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.................................................
st3￿ment0ffinan¢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 chall￿5 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-t￿daY actI￿tieS 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 in￿rnal 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 i￿lIdIng projett within the next 2 years.
Structure. Governance and Management
The Trusr is organised with a General Manager. Mrj Rawlinsorn reporung to the Trus￿5. The General Manager has the
delegated resp￿sIbilItY for conducting the day-t(￿laY activities of the chariy.
The overall stratw of the Trusr is dIrec￿d 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￿$.
New Trustees are trained in the general responsibilit￿S of Trustees usini Charty Commission literature and
piovided appropriate tr•inin8 in the operations of the frust by the General Manager.
There are no paid staff.
Connerted bodies/Relotedporties/Remuneration.
Trustees give of their time freety and are not remunerated. Tlw are required to declare any ￿leY3Tht interests
Reference and Adminlstrative Detslls
Oetai15 of Senior Staff, trustees and advisors are found on page l of these accounts.
Tru5tees' responslbllitles in relation to the finandal statements
The charity Trustees are ￿SponSible for keeping proper ¥¢ounting records which diKlose with reasonable
The law applicable to charities in England ond Wales and Scotland require5 the charity trustees to prepare
financial statements for each year which give a tDJe and fair VFew of the state of affairs of the ¢harity and of the
incomin8 ￿$¢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 reSponsi￿e 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 cOnstrtut￿n.
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 prC￿edureS 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 Gon￿alment of the error. In this regard the following audit
work vtss undertaken: applicable lavbs and regu￿tiOnS 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 De￿mber 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¢)n1￿3 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$10nal fee charys
5.7S1
31526
5.380
9,935
. Depr2ciiDon
77.231
40.967
. L05s on Th"5PO
4.495
Ewndlture
115J09
60.777
198J.4
1,274.852
G4in on Forw￿ Currenq ExctrAnge
Net movement in furth hr th* y
(20,ISB)
IHJ.3J2
184.313
1.4S9.165
Balance bro￿ght forward ai l April 2023
4.7S4.641
3.295.476
7.717.973
4.754.641
th5sed as continuing and are ￿resTric[¢d in the curreTht and Pre￿￿$ 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
No￿5
Net cash provlYd￿ used in operating artivities
(29.0211)
,171167
Cash flows from Investlng artivitie%
- DIv￿dendS. 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$rrnent {Scotlandl Act 2W5. the Chariiies Account5 (Scodand) Re8ulation5 21¥16 (a5 arnendedl and"Accounting and Reporting
by Ch¥￿e5.. Ststement of Reccffimended PractKe to tharirw preparinK acctyJrts in Kcordance with the Rnancval
Reporting Standard apP1Kab￿ in the UK and RWK ol Ireknd {FRS 1021" {a5 amended for account¥g peritids cfrnencing from
I january 20161.
The Trust is a PublK 8enefit Enty as defined by FRS 101
The accounts are prep4red in sterlin¥. whKh 15 the fur￿19￿ currency of the TntsL Monetary amounts in these fit)anctsl
Statements ¥e rounded w the nearest £.
The a¢¢ounts have been prwed under the hi5tord cost conv￿￿10￿. mothfied to include the rev4hthritin of ¢eruin financial
irsstruments at fair ￿￿e. The priTrcp￿ accounting polKbes adopted are set bthw.
1.2 Goinz concern
At the time olapproving the act￿￿14 the Trustees have a reason￿ expeculi￿ that the Tntst hs *&9Uite resources to
conrlnue in c*erational existence for the ftsrtsee￿ firture. Thus the Trusrees ctsfitinue to adw the wnx corKem basrs 01
ac(ouTh￿% in prewng the acrounts.
1.3 Charftable funds
Unrestricted income lunds tomprise those fiJnd5 the trustees are free to use for *ny purpose in fvrtherance of the
tharitable objects. UnrestrKted funds inc￿de de￿I￿ated furK15 where the tr1￿ at di5cretw)n. have created a fund for a
specffic purpose.
Restricted lunds are sUb￿rt to specffic t￿dI￿OnS by as to how they bt Used. The purposes and uses ofthe restrKred
funds are set out the notes w the accoun
1.4 In¢oming rewurce$
Ir￿c￿e 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 ￿ rec￿￿ed in *¢¢tydan¢e wrth the Sease agreements.
Cash donations are recogni5ed on receipL Other sS)naions are rÈtOgn￿ed 4yKe the Trnsr h*s 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 don*ti
Non-gsh legacie5 are reCO￿lsed 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 i*lryaDon 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 acti￿11¢5. More information on this allocaD¢)n 15 below.
The cost ofmanaging Investy￿r$ is tharyed elther the The51n￿t CW. the In￿5¢1￿ dmdend inc¢)m¢ or charged direcdy
tg the Trus¢
The ¢xpendiwre cffj charitable athiries ￿t￿JdeS costs a5soociated vrith the properDes. xoytrnance ttssts and support
C05ts.
&Jpport c¢>sts h*vt 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¥￿ t*ith rezuLition and good practice. These C4)sts include cosrs related
ro the sututory audit and le8aJ kn.
The B¥n*er of Truth ￿ik11n¥ Fund i¥ ntx VAT re8isrered
1.6 Fixed asset investments
Investments are a form of basic firwici& IT￿(ru￿￿E and are thiD*lly 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 a￿lle$ includes the net
gain5 and10sse5 Iris￿8 on and ¢Wsat5 th￿￿th¢￿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 equ￿￿enTs wKlude cash in hand dep05it5 held at rall with bank& other shorr-temi liquid irwestments with orilnal
maturitye5 ofthree months or less. ond b*k overdrafts. Bank ovthfrs are sw within borrowin85 ITr current liabilities.
Easit fman(iol ttEsets
Basic financial asse￿ which ir*hJde debtors and cash and bank baknce& ¥e mt*swd at tran¥actyon price inchjding fran￿¢￿0
costs and are subseqUen￿Y Carri￿ at amoru5ed cost U￿n8 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 Q￿Ulfied 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 paYi￿ts disco￿[￿[ ar a mafker rate ol intere5L h'nancil liabilities
classThged as payable wthin c￿e 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& R￿lse4 pns and losses on invesvmtnts are
kulated as the drfference between proceeds and their opening arrying njue or th*r purchase value rf a4uired subsequenr
ro the first day of the firunci¥ year. unreah.sed pifis and los￿¥ are oluJ￿Éed as the dthrtntè be￿Tr the fair ¥alue at the year end
and their Carr￿ng Yalue
Re*lised and unreli¥d investynent gaty￿ and losses art tontsned in the of h"r4nciil *D￿rIeS.
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•r￿P￿ 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 c*ptrI￿.
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 Pr￿eedS 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. Drfler￿s on Èxthange are taken ro the Scar￿￿rtt of
financial act￿￿￿e$ in the current year.
l. I l Taxat5on
As the Tru¥¢ is a regis¢ered chariry. it is exry from United Kinzkn T￿110￿.
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￿"ll￿e$ that art noi readty lpparenr from other sources. The esty￿re$ 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 UnderI￿n8 art on an ongtyng b￿.$. R￿￿Orts to accountyng esThThtes are reto¥ni¥ed in the
period in whith the esumate is re￿Ied where the re4isK)n affects onty that period or in the period of the re￿￿10n and furure penods
whert the re￿Slon affett5 both currenr and finire period
In the opinign of the Trys¢ee& there no criucal accounting esDmates and judg*n￿ts 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 f￿1n
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
Accru￿5
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 r￿l-Profit corpordtiOTh exempt from raxation based in Cadisle US•K
which occupie5 the office and vrtrehouse owned by the Trust in Cad￿le. 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 B￿ner 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 p￿d 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 f￿ed 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