Charity registration number 299943
THE BIBLE NETWORK
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE BIBLE NETWORK
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr John Savage Mrs Brenda Savage Mr Robert Green
Charity number 299943 Principal address Ardleigh Green Hornchurch Essex RM11 2EG Independent examiner Caton Fry & Co Ltd Essex House 7-8 The Shrubberies George Lane South Woodford London E18 1BD Bankers Barclays Bank plc Loughton & Woodford Branch 33 The Broadway Woodford Green Essex IG8 0HJ
THE BIBLE NETWORK
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 21 |
THE BIBLE NETWORK
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their annual report and financial statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The charity is established to advance and extend the Christian Faith by promotion of the gospel throughout the United Kingdom and overseas. The charity seeks to achieve its objects by making available copies of the Bible through organised distribution channels to all parts of the world.
The charity works in partnership with Bible League International and has targeted 60 countries throughout Asia, Latin America, the Middle East, Eastern Europe and the members of the former Soviet Union, where Bibles can be placed making use of local people, which makes the operation very cost effective. As part of the Bible placement programme, the charity seeks to establish small group Bible studies and enrol people into these small groups. When a series of studies have been completed, members of the small groups receive a copy of the Bible for themselves.
When planning our activities for the year, the Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity. Our Bible placement and study programmes provide poor people in many nations with access to Bibles and teaching materials in order to begin and develop their spiritual relationship with God, and to live out their faith.
Grantmaking
The charity meets once or twice a year with other members of the Bible League International to discuss the destination and number of Bibles to be sent. The charity puts forward its recommendations, and the members come to mutual agreement after prayerful consideration. This helps to ensure that efforts are not duplicated in a particular area while other areas are forsaken, and also helps to achieve economies of scale and therefore cost savings in areas such as printing and shipping.
Fundraising
The majority of funds are raised by placing appeal letters inside various magazines. Lemonade Communications are the professional fundraisers that are used to organise this and so there is usually no interaction with the general public in raising donations and there have been no complaints to the fundraising regulator in the year.
Investment policy and objectives
Although the trustees have power to invest in such assets, as they see fit, they have a policy of making low risk investments as far as is possible. Cash deposits are readily available for utilisation, with the investment in as high interest rates as are currently available.
The charity uses a small number of volunteers as Mentors to help provide its Prison Ministry. These Mentors receive student lessons, mark and send these back with an encouraging letter.
- 1 -
THE BIBLE NETWORK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Achievements and performance
Once again, your support has enabled faith to grow around the world.
The Bible Network is involved in three main areas of outreach and also in several secondary areas of ministry, and once again, as I have done in previous years, I would like to begin by giving you a brief summary and outline of those various areas of ministry.
Later on in this report I will be giving some real-life examples of how this ministry is working out in the lives of the people that we are ministering to, but for now let me briefly outline the areas of operation, something which I repeat every year.
Project Philip Evangelistic Bible Studies.
This really is the backbone of The Bible Network’s worldwide strategy. It is a Bible study programme used by local church members and which helps them with their evangelism and discipleship work. It is inspired by the story in Acts 8 where Philip asks the Ethiopian if he understands what he is reading.
“How can I”, he in fact said, “unless somebody helps me” and this is what church members do who have been trained as ‘Philips’
Church Planter Training
Some ‘Philips’ who have been trained through the Project Philip programme want to go on further, and plant churches, sometimes in quite remote places.
Over the years I have been amazed at how these ‘Phillips’ are prepared to go that extra mile in order to meet with people who are sometimes living in places which are almost inaccessible.
I will give an example of this later on in this report.
Bible-based Literacy
This is the third main area of our work and it really is an area which has exciting possibilities. Let me explain.
Many people around the world, particularly in those areas which might be considered more backward, are longing to learn how to read, and write English. They want to learn because they see this as a possible way for them to improve their circumstances and improve their job prospects.
We see this as an opportunity to proclaim the Gospel.
Again, I will give an example of this later in this report.
Church-Planter Training
Here is an example of Church Planter Training in action.
Tears streamed down Egnes’ face as he prayed. “Lord, open a door for me. Prepare me, though I do not wish to enter into ministry. Open a door for me so I may remain in You, serve You, and do Your work.” God heard his prayer.
About six years ago, Egnes began sharing the hope of Jesus in his remote indigenous community in eastern India. His people worship and serve their ancestors. They build monuments for them and sacrifice goats during festivals. Egnes also followed this religion for many years, but everything changed when his uncle shared Christ with him. Egnes’ uncle was the first believer in their village. Over time, Egnes’ faith grew, and soon after his prayer, God opened a door for him to begin his ministry.
- 2 -
THE BIBLE NETWORK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
He then met a pastor who encouraged him to attend a 15-day programme at a Bible college in the capital. His ministry has been steadily growing since 2018. One of his goals is to share the Gospel with those who have never heard it. Today, about a quarter of the 80 people in Egnes’ village attend his church. He uses the Bible study materials you generously help provide to help them grow in faith. The ministry continues the locals have coined a name for those in the village who follow Jesus. “Some of the non-believers call us the ‘Hallelujah People.’” This word, which means “Praise the Lord,” beautifully describes the Church in this little corner of the world.
Just a few months ago, God opened another door for Egnes to attend Bible Network’s Church Planter Training. He says with a smile, “The training is different from anything I’ve experienced before. I look forward to completing all the modules.” As Egnes continues his ministry in his village and seven other nearby villages where people have yet to hear the Gospel, who knows how many more will join the Hallelujah People? “Pray that the Lord will change their lives,” Egnes asks.
Bible-based Literacy work
Now here is an example of our Bible Literacy work.
Thirty years ago, Anita had a dream that changed the course of her life. She found herself in a dark house, where every room was filled with people crying. When she asked why they were in such despair, they replied, “I am so wretched; can you help me find freedom?” Jolted awake, Anita was left with a clear conviction: she needed to help those in prison.
Gaining confidence reflecting on her journey, Anita shares, “I felt called to serve the Lord in prison ministry, but I had no idea where to start. Then the Lord guided my steps.” Over time, God built up Anita’s confidence through various jobs and her seminary training in Hong Kong. Not long after she became a pastor, God fulfilled His calling on Anita’s life. She joined an organisation devoted to prison ministry and faithfully served there for 16 years before retiring.
But God had more plans for her. A new calling In 2021, Anita embarked on a new chapter in her ministry. God opened a door for her to reach a different kind of prisoner – not those behind bars, but those trapped in drug addiction. Her new mission was clear: to serve those in rehabilitation centres. Thanks to your support, Anita started leading Bible-based literacy classes and Bible studies for people in recovery and their families.
While many may have given up on them, Pastor Anita sees their potential. She shares her vision for them: “A new life, with a new purpose. I want each one of them to become a good and faithful servant of the Lord.”
Like so many others, Anita’s journey hasn’t been straightforward in fulfilling her calling. Yet, the Lord prepared her for this very moment. She smiles with confidence, “This calling comes from heaven. I work for Him, not for anyone else in this world.
Project Philip Bible Studies
Here is an example of both Project Philip and Church Planter Training.
Every Sunday at 4:30 am, 34-year-old William begins his long walk to church. “I have no other means of transport but my own two feet,” he explains. His goal? To reach the church by 10 am. The journey is at least 30 miles from his home to the church he established. “I cover at least 62 miles to attend the congregation I lead,” he states matter-of-factly. That’s 124,000 steps – 114,000 more than the daily recommendation for the average person.
Seizing the opportunity A few years ago, William and another local pastor recognised the need to share the Gospel in Oljooro, Kenya, which is home to many Maasai people. The Maasai are a semi-nomadic community, primarily cattle and goat herders, with about 1.5 million members living in Kenya. William recalls, “The local people are deeply rooted in their traditions. We saw an opportunity to introduce Bible Network Bible studies to plant a new church.”
- 3 -
THE BIBLE NETWORK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Today, his church is flourishing. William knows this is only possible because of the training and materials you’ve provided. “You went out of your way to reach pastors and churches in remote areas,” he explains. “The Bible study leader training and Church Planter Training are the only structured training many pastors, like myself, will ever receive.” Nurturing future leaders Around 50 people regularly attend William’s church. With a smile, he shares, “Over 60% of my members have accepted Christ as their Saviour through Bible studies.”
William has also trained other believers to help lead the church during the midweek fellowship. Now, he dreams of expanding his church. He beams with pride, “I plan to raise leaders who will help grow the church and plant more churches. The Word of God is powerful, and I want more Maasai to have the opportunity to own, read, and hear the Word of God for themselves.
Prison Ministry
The director of our Prison Ministry, Matthew, has sent the following report which covers the last twelve months of
operating.
In the 2023-24 year, our outreach and discipleship ministry into UK prisons, through the Crossroads programme, has seen 457 lessons returned and reviewed with an encouraging personal letter (495 in 2022-23). This was achieved through a team of 20 volunteer mentors (24 in 2022-23). 63 new students (prisoners) were added to the programme (44 in 2022-23). We currently offer 11 courses with a total of 92 lessons (9 courses with 84 lessons in 2022-23).
At the end of the 2023-24 year, and since this ministry began in the UK in 2010, a total of 3376 individual lessons have been returned from 571 students from every prison in the UK. Lessons continue to be provided free-ofcharge to prisoners thanks to our partnership with Crossroads Prison Ministries and the generosity of UK donors. Our programme is a source of comfort, encouragement and biblical discipleship to those in prison.
Learn More About Jesus
Ruth our director of the Learn More About Jesus course writes the following: -
The work of Learn More About Jesus continues as people make requests for the free course via the website www.learnmoreaboutjesus.co.uk. We have sent out the course to 65 receipts this year, either by post or email. We sometimes receive comments from those requesting the course. One recipient said 'I am really struggling with my faith. I am hoping this will help me see more clearly', another said they would 'love to have a real encounter with him in my life and heart' whilst another commented 'willing to learn at age 75'. Please pray for those receiving the course, that they would come to know the saviour.
Bible Distribution Information
I would like to now take this opportunity to update you on where we have been able to place the Scriptures which you have so kindly funded.
I will not detail the number of Scriptures for each region, as this would make for difficult reading, but as always, if you would like to know this information then please feel free to write to our office and ask for this.
Unfortunately, in the age in which we live I cannot give precise details of most of the towns and villages where our Bibles are being placed, and this is because it could place our workers at considerable risk. Where there is no risk to people then I am able to give precise location details.
I will be grouping the distributions into regions and combining Bibles and New Testaments.
- 4 -
THE BIBLE NETWORK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Area
Albania Armenia Bangladesh Columbia Ghana India Indonesia Kenya Malaysia Malawi Nicaragua Nepal Peru Philippines Sri Lanka South America South Africa Tanzania Ukraine Zimbabwe
Additionally, we have given considerable support to areas of the world where persecution is at its worse, and at Christmas time we were able to give Children’s Bibles to many children in different countries.
Additional Comments
We are indeed grateful to our many supporters who give regularly and as and when they are able, and it is encouraging to know that every few pounds given will translate into a blessing for someone, somewhere, in our world.
Thank you for taking the time to read this report.
- 5 -
THE BIBLE NETWORK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Reserves Policy
In general the charity carries out short-term projects and the trustees consider that reserves of £75,000 to £100,000 are an adequate level. It was noted that unrestricted reserves as at 5 April 2024 stood at £225,298 (2023: £162,136) due to a one-off legacy received in the year. It is the intention of the Trustees to utilise reserves by making additional grants in accordance with the charitable objects so that the reserves are in accordance with the target level.
Financial Review
Incoming resources for the year increased by 20.37% to £818,576 (2023: £680,023). The charity continues to be reliant upon voluntary income, with donations representing 74.17% of incoming resources, and legacies representing a further 25.18% of incoming resources.
Total outgoing resources amounted to £755,341 (2023: £724,593), of which the charity was able to spend (69%) i.e. £518,264 (2023: £499,745) on its charitable activities, and (31%) i.e. £237,077 (2023: £224,848) on raising funds.
The net resources of the charity amounted to a surplus of £52,135 (2023: deficit £44,570 ), and as a result the total unrestricted funds of the charity stood at £214,271 at 5 April 2024 (2023: £162,136). Funds have been placed on interest bearing accounts with the Charities Aid Foundation and Virgin Money. There were no restricted funds held as at 5 April 2024.
Risk management
Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining free reserves at the level stated below, combined with our annual review of the controls of the key financial systems will provide sufficient resources in the event of adverse conditions.
Plans for the future
During this coming year we will firstly continue to maintain our long term, day to day activities, which include the following:-
-
A – The Bible based literacy work B – The Project Philip Bible studies
-
C - Our Church Planter training
-
D – Our Prison Ministry
-
E - The Learn More About Jesus correspondence courses.
In addition we will be making a concerted effort this year to develop a work amongst children in a number of the countries where we currently have an adults ministry,
We will be providing colourful childrens Bibles which will be made available to children in their own language.
Several fund raising campaigns will be held in order to cover the cost of these Bibles.
- 6 -
THE BIBLE NETWORK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Structure, governance and management
The charity was established by a charitable trust deed on 24th August 1988 and is registered with the Charity Commission, number 299943.
The trustees who served during the year were: Dr John Savage Mrs Brenda Savage Mr Robert Green
Details of method of recruitment, appointment and induction of trustees
New trustees are recruited and appointed by the Board of trustees as the need arises for additional trustees. The Board of trustees consider people of whom they are aware or who have been recommended as being supportive of the aims and objects of the charity, and are willing to act in the position of trustee.
New trustees are briefed by existing Trustees on their legal obligations under charity law, the Charity Commission guidance on public benefit and the background to the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Organisational structure
During the year the charity was organised primarily by Dr. Savage working with the other trustees; the ongoing organisation of the charity is kept under constant review. Dr. Savage as Secretary has responsibility for the day to day running of the charity, but policy matters are decided by the trustees at the regular trustees meetings.
The remuneration of key management personnel is reviewed by the board of trustees with Dr. Savage not involved in the process.
The trustees' report was approved by the Board of Trustees.
Dr John Savage
Trustee Dated: 5 November 2024
- 7 -
THE BIBLE NETWORK
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE BIBLE NETWORK
I report to the trustees on my examination of the financial statements of The Bible Network (the charity) for the year ended 5 April 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute for Chartered Accountants in England & Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Jonathan Caton FCA FCCA
Caton Fry & Co Ltd Essex House 7-8 The Shrubberies George Lane South Woodford London E18 1BD
Dated: 5 November 2024
- 8 -
THE BIBLE NETWORK
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 813,262 | 676,398 |
| Investment income | 4 | 5,314 | 3,625 |
| Total income | 818,576 | 680,023 | |
| Expenditure on: | |||
| Raising funds | 5 | 237,077 | 224,848 |
| Charitable activities | 6 | 518,337 | 499,745 |
| Total expenditure | 755,414 | 724,593 | |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 63,162 | (44,570) | |
| Fund balances at 6 April 2023 | 162,136 | 206,706 | |
| Fund balances at 5 April 2024 | 225,298 | 162,136 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
All income, expenditure and fund balances are represented by unrestricted funds both in the current and previous year.
- 9 -
THE BIBLE NETWORK
BALANCE SHEET
AS AT 5 APRIL 2024
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2024 £ 11,100 235,711 246,811 (21,514) |
£ 1 225,297 225,298 225,298 225,298 |
2023 £ 44,122 140,275 184,397 (22,262) |
£ 1 162,135 |
|---|---|---|---|---|
| 162,136 | ||||
| 162,136 | ||||
| 162,136 |
All fund balances are represented by unrestricted funds.
The accounts were approved by the Trustees on 5 November 2024
Dr John Savage Trustee
- 10 -
THE BIBLE NETWORK
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 18 Investing activities Investment income received Net cash generated from investing activities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ 5,314 |
£ 90,122 5,314 - 95,436 140,275 235,711 |
2023 £ 3,625 |
£ (23,234) 3,625 - (19,609) 159,884 140,275 |
|---|---|---|---|---|
- 11 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Donated services
In accordance with FRS 102, the general volunteer time is not recognised. Refer to the trustees' report for more information on the contribution of volunteers to the charity.
- 12 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is included in the accounts on an accruals basis.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Costs of raising funds are those costs incurred in attracting voluntary income and include: expenses remitted for advertising and marketing, including strategic planning, creative copy and concept, artwork and production services, project management and media, as well as database fulfilment, new donor acquisition and existing donor development
Charitable expenses represent grants paid during the year. Grants are allocated only when the funds are available.
Governance costs include those costs incurred in the governance of its assets and are primarily associated with constitutional and statutory requirements.
Support costs include the management and administration costs of the charity, including trustees remuneration. These are split between costs of raising funds, costs of grant making, and governance either on the estimated time spent on each activity or the actual cost, as most appropriate.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment 33% on reducing balance Office equipment 15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 13 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
- 14 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 607,129 | 671,379 |
| Legacies receivable | 206,133 | 5,019 |
| 813,262 | 676,398 |
4 Income from investments
| Unrestricted Unrestricted funds funds 2024 2023 £ £ Interest receivable 5,314 3,625 |
Unrestricted Unrestricted funds funds 2024 2023 £ £ Interest receivable 5,314 3,625 |
Unrestricted Unrestricted funds funds 2024 2023 £ £ Interest receivable 5,314 3,625 |
Unrestricted Unrestricted funds funds 2024 2023 £ £ Interest receivable 5,314 3,625 |
|---|---|---|---|
| Raising funds | |||
| Costs of generating voluntary income Other fundraising costs Staff costs Support costs Costs of generating voluntary income |
2024 £ 41,067 30,229 14,273 85,569 |
2023 £ 41,384 27,944 19,555 |
|
| 88,883 |
-
5 Raising funds
-
15 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
| 5 | Raising funds Appeals & Newsletters Other trading activities Planning & Consultancy |
(Continued) 141,929 100,378 9,579 35,587 237,077 224,848 |
(Continued) 141,929 100,378 9,579 35,587 237,077 224,848 |
|---|---|---|---|
| 35,587 | |||
| 224,848 |
6 Charitable activities
| Scripture placement programme £ Staff costs 6,412 Activities undertaken directly 584 6,996 Grant funding of activities (see note 7) 450,000 Share of support costs (see note 8) 9,092 Share of governance costs (see note 8) 18,537 484,625 Analysis by fund Unrestricted funds 484,625 484,625 For the year ended 5 April 2023 Unrestricted funds 489,921 489,921 |
Prison Ministry £ - 33,712 33,712 - - - 33,712 33,712 33,712 9,824 9,824 |
Total 2024 £ 6,412 34,296 40,708 450,000 9,092 18,537 518,337 518,337 518,337 |
Total 2023 £ 5,927 10,958 |
|---|---|---|---|
| 16,885 455,000 10,074 17,786 |
|||
| 499,745 | |||
| 499,745 | |||
| 499,745 |
- 16 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
| 7 Grants payable Africa Colombia India Latin America Kenya Malawi Bangladesh Indonesia Zimbabwe Albania Ukraine Worldwide Children Persecuted Church Ministry of Muslim Area Mexico Peru South Africa Philippines Nicaragua Ghana Nepal Armenia Europe Asia Sri Lanka Tanzania Malaysia Where Needed Most Worldwide Chile Brazil Thailand |
2024 £ 35,000 18,000 5,000 38,000 13,000 5,000 15,000 5,000 14,000 13,000 - 20,000 80,000 40,000 2,000 4,000 11,000 14,000 8,000 5,000 5,000 14,000 24,000 21,000 1,000 17,000 13,000 10,000 - - - 450,000 |
2023 £ 32,000 12,000 30,500 10,000 16,000 3,000 - 7,500 9,000 45,600 60,400 10,000 81,000 50,000 - 6,000 16,000 30,500 - 5,000 - 5,000 - - - - - - 12,000 11,000 2,500 |
|---|---|---|
| 455,000 |
- 17 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
| 8 Support costs Support costs Governance costs £ £ Staff costs - 9,160 Printing, postage & stationery 9,000 - Premises costs 312 - Motor & travelling 1,513 - Advertising 1,045 - Telephone, communications & general expenses 3,602 - Telephone & communications 336 - Bank charges 7,557 - Accountancy - 2,958 Independent Examination - 5,808 Legal and professional - 611 23,365 18,537 Analysed between Fundraising 14,273 - Charitable activities 9,092 18,537 23,365 18,537 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
8 Support costs Support costs Governance costs £ £ Staff costs - 9,160 Printing, postage & stationery 9,000 - Premises costs 312 - Motor & travelling 1,513 - Advertising 1,045 - Telephone, communications & general expenses 3,602 - Telephone & communications 336 - Bank charges 7,557 - Accountancy - 2,958 Independent Examination - 5,808 Legal and professional - 611 23,365 18,537 Analysed between Fundraising 14,273 - Charitable activities 9,092 18,537 23,365 18,537 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
8 Support costs Support costs Governance costs £ £ Staff costs - 9,160 Printing, postage & stationery 9,000 - Premises costs 312 - Motor & travelling 1,513 - Advertising 1,045 - Telephone, communications & general expenses 3,602 - Telephone & communications 336 - Bank charges 7,557 - Accountancy - 2,958 Independent Examination - 5,808 Legal and professional - 611 23,365 18,537 Analysed between Fundraising 14,273 - Charitable activities 9,092 18,537 23,365 18,537 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
2024 £ 9,160 9,000 312 1,513 1,045 3,602 336 7,557 2,958 5,808 611 41,902 14,273 27,629 41,902 |
2023 £ 8,468 6,710 312 807 6,947 5,704 325 8,825 2,958 5,808 552 |
|---|---|---|---|---|
| 47,415 | ||||
| 19,555 27,860 |
||||
| 47,415 | ||||
| 2023 £ 2,958 |
||||
| 2024 £ 2,958 |
- 18 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
10 Employees
The average monthly number employees during the year was: 1 (2023:1).
| Employment costs Wages and salaries Other pension costs |
2024 £ 39,011 6,790 45,801 |
2023 £ 36,099 6,240 |
|---|---|---|
| 42,339 |
No employees received emoluments in excess of £60,000. Dr John Savage was remunerated in the year.The remuneration of this trustee is authorised by General Order of The Charity Commissioners for England and Wales, in consideration of his role as managing trustee and secretary of the charity.
11 Tangible fixed assets
| 11 Tangible fixed assets |
|
|---|---|
| Computer equipment Office equipment £ £ Cost At 6 April 2023 2,765 509 At 5 April 2024 2,765 509 Depreciation and impairment At 6 April 2023 2,765 508 At 5 April 2024 2,765 508 Carrying amount At 5 April 2024 - 1 At 5 April 2023 - 1 12 Debtors 2024 Amounts falling due within one year: £ Other debtors 11,100 |
Total £ 3,274 |
| 3,274 | |
| 3,273 | |
| 3,273 | |
| 1 | |
| 1 | |
| 2023 £ 44,122 |
- 19 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
13 Creditors: amounts falling due within one year
| 13 Creditors: amounts falling due within one year |
||
|---|---|---|
| Trustees' accounts Other creditors Accruals and deferred income 14 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
2024 £ 12,587 161 8,766 21,514 2024 £ 6,790 |
2023 £ 13,261 235 8,766 |
| 22,262 | ||
| 2023 £ 6,240 |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 6 April | Incoming | Resources | At 5 April | |
|---|---|---|---|---|
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 162,136 | 818,576 | (755,414) | 225,298 |
| Previous year: | At 6 April | Incoming | Resources | At 5 April |
| 2022 | resources | expended | 2023 | |
| £ | £ | £ | £ | |
| General funds | 206,706 | 680,023 | (724,593) | 162,136 |
16 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Unrestricted |
|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fund balances at 5 April 2024 are represented by: | ||
| Tangible assets | 1 | 1 |
| Current assets/(liabilities) | 225,297 | 162,135 |
| 225,298 | 162,136 |
- 20 -
THE BIBLE NETWORK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
17 Related party transactions
The figure of £12,587 (2023: £13,261) for Trustees' account within creditors represents an amount owed to Dr. J. C. Savage.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Aggregate compensation | 39,469 | 36,530 |
Services towards the charity's appeals, prison ministry and website maintenance were provided by The Savage Partnership. Mr M Savage, who is the son of the Trustee Dr J C Savage, is a partner of The Savage Partnership. The cost of these services provided during the year ended 5 April 2024 amounted to £9,763 (2023: £9,708).
| 18 Cash generated from operations Surplus/(deficit) for the year Adjustments for: Investment income recognised in statement of financial activities Movements in working capital: Decrease in debtors (Decrease)/increase in creditors Cash generated from/(absorbed by) operations |
2024 2023 £ £ 63,162 (44,570) (5,314) (3,625) 33,022 19,594 (748) 5,367 90,122 (23,235) |
|---|---|
- 21 -