The Banner of Truth Trust Report and Financial Statements Year ended: 31 rt March 2024 Registered Charity Number. 235652 Scottish Charity Number. SC038435
The Banner of Truth Trust Report and Financial Statements Year ended: 31 rt March 2024 Contents Legal and administrative infomlltionfortheyeartnded 31 Marth 2024.................................. Trustee5'reportfortheyearended 31 March 2024............................................................ Auditors. report to the trustees of The Banner of Truth Trust... Staternent of financ actItieS for the year ended 31 March 2024............................................ Balance Sheetasat31 March 2024.........................-.....-................................ Statement of cash flows ........ . Notes ro thefinanaalststsmentsfortheyearended 31 March 2024........................................ 12 10
The Banner of Truth Trust Re8Ssterd Charity Number 23S6S2 Legal and administrative inforniation for the year ended 31 March 202. Trys¢ees jeff Kingsw¢)od Chairman Solicitors Balfour + Man50n LLP 54-66 Frederick Streei Eth"nburgh EH2 ILS Rev lain H Murrdy Rev Mark G johnston Thomas E Richwine Robert Strswens Donald john MacLean Warren Peel David Campbell Andrew Young lon Payne David Whida (appointed Apr 2023) Sinclair Ferguson {cemi of service contluded hpril 2023) lan Hamilton (term of service concluded April 2023) General Manager- Key Manazement Personnel John Rawlinson Auditors Whilelaw Wells stUtOry Auditor5 9 Ain51ie Place Banker5 Bank of korland plc PO Box I(0 BX2 ILB Edinburgh EH3 6AT Connerted bodies The Banner of Truth Building Fund Trust The Grey House 3 Murrdyfield Road Edinburgh EH126EL Principal Office The Grey House 3 Murrdyfield Road Edinburgh EH12 6EL Banner ofTruth 61 O Alexander Spring Road Cadisle Pennsylvania 1701 S USA
The Banner of Truth T$t Report of the Trustees for thè year Ènded 31 M¥rh 2024 The Trustee5 present their report along the financ statements of the chity for the year ended 31 March 2024. These financial statements COMP with the Charities Act 2011. Charirie5 and Trustee Investment (Scotland) kn 2005. The Charity Accounts (Scotlandl Regulation5 2rJ)6 (a5 arnended). the Trust Deed. and Accountyng and Reporting by Charities.. Statement of Recommended Prdctice applicable to charityes preparing their accounts in accordance with the Financial Reporting S¢3ndard ap1¢•ble in the UK and Republic of Ireland IFRS 1021 leffettive I january 20191- Stat•ment of Disclosurt to Audittirs So far as the Trustees are aware. there is no relevant audit infom)ation of which the tharity'5 auditors are unaware. and each Truttee has taken all the steps they ought to have tsken as 3 Trustee in order to make themsefve5 aware of any relevant audit information and to e5tabli5h that the tharity's audt¢ors are aware of that infom)ation. Objertives and Activities The Banner of Truth Trust is a Charity established under ¥ Deed of Trust dated l Juty 1959. The objeet of the Trust is the promotton of the better knowledge and understanding of the doetrines of the Chrisrian faith. The Trust 5eek5 to achieve this object primarity through the publishing and disrribuuon of Christian literature throughout the wodd. Additional actyvitses include orpiing conferentes publishing a monthty rnagne. maintaining a podcasL and maintsinlng a tial medA and internet presence. Especially for Mtnisters, Misyonarie& Students trainrng for the Ministry. and those in drfficult financial situations, the Trust seeks to provide irs resources at sUbdIsed price5. To aid the Trus¢ I(pts donatyons towards the Achievements and Perfomianc• During the year overall sales of book5 showed a small increase compared to last year. Dirett sales to tonsumer5 continue to be a strong channel. A5 in recen¢ past years. the We continued 5peoal sales in the USA to organisations taking large quantyties of one tide for promotitin purposes. These se5 are low margin but volume and make a During the year new book5 were produced in line with the publishin8 pro8ramme and made available through trade account5 and $0 in dirert ¢0 customer $e$ thannels. Work continued in the year on eBooks with many new tides being developed and published. The BookhJnd supported many worthy projetts and large numbers of books We distributed free of charge or 3r very high discount levels. These books go into many ilifferent countries in the world. a5 well a5 within the UK and USA The Bookfund balance at the end of the year adequate ro continue swithtant levels of activity in the coming year. There continues to be a strong demand for B¢>okfvnd grants from all parts of the world and a good interest from donors. The designated fund continues to provide 5ignrfKant quanoties of books to various projetts and also support the translation of titles authored byj C Ryle into different languages. Acuvities on social medi4 and a strateu to link SOCI meta use to the websice tontinue5 to be 5uccessfvl. Social rnedia presence h25 continued ¢0 grow and hew ro get sales from the website. Email campai5 continue ¢0 highlight backlist tides and engage customers and have proved sucte55Tul. The prothction of 3r¢icles fy the website continues and many people $1£ the site to read the article5. The daily devotion$ on the website get SW)4ficant visitor trdffic.
A new activity. a podcasL was started in the year and h35 received a good lnity response. Th¢s directly furthers the airns of the better understanding of the Christian faith. The podcast thannel is focussed on material that ha5 been previou5ty published during the 70 ye3rs of the history of the Banner of Truth m4&n< and prodeS a new way ro access this valuable Materi that is otherwise hard to acces The annual Yarnfield Park Minisr5. and Youth conferences and the Borders Conference continued. They were all encouraging tirnes and well attended. There were no unusual developments in the year under review nor since the year end. Public Benefft The Trustee5 consider that the acts¥iues of the Trust delNer Silfit public benefiL Gifts of books to those who otherwise would nor be ae to afford to buy books or signrFKan¢ wbsidies. provide materials which further the objett of the charity and demonstrao public benefiL The continued pvblicauon progrdmme and the distribution through a variety of thannels of the literature that the ch3rity publishes 5erve5 to provide public benefit and furthers the aims of the ch¥ity to promote the bettrr knowledge and understsnding of the dortrines of the Christian larth. The convnuation of the conferences and magazine year by year also contribute towards achieving the wms of the charity. The Conference fees are set to allow as many peopk as possible to attend and in some instances the charity is able to 5ubsidi5e or pay for atthndees. In particuLir. the minisrs' ¢1)nfenCe is an important part of the attivitie5 of the charity. The new podcast makes a further contribution ro achiemng the aim5 of the charity ah)ng with the ongoing social media and internet presenc& all of whith provide Silficant public benefit Financial Review During the year under review. 9 new titles were published in line with the publishing budgeL Total incoming resources were £1343.47612023.. £13S7.967) and Sales of English and Spanish books magwnes totalled £2.127.78612023.. £2.C6.00S). Thi5 15 the primary source of funding. It should be noted that there was a loss on overseas exchange. primarily from the balances owed tc* the Trust from Banner of Trnth. Usk A1055 after charyng all administrative and overhe&d expens of £104.72312023: £1 $15531 realed. Donatyons and legacies receNed in the year amounted to £94.227 (£272.207) to as5 in providing donations from the Trust in the forn) of b<K)ks. sUbdieS for Conferenc and publication of books. Donation5 made by the Trust in the form of book& c¢)nference subsithe& translating costs, and other yft5 amounted to £146,59812023.- £361.3481. Bank in¢erest and investment inc¢)me amounring to 11(XI.53012023.. 170.969) was receNed and a loss on foreign exchan8e amounred to £54.8S I (2023 116&369 gain)- Any cash balance5 are rnanaged and. where possibl& retsined in interest bean.ng accounts to Mlm15e the returns. Investment Policy ¢Jnd Pwfomm The inve5tmenrs of the Trust are part of the designated fvnd. The investments have been placed with inve5trnent manager& and the balance is held interesr bearing cash account5. The investment policy is for the investments to generate an annual income that can be used for the purposes of the desiated fund. and also to maintain a capital increase to offset the effect5 of infiation. In order to do this the investment managers have been instyucted w work with meth.um to low risk IntMents. The Trustees consider the perforrnance this year to be satisfacrory. Out of totsl Trustfunds of £6.790.851, £63.608 15 in restricted fvnI and Kock represenrs £3.411.676. The designated fund represents £2576,91 O of the total funds. (Y thi& al01.575 is held with invesrment managers and the income and balance of the fund is held for its desIated use. The exw&"tsJre of this varies from year to year depending on need.
t is the policy of the Tru5tee5 to invest the Trust's surplus fvnds into while rnaintaining a sufficient cash balance to mee¢ the substantial cost of the Trust's puwishing programme and operating costs for l year which is in the reyon of £1. l M. The cash and bank balances at the date of the balance sheet amount £1.416,934. The Trust's free reserves are £2,040,142 (2023.. £1175.4991. The current levd of reserves is considered adequate to meet the costs of the operation of the Trust in the coming year. The reserves poly is re¥iewed annualy. RJ"5k Monogement The Trusfees have considered the key risks that could affect the charity. due to both inrnal and external factor4 and are confident that 53ti5facEory action h35 been taken to rnitsgate ¥ainst such risks. Key risks include.. (knyiloss of srock due to fire11lo et4 miDpted with insurance and fire prevention activitie5.' heth and Safety 3ccidenE5. mitigated by trainin& procedures and risk a5sessments.' computer thefrlmalicious atthcks. mitigated by baCkP systems. security systwns and insurance. Plans for Future Perlods The Trus¢ees expett w con(inue to consolidate the tmork of the Trust in all areas- PbJblishin& mapzine. conference5. podc35L and Bookfund. The Trutt has been very inTthd in working with arth1¢[$ ro develop the requirements for a new office and warehouse to PrOde for the future deyelopment of the Trust The costs for thi5 are included in the loss during the Yr. Work contynues by the Trustees and sentor management to COnder Arious options for expanding the work of the Tnjst and some of the ideas will be tested and potentilY incorporated into the new building design to provide enhanced facilities for the future development of the work Structure. Governance and Manazernent The Trust 15 organi5ed with a General Manager. Mr } R2wlinson. reporring ¢0 the Trus¢ees. The General Manager has the delegated responsibility for conductyng the daY-t¢Y artiviDes of the ehariw. The overall stratw of the Tnjsi is directed by the Trustees. DaY-t(Y decisions are taken by the General Manager. with delegated authority to Senior staff members for their are35 of responsibility. Annual budgets are authorised by the Truste and would indude rnaior capiral projetts and spending. New Tru5tee5 are appointed by a maiority vote of the current Trus¢ees. in xcordance the Banner of Tnrth Tnjst procedure for appotntment of Truttees. proded that the person proposed as a new TrU$t adhere5 to the fundamenttl principles of the TrusL as set out in the Trust Deed. Other than as proded for in charity law. no other person or body ha5 the power to appoint Trustees. New Trustees are appointed for a period of 5 years. after which they may be re-apwnted for additional S-year periods. New Tru5tee5 are trained in the gener31 re5pon5ibilities of Trustees using Charity Commission literature and provided appropriate training in the operntions of the Trust by members of the Trust s¢th. Staff remuneration for all Staff. including key managernenl 15 reviewed annually. and norn increased in line with inflation. and changes in staff circumstsnce51re5ponsiixliue& Perioolc benchmarking t•ke$ place of salaries to ensure that all salaries are in line with industry expec¢ations. Staff costs are listed in note {3} to the accounts. As well as the Chary COrnmb5sn for England and Wale& the tharity is r¢stered wth the Office ofthe Scottish Charity Regulator {OSCRI. Connected bodieslRelatsd PartieslRemun•Jotion Trustees ve of thwr time freely and are not remunerated. They are required to decPdre any relevani interest5 for the related parties regis¢er. Derails of trustee expenses and related parues are covered in notes (4) and113) of the accounts.
Accopted A£counury Pr¥*•l. In trojsin
Independent Auditorfs Report to the Trustees of The Banner of Truth Trust Year ended 31 March 2024 Opinion We have audited the financial statements of The Banner of Truth Trust for the year ended 31 March 2024, which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account). the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of signrficant accounting policies. The fin8nci81 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, Including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kinqdom GenerallvAcceDted Accountino Practice). In our opinion the financial statements: give a true and fair wew of the state ot the charity's affairs as at 31 March 2024 and of its incoming resources and application of the resources forthe year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities and Trustee Investment IScot18ndl Act 2005 and reguLation 8 of the Charities Accounts (Scotlandl Regulations 2006 las amendedl- Basis for qualified oplnlon We conducted our audit in accordan¢e with Internation81 Standards on Auditing IUKI IISAS UK) and applicable Law. Our responsibilities under those standards are further described in the AuditoTs' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidenee we have obtained is sufficient and appropriate to provide a b8sis for our opinion except for the matters refrred to below. The audit evidence available to us was limited because y were unable to observe the counting of physical stock having a carrying amount of £3.411.676 at 31 March 2024 since that date is prior to our appointment as auditor of the company. We were unable to obtain sufficient appropriate audit evidence regardingthe value of year end stock by using other audtt procedures. Conclusions relating to golnz concem In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to event5 or conditions that, individually or collectively. rnay cast significant doubt on the charity's 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 responsibilities and the reswnsibilities of the Trustee5 Wlth respett to going concern are described in the relevant 5ection5 of this report. Other Informatlon The other information comprises the information in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express arby form of assurance conclusion thereon.
THE BANNER OF TRUTh TRUST Independent Auditorfs Report to the Trustees of The Banner of Truth Trust Year ended 31 Marth 2024 Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit OT Otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the othef infomiation. If. based on the work we have performed, we conclude that there is 8 material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following rnatters in relation to which the Ch8rities and Trustees Investment Iscotlandl Act 2005 and the Chartties Accounts (Scotlandl Regulations 2006 (as amended) requires us to report to you if. in our opinion: the information given in the financial statements is inconsistent in any materi81 respect with the Trustees. annual report. Proper accounting records have not been kept,. or The financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit Responsibilities of Trustees As explained more fully in the Trustees. responsibilities stalernent set out on page 6. the Trustees are responsible for the preparation of the tinancial statements which give a true and fair view. and for such internal contiol as the trustees deterrnine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosin& a5 applicable. matters related to going concern and uging thè going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no realistic alternBtive but to do so. AuditOf'5 responsibilities for the audit of th• financial staloments We have been appointed 88 8uditor under section 441lllcl of the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with the Act and relevant regu18tions made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the fin8ncial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a materi81 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 based on these financial st8tements. The extent to which our procedure5 are capable of dettIng irregularities, including fraud is detailed bèlow:
ThE W4NER OF TrUTH TRUST Independent Auditorfs Report to the Tntstees of The Bannw of Tnrth Tntst Year ended 31 Marth 2024 Irregularities, induding fraud, are instances of non-compliance laws and regulations. We design procedures in line with our responsibilities, ouuined above. to detect material misststements in respecl of irregularitses. induding fraud. The extent to which our procedures are Gapable of detecting irregularities. including fraud is detailed below: Irregularities that result from fraud are inherently mre difficult to detect than irregularities that result from emr. From enquiries of those charged wilh govemance. it was determined that the risk of material misstslement from fraud was low with lilue $pe for fraud to occur. Our audit testing is designed to delect material misslatements from fraud wfiere there 15 not high-level collusion. Our audit testing was designed to det8Ct mateiial misstatements from other irregularities that result from error where the is not hIgh-ve1 concealment of the error. In this regard th8 following audit work was undertaken: applicab laws and regulations were remewed and discussed with management" Senior management meeting minutes were reviewed: intemal controls were r8viewed: and journals were remewed. From this alIt testing it was det8miined that the risk of material misstatement in this regard was low. We carried income testing and grants payable testing which was designed to identify any irregularities as a result of simple mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was bw. A further description of our responsibilities for the audit of the financial statements is Ioc8ted on the Financial Reporting Council's website at W&*W.frc.org.uklauditorsresponsibilitie3. This description forms part of our Report ofthe Auditors. Use ot our report This report is made Solely to the charlS Trustees. as a body. in accordance with section 144 {1) of The Charities Act 2011. section 44111 Ic) of the Charities and Trustee Invement (Scotlandl Act 2005 and regulation 10 of the Ch8ritie$ Accounts (Scotl8ndl Regulations 2006 las amended). Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to State to them in an auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and its Trustees as a body. for our audit work. forthis reoort. orforthe ODinIonsv haveformed. Whiteiaw Wells Statutory Auditor 9 Ainslie Place Edinburgh Midlothian EH3 6AS 12 December 2024 Whitelaw Wells is ellgible to act as an auditor in terms of section 1212 of the Companies Act 2006
The Banner of Truth Trust Statement of Financial Activities incorpornting the Income and Expenditure for the year iknreMricrEd Fund5 Totsl Fun& Funds Funds Fund Fund 2014 2023 DonaDons and Ltratits 70.241 23.987 •4317 2n,207 Incowing resources Ir¢ffl Charitte ACtslI1e5 - Bookand Mayne Wes - RorJlpe5 on forwgn editions - Conference income 1127.786 L127.7B6 I.6.5 20.933 20.933 70.553 8.786 70553 64,263 Invesrments - &nk interest 21 3.671 15,234 4.n8 - Diwdend5 75.296 66.241 Tota] In¢om¢ 1311,077 7&967 23.987 1414,031 2.422.2JO txp¢hdl¢w I. Chritsble AcDbitie5 - Cost of $3les 70,831 38.783 1.346.734 . Other pfrs - ContsTenre 3J3.025 91347 gJJ47 92.586 - Other c05t5 10.939 916.9 909.706 - Governance Costs 147.491 Total Expenditure 1383.010 81.no 53.974 1518.753 1574.782 d net mwiement in lufid5 befove zain5 1 {lossesl on investments (71.9331 (W31 Q9,987) (IW72J) . GaiTh on fow exchange Ner pns Illossesl on invesrS 154JSII (H,151) 86,099 166,369 (116.744) 83.296 (29.917> (73,474) 1164.41S) Raeonclllatlon ol Funds TO1 Fund5 brwghr forrd 4277.118 1493.614 93.S95 6.864.327 7.028,752 Total Funds tifwd at 31 Plarch 2024 4.15Q334 1576.910 0.790.851 6.864.327 Detailed comwsons for the year enthr¢ 31 rth I14 are t(x)ta•d in 17. The charity no rttogni5ed 8wn5 or bs5es other than the revjhs for the saour abtyrt. XUi•Thes of tht ch**iy irt dasxed ** tontinuing and are unre5tncted in the current and previous >r5. The notes on pages 12 to 24 are an integral r[ ofthese acc
8lnce a¢ JI 2014 2J 13. Il•lJ7S L03•231 17W.6 io lJll J2 L2)lJl? lfjl.F41 6J64J77 415•JJ4 1193AI• 6JJ•l •JS•S
The Banner of Truth Trust Statement of cash Ilows for the ending 31 March 2024 Totsl Prior Funds Fund5 2024 2023 Notes Net wh used in operatiTh¥ activit (941.785) 222.544 Interest and dNidends IIJO.530 (1.810) 70,969 Purehase of fumiture and equry)ment Proceeds from of investments 17.S291 Net cash prts¥bdd by illT¥*Sting artivity 98.720 63.440 Cash flows from finan(•nz activits&' Receipt 91 expendab endowmeni Net cash provlded by finandng artrvrts Chany In ¢ash and cash equivalents in the yw (843.065) 285.984 Cash and cash equTh71ent brought forward 2.237.247 1.951.263 Cash and ca%h equivalents carried forward 1.416.934 2.237.247 The note5 at PaF5 12 to 24 are an integral part of these aCCOLmts
The Banner of Truth Trust Notes to the financial statements for the year ending 31 March 2024 l - Accounting policies Charrty inforniation The Trust was created by Deed ofTntsr dated lscjuty 1959. 1.1 Accountlng conventlon The accounts have been pryed in attor&nre tmth the Tryit5 Dttd. the Charities Acr 2011. the Charities and Trus Inve5trnent Iscodandl Att 2C(15. the Charities Attounts (Scgdand) Regutatyor%$ 2rA)6 {as amended) and"Accourtting aTrd Reporring by Charities.. Sotement of Recommended Practice applicable to charnies preparing their accounrs in accordance with the Financuil ReporrinE Standard applicable in the UK and Republic of Ireland IFAS 1021" las amended for accounting periods commeIng frorn I lanL4ry 20191. The Trust is a Public Benefit Enty as defined by FPS 101 The attounts have been prepared under the hi5torKal cort con¥ention. modffied w indudE the re¥aluation of financial InStrnmenTS at tair AluÈ. The prinripaj accoun¥ poli(ies adopted are ser out below. 1.2 Going concern At the time ofapproving the attouM¥ tht Trustee4 haye a r¢ax)nab¢e expettaDon thar the Trust has adegua re59urces to continue in operational existence for the fort5eealAe luwre. Thus the Trustees continue to adopt thegtsing contern basis of accwnting in preparing the accounts. 1.3 Charftable funds Unrestric& income funds tgmprise thox fvnd5 the trustees are free w use for any purpose in (urtherance ofthe charirable objects. Unresrr1cd tunds in¢lude designad fvnds where the trustee& at thr distrefion. have Created a fund for a specific purpose. Restricted lunds are subject Lo sptht tofidNion5 by donor5 as to how may be used. The purposes and uses of the restricted fuThd5 are set out in the nores to the accounts. 1.4 Incomin8 resources Income 1$ rec()gfiise¢l when the Trusi 15 legalty enoded to it after any pwfomuKe eondiDons have be2Th rneL the amounts can be measured reliabty. and K 15 probknle that income will be reCed. Sales represent the invoiced value of goods suWd and the wKome is recolSed at the date of invoice. All donation& foreign royty income. and le8acies are recognised when the trust has to IL Donauons are recwised orKe the Trus¢ has be notified of the donawrt unless pfOrM condityon5 require delerral ol the amourt Income recovtrawe in rda¢iw to donatK>ns reCd under Gift ar detds of ¢overLin¢ 15 recogni5ed at the time of the donation. Non-cash lefdcies are recogned on recpL Barbk interest and investment related dIdenth are reCOlSed Twhen earned
The Banner of Truth Trust Notes to the financial statements for the year endlng 31 March 2024 l A¢counting policies (Continued) 1.5 Rèsourtès expended Liabilities are recognised as expendiwre as soon as there 15 a legal or constructive obligation conMitung the charity to tha¢ expenditure. it is probable thar setdement will be required and the amount of the OblaOn can be measured reliably. l expendiwre is accounted for on an accnAls basis. All expÈn$4 inclwling support costs and governance costs, are allo¢ad or apporuoned to the ¥ppli¢¥ble exwdirure headinp in the statemert Offinanc acDvrDes. More inforn4tion on this allocation is belvw. The cost of man¥ng investments is chrged either agains¢ the investment (apital. the investmert th"end income, gr charged direcdy to the TrusL The expenditure on charitable actNitye5 indudes zranu mad& governarte costs and support COSf5. Support tosts ha been differentyad betsveen governance cosrs and othtr support costs. Governance costs cornprise all costs ifivolving the public arcountsbility of the charity and its compliance with wlation and good prauice. These costs include costs related the s(cutory audi¢ and legal fee5. 1.6 Fixed asset investments Investments are a forrn of basic fin1 InstnE and are initsty re¢wised at thtyr transattion value and subsequenty measyred a¢ their hir value 35 ai the ance sheet date using the clti&ng gUOtÈd pric¢ The #atement Offinancl atti¥its includes the net gains and losses arising on rvuaon and disposals thruL the year. The Trust does rbQt acquire put rytion5. deri¥ati¥es or other complex financiil insfrnrn. The main fomi offinancial risk laced by the charity that 0ftffjlatil in markets and irwestywt markets due to wider economic conditions. the attitude of investor5 to in¥e5tmen¢ risk and changes IA sentynefit concerning equive5 and within particular setrors or Sub sectors. 1.7 Cash and cash Èquivalents Cash and cash e4uivalents rnclude wh rn hand, deposits held at call with bank* othtr 5hort-term liquid ieStMents 0riOnal matunties of three months or Sess and bank overdrafts. Bank overdrntts are shown thin borrowings in current lth"liiies. 8G5iC fjnonool ossets Basit financial asset& which include debtors aThJ cash and bank balance& are inifialty measured ar transacuon price iThtluding tra05a¢tio Costs and are subsequently orried at amorrised cost using the effety.ye interest method unles5 the arranganent consDtUW 3 financing 8uw'c fmunciol liot4litks 8.C financial lialitIeS are initialty recognised at transacDon price unless the arran8emenr constiDJtes a finanting trxn5artion, where the debt in5trvmen¢ is measured at the presenr value of the fvture paer discounted at i market rate ol interesL Financ liabilities la55ified as payable within one year are not amori.
The Banner of Truth Trust Notes to the financial statements for the year ending 3 l March 2024 l Accounting pollcies (Continued) 1.8 Realised gains and I0e5 All gins and losses are oken ro the Stttement of h"Trantral ActIlieS they arise. Reald gairv5 and Iwes on inve5tmeThts are calculated as the drfference between sales protèe¢ts and thr opening value or thwr purchase YUe rf acquired subsequent t the first day ofthe financial year. Unrealised gains Ind losses rulated as the dIfferer btheen the Iwr ue at the year ené and their Carrying value. Reali5ed and unrealised invesent n$ and k)sses are COM"ed in the Suremt of Finaftci AcDvrDes. 1.9 Stock Stock is valued at the lower of cost and net lsae e. Cort 15 the charge for paper, prirstin¥ and binding made to the Trusr in respe¢¢ of the books hdd. Net realisable e 15 the price at which the st{k can be realised in the r1 tourse of the Trust's actie$ afw allowing for the cost of rdi5atyon. Provision is made for obxlete. 4ow m0¥7ng and damaged 5WC l. l O Fixed assets and depreclatlon Depreciatyon is calculated to write off the cosr of the ffixed ass on a strrighr line ba"$ over the Èxpetted Useful lives of the assets concerned. The priTrCi annual rates used for this purptsse are as follows:. Furniture and fittyllgS Comput¢r5 and office equiwt Motor Vehicles 25% 25% 25% All assets costing more than £5CQ are witaksed. ranyble fixed assets art initialty mtasured at cost arKI subsequwdy measured at cost or fdluation. net of depreciaritin and any impairment losses. The gain or loss arising on the disposal of an asset deterrnlr as the differMce beeen the sale proceeds and the Carrng value of Ehe asseL is freded or charged w Staternen¢ gf Finand Actilies. l. I l Forei Currenci Assets and liabilities expressed in foreign currtTh¢its are tonverwl to neAing at the year end rate. Transactions in forew currencies are rec<)rded at the ra ruling at the date ol the transaction. Drfferences on exthange are taken to the statement of financial activities 111 the current year. 2 Pensions 1.13 Taxati¢)n As the Trust is * rtystered chariy, it eXp1 frrn United Kingdom IatiOn. 14
The Banner of Truth Trust Notes to the financial $tatements for the year ending 31 March 2024 2 Critital accounting estimates and judgements In the application ol the Trus¢'s accounong policies. the Tntstees are required to mlke Judgents. esttinates and a5sumption$ abou¢ the arrying amount of Issets and liabilit5 that are not readity apparent from other sour¢¥. The estymares and associared assumpvons are ba$ed on historiul ¢xperience and other facrors that are csdered ro be rde¥anL AcDJal ttsulrs may dthr Ir(xn these errimate5. The estimates and Unde% assurwions are rwewed on an onwnK basik Ri"ons to xctyJnt¥ estirnates art retognised in the period in which the estimate is rrised where the reOn affetts that pernd. or in the period of the 1¥¢r5 and firture periods vlhere the revision affects both current and lutwe period In the opinion ol the Trus¢ee& there were no uivcal accounvng esumares and exerosed in tht preparation of the ac¢gunts. 3 Staff costs 2024 2023 Wage5 and 5aLiries Social securiry cosrs Pension Costs 51XI.947 43,451 69.515 453.146 39,946 64.181 Total 613.913 SS7,273 In the year. the number of errWoyee5 of the Trust th75 22 {2023.. 211. 15 ctyrrised of 5 adm1Dwau 10 editorial. 2 arehouse. 3 pr¢ductyon and 2 5upporr staff. One enM)loyee wls remunernted between £6o.(w£70.( and one betsveen .¢•).(xI{I023.. One been £8O.(KKI.£90.(I. Remuneration of key managem¢ perwnnd aff[ed ro £8&73912023: £81.21X)I. 4 Truste Trustees, expenses for the yelr amounted to £10.72012023.. £9.0341. Ten12023: ten) of the mjsrees rec•¥ed rrimburswnt of expenses incurred in tTrvel & subsisterv. Four trustee5 (Rev. Mark G johnston. Rev. lan Murray. Eh¥id Canwell and Andre YtyJn&l wiyed royky pyrnents totalling £5.464 12023.. (4,9051 lor e$ oltheir books by The Banner of Truth TntsL Rev. Mark G johnston received £7.1Cl20?3.. £6.SS81 for editwiaj SeThi for the No other misree re£eived remuneration for th¥r role as a trustee. Tg enable the tnJs¢ee5 ¢0 perform thwr ml& free 1¢$ of book Ddes are to È*th Trustee to a valu¢ of £1,24412023.. £1.250}. S Pen$ioTh The pension cost char¥e represents rontributyws payabk by the Trusr ro the youp personal F10n lI£e$ of ryfoyees and arnounted to £69.5 IS.12023.- £64,181 6 Audi¢oYs' Remuneration The auditors. remunerauon £ 7.2(Kl in re5peet ofdrt 5errices for the year to 31 Marth 2014 (2023.. 0.2ty)). 15
The Banner of Truth Trust Note5 to the financial statements for the year ending 31 March 2024 7 Fixed Assets ¥ehles Cost Ar 31 Marth 2013 41592 45.683 87.27S At 31 March 2024 41.402 45.683 89.085 Ar 31 Mgrth 2023 Jo.) 4J.S24 73086 6582 CFAry fry thE YW DisptssaL% 5.754 At J l Marth 1014 3&116 44.352 .468 N•t Book vth At J l Maych 2024 Net Bth)k Vah At 31 March Z013 Il59 13.388 8 Investments 21J24 202J MuetYthe at I 1031.2Jl 2.216.4n 1522701 1176 Kealijed pn Ilajsl 4¥px Unrealtsed Ilossl Movement in cath I128} 117e.2411 1&9631 M¥knt Vh• t 31 •lr¢h IIOlJ7S 103l231 The In¥esTment is invesDmtht mamagets. DL4phiN L¢kn. UK. and the total invesrment COSt is Ll.719.30412023.. 1.733.713). at 31 Marth 2024 £1.707.920 ?5 invested in the rnarkets (202J.. £139.191) and (21.384 is in osh12023.. £69,512). 63.9% ol the ar¢ held kn the LK (kn (1023: The51mt rEpre5uts ITh excess of S% dthe porfdio. 16
The Banner of Truth Trnst Notes to the financlal statsments for the year ending 31 March 2024 9 Stock 2024 2023 3.411th76 2.780.628 3.411.676 1780.628 10 Debtors 2024 2023 knounts falling dut vrithin one year.. Trade Debtors 41.262 43.588 Other debrors 15.410 54.672 Prepayments 41.518 11620 Banner of TrLbth. ca¢. USA 66.198 8•nner of Truth Blding Fund Trusr 26.943 91.W5 132.132 268,983 I I Creditors 2024 2023 Amounrs lallin8 due w•tthin ofit yt4r'. TAde Creditors 56.242 255,218 VAT Royaltyes 111.076 108,125 Acryuals and other creditors 6.375 31,194 Banner o(Truth. C4rtisl¢ USA 33.4Jl Deferred Income 71960 79,613 280.085 474,150 * Deferred Income lmoufittd to £ 7196012023.. £79,613) for the Minisrers and Y04th Cohftrente5 held in A1 2024. The broughE forward u¢ of £79,613 was fvlty rdeased inro the SOFA in the tutr*)t pr.
The Banner of Truth Trust Notes to the financial statements for the year ending 31 March 2024 12 Reconciliation of movement in Trurt Funds Tv¢l 2024 T•t•l Funds •t JI Mw¢h 2•23 4.277.118 1493.614 93,595 6.864,327 Incoming resources 1311.077 78,967 23.987 2.414,031 (Outgoing resources) (1383.010) 181.770) (53,974) (2.518,754) Unrealised Ilosse5llpns on inve5trnents 86.099 86,099 Gains on forei exchange {54.851) (S4,851) Total Funds ¢ifwd at 31 Mayth 2024 4.150.334 IS76.910 63.608 6.790.851 Accumulated Designated Restricted Fund Funds Total 2023 Jnd Total Fun& blfwd at 31 March 2022 4.320.202 1641.fXJ6 67,544 7.028.752 Incoming resources 1230.CM)7 66.872 125.350 2.422.229 (Our4oing resources) 439.460) (36.023) (99.299) 11574.782) unreiSed Oosses}Ipn5 on inve5tment5 (178.241) 1178.241) Gains on forei exthange 166.369 166.369 Total Fund$ clfvvd ar 31 M¥ch 2023 4.277.118 1493.614 93.595 6.864.327 The ¢ranslation fund was set up to fund the translation and publishing of forewi L3nguage liorature. The deswiared fund is money primarily set aside for the provision of the works ofl C Re free of charge or at sub5idi5ed rates to paswrs. missi¢)narie% cols. etc 18
The Banner of Truth Trust Notes to the financial statements for the year ending 31 March 2024 12 Reconciliation of movement in Trurt Funds (continued) Restricted Fund5 comprise of. Balance at 31 March 2023 Balance at Expended 31 March 2024 Incoming Dt%fdr Fund 11,474 {11.474) Chinese Pn"nt 17.555 17.555 Other restricted &fts 7&040 11512 142.500) 46,OS3 Closing Trust Funth 93.595 23.987 153.9741 63.608 Balance at Balance at 31 March 2022 Incoming Expended 31 March 2023 Dewar Fund 17.112 117.112) Chinese Pn'nt 17,555 17,555 Other restricted grfts 49.989 108.238 {81187) 76.040 Closing Trust Funds 67.544 125.350 {99,299} 93.595 The Dewar Fund vrds set up out of investment Incorr from a legacy. The donor stipulated that the income was ¢0 be used for the publication of theological lTrter4ture. The Chinese Pn"nr Fund wa5 set up to fvnd the publishing of theolo&d h"terdDJre in Chinl Other Restricted 8rfrs come from a variety of sources throughout the year. De.15 of these indNidualty immaterial fvnd5 are a¥adable from the regisored office on requesL 19
The Banner of Truth Trust Notes to the financial statements for the year ending 31 March 2024 13 Related Party Tran&iction$ The Trustees. who a ltsted on page l. are director5 of Banner of Truth. a non-profit corporation exempt from ttiOn based in Cadisle. US Sales to Banner of Tnrth {USA) during the year totslled £1,674.086 {2023 .. £1.945.093). The 5urn owed by the Banner of Truth (USA) •¢ 31 Marth 2024 is £-186 {2023: 20,412) Certain ofthe Trustees are also Trustees of The Banner of Truth Building Fund Trust The Building Fund Trust owns the Grey House and the WArehSe$ used by the Trust A sum of £26.943 is owed from The Banner of Truth P1jdIng Fund Tryst at 31 March 202412023 .. £91,905). Balance owed at JI F1arth 202J Inconwng Expended JI M4r¢h 1024 The Banner of Truth Pojilding Fund 91,905 35.275 [1),237) 26.943 The incoming sum represenrs renraf income paid frorn The Banner ofTruth (USA) whKh is transferred to the building fund. Expenditure is items paid for by The Banner of Truth Trust $uch as property wes and propery repairs. These items are refunded ¢0 The Banner of Tnrth Trux by The Banner of Truth Building Fund Trust 20
The Banner ofTruth Trust Note5 to the financial statements for the ye¥ Èndlng 31 March 2024 14 BalarKe Sheet as at 31 Mvch 2024 A55et and Liability Ajlocaiion to fijnds. 2024 Funth Flxed AMt TwE4e fixtd 1sRts Inve5tsnEn15 617 1101.575 1101.579 1110.192 3.411.676 1.41 Ih70 lJ2.lJ2 ,416,9J4 4,960,742 Csh and bank Wznc I.OI&JYD 4560.198 336.936 33&936 63. 3.608 210,08S 4.1th).1 IJ 33&936 63JOB 4,680.657 4.W?JO 143&51 63. 6,790,150 Total Trust Fund 4.150.334 1576.910 63. 6.790,150 2023 Fd5 FuTrds Flxed Asets T1b fixed asse In¥esvneD 13.308 13.388 1038.131 1051.619 IOM231 1Tr).628 .98J 1.819.70S 4.869.J17 1780.628 168.58] 1137.247 5.186.4S8 Cash and bank 32).946 323.946 93.595 93.595 474.150 474.150 J23.946 93.595 S,136.654 4.73Z9)1 93.595 4.826.096 Total Trust Fd5 4.277.118 1493.614 91.59S 864.327
The Banner of Truth Tru5¢ Notss to the financial statements ft•r the year ending 31 March 2024 Analy¥i¥ of Ch4rltable Expendi¢uve 2024 Cosr 01Sths IJ21.256 ISA6S 1.237.121 Grant5 and &Jbsithes 134.744 135.744 lerence Costs 91347 1&153 108,5CpJ 238 44.250 Cost5 460.173 67.233 613.912 4.933 927 6.581 113,987 21.428 1&654 28J.407 TOTALS 1014J31 164.970 177.955 2,518.753 Cost Of5e 1.071.1194 14.758 1.085.852 Grants and Subsithes 131322 135.321 OthEr Gifts 308,350 89.586 5.107 94.693 AdYer0ry and Sale5 Eypenses 103.C42 41.117 147.199 StaffiTri Costs 417.718 78525 61.030 S57.273 4.313 630 5.754 Supporn Cosu 149.023 28.014 21.773 41528 240,338 TOTALS 1185.902 166.zzs 176.019 46.63$ 1574.782 Cosu 1¢Ons k[ed •ther as a threctcosr or as an inthrett cos¢wluth t5 appofti¢Jned beeTh cost<Ètr¢s in re5perr ol the amounr sPt Workin8r thatareL intrmer Char trvd ro51& Stall Nnin& compurer nwnEuta(tt office tlNry4nd Pr1 strr. hÈating and l¥hiin8, bank 22
The Banner ofTnrth Trust Notes to the flnanclal statements for the year endlng 31 March 2024 16 Re¢onclllatlon of net movem•tht ith funds to net rash flow frnm opertlng activitles 2024 2023 Net movnEnt in lunth (73.476) 6.582 {IIKI.530) (86.099) 136.8S I {431,048) {194.005) {941.785) {164.4251 5,754 (70.9691 17&241 Add back depreciation charge Dethjct interest income shown ir• irwesting actyvityes Deduct ynsl add back los io¥ests)M Decrease in debtors 244.471 Increase in Inventories IDecreaseVlncrease in creditors Net cash used Sn oper*tin¥ activities 170.974 221S44 23
The Banner of Truth Trust Notes to the financial statements for the year ending 31 March 2024 17. Statement of finala1 activitles for the year ended 31 March 2023 Totsl WDuL4ted F¢Jnds Funds Fund nd 202J V¢fvntary Inc¢yne 14&857 125.350 27L207 IC#)6.CrfJS 2,106,005 4.786 8.786 Invesfment Inc** 4.727 . Dthds 66.241 Total Irbrome 1165.744 6&872 125.350 2,)SY.966 Expenditure ork. Chanuble Activi - Cosi ¢f Sa I.CI8SM52 24.876 71.624 1.182.352 . od yfts . Conference direcr b$th5 3.350 24.675 J33,025 25.323 28.JZJ - Other w5t5 898559 909.706 57.113 Totsl ExpeNIItLWe 1375.197 36.023 .299 2.510.519 Net IrKome 09.4531 30349 2&S1 (ISIS531 . t)h Forei EXth1 Ner yins IlkJ$sl ¢in investm 166J69 166.30? {1741} (43.IWI {147.392) (171,2411 (164.4251 16,051 Reetsndllatian TO Funds brouO%tforw¥d 4J20.202 164lm6 67544 7.02•.751 Total Funds ¢lh¥d at 31 Marth 2022 4J77.118 1493.614 93595 0,864.327 24