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￿ actI￿tieS 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
s￿tUtOry 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 ch*ity 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 ap￿1¢•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 orpii*ng conferentes publishing a monthty rnag￿ne. 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 sUb￿dIsed 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 s￿e5 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￿ met*a use to the websice tontinue5 to be 5uccessfvl. Social rnedia
presence h25 continued ¢0 grow and hew ro get sales from the website. Email campai￿5 continue ¢0 highlight backlist
tides and engage customers and have proved sucte55Tul. The prothction of 3r¢icles f*y 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 pro￿deS a new way ro access this
valuable Materi￿ that is otherwise hard to acces*
The annual Yarnfield Park Minis￿r5. 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 Si￿lfi￿t public benefiL
Gifts of books to those who otherwise would nor be a￿e 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 minis*rs' ¢1)nfe￿nCe 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 Si￿lficant 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.C￿6.00S). 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 real￿ed.
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. sUb￿dieS 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 M￿lm15e 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 desi￿ated 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 In￿tMents. 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 desI￿ated 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 in￿rnal 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.'
he￿th and Safety 3ccidenE5. mitigated by trainin& procedures and risk a5sessments.' computer thefrlmalicious atthcks.
mitigated by baCk￿P 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 PrO￿de for the future deyelopment of the Trust The costs for thi5 are included in the loss during the
Y￿r.
Work contynues by the Trustees and sentor management to COn￿der Arious options for expanding the work of the
Tnjst and some of the ideas will be tested and potenti￿lY 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. pro￿ded that the person proposed as a new TrU$￿t adhere5 to the
fundamenttl principles of the TrusL as set out in the Trust Deed. Other than as pro￿ded for in charity law. no other
person or body ha5 the power to appoint Trustees. New Trustees are appointed for a period of 5 years. after which
they may be re-apwnted for additional S-year periods.
New Tru5tee5 are trained in the gener31 re5pon5ibilities of Trustees using Charity Commission literature and provided
appropriate training in the operntions of the Trust by members of the Trust s¢th.
Staff remuneration for all Staff. including key managernenl 15 reviewed annually. and norn￿￿ increased in line with
inflation. and changes in staff circumstsnce51re5ponsiixliue& Perioolc benchmarking t•ke$ 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 COrnmb5s￿n 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 det￿tIng 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 $￿pe for fraud to occur. Our audit testing is designed to
delect material misslatements from fraud wfiere there 15 not high-level collusion.
Our audit testing was designed to det8Ct mateiial misstatements from other irregularities that result
from error where the￿ is not hIgh-￿ve1 concealment of the error. In this regard th8 following audit
work was undertaken: applicab￿ laws and regulations were remewed and discussed with
management" Senior management meeting minutes were reviewed: intemal controls were r8viewed:
and journals were remewed. From this a￿lIt testing it was det8miined that the risk of material
misstatement in this regard was low.
We carried income testing and grants payable testing which was designed to identify any
irregularities as a result of simple mistakes or human error. From this audit testing it was determined
that the risk of material misstatement in this regard was bw.
A further description of our responsibilities for the audit of the financial statements is Ioc8ted on the
Financial Reporting Council's website at W&*W.frc.org.uklauditorsresponsibilitie3. This description
forms part of our Report ofthe Auditors.
Use ot our report
This report is made Solely to the charl￿S Trustees. as a body. in accordance with section 144 {1) of The
Charities Act 2011. section 44111 Ic) of the Charities and Trustee Inve￿ment (Scotlandl Act 2005 and
regulation 10 of the Ch8ritie$ 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 Charitt￿e ACts￿lI1e5
- Bookand May￿ne 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 inves￿rS
154JSII
(H,151)
86,099
166,369
(116.744)
83.296
(29.917>
(73,474)
1164.41S)
Raeonclllatlon ol Funds
TO1￿ Fund5 brwghr for￿rd
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 I￿14 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￿

8*l*nce 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 comme￿Ing 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. Unresrr1c￿d tunds in¢lude designa*d fvnds where the trustee& at th*r distrefion. have Created a fund for a specific purpose.
Restricted lunds are subject Lo sp*tht 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 reC￿ed.
Sales represent the invoiced value of goods suW*d and the wKome is reco￿lSed at the date of invoice. All donation& foreign roy￿ty
income. and le8acies are recognised when the trust has to IL
Donauons are recwised orKe the Trus¢ has be￿ notified of the donawrt unless p*fOrM￿ condityon5 require delerral ol the
amourt Income recovtrawe in rda¢iw to donatK>ns reC￿d under Gift ar detds of ¢overLin¢ 15 recogni5ed at the time of the
donation.
Non-cash lefdcies are recogn￿ed on rec*pL
Barbk interest and investment related dI￿denth are reCO￿lSed 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 con*Mitung the charity to tha¢ expenditure.
it is probable thar setdement will be required and the amount of the Obl￿a￿On can be measured reliably.
l expendiwre is accounted for on an accnAls basis. All expÈn$4 inclwling support costs and governance costs, are allo¢a*d 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 differentya￿d 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 fin￿1￿ Instn￿￿E and are inits￿ty 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 Offinanc￿l atti¥it*s includes the net
gains and losses arising on rv￿ua￿on and disposals thr￿uL 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 i￿eStMents 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 lia￿litIeS 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 pa￿er￿ 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 I0￿e5
All gins and losses are oken ro the Stttement of h"Trantral ActI￿lieS ￿ they arise. Real￿d gairv5 and Iwes on inve5tmeThts are
calculated as the drfference between sales protèe¢ts and th￿r opening value or thwr purchase Y￿Ue rf acquired subsequent t
the first day ofthe financial year. Unrealised gains Ind losses r*ulated as the dIfferer￿ btheen the Iwr ￿ue at the year ené and
their Carrying value.
Reali5ed and unrealised inves￿ent ￿n$ and k)sses are COM￿"￿ed in the Surem￿t of Finaftci￿ AcDvrDes.
1.9 Stock
Stock is valued at the lower of cost and net ￿￿lsa￿e ￿￿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 r￿1 tourse of the Trust's
acti￿￿e$ afw allowing for the cost of rdi5atyon.
Provision is made for obx*lete. 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 be￿een the sale proceeds and the Carr￿ng value of
Ehe asseL is fred￿ed or charged w Staternen¢ gf Finand Acti￿lies.
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 eX￿p1 frr*n United Kingdom I￿atiOn.
14

The Banner of Truth Trust
Notes to the financial $tatements
for the year ending 31 March 2024
2 Critital accounting estimates and judgements
In the application ol the Trus¢'s accounong policies. the Tntstees are required to mlke Judg￿￿ents. esttinates and a5sumption$ abou¢ the
arrying amount of Issets and liabilit￿5 that are not readity apparent from other sour¢¥. The estymares and associared assumpvons are ba$ed
on historiul ¢xperience and other facrors that are c￿s￿dered ro be rde¥anL AcDJal ttsulrs may dthr Ir(xn these errimate5.
The estimates and Unde￿￿% assurwions are rwewed on an onwnK basik R*i*"ons to xctyJnt¥￿ estirnates art retognised in the period
in which the estimate is rrised where the re￿On affetts that pernd. or in the period of the ￿1¥¢r5 and firture periods vlhere the
revision affects both current and lutwe period
In the opinion ol the Trus¢ee& there were no uivcal accounvng esumares and exerosed in tht preparation of the ac¢gunts.
3 Staff costs
2024
2023
Wage5 and 5aLiries
Social securiry cosrs
Pension Costs
51XI.947
43,451
69.515
453.146
39,946
64.181
Total
613.913
SS7,273
In the year. the number of errWoyee5 of the Trust th75 22 {2023.. 211. 15 ctyr*rised of 5 adm1Dwau￿ 10 editorial. 2 *arehouse. 3
pr¢ductyon and 2 5upporr staff.
One enM)loyee wls remunernted between £6o.(w£70.(￿ and one betsveen ￿.¢￿•).(￿xI{I023.. One be￿￿en £8O.(KKI.£90.(￿I.
Remuneration of key managem￿¢ perwnnd aff￿[ed ro £8&73912023: £81.21X)I.
4 Truste
Trustees, expenses for the yelr amounted to £10.72012023.. £9.0341. Ten12023: ten) of the mjsrees rec•¥ed rrimbursw*nt of expenses
incurred in tTrvel & subsisterv.
Four trustee5 (Rev. Mark G johnston. Rev. lan Murray. Eh¥id Canwell and Andre* YtyJn&l wiyed roy*ky p*yrnents totalling £5.464
12023.. (4,9051 lor ￿e$ oltheir books by The Banner of Truth TntsL
Rev. Mark G johnston received £7.1C￿l20?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$ioTh
The pension cost char¥e represents rontributyws payabk by the Trusr ro the youp personal F￿￿10n ￿lI£￿e$ of ryfoyees and arnounted to
£69.5 IS.12023.- £64,181
6 Audi¢oYs' Remuneration
The auditors. remunerauon £ 7.2(Kl in re5peet of￿drt 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
¥eh*les
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 v￿￿th
At J l Maych 2024
Net Bth)k Vah
At 31 March Z013
Il59
13.388
8 Investments
21J24
202J
Mu*etYthe at I
1031.2Jl
2.216.4n
1522701
1176
Kealijed pn Ilajsl 4*¥px*
Unrealtsed Ilossl
Movement in cath
I￿128}
117e.2411
1&9631
M¥knt V*h• *t 31 •l*r¢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.. £1￿39.191) 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 B￿lding 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 A￿1 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)
unre￿iSed 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 R￿e free of charge or at
sub5idi5ed rates to paswrs. missi¢)narie% col*s. 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
t￿tiOn 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 WAreh￿Se$ used by the Trust
A sum of £26.943 is owed from The Banner of Truth P1j￿dIng 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 AM*t*
T*wE4e fixtd 1sRts
Inve5tsnEn15
617
1101.575
1101.579
1110.192
3.411.676
1.41 Ih70
lJ2.lJ2
,416,9J4
4,960,742
C*sh 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
F￿d5
FuTrds
Flxed As*ets
T1￿b￿ 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 F￿d5
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 Of5￿e*
1.071.1194
14.758
1.085.852
Grants and Subsithes
131322
135.321
OthEr Gifts
308,350
89.586
5.107
94.693
AdYer0￿ry 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 be￿eTh cost<È￿tr¢s in re5perr ol the
amounr sP￿t Workin8r￿ thatareL
intrmer Char￿ tr*vd ro51& Stall Nnin& compurer nwnEuta(tt office tlNry4nd Pr￿1￿ str￿￿r. 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 oper*tlng activitles
2024
2023
Net mov*nEnt 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 fina￿la1 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$th5
3￿.350
24.675
J33,025
25.323
28.JZJ
- Other w5t5
898559
909.706
57.113
Totsl ExpeNIItLWe
1375.197
36.023
.299
2.510.519
Net IrKome
09.4531
30349
2&￿S1
(ISIS531
. t)h Forei￿ EXth1￿
Ner yins IlkJ$s￿l ¢in investm
166J69
166.30?
{17￿41}
(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