BRF Ministries to the members. Upon dissolution or the winding up of BRF Ministrie5, the assets shall be given or transferred to some similar institution or institutions having similar objeits to BRF Ministries. Appolntment of trustees The directors of the company are also charity trustees for the purposes ol charity law and under the company's Articles re known as members of the Council. Under the requirement5 of the Article5 01 Association one-third ol the members retire at the fvlarch CoLJncil meeting each year, determined by length of servicè. Retiring members may be re-elected to serve again. TrLJStees are able to serve a maximum of nine years. BRF
REPORTOFTHECOUNCIL 13 Mr J. Hills, Mr A. Howard and The Rt Revd C. Fletcher were due to retire during the year. All offered themselves for re- election and were re-elected on 14 March 2024. Mr5 J. Agg retired from the Council on 14 March 2024. We give thanks for her service, especially as a member of the People Committee. The Council aims to reflect the breadth of church tiadition that 8RF Ministries seeks to serve, and the breadth of ctivitie5 Wlth which the charity is engaged. The skill set of the Council is periodically reviewed and if a gap is identified steps are taken to rrUit a trLJStee with 5ki115 and experience in that field. New trustees are externally recruited or recommended by current Council or staff members. They are issued with briefing papers about the nature, aims and objectives of the chaflty, and are interviewed by the chief executive and usually at least one Council member. Candid3tes are invited to attend up to two trustee andlor committee meetings before proceeding with the formaljoining procedure. The charity has nine vice-pre5idents. This role is honorary, and the vice-presidents support the charity in an advocacy and advisory C3P3CIty. Trustee indurtion and training In practice, m05t new trustees are already familiar with at least some a5pect5 of the work of the charity. Upon jc>ining the Council, they are provided with detailed information about our vision, inclLJding major initiatives and key issues, organisation structure, copies of the Memorandum and Articles ol Association and the latest financial statement5. All trustees are issued with a copy of The Essentiol Trustee.. Whotyou need to know ICC31. as well as Welcome - you're o chority trustee, both published by the Charity Commission. A formal induction programme provides tWStees with detailed insight into the different aspects of our work and chance to meet members of staff. This is available to both new and current trustees. Organisation The Council, BRF Ministrie5' policy-makir)g body, is responsible for the overall vision, direction and strategy of the charity and meet5 four times a year. A Finance Committee, comprising at least thrèe trustees, also meets up to IoLJr times a year. A People Committee, comprising three trustees, the chief executive and head of people and operations, meets at least three times per year. A Management Team, comprising the chief executive, content creation team lead, operations team lead, head of finance, head of fundraising, head of marketing and communications and head of people and operations, manages the day-to-day operations and has delegated authority, approved by the Council, lor operational matters including finance and etnployment. Pay policy for senior staff No trustee received ally remuneration, nor did they receive any other benefit during the year in their role as a member of the CoLJncil. The trusteès, throLJgh the People Committee, annually review all staff salaries. All salaries were also reviewed to ensure they appropriately reflected the duties of the individual p05tholders. In recruiting for new positions, the senior management team take into consideration current market rates and sa13ry levels lor similar posts in comparable organisations, as well as the experience of applicants. The salaries of members of the senior management team (who are listed on page threel are similarly determined according to these critèria. Risk management The CoLJncil and Management Team identify and evaluate risks to the charity on an ongoing basis and action is agreed to mitigate any new significant risk at the earliest opportunity. A full review ol the operational, financial, reputational and tninistry risks to the charity is conducted annually. The risk register documentsthe identification and evaluation of risks and the likelihood ol their occurrence across all aspt5 of the charity and it5 activities. and reports on proce5SeS in place or being deve5opÈd to manage these risks. BRF
REPORTOFTHECOUNCIL 14 The principal risks are unchanged and identified as- Risk Mitigating attron Voluntary income Negative macroeconomic factors further limiting sources of voluntary income to support charitable activities. Raising the profile of BRF Ministrie5 and its vision,. additional investment in the fundraising te3m,' continuing development of a major gifts programme. Development ol a range of ¥outes to rèach end U5ers- sponsorship ol new products. Income from sales of resources Cornpetitive market for Biblè reading notes, including onlinc offerings, as well as continued pre55ures on the Christian bookshop market, leading to a reduction in income. Costs Rising and sustained inflation leading to cost increases. Working with suppliers and performing tenders where appropriate. Looking at non. salary benefits. Staff Loss of knowledge and interruption to the business through staff leaving and the challenge of rècruiting suitable candidates to lill vacant and new positions. BLJsiness continuity planning., articulation of BRF Ministries, core values as an organisation and embedding these within its day-to-day operations. Reputatio Negative reaction to one or more of our ministries (including ministrie5 that interact with children), publications or fundraising campaigns. Implementation and regular rèview ol policie5 and procedures, including safeguarding and voluntèer agreement5. Colltinuing Professional Development ICPDI programme foi freelancers working with churches. complaints procedure- ability to respond swiftly in the event of a problem arising. Membership ol the Chartered Institute of Fundraising and registered with the Fundraising Regulator. Data Loss ol personal data, including sensitive data and data processed through fundraising activities., risk of cyberattack. Continual improvement programme on the handling ol peison31 data. reg15tration with appropriate regulators such as cyber essentials and CPD by stall members. IT controls in place and cyber insurance. Public benefit Statement In shaping our objectives and planning our activitie5, the trustees confirm that they have complied with the duty in section loui of the Companies Act 2006 to have due regard to the guidance published by the Charity Commission, including the guidance on public benefit and lee charging, and the specific guidance on charities for the advancement of religion and for the advancement of education. BRF Ministries relies on income Irum grant5 and donations, along with the sale5 of publications and fees for some training and events, to cover its operating Costs. In setting the prices for publications and the level ol fees, the trustee5 are concerned to make what we have to offer as accessible and as affordable as possible throughout the Unitèd Kingdom. All that we do is accessible to all (>f the wider public, and many benefit from BRF Ministries, charitable activities. BRF Ministrie5' charitable activitie5 resource individual adLilts. children and families* parents, ordained and lay leaders in churches, Messy Church leaders and Anna Chaplains and Dther5 ill equivalent role5. Wè do so through producing Bible reading notes, books and other resources, ollering conferences, providing training and consultancy and through our specific ministries 3nd website5. BRF
REPORT OF THE COUNCIL 15 Councillors, responsibilities in relation to the financial statements The Council members (who are a150 the charity trustees and the directOf5 of the company for the purpose5 of company lawl are responsible lor preparing the Report of Council and financial Statements in accordance with applicable law and U nited Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practiiel. Company law requires the Covncil members to prepare financial staternent5 for each year which give a true and fair view of the state ol affairs of the charitable company and of the incoming resources and application of resources, inclijding the income and expenditure ol the charitable company for that period. In preparing the financial statements, the Council members are required to.. select suitable accounting policies and then apply them consistently observe the methods and principles in the Chaiities Statement of Recommended Practice ISORPI ake judgements and estiffl3tes that are reasonable and prudent state whethèr applicable UK accounttng standards have been followed, subject to any material departures disclosed and explained in the linancial statemgnts prepare the financial statements on the going concern basis unless it is inappropriate to presume that thè charity will continue in business. The Council member5 are responsible for keeping adequate accovnting records that disclose with reagonable accuracy at any time the financial position ol the r.harity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 3150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps lor the preventiorl and detection of fraud and other irregularitie5. The Council members are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's webslte. Legislation in the United Kingdom governing the preparation and issemination of financial statements tnay differ from legi51ation in otherjurisdictions. statemènt as to disc105ure to our auditors In 50 far as the Council members are aware, at the time ol approving our Councils. annual report.. there is no relevant information, being information needed by the auditor in connection with preparing their report, ol which the company's auditor is unaware, and the Council members, having made enquiries of fellow directors and the company's auditor that they ought to have individually taken, have each taken all steps that helshe is obliged to take a5 3 director to make themselves aware of any relevant audit information and to establish that the auditor is aware ol that information. This report wa5 approved by the Council on and signed on its behalf by.. The Rt Revd Colin Fletcher- Council member Mr Julian Hills- Council member Dale- ,h12Jk Date.. Iq1411 BRF
INDEPENDENT AUDITOR'S REPORT 16 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF Bible Reading Fèllowship Opinion We have 3uditèd the financial statements of Bible Reading Fellowship Ithe'charitable company'l for the year ended 31 March 2024 which comprise.. The Statement of Financial Activities Incorporating an Inctsme and Exponditure Account, the Balance Sheet, thè Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and RepubSic of Ireland, (United Kingdom Generally Accepted Accc>unting Practice). In our opinion, the financial statements.. give a true and fair view of the state ol the charitable company's allairs as of 31 March 2024 4nd of its incoming resources and application ol resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirernent5 of the Companie5 Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5PQn5ibilities 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 thè charitable company in accordance with the Èthical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our othèr ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the lifiancial statements, we have concluded that the trustees, use oFthe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the WOTk we have performed, we have not identilied any material uncertainties relating to events c>r conditions that, individually or collectively, may cast significant doubt on the charitable company'5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our re5ponsibilitie5 and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this repoit. Other information The Council members are iesponsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor'5 report thereon. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in c>ur report, we do not express any form of assurance conclusion thereon. In connection with ouraudit of thefinancial statements, our responsibility is to read the other information and, in doing so, consider whèther the other information is materially inconsistent with the financial statements, or our knowlèdge obtained in the audit or Dtherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other inforrllation. If. based on the work we have performed, wè conclude that there is a material mi55tatement of this other information, we are Tequired to report that fact. We have nothing to report in this regard. BRF
INDEPENDENT AUDITOR'S REPORT 17 Opinions on other mattèrs prescribed by the Companies Act 2006 In our opillion, based on the work ijndertaken in the course of the audit-. the information given in the Report of the Council, prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consist@nt with the financial statements., and the Report of the Council has been prepared in accordancè with applicable legal requirernents. Matters on which we arè required to report by exception In the light of the knowledge and understanding ol the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion= Idequate accounting records have not been kept, or returns adequate for our a(Jdit have not been received from branches llot visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosure5 of trustees, remuneration spècified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilitiès of the Council As explained more fully in the Council responsibilities statement, the CouniTrl members Iwho are also the directors ol the charitable company for the purposes of company lawl are responsible for the prèparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control a5 the Council determine is necessary to enable the preparation of financial 5tatemer)ts that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council members are responsible for assessing the charitable cc>mpany's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and Ljsing the going concern basis of accounting unless the Council either intend to liquidatethe£haritable companyorto cease operations, or have no realistic alternative but to do so. Auditor s responsibilitiès forthe audit of the financial statements Our objectives are to obtain reasonable aSSLirance about whether the financial statements are Iree from material mi5Statement, whether due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable 55urance is a high level of a55urance but is not a guarantee that an audit conducted in accordance with ISAS IUKI wi51 always dett a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken b3sed on these financial statements. Afurther description ol OLJr responsibilitiesfoTthe audit of thefinancihl statements is locatèd on the Financial Reporting Council's website at fr .or au ibilities. This description forms part of our auditor's report. Extent to whlth the audit was considered capable of deterting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws zn(S regulations. We design procedures in line with our respoNsibilitie5, Outlined above and on the Financial Reporting Council'5 website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on thi5 understanding, we identify and assess the risks ol material misstatement of the financial Statements, whether due to fraud or error, dèsign and perform audit procedures resPDTh5iveto those risks, and obtain audit evidence that is sullicient and appropriate to provide a ba515 for our opinion. This includes consideration of the risk of acts by the Èntity that were contrary to applicable law$ and regulations, includingfraud. BRF
INDEPENDENT AUDITOR'S REPORT 18 In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procèdures which included.. Enquiry ol Management and those charged with governance around actual and potential litigation and claims as well as actual. suspected and alleged fraud. Reviewing minLJtès of meetings ol those charged with governance. Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations ol the company through enquiry and inspection. Reviewing financial Statement disclosures and testing to SUPPOrting documentation to assess compliance with applicable laws and regul3tiOn5. Performing audit work over the r15k ol management override of contro15, including testing oljourn31 entries and other adjustments for appropriateness. evaluating the busine55 rationale of significant transactions outside the normal course ol business and reviewing accounting estimates for bias. Because ol the inhèrent limitations ol an audit, there is 3 risk that we will not detect all irregularities, including those leading to a fflaterial misstatement in the financial statements or non-compliance with regulation. This risk increases the morethatcompliancewith a law or regulation is removed from the events and transaction5 reflected in the financial Statements, as we will be less likely to become aware of instances of no)n-compliance. The risk of not detecting a matèrial misstatement arisingfrom fraud is als(> higherthan for one resulting Irom error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, OF the override of internal control. Use of our rèport This report is made solely to the charitable Company's members, as 2 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. OLJr audit work has been undertaken so that we might state to the charitable company's members those Matters we are required to state to them in an aLJditor's report and for no other purpose. To the fullest extent permitted by law, we do Not accept or a55umÈ responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, lor this report, or for the opillions we have formed. Paul Creasey (Senior Statutory Auditor) For and on behalf of Azet5Audit Services Statutory Auditor Chartered Accountants Gladstone House, 77-79 High Street. Egham, Surrey TW20 9HY Date 2094 BRF
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 MARCH 2024 19 Bible Reading Fellowship STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 MARCH 2024 Notes Unrèstricted fund5 Restricted funds 2024 total 2023 total Income from". Donations and legacies Donations Grants Legacies 299,618 334,544 24,088 167.362 250,241 466,980 584, 185 24,088 472,694 554,540 87,378 Charitable activities Working with individuals and churches 25,297 754,952 780.249 796,242 Rent received 4,127 4,127 Investments Interest received 39.641 39,641 13,844 Total incomè 727,315 1,172,555 1,899,870 1,924,698 Expenditurè on: Raisingfunds 112.238 168,357 280,595 270,897 Recurring charitablè costs Exceptional charitable costs 417,537 100,019 1,610,358 88,357 2,02T,895 188,376 1,97L.218 li Charitable activities 517,556 1,698,715 2,2L6,271 1,971,218 Total expenditure 629,794 1,867,OT2 2,496.866 2,242,115 Net incomellexpenditurel before investment gains 97.521 1694.5171 1596,9961 1317,4171 (Loss on investmentl 12 184,1571 Net incomellèxpenditurel 97,521 1694,5171 1596,9961 1401,5741 Net 197,540 1606,1601 1408,6201 140L,5741 incomellexpenditurel before exceptional costs Exceptional cosls li 1100,0191 188,3571 1188,3761 Transfers between funds 18 1694,6621 1597,1411 694,662 145 Net movement in funds 1596,9961 1401,5741 Rl
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 MARCH 2024 20 Retonciliation olfunds Total funds brought forward Total funds carried forward 1,81T.167 1.220,026 12,641 12,786 1,829,808 1,232,812 2,231,382 1.829,808 The notes on pages 24 to 35 form part of these financ.ial statements. Biblè Reading Fellowship STATEMEfrIT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED31 MARCH 2023 Notes Unrestricted funds Restricted funds 2023 total Incarne from: Donations and legacies Donation5 Grants Legacies 286,717 305,230 67,378 185,977 249,310 20,000 472,694 554,540 87,378 Charitable activities Working with individuals and churches Working with primary schools 38,972 757,270 796,242 Investments Interest received 13,844 13,844 Total incomè 712,141 1,212,557 1,924.698 Expenditure on: Rai5ingfund5 108,411 162,486 270,897 Charitable activities 438.421 1,532,797 1,971,218 Total expenditure 546,832 1,695,283 2,242,115 Net incomellèxpenditurel before investment gains 165,309 1482,7261 1317,4171 ILossl on investment 12 184,1571 184,1571 Net incomellexpendlturel 81,152 1482,7261 1401,5741 Transfers between funds 18 1423,7541 423,754 Net movement in funds 1342,6021 158,9721 1401,5741 Reconciliation of lunds Total fund5 brought forward Total funds carried forward 2,159,769 1,817,167 7L,613 12,641 2,231,382 1,829,808 BRF
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 MARCH 2024 21 None ol the charity's major activities were 2cquired or discontinued during the above two financial periods. The charity has no recogniged gains Dr losses Other than the surplus for the above two financial periods. BRF
BALANCE SHEET AS AT 31 MARCH 2023 22 Bible Reading Fellowship (Company registration number 3013241 (Charity registration number 2332801 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Nole Fixed assets Tangible assets Investments 12 13 344,333 597,344 369,954 702,128 941,677 L,072,082 Current asset5 Stocks Debtors Cash at bank and in hand 14 15 93,123 110,231 453,771 110,058 177,196 774.184 657,125 1,061,438 Creditors: amounts lalling due within one year 16 365,981 294,389 Net current assets 291,144 767,049 Total assets less current liabilities 1,232,821 1,839.131 Creditors.. amounts falling due after more than one year IT 9,323 Net Jssets 1,232,82L 1,829,808 Charityfvnds Restricted funds Unrestricted funds Designated funds Total charity funds 18 19 12,786 887,020 333,015 12,641 1,396,196 420,971 1,232,821 1,829,80B The financial statements were approved and authorisèd for issue by the Council on and signed on its behalf by.. Iq ?tsZ+ The Rt Revdc. Fletcher JJ MrJ Hills Council members The notes on page5 24 to 35 form part ol these financial statements, BRF
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 23 Bible Reading Fellowship STATEMENTOF CASH FLOWS FOR THEYEAR ENDED31 MARCH 2024 2024 2023 Notes Cash flows from opèrating activities Net lexpenditurellincome lor the reporting period Adjustments to cash flows from non-cash items Depreciation Realisèd loss on disposal of investments Unrealised105s on revaluation of investments 1596,9961 1401.5741 li 33,902 32,472 84,157 12 12 1563,0941 1284,9451 Working capital Jdjustments Iincreaselldecrease in stock and work in progress Decreasellincrèasel in debtors IDecrÈasel/increase in creditors 13 14 15 16,935 66,965 62,269 123,L081 2,621 134,7411 Net cash flow from operating activities 1416.9251 1340,L T31 Cash flows from investing activities Payrnents for plant. property and Èquipment li 18,3671 113,6011 Payments lor investments 12 1702,L301 Sale proceèds of investments 12 104,784 817.068 Net cash flow used in investing activities 96,417 101,337 Net increase in cash and cash equivalents 1320,5081 1238,8361 Cash and cash equivalents at l April 2023 774,184 1,013,020 Cash and cash equivalents at 31 Marih 2024 453,771 774,184 Analysi5 of cash and cash equivalents Cash and bank 453,771 774,184 453,771 774,184 The notes on pagÈs 24 to 35 form pait of these financial statements. BRF
NOTES TO THE FINANCIAL STATEMENTS 24 Bible Reading Fellowship NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITYDETAILS BRF Ministries (Bible Reading Fellowship) is a company limited by guarantee, incorporated in England and Wales, company registration number 301324, charity registration number 233280. The company is a public benefit entity. Its registered office is.. 15 The Chambers Vineyard Abingdon Oxfordshire OX14 3FE ACCOUNTING POLICIES Basis of accounting The financial statements have been prèpared using the historical cost convention and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practicè applicable to charities preparing their accounts in accordance with the Financi31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- (Charities SORP IFRS 10211, the Firtancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Incoming resources All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable 3ccur3cy. The following specific policies are applied to categories of income.. Donations, legacie5 •nd grants Income from donations, legacies and grants is accounted for on the earliest of receipt or notification of the amount to be received, except as follows.. When donors specify that funds provided must be used in future accounting periods, the income is deferred until those periods. When donors impose conditlQlls which must be lu5filled before the charity becomes entitled to such illcome, the income is deferred and not included in incoming resources until the preconditions for use have been met. Publications deferred income Income invoiced in respect ol advance publications is deferred ènd included in incoming resources at the date ol despatch ol the relevafit publication. Investment income Investrnent income is included when receivable. Rèntal income Rental income is recognised on a 5traight-line basis. BRF
NOTES TO THE FINANCIAL STATEMENTS 25 Resources expended Resources expended are included in the Statemènt of Financial Activities on an accruals basis illclusive of any VAT which cannot be recovered. Certain expenditure is directly attributable to specifit activities and ha5 been included in those c05t categories. Certain other costs. which are attributable to more than one activity, are apportioned ècross c05t categories on the basis Df the ntjmber ol staff engaged in that activity. Depreciation of tangible fixed assèts Depreciation is provided in equal annual instalments over the estimated lives of the assets. The rates of depreciation are as follows.. Long leasehold property Office equipment and furniture Computer software and hardware Computer server 50 years 5 years 3 years 6 years Each class of asset is included at cost. Equipment costing lesg th3n £500 is taken to the Statement of Financial Activities Ill the year ol purchase. Foreign currencies and presentational currencles Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are converted at the year-end exchange rate. All exchange dillerences are reflected in the income and expenditure account. The presentation currellcy used is Stèrling. stock and work in progress Stocks are stated at the Ic>wer of cost and net realisable value. Provision is madefc>r slow-moving and ob501ete stocks. Pen5i0n scheme Contributions to defined contribution pension schemes are charged to the income 2nd expenditure aciount for the year in which they are payable to the schemes. Fund accounting Funds held by the charity are either.. Unrestricted funds.. thèse are funds that can be used in aiiordance with the charitable objècts at the discretion of the trustees. Restricted funds.. these are funds that can only be used for restricted purposes Wlthin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes. Furtherexplanation of the nature and purpose of each fund is included in the note5 to the financial statements. Operating leases Rentals applicable to operating leases where svbstantially all the benefits and risks of ownership remain with the le5$0r are charged to the revenue account on a straight-line ba51S. Cash and cash equlvalents Cash and cash eqLJivalents comprise cash on hand and call deposits, and other short-term, highly liquid inve5trnents that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fixed asset investments Investments held with CCLA are included in the accounts at mafket value at the b313nce sheet date. BRF
NOTES TO THE FINANCIAL STATEMENTS 26 Trade creditors Trade creditors are obligations to pay for good5 or services that havè been acquired in the tsrdinary course of business from suppliers. Account5 payable are classified a5 current liabilitie5 11 the charitablp. ctsmpany does not have an unconditional right, at the end of the reporting period. to defer settlement of the creditor for at least twelve months after the reporting date.1f there 15 an unconditional right to deter settlement lor at least twelvè months after the roporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price. Provisions Provisions are recognised when the company has an obligation at the reporting d3te because of a past event. It is probable that the company will be required to settlc that obligation, and a ieliable estimate can be made of the amount of the obligation. Going concern There are no material uncertainties that cast significant doubt upon the charity's ability to continue as a going concern. Forecasts have been prepared and reviewed for future periods. A key judgement in making the 55e55ment is the ability to continue to fundraise income. Accordingly, it is appropriate to continue to adopt the going concern basis in preparing these linancial statements. Financial Instruments The Charitable Company has chosen to adopt Sections eleven and twelve of FRS 102 in respect of financial instruments. lil Fillancial assets Basic financial assets, including trade and other receivables, cash and bank balances and investments in corllmercial paper, are initially recognised at transaction price, uNle55 the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an 355et is impaired, the impairment loss is the difference between the carrying amount and the present value ol the estimated cash flows discounted at the asset's original ellective interest rate. The impairment1055 15 recognised in profit or loss. 11 there 15 a decrease in the irnpairment loss arising from an event occurring after the impairment was recognised, the impairment 15 rèversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously beÈn recognised. The impairment reversal 15 recognised in profit or Ioss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction piice. Such assets arè subsequently carried at lair value and the changes in fair value are recogni5ed in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair v3lues cannot be measured reliably are measured at COSt less impairment. Financial assets are derecognised when lal the contractual Tights to the cash flows from the asset expire or are settled, or Ibl substantially all the risks and rewards of the ownership of the 35set are transferred to another party, or Icl despite having rètained some significant risks and rewards of ownership, control of the asset ha5 been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without impc>sing additional restrictions. Basic financial liabilities, including trade and other payables, are initially rècognised at tiansaction price, unless thè arrangement COnStitutes a financing transaction, where the debt instrument is measured at the BRF
NOTES TO THE FINANCIAL STATEMENTS 27 presentvalue of the future receipts discounted at a market rate of interest. Debt instruments are subsequently tarried at amort15ed cost, using the effective interest rate method. Financi31 liabilities are derecognised when the liability is extinguished, that is. when the contractual obligation is (Jischarged, cancelled or expires. Financial assets and liabilities are offset, and the net amounts presented in the financial statèments when there is a legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. TURNOVER Turnover 15 the total amount receivable by the charity in the ordinary course of business with outside customers for goods supplied and seNice5 PTovided, excluding VAT. BRF
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NOTES TO THE FINANCIAL STATEMENTS 29 ANALYSIS OF SUPPORT COSTS 2024 2023 IT Accommodation Legal and profe55ion31 Telephone Depreciation Bank charges Printing. postagè and stationery Sundry administration 56,593 32,643 2,949 12,348 33,902 12,683 7,719 20,587 179,424 48,303 12,107 2,663 8,939 32,472 13,070 9,012 43.454 170,020 GOVERNANCE COSTS 2024 2023 Audit and accountancy Staff costs Trustee meetings and other 18,675 42,936 2,012 63,623 13,359 42,297 2.418 NET MOVEMENT IN FUNDS 2024 2023 The rnovement for the year is stated after charging: Depreciation Payments vnder operating leases Auditors, remuneration 33,902 1,504 12,950 32,472 2,010 12,200 COUNCIL MEMBERS REMUNERATION AND EXPENSES No fee5 or emoluments were paid to any member of the Council during the yeèr12023'. £nill in their role as a member of the Council. Atot31 of £98712023.. £9481 was reimbursed tQ six12023.. seven) members olthe Council in respect of travel costs incurred while engagèd on the charity's bLJ5iness. Donation5 Of £13,635 were received from Council member5 during the year12023.. E13,6051. io EMPLOYEE REMUNERATION 2024 2023 Wages and salaries Sc>cial secuTlty costs Other pension costs 1,301,650 118,438 94,130 1,221,707 116,232 94,023 1,514,218 1,431,962 BRF
NOTES TO THE FINANCIAL STATEMENTS 30 The average number of persons employed was 4712023.. 481. One employee received remuneration of rnore than £60,000 per annum12023.- One). The number ol staff lo whom retirement benefits are accruing under deferred annuity Schemes is 3612023.. 401. The errployee benefits ol key management personnel were £293,429 12023.. £360,550). Key management personnel are staff members who served on the senior management team during the year. EXCEPTIONAL ITEMS 2024 Bad Dèbt write oll Imarstonl VAT underpayment Restructuring Costs 76,357 81.517 30,50? 188,376 The charity suffered the following exceptional items in the year.. On 24 July 2024, our long-standing digtributor, N9arston Book Services went into administration, and we have provided fc>r the year end debts we do not anticipate recovering. Following an in-year review of our VAT position, a voluntary error and correction notice gave rise to 2 settlement of £81,517. Redundancy costs relate to the restructuring undertaken by the trustees and senior management team. Further information relating to these items is includèd within the Council's report. 12 TANGIBLE ASSETS Long leasehold land and buildings Furniture and office equiprnent Computer equipment Total Cost At l April 2023 Additions Disp0581s 460,000 139,614 6,793 116,5831 78,287 1,574 677,901 8,367 116,5831 At31 March2024 460,000 129,824 79,861 669,685 Depreciation At l April 2023 Charge for the year Released on disposals 143,812 9,204 90,375 22,245 116,4971 73,760 2,453 307,947 33,902 116,4971 At 31 March 2024 153,016 96,123 76,2J3 325.352 Net book value At 31 March 2024 306,984 33,701 3,648 344,333 At 31 March 2023 316,188 49,239 4,527 369,954 BRF
NOTES TO THE FINANCIAL STATEMENTS 31 13 FIXED ASSET IKVESTMENTS IListed investmtntsl 2024 2023 V31uation l April 2023 Additions Disposals (sale proceeds) Realised1105sI on disposal 702,128 901,223 702,130 1817,0681 184,L571 1104,7841 702,128 Valuation 31 March 2024 597,344 14 STOCKS ANDWORK IN PROGRESS 2024 2023 Publications for sale Work in progress 65,833 27,290 75.026 35.032 93,L23 110,058 15 DEBTORS 2024 2023 Trade debtors other debtors Prepayments and accrued income Amounts owed by book distributors 83,315 4,231 22,685 78,434 7,748 25,422 65,592 110,231 177,196 16 CREDITORS: AMOUNTS FALLING DUEWITHIN ONEYEAR 2024 2023 TradE creditors Taxation and social security Accrua15 Deferred income- publications invoiced in advance other Creditors 26,015 20,711 176.174 142,030 1,051 365,981 77,311 25.154 53.065 138,808 51 294,389 An analysis ol the movement on the deferred income account is BRF
NOTES TO THE FINANCIAL STATEMENTS 32 as follows.. Deferred income broLJght forward Released lo income during the year Deferred in the year 148,131 1138,8081 132.707 157,720 1141,2341 131,645 Deferred income carried forward 142,030 148,131 Deferred income due within one year Deferred income due after one year L42,030 138,808 9,3?3 148,131 L42.030 17 CREDITORS: AMOUNTS FALLING DUEAFTER MORE THAN ONEYEAR 2024 2023 Defèrred income 9,323 9,323 BRF
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NOTES TO THE FINANCIAL STATEMENTS 34 19 UNRESTRICTED FUNDS General Developmert funds t fund Property fund Total Unrestricted funds at l April 2023 Surplu5llDeficitl for the year (Losses) on investments 1,396,J96 104,783 316,188 1,817,167 97,521 97,521 Transfer from development fund Transfer to general fund Transfer to restricted funds Transfer from property fund Unrestricted funds carried forward at 31 March 2024 104,783 1104,7831 1694,6621 9,204 1694,6621 19,2041 913,042 306,984 1,220,026 The property fund is a designated fund representing the net book value of the charity's leasehold property. The purpose of the development lund, which has been invested, 15 to provide designated funding for two senior management POSt5 over live years. The funds have now been exhausted. The centenary fLJnd has been created to fund event5 to mark the charity's centenary in 2022 and has Now been closed. Transfer5 to restricted funds took place to eliminate deficits on some restricted funds (see note 181. 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted fund5 General funds Property Developmènt fund funds Total Ne tsat31 March20 TanBible fixed assets Fixed asset investments Cashatbankand in hand Stocks, work in progress and ebtors Creditors falling due within one year Creditor5 falling due after one year 37,349 597,344 445,959 306,984 344,333 597,344 453,771 7,812 203,354 7,531 195,823 12,5571 1363,4241 1365,9811 12,786 913,051 306,984 1,232,821 BRF
NOTES TO THE FINANCIAL STATEMENTS 35 Centenary& Property development fund funds Restricted funds Genèral funds Total Net at 31 March 2023 Tangible fixed assets Fixed 355et investments Cash at bank and in hand Stocks, work in progress and debtors Creditors falling due within one year Creditors falling due after one year 53,766 597,345 762,053 316,188 369,954 702,128 774,184 104,783 12,L31 3,854 283.400 287,254 13,3441 1291,0451 1294,3891 19,3231 19,3231 12,641 1,396,196 316,188 104.783 1,829,808 21 COMMITMENTS UNDER OPERATING LEASES At 31 March 2024, BRF Ministries had commitments under operating leases of 11,50412023.. £1,5041 payable within one year, and £2,L9912023.. £3,009) in rèspect of operating leases expiring in two to live years. 22 PENSION SCHEME For eligible salaried employees. BRF Ministries participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pension5 Board, which holds the asset5 01 the scheines separately from those of the employer and the other participating employers. Pension Builder Classic The Pension Builder Scheme ol the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both ol which are classed 35 defined benefit schemes. BRF Ministries is part of the Pension Builder Classic part of the Pension Fund. Pension Bkjilder Classic provides a pension, accumulated from contributions patd and converted into a defeired annuity during employment based on terms set and reviewed by the Church ol England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. There is no subdivision of assets between employers in each section ol the Pension Builder Scheme. The scheme 15 considered to be a mult+-employer Scheme as described in Section 28 of FRS L02. This 15 because it is not possible to attribute the Pension Builder Scheme's a55et5 and liabilities to specific employers and that contributions are accounted for 35 if the scheme were a dèfined contribution scheme. The pensions costs charged to the Statement of Financial Activities in the year are contributions payable12024.. £94,130. 2023.. £94,023). BRF
NOTES TO THE FINANCIAL STATEMENTS 36 A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. The next valuation is due as at 31 December 2025. For the Pension Builder C135sic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant 3 discretionary bonus ol lo.1 following improvements in the funding position over 2022. There is no requirement for deficit payments at the current time. The legal structure Df the scheme is such that if another employer fails, BRF Ministries could become responsible for paying a share of the failed employer's pension liabilities. There were contributions of £8,327 outstanding at the year-end12023'. £7,5281. BRF Mini51rie5 had active 36 members and 36 deferred members and 9 pensioners on 31 March 202412023.. 42 ctive members and 29 deferred members and B pensionersl_ 23 FINANCIAL INSTRUMENTS 2024 2023 Financial assets measured at fair value through profit or loss linvestmentsl 597,313 701,128 For a breakdown c)1 the fair value ol the investments as well as the elernent charged to the statement of financial activity, see note 12. 24 ANALYSIS OF CHANGES IN hlET FUNDS At start ofyear Cashflows At end of year at 31 March 24 Cash 774,184 1320,4131 453,771 BRF