The Banner of Truth Building Fund Trust Report and Financial Statements Year ended: 31 st March 2024 Registsred Charity Number 248800 Scottish Charity Number SC038434
The Banner of Truth Building Fund Trust Report and Financial Statements Year ended: 31 st March 2024 Contents Legal and administrdtive infom)ation for the year ended 31 M3rdb 2024......................... Trustees, reportfor theyearended 31 March 2024.............................-.-....-............ 24 Audi¢ors' reportfortheyearended 31 March 2024................................................. st3ment0ffinan¢l acti¥iDtsfortheyearended 31 March 2024................................ BalanceSheeta5at31 March 2024...................................................................... Statement of cash flows . Notestothefinancial 5t3tementsfortheyearended31 Marth 2024.............................
The Banner of Truth Building Fund Trust Rtlktered Clwity Number 241800 Legal and administrative information for the year ended 31 March 2024 Tryst Rev lain H Murray Rev Mark G Johnston Robert Strivens Donald John MacLean Warren Peel David Campbell Sinclair Fergu50n (tern) of service conduded April 2023) lan Hamilton (tem) of servitt condvded April 2023) Solicitors Balfour + Manson LLP 5446 Frederick Street Eanburzh EH2 ILS General Manager. KÈY ManaFment Personntl john Rawlinson Auditors hilelaw Wens Banker Bank of Scotknd plc PO Box 1000 8x2 IL8 Ststutory Auditors 9 Ainslie Hace Edinburgh EH3 6AT Principal Office The Grey House 3 Murrdyfield Road Edinburgh EH12 6EL Connected bodles The Banner ofTruth Trus¢ The Grey House 3 Murrnrfield Road Edinburgh EH126EL Banner of Truth 610 Alex3nder Spring Road Carlisle Pennsylvania 17015 USA
The Banner of Truth Building Fund Trust Report of the Trustees for the year ended 31 March 2024 The Trustee5 present their report along with the financial s¢atements of the chancy for the year ended 31 March 2024. These financial statements compty with the CharrDes Act 2011. Charitie5 and Trus¢ee In¥es¢ment {Scotland) Act 2005. The Charity Accounts Ikotlandl Regulauons 21)06 (as amended). the Trust Deed. and Accounting and Reporring by Charities.. Statem¢nt of Recommended Practice apphcable to tharities preparing their accounts in accordance with the Fbnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Statement of Disclosurè to Auditors So far as the Trustees are awa there is no relevant audit infornution of whth the chariry's au(ktor5 are unaware. and each Trustee has tsken al the steps they ought to have taken as a Trus¢ee in order to make themselve5 aware of any relev7nt audit inforniatson and to establish that the chall5 auditor5 are aware of that infornutson. Objectives and Activities The Banner of Truth Building Fund Trus¢ was established as a Chariublt Trust under a Tntst Deed &ted February 21 1966. The objectives of the Building Fund TnJst ar& lal To acquire. maintsin. fvrnish and equip a builthng as a centre for the tharitable acme5 of the Banner of Truth TnJsL {b) To provide and maintain suitable facilities for the Banner of Truth Trurt to prini and publish Christian literawre. {cl To promote, atharlce and disseminate a better knowkdge and understanding of the doc¢rines of the Christian faith throughout the wodd. In pursuance of the above obiective4 the Building Fund Trus¢ owns three properties in Edinburgh - a house in Murrayfield, which is used by the Banner of Truth Trust as its Head Offiw and two w3rehouses in Sghthill for the Storage and despatch of the Banner ol Truth Trust's Christian literawre. These propertyes We purchased respective in 1972. 1973 and 1986 and the Building Fund Trust maintyn& fvrnishes and equips these properties as appropriate. In addition. the Builrthng Fund Trust owns an offKe and warehouse in Carl& USK developed in 2022. These buildings are for the exclusive use of the Banner of Truth Trus¢ and Banner of Truth. USA and have proved of significant benefit to the Trust in its expanding work Achievements and Perfomiance The daY-tdaY actItieS of the chartty in this period have been the monitoring of the current building stock and the performance of necessary repwrs. In the year. onty minor repairs have been undertaken and no addiiional facilities purchased. There are plan5 to consolidate the Edinburgh properties onto a single site. A site has been identified and matters are in process to purchase IL Public Benefft The Trustees have &ven carefvl considerdtion to the Charity Commission'5 public benefit guidance and consider that the actyvities of the Trust deliver sjgnfficant public benefit in the support of the work of the Banner of Truth Trust
Financial Review The income and the expenditure for the year were £3.098.999 (2023: £1,335,629) and £115.509 (2023.. £60.777) respectively, giving a 5urplu5 for the year of £1983.49012023: £1.274.8521. Of the incoming resources £19M161 in the form of donations and legacies. and £108,914 in the form of renL The rental income comes from the Banner of Truth USA for the use of the office and warehouse in C3rlisl4 PA and rental income from the flat and co¢uge located at the Murraffield office premises. Maior items of expenditure were property maintenance and taxes. Bank intsrest amrmjnting to £1.923 (2023: £1.197) VAS received and a loss on foreign exchange amounted to £20,158 (2023 £184.313 gain)- The net surplus for the year $ a963.332 (2023= £1.459.165) which was largely. as per last year, dominared by donationllegacy income. Any cash balance5 are managed and. vthere possibl< rerained in interest bearing acco[5 to maximise the returns. Reser¥es Pol Out of total Trust fund5 of £7.717.973 {2023: £4.754.641 I, fixed assers account lor £3.577.147 (2023.. £3.654,379). It is the pollcy of the Tru5tee5 to build levels of resefves thar provide for the maintenance of the building assets and also to provide new premise5 for the work of the Banner of Truth Trust Twhen th3C is required. Curren¢ty the levels of reserves and not considered adequate for the needs in the next 2-5 year5 and the Tru5tee5 are considering actions that may be required to address this. One likely action will be a donor campaign to raise donatyons. The resetves policy is reviewed annually. 'sk Manogement The Trustees have considered the key risks that c¢Juld affect the charity. due to both inrnal and external factors. and are confident that satisfactory attion has been taken to mitigate againsr such ri5k5. Key risks include.. damageldestrucuon of buildings due ro fire etc. mitigared by day-tO•day fire prevention attivities and insurance to cover rebuild costs.. buildrng adequacy to fulfil the objectyves of the TrusL this Fs recogni5ed a5 a problem and the mitigation is planning to provide new faciliues for the Banner of Truth to opernre from. Plans for Future Period5 There is a need for new facilities for the work in Edinburth of the Banner d Truth TrusL It is expected that in the next year a 51te will be purchased. Work is ongoing to gain planning permission to build on the identified sit4 which will be nece55ary prior to completing the purchase. The Banner of Truth Tru5L a5 the user of a potential new facility. has been very invofved in working with architects to develop the requirements for a new office and YdrehousL The Building Fund Trust and the Banner of Truth Trusr will be engaging in a fun&raising campaign to rdise the necessary finance to l)uild the required facilities. The aim 11 be to surt a ilIdIng projett within the next 2 years. Structure. Governance and Management The Trusr is organised with a General Manager. Mrj Rawlinsorn reporung to the Trus5. The General Manager has the delegated respsIbilItY for conducting the day-t(laY activities of the chariy. The overall stratw of the Trusr is dIrecd by the Truscee& Day-ÉOvday decisions are raken by the General Manager. Major capiol projecrs are authorised by the Trustee5.
New Trustees are appointed by a majority vote of the current Trustees. in accordance with the Banner of Truth Burlding Fund Trust procedtsre for appointment of Trustees, provided that the person proposed as a new Trustee adheres to the fundamental principle5 of the Trust. as set out in the Trust Deed. Other than as provided for in charity law. no other person or boty has the powerto appoint Trustee& New Trustees are appointed for a period of 5 years, after which they may be rfrappointed for additional 5-year per$. New Trustees are trained in the general responsibilitS of Trustees usini Charty Commission literature and piovided appropriate tr•inin8 in the operations of the frust by the General Manager. There are no paid staff. Connerted bodies/Relotedporties/Remuneration. Trustees give of their time freety and are not remunerated. Tlw are required to declare any leY3Tht interests Reference and Adminlstrative Detslls Oetai15 of Senior Staff, trustees and advisors are found on page l of these accounts. Tru5tees' responslbllitles in relation to the finandal statements The charity Trustees are SponSible for keeping proper ¥¢ounting records which diKlose with reasonable The law applicable to charities in England ond Wales and Scotland require5 the charity trustees to prepare financial statements for each year which give a tDJe and fair VFew of the state of affairs of the ¢harity and of the incomin8 $¢urceS and applicatbon of resoufces of the charbty for that perh. In preparing the financlal statements. the trustees are required to: selert suitsble accounting polic* and then apth them consistenty observe the methods and principles in the applicable of the Charitie5 SORP make judgements and estimates that are a%)nab and prudent state whether applicable accounting standards have been followed. subjert to any materkal departures disclosed and explained in the finarbciol statements prepare the financial statements on the going concem basi5 unless it is inappropriate to presume that the tharity will continue in business. The trustees are reSponsie for keeping proper accountin8 record5 which disdose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment IS¢otlandl Art 21J)S and Charities Accounts Iscotlandl Re8ulation5 2(M)6 las arnendedl and the provisions of the charity's cOnstrtutn. The charity Trustees are also responsible for safeguarding the assets of the Trust and taking reasonable steps for the prevention and detection of fraud and other ifre8ularities. As well as the Charity Commission for England and Wales, the charity is wtstered with the Office of the Scottish Charrty Re8ulator IOSCRI. Signed on behalf olthe Trustee5 on: Donaldjthn MxLean Trustee
Independent Auditorfs Report to the TNstees of The Banner of Truth Trnst Year ended 31 March 2024 Oplnlon 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 significant accounting policies. The fi'nancial Teporting framework that ha5 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 Iunited Kingdom Generally AcceDted AccountinA Practicel. In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of the resources for the year then ended- have been properly prepared in accordance with Untted Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006 las amended). Basis for opinion We conducted our audit in accordance wth Internation81 Standards on Auditing IUKI IISAS UK) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section ot 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 Y* have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 1$ sufficient and aDDropriate to Drovide a basis for our ooinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern ba515 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 events or conditions that, Individual or collectively, may 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 responsibilities of the Trustees with respect to going concern are destribed in the relevant sections of this report. Other inforniation 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 ¢over the other information and we do not express anyform of assurance conclu$ionthereon.
THE BANNER OF TRUTh TRUST Independent Auditorfs Report to the Trustees of The Banner ol Truth Trust Year ended 31 March 2024 Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a maierial misstatement of the other information. If. based on the work we h8ve performed, we conclude that there 18 a material misstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to roport by excoptlon We have nothing to report in respect of the following matters in reLation to which the Charities and Trustees Investment Iscotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 lag amended) requires us to report to you rf, in our opinion= the information given in the financial statements is inconsistent in any material respect with the Trustees, annual report. Proper 8ccounting records have not been kept- or The financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit R•$ponslbllltles of Trnslees As explained more fully in the Trustees. responsibiltties statement set out on page 6. the Trustees are responsible for the preparation of the financial statements which give a true and fair view. and for such inteinal control as the trustees determine is necessary to enable the prepar8tion of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financi815tatements. the Trustees are responsible for assessing the charity's ability to continue as o going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the ch8Tity or to ceose operations, or have no realistic alternative but to do so. Auditor's responslbllitles forthe audit of the financial statements We have been appointed as audttor under section 4411llcl of the Charitles and Trustee Investment Iscotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance aboLrt whether the fin8nci81 statements as a whole are free from material rnisstatement, 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 8 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can 8rise from fraud or error and are considered material rf. indNidually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken based on these tinancial statements. The extent to which our prCedureS are Capable of detecting iwularities. including fraud is detailed below:
THE BANNER OF TRUTH TRUST Independent Auditorfs Report to the Tntstees of The Banner of Truth Trust Year ended 31 March 2024 Irregularities, including fraud. are instsnos of non-complianc8 wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect mat81ial misststements in resped of irregularities, induding fraud. The extent to which our procedures are capable of detecting irregularities. induding fraud is detsiled below: Irregularities that result from fraud are inherendy more diffKult to detect than iwularities that result from error. From enquiries of those charged with govemance. it was detemiined that the risk of material misstatem8nt from fraud was low with little scope for fraud to 0¢r. Our audit testing is designed to detect material misstatements from fraud where ttlere is not high-level collusion. Our audit testing was designed to detect material mtsstat8ments from other irregularities that SuIt from error where there is not high-level Gonalment of the error. In this regard the following audit work vtss undertaken: applicable lavbs and regutiOnS were r8view8d and discussed with management., senior management meeting minutes We review&J: intemal controls were reviewed. and journals were reviewed. From this audit tesb'ng it was detennined that the risk of material misstatement in this regard was low. We Carried income testing and grants payable testing whtch was designed to identify any irregularit$ as a result of simple mistakes or hufflan error. From this audit testing it was determined Ihat the risk of material misstalement in thbs regard was low. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at WMbV.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Auditors. U*0 ot our report This report is made solely to the charity's Trustees. 8$ a body. in accordance with section 144111 of The Charities Act 2011. section 44 (1 } {cl ot the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 10 of the Chartties Accounts {Scotland) Regulations 2006 las amendedl. 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. lor our audit work. for this reDOrt. or for the ODinions we have formed. Whitelaw Wells St8tutory Auditor 9 Ainslie Place Edinburgh Midlothian EH3 6AS LL koL 12 Dember 2024 Whitelaw Wells is eligible to act as an auditor in term$ of $e¢tion 1212 of the Companies Act 2LM)6
The Banner of Truth Building Fund Trurt Statement of Financial Activities Incorporating the Income and Expenditure Account for the year ending 31 March 2024 Gkntrtl Funds 2014 2023 Notej . Reni fr¢)m Banner d Truth. US 105,014 54.890 D¢)n13 and LcpoE5 Investmernt income I9AI.161 1,274.743 - Bank inrÈr¢st 1.913 . DMdend5 lth¢om 3.098.999 I.JJS.629 Expend• Charitsble ExpeDthwre . Profe5$10nal fee charys 5.7S1 31526 5.380 9,935 . Depr2ciiDon 77.231 40.967 . L05s on Th"5PO 4.495 Ewndlture 115J09 60.777 198J.4 1,274.852 G4in on Forw Currenq ExctrAnge Net movement in furth hr th y (20,ISB) IHJ.3J2 184.313 1.4S9.165 Balance broght forward ai l April 2023 4.7S4.641 3.295.476 7.717.973 4.754.641 th5sed as continuing and are resTric[¢d in the curreTht and Pre$ Ytr. The note5 on pages I I to 16 are an of thtt •¢etyJn
The Banner of Truth Buildinz Fund Tn Balance Sheet as at JI Marth 2024 2023 Axod Amets 1577.147 3.654.379 3.$77.147 3.654.379 19•7J77 1.217326 177M05 1.217.S24 34.• 117.264 Net turrent a¥xts 4.140.125 I,IM.262 7.717.973 4.754.641 Repruenrir¢" Trwt Funds. G•n•ral Fund 7.717.17J 4.754.641 T¢)tsl Trurt Funds 7.717.973 4.754.641 Trust•8 The note5 on py I I to 16 are an lThtegral xc(#mts.
The Banner of Truth Building Fund Trust Statement of cash flows for the year ending 31 March 2024 Total funds Prior Funds 2024 2023 No5 Net cash provlYd used in operating artivities (29.0211) ,171167 Cash flows from Investlng artivitie% - DIvdendS. intewt and rents from investments - Purchase of furni¢ure and equip¥hent - Proceed5 from the sale of property - Purchase of propery . Proceeds from sales of Vestrnents 1.923 112716831 243,973 - Purchase of investments Net cash provided by investing activities 1,923 11027.513) Change in cash and ¢ash e4ulvalents in the year (27,096) 1855.3461 Cash and cash equNalenr brough¢ forward .217.526 2072871 Cash and rash equl¥alents tarrltd forwanl 1.190.428 1.217.526 The note5 on pages I I to 16 are an integral part of these accounts. 10
The Banner of Truth Building Fund Trust Notes to the financial statements for the year ending 31 March 2024 l - Accounting policies Charity inforniatlon The Trus¢ was created ty Deed of Trust dated 22 February 1966. l. l Accounting convention The accounts have been prepared in KC4xdance with the Trusr's Deed. the Charities Act 2011. the Charities and Tru5 Inve$rrnent {Scotlandl Act 2W5. the Chariiies Account5 (Scodand) Re8ulation5 21¥16 (a5 arnendedl and"Accounting and Reporting by Ch¥e5.. Ststement of Reccffimended PractKe to tharirw preparinK acctyJrts in Kcordance with the Rnancval Reporting Standard apP1Kab in the UK and RWK ol Ireknd {FRS 1021" {a5 amended for account¥g peritids cfrnencing from I january 20161. The Trust is a PublK 8enefit Enty as defined by FRS 101 The accounts are prep4red in sterlin¥. whKh 15 the fur19 currency of the TntsL Monetary amounts in these fit)anctsl Statements ¥e rounded w the nearest £. The a¢¢ounts have been prwed under the hi5tord cost conv10. mothfied to include the rev4hthritin of ¢eruin financial irsstruments at fair e. The priTrcp accounting polKbes adopted are set bthw. 1.2 Goinz concern At the time olapproving the act14 the Trustees have a reason expeculi that the Tntst hs &9Uite resources to conrlnue in cerational existence for the ftsrtsee firture. Thus the Trusrees ctsfitinue to adw the wnx corKem basrs 01 ac(ouTh% in prewng the acrounts. 1.3 Charftable funds Unrestricted income lunds tomprise those fiJnd5 the trustees are free to use for ny purpose in fvrtherance of the tharitable objects. UnrestrKted funds incde deIated furK15 where the tr1 at di5cretw)n. have created a fund for a specffic purpose. Restricted lunds are sUbrt to specffic tdIOnS by as to how they bt Used. The purposes and uses ofthe restrKred funds are set out the notes w the accoun 1.4 In¢oming rewurce$ Irce 15 recognised when the T[ rA enoded to it after any perfornwKe CL()$ have been the amounts can be measured reliabty, and il t5 prcbable that incc¥ne be re£eNed. The rental of propwty ts the m•ln source of regular irKome. Renul income reced in ¢¢tydan¢e wrth the Sease agreements. Cash donations are recogni5ed on receipL Other sS)naions are rÈtOgned 4yKe the Trnsr hs beefi notiw ofthe donation. unless performance conditions require deferral ol the amwni IrKcthe t&x rttovenbk in relation to O)natiot)$ received under Grfl ANI or deeds of c¢Mnant 15 recwised at the tme of the donti Non-gsh legacie5 are reCOlsed ON rtce¥L Bank interest and investmen¢ relAted are recwued on recept of the amtyjnts into the l)ank accounL
The Banner of Truth Building Fund Trurt Notes to the financlal ststements for the year ending 31 March 2024 l Accountinz policie$ (Contlnued) 1.5 Expenditure Liabilityes are recogni5ed as expwdiDJrt as soon os there 15 a lepl or cty4tryctye (4JigaDoD commmnz the charity to that expenditJJr¢ ir is probable thar sttdement YMII be required and the dthe ilryaDon be measured relthty. All expendfftjre 15 accounted for on an accruals basis. expen5e5, in(m8 5WOrt costs and governance cosrs. are anoGlted or pporDoned to the 3ppliubk e¥pendthre headiy in the surement of financiil acti11¢5. More information on this allocaD¢)n 15 below. The cost ofmanaging Investyr$ is tharyed elther the The51nt CW. the In5¢1 dmdend inc¢)m¢ or charged direcdy tg the Trus¢ The ¢xpendiwre cffj charitable athiries tJdeS costs a5soociated vrith the properDes. xoytrnance ttssts and support C05ts. &Jpport c¢>sts hvt been thfferentiated between govern cosrs and other swrt costs Governance rt)w comprise all cosrs SnYoknnK the public acccuntabilrty of the tharity and brs C(rylI¥ tith rezuLition and good practice. These C4)sts include cosrs related ro the sututory audit and le8aJ kn. The B¥ner of Truth ik11n¥ Fund i¥ ntx VAT re8isrered 1.6 Fixed asset investments Investments are a form of basic firwici& IT(ruE and are thiDlly recoybised it their tr3nsattiw ¥the aThd subsewenfly mèasured at their hir value Js at the balance sheet dare using the thsing qu¢>ted rrNrket price. The oTfir4Trcd alle$ includes the net gain5 and10sse5 Iris8 on and ¢Wsat5 thth¢JE the year. The Trust does not acquire put owions. dViVaDv orother financi in5trLrnty The main form offinartul risk laced by the charity is tharofvolaDliw ewity mirkets and irNestMt markets thje co wider economit C)ndlDon5. the attitude of VestOrS ¢9 investynew and changes in sentiment concerning equities and within parDtuhr seuors or sub secrors. 1.7 Cash and cash equivalents Cash and osh equenTs wKlude cash in hand dep05it5 held at rall with bank& other shorr-temi liquid irwestments with orilnal maturitye5 ofthree months or less. ond bk overdrafts. Bank ovthfrs are sw within borrowin85 ITr current liabilities. Easit fman(iol ttEsets Basic financial asse which irhJde debtors and cash and bank baknce& ¥e mtswd at tran¥actyon price inchjding fran¢0 costs and are subseqUenY Carri at amoru5ed cost Un8 the effecuve irbwesr method unle55 the arrangement constyurtes a firwicing tran5aCti¢)n, where the rransarrion is measured at the present ue of the rn¢p disc¢yJnted at a market rnt¢ of interesL FInarK1 ¥ssets QUlfied as re(eivabk $th one year are rbot arnortb Basic financial li3bilityes are re(ognts*d ar fran5 price uThle5s the arran£ ¢$J[e5 a financing transaction. where the debt instrument is rneasured ar the presenr vahje of thE luvxe paYits disco[[ ar a mafker rate ol intere5L h'nancil liabilities classThged as payable wthin ce year are not amtyrised.
The Banner of Truth Building Fund Trurt Notes tt• the financlal statements for the year ending 31 March 2024 l Accountlng polides (Continued) 1.8 Realised gain5 and 105ses All gains and 105ses are Taken ro the Ststanert of Rnan¢MI Aru$ as the/ aris& Rlse4 pns and losses on invesvmtnts are kulated as the drfference between proceeds and their opening arrying njue or thr purchase value rf a4uired subsequenr ro the first day of the firunci¥ year. unreah.sed pifis and los¥ are oluJÉed as the dthrtntè beTr the fair ¥alue at the year end and their Carrng Yalue Relised and unreli¥d investynent gaty and losses art tontsned in the of h"r4nciil DrIeS. 1.9 Fixed ugets and dtpreciafion Deprtciation is ulculated to wrire off the tost of the ffixed as%ers a straiEht I ba515 over the expecced usefvl lives ol the assets concerned. The Pr•rP annu Ate5 wed for this purpose are as fdl¢hvs:. Heritable Property xture5 and fKunzs 25% All a¥se¢5 C¢1n% more than are cptrI. Tanyble fixed assets are inioally ffleasurtd ar cosr and sub5eytty nwured ar cox or lUItiOn. net ol depreuatyon and any impairfflent105ses. The yin ¢x loss Irpsing ofi the disposal ol aTh deremiimed as the dthrwce b¢eeTh the sale PreedS and the carrying lue of the asseL and is rredited or (harged w Sutement cl AcDviues. l. l O Forèign Currencies Assers and lithlities expres in forrign currencies are Convert to sterling at the year end rnre. Transactions in foreign currencie5 are recorded at the rare njling at the date of the transxtion. Drflers on Èxthange are taken ro the Scarrtt of financial acte$ in the current year. l. I l Taxat5on As the Tru¥¢ is a regis¢ered chariry. it is exry from United Kinzkn T110. 2 Crltlcal accounting estimates and judzements In the application of the Trust's accountyng polioek the Tntsrees art required TO make judpnents. estimates and 3ssumpuons abDUt the ortyng amount of a5se¢s and lia"lle$ that art noi readty lpparenr from other sources. The estyre$ and assooated assumptyons are based on hisrorital eywienry and other facrors that are ton5idwed to be rdevanL ACDAI rtsults may differ from these eswmtes. The estimate5 and UnderIn8 art on an ongtyng b.$. ROrts to accountyng esThThtes are reto¥ni¥ed in the period in whith the esumate is reIed where the re4isK)n affects onty that period or in the period of the re10n and furure penods whert the reSlon affett5 both currenr and finire period In the opinign of the Trys¢ee& there no criucal accounting esDmates and judgnts eX¢ed in the preparntitin ofthe accounts. 13
The Banner of Truth Building Fund Trust Notes to the financlal statements for the year ending 31 March 2024 3 Fixed Assets Herl¢able Fixtures Property and f1n Total At l April 2023 3.924.489 3.924.489 Addioons At 31 March 2024 3.924.489 3.924,489 At l 2023 270.110 270.110 Eliminated )n Disp0531 Charge for the y 77.232 77.232 At J l Mar¢h 2024 347.342 347,342 Net Book Value At 31 Marth 2024 3.577.147 3.577.147 Net Book Value At 31 March 2023 3.654.379 3.6S4.379 There 15 likely to be a material difference between the al m¥ket value of the property. As th prop¢rMes have not been valued it is not prw¢abk to quantfy the &ffererK 4 Debtors Amounts lirtg due withiTh one year: 2024 2023 Ig87J77 Banner of Tnth Trust 2.987.377
The Banner of Truth Building Fund Trust Notes to the financial statements for the year ending 31 March 2024 5 Creditors Amoun¢s falling due one year.. 2024 2023 Accru5 10,038 25.359 Banner of Truth Trust 26.943 91,905 36,980 117.264 6 Auditors, remunerntlon The auditors, remuneration for the year in respect of auth¢ services was £5.7fx) (2023.. .325). Remuneration in respecr of non-audit 5er¥ice5 was £0 (2022: £70). 7 Related Party Transartions The Trustees who are listed on page l are a150 Tru5tee5 of the Banner of Truth Trusc The Banner of Tntth Trust Uses the Grey House and warehouses in Edinburgh that are owned by the Trust for no COSL The Trustees are afso Director5 of Banner of Truth. a rl-Profit corpordtiOTh exempt from raxation based in Cadisle US•K which occupie5 the office and vrtrehouse owned by the Trust in Cadle. US Rental income of £10S.014 {2023.. £54.8901 was recei¥ed thring the year from The Banner ofTruth USA none of which Is outstanding at the year end {2023: £ none). A legacy1£1946.875) was received from a donor by The Bner ofTruth USA and then th)nated w The Banner of Truth Building Fund. The wh rxasnfer was c¢)m*ted p05t year-end by May 2024. A sum of £26.943 (2023.. £91,905) 15 owed ¢0 The Banner ofTruth Trust 31 Marth 2023 E¥p•hJEd IncorrAnR JI Marth 2014 The Banner ofTruth 91.905 35.275 { I.23T) 26.943 The inc¢)ming sum represents rental income paid from The Banner of Truth ILISAI which is transferred to the building fvnd. The expenditure És items pd for by The Banner of Truth Tnjst such a5 property tsxe$ and property repairs. These Thn5 are refvnded to the Banner ol Truth Trust by the Banner of Truth Building Fund TrusL 15
The Banner of Truth Building Fund Trust Notes to the financial statements for the year ending 31 March 2024 8 Trustees and Key Management Staff Remuneration No trustees key management staff. or any person connected them has received or is due ¢0 receive any remuneration for the year direc* or indirecdy from the tharity's funds. The Trust employs no suff. 9 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in funds Add back depreciation charge Add back loss on disposal of fed assets Deduct interest income shown in investing aetiviues Decrease in debtor5 2.963.332 77,232 1.459.165 40.967 4.495 1.197) (1,923) (2,987,377) (80.284) (29,020) IDecrease)Ilncrease in creditors Net cash used in opern¢ing actlvltles {331.2631 1,172.167 l O Post Balance Sheet Events The Trust purchased land for £7.949 on 25th Septrmber 2024. 16