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2021-12-31-accounts

UNITED BIBLE SOCIETIES ASSOCIATION

(Limited by Guarantee)

TRUSTEES’ REPORT AND ACCOUNTS

For the year ended 31 DECEMBER 2021

Company no. 02264875 Charity no. 800058

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TRUSTEES’ REPORT AND ACCOUNTS For the year ended 31 DECEMBER 2021

CONTENTS

Page
Legal and administrative details 3
REPORT OF THE TRUSTEES
Structure, governance and management 5
Objectives and activities 6
Strategic Report
- Achievements and performance 7
- Plans for 2022 10
- Financial review 11
- Principal risks 14
Trustees’ responsibilities 15
Going concern 15
Independent auditor’s report 17
Statement of Financial Activities (SOFA) 20
Balance sheet 21
Cash flow statement 22
Notes to the cash flow statement 23
Notes to the accounts 24

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UNITED BIBLE SOCIETIES ASSOCIATION

(Limited by Guarantee)

LEGAL AND ADMINISTRATIVE DETAILS

United Bible Societies Association is a registered charity and a registered company, limited by guarantee.

Charity number: 800058 Company number: 02264875

Trustees:

Miss Elaine Duncan (Chair), Scottish Bible Society Rev Dirk Gevers (Vice-Chair), Bible Society of South Africa (resigned May 2022) Dr Rieuwerd Buitenwerf, Netherlands Bible Society Rev Dr Rupen Das, Canadian Bible Society Ms Rachel Parr

Mr Ruben del Ré, Argentine Bible Society

Dr Christoph Rösel, German Bible Society

The trustees are appointed from among the members of the Global Council; the Council is elected by the member organisations.

Finance and Audit Committee:

Ms Rachel Parr (Chair)

Dr Michael Bassous, Bible Society of Lebanon

Mr James Coleman, Bible Society in New Zealand Inc Mr Simon Peter Mukhama, Bible Society of Uganda Mr Bernt Olsen, Norwegian Bible Society Mr Alan Smith

Officers:

Mr Michael Perreau Director General Mr Christopher Egitto Executive Director of Strategy and Innovation Mr Terje Hartberg Executive Director for UBS Fellowship Development (retired Dec 2021) Prof Alexander Schweitzer Executive Director Global Bible Ministry and Head of Global Bible Translation Mr Adrian White Chief Operating Officer and Executive Director for Membership Services Mr Maxime Bakiono Director of Ministry Exchange for Africa and Asia Mr Steven Berneking Director of Bible Ministry Technology Mrs Janet Bolton Director of People Mr Nicholas Chinnery Director of Finance & IT Dr Mark Cook Associate Director of Operations Dr Rosalee Velloso Ewell Director of Church Relations Ms Elsbeth Scherrer Director of Global Bible Publishing and Distribution Ms Sarah Starrenburg Director of Global Partnerships and Communication

Registered Office:

UK Hub, Stonehill Green Westlea Swindon, SN5 7PJ England

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UNITED BIBLE SOCIETIES ASSOCIATION (Limited by Guarantee)

LEGAL AND ADMINISTRATIVE DETAILS (continued)

Bankers:

National Westminster Bank plc 13 Market Place Reading Berkshire, England

Barclays Bank plc 90/92 High Street Crawley West Sussex, England

Investment Managers:

Cazenove Capital 1 London Wall Place London EC2Y 5AU

Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London, England

Lawyer:

Bates Wells 10 Queen Street Place London, England

Auditor:

Crowe U.K. LLP 55 Ludgate Hill London, EC4M 7JW

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UNITED BIBLE SOCIETIES ASSOCIATION (Limited by Guarantee)

REPORT OF THE TRUSTEES (including the Strategic Report) For the year ended 31 December 2021

We present our report on the affairs of the charity together with the accounts and independent auditor’s report for the year ended 31 December 2021. As trustees, we are the directors of United Bible Societies Association, which is a company limited by guarantee and referred to throughout as ‘the Association’. The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) Charities SORP (FRS 102) (effective from 1 January 2015), and the Charities Act 2011/Companies Act 2006. The directors’ report required by the Companies Act 2006 is included in this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Association’s governing documents are its Memorandum and Articles of Association. The current Articles of Association were adopted in November 2017. The Articles of Association include an indemnity provision indemnifying trustees against any liabilities incurred in that capacity. The Association is commissioned by the UBS Fellowship to provide services to its members. Providing these services is the principal means through which it fulfils its objectives. The UBS Fellowship operates in more than 240 countries and territories around the world. It is governed by the World Assembly, at which all member Societies are represented. The World Assembly, which is held at least every eight years, sets the strategic direction of the UBS. A World Assembly was held in Philadelphia, USA, in May 2016 where the strategic direction of the Association was agreed for the next six years. The strategy was voted on by those attending the World Assembly and was enshrined in a document called the Philadelphia Promise. The next Assembly is planned to be held in the Netherlands in 2023 (delayed from 2021 due to the global pandemic). Between Assemblies, the UBS Fellowship’s affairs are directed by the Global Council and its Committees. Acting in its capacity as the executive body of the UBS Fellowship, the Global Council sets the membership contribution, which the UBS Fellowship assigns to the Association to provide the required services to UBS members.

The Global Council consists of between 20 and 24 voting members drawn from member Bible Societies and partner organisations whose vision, mission and values are in keeping with those of the UBS Fellowship. The rules for the election of Council members were amended in 2016. Sixteen Council members are elected by electronic ballot to reflect skills, competencies and representational issues. The strategic priorities and worldwide presence of the UBS Fellowship are also taken into account. At least a quarter of the Council members are Board representatives from member Societies. In addition, four Council members are appointed to reflect historic and emerging church traditions. The Global Council may co-opt up to four additional members to ensure that the Council has the range of competencies and representational balance to fulfil its responsibilities. These may be drawn from within or outside the UBS Fellowship. Global Council members (elected or co-opted) serve for four years and they may serve a maximum of two consecutive terms in the same or different representational roles. Elections are held every two years when half of the elected members are elected for a period of four years, with the possibility to be re-elected for a further four years. Elections were held in 2019 with the next elections to be held in 2022 (delayed from 2021 due to the global Pandemic).

The Global Council appoints from among its members an Executive Board, consisting of seven members, who are by virtue of the office the trustees of the Association. The Executive Board members are appointed for a period of four years, renewable for a further four years. Comprehensive induction training on governance responsibilities, strategic context and Board policies and practices are given to all newly appointed trustees.

As trustees, we are responsible for the governance oversight of the Association. In our corporate capacity as the Executive Board, we work together to fulfil the governance function. Executive responsibility rests with the UBS Director General who is appointed by the Board and leads the Association’s Global Mission Team.

The Association provides services which include co-ordination of member Societies’ activities, consultancy services in the fields of translation, programme, finance, communications, administration of personnel, information technology services and implementation of UBS strategies, policies and procedures. These services are provided through hubs, located in several countries as well as staff working virtually around the world:

The Board delegates the exercise of certain management and administrative powers to the Finance and Audit Committee, including the approval of loans and credit limits relating to the Capital Fund, as well as to the other Committees. The Finance and Audit Committee monitors financial and pension matters and makes recommendations to the Board. The Committee also advises and makes recommendations to the Board on all matters relating to the auditing of accounts. This includes ensuring full disclosure, effective internal controls and defining the scope and depth of the audit.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

Bible Societies affiliated to the Association are established in countries which have no Bible Society operation with a view to their developing over time into full member Bible Societies of the Association. Affiliate Bible Society offices have access to the same grant and loan programmes as member Societies, on the same terms as member Societies. The Affiliate Bible Society offices are related parties, through United Bible Societies incorporated in Delaware, and information about the transactions with them is shown at note 23.

The principles of remuneration of all employees, including key personnel, was approved by the Board in 2014 on the recommendation of its Finance and Audit Committee. The Finance and Audit Committee consider any cost of living increases for inclusion in the budget approval presented to the Board on an annual basis. The Committee follows the organisation's "Principles of Remuneration" policy, which applies to all staff. Salary bandings are set and maintained by reference to local market rates of pay for non-profit staff. The organisation aims to pay the average pay by non-profit organisations of similar size and complexity.

The work of the Association around the globe relies on the commitment and hard work of its valued staff. Communication links are maintained through team meetings and other internal channels. The Association is committed to equality in recruitment and development of healthy staff relations. 2% of the staff budget is set aside to fund learning and development opportunities.

OBJECTIVES AND ACTIVITIES

As stated in the Articles of Association, the object of the Association is to promote, in the interests of the public benefit, the widest possible effective distribution and use of the Bible or any parts thereof throughout the world, including the translation into any language or languages, printing and publication of the Bible or any part of the Bible.

The principal means by which the Association meets its objectives is in supporting the work of Bible Societies who together constitute the UBS Fellowship. The UBS Fellowship operates in more than 240 countries and territories around the world. The mission of the UBS Fellowship is to achieve the widest possible, effective and meaningful distribution of the Holy Scriptures and to help people interact with the Word of God.

The principal charitable activities of the Association are:

The consultancy and services to Bible Societies are funded primarily from the Global Stewardship Fund paid by Bible Societies. In November 2017 the Global Council convened a Funding Review Group to consider the methodology by which the Bible Society contributions to the Fund are calculated. In 2018, following consultation with Bible Societies, a new methodology was agreed which was applied with effect from 2019. The aim was to generate broadly the same level of income as in 2018. The Association does not actively raise funds from the public as it would be competing with Bible Societies who conduct their own local fundraising activities. In recent years the Association has obtained increasing levels of funding from organisations with similar objectives such as ETEN (Every Tribe Every Nation) and YouVersion. The funding is in respect of specific projects and includes an allowance per project for general administrative costs.

Consultancy and services to Bible Societies involve provision of advice and support to Bible Societies in every aspect of their activities, including translation, publishing, production, distribution, Bible advocacy, church relations, communications, governance and business management. The Association also provides support services to the UBS Fellowship including corporate communications, representing the UBS Fellowship to global church bodies and church-related organisations and to other Scripture agencies, support of the UBS Fellowship’s governance structures and supporting the development of global strategies and their implementation.

The International Support Programme (ISP) is a grant programme intended to provide financial support for the activities of Bible Societies. It is funded primarily by grants from other Bible Societies. ISP grants to Bible Societies are made in the form of general grants to support an overall Bible Society operation, and grants to specific projects.

We prepare and approve an annual grant expenditure budget, drawn from grant requests submitted by Bible Societies. We prepare a list of grants to be funded from the requests received, based on a balance of:

We also make programme-related investments, in the form of loans to Bible Societies for projects, such as the acquisition of properties for Bible mission and business restructuring. These loans are made when a Bible Society is not in a position to obtain commercial loans and/or pay commercial rates of interest, but is able to demonstrate that it is able to repay a loan with more favourable terms.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

PUBLIC BENEFIT

In preparing this report, we have complied with the duty in the Charities Act 2011, to have due regard to public benefit guidance published by the UK Charity Commission. We have sought to demonstrate that the Association continues to provide identifiable benefits which relate directly to its aims; as stated in its Memorandum and Articles of Association and which outweigh any potential detriment or harm. Further, these benefits are publicly available and the Association’s aims and objectives make specific reference to providing Holy Scripture material at prices people can afford. Any private benefits to trustees and members of the Association are incidental.

In the section that follows we have included examples of how our work has helped to raise awareness and understanding of the Christian faith through making the Bible and related resources available in languages, formats and at prices which make it accessible to all people regardless of wealth, education or physical capability, which we believe is a positive contribution to the communities that we work in.

STRATEGIC REPORT

United Bible Societies Association’s reporting reflects the Board of Trustees’ awareness of its duty under Section 172 of the Companies Act 2006 to promote the success of the charity to achieve its charitable purpose. In the case of UBSA this is to promote in the interests of the public benefit the widest possible effective distribution and use of the Bible or any parts thereof throughout the world. UBSA’s primary approach to accomplishing this is by coordinating and supporting member and affiliate Bible Societies in the UBS Fellowship – which are UBSA’s key stakeholders – to make the Bible available in languages, formats and at prices accessible to everyone. Consequently, this report details the activities, policies and governance arrangements in place at the charity to achieve this aim.

ACHIEVEMENTS AND PERFORMANCE IN 2021

The United Bible Societies Association’s Global Mission Team helps the UBS Fellowship make the Bible available to everyone by providing shared services, tools, and learning and collaboration opportunities to Bible Societies. This includes facilitating the sharing of financial resources through the grants programme. By doing this, they increase the efficiency and effectiveness of Bible Societies’ ministries, their organisations and their work together as a Fellowship.

In 2021, the Global Mission Team’s services shifted to support Bible Societies in new ways as Bible Societies continued to adapt their own ministry and audience engagement in the midst of the ongoing COVID-19 pandemic. The Global Mission Team placed special emphasis on delivering services and activities that supported the sustainability of Bible Societies, the Fellowship and UBSA in a changed environment.

The UBS Global Mission Team delivered services that increased the effectiveness of Bible ministry throughout the Fellowship. They did this by:

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

The UBS Global Mission Team delivered services to enhance the effectiveness of Bible Societies – which are United Bible Societies Association’s key stakeholders – in the UBS Fellowship. They did this by:

The UBS Global Mission Team delivered services that increased the effectiveness of the collective UBS Fellowship. They did this by:

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

Delivering all of these services was made possible by creating a culture of engagement, collaboration and care within the UBS Global Mission Team, UBSA’s employees. Amongst other benefits, UBSA offered an employee assistance programme, which was available to all employees and their families, to provide help and advice. Some members of staff received training to become mental health first aiders, who were then able to better support their colleagues. In addition, in the pandemic the team began bringing staff together online through “Global Hub Days” at periodic intervals.

SECTION 172 STATEMENT

The Board of Trustees is aware of its duty under Section 172 of the Companies Act 2006 to act in a way that is considered to be in the interests of stakeholders when promoting the success of the company. The trustees confirm that they have had regard to section 172(1) of the Companies Act 2006 which details the trustees’ duties to promote the success of the charity to achieve its charitable purposes. This trustees’ report details the activities, policies and governance arrangements in place at the charity to achieve this aim.

UBSA members are members of the Fellowship, and our purpose is to serve the membership and our governance is established to ensure representation and fairness.

In the section that follows we have included examples of how our work has helped to raise awareness and understanding of the Christian faith through making the Bible and related resources available in languages, formats and at prices which make it accessible to all people regardless of wealth, education or physical capability, which we believe is a positive contribution to the communities that we work in (see page 7).

We uphold high standards in our business conduct as reputation is a principle risk. As noted on page 14 the trustees have mitigations in place to manage the reputational risk.

Engagement with our Employees

We believe in people and our culture and values are fundamental to the successful delivery of our services. The development and investment in our employees is integral to our charity. Amongst other benefits we offer an employee assistance programme for help and advice which is open to all employees and their families.

Relationships with other Key Stakeholders

We recognise the importance of engagement with our member Bible Societies and work closely with them to support and deliver services that best support their needs. This has been particularly important during the COVID-19 pandemic where Bible Societies have faced economic challenges. We value all of our suppliers and have multi-year contracts with our key suppliers.

Risk Management

It is important that we consider the likely consequences of any decisions made in the long-term. These can be found below under Streamline Energy and Carbon Reporting and on page 12 in regards to the Sung Fund.

STREAMLINED ENERGY AND CARBON REPORTING

We are legally required to report annually on energy consumption within the United Kingdom, including, as a minimum, our emissions from UK energy use and business travel. However, as we are a low energy user, below the reporting threshold of 40MWh (2020: below the reporting threshold of 40MWh), we are not required to disclose our energy and carbon information.

At a global level, our principle environmental impacts arise from travel and the use of a range of computer equipment to perform our work. The pandemic has vastly reduced the number of flights taken in the course of our work in 2021 and we anticipate the new ways of working found in the last year to be carried forward to a great extent into the future to reduce our environmental impact in the long term.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

PLANS FOR 2022

In 2022, the Global Mission Team plans to continue to prioritize delivering the most-needed services to Bible Societies – their key stakeholders – to support their ministry and organisational effectiveness, as well as the effectiveness of the UBS Fellowship network. The Global Mission Team will do this by prioritizing a customer-centric, digital-first, integrated team approach.

This year a special focus will be placed on transitioning and streamlining services and budget to support the changing needs of Bible Societies as they operate in the ongoing COVID-19 pandemic, as well as the transitions required by a new governance structure adopted by the members. Areas such as sustainability, digital transformation and change management will be prioritized.

The Global Mission Team will deliver services that increase the effectiveness of Bible ministry throughout the Fellowship. They will do this by:

The Global Mission Team will deliver services that increase the effectiveness of Bible Societies throughout the Fellowship. They will do this by:

The Global Mission Team will deliver services that increase the effectiveness of the collective UBS Fellowship. They will do this by:

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

FINANCIAL REVIEW 2021

The accounts have been prepared in accordance with the Financial Reporting Standard (FRS102) and Charities SORP (FRS102) effective from 1 January 2015.

Results for the year

In 2021 the net movement in funds was a surplus of USD 9.5 million (2020 surplus of USD 9.6 million), comprising surplus of USD 7.4 million on unrestricted funds, a deficit of USD 0.2 million on restricted funds and a surplus of USD 2.3 million on endowment funds. These results are after accounting for gains and losses on investments and the defined benefit pension schemes, and the exchange rate movement on reserves. The net movement in funds before these adjustments was a surplus of USD 0.9 million (2020 surplus of USD 5.02 million), comprising a surplus of USD 1.63 million on unrestricted funds, a deficit of USD 1.33 million on restricted funds and a surplus of USD 0.6 million on endowment funds. Total funds carried forward increased from USD 81.9 million to USD 91.3 million.

International Support Programme

The Association administers the global grant programme of the UBS Fellowship, known as the International Support Programme. Grants are made to member Societies of the UBS Fellowship, to further the Association’s and the Bible Societies’ mission of achieving the widest possible, effective and meaningful distribution of the Holy Scriptures and to help people interact with the Word of God.

The Association received grants of approximately USD 32.4 million from 26 Bible Societies around the world during the year (2020: USD 35.1 million) with 38% of the income being provided by the American Bible Society. The income was used to make grants to other Bible Societies, to support specific projects and to support some of the specific activities of the UBS Global Mission Team.

Societies which made donations to the Association during the year are listed at note 24 to the accounts. Societies which received grants are listed at note 25.

The International Support Programme was able to make its budgeted grants to grant-receiving Societies and the Association’s Global Mission Team during the year, thanks to the generosity of grant-making Societies. It is expected that this support will continue.

Capital Fund

The UBSA Capital Fund is a restricted fund to support the financial capability of Bible Societies. These services consist principally of current accounts, providing a settlement system for transactions between Bible Societies and short-term credit, and loans. The Capital Fund is not normally expended on grant programmes. The principal financial services supported are:

The possible applications of the Fund are broad in scope. The services are focused particularly on supporting Bible Societies’ development in their ability to achieve their mission.

Investments

There are no restrictions on the charity’s power to invest. The investments of the Association are composed of a diversified investment portfolio and surplus liquid funds.

Investment Policy

The Association’s policy in respect of ethical investment requires that there is a positive impact on society and the environment. Therefore, investments directly or indirectly in companies whose business is inconsistent with the values of the Association is avoided. UBS funds are to be invested in line with the Statement of Ethical Investment Policy, issued by the Church of England Investment Advisory Group. Consequently, it is expected that the UBS will not have exposure directly or indirectly to companies whose businesses are significantly involved in the following products and activities: alcohol; coal and tar sands; gambling; military equipment and services; pornography; predatory lending; tobacco. This policy has been chosen to ensure that a recognised body is actively looking at this ethical investment practice.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

S.H. Sung - Special World Service Fund

The S.H. Sung – Special World Service Fund is an endowment fund established by a gift from Mr S.H. Sung to the UBS Fellowship. Under the terms of the gift of the fund by Mr S.H. Sung, the fund must be invested. The Association may draw income from the investment fund on a total return basis. The total return basis was adopted this year, see note 10. The income is primarily applied to advance translation activities and the change to total return was considered to be the most appropriate to maintain income to this important work. The Association may not draw on the original capital value of the investment fund.

The Fund is invested in a diversified portfolio under the management of Cazenove Capital. The portfolio is structured to meet the objectives of long-term capital growth and a generation of annual dividend and interest income. The income target, on a total return basis, is the 3% of the fund’s fair value.

Short-term investments: cash deposits

Surplus liquid funds are placed on short-term deposit and in treasury funds with ready access. Easy access is required because Bible Society cash demands are unpredictable. Uncertainties regarding the timing of payments to Bible Societies mean the Association needs to maintain relatively high cash levels of 6 - 8 weeks. Within this constraint, the Association places all available cash on short term deposit. Guaranteed capital return is required because all income is committed to Bible Societies within the bounds of the reserves policy. Within this constraint the Association continues actively to explore new investment opportunities offering capital security but better returns than ordinary short-term deposits and treasury funds.

Pension Funds

The Association maintains a variety of pension arrangements for its staff around the world. The principal schemes provided are:

The United Bible Societies Pension Plans, for as far as they are defined benefit plans, were closed for new members as of 1st January 2005. They were also closed for current members in the period 2009-2010 to eliminate future service accrual. The latest actuarial valuations for the USA and Guernsey plans show a funding surplus. From 2010 or 2011, active members of the schemes and the Association contribute to individual defined contribution arrangements in respect of current service.

The Association operates a defined contribution scheme for Kenyan nationals working for its Nairobi office, called United Bible Societies Staff Retirement Benefits Scheme.

The Association is also an associate employer of the British & Foreign Bible Society (1972) Pension Scheme. This scheme has a defined benefit section and had a defined contribution section until 2019. The defined benefit section closed to future service accrual from 1 October 2003. There is a past service deficit on this section; the employers have agreed a contributions schedule designed to eliminate the funding shortfall by 31 March 2029. Staff in the UK who were not in a pension scheme were auto enrolled into the defined contribution scheme with effect from 1 April 2015 if they were eligible. The defined contribution section of the scheme closed in August 2019 with all members and accrued benefits transferring to alternative provision from September 2019 following appropriate consultation with staff.

The Association established the ‘UBS Pension’ defined contribution scheme as alternative provision for UK staff from September 2019. The scheme is part of Smart Pension, a multi-employer ‘master trust’ scheme. This scheme fully replaces the defined contribution section of the British & Foreign Bible Society (1972) Pension Scheme, with a full transfer of existing members assets and for all future benefits accrual.

The combined surplus of the pension funds at 31 December 2021 was USD 5 million (BFBS deficit of USD 2.5 million, other a surplus of USD 7.5 million), a decrease of USD 6.6 million from 2020. The Association made additional pension payments of USD 0.3 million in 2021 and plans to make additional payments in 2021 from the designated fund established for that purpose.

General Reserves

The trustees have examined the requirement for free reserves, which are unrestricted funds not invested in fixed assets, designated for specific purposes or otherwise committed. The trustees have adopted a risk-based approach to determining the level of reserves required by the Association, considering the funds required to mitigate impacts on income or potential liabilities that could affect its ability to deliver on its intended purposes within the Fellowship. The approach considers the potential volatility of income sources and the organisation’s ability to mitigate that volatility without significantly disrupting operations. Other factors, such as the volatility of the past service pension scheme liabilities, is also incorporated. The trustees consider that free reserves should be within the range of USD 5.5 million and 10 million. This level of reserves, in the opinion of the trustees, will allow the Association to mitigate financial risks that cannot be mitigated by other means, and has been considered in the context of the Covid-19 pandemic, without retaining excessive reserves.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

The unrestricted funds as of the 31 December 2021 stand at USD 20.5 million, (2021: USD 13.2 million). This figure is composed of:

The level of free reserves at the end of 2021 was USD 9.5 million which is the value of general reserves (USD 18.5 million) less the value of tangible assets (USD 1.5 million) and the pension fund assets (USD 7.5 million). The deficit in the pension reserve is fully offset by a designated fund explicitly for that purpose. The level of free reserves increased USD 0.2 million over 2020.

The designated funds were reviewed at the end of 2021 and are detailed in note 12; the three largest designated funds are the Pensions Deficit, RVR60 Royalties and World Assembly. Pensions Deficit was established to represent the remaining deficit on the past service pension schemes; this recognises the commitment of these funds to the purpose of satisfying the deficit, without committing cash to the funds, which vary in valuation with time. RVR60 Royalties was established to recognise the commitment of these funds in accordance with the royalty agreement. World Assembly was established to recognise the commitment of this significant event taking place in 2023.

Some of the services provided to the Fellowship that would otherwise be supported by free reserves are in fact supported by the Capital Fund (USD 14.0 million) as a restricted reserve. The Capital Fund enables the charity to maintain an intra-UBS settlement system between member Societies, to provide working capital to bridge the gap between project commencement and draw-down of grants payable and to make long-term loans to Bible Societies for capital and business development projects. These long-term loans are disclosed on the Balance Sheet as Programme-Related Investments.

Custodian Trustee

Occasionally the Association acts as agent for other organisations and receives funds on their behalf. These funds are not recognised as income and are excluded from the SOFA and balance sheet.

The Association holds cash balances in respect of the Education Fund of USD 2.2 million. The Education Fund represents accumulated contributions by Bible Societies and some UBS staff towards educational expenses of the dependent children of those who choose to be members of the Fund. The Association administers the Fund on behalf of member societies.

The Association held funds of USD 985,000 to support Bible Society activity in Turkey. Of this sum USD 200,000 was held as share capital of a company, Kitabi Mukaddes Yayincilik Matbaa Sanayi Ve Turizm Ticaret (KMAS). The remaining funds of USD 785,000 were held by KMAS under a deed of grant. In 2021 all shares and funds were transferred to the charitable foundation established to be the Bible Society in Turkey.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

PRINCIPAL RISKS

An in-depth review of the risk register was undertaken by senior staff in 2021. This will be considered by the Finance and Audit Committee and presented to the Executive Board in July 2022. The key risks and actions to mitigate these risks are set out below

Member Societies could withdraw from active engagement with global and regional activities or withdraw funding, undermining the mandate of the Association to act on behalf of the UBS Fellowship.

To mitigate this risk Global Council and Executive Board focus on mission, fulfilment of the Global Mission Team mandate, compliance with best practice, policies and procedures and transparent and effective communications. Oversight of Bible Society fulfilment of membership criteria is embedded in the governance structure and processes. Induction training for new members is provided. During 2021 Bible Societies have been engaged with a review of governance to ensure the accountability of the Association to its members remains appropriate.

There may be personal conduct, fraud or safeguarding issues which either have implications for the UBS Fellowship as a whole or specifically for the Association in terms of reputation or litigation.

To mitigate this risk, there are to be clear expectations of Association staff for conduct and behaviour and strong financial controls in place to prevent fraud. The Membership Committee regularly reviews a ‘watch list’ of Bible Societies which would include reputational issues.

As a result, there could be harm to staff, volunteers or contractors travelling on Association business in high risk contexts.

To mitigate this risk, revised travel policy and approval processes have been produced with enhanced health and safety considerations and staff wellbeing. The relevance of this risk has been further reinforced during the pandemic as we have taken a coordinated approach to maintain staff safety during this period where all contexts have become high risk in terms of transmission of the virus, with a complete travel ban in place until 2021.

Indebted Bible Societies with financial and leadership difficulties could renege on payment obligations, (e.g. current account debts, loans, Global Stewardship Fund contributions). Grant-making Bible Societies could default on commitments to projects where work has already been undertaken.

To mitigate this risk, credit limits are to be established for each member Society, actively managed by Financial Account Managers and other Association staff and overseen by their respective Governance Boards. Loan proposals are to be comprehensively assessed and there is to be proactive management of recovery plans. The impact will be further mitigated by appropriate provisioning for doubtful debts as risks emerge and obtaining appropriate security where possible on larger loans. The overall credit exposure of the Association has continued to reduce in the current year as the mitigating actions put in place have proven effective.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2021

TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of the Association for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

GOING CONCERN

The Association is dependent for much of its funding on the continuing support of the members of the UBS Fellowship, particularly the larger funding Bible Societies. The Association made a decision that all Bible Societies belonging to the UBS Fellowship would contribute to the Global Stewardship Fund, (based on a variable percentage of the different sources of gross income). The Global Stewardship Fund has in 2021 provided the Association with unrestricted income of approximately USD 7.8 million (2020: USD 7.6 million).

The global pandemic in 2021 continued to have a significant impact on members’ income, and so the trustees took the decision to waive USD 1.3 million of the requested contribution for 2021 in respect of the Global Stewardship Fund (20% of the portion calculated based on member’s turnover). Members reacted in generosity and USD 338,000 of this income shortfall has been replaced. The Association was able to significantly reduce expenditure to mitigate the resulting shortfall, primarily resulting naturally from the travel limitations in place globally. The key funders of the Association proved resilient to the economic effects of the pandemic. Subsequent events, including the war in Ukraine, have continued to exert economic pressures and significantly increased inflation and so a medium-term reduction of income is expected as pressure is maintained on member finances. Inflation will also translate into increased costs of operating for the Association. Despite this, the trustees believe the Association is able to reshape its operations to match its income for the foreseeable future. Should such change be required, the Association has sufficient free reserves (USD 9.5 million) to allow for the related time and costs of change.

The principal expenditure of restricted funds represents grants made to Bible Societies. Such grants are only made from corresponding confirmed income, and so the trustees consider the risk of liabilities impacting the Association’s ability to continue as a going concern to be low. Similarly, expenditure of restricted funds by the Association itself are project based and budgeted against agreed funding. In the event of unforeseen withdrawal of funding, expenditure could be reduced, with limited costs to be carried by unrestricted funds.

The Association had strong positive cash and short-term investment balances, of USD 51.3 million at the end of the year, of which USD 23.0 million are related to unrestricted funds. There is therefore high liquidity to respond to changing circumstances.

Despite the extreme events still taking place in 2021, after making appropriate enquiries, the Trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

15

REPORT OF THE TRUSTEES (including Strategic Report) For the year ended 31 December 2021

Disclosure of information to auditor

The trustees confirm that:

The Trustees’ Report, including the Strategic Report, was approved by the Board on 4 July 2022.

and signed on its behalf by Elaine Duncan (trustee) on 4 July 2022.

Independent auditor's report to the members of United Bible Societies Association

Opinion

We have audited the financial statements of United Bible Societies Association (‘the charitable company’) for the year ended 31 December 2021 which comprise Statement of Financial Activities, Balance sheet, Cashflow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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 described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

17

Independent auditor's report to the members of United Bible Societies Association (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), employment legislations, taxation legislations and anti-fraud, bribery and corruption legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

18

Independent auditor's report to the members of United Bible Societies Association (continued)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Redwood Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

11 July 2022

19

UNITED BIBLE SOCIETIES ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2021

Income and endowments from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities:
International Support Programme
7
Consultancy and services to Bible
Societies
7
Total expenditure
Net movement in funds before gains/(losses) on
investments
Net (losses)/gains on investments
16
Net gains/(losses) on short-term property
investment
12
Net income/(expenditure)
Transfer between funds
11,12
Other recognised gains/(losses)
Actuarial (losses)/gains on defined benefit
pension schemes
9,12
Exchange rate movements on reserves
11,12
Net movement in funds
Reconciliation of funds
Total funds brought forward
11,12
Total funds carried forward
11,12		 2021
2020
Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
USD’000
USD’000
USD’000
USD’000
USD’000
170
32,403
-
32,573
36,228
9,121
-
-
9,121
8,746
182
43
776
1,001
787
9,473
32,446
776
42,695
**45,761 **
-
-
168
168
149
2,880
30,235
-
33,115
30,316
4,976
3,535
-
8,511
10,277
7,856
33,770
-
41,626
40,593
7,856
33,770
168
41,794
40,742
1,617
(1,324)
608
901
5,019
-
109
2,720
2,829
3,928
-
-
-
-
-
1,617
(1,215)
3,328
3,730
8,947
-
1,024
(1,024)
-
-
6,373
-
-
6,373
456
(611)
(21)
-
(632)
167
7,379
(212)
2,304
9,471
9,570
13,154
34,565
34,156
81,875
72,305
20,533
34,353
36,460
91,346
81,875

The notes on pages 24 to 50 form an integral part of these Financial Statements.

20

UNITED BIBLE SOCIETIES ASSOCIATION BALANCE SHEET as at 31 December 2021

Notes
FIXED ASSETS
Intangible assets
14
Tangible assets
15
Investments
16
Programme-related investments
17
CURRENT ASSETS
Debtors
18
Short-term bank deposits
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
19
Net current assets
Total assets less current liabilities
CREDITORS
Amounts falling due after more than one year
20
PROVISIONS
21
Total assets less liabilities excluding pension
funds
Pension fund assets
9
Pension fund liability
9
Total assets less liabilities including pension
funds
REPRESENTED BY:
Permanent endowment funds
10
Restricted funds
11
Unrestricted funds : designated
12
Unrestricted funds : general
12
Unrestricted funds before pension reserve
Pension reserve
9		 31 December 2021
USD’000
USD’000
-
1,487
37,986
4,871
44,344
14,908
10,000
41,351
66,259
(23,564)
42,695
87,039
(141)
86,898
(568)
86,330
7,510
(2,494)
91,346
36,460
34,353
4,552
10,965
15,517
5,016
20,533
91,346		 31 December 2020
USD’000
USD’000
-
1,524
35,796
5,021
42,341
21,011
10,000
29,443
60,454
(18,435)
42,019
84,360
(179)
84,181
(738)
83,443
2,953
(4,521)
81,875
34,156
34,565
3,861
10,861
14,722
(1,568)
13,154
81,875		 31 December 2020
USD’000
USD’000
-
1,524
35,796
5,021
42,341
21,011
10,000
29,443
60,454
(18,435)
42,019
84,360
(179)
84,181
(738)
83,443
2,953
(4,521)
81,875
34,156
34,565
3,861
10,861
14,722
(1,568)
13,154
81,875
42,341
42,019
84,360
(179)
84,181
(738)
83,443
2,953
(4,521)
81,875
34,156
34,565
13,154
81,875

The notes on pages 24 to 50 form an integral part of these Financial Statements.

The financial statements of United Bible Societies Association, registered number 02264875, were approved by the Board and authorised for issue on 4 July 2022.

and signed on its behalf by Elaine Duncan (trustee) on 4 July 2022.

21

UNITED BIBLE SOCIETIES ASSOCIATION CASH FLOW STATEMENT

for the year ended 31 December 2021

Cash flows from operating activities:
Net cash provided by (used in) operating activities

Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of short term property investment
Purchase of property and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at the end of the reporting
period		 Year ended
31 December 2021
USD’000
USD’000
11,090
1,001
-

(43)
8,441
(7,823)
1,576
12,666
39,444
(759)
51,351		 Year ended
31 December 2021
USD’000
USD’000
11,090
1,001
-

(43)
8,441
(7,823)
1,576
12,666
39,444
(759)
51,351		 Year ended
31 December 2020
USD’000
USD’000

3,253
787
-
(31)
22,428
(22,158)

1,026

4,279

34,917

247
39,443		 Year ended
31 December 2020
USD’000
USD’000

3,253
787
-
(31)
22,428
(22,158)

1,026

4,279

34,917

247
39,443



12,666
39,444
(759)		 4,279
34,917
247
51,351 39,443

The notes on pages 24 to 50 form an integral part of these Financial Statements.

22

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE CASH FLOW STATEMENT for the year ended 31 December 2021

Reconciliation of net income/(expenditure) to net cash
flow from operating activities
Net income for the reporting period (as per the
statement of financial activities)
Adjustments for:
Depreciation charges
Amortisation
Losses/(gains) on investments
(Gains)/losses on short-term property investments
Programme related investments – new loans
Programme related investments – repayments
Dividends, interest and rents from investments
Loss/(profit) on sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
(Decrease)/increase in provisions and pensions
Net cash provided by (used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Cash on term deposit
Total cash and cash equivalents		 Year ended
31 December
Year ended
31 December
2021
2020
USD’000
USD’000
3,730
8,947
79
89
-
14
(2,829)
(3,928)
-
-
(388)
(229)
538
436
(1,001)
(787)
2
1
6,102
(1,510)
5,089
(178)
(232)
398
11,090
3,253
2021
2020
USD’000
USD’000
41,351
29,443
10,000
10,000
51,351
39,443

The notes on pages 24 to 50 form an integral part of these Financial Statements.

There is no debt and thus no net debt statement.

23

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31 December 2021

1. STATUS OF THE CHARITY

The Association is a company limited by guarantee, registered in England and Wales. There is no ultimate controlling party. The extent of liability of the members is to contribute GBP 1.00 each in the event of a winding up of the Association.

The Association is a registered charity and as such is exempt from taxation on its income and gains to the extent that they are applied to its charitable purposes.

2. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention except for investments, which have been included at fair value, in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), the 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 United Kingdom and Republic of Ireland (FRS 102) Charities SORP (FRS 102), (effective from 1 January 2015), and the Charities Act 2011/Companies Act 2006.

b) Going concern

The Association is dependent for much of its funding on the continuing support of the members of the UBS Fellowship, particularly the larger funding Bible Societies. The Association made a decision that all Bible Societies belonging to the UBS Fellowship would contribute to the Global Stewardship Fund, (based on a variable percentage of the different sources of gross income). The Global Stewardship Fund has in 2021 provided the Association with unrestricted income of approximately USD 7.8 million (2020: USD 7.6 million).

The global pandemic in 2021 continued to have a significant impact on members’ income, and so the trustees took the decision to waive USD 1.3 million of the requested contribution for 2021 in respect of the Global Stewardship Fund (20% of the portion calculated based on member’s turnover). Members reacted in generosity and USD 338,000 of this income shortfall has been replaced. The Association was able to significantly reduce expenditure to mitigate the resulting shortfall, primarily resulting naturally from the travel limitations in place globally. The key funders of the Association proved resilient to the economic effects of the pandemic. Subsequent events, including the war in Ukraine, have continued to exert economic pressures and significantly increased inflation and so a medium-term reduction of income is expected as pressure is maintained on member finances. Inflation will also translate into increased costs of operating for the Association. Despite this, the trustees believe the Association is able to reshape its operations to match its income for the foreseeable future. Should such change be required, the Association has sufficient free reserves (USD 9.5 million) to allow for the related time and costs of change.

The principal expenditure of restricted funds represents grants made to Bible Societies. Such grants are only made from corresponding confirmed income, and so the trustees consider the risk of liabilities impacting the Association’s ability to continue as a going concern to be low. Similarly, expenditure of restricted funds by the Association itself are project based and budgeted against agreed funding. In the event of unforeseen withdrawal of funding, expenditure could be reduced, with limited costs to be carried by unrestricted funds.

The Association had strong positive cash and short-term investment balances, of USD 51.3 million at the end of the year, of which USD 23.0 million are related to unrestricted funds. There is therefore high liquidity to respond to changing circumstances.

Despite the extreme events still taking place in 2021, after making appropriate enquiries, the Trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

c) Foreign currency conversion

Assets and liabilities in foreign currencies have been converted at the exchange rates ruling at the balance sheet date. Transactions during the year have been converted at the rate ruling when the transaction occurred. Any exchange gains or losses arising from a change in exchange rates subsequent to the date of the conversion are presented after net income/expenditure, before other recognised gains and losses, in the Statement of Financial Activities.

24

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

2. ACCOUNTING POLICIES (continued)

c) Foreign currency conversion (continued)

The reporting functional currency is USD and is considered to be USD because that is the currency of the primary economic environment in which UBSA operates. Transactions and activities from the UK are originally denominated in GBP but are translated at the rate prevailing in the month of the activity into USD for all income and expenditure activities. Likewise, any transaction that is not in USD is translated to USD on the same principles.

Assets and liabilities are converted at the rate ruling at the balance sheet date. Income and expenditure and cash flows are converted at the rate ruling when the transaction occurred. Exchange differences arising on re-translation at the closing rate of the opening net investments, and the SOFA surplus or deficit at the closing rate, are compared to the average rate of exchange. They are then presented after the net income/expenditure within the other recognised gains and losses section of the SOFA.

d)

Significant judgements and estimates

Preparation of the financial statements requires trustees to make significant judgements and estimates. The items in the financial statements where estimates have been made include depreciation (note 2f), the valuation of investments (note 2h) and the defined benefit pension deficit (note 2m). The items in the financial statements where judgements have been made is the provision for bad debts (note 2i) and the treatment of a subsidiary in Turkey. In 2018, the Association purchased shares in a company in Turkey and transferred other funds to the company under a deed of trust. The company has not been consolidated because the Association cannot benefit from the ownership of the company. All funds and shares were transferred to the Bible Society in Turkey in 2021 (note 26).

e)

Intangible fixed assets

Assets are capitalised at cost.

Costs relating to the purchase and development of financial software across the UBS Fellowship have been recognised as intangible fixed assets when acquired.

Computer software is amortised in equal annual instalments over its expected useful life.

f)

Fixed assets

Assets are capitalised at cost. All computer equipment and other fixed assets over a value of USD 1,000 are capitalised.

Land and buildings acquired among the net assets of branches acquired from connected companies were re-valued to fair value on or around the date of acquisition. This value is treated as the acquisition cost to the Association.

Depreciation is calculated to write down the cost of tangible fixed assets, less their estimated residual value, over their expected lives. The rates and method of calculation are as follows:

Land and buildings: land is not depreciated; buildings are depreciated at 2.5% per annum on cost Fixtures and fittings: 10% - 20% per annum on cost Computer equipment: 25% - 33% per annum on cost

Depreciation in respect of assets in the course of construction commences in the year they are brought into use.

g) Programme-related investments

Programme-related investments are investments in capital and business development projects to develop a Bible Society’s capacity to deliver programmes. They are medium to long-term projects. They are loans, repayable over periods typically of five to ten years. They are usually interest free, except where the Bible Society expects to generate commercial income from the investment. They are measured at the amount paid, with the carrying amounts adjusted for any repayment and adjusted if necessary for any impairment.

25

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

2. ACCOUNTING POLICIES (continued)

h) Investments

Quoted investments

Quoted investments comprise of publicly quoted listed securities which include shares, bonds and units. Quoted investments are stated at fair value at the balance sheet date. The basis of fair value for quoted investments is equivalent to the fair value, using the mid-market price at the close of business.

Derivatives

Derivatives held at year end are valued at the fair value based on the forward currency exchange rates at 31 December.

i)

Financial instruments

Cash is accounted for at the amount held. Debtors and creditors are measured at the amounts expected to be paid or received. Debtor balances are reviewed annually and provisions are made against potential bad debts.

j) Concessionary loans

Concessionary loans are loans received from other Bible Societies. They are recognised at the amount advanced less any repayments. Loans are either interest free or interest is charged at a rate agreed between the Association and the lender. Loans due after five years are interest free. (see note p3 below).

k) Income

All incomes are included in the SOFA when the charity is legally entitled to the income. The amount can be quantified with reasonable accuracy and receipt is probable. The following specific policies apply to categories of income:

Global Stewardship Fund & General Funds: These are annual and are accounted for in the year to which they relate.

Legacies: Legacies are recorded when the Association has entitlement and there is sufficient probability of receipt. No value is included where the legacy is subject to a life interest held by another party.

Gifts in kind: Gifts donated for distribution are included at the value to the charity and recognised as income when they are distributed to the projects. Gifts donated for use by the charity are included at the value to the charity. This is usually the amount the charity would expect to pay for an equivalent item.

Grants from Bible Societies: Grants from member Societies are brought into the accounts on a receivable basis. Where related to performance and specific deliverables, grants are accounted for as the charity earns the right to consideration by its performance. Where income is received in advance of its recognition, it is deferred and included in creditors; where entitlement occurs before income is received, the income is accrued.

Capital grants are accounted for as income as soon as they are receivable. Grants received for a specific purpose are accounted for as restricted funds. Grants received that the trustees are free to apply to any of the charity’s activities are treated as unrestricted funds.

Investment income: This is recognised on a receivable basis.

Royalties income: This is recognised at the point of entitlement.

Custodian trustee: Occasionally the charity acts as agent for other organisations and receives funds on their behalf. These funds are not recognised as income and are excluded from the SOFA and balance sheet.

26

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

2. ACCOUNTING POLICIES (continued)

l)

Expenditure

Expenditure is recognised when a liability is incurred. For all categories of expenditure on the Statement of Financial Activities, classes of expenditure are accounted for as follows:

Staff costs: are allocated to charitable activities on the basis of time spent on each activity.

Support costs: include central functions and governance costs and have been allocated to activity cost categories in the proportion to sum of the direct costs of those activities and the staff cost allocated on the basis of time spent on each activity.

Grants payable: grants to member Societies are recognised when a constructive obligation arises that results in the payment being unavoidable. Grants paid out of restricted income are treated as expenditure of restricted funds; grants paid out of unrestricted income are treated as expenditure of unrestricted funds.

m)

Pensions

Defined benefit schemes:

The amounts charged to expenditure are the administration costs and gains or losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if benefits have vested. If benefits have not vested immediately, costs are recognised over the period until vesting occurs. The interest cost and expected return on assets are shown as a net amount within other financial costs or interest. Actuarial gains or losses are recognised immediately in ‘Other recognised gains and losses’.

Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis, using the projected unit method and discounted at a rate equivalent to the current rate of return, which is on a highquality corporate bond of equivalent currency and term to the scheme liabilities. Actuarial valuations are obtained triennially for the British & Foreign Bible Society (1972) Pension Scheme and are updated at each balance sheet date. Actuarial valuations are obtained annually for the United Bible Societies Pension Plan, Florida and triennially for the United Bible Societies Pension Plan, Guernsey. The resulting defined benefit asset or liability is presented separately after other net assets on the face of the balance sheet.

Defined contribution scheme:

The amount charged to the Statement of Financial Activities in respect of pension costs is the contributions payable in the year.

n) Operating leases

Operating lease rentals are charged to expenditure as incurred.

o)

Taxation

The company’s activities are all in pursuit of its charitable objectives and exempt from income tax. Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

p)

Funds

p1) Fund accounting

The capital funds comprise contributions to support the financial capability of Bible Societies. Unrestricted funds comprise non-repayable contributions together with accumulated surpluses and deficits on amounts available for use at the discretion of the trustees in furtherance of the general charitable objectives. If part of an unrestricted fund is earmarked for a particular purpose, it is designated as a separate fund; the designation has an administrative purpose only and does not legally restrict the trustees’ discretion to apply the fund. Restricted funds are funds subject to specific conditions imposed by the donors. Endowment funds are held by the Association on a permanent basis and should be kept under the terms of the gift. The Association keeps one endowment fund (S.H. Sung Special World Service Fund) in trust and is allowed to draw income from the fund, through interest and dividends of the fund investments, but should maintain the capital of the fund. A description of the various funds is given in below.

27

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

2. ACCOUNTING POLICIES (continued)

p2) International Support Programme

This fund receives contributions from and makes grants to member Bible Societies, generally on an annual basis. Contributions are received for both general purposes, treated as unrestricted funds, and specified projects, treated as restricted funds.

p3)

Capital Fund

Member Societies have made contributions to this fund, which provides working capital to the International Support Programme. This enables it to cope with timing differences between payment and receipt of members’ grants to and from the International Support Programme and draw down and repayment of loans. The contributions to the fund are non-repayable. The fund is at the disposal of the Association to apply in all situations requiring capital support of its various operations, and forms part of the restricted funds of the charity.

Loans are sometimes made by Bible Societies to the fund to finance loans for other Bible Societies’ capital projects; these are included in creditors. Repayment terms usually match the terms of the corresponding loans out. Terms vary according to the nature of the project; typically, they will be interest free or at a nominal rate of interest, and for a period of three to ten years.

p4)

SH Sung Special World Service Fund

The SH Sung Special World Service Fund is a gift of capital made by a benefactor of the United Bible Societies, for the purpose of being invested and applying the dividend and interest income towards translation projects in the International Support Programme. As such, it has been treated as a permanent endowment fund in the accounts of the Association. On receipt of advice from the Charity Commission during 2012, the trustees recognised that the fund is a permanent endowment held upon trust, rather than part of the Association’s corporate property. After obtaining legal advice and developing the Trust Deed, the Trust was registered with the Charity Commission in the course of 2015 under number 800058-1. The Commission agreed that the reporting of the Trust could be included in the Association’s accounts.

3. DONATIONS AND LEGACIES

Grants from Bible Societies
Government Grant Income
Other donations		 Unrestricted
Restricted
Endowment
2021
2020
funds
funds
funds
Total
Total
USD’000
USD’000
USD’000
USD'000
USD’000
-
32,403
-
32,403
35,154
28
-
-
28
160
142
-
-
142
914
170
32,403
-
32,573
36,228

4. INCOME FROM CHARITABLE ACTIVITIES

Global Stewardship Fund
Royalties income
Income from recharges
Other income		 2021
2020
Total
Total
USD’000
USD’000
7,762
7,573
831
607
499
519
29
47
9,121
8,746

All income in both years is unrestricted.

28

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

5. INCOME FROM INVESTMENTS

Bank interest
Interest on balances with Bible
Societies
Sung Fund income
Braga Fund income
Olivier Beguin Fund income
Investment property income		 Unrestricted
Restricted
Endowment
2021
2020
funds
funds
funds
Total
Total
USD’000
USD’000
USD’000
USD'000
USD’000
93
-
-
93
192
48
-
-
48
64
-
-
776
776
477
-
28
-
28
-
-
15
-
15
15
41
-
-
41
39
182
43
776
1,001
787

The bank interest, interest on balances with Bible Societies and investment property income is unrestricted.

Investment income generated by the Sung Fund contributes to the total return on this fund and is, as agreed with the original donor of the fund, used for restricted expenditure on translation activities. The Braga Fund and the Olivier Beguin Fund are both restricted income.

6. RAISING FUNDS

Support
Direct costs costs 2021 Total 2020 Total
USD’000 USD’000 USD’000 USD’000
Investment management fees 168 - 168 149
Investment management fees are endowment fund expenditure.

7. CHARITABLE ACTIVITIES

International Support Programme

Grants for Bible Societies:
Total grants to grant receiving Bible Societies
Grant management costs		 Direct
expenditure
Support
costs
2021 Total
2020 Total
USD’000
USD’000
USD’000
USD’000
30,711
-
30,711
27,673
1,845
559
2,404
2,643
32,556
559
33,115
30,316

Expenditure on the International Support Programme was USD 33.115 million (2020: USD 30.316 million) of which USD 2.880 million was unrestricted (2020: USD 3.159 million) and USD 30.235 million was restricted (2020: USD 27.157 million).

Consultancy and Services to Bible Societies

onsultancy and Services to Bible Societies
Translation
Publishing
Communications
Management & Finance
Other		 Direct
expenditure
Support
costs
2021 Total
2020 Total
USD’000
USD’000
USD’000
USD’000
4,533
562
5,095
5,505
1,472
114
1,586
1,531
590
57
647
569
2,070
481
2,551
2,583
(1,384)
16
(1,368)
89
7,281
1,230
8,511
10,277

Expenditure on consultancy and services to Bible Societies was USD 8.511 million (2020: USD 10.277 million) of which USD 4.976 million was unrestricted (2020: USD 6.911 million) and USD 3.535 million was restricted (2020: USD 3.366 million). The negative amount of USD 1,384 included in Other relates to this year’s decrease in bad debt provision.

29

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

7. CHARITABLE ACTIVITIES (continued)

Analysis of support costs

Support costs include the staff and non-staff cost of the support functions of human resources, finance, information technology, facilities and management of the organisation, including governance, where such management does not relate directly to charitable activities or raising funds. As a facilitating and support organisation, the Association’s primary means of fulfilling its objectives is through its staff, and expenditure on support costs is proportionate to the time, and related cost, of those staff. Support costs, both staff and non-staff, have been allocated to charitable activities and raising funds on the basis of time, and the related staff cost, spent directly by staff on those activities.

Summary of support costs

Summary of support costs
Support Governance
costs costs 2021 Total 2020 Total
USD’000 USD’000 USD’000 USD’000
International Support Programme 554 5 559 677
Consultancy and services to Bible Societies 1,220 10 1,230 1,459
1,774 15 1,789 2,136
2021 2020
Total charitable activities include: USD’000 USD’000
Depreciation 79 89
Amortisation - 14
Operating lease rentals
- Land & buildings 78 76
Fees payable to the company's auditors:
- For the audit of the company's annual accounts 47 45
- For the audit of the Nairobi office’s HIV/AIDS program, Kenya (affiliate of UK auditor) 17 16
- Other advice - UK - -

30

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

8. EMPLOYEE COSTS

LOYEE COSTS
The average number of persons employed during the year was as follows:
International Support Programme
Consultancy and services to Bible Societies		 2021
2020
Number
Number
35
34
76
71
111
105

The staff numbers have been time apportioned for staff that left and those that joined during 2020.

The related remuneration was as follows:

e related remuneration was as follows:
Salaries
Social security costs
Other pension costs
Other benefits		 2021
2020
USD’000
USD’000
5,998
5,861
495
480
760
736
568
546
7,821
7,623

The number of employees with emoluments for the year of over GBP 60,000 (approximately USD 80,000) was as follows:

ows:
2021 2020
USD 70,000 - USD 79,999 - 3
USD 80,000 - USD 89,999 7 7
USD 90,000 - USD 99,999 2 3
USD 100,000 - USD 109,999 7 7
USD 110,000 - USD 119,999 4 3
USD 120,000 - USD 129,999 2 1
USD 130,000 - USD 139,999 1 1
USD 140,000 - USD 149,999 1 1
USD 150,000 – USD 159,999 - 2
USD 160,000 – USD 169,999 2 -

Employer contributions in respect of four of these higher paid employees totalled GBP 82,382 to the ‘UBS Pension’ defined contribution scheme (Smart Pension) (2020: four higher paid employees; contributions totalled GBP 92,142).

For the other higher paid employees the Association makes contributions to personal pension plans or to national schemes in their country of origin in respect of current service.

Remuneration and benefits paid to key management personnel in 2021 totalled USD 1,574,403 (2020: USD 1,450,916). Key management personnel are defined as officers of the Association and are listed on page 3 of this report.

Redundancy payments and termination payments in 2021 totalled USD 43,446 (2020: USD 14,338).

None of the trustees received any remuneration during the year (2020: USD nil). Reimbursement of expenses to seven trustees (2020: seven) or their respective Bible Societies amounted to USD 447 (2020: USD 7,398). These expenses were incurred during meetings of the United Bible Societies Global Council, the Executive Board and its Committees and working groups and were not solely connected with the board meetings of the Association. See note 23 regarding related party transactions.

31

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

9. PENSION COSTS

The Association accounts for its responsibilities in respect of three defined benefit pension schemes that are all closed both for new participants and any service accruals for the members:

Movements in Deficit during the year:

Deficit in schemes at beginning of year
Movement in year:
Administration costs
Contributions from regular budget
Contributions from sale of Nairobi property
Exchange differences
Past service costs
Other finance charge
Actuarial gain/(loss)
Surplus/(deficit) in schemes at end of year		 2021
2020
USD’000
USD’000
(1,568)
(1,987)
(248)
(203)
290
292
-
-
148
(97)
-
(7)
21
(28)
6,373
462
5,016
(1,568)

British and Foreign Bible Society (1972) Pension Scheme:

The Association is an associate employer of the British and Foreign Bible Society (1972) Pension Scheme. The assets of the scheme are administered by Pension Scheme Trustees in a fund independent from the scheme employers. The scheme has two sections: defined benefit and defined contribution. The defined benefit section closed to further service accrual on 30th September 2003. The defined contribution section opened on 1st October 2003 and in 2019 was handed over by the trustees, in cooperation with the employers, to a third party.

Defined Benefit Section

In March 2005, the principal employer made a contribution of GBP 2 million towards its share of the past service deficit on the pension scheme. It was at this point that the actuary carried out calculations to establish separate rates of contribution by the participating employers.

A full actuarial valuation was carried out as at 31 March 2021 and updated to 31 December 2021 by a qualified independent actuary. The principal assumptions used by the actuary for this disclosure were:

2021 2020
Discount rate 1.8% 1.2%
Price inflation: RPI 3.5% 3.0%
Price inflation: CPI 2.7% 2.2%
Rate of increase in salaries
Pension increases:
- pension accrued before 6 April 1997 3.8% 3.5%
- pension accrued after 6 April 1997 3.8% 3.5%

105% of S3PA tables, CMI 2020 projections using a long-term Mortality improvement rate of 1.5% p.a. The smoothing S2NA CMI 2017 parameter is 0.5% p.a. projections using a and the 2020 weight long-term improvement parameter is 25% rate of 1.25% pa

32

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

9. PENSION COSTS (continued)

The Association contributed USD 289,400 in 2021 (2020: USD 292,400). There were no outstanding employee or employer contributions payable to the scheme at 31 December 2021 (2020: USD nil).

The scheme is closed and the 31 December 2021 valuation used the projected unit method for valuing liabilities.

Employee benefit obligations

ployee benefit obligations
Present value of funded obligations
Fair value of Scheme assets
Net deficit on BFBS 1972 pension scheme
ange in the present value of the defined benefit obligation
Present value of defined benefit obligation at 1 January
Interest cost
Experience (losses) on liabilities
Changes to demographic assumptions
Changes to financial assumptions
Currency exchange differences
Past service costs
Benefits paid
Present value of defined benefit obligation at 31 December		 2021
2020
USD'000
USD'000
(13,329)
(15,207)
10,835
10,686
(2,494)
(4,521)
2021
2020
USD'000
USD'000
(15,207)
(13,335)
(173)
(269)
(279)
115
348
-
1,000
(1,927)
498
(398)
-
(7)
484
614
(13,329)
(15,207)

Change in the present value of the defined benefit obligation

Change in the fair value of scheme assets

Fair value of scheme assets at 1 January
Interest on assets
Return on plan assets less interest
Currency exchange differences
Employer contributions
Benefits paid
Compensation receipt (for prior years over/underpayments)
Administration costs
Fair value of scheme assets at 31 December		 2021
2020
USD'000
USD'000
10,686
10,071
123
204
662
489
(350)
301
289
292
(484)
(614)
-
-
(91)
(57)
10,835
10,686
Scheme assets
Equities
Bonds
Other
Total fair value of assets
Present value of scheme liabilities
Deficit		 Assets in the
Assets in the
Value at
31 December
scheme as %
total scheme
Value at
31 December
scheme as %
total scheme
2021
assets
2020
assets
USD’000
USD’000
3,076
28%
2,884
27%
4,377
41%
4,710
44%
3,382
31%
3,092
29%
10,835
100%
10,686
100%
(13,329)
(15,207)
(2,494)
(4,521)

33

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

9. PENSION COSTS (continued)

Amounts recognised in the Statement of Financial Activities

Amounts recognised in the Statement of Financial Activities
Net incoming resources before other recognised gains and losses
Interest on liabilities
Interest on assets
Administration costs
Past service cost
Other recognised gains and losses
(Gains) on scheme assets in excess of interest
Experience (gains)/losses on liabilities
(Gains)/losses from changes to financial assumptions
Losses from changes to demographic assumptions		 2021
2020
USD'000
USD'000
173
269
(123)
(204)
91
57
-
7
141
129
2021
2020
USD'000
USD'000
(662)
(489)
279
(115)
(1,000)
1,927
(348)
-
(1,731)
1,323

UBS Pension, Smart Pension Multi-Employer Defined Contribution Scheme

The Association established the ‘UBS Pension’ defined contribution scheme as alternative provision for UK staff from 1 September 2019. The scheme is part of Smart Pension, a multi-employer ‘master trust’ scheme. This scheme fully replaces the defined contribution section of the British & Foreign Bible Society (1972) Pension Scheme, with a full transfer of existing members’ assets and for all future benefits accrual

The employer contributions charged in the year were USD 386,190 (2020: USD 370,924). There were nil outstanding employer contributions payable to the scheme on 31 December 2021 (31 December 2020 USD nil).

United Bible Societies Pension Plan, Florida and United Bible Societies Pension Plan, Guernsey:

The Association is the principal employer for the United Bible Societies Pension Plans.

The United Bible Societies Pension Plan (Guernsey) is a defined benefit scheme held in a trust established in Guernsey. A corporate trustee administers the assets of the scheme. The scheme fund is independent from the scheme employer.

The United Bible Societies Pension Plan (Florida) is a defined benefit scheme established in the USA and administered in accordance with United States ERISA pension regulations. A custodian administers the assets of the scheme. The scheme fund is independent from the scheme employer.

Both schemes were closed to future service accruals from 31 December 2010. During 2010, active members of the schemes established individual defined contribution arrangements and became deferred members of the plans. The Association makes contributions to these individual arrangements in respect of current service.

A full actuarial valuation of the United Bibles Societies Pension Plan, Guernsey, was carried out as at May 2021 and of the United Bible Societies Pension Plan, Florida, as at May 2021. They were updated to 31 December 2021 by a qualified independent actuary. The principal assumptions used by the actuary for this disclosure were:

2021 2020
Discount rate 2.90% 2.49%
Price inflation 2.4% 1.4%
Rate of increase in salaries
Pension increases: 0.0% 0.0%
Mortality PRI-2012 total
dataset scale		 PRI-2012 total
dataset scale
MP-2021 MP-2020

34

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

9. PENSION COSTS (continued)

The Association contributed USD nil to the schemes in 2021 (2020: USD nil). There were no outstanding employee or employer contributions payable to the Scheme at 31 December 2021 (2020: USD nil).

The scheme is closed and the 31 December 2021 valuation used the projected unit method for valuing liabilities.

Employee benefit obligations

Present value of funded obligations
Fair value of scheme assets
Change in the present value of the defined benefit obligation
Present value of defined benefit obligation at 1 January
Interest cost
Experience (losses) on liabilities
Gains from changes to demographic assumptions
(Losses)/gains from changes to financial assumptions
Benefits paid
Present value of defined benefit obligation at 31 December
Change in the fair value of scheme assets
Fair value of scheme assets at 1 January
Interest on assets
Return on plan asset less interest
Employer contributions
Benefits paid
Administration costs
Fair value of scheme assets at 31 December		 2021
2020
USD'000
USD'000
(22,865)
(25,865)
30,375
28,818
7,510
2,953
2021
2020
USD'000
USD'000
(25,865)
(25,104)
(621)
(765)
944
(403)
(85)
169
897
(1,560)
1,865
1,798
(22,865)
(25,865)
2021
2020
USD'000
USD'000
28,818
26,381
693
803
2,886
3,578
-
-
(1,865)
(1,798)
(157)
(146)
30,375
28,818
Scheme assets
Equities
Bonds
Other
Total fair value of assets
Present value of scheme liabilities
Surplus/(Deficit)		 Assets in the
Assets in the
Value at
31 December
scheme as %
total scheme
Value at
31 December
scheme as %
total scheme
2021
assets
2020
assets
USD’000
USD’000
-
0%
19,947
69%
21,221
70%
8,615
30%
9,154
30%
256
1%
30,375
100%
28,818
100%
(22,865)
(25,865)
7,510
2,953

35

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

9. PENSION COSTS (continued)

Amounts recognised in the Statement of Financial Activities

Net incoming resources before other recognised gains and losses
nterest on liabilities
nterest on assets
Administration costs
Other recognised gains and losses
Losses/(gains) on scheme assets in excess of interest
Experience losses on liabilities
(Losses)/gains from changes to financial assumptions
(Gains) from changes to demographic assumptions		 2021
2020
USD'000
USD'000
621
765
(693)
(803)
157
146
85
108
2021
2020
USD'000
USD'000
(2,886)
(3,578)
(944)
403
(897)
1,560
85
(169)
(4,642)
(1,784)

10. PERMANENT ENDOWMENT FUNDS

Movements in funds:
Other
Balance recognised Balance
1 January gains & 31 December
2021 Income Expenditure Transfers losses 2021
USD’000 USD’000 USD’000 USD’000 USD’000 USD’000
SH Sung – Special
World Service Fund		 34,156 776 (168) (1,024) 2,720 36,460

The SH Sung Special World Service Fund is a gift of capital made by a benefactor of the United Bible Societies, for the purpose of being invested and applying the dividend and interest income towards translation projects in the International Support Programme. As such, it has been treated as a permanent endowment fund in the accounts of the Association.

The trustees passed a resolution in 2020 to adopt a total return approach to the investment of the Sung Fund.

The initial value of the trust for investment was set as at 1 January 2015 and the unapplied total return at this date was deemed to be nil. The initial value was set by reference of accounting records of the charity.

The Trustees have determined that at least the investment income earned on endowed investments shall be allocated to income each year and will consider whether any further allocations are required at least annually, with the intention of allocation 3% of the opening investment value to income annually should the total return allow this.

36

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

10. PERMANENT ENDOWMENT FUNDS (continued)

The overall movement in unapplied total return in the year was as follows:

Unapplied total return at 1 January
Add: Income received
Less: Investment managers fees
Add: Investment gains
Unapplied total return before transfer to income
Less: transfer to income
Unapplied total return at 31 December
Add: core endowment
Endowment assets at 31 December		 2021
2020
USD’000
USD’000
8,158
4,513
776
477
(168)
(149)
2,720
4,232
11,486
9,073
(1,024)
(915)
10,462
8,158
25,998
25,998
36,460
34,156

11. RESTRICTED FUNDS

2021

2021
Capital Fund
Braga Fund
International
Support
Programme
SH Sung Fund
Olivier Beguin
Fund
2020
Capital Fund
Braga Fund
International
Support
Programme
SH Sung Fund
Olivier Beguin
Fund		 Balance 1
January
2021
Income
Expenditure
Gain/
(losses on
investments
Transfers
Other
Recognised
gains/(losses)
Balance 31
December
2021
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
13,974
-
-
-
-
-
13,974
702
28
-
73
-
(21)
782
18,125
32,403
(32,596)
-
-
-
17,932
1,250
-
(1,174)
-
1,024
-
1,100
514
15
-
36
-
-
565
34,565
32,446
(33,770)
109
1,024
(21)
34,353
Balance 1
January
2020
Income
Expenditure
Gain/
(losses on
investments
Transfers
Other
Recognised
gains/(losses)
Balance 31
December
2020
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
13,974
-
-
-
-
-
13,974
1,031
-
-
(333)
-
4
702
13,799
35,154
(29,959)
-
(869)
-
18,125
-
-
(534)
-
1,784
-
1,250
485
15
(30)
29
-
15
514
29,289
35,169
(30,523)
(304)
915
19
34,565

The Capital Fund provides working capital to the International Support Programme. It enables the Association to cope with timing differences between payment and receipt of members’ grants to the International Support Programme and draw down and repayment of loans.

The Braga Fund is a legacy made to the Association for application to Bible Society activities in mainland China.

37

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

11. RESTRICTED FUNDS (continued)

The income funds of the charity’s International Support Programme include restricted funds comprising unexpended balances of donations and grants to be applied to specific projects in the International Support Programme.

The income from the Sung Fund Permanent Endowment is received by the Association as restricted income and is used to fund translation activities.

The Olivier Beguin Fund is to provide for Bible work in Eastern Europe.

12 . UNRESTRICTED FUNDS

The unrestricted funds for the charity include designated funds that have been set aside out of unrestricted funds by the trustees for specific purposes:

2021

Designated Funds:
Triennial Translations
Workshop
World Assembly
Disaster Relief Fund
Fundraising
Development
Digital Posts
Property Stewardship
Fund
Philadelphia Promise
Pensions Deficit
RVR60 Royalties
General Unrestricted
Fund
Pension Reserve		 Balance
1 January
2021
Movement in Funds:
Transfer
Between
Funds
Other
Recognised
Gains/(Losses)
Balance
31 December
2021
Income
Expended/
Released
Gains/
(Losses) on
Investments
USD'000
USD'000
USD'000
USD'000
USD'000
USD'000
USD'000
45
-
(45)
-
-
-
-
773
-
-
-
-
-
773
50
10
(10)
-
-
-
50
307
-
(66)
-
-
-
241
100
-
(19)
-
-
-
81
150
-
-
-
-
-
150
100
-
(100)
-
-
-
-
1,568
-
-
-
927
-
2,495
768
255
(261)
-
-
-
762
3,861
265
(501)
-
927
-
4,552
10,861
9,208
(7,355)
-
(927)
6,689
18,476
(1,568)
-
-
-
-
(927)
(2,495)
13,154
9,473
(7,856)
-
-
5,762
20,533

38

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

12 . UNRESTRICTED FUNDS (continued)

2020

Designated Funds:
Triennial Translations
Workshop
World Assembly
Disaster Relief Fund
Fundraising
Development
Digital Posts
Property Stewardship
Fund
Philadelphia Promise
Pensions Deficit
RVR60 Royalties
General Unrestricted
Fund
Pension Reserve
General Funds:
Pension reserve
General funds		 Balance
1 January
2020
Movement in Funds:
Transfer
Between
Funds
Other
Recognised
Gains/(Losses)
Balance
31 December
2020
Income
Expended/
Released
Gains/
(Losses) on
Investments
USD'000
USD'000
USD'000
USD'000
USD'000
USD'000
USD'000
93
-
(48)
-
-
-
45
773
-
-
-
-
-
773
50
-
-
-
-
-
50
369
-
(62)
-
-
-
307
148
-
(48)
-
-
-
100
150
-
-
-
-
-
150
200
-
(100)
-
-
-
100
1,987
-
-
-
(419)
-
1,568
1,228
473
(933)
-
-
-
768		 Balance
1 January
2020
Movement in Funds:
Transfer
Between
Funds
Other
Recognised
Gains/(Losses)
Balance
31 December
2020
Income
Expended/
Released
Gains/
(Losses) on
Investments
USD'000
USD'000
USD'000
USD'000
USD'000
USD'000
USD'000
93
-
(48)
-
-
-
45
773
-
-
-
-
-
773
50
-
-
-
-
-
50
369
-
(62)
-
-
-
307
148
-
(48)
-
-
-
100
150
-
-
-
-
-
150
200
-
(100)
-
-
-
100
1,987
-
-
-
(419)
-
1,568
1,228
473
(933)
-
-
-
768
4,998
473
(1,191)
-
(419)
9,494
9,642
(8,879)
-
419
(1,987)
-
-
-
-		 -
3,861
185
10,861
419
(1,568)
12,505
10,115
(10,070)
-
-		 604
13,154
2021
2020
USD'000
USD'000
(2,495)
(1,568)
23,028
14,722
20,533
13,154

Designated funds:

Triennial Translations Workshop: This fund exists to accrue the funding required for the Triennial Translations Workshop.

The World Assembly sets funds aside to cover costs of the World Assembly, held every five to eight years. The next Assembly is planned to be held in 2023.

Disaster Relief Fund: This fund is established to provide rapid up-front financial assistance to Bible Societies whose operations are affected by significant events such as natural disasters, major accidents and acts of violence. The reserve holds enough funding to initiate a response to a disaster. Further funding to fully re-establish operations will require an appeal to the UBS Fellowship for assistance.

Fundraising development: This fund is available for Bible Societies to apply for funding to invest in projects to develop fundraising. Finance is provided out of this fund in the form of loans and grants.

A fund for two digital posts was set in 2016. The sum is set aside to fund two posts for a period of two years.

Property Stewardship Fund: Trustees have agreed that a Property Stewardship Fund should be established that would enable investment in Bible Society real estate development projects around the world. Funds have been designated to assist with the establishment of the fund.

Philadelphia Promise: At the World Assembly in 2016, the strategic direction of the Association was agreed for the next five years. The strategy was voted on by those attending the World Assembly and was enshrined in a document called the Philadelphia Promise. Money has been designated for the cost of implementing the agreed strategy.

39

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

12 . UNRESTRICTED FUNDS (continued)

Designated funds (continued):

Pensions deficit: A new fund was established in 2019 to represent the remaining deficit on the past service pension schemes; this recognises the commitment of these funds to the purpose of satisfying the deficit, without committing cash to the funds, which vary in valuation with time.

RVR60 royalties: A new fund was established in 2019 to represent recognise the commitment of these funds in accordance with the tripartite agreement.

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2021
Tangible fixed assets
Investments
Programme related
investments
Net current assets
Long term creditor
Provisions
Pension fund assets
Pension fund liability
2020
Tangible fixed assets
Investments
Programme related
investments
Net current assets
Long term creditor
Provisions
Pension fund assets
Pension fund liability		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total
funds
USD '000
USD '000
USD '000
USD '000
1,487
-
-
1,487
-
1,277
36,709
37,986
-
4,871
-
4,871
14,598
28,346
(249)
42,695
-
(141)
-
(141)
(568)
-
-
(568)
7,510
-
-
7,510
(2,494)
-
-
(2,494)
20,533
34,353
36,460
91,346
Unrestricted
funds
Restricted
funds
Endowment
funds
Total
funds
USD '000
USD '000
USD '000
USD '000
1,525
-
-
1,525
-
1,190
34,605
35,795
-
5,021
-
5,021
13,935
28,533
(449)
42,019
-
(179)
-
(179)
(738)
-
-
(738)
2,953
-
-
2,953
(4,521)
-
-
(4,521)
13,154
34,565
34,156
81,875

40

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

14. INTANGIBLE FIXED ASSETS

Cost
At 1 January 2021
At 31 December 2021
Amortisation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book amount
At 31 December 2021
Net book amount
At 31 December 2020		 Computer
software
USD’000
1,181
1,181
1,181
-
1,181
-
-

15. TANGIBLE FIXED ASSETS

Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Disposals
At 31 December 2021
Net book amount
At 31 December 2021
Net book amount
At 31 December 2020		 Freehold
Fixtures
land &
Computer
and
Motor
buildings
equipment
fittings
vehicles
Total
USD’000
USD’000
USD’000
USD’000
USD’000
1,883
453
188
15
2,539
-
44
-
-
44
-
(9)
-
-
(9)
1,883
488
188
15
2,574
447
394
159
15
1,015
29
41
9
-
79
-
(7)
-
-
(7)
476
428
168
15
1,087
1,407
60
20
-
1,487
1,436
59
29
-
1,524

Land & buildings contains USD 1.1 million (2020: USD 1.1 million) in respect of land that is not depreciated.

41

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

16. FIXED ASSET INVESTMENTS


Fair value at 1 January 2021
Additions at cost
Disposal proceeds
Exchange
Change in fair value
Change in cash
Fair value at 31 December 2021
Historical cost to the Association at 31
December 2021		 Sung
Fund
USD’000
Braga Fund
USD’000
Olivier
Beguin
Fund
USD’000
Total
USD’000
34,606
676
514
35,796
7,253
-
-
7,253
(8,441)
-
-
(8,441)
-
(21)
-
(21)
2,720
73
36
2,829
36,138
728
550
37,416
570
-
-
570
36,708
728
550
37,986

26,990
1,443
454
28,877

Sung Fund Investments

The Sung Fund assets are invested in a diversified portfolio of investments under the management of Cazenove Capital.

Investments listed on stock exchange
Equities
Fixed Interest
Total investments listed on recognised stock exchange
Other investments
Alternatives
Total cash and settlements pending UK
Total investments		 2021
2020
USD’000
USD’000
26,021
26,791
3,578
3,498
29,599
30,289
6,206
3,984
903
333
36,708
34,606

Braga Fund Investments

The Braga Fund is held as shares in HSBC Holdings plc registered with the HSBC Hong Kong Overseas Branch Register.

Olivier Beguin Investments

The Olivier Beguin Fund is held as securities in Alpha CIF for Endowments (Income Units) managed by Sarasin and Partners.

17. PROGRAMME-RELATED INVESTMENTS

Balance at 1 January 2021
Repayments received in 2021
New loans made in 2021
Reclassifications
Balance at 31 December 2021		 USD’000
5,021
(570)
388
32
4,871

42

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

18. DEBTORS

ORS
Amounts due from Bible Societies – current accounts
Pension fund
Other debtors
Prepayments and accrued income		 31 December 2021
31 December 2020
USD’000
USD’000
12,925
20,184
1,494
55
56
113
433
659
14,908
21,011

Pension fund: The Association administers benefits payments on behalf of the United Bible Societies Pension Plan, Guernsey, and retrospectively reclaims amounts paid on the plan’s behalf. The amount owed to the Association by the plan at 31 December 2021 was USD 1.5 million (2020: USD nil owed to the Association by the plan).

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Amounts due to Bible Societies - current accounts
Other trade creditors
Other creditors
Accruals and deferred income
Movement in deferred income
2020 closing balance
Increase in deferred grant income
Increase in deferred GSF income
2021 closing balance		 31 December
2021
USD’000
21,797
283
61
1,423
23,564
USD’000
-
238
750
988		 31 December

2020

USD’000
17,740
164
69
462

18,435




20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


Amounts due to Bible Societies - Capital Projects Fund:
Due after five years		 31 December
2021
USD’000
141
141		 31 December

2020

USD’000

179

179

Amounts due to Bible Societies represent loans repayable in instalments and loans made indefinitely. Loans are either interest free or interest is charged at a rate agreed between the Association and the lender . Loans due after five years are interest free.

43

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

21. PROVISIONS

PROVISIONS
Rental debtor
Legal fees
Pensions
Finance restructure		 31 December
2021
USD’000
3
-
565
-
568		 31 December

2020

USD’000

51

1

620

66

738

Pensions provision relates primarily to past service pension liabilities.

Movement in pensions provision
2020 closing balance
Release of specific pension provision
2021 closing balance		 USD’000
620
(55)
565

22. FINANCIAL COMMITMENTS

At the 31 December 2021 the Association had total commitments under operating leases as set out below.

Operating leases which expire:
Within one year
Between two and five years		 31 December
2021
Land &
Buildings
Other
USD’000
USD’000
65
-
109
-
174
-		 31 December
2020
Land &
Buildings
Other
USD’000
USD’000
50
-
17
-
67
-		 31 December
2020
Land &
Buildings
Other
USD’000
USD’000
50
-
17
-
67
-
-

At 31 December 2021 the Association had authorised and contracted capital commitments of USD nil (2020: USD nil).

44

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

23. RELATED PARTY TRANSACTIONS

The trustees of the Association are also directors of United Bible Societies, incorporated in Delaware, USA. United Bible Societies, Delaware, was established in 1946 to provide a legal form to the UBS Fellowship, founded in 1946.

The Association requires its member Bible Societies to pay Global Stewardship Fund contributions as a condition of membership. These contributions are assigned by United Bible Societies to the Association, to contribute to the cost of providing the Association’s services to Bible Societies and Bible Society offices.

Affiliate Bible Society offices are branches of the United Bible Societies incorporated in Delaware, USA, established in countries which have no Bible Society operation, with a view to their developing over time into independent entities and member Bible Societies of the UBS. Affiliate Bible Society offices have access to the same grant and loan programmes as member Societies, on the same terms as member Societies.

Grants from, to and balances with the above party in the year ended 31 December 2021 were as follows:

Income resources Grants made: Net debtor current Program-related
from charitable restricted account balances at investments at
activities funds 31 December 31 December
2021 2021 2021 2021
USD’000 USD’000 USD’000 USD’000
Bible Society offices 301 (9,966) 6,966 (27)

The trustees of the Association are board members or on the senior management teams of Bible Societies. Transactions take place throughout the year between these member Bible Societies and the Association. No individual trustee has undue influence over, or control of, the Board of Trustees and the Bible Societies concerned are not considered to be related parties or connected charities. There are governance policies in place that require trustees to declare an interest and abstain from discussion and voting on items considered by the trustees, if the item relates to the Bible Society with which they are associated. The member Bible Societies with which trustees are associated are as follows:

Miss Elaine Duncan (Chair), Scottish Bible Society Rev Dirk Gevers (Vice-Chair), Bible Society of South Africa Dr. Rieuwerd Buitenwerf, Netherlands Bible Society Rev Rupen Das, Canadian Bible Society Mr Ruben del Ré, Argentine Bible Society Dr.Christoph Rösel, German Bible Society

On 31 December 2021, no members of the senior management team owed amounts to the Association.

45

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

24. GRANTS RECEIVABLE

United Bible Societies member societies made the following grants to the Association during the year:

American Bible Society
British and Foreign Bible Society
German Bible Society
Bible Society Australia
Bible Society Netherlands and Flanders
Norwegian Bible Society
Canadian Bible Society
Korean Bible Society
Bible Society of India
Bible Society of South Africa
Finnish Bible Society
Indonesian Bible Society
Bible Society of Mexico
Bible Society in New Zealand Inc
Vietnam Partnership
Danish Bible Society
Philippine Bible Society
Bible Society of Nigeria
Scottish Bible Society
Swedish Bible Society
Bible Society of Kenya
Bible Society of Singapore
Peruvian Bible Society
Japan Bible Society
Bible Society of Guatemala
Colombian Bible Society
Bible Society of Ghana
Bible Society in Northern Ireland
Bible Society of Ethiopia
Bolivian Bible Society
Bible Society of Egypt
Bible Society of Uganda
Bible Society in Russia
Swiss Bible Society
French Bible Society
Bible Society in Taiwan
Bible Society in Israel
Argentine Bible Society
Bible Society in the Gulf
Bible Society in Jordan
Hong Kong Bible Society
United Bible Societies in Ecuador
Bible Society of Congo (Democratic Republic)
Dominican Republic Bible Society
Bible Society of Tanzania
Other		 2021
Unrestricted
Restricted
USD
USD
1,500,000
11,762,879
870,508
4,272,262
450,000
1,963,982
429,584
2,329,728
400,000
2,571,766
352,273
2,525,806
350,000
1,211,209
254,832
1,857,827
212,960
-
196,960
40,000
130,152
679,487
128,960
-
117,200
-
113,028
461,512
110,125
13,057
104,033
342,000
102,320
-
98,400
-
97,046
289,190
83,698
121,054
80,240
-
78,170
(7,170)
65,520
-
61,696
89,328
60,800
-
55,820
15,090
55,680
-
55,000
432,194
52,160
-
48,880
-
47,760
-
42,560
-
37,760
-
36,995
54,250
33,653
4,880
32,160
-
30,300
-
25,900
-
25,040
-
24,000
-
22,160
-
22,080
-
21,600
-
21,440
-
20,560
-
601,580
1,373,062
7,761,593
32,403,393		 2020
Unrestricted
Restricted
USD
USD
1,500,000
14,493,142
803,200
5,144,187
781,000
2,515,464
388,713
1,846,206
400,000
2,504,694
323,313
2,590,963
350,251
1,092,000
255,121
1,974,484
185,625
-
193,425
-
123,500
697,646
112,725
-
107,550
-
95,859
484,576
10,275
25,000
100,585
406,000
95,130
13,000
91,350
-
95,457
385,237
75,000
113,510
59,175
-
70,579
10,063
54,150
-
54,924
84,105
51,030
500
49,575
-
52,950
-
55,000
483,151
44,850
-
42,750
-
38,250
-
38,025
-
30,000
-
45,700
57,500
39,213
8,191
35,325
-
19,650
-
27,225
-
16,700
-
22,725
-
20,700
-
18,975
-
19,125
-
19,275
-
16,950
-
541,571
224,150
7,572,471
35,153,769

46

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

25 . GRANTS PAYABLE

The following restricted grants were made to United Bible Societies’ member Societies and offices. All grants were made to institutions; no grants were made to individuals.

institutions; no grants were made to individuals.
2021 2020
Restricted Restricted
USD USD
Algeria Bible Society 66,346 115,761
Arab-Israeli Bible Society 349,193 363,326
Argentine Bible Society 296,297 265,498
Austrian Bible Society 10,000 30,060
Azerbaijan Bible Society 147,329 76,786
Bangladesh Bible Society 228,693 177,805
Bible Society Australia - 10,000
Bible Society Eswatini 232,258 267,183
Bible Society in Angola 441,738 316,315
Bible Society in Armenia 238,552 227,956
Bible Society in Botswana 48,659 -
Bible Society in Cambodia 87,216 175,519
Bible Society in Gabon 148,075 84,849
Bible Society in Georgia 17,160 32,300
Bible Society in Guinea-Conakry 41,880 24,075
Bible Society in Iraq 360,036 309,806
Bible Society in Israel 512,351 461,449
Bible Society in Jordan 827,985 867,472
Bible Society in Kazakhstan 268,445 200,566
Bible Society in Kyrgyzstan 151,331 134,658
Bible Society in Lebanon 841,222 420,822
Bible Society in Liberia 107,685 101,150
Bible Society in Mali 427,789 134,095
Bible Society in Morocco 139,603 137,651
Bible Society in Mozambique 694,462 405,487
Bible Society in New Zealand Inc 50,084 26,570
Bible Society in Niger 252,693 164,267
Bible Society in Poland 10,000 10,000
Bible Society in Russia 155,951 215,110
Bible Society in Senegal 87,835 3,186
Bible Society in Sierra Leone 158,075 29,741
Bible Society in South Sudan 336,311 233,119
Bible Society in Sudan 5,591 48,135
Bible Society in Syria 418,075 707,984
Bible Society in Taiwan 32,595 8,765
Bible Society in the Central African Republic 135,985 60,830
Bible Society in The Gambia 203,154 124,842
Bible Society in the Gulf 369,978 288,488
Bible Society in the Netherlands Antilles 142,437 135,297
Bible Society in the Seychelles 10,567 6,802
Bible Society in the South Pacific Inc. 79,103 160,804
Bible Society in Turkey 245,950 254,029
Bible Society Netherlands and Flanders 223,000 130,000
Bible Society of Benin 255,904 97,398
Bible Society of Brazil 370,904 377,994
Bible Society of Burkina Faso 267,619 134,384
Bible Society of Burundi 216,604 178,869

47

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

25 . GRANTS PAYABLE (continued)

2021 2020
Restricted Restricted
USD USD
Bible Society of Cameroon 351,295 279,612
Bible Society of Chad 123,238 111,498
Bible Society of Congo (Democratic Republic) 21,112 60,023
Bible Society of Costa Rica 78,586 234,573
Bible Society of Côte d'Ivoire - 12,741
Bible Society of Egypt 720,644 768,973
Bible Society of El Salvador 102,061 43,051
Bible Society of Eritrea 128,611 105,916
Bible Society of Ethiopia 620,048 629,152
Bible Society of Ghana 536,509 411,117
Bible Society of Guatemala 532,705 566,587
Bible Society of Guinea-Bissau 615 4,987
Bible Society of Honduras 131,473 93,223
Bible Society of India 655,498 516,001
Bible Society of Kenya 408,806 319,768
Bible Society of Lesotho 19,389 29,660
Bible Society of Lithuania 110,460 131,350
Bible Society of Malawi 138,254 68,856
Bible Society of Malaysia 10,551 31,953
Bible Society of Mexico 276,728 476,993
Bible Society of Micronesia 5,000 -
Bible Society of Myanmar 81,691 160,622
Bible Society of Namibia 287,337 310,427
Bible Society of Nicaragua 102,964 207,539
Bible Society of Nigeria 329,146 283,086
Bible Society of Panama 27,112 60,232
Bible Society of Papua New Guinea 178,858 98,807
Bible Society of Portugal 139,213 95,727
Bible Society of Puerto Rico - 5,020
Bible Society of Rwanda 257,513 252,954
Bible Society of Slovenia 74,144 85,279
Bible Society of South Africa 94,562 189,604
Bible Society of Spain 4,608 2,636
Bible Society of Tajikistan 15,000 94,657
Bible Society of Tanzania 405,457 322,984
Bible Society of the Republic of Belarus 126,670 121,749
Bible Society of the Republic of Macedonia 103,603 56,005
Bible Society of the West Indies 42,864 60,604
Bible Society of Togo 197,656 72,194
Bible Society of Uganda 748,048 562,313
Bible Society of Uruguay 70,636 120,741
Bible Society of Uzbekistan 103,708 170,150
Bible Society of Zambia 256,602 283,987
Bible Society of Zimbabwe 274,448 144,550
Biblical Commission of Cuba 586,018 405,410
Bolivian Bible Society 156,570 171,938
British and Foreign Bible Society 410,637 102,857
Bulgarian Bible Society 39,550 54,275
Cabo Verde Partnership 8,513 1,981

48

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

25 . GRANTS PAYABLE (continued)

Ceylon Bible Society
Chilean Bible Society
China Partnership
Colombian Bible Society
Congo Bible Society
Croatian Bible Society
Dominican Republic Bible Society
Estonian Bible Society
French Bible Society
German Bible Society
Haitian Bible Society
Hellenic Bible Society
Hungarian Bible Society
Indonesian Bible Society
Interconfessional Bible Society in Romania
Interconfessional Bible Society of Albania
Interconfessional Bible Society of Moldova
Iranian Bible Society in Diaspora
Japan Bible Society
Korean Bible Society
Laos Partnership
Latvian Bible Society
Malagasy Bible Society
Mongolian Union Bible Society
Nepal Bible Society
Pakistan Bible Society
Palestinian Bible Society
Paraguayan Bible Society
Peruvian Bible Society
Philippine Bible Society
Sahelian project
Sao Tome Principe
Serbia Bible Society
Slovak Bible Society
Suriname Bible Society
Swedish Bible Society
Thailand Bible Society
Ukrainian Bible Society
United Bible Societies in Ecuador
United Bible Societies in Venezuela
Vietnam Partnership
Other		 2021
Restricted
USD
81,373
112,632
3,344,337
142,048
321,151
130,105
123,813
24,200
3,255
-
202,933
124,365
43,664
93,394
108,277
167,260
59,885
244,113
-
310,060
115,295
69,055
80,503
114,892
19,118
224,269
341,663
151,340
283,245
147,495
1,972
615
125,178
34,300
303,564
-
74,991
566,788
142,672
158,583
284,989
492,783
30,177,606		 2020
Restricted
USD
93,885
253,539
2,499,546
265,904
54,464
135,995
166,875
33,500
2,978
5,000
239,851
4,000
67,003
98,953
142,729
204,146
105,503
154,602
34,500
321,626
61,182
62,958
17,799
145,886
86,108
250,128
714,194
245,041
271,972
97,221
19,133
530
64,315
31,311
300,552
24,981
81,636
582,723
245,542
179,701
384,482
273,098
27,156,657

49

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2021

26. CUSTODIAN TRUSTEE

The Education Fund

The Education Fund represents accumulated contributions by Bible Societies and some UBS staff towards educational expenses of the dependent children of those who choose to be members. United Bible Societies Association administers this fund on behalf of member societies.

The fund's assets and liabilities and its income and expenditure are excluded from the Association's accounts.

The cash balances held on behalf of the Education Fund and the corresponding liability at 31 December 2021 amounted to USD 2.170 million (2020: USD 2.123 million).

Funds held for Turkey

In 2021 the Association no longer remains custodian of the funds, all funds and shares were transferred to the Bible Society in Turkey who are now the sole shareholder of KMAS.

The Association held funds on behalf of, and for the benefit of, Bible Society in Turkey since 2012. In November 2018 the total funds of USD 985,000 were transferred to Bible Society in Turkey. Of this sum USD 200,000 was used to purchase the share capital of a company, Kitabi Mukaddes Yayincilik Matbaa Sanayi Ve Turizm Ticaret (KMAS). The remaining funds of USD 785,000 were transferred to KMAS under a deed of grant. The funds are to be used to support Bible Society activity in Turkey and establish a charitable foundation.

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