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|Legal and administrative<br>information<br>for the year ended 31 March 2023.|1|
|---|---|
|Trustees'<br>report for the year ended 31 March 2023|2|
|Auditors'<br>report to the trustees of The Banner of Truth Trust.|5|
|Statement offinancial<br>activities for the year ended 31 March 2023.|8|
|Balance Sheet as at 31 March 2023|9|
|Statement ofcash flows|10|
|Notes to the financial statements<br>for the year ended 31 March 2023.|11|





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||||Unrestricted|Funds|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
||||Accumulated|Designated|Funds|Funds|Funds|
||||Fund|Fund||2023|2022|
|Income and Ex enditure||||||||
|Income from:||||||||
|Voluntary<br>Income||||||||
|- Donations<br>and Legacies|||146,857||125,350|272,207|458,759|
|Incoming<br>resources|from Charitable|Activities||||||
|—Book and Magazine|Sales||2,006,005|||2,006,005|2,121,487|
|- Royalties<br>on foreign editions|||8,786|||8,786|7,165|
|Investment<br>Income||||||||
|- Bank interest|||4,096|631||4,728|1,481|
|- Dividends||||66,241||66,241|65,996|
|Total Income|||2,165,744|66,872|125,350|2,357,967|2,654,888|
|Expenditure<br>on:||||||||
|Charitable<br>Activities||||||||
|-Cost ofSales|||1,085,852|24,876|71,624|1,182,352|1,402,626|
|-Other gifts|||308,350||24,675|333,025|3,489|
|-Conference<br>direct subsidies|||25,323||3,000|28,323|4,831|
|-Other costs|||898,559|11,147||909,706|704,455|
|-Governance<br>Costs|||57,113|||57,113|26,116|
|Total<br>Expenditure|||2,375,197|36,023|99,299|2,510,519|2,141,518|
|Net income||||||||
|and net movement|in funds before|||||||
|gains<br>/ (losses) on|investments||(209,453)|30,849|26,051|(152,553)|513,370|
|- Gain on foreign exchange|||166,369|||166,369|-60,699|
|Net gains l(losses) on investments||||(178,241)|-|(178,241)|72,005|
||Net Movement|in Funds|(43,084)|(147,392)|26,051|(164,425)|524,677|
|Reconciliation<br>of Funds||||||||
|Total Funds brought|forward||4,320,202|2,641,006|67,544|7,028,752|6,504,076|
|Total Funds carried|forward||4,277,118|2,493,614|93,595|6,864,327|7,028,752|





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|||||2022|
|---|---|---|---|---|
|||Notes||f|
|Fixed Assets|||||
|Tangible Fbred Assets|||13,388|11,613|
|Imiestments|||2,038,231|2,216,472|
||||061619|2228 086|
|Current Assets|||||
|Stock|||2,780,828|2,839,126|
|Debtors||10|268,983|513,454|
|Prepayments<br>and accrued Income|||||
|Cash at bank and In hand|||2237,247|1.951263|
|Total Current Assets||||5,103,843|
|Creditors: amounts<br>falUng due within one year||11|474,160|303,176|
|Total assets less current liabilities|||4,812.708|4,80O667|
|Net assets|||6,864,327|7,026,752|
|Representing:-|||||
|The Funds ofthe charity|||||
|Unrestricted<br>accumulated|fund|12|4,277,118|4,320,202|
|Unrestricted<br>Designated|fund|12|2,493,614|2,641,006|
|Restricted fund||12|93,696|67,544|
|Total charl<br>Funds|||6,864,327|7,028,752|
|The notes atpages 11to|21 form part ofthese accounts||||





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|||||Total|Total|
|---|---|---|---|---|---|
|||||Funds|Funds|
|||||2023|2022|
||||Notes|||
|Net cash used in operating|activities||16|222,544|(115,491)|
|Cash flows from investing|activities:|||||
|Interest and dividends||||70,969|67,476|
|Purchase offurniture<br>and equipment||||7,529|(3,989)|
|Proceeds from sale ofinvestments||||||
|Net cash provided<br>by investing<br>activities||||78,498|63,487|
|Change<br>in cash and cash|equivalents|in the year||301,042|(52,004)|
|Cash and cash equivalent<br>brought<br>forward||||1,951,263|2,003,267|
|Cash and cash equivalents|carried forward|||2,237,247|1,951,263|





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||2023|2022|
|---|---|---|
|Wages and salaries|453,146|364,471|
|Social security costs|39,946|34,422|
|Pension Costs|64,181|56,104|
|Total|557,273|454,997|



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|7<br>Fixed Asset|s||||
|---|---|---|---|---|
|||Computer<br>and|FIXtURS||
|||ofsce equipment|and fittings|Totalf|
|Cost|||||
|At 31 March 2022||34,814|44,932|79,746|
|Additions||6,778|751|7,529|
|Disposals|||||
|At 31 March 2023||41,592|45,683|87,275|
|Depreciation|||||
|At 31 March 2022||25,476|42,657|68,133|
|Charge for the year||4,886|867|5,754|
|Disposals|||||
|At 31 March 2023||30,362|43,524|73,887|
|Net Book Value|||||
|At 31 March 2023||11,230|2,159|13,388|
|Net Book Value|||||
|At 31 March 2022||9,338|2,275|11,613|
|8<br>Investments|||||
||||2023|2022|
||||f||
|Market value at 1 April|||2,215,472|2,144,467|
|Decrease)/Increase|in market value during the year||178,241|72,005|
|Market Value at 31|March||2,038,231|2,216,472|





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|9<br>Stock|||
|---|---|---|
||2023|2022|
|Books|2,780,628|2,639,126|
||2,780,628|2,639,126|



|10<br>Debtors|||||
|---|---|---|---|---|
||||2023|2022|
|Amounts<br>falling|due within one year:||||
|Trade Debtors|||43,588|33,926|
|Other debtors|||54,672|308,350|
|Prepayments|||12,620|9,425|
|Banner ofTruth,|Carlisle,|USA|66,198|14,948|
|Banner ofTruth,|Carlisle,|USA (USA Bad Debt Prov)|||
|Banner ofTruth|Building|Fund Trust|91,905|146,805|
||||268,983|513,454|
|11 Creditors|||||
||||2023|2022|
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|Amounts<br>falling|due within|one year:|||
|Trade Creditors|||255,218|117,178|
|Royalties|||108,125|122,724|
|Accruals and other creditors|||31,194|22,288|
|Banner ofTruth,|Carlisle,|USA|||
|Deferred Income|||79,613|40,986|
||||474,150|303,176|





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|12 Rec|oncili|ation<br>of|mov|ement<br>in Trust Fun|ds|||||
|---|---|---|---|---|---|---|---|---|---|
||||||Accumulated|Designated|Restricted|||
||||||Fund|Fund|Fundsf||Total<br>F|
|Total Funds|b/fwd|at 31 March|2022||4,320,202|2,641,006|67,544|7,028,752||
|Incoming|resources||||2,165,744|66,872|125,350|2,357,966||
|(Outgoing|resources)||||(2,375,197)|(36,023)|(99,299)|(2,510,519)||
|Unrealised|(losses)/gains||on investments|||(178,241)|||(178,241)|
|Gains on|forei|n exchan|e||166,369||||166,369|
|Total Funds|c/fwd|at31March|2023||4,277,118|2,493,614|93,595|6,864,327||
|The designated||fund is money||primarily set aside for|the provision<br>ofthe works ofJ C Ryle free ofcharge or at subsidised|||||
|rates to pastors, missionaries,||||colleges, etc.||||||
|Restricted|Funds comprise of:|||||||||
||||||Balance at||||Balance at|
||||||31 March 2022|Incoming|Expended|31|March 2023|
|||||||F|F|||
|Dewar Fund||||||17,112|(17,112)|||
|Chinese<br>Print|||||17,555||||17,555|
|Other restricted||gifts|||49,989|108,238|(82,187)||76,040|
|Closin<br>Trust||Funds|||67,544|125,350|99,299||93,595|



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|||||Accumulated|Restricted|2023|2022|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|||
|||||F||||
|Fixed Assets||||||||
|Tangible<br>fixed assets||||13,388||13,388|11,613|
|Investments||||2,038,231||2,038,231|2,216,472|
|||||2,051,619||2,051,619|2,228,085|
|Current Assets||||||||
|Stock||||2,780,628||2,780,628|2,639,126|
|Debtors||||268,963||268,983|513,454|
|Cash and bank balances||||2,143,652|93,595|2,237,247|1,951,263|
|||||5,193,263|93,595|5,286,858|5,103,643|
|Creditors: amounts||falling due within one year||474,150||474,150|303,176|
|Net current|assets|||4,719,113|93,595|4,812,708|4,800,667|
|Net assets||||6,770,733|93,595|6,864,328|7,026,752|
|Representing:-||||||||
|Trust Funds||||||||
|Unrestricted|Accumulated||fund|4,277,116||4,277,118|4,320,202|
|Unrestricted|Designated||fund|2,493,614||2,493,614|2,641,006|
|Restricted<br>fund|||||93,595|93,595|67,544|
|Total Trust|Funds|||6,770,732|93,595|6,864,327|7,028,752|





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|||Book|Magazine||Governance||
|---|---|---|---|---|---|---|
|||Production|Production|Conferences|Costs|2023|
|Cost ofSales||1,071,094|14,758|||1,085,852|
|Grants and|Subsidies||||||
|Other Gifts||308,350||||308,350|
|Conference|Costs (NET)|||25,323|6,255|31,578|
|Advertising|and Sales Expense|163,034|11,000|||174,034|
|Staffing Costs||409,864|77,049|59,883|10,478|557,274|
|Depreciation||4,313|811|630||5,754|
|Support Costs||122,920|23,107|17,959|40,381|204,367|
|TOTALS||2,079,575|126,725|103,795|57,114|2,367,209|



|||Book|Magazine||Governance||
|---|---|---|---|---|---|---|
|||Production|Production|Conferences|Costs|2022|
|Cost ofSales||1,308,523|13,347|||1,321,870|
|Grants and|Subsidies||||||
|Other Gifts|||||||
|Conference|Costs (NET)|||(4,831)|2,860|(1,971)|
|Advertising|and Sales Expense|132,130|11,000|||143,130|
|Staffing Costs||333,200|62,637|48,682|10,478|454,997|
|Depreciation||3,126|588|457||4,171|
|Support Costs||99,894|18,779|14,595|12,778|146,046|
|TOTALS||1,876,873|106,351|58,903|26,116|2,068,243|





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|||||2023|2022|
|---|---|---|---|---|---|
|||||f||
|Net movement<br>in funds||||(164,425)|524,677|
|Add back depreciation|charge|||5,754|4,170|
|Deduct interest income|shown|in investing|activities|(70,969)|(67,476)|
|Deduct gains/ add back|losses on investments|||178,241|(72,005)|
|Decrease in debtors||||244,471|(438,918)|
|Increase<br>in inventories||||(141,502)|(103,113)|
|(Decrease)/Increase<br>in|creditors|||170,974|37,175|
|Net cash used in operating<br>activities||||222,544|(115,491)|





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|||||Unrestricted|Funds|Restricted|Total|
|---|---|---|---|---|---|---|---|
|||||Accumulated|Designated|Funds|Funds|
|||||Fund|Fund||2022|
|Income and Ex enditure||||||||
|Income from:||||||||
|Voluntary<br>Income||||||||
|- Donations<br>and Legacies||||434,624||24,135|458,759|
|Incoming resources|from Charitable|Activities||||||
|-Book and Magazine Sales||||2,121,487|||2,121,487|
|—Gain on foreign exchange||||||||
|—Royalties<br>on foreign editions||||7,165|||7,166|
|investment<br>Income||||||||
|—Bank interest||||1,453|28||1,481|
|- Dividends|||||65,996||65,996|
|Total Income||||2,564,729|66,024|24,135|2,654,888|
|Expenditure<br>on:||||||||
|Charitable<br>Activities||||||||
|-Cost ofSales||||1,321,870|24,232|56,525|1,402,627|
|—Other gifts||||||3,489|3,489|
|-Conference<br>direct|subsidies|||4,831|||4,831|
|-Other costs||||703,843|612||704,455|
|-Governance<br>Costs||||26,116|||26,116|
|Total<br>Expenditure||||2,056,660|24,844|60,014|2,141,518|
|Net income||||||||
|and net movement|In funds before|||||||
|gains<br>/ (losses) on|investments|||508,069|41,180|(35,879)|513,370|
|Net loss on Foreign|Exchange|||(60,699)|||(60,699)|
|Net gains l(losses) on investments|||||72,005||72,005|
|||Net Movement|in Funds|447,370|113,186|(35,879)|524,676|
|Reconciliation<br>ofFunds||||||||
|Total Funds brought|forward|||3,872,832|2,527,821|103,423|6,504,076|
|Total Funds c/fwd|at 31 March 2022|||4,320,202|2,641,006|67,544|7,028,762|