2024-12-31-accounts

UNITED BIBLE SOCIETIES ASSOCIATION

(Limited by Guarantee)

TRUSTEES’ REPORT AND ACCOUNTS

For the year ended 31 DECEMBER 2024

Company no. 02264875 Charity no. 800058

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TRUSTEES’ REPORT AND ACCOUNTS For the year ended 31 DECEMBER 2024

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 2025	12
- Financial review	13
- Principal risks	16
Trustees’ responsibilities	17
Going concern	17
Independent auditor’s report	19
Statement of Financial Activities (SOFA)	22
Balance sheet	23
Cash flow statement	24
Notes to the cash flow statement	25
Notes to the accounts	26

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UNITED BIBLE SOCIETIES ASSOCIATION

(Limited by Guarantee)

LEGAL AND ADMINISTRATIVE DETAILS

United Bible Societies Association (the 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 Ms Rachel Parr, independent Dr Rieuwerd Buitenwerf, Netherlands Bible Society

Rev Dr Rupen Das, Canadian Bible Society

Mr Barry Morris, Bible Society Australia Dr Christoph Rösel, German Bible Society Rev Dr Erni Seibert, Bible Society of Brazil Mr Eduardo Petrecca, Argentine Bible Society Dr Amon Eddie Kasambala, Independent (From June 2024)

Under the governing document of the Association, 3 members of the Association board are also members of the UBS Fellowship Council, the advisory body of the Fellowship. The 6 remaining places are appointed by the Association board based on the skills and experience needed

Finance and Audit Committee:

Ms Rachel Parr (Chair) Mr Barry Morris, Bible Society Australia Mr Bernt Olsen, Norwegian Bible Society Mr Alan Smith, Independent Mr Mphatso Bello, Bible Society of Malawi (From August 2024) Dr Sigit Triyono, Indonesian Bible Society (From August 2024)

Officers:

Rev Dirk Gevers Secretary General Mr Christopher Egitto Executive Director of Bible Societies Effectiveness Prof Alexander Schweitzer Executive Director of Bible Ministry Effectiveness Mr Adrian White Chief Operating Officer and Executive Director of ISP / GMT Effectiveness Mr Nicholas Thorne-Allenson Director of Finance & IT Ms Sarah Starrenburg Executive Director of Global Collaboration

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 2024

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 2024. 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), 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 Articles of Association. The current Articles of Association were adopted in November 2022. 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 has a governing document known as the “Fellowship Agreement” which sets out the aspiration of the Fellowship, membership requirements etc.

This Fellowship is governed by a Fellowship Council which consists of up to 16 members.

The Fellowship Council meets four times a year (once in-person) and considers the key missional issues affecting the Fellowship. Members serve for a four-year term renewable once and the next election is scheduled for 2026. The Chair, Vice Chair and Chair of the Membership Committee become ex-officio members of the Association’s Board of Trustees. The Fellowship Council also acts as the Company Law Members of the Association and has a role in holding the Association Trustees to account for the services the organisation provides to the Fellowship.

As the Association’s trustees, we are responsible for overseeing the governance of the Association. In our corporate capacity as the Board of Trustees, we work together to fulfil the governance function. Executive responsibility rests with the UBS Secretary General who is appointed by the Board and leads the Association’s management & staff.

The Association’s trustees are aware of the Charity Governance Code (the Code) published by The Charity Commission and their public consultation on a wide review of the Code planned for summer 2025. At the appropriate time the Association’s trustees intend to undertake a thorough review of the Code to determine if further updates to the Association’s governance approach are appropriate.

The Association provides services which include facilitation of member Societies’ activities, consultancy services in the fields of translation, programme, finance, international grants, communications, digital technology services and support of UBS strategies, policies and procedures. These services are provided through the Association’s management & staff consisting of around 120 members of staff spread across over 50 countries. The Association operates two hubs situated in Swindon, United Kingdom and Nairobi, Kenya, as well as 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. 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 agreeing the scope and depth of the audit.

Bible Societies affiliated with the Association are established in countries which have no Bible Society in operation with the longterm goal of evolving into full-member Bible Societies of the Association. The 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, USA and information about the transactions with them is shown in note 23.

The application of the remuneration policy for key personnel is reviewed annually by the Board. Meanwhile, the Finance and Audit Committee considers 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. These are set and maintained by reference to local market rates of pay for non-profit staff. The organisation aims to pay the median pay by non-profit organisations of similar size and complexity. The Reward Policy was introduced in 2018, with an update to the policy in 2023.

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 Diversity, Equality and Inclusion in all our policies including recruitment and the development of healthy staff relations.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

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 and in association with such ministry to advance the Christian faith in a holistic manner as appropriate in each context. The principal means by which the Association furthers its Objects is by providing services to members of the United Bible Societies.

The UBS Fellowship operates in over 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:

• Consultancy and services to Bible Societies;

• International grant programme called the International Support Programme.

The consultancy and services to Bible Societies are funded primarily through the Global Stewardship Fund provided by Bible Societies. In November 2017, the Global Council convened a Funding Review Group to consider the methodology by which the Bible Societies’ 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 Association does not actively raise funds from the public, as it would be competing with Bible Societies who conduct their own local fundraising activities. There are some exceptions to this in specific cases agreed with individual Bible Societies. In addition, the Association has obtained funding from organisations with similar objectives such as ETEN (Every Tribe Every Nation) and Seed Company. 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 the provision of advice and support to Bible Societies in many aspects of their activities, including translation, publishing, production, distribution, Bible advocacy, Bible engagement, 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, supporting 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.

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 immaterial and coincidental with performing their duties.

In the section that follows we have included examples of how our work has helped raise awareness and understanding of the Christian faith by 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 the Association, 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. The Association’s primary approach to accomplishing this is by coordinating and supporting member and affiliate Bible Societies in the UBS Fellowship – which are the Association’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.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE IN 2024

The United Bible Societies Association helps the UBS Fellowship make the Bible available to everyone by providing shared services and tools, as well as learning and collaboration opportunities to Bible Societies. These include 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 2024, the Association’s management and staff continued to deliver services that significantly increased the cohesion, capacity, and global impact of the UBS Fellowship. Through a wide range of activities—spanning global events, digital infrastructure, communication, member support, and funding programmes—the Association served as a central resource for Bible Societies across all regions.

The Association’s services continued to support Bible Societies as they navigate the contemporary complex realities of an increasingly digital society, a world affected by climate change and a growing number of natural disasters, conflicts and wars. The Association placed special emphasis on enhancing the collaboration and partnerships among the Bible Societies and delivering services and activities that supported the sustainability of Bible Societies, the UBS Fellowship and the Association. This included organising the first Fellowship in-person collaboration event after the COVID pandemic.

As part of the Association’s commitment to serving Bible Societies more effectively, a Fellowship-wide survey and consultation were carried out in early 2024. The objective was to identify the most urgent needs across the Fellowship and determine how the Global Mission Team (GMT) could deliver the most meaningful and targeted support. The insights gathered have directly informed the development of the UBSA Strategic Plan for the next three years, ensuring our collective efforts remain grounded in the realities faced by Bible Societies and focused on areas of greatest impact.

The senior strategic team dedicated significant time and input to shaping the new Strategic Plan. The final version was presented to the Board and formally approved at its June meeting. Implementation began immediately thereafter.

The Association’s management & staff delivered services that increased the effectiveness of Bible ministry throughout the UBS Fellowship. They did this through:

Strengthening Bible Ministry Across the Fellowship

In 2024, the Association's management and staff continued to deliver impactful services that enhanced the effectiveness of Bible ministry throughout the UBS Fellowship. Core support included training, mentoring, technological assistance, project management, and strategic collaboration across translation, publishing, digital engagement, and Bible engagement ministries.

Bible Translation Training & Quality Assurance

Training & Development

• In the Americas, three in-person training courses were conducted: two for Bible translators and one for translation officers. Four translators and one translation officer graduated from these programs.

• A training workshop for Deaf Bible translators was held in South Africa, bringing together 37 participants from seven Bible Societies (including Botswana, Eswatini, Zimbabwe, and Ghana) and representatives from Hand with Words . Deaf translators from four Bible Societies were elected to the Africa Region Deaf Committee, strengthening regional leadership and representation.

• Between February and May, 122 translators were trained via in-person and online courses held in Bangladesh, Benin, Costa Rica, Colombia, and Kenya.

• A Sign Language Officer Training Course was delivered online in March, with 19 participants, and two graduates from South Africa and the Philippines.

• A Global Translation Officers Training session was conducted online for 16 participants, aimed at building capacity among mid-level translation project leaders.

Advisory & Scholarly Engagement

• Global Translation Advisors provided direct support to 169 translation projects across 87 countries, both in-person and remotely.

• Advisors contributed scholarly papers and presentations at key international events, including the SIL Bible Translation Conference, Shanghai Academy of Social Sciences Conference, and the Society of Biblical Literature (SBL), boosting UBS’s global academic and collaborative profile.

Digital Engagement

The GMT Digital Engagement Team continued working with two African Sustainability Clusters, supporting digital transformation initiatives aimed at long-term impact:

• Five Francophone Bible Societies (Chad, Guinea, Mali, Niger, and Senegal) launched BibleBooster Essentials websites, the first-ever web presence for four of them.

• Social media platforms (primarily Facebook and WhatsApp) were established to grow digital audiences and enhance Bible engagement.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

• Initial metrics show growth in engagement times and user interactions, indicating growing online reach and improved content strategies.

• In November 2024, the BibleBooster app was launched.

Bible Publishing

Publishing Support and Capacity Building

• Provided tailored consultancy and technical support to Bible Societies through virtual seminars, on-site training, and an enhanced e-learning platform. Topics included content creation, editorial processes, and Bible production.

• Tracked increased engagement and course completion rates through regular follow-up and feedback collection.

• People with Visual Disabilities (PVD)

• Launched a dedicated PVD Resource Hub, offering curated tools, best practices, and access to key materials aimed at increasing Scripture accessibility for people with visual disabilities.

Publishing Development

• Supported the African Women’s Devotional Bible, developed by 25 African Bible Societies:

• A second English edition was prepared for reprinting.

• The French edition was launched in France (April) and Gabon (May), with distribution across 13 Francophone countries; two of these expressed interest in local-language adaptations.

• A Portuguese edition is currently in development.

• Bible Society of India is preparing a culturally adapted version for 2025.

• Held the Spanish-speaking Publishers’ Institute in Costa Rica (March), with 22 participants from 10 Bible Societies, supported by the Spanish Publishing Committee (SPC).

• Conducted Francophone Publishing training in Senegal (May), hosted by BS Senegal and facilitated by the Francophone Publishing Group (SEF), attended by 25 participants from 12 Bible Societies and BS Korea (a key Production Centre).

Bible Ministry Technology

• Delivered hands-on technical training in Vietnam for 40 Bible Societies on UBS tools including Paratext, the Digital Bible Library, and Publishing Assistant, with emphasis on tool integration and workflow improvement.

• Additional support activities included:

• Paratext and translation theory training for 13 staff in Bangladesh.

• Study Bible production support was provided in Mexico and the Philippines, enabling local teams to lead their own typesetting and layout processes.

• Professional Development Week happened in Rome for 25 Global Translation Advisors and Consultants, focusing on advanced Paratext use and translation workflows.

Translation Project Management

• On-site training in Vietnam (March) brought together 21 participants from 10 Bible Societies. The training covered project planning, implementation, financial procedures, and monitoring. GMT’s Translation Projects Management team and the International Financial team jointly delivered the event.

Bible Engagement

• Launched the Bible Engagement Repository, a centralised digital platform for sharing successful programs, tools, and models from around the world.

• Continued support for key regional projects, including African Life Projects (Women’s, Youth, Leadership, and Children’s Bibles), Migration Bible, and Identity: Identified, a multi-contextual engagement initiative.

Literacy

• Conducted online training in April for 24 literacy staff from 12 Asia-Pacific Bible Societies on Bloom software, an easyto-use, open-source tool that allows local staff to create digital and print books in mother-tongue languages.

• Collaborated with partner agencies in February to observe International Mother Language Day, with 75 participants engaging in strategy sessions.

• Preparing for the Asia-Pacific Literacy Officer-in-Training Programme in Chiang Mai (July), a 10-day in-person training event on literacy programming, planning, and community engagement.

• Provided literacy classes to 9,534 children, 2,110 men and 10,842 women in 93 languages through 40 projects run by 33 Bible Societies.

• 2024 Training and Capacity Building Events: Over 63 participants from 27 Bible Societies.

Bible Translation Roadmap

• Facilitated ongoing implementation of the UBS Bible Translation Roadmap, including coordination of working groups on translation, capacity, project management, communications, and fundraising.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

• Supported both online and in-person meetings and engaged with other global agencies to align efforts and share best practices.

Church Relations

• Strengthened relationships with global church bodies such as the World Council of Churches (WCC) and World Evangelical Alliance, promoting Bible Society resources in trauma healing, HIV/AIDS response, and interfaith engagement.

• Actively supported the China Partnership, facilitating dialogues with different church traditions and organising the visit of Chinese Catholic bishops to Nordic Bible Societies in May.

• Co-planned the 2024 Bible Engagement Forums with BFBS.

• Supported preparation for UBS’s participation in the Lausanne Congress (Seoul, September 2024).

• Worked alongside the Head of Mobilisation to help Bible Societies strengthen church-based fundraising and engagement strategies.

The Association’s management & staff 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:

Strengthening Member Relations Across the Fellowship

In 2024, the Association continued to prioritise strong engagement and service to its key stakeholders, Bible Societies within the UBS Fellowship. The Member Relations team played a central role in maintaining consistent, personalised contact and providing strategic support.

• Regular Semi-Structured Calls: Ongoing engagement through semi-structured calls continued to be a key feature of the Member Relations strategy, enabling responsive, trust-based communication with Bible Societies. These calls currently reach 140 Bible Societies, offering a platform for listening, support, and collaboration.

• New Membership: The Bible Society of Syria was officially admitted as an Affiliate Member of the Fellowship in 2024, reflecting growing engagement in the Middle East region.

Advancing Digital Resilience and Transformation

The Association made significant strides in helping Bible Societies strengthen their digital infrastructure and audience engagement for both mission impact and financial sustainability.

Project Engage

• Continued to support and mentor nearly 60 Bible Societies , helping them develop their capacity to engage digital audiences, particularly in under-resourced or emerging contexts.

Digital Transformation Programs

• Africa Sustainability Cluster : a key highlight in 2024 was a highly successful in-person workshop in Kenya , hosted alongside Africa Bible Society leaders.

• This initiative supported 11 Bible Societies (5 Francophone, 6 Anglophone), many of which launched or revamped websites and enhanced their social media presence.

• Notable results included doubling website traffic (e.g., in Guinea), increased engagement times, and measurable improvements in digital maturity. Over an 8-month period, average scores rose from “Digital Novice” to “Digital Performer,” significantly improving their ability to reach and serve digital audiences.

• Mexico Digital Transformation : The Bible Society of Mexico undertook a comprehensive digital resilience assessment and market landscape analysis with support from the Association.

• Based on this, they implemented key strategies including expanding e-commerce through platforms like Amazon and Mercado Libre , launching targeted digital fundraising campaigns , deepening Bible engagement, and reaching diaspora communities .

• GMT facilitated strategic collaboration with other Bible Societies in the region to extend the impact of these efforts.

Digital Technical Support

• The Digital Technical Support Team continued to provide critical infrastructure services to Bible Societies across the Fellowship, including website design and hosting, email system setup, e-commerce infrastructure, and digital fundraising tools.

• This small but highly skilled team regularly supports over 25 Bible Societies per month , and its broader support reaches over half of the global Fellowship in various ways throughout the year.

Supply Chain Optimisation

In 2024, the Association made notable progress in optimising supply chain operations to help Bible Societies improve efficiency, reduce waste, and increase the availability of Scripture materials.

• Regional Training & Collaboration:

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

• Francophone Africa (May): 27 participants from 13 Bible Societies attended a training in Dakar in partnership with the Publishers’ Institute.

• Lusophone Africa (June): 6 Bible Societies joined a training hosted by the Korean Bible Society, generously funded by the Netherlands Bible Society.

• LATAM (July): 50 participants from 15 Bible Societies participated in a customer-focused demand and supply planning workshop with the Spanish Publishing Service.

• Anglophone Africa (July/August): A training was held in Kigali, Rwanda, in collaboration with the Publishers’ Institute and the Bible Society of Rwanda.

• Collaboration Platform: the supply chain collaboration platform, developed originally in LATAM, was successfully upgraded and launched in Francophone Africa, improving real-time data sharing and coordination with Production Centres.

• Workshops for Lusophone Bible Societies: a regional face-to-face workshop in Korea helped strengthen planning, communication, and supply chain visibility.

• Mission Sustainability Clusters: Through these clusters, the Association continued to support five Bible Societies in Africa, focusing on better inventory planning and improving the availability of high-demand Scripture products.

• LATAM Task Force: ongoing collaboration with the RVR60 Task Force supported a range of development activities, including supply chain optimisation, strategic planning, governance, leadership development, and fundraising.

Regional Collaboration & Fellowship Resilience

• Support for Regional Groups : the Association actively facilitated collaboration among regional alliances, clusters, and working groups , which are essential to improving Bible Society’s sustainability and strategic alignment. Relationship management staff played a key role in nurturing these partnerships and helping new collaborations take shape.

• Central Asia Service : led by the Ukrainian and Norwegian Bible Societies , the Central Asia Service provided critical capacity building and support to Bible Societies working in some of the most challenging environments in the Fellowship, offering resources, training, and regional coordination.

The Association’s management & staff delivered services that increased the effectiveness of the collective UBS Fellowship. They did this by:

In 2024, the Association’s management and staff continued to deliver services that significantly increased the cohesion, capacity, and global impact of the UBS Fellowship. Through a wide range of activities, spanning global events, digital infrastructure, communication, member support, and funding programmes, the Association served as a central resource for Bible Societies across all regions.

Fellowship Event - First Global Fellowship Gathering Post-COVID

A key milestone of the year was the successful organisation of the first global in-person event since the COVID-19 pandemic : the Fellowship Event 2024 , held in Toronto, Canada, in October.

• The event welcomed 266 attendees from 78 Bible Societies, bringing together leaders and staff from across the Fellowship for six days of strategic dialogue, worship, and learning.

• This event marked a pivotal moment for post-pandemic re-engagement and affirmed the Fellowship’s commitment to unity, collaboration, and Scripture-centred impact.

Digital Experience: Expanding Platforms for Learning and Visibility

The Digital Experience team advanced several key initiatives in 2024 aimed at strengthening both internal collaboration and external visibility for the Fellowship.

• Learning & Events Platform: the team launched the first draft of a new platform designed to centralise information about Fellowship events and house asynchronous learning resources. This development lays the groundwork for more scalable, inclusive learning across regions.

• UBS Public Website: significant development work progressed on the new public-facing UBS website , which emphasises hosting Fellowship news, press releases, and refreshed profiles of Bible Societies worldwide.

• Project Intake & Support: ongoing technical and project support was provided to ministry teams such as TAZI, BHACT, PVD, and translation.bible , ensuring consistent digital delivery across programs.

Fellowship Communications: Sharing Stories, Strengthening Identity

The Communications team played a central role in promoting Fellowship-wide connection and visibility:

• Content Development: In 2024, over 150 in-depth stories were produced, featuring the work of 80 Bible Societies, helping to tell the story of Scripture impact around the world.

• Community Building: The team managed and grew several online social media groups and distributed regular weekly e-newsletters to share updates, opportunities, and resources.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

• Newsletters and Reports:

• 25 Fellowship newsletters were released during the year.

• Five major reports were published: Bible Translation Report , Bible Distribution Report , UBSA Trustees’ Report , Fellowship Annual Report , UBSA Partners Report (including customised versions for 17 Bible Societies)

• Governance Support:

• Both the Fellowship Council and the Board of Trustees received ongoing support , including document management, meeting coordination, and communications.

• Media & Web Tools:

• Monthly Media Monitoring Reports were introduced, offering insight into global trends affecting Bible Societies.

• The team oversaw the rebranding and redesign of the TIPS website , aligning it with updated Fellowship identity standards.

• The UBS Prayer Hub was launched to deepen spiritual unity across the Fellowship.

Mobilisation and Staff Engagement

• The Induction Programme was further enhanced in 2024, integrating improved interpretation tools, new feedback mechanisms, and expanded digital elements.

• A consultation forum for African Bible Societies was facilitated to better understand staff needs and provide a platform for input, mutual learning, and engagement.

Collaboration and World Assembly Follow-Up

The Association continued to facilitate important conversations and cross-Fellowship engagement following the 2023 World Assembly:

• The World Assembly Statement was finalised and circulated in Russian with improved translation quality, timed to support the Central Asia Service Conference.

• A collaborative session titled “Big Conversations” was hosted during the Central Asia Conference, encouraging reflection and dialogue around key World Assembly topics—especially Creation Care, which sparked deep and hopeful engagement around environmental stewardship.

• Additionally, the Association continued its responsibility for:

• Upholding the Fellowship’s agreed standards, and

• Providing mediation support in situations where alignment with those standards was in question.

International Support Programme (ISP): Grants and Governance

The International Support Programme continued to evolve in 2024 to meet the growing complexity of global needs, while streamlining administrative and reporting processes:

• Grant Administration: The Association provided grant management, communications tools, and strategic guidance to facilitate the successful deployment of Fellowship funds to priority mission areas.

• Quarterly Reporting Framework: A major change was implemented in April 2024 with the shift from traditional “Progress,” “End of Year,” and “Completion” reports to a more efficient quarterly reporting system (Jan–Mar, Apr– Jun, Jul–Sep, Oct–Dec), improving timeliness and accountability.

• World Assembly Themes Integration: The Philadelphia Promise wording was officially replaced with the new thematic framework adopted at the October 2023 World Assembly , ensuring consistent narrative alignment across global projects.

• Financial Mediation: The Association also facilitated inter-Bible Society settlements, helping resolve financial transfers, manage donor expectations, and strengthen relationships.

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.

The Association’s members are members of the UBS Fellowship. Our purpose is to serve the membership and our governance is established to ensure representation and fairness.

The strategic report section (see page 6) includes examples of how our work has helped to raise awareness and understanding of the Christian faith which the Association believes is a positive contribution to the communities that UBS Fellowship works in.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

We uphold high standards in our business conduct because of our Christian ethos and professional ethics. We recognise that the potential reputational damage is a principal risk. As noted on page 16 the trustees have mitigations in place to manage this 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 are integral to our charity. Amongst other benefits, the Association offer an employee assistance programme for help and advice which is open to all employees and their families. This is accessible to everyone in every country. Although it is difficult to find other benefits that are universally given to everyone, the Association aligns both pay and benefits to local norms.

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. 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 in the Streamline Energy and Carbon Reporting (below), the Sung Fund update (page 14) and the Principal Risks review (page 16).

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, we are a low energy user, below the reporting threshold of 40MWh (2022: below the reporting threshold of 40MWh), therefore we are not required to detail 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. Since the pandemic, we have seen changes in travel and developed with new ways of working. Travel has remained moderate in the course of our work in 2024. We anticipate the new ways of working found in the last few years to be carried forward to a great extent into the future to reduce our environmental impact in the long term.

PLANS FOR 2025

• In 2025, the Association 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. The Association will do this by delivering the UBSA Strategic Plan which has been approved by the Board in 2024.

• Also, in 2025 an all-GMT Event will be held in Thailand with the aim of providing an opportunity for increased collaboration and partnerships.

• The Association will deliver services that increase the effectiveness of Bible ministry throughout the Fellowship. They will do this by:

• Providing Scripture translation and publishing expertise to support the collective translation and publishing efforts of the Fellowship. They will also continue providing help to develop and implement standard practices, procedures and tools that work. There will be continued prioritization of the virtual delivery of this support although when needed and necessary, they will visit the Bible Societies in order to provide the support in person.

• Sharing tools, processes and resources that can help Bible Societies implement digital solutions that support the new ways they are carrying out their activities throughout the Bible lifecycle online. Special emphasis will be placed on delivering solutions that contribute to the Bible Society’s long-term sustainability.

• Supporting specific translation projects virtually, as well as in person when circumstances allow, to ensure quality and best practices.

• Supporting the Fellowship in progressing toward the goals set in the 20-year Translation Roadmap.

• Supporting the Fellowship in taking the World Assembly Statement forward by supporting the seven directions agreed by the Fellowship last year at the World Assembly.

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

• Providing support to Bible Societies in engaging with and participating in the International Support Programme (ISP).

• Providing crisis response to Bible Societies who might face unpredicted challenges.

• Offering credit and loan services to Bible Societies.

• Supporting Bible Society leadership and governance with resources and best practices, especially in relation to models for continuing to sustain ministry in a significantly changed environment.

• Directly overseeing Bible Society offices when there is not a fully independent local entity.

12

REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

• Providing the necessary digital training as Bible Societies change business models through channels including but not limited to the Digital Academy. Also offering IT and infrastructure services to some Bible Societies who request them, with a focus on e-commerce sites to enable continued Bible sales where physical sales are no longer possible.

• Supporting Bible Societies in the area of Church Relations.

• Liaising with all the Bible Societies through the Country Relationship Managers.

• Addressing the challenges faced by many Bible Societies, such as excessive slow-moving stock and/or stock outs of fast-moving items, due to the lack of an effective demand planning process. Face-to-face training events are planned for LATAM, Anglophone, Francophone and Lusophone Africa and Asia. In LATAM and Francophone Africa, efforts will continue to streamline the coordinated demand and replenishment planning process. The supply chain collaboration platform, initially developed in LATAM, has been upgraded to enhance collaboration and information sharing between Bible Societies and Production Centres. The enhanced platform is set for launch in Francophone Africa later this year. For the Lusophone group, a face-to-face workshop is planned in Korea to improve supply chain performance through better planning, collaboration, and information sharing.

• Offering personalized training and support to equip over 60 Bible Societies in implementing and using digital services. By taking a Digital Transformation approach, working with both management and technical staff allows for a more integrated use of digital, involving the Bible Society as a whole, addressing not only technology adoption but also cultural change and workflow integration.

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

• Supporting and maintaining a Fellowship communications network, particularly in online spaces and channels have become increasingly vital.

• Supporting and facilitating Fellowship collaboration and connection through Affinity Groups and stakeholder groups.

• Coordinating, preparing and organizing the UBS Fellowship Event in Toronto, Canada, in October 2025.

• Supporting the Fellowship, Taking the World Assembly Statement forward and implementing the seven directions agreed on last year at the World Assembly.

• Maintaining standards agreed upon by the Fellowship and offering mediation between Bible Societies when disagreements about those standards arise.

• Supporting the governance of the UBS Fellowship, specifically, supporting the administration and requests of the UBS Fellowship Council and Board of Trustees.

• Administering the International Support Programme (ISP) and providing grant management support as well as communications support and tools needed for that programme.

• Facilitating financial settlement between Bible Societies and assisting in relation management among Bible Societies.

• Representing the UBS Fellowship in the area of Church Relations and other partnerships.

FINANCIAL REVIEW 2024

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 2024 the net movement in funds was a deficit of USD 1.2 million (2023 surplus of USD 2.9 million), comprising a deficit of USD 0.5 million on unrestricted funds, a deficit of USD 3.7 million on restricted funds and a surplus of USD 2.9 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 deficit of USD 4.0 million (2023 surplus of USD 0.3 million), comprising a deficit of USD 0.17 million on unrestricted funds, a deficit of USD 4.5 million on restricted funds and a surplus of USD 0.66 million on endowment funds. Total funds carried forward decreased from USD 89.6 million to USD 88.4 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 32.9 million from 33 Bible Societies around the world during the year (2023: USD 36.3 million) with 27% 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 Association.

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.

13

REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

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

Capital Fund

The Association’s 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 used to fund grant programmes.

The principal financial services supported are:

• Current, or trading, accounts for each member Bible Society;

• Scripture pre-finance;

• Settlement of transactions among member Bible Societies and other provisions e.g. Education Fund

• Capital and Business Development loans.

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. The Association’s funds are to be invested in line with the Statement of Ethical Investment Policy, issued by the Church of England Investment Advisory Group which was last revised in October 2018. Consequently, it is expected that the Association 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.

The Trustees are aware of the Charity Commission’s guidance for trustees on Investing Charity Money (CC14) and the need to keep the Association’s investment approach under regular review. Similarly, the Church Commissioners for England recently published an updated Responsible and Ethical Investment Policy (April 2024). The trustees plan to review the updated policy and to consider formally adopting it.

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 in 2020, see note 10. The income is primarily applied to advance translation activities with the total return basis considered to the most appropriate for consistently funding 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 the 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 and from Bible Societies mean the Association needs to maintain relatively high cash levels of 6 - 8 weeks. Within this constraint, the Association places available cash on short term deposit. Within this constraint the Association continues 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:

• United Bible Societies Pension Plan, Guernsey: for staff in countries where the Association has no nationally registered scheme.

• United Bible Societies Staff Retirement Benefits Scheme: for Kenyan nationals in the Nairobi office.

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 each closed for current members at different times between 2009-2010 to eliminate future service accrual. Since closure, active members of the schemes and the Association has contributed to individual defined contribution arrangements.

The latest actuarial valuation for the Guernsey plan shows a funding surplus.

14

REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

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 BFBS (1972) 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 an 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 surplus of the Guernsey pension fund at 31 December 2024 was USD 4.4 million, a decrease of USD 0.5 million from 2023. The Association made additional pension payments of USD 0.25 million in 2024 into the BFBS (1972) Scheme. A triennial valuation of the BFBS (1972) scheme has commenced and the Association expects to agree a revised funding plan with the trustees by early 2025. The trustees will review the funds designated to fund this scheme once the detailed valuation is available.

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 covering the cost of any budgeted operating deficit are also incorporated. The trustees consider that free reserves should be within the range of USD 6.5 million and 10.5 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.

The unrestricted funds as of the 31 December 2024 stand at USD 20.9 million, (2023: USD 21.4 million). This figure is composed of:

• designated reserves: 4.1 million - general reserves: 12.4 million - pension reserves (surplus): 4.4 million

The level of free reserves at the end of 2024 was USD 10.9 million (2023: 11.4 million), which is the value of the General Unrestricted Fund (USD 12.3 million) less the value of tangible fixed assets (USD 1.4 million). This excludes the net surplus of the Pension Reserve (USD 4.4 million) which the Trustees consider to be required to manage the long-term needs of the pension schemes. The level of free reserves decreased by USD 0.5 million over 2024.

The designated funds were reviewed at the end of 2024 and are detailed in note 12; the three largest designated funds are the Pensions Deficit, RVR60 Royalties, GMT Event and World Assembly. The Pensions Deficit fund represents current known cash commitments to the BFBS (1972) scheme not considered within the accounting valuation. RVR60 Royalties fund was established to recognise the commitment of these funds in accordance with the royalty agreement. World Assembly fund was established to recognise the commitment of this significant event which took place in 2023. The trustees have designated the remaining funds to similar events that are open to the whole UBS Fellowship.

Some of the services provided to the Fellowship that would otherwise be supported by free reserves are supported by the Capital Fund (USD 12.95 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 for projects (i.e. between commencement and draw-down of grants) 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 2.4 million. The Education Fund represents accumulated contributions by Bible Societies and some Association 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

15

REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

PRINCIPAL RISKS

A review of the risk register was undertaken by senior staff in 2023 and reviewed in early 2024. Risk is a regular item on the agendas of both the Finance and Audit Committee and the Board of Trustees. The key risks and actions to mitigate these are set out below: -

• Loss of confidence in UBS governance and leadership.

The Association was created by and exists for its members Bible Societies. The principal source of income to provide services is a membership fee and the majority comes from a relatively small group of members. On this basis, the withdrawal of a small number of key members could undermine the mandate of the Association to act on behalf of the UBS Fellowship.

To mitigate this risk, Board of Trustees focus on mission, fulfilment of the Association’s mandate, compliance with best practice, policies and procedures and transparent and effective communications. The Board is held to account by the Fellowship Council under the revised governance structure, putting a fully representative group at the heart of governance. Induction training for new board and committee members is provided to strengthen the understanding of the role of the Association.

• Damage to reputation of the Association through inappropriate action of staff, volunteers, contractors or member Bible Societies, particularly in the area of safeguarding.

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 clear expectations of Association staff for conduct and behaviour and strong financial controls in place to prevent fraud. The UBS Membership Committee regularly reviews a ‘watch list’ of Bible Societies which includes potential reputational issues. A safeguarding officer has also been appointed to help improve the systems associated with providing robust safeguarding.

• The potential to inadvertently be party to financial crime.

Many of the Association’s activities involve the movement of significant financial sums internationally, particularly for the International Support Programme grants and the facilitation of consolidated scripture purchase. This means that access to global banking facilities is essential for the Association’s operations, but also that we are moving money in environments that are potentially high risk for financial crime, often pursued through cyber-attack. The Association has procedures in place to minimise the possibility of inadvertently being used to facilitate terrorist financing or other criminal money laundering activity, including due diligence to know our partners and donors and to verify the destination of payments through alternative communication routes.

• Inadequate or ineffective safety and security protocols to keep staff, volunteers or contractors safe when travelling for the Association.

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

To mitigate this risk, travel policy and approval processes are in place with consideration of health and safety and staff wellbeing.

• Global economic shifts affecting the Fellowship economy

Our risk based free reserves policy mitigates the impact of material economic changes providing time to make adjustments in the medium term.

• Partial delivery of the 2025 to 2027 Strategic Plan

The Strategic Plan is key to us delivering an improved services to the Fellowship. Delivery over such a long time span will require adaption over the period of implementation because of external factor or internal changes.

To mitigate the effect of not being able to deliver the plan the leadership have project level KPIs and weekly meeting to monitor progress and address issues as they arise.

16

REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2024

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, 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, (largely based on a variable percentage of the different sources of gross income). The Global Stewardship Fund has in 2024 provided the Association with unrestricted income of USD 8.3 million (2023: USD 8.0 million).

Global events, such as war, continue to exert economic pressures. Inflation has increased the costs of the Association, particularly through wage inflation. In the medium term, inflation should see increased Fellowship income to compensate, but this is not yet evident. Meanwhile the trustees continue to plan for nominal operating surpluses and 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 10.4 million) to cover the costs in a period of change.

The principal expenditure of restricted funds represents grants made between Bible Societies with the Association only making grants from corresponding confirmed income. Similarly, expenditure from the remaining restricted funds is project based and budgeted against agreed funding proposals. In the event of unforeseen withdrawal of restricted funding, expenditure could be reduced, with limited impact on unrestricted funds. So, the trustees consider the risk of liabilities impacting the Association’s ability to continue as a going concern to be low.

The Association had strong positive cash and short-term investment balances, of USD 51.7 million at the end of the year, of which USD 16.4 million are related to unrestricted funds. There is therefore high liquidity to respond to changing circumstances.

Despite the world events taking place in 2024, after making appropriate enquiries, the Trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they assert the financial statements should be prepared on a going concern basis.

17

REPORT OF THE TRUSTEES (including Strategic Report) For the year ended 31 December 2024

Disclosure of information to auditor

The trustees confirm that so far as each trustee is aware:

There is no relevant audit information of which the charitable company’s auditor is unaware; and each of the trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

The Trustees’ Report, including the Strategic Report, was approved by the Board on 21[st] October 2025.

and signed on its behalf by Rachel Parr (trustee) on 21[st] October 2025.

18

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 2024 which comprise Statement of Financial Activities and Balance Sheet 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:

• give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of the charitable company’s incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006

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 trustee's 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

• the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

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:

• the company has not kept adequate accounting records; or

• the company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

19

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 17, 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, including financial reporting legislation and the Charity SORP (FRS 102), and tax regulations. 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 necessary to the charitable company’s ability to operate or to avoid a material penalty. 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 also considered the opportunities and incentives that may exist within the charitable company for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recoverability of Current Account Debtors and Programme Related Investments and management override of controls. 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 the recoverability of Current Account Debtors and Programme Related Investments, sample testing on the posting of journals, 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.

20

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.

Dipesh Chhatralia Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

22 October 2025

21

UNITED BIBLE SOCIETIES ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024

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 10,11,12 Total funds carried forward 10,11,12	2024 2023 Unrestricted Restricted Endowment Total Total Funds Funds Funds Funds Funds USD’000 USD’000 USD’000 USD’000 USD’000 868 32,852 - 33,720 37,704 10,178 - - 10,178 10,673 1,567 166 824 2,557 1,726
	12,613 33,018 824 46,455 50,103
	- - 163 163 144 2,309 32,112 - 34,421 36,812 10,481 5,405 - 15,886 12,877
	12,790 37,517 - 50,307 49,689
	12,790 37,517 163 50,470 49,833
	(177) (4,499) 661 (4,015) 270 - 250 3,273 3,523 4,851 - - - - -
	(177) (4,249) 3,934 (492) 5,121 446 540 (986) - - (754) - - (754) (1,563) - 10 - 10 (642)
	(485) (3,699) 2,948 (1,236) 2,914 21,348 35,431 32,858 89,637 86,721
	20,863 31,732 35,806 88,401 89,637

The notes on pages 26 to 52 form an integral part of these Financial Statements.

22

UNITED BIBLE SOCIETIES ASSOCIATION BALANCE SHEET as at 31 December 2024

	Notes	31 December 2024	31 December 2024	31 December 2023	31 December 2023
		USD’000	USD’000	USD’000	USD’000
FIXED ASSETS
Intangible assets	14		-		-
Tangible assets	15		1,369		1,422
Investments	16		37,813		34,442
Programme-related investments	17		2,688		3,460
			41,870		39,324
CURRENT ASSETS
Debtors	18	19,494		23,149
Short-term bank deposits		26,709		19,125
Cash at bank and in hand		25,065		27,297
		71,268		69,571
CREDITORS
Amounts falling due within one year	19	(28,934)		(23,891)
Net current assets			42,334		45,680
Total assets less current liabilities			84,204		85,004
CREDITORS
Amounts falling due after more than one year	20		(115)		(124)
			84,089		84,880
PROVISIONS	21		(100)		(100)
Total assets less liabilities excluding pension			83,989		84,780
funds
Pension fund assets	9		4,412		4,911
Pension fund liability	9		-		(54)
Total assets less liabilities including pension funds			88,401		89,637
REPRESENTED BY:
Permanent endowment funds	10		35,806		32,858
Restricted funds	11		31,732		35,431
Unrestricted funds : designated	12	4,104		3,589
Unrestricted funds : general	12	12,347		12,902
Unrestricted funds before pension reserve		16,451		16,491
Pension reserve	9	4,412		4,857
			20,863		21,348
			88,401		89,637

The notes on pages 26 to 52 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 21[st] October 2025.

and signed on its behalf by Rachel Parr (trustee) on 21[st] October 2025.

23

UNITED BIBLE SOCIETIES ASSOCIATION CASH FLOW STATEMENT for the year ended 31 December 2024

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 2024 USD’000 USD’000 2,649 2,556 - (16) 6,426 (6,263) 2,703 5,352 46,422 - 51,774	Year ended 31 December 2023 USD’000 USD’000 (3,358) 1,726 - (40) 7,271 (6,951) 2,006 (1,352) 48,423 (647) 46,424	Year ended 31 December 2023 USD’000 USD’000 (3,358) 1,726 - (40) 7,271 (6,951) 2,006 (1,352) 48,423 (647) 46,424
			(1,352) 48,423 (647)
			46,424

The notes on pages 26 to 52 form an integral part of these Financial Statements.

24

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE CASH FLOW STATEMENT for the year ended 31 December 2024

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 Losses/(gains) on investments 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 Increase/(decrease) 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 2024 2023 USD’000 USD’000 (490) 5,120 68 75 (3,524) (4,851) 771 881 (2,557) (1,726) 2 2 3,655 (913) 5,033 (2,932) (309) 986
	2,649 (3,358)
	2024 2023 USD’000 USD’000 25,065 27,297 26,709 19,125 51,774 46,422

The notes on pages 26 to 52 form an integral part of these Financial Statements.

There is no debt and thus no net debt statement.

25

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31 December 2024

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 2024 provided the Association with unrestricted income of USD 8.3 million (2023: USD 8.0 million).

Global events have continued to provide some uncertainty in the world economic stage. There have been more stable levels of inflation over the last year and economies have tried to offset the inflation with increased interest rates. As inflation stabilises further, interest rates are also set to fall. It will still take time for any inflation to affect earnings in the Fellowship and feed into the Global Stewardship Fund. 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 10.9 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 51.8 million at the end of the year, of which USD 16.4 million are related to unrestricted funds. There is therefore high liquidity to respond to changing global circumstances.

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 (SOFA).

The reporting functional currency is USD and is considered to be USD because that is the currency of the primary economic environment in which the Association 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.

26

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

2. ACCOUNTING POLICIES (continued)

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 are the defined benefit pension valuations (note 2m). The items in the financial statements where judgements have been made are the potential impairment of programme related investments (note 2g) the provision for bad debts (note 2i); in both cases a longer-term view is taken based on a balance on long term experience of debt recovery, any security in place and any other relevant factors.

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.

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.

27

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

2. ACCOUNTING POLICIES (continued)

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.

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

28

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

2. ACCOUNTING POLICIES (continued)

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.

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.

29

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

2. ACCOUNTING POLICIES (continued)

p) Funds (continued)

• 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 including Exchange Gains/Losses Other Grant Income – ETEN/Global Patrons Other donations	Unrestricted Restricted Endowment 2024 2023 funds funds funds Total Total USD’000 USD’000 USD’000 USD'000 USD’000 162 32,852 - 33,014 37,093 128 - - 128 572 578 - - 578 39 868 32,852 - 33,720 37,704

4. INCOME FROM CHARITABLE ACTIVITIES

Global Stewardship Fund Royalties Income Income from Recharges Other Income	Unrestricted Restricted Endowment 2024 2023 funds funds funds Total Total USD’000 USD’000 USD’000 USD'000 USD’000 8,337 - - 8,337 8,038 906 - - 906 1,802 882 - - 882 802 53 - - 53 31 10,178 - - 10,178 10,673

All income in both years is unrestricted.

30

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

5. INCOME FROM INVESTMENTS

Bank interest Interest on balances with Bible Societies Sung Fund income Braga Fund income Olivier Beguin Fund income Rental income	Unrestricted Restricted Endowment 2024 2023 funds funds funds Total Total USD’000 USD’000 USD’000 USD'000 USD’000 1,477 - - 1,477 783 43 - - 43 48 - - 824 824 769 - 152 - 152 68 - 14 - 14 13 47 - - 47 45
	1,567 166 824 2,557 1,726

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	2024 Total	2023 Total
	USD’000	USD’000	USD’000	USD’000
Investment management fees	163	-	163	144

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 2024 Total 2023 Total USD’000 USD’000 USD’000 USD’000 32,112 - 32,112 34,550 1,328 981 2,309 2,262 33,440 981 34,421 36,812

Expenditure on the International Support Programme was USD 34,421 million (2023: USD 36,812 million) of which USD 2.310 million was unrestricted (2023: USD 3.373 million) and USD 32.112 million was restricted (2023: USD 33.439 million).

Consultancy and Services to Bible Societies

nsultancy and Services to Bible Societies
Translation Publishing Communications Management & Finance Other	Direct expenditure Support costs 2024 Total 2023 Total USD’000 USD’000 USD’000 USD’000 6,197 533 6,730 6,188 819 75 894 790 523 150 673 621 2,798 244 3,042 2,668 4,368 179 4,547 2,611
	14,705 1,181 15,886 12,878

Expenditure on consultancy and services to Bible Societies was USD 15.886 million (2023: USD 12.878 million) of which USD 10.481 million was unrestricted (2023: USD 7.603 million) and USD 5.405 million was restricted (2023: USD 5.274 million).

31

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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	2024 Total	2023	Total
	USD’000	USD’000	USD’000	USD’000
International Support Programme	958	23	981		855
Consultancy and services to Bible Societies	1,136	45	1,181		1,020
	2,094	68	2,162		1,875
			2024	2023
Total charitable activities include:			USD’000	USD’000
Depreciation			68	75
Operating lease rentals
- Land & buildings			70	46
Fees payable to the company's auditors:
- For the audit of the company's annual accounts			60	56
- For the audit of the Nairobi office’s AYS program, Kenya (affiliate of UK auditor)			21	21
- Other advice - UK			10	10

32

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

8. EMPLOYEE COSTS

The average number of persons employed during the year was as follows: International Support Programme Consultancy and services to Bible Societies	2024 2023 Number Number 43 41 84 80 127 121

The staff numbers have been time apportioned for staff that left and those that joined during 2023.

The related remuneration was as follows:

Salaries Social security costs Other pension costs Other benefits	2024 2023 USD’000 USD’000 6,488 5,953 582 521 736 644 401 459 8,207 7,577

The number of employees with emoluments for the year of over GBP 60,000 (approximately USD 75,000) was as follows:

ows:
		2024	2023
USD	70,000 – USD 79,999	3	4
USD	80,000 – USD 89,999	7	7
USD	90,000 – USD 99,999	-	4
USD	100,000 – USD 109,999	4	1
USD	110,000 – USD 119,999	3	6
USD	120,000 – USD 129,999	5	4
USD	130,000 – USD 139,999	2	1
USD	140,000 – USD 149,999	1	1
USD	150,000 – USD 159,999	1	-
USD	180,000 – USD 189,999	1	-

Due to changes in exchange rates, employee emoluments below £60,000 but exceeding $70,000 have been included.

Employer pension contributions in respect of the four highest paid employees totalled GBP 43,175 to the ‘UBS Pension’ defined contribution scheme (Smart Pension) (2023: three higher paid employees; contributions totalled GBP 36,279).

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 2024 totalled USD 1,555,877 (2023: USD 1,330,533). 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 2024 totalled USD 0 (2023: USD 1,829).

None of the trustees received any remuneration during the year (2023: USD nil). Reimbursement of expenses to nine trustees (2023: seven) or their respective Bible Societies amounted to USD 23,291 (2023: USD 24,700). These expenses were incurred during meetings of the United Bible Societies Fellowship 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.

33

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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:

• British and Foreign Bible Society (1972) Pension Scheme

• United Bible Societies Pension Plan, Florida

• United Bible Societies Pension Plan, Guernsey.

Movements in Surplus / (Deficit) during the year:

Surplus / (Deficit) in schemes at beginning of year Movement in year: Administration costs Contributions from regular budget Exchange differences Other cash disbursements Other finance charge Actuarial gain/(loss) Effect of Asset Ceiling Surplus/(deficit) in schemes at end of year	2024 2023 USD’000 USD’000 4,856 7,409 (199) (199) 259 (1,090) (0.1) - (0.5) 251 299 (402) (1,563) (352) - 4,412 4,856

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 2024 and updated to 31 December 2024 by a qualified independent actuary. The principal assumptions used by the actuary for this disclosure were:

is disclosure were:
	2024	2023
Discount rate	5.5%	4.6%
Price inflation: RPI	3.3%	3.1%
Price inflation: CPI	2.7%	2.5%
Rate of increase in salaries
Pension increases:
- pension accrued before 6 April 1997	3.7%	3.6%
- pension accrued after 6 April 1997	3.7%	3.6%

Mortality

105% of the S4PMA tables for males and 98% of the S4PFA tables for females, with CMI 2023 projections using a longterm improvement rate of 1.5% p.a. The initial addition is 0.5% p.a. The 2020 and 2021 weight parameters are 0% and the 2022 and 2023 weight parameters are 15%.

105% of the S3PA tables with CMI 2020 projections using a longterm improvement rate of 1.5% pa. The initial addition is 0.5% pa, the 2020 weight parameter is 25%

34

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

9. PENSION COSTS (continued)

The Association contributed USD 259,200 in 2023 (2023: USD 447,900). There were no outstanding employee or employer contributions payable to the scheme at 31 December 2024 (2023: USD nil).

The scheme is closed and the 31 December 2024 valuation used the projected unit method for valuing liabilities.

Employee benefit obligations

Present value of funded obligations Fair value of Scheme assets Effect of asset ceiling Net deficit on BFBS 1972 pension scheme	2024 2023 USD'000 USD'000 (7,457) (8,751) 7,809 8,697 (352) - - (54)

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 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	2024 2023 USD'000 USD'000 (8,750) (8,344) (394) (405) 433 (57) 149 20 699 (301) (39) (165) - - 445 501 (7,457) (8,751)

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	2024 2023 USD'000 USD'00 0 8,696 8,339 395 414 (1,009) (77) 39 165 259 448 (445) (501) - - (126) (91) 7,809 8,697

Scheme assets

Scheme assets Equities Bonds Other Total fair value of assets Present value of scheme liabilities Effect of asset ceiling Deficit	Assets in the Assets in the Value at 31 December scheme as % total scheme Value at 31 December scheme as % total scheme 2024 assets 2023 assets USD’000 USD’000 779 10% 417 5% 2,155 28% 2,342 27% 4,875 62% 5,938 68%
	7,809 100% 8,697 100% (7,457) (8,751) (352) - - (54)

35

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

9. PENSION COSTS (continued)

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 (Gains)/losses from changes to demographic assumptions Exchange gains/(losses) Effect	2024 2023 USD'000 USD'000 394 405 (395) (414) 126 91 - -
	125 82
	2024 2023 USD'000 USD'000 1,009 77 (433) 57 (699) 301 (149) (20) 1 - 352 - 81 415

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 376,198 (2023: USD 265,648). There were nil outstanding employer contributions payable to the scheme on 31 December 2024 (31 December 2023 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 Apr 2025 and of the United Bible Societies Pension Plan, Florida, as at May 2021. The Guernsey valuation was updated to 31 December 2024 by a qualified independent actuary. The principal assumptions used by the actuary for this disclosure were:

	2024	2023
Discount rate	5.6%	5.1%
Price inflation	2.7%	2.5%
Rate of increase in salaries
Pension increases:	0.0%	0.0%
Mortality	PRI-2012 total	PRI-2012 total
	dataset scale	dataset scale
	MP-2021	MP-2021

36

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

9. PENSION COSTS (continued)

The Association contributed USD nil to the schemes in 2024 (2023: USD nil). There were no outstanding employee or employer contributions payable to the Scheme at 31 December 2024 (2023: USD nil).

The scheme is closed and the 31 December 2023 valuation reflects accrued interest only.

Employee benefit obligations

ployee benefit obligations
Present value of funded obligations Fair value of scheme assets 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 Gains from changes to demographic assumptions (Losses)/gains from changes to financial assumptions Benefits paid Present value of defined benefit obligation at 31 December	2024 2023 USD'000 USD'000 (9,480) (10,212) 13,891 15,123 4,411 4,911
	2024 2023 USD'000 USD'000 (10,212) (11,847) (492) (547) (265) (119) - - 356 (1,212) 1,133 3,513 (9,480) (10,212)

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 asset less interest Employer contributions Benefits paid Administration costs Fair value of scheme assets at 31 December	2024 2023 USD'000 USD'000 15,122 19,261 741 838 (765) 183 - (1,538) (1,133) (3,513) (74) (108) 13,891 15,123

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 2024 assets 2023 assets USD’000 USD’000 - 0% - 0% 14,984 108% 15,771 104% (1,093) -8% (648) -4%
	13,891 100% 15,123 100% (9,480) (10,212) 4,411 4,911

37

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

10. PERMANENT ENDOWMENT FUNDS

			Movements	in funds:
					Other
	Balance				recognised	Balance
	1 January				gains &	31 December
	2024	Income	Expenditure	Transfers	losses	2024
	USD’000	USD’000	USD’000	USD’000	USD’000	USD’000
SH Sung – Special World Service Fund	32,858	824	(163)	(986)	3,273	35,806

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.

38

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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 / (losses) 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	2024 2023 USD’000 USD’000 6,860 2,519 824 769 (163) (144) 3,273 4,572
	10,794 7,716 (986) (856)
	9,808 6,860 25,998 25,998
	35,806 32,858

11. RESTRICTED FUNDS

2024

2024
Capital Fund Braga Fund International Support Programme SH Sung Fund Olivier Beguin Fund 2023 Capital Fund Braga Fund International Support Programme SH Sung Fund Olivier Beguin Fund	Balance 1 January 2024 Income Expenditure Gain/ (losses on investments Transfers Other Recognised gains/(losses) Balance 31 December 2024 USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 13,402 - - - (446) - 12,954 1,194 151 - 210 - 5 1,564 19,864 32,852 (36,411) - - - 16,305 470 - (1,106) - 986 - 350 501 15 - 40 - 5 560 35,431 33,018 (37,517) 250 540 10 31,732
	Balance 1 January 2023 Income Expenditure Gain/ (losses on investments Transfers Other Recognised gains/(losses) Balance 31 December 2023 USD’000 USD’00 0 USD’000 USD’000 USD’000 USD’000 USD’000 13,974 - (572) - - - 13,402 863 68 - 254 - 9 1,194 21,034 36,270 (37,440) - - - 19,864 888 - (1,274) - 856 - 470 466 13 - 25 - (3) 501 37,225 36,351 (39,286) 279 856 6 35,431

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.

39

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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:

2024

Designated Funds: World Assembly Disaster Relief Fund Digital Posts Pensions Deficit RVR60 Royalties GMT Event General Unrestricted Fund Pension Reserve	Balance 1 January 2024 Movement in Funds: Transfer Between Funds Other Recognised Gains/(Losses) Balance 31 December 2024 Income Expended/ Released Gains/ (Losses) on Investments USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 773 - - - - - 773 50 - - - - - 50 73 - - - - - 73 1,500 - - - - - 1,500 1,193 438 (122) - - - 1,509 - 199 - - - - 199
	3,589 637 (122) - - - 4,104 12,902 11,727 (12,728) - 446 - 12,347 4,857 249 60 - - (754) 4,412 21,348 12,613 (12,790) - 446 (754) 20,863

For 2024 the General Unrestricted Fund and Pension Reserve have been reanalysed to better represent the funds available to the Association. The Pension Reserve contains the full net value of all of the past service pension schemes, whereas the surpluses were considered part of the General Unrestricted Fund in the prior year. It is considered that the nature of the past service pension schemes will require the value of the surpluses to manage them to conclusion and so they are not considered as part of the operating general funds of the Association. This is consistent with the definition of Free Reserves applied in previous years.

40

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

12 . UNRESTRICTED FUNDS (continued)

2023

2023
Designated Funds: World Assembly Disaster Relief Fund Digital Posts Pensions Deficit RVR60 Royalties General Unrestricted Fund Pension Reserve General Funds: Pension reserve General funds	Balance 1 January 2023 Movement in Funds: Transfer Between Funds Income Expended/ Released Gains/ (Losses) on Investments USD'000 USD'000 USD'000 USD'000 USD'000 773 - - - - 50 - - - - 73 - - - - 1,500 - - - - 615 1,096 (518) - -	Other Recognised Gains/(Losses) Balance 31 December 2023 USD'000 USD'000 - 773 - 50 - 73 - 1,500 - 1,193
	3,011 1,096 (518) - - 10,559 11,760 (9,169) - - 7,409 299 (1,289) - -	- 3,589 (248) 12,902 (1,562) 4,857 (1,810) 21,348
	20,979 13,155 (10,976) - -
		2024 2023 USD'000 USD'000 4,412 4,856 16,451 16,490 20,863 21,346

Designated funds:

The World Assembly fund was designated to cover costs of World Assemblies which are held every five to eight years. The last Assembly was held in November 2023 and was fully self-funding making these funds available for the potential World Assembly in 2029. The trustees intend to review this fund in light of the changing pattern, location, funding and cost of gatherings for the whole UBS Fellowship such as the World Assembly.

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.

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. From 2023, this fund represents the future commitment to the deficit reduction plan agreed with the Trustees of the BFBS (1972) Pension Scheme, which is current in excess of the deficit recognised in these accounts on an accounting valuation basis.

RVR60 royalties: A new fund was established in 2019 to represent recognise the commitment of these funds which are held within unrestricted funds. A tripartite agreement between the Association, the American Bible Society and the Spanish Publishing Committee define how this income and any balance should be used and so the funds are set aside to reflect this commitment.

GMT Event: to help maintain consistent budgeting year on year a designated reserve is used to budget for the bi-annual event to smooth expenditure across the years and avoid it spiking every other year.

41

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024 Tangible fixed assets Investments Programme related investments Net current assets Long term creditor Provisions Pension fund assets Pension fund liability 2023 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 1,369 - - 1,369 - 1,759 36,054 37,813 - 2,688 - 2,688 15,183 27,399 (248) 42,334 - (115) - (115) (100) - - (100) 4,412 - - 4,412 - - - -
	20,864 31,731 35,806 88,401
	Unrestricted funds Restricted funds Endowment funds Total funds USD '000 USD '000 USD '000 USD '000 1,422 - - 1,422 - 1,498 32,944 34,442 - 3,460 - 3,460 15,169 30,597 (86) 45,680 - (124) - (124) (100) - - (100) 4,911 - - 4,911 (54) - - (54) 21,348 35,431 32,858 89,637

14. INTANGIBLE FIXED ASSETS

Cost At 1 January 2024 At 31 December 2024 Amortisation At 1 January 2024 Charge for the year At 31 December 2024 Net book amount At 31 December 2024 Net book amount At 31 December 2023	Computer software USD’000 1,181
	1,181
	1,181 -
	1,181
	-
	-

42

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

15. TANGIBLE FIXED ASSETS

Cost At 1 January 2024 Additions Disposals At 31 December 2024 Depreciation At 1 January 2024 Charge for the year Disposals At 31 December 2024 Net book amount At 31 December 2024 Net book amount At 31 December 2023	Freehold Fixtures land & Computer and Motor buildings equipment fittings vehicles Total USD’000 USD’000 USD’000 USD’000 USD’000 1,883 566 188 15 2,652 - 16 - - 16 - (3) - - (3)
	1,883 579 188 15 2,665
	534 498 184 14 1,230 29 36 2 - 68 - - - - -
	563 534 186 14 1,297
	1,320 46 2 1 1,369
	1,349 69 4 1 1,423

Land & buildings contains USD 1.1 million (2023: USD 1.1 million) in respect of land that is not depreciated.

43

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

16. FIXED ASSET INVESTMENTS

Fair value at 1 January 2024 Additions at cost Disposal proceeds Exchange Change in fair value Change in cash Fair value at 31 December 2024 Historical cost to the Association at 31 December 2024	Sung Fund USD’0 00 Braga Fund USD’000 Olivier Beguin Fund USD’000 Total USD’000 32,944 1,038 460 34,442 6,636 - - 6,636 (6,426) - - (6,426) - 5 5 10 3,273 210 40 3,523
	36,427 1,253 505 38,185 (372) - - (372)
	36,055 1,253 505 37,813 27,829 1,433 454 29,716

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	2024 2023 USD’000 USD’000 26,492 23,331 4.613 3,863
	31,105 27,194
	3,749 4,256
	1,201 1,494 36,055 32,944

Braga Fund Investments

The Braga Fund is held as shares in HSBC Holdings plc registered with the HSBC Hong Kong Overseas Branch Register. These shares are held by the Bible Society of Hong Kong on behalf of the Association.

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 2024 Repayments received in 2024 New loans made in 2024 Loan impairment Balance at 31 December 2024	USD’000 3,459 (325) - (446) 2,688

The balance of programme related investments includes a loan for USD 1.86m for a Bible Society building where repayments have not yet commenced. The Association holds legal security over the property and the Trustees believe that the loan is ultimately recoverable.

44

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

18. DEBTORS

Amounts due from Bible Societies – current accounts Pension fund Other debtors Prepayments and accrued income	31 December 2024 31 December 2023 USD’000 USD’000 13,644 21,310 1,179 1,088 1,907 55 2,764 696 19,494 23,149

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 2024 was USD 1.2 million (2023: USD 1.09 million).

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 2023 closing balance Released in the year - Grant income Released in the year - GSF income Deferred in the year – Grant income 2024 closing balance	31 December 2024 USD’000 26,604 202 28 2,100 28,934	31 December 2024 USD’000 26,604 202 28 2,100 28,934	31 December 2023 USD’000 21,749 320 87 1,735
			23,891
		USD’000 1,239 (1,239) - 1,663 1,663

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

31 December 2024 USD’000 Amounts due to Bible Societies - Capital Projects Fund: Due after five years 115 115	31 December 2023 USD’000 124 124

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.

45

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

21. PROVISIONS

31 December 2024 USD’000 Pensions 100 100 Pensions provision relates primarily to past service pension liabilities.	31 December 2023 USD’000 100 100

Movement in pensions provision 2023 closing balance Decrease in specific pension provision Increase in general pension provision 2024 closing balance	USD’000 100 - -
	100

22. FINANCIAL COMMITMENTS

At the 31 December 2023 the Association had total commitments under operating leases as set out below.

	31 December	31 December
	2024	2023
	Land &	Land &
	Buildings	Buildings
	USD’000	USD’000
Operating leases which
expire:
Within one year	49	49
Between two and five years	11	55
	60	104

At 31 December 2024 the Association had authorised and contracted capital commitments of USD nil (2023: USD nil).

46

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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 2024 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
	2024	2024	2024	2024
	USD’000	USD’000	USD’000	USD’000
Bible Society Offices	207	(9,164)	5,992	-

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 Ms Rachel Parr, independent Dr Rieuwerd Buitenwerf, Netherlands Bible Society Rev Dr Rupen Das, Canadian Bible Society Mr Barry Morris, Bible Society Australia Dr Christoph Rösel, German Bible Society Rev Dr Erni Seibert, Bible Society of Brazil Mr Eduardo Petrecca, Argentine Bible Society Dr Amon Eddie Kasambala, Independent (From June 2024)

On 31 December 2024, no members of the senior management team owed amounts to the Association.

The Association is registered with the Fundraising Regulator, but does not actively fundraise. There were no complaints received in the year.

47

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

48

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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 Canadian Bible Society Bible Society Netherlands and Flanders Norwegian Bible Society Bible Society of India Korean Bible Society Bible Society of South Africa Bible Society of Mexico Danish Bible Society Scottish Bible Society Indonesian Bible Society Finnish Bible Society Bible Society in New Zealand Inc Philippine Bible Society Bible Society of Guatemala Bible Society of Kenya Peruvian Bible Society Colombian Bible Society Bible Society of Nigeria Bible Society of Uganda Bible Society in Northern Ireland Bible Society of Tanzania Bible Society of Singapore Bolivian Bible Society Bible Society of Egypt Argentine Bible Society Swedish Bible Society Bible Society of Ethiopia French Bible Society Bible Society in Israel Japan Bible Society Swiss Bible Society Bible Society of Ghana United Bible Societies in Ecuador Bible Society in Taiwan Dominican Republic Bible Society Hong Kong Bible Society Bible Society in the Gulf Bible Society in Jordan Bible Society of Congo (Democratic Republic) Other Bible Societies	2024 Unrestricted Restricted USD USD 1,750,000 7,726,473 948,519 3,622,786 629,801 2,501,804 478,824 1,946,380 450,000 1,730,319 400,000 2,383,225 310,000 2,012,216 261,920 - 251,307 3,400,636 166,680 40,000 147,280 - 127,227 516,285 126,341 468,448 116,770 - 114,050 638,832 89,442 386,238 80,080 - 77,560 - 74,870 - 72,200 - 64,510 - 63,240 - 56,310 - 55,137 422,755 52,650 - 51,450 328 51,130 - 50,240 - 50,000 - 49,444 111,415 47,840 1,018,862 43,497 15,280 41,820 - 41,939 25,034 40,738 47,054 40,640 - 30,690 - 31,375 15,743 27,910 - 18,390 - 14,420 - 13,507 5,454 - - 727,666 3,816,843 8,337,414 32,852,410	2023 Unrestricted Restricted USD USD 1,750,000 10,667,152 824,063 3,800,312 380,952 2,184,318 540,182 2,197,000 450,000 1,578,527 400,000 2,474,036 340,050 2,772,972 237,190 - 252,438 3,279,278 170,330 80,000 123,970 - 123,184 549,311 98,559 527,022 123,800 - 116,862 642,700 88,670 423,761 82,390 - 72,020 - 87,600 - 73,190 - 48,623 7,207 86,340 7,000 49,610 - 55,000 413,269 45,170 5,000 113,858 314 54,130 - 56,340 5,000 39,400 - 77,252 79,362 43,700 - 45,165 28,753 42,090 - 49,479 85,476 39,736 49,930 35,000 - 33,770 - 33,720 - 27,430 - 23,740 - 19,450 - 17,320 - 18,090 - 649,092 4,492,244 8,038,030 36,269,944

49

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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.
	2024	2023
	Restricted	Restricted
	USD	USD
Algeria Bible Society	59,475	224,540
Arab-Israeli Bible Society	373,715	377,622
Argentine Bible Society	327,184	254,488
Austrian Bible Society	33,392	4,570
Azerbaijan Bible Society	112,857	72,621
Bangladesh Bible Society	370,588	333,743
Bible Society Eswatini	110,871	143,148
Bible Society in Angola	446,649	403,171
Bible Society in Armenia	196,843	170,159
Bible Society in Botswana	58,723	66,633
Bible Society in Cambodia	224,868	188,564
Bible Society in Gabon	221,595	202,487
Bible Society in Georgia	22,619	30,385
Bible Society in Guinea-Conakry	-	20,830
Bible Society in Iraq	119,049	217,702
Bible Society in Israel	660,679	784,142
Bible Society in Italy	3,500	-
Bible Society in Jordan	659,957	517,519
Bible Society in Kazakhstan	280,185	196,092
Bible Society in Kyrgyzstan	240,296	120,635
Bible Society in Lebanon	520,802	431,212
Bible Society in Liberia	271,303	212,732
Bible Society in Mali	226,932	273,632
Bible Society in Morocco	31,987	126,696
Bible Society in Mozambique	364,621	484,663
Bible Society in New Zealand Inc	41,568	56,827
Bible Society in Niger	242,614	237,917
Bible Society in Northern Ireland	11,251	42,675
Bible Society in Poland	123,438	220,964
Bible Society in Senegal	136,848	76,777
Bible Society in Sierra Leone	26,851	-
Bible Society in South Sudan	428,864	260,449
Bible Society in Sudan	94,962	28,873
Bible Society in Syria	388,557	-
Bible Society in Taiwan	239,739	357,948
Bible Society in the Central African Republic	116,937	128,773
Bible Society in The Gambia	169,479	197,455
Bible Society in the Gulf	565,459	451,823
Bible Society in the Netherlands Antilles	171,479	159,497
Bible Society in the Seychelles	-	15,558
Bible Society in the South Pacific Inc.	608,365	439,594
Bible Society in Turkey	145,805	378,679
Bible Society Netherlands and Flanders	458,183	338,060
Bible Society of Benin	173,757	256,725

50

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

25 . GRANTS PAYABLE (continued)

	2024	2023
	Restricted	Restricted
	USD	USD
Bible Society of Brazil	275,401	393,078
Bible Society of Burkina Faso	305,673	320,669
Bible Society of Burundi	213,383	339,083
Bible Society of Cameroon	227,420	387,452
Bible Society of Costa Rica	154,446	117,975
Bible Society of Cote d’Ivoire	81,142	124,699
Bible Society of Egypt	514,196	753,117
Bible Society of El Salvador	104,800	44,172
Bible Society of Eritrea	162,147	119,432
Bible Society of Ethiopia	450,159	558,501
Bible Society of Ghana	717,661	787,394
Bible Society of Guatemala	460,313	536,624
Bible Society of Guinea-Bissau	47,980	16,136
Bible Society of Honduras	87,478	110,024
Bible Society of India	637,374	370,410
Bible Society of Kenya	489,783	633,475
Bible Society of Lesotho	-	15,560
Bible Society of Lithuania	130,097	136,747
Bible Society of Malawi	399,977	364,349
Bible Society of Malaysia	9,491	16,398
Bible Society of Mauritius	27,420	30,457
Bible Society of Mexico	337,224	536,425
Bible Society of Myanmar	122,942	103,766
Bible Society of Namibia	289,836	305,604
Bible Society of Nicaragua	169,184	128,187
Bible Society of Nigeria	319,815	319,752
Bible Society of Panama	12,902	20,462
Bible Society of Papua New Guinea	204,084	115,142
Bible Society of Portugal	213,780	239,025
Bible Society of Rwanda	159,932	312,114
Bible Society of Slovenia	81,086	73,456
Bible Society of South Africa	65,574	39,772
Bible Society of Tajikistan	58,600	89,582
Bible Society of Tanzania	521,589	420,073
Bible Society of the Republic of Belarus	4,762	4,431
Bible Society of the Republic of Macedonia	62,682	133,905
Bible Society of the West Indies	24,603	64,404
Bible Society of Togo	194,213	217,644
Bible Society of Uganda	999,096	1,139,677
Bible Society of Uruguay	113,132	112,679
Bible Society of Uzbekistan	243,203	54,248
Bible Society of Zambia	293,994	144,393
Bible Society of Zimbabwe	199,409	298,825
Biblical Commission of Cuba	443,020	588,017
Bolivian Bible Society	245,686	196,143
British and Foreign Bible Society	138,742	953,451
Bulgarian Bible Society	55,569	57,061
Cabo Verde Partnership	96,440	38,437
Canadian Bible Society	-	38,200
Ceylon Bible Society	362,535	344,956

51

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

5 . GRANTS PAYABLE (continued)

Chilean Bible Society China Partnership Colombian Bible Society Congo Bible Society Croatian Bible Society Dominican Republic Bible Society Estonian Bible Society French 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 Somali Bible Society Suriname Bible Society Swiss Bible Society Thailand Bible Society Ukrainian Bible Society United Bible Societies in Ecuador United Bible Societies in Venezuela Vietnam Partnership West Balkan Partnership Other	2024 Restricted USD 84,382 2,453,161 131,218 283,432 80,251 186,464 - 23,598 355,824 101,890 46,255 117,717 91,348 72,765 4,657 266,796 1,290 151,931 198,723 79,678 104,418 155,451 27,629 501,618 448,071 154,183 334,952 252,298 36,643 23,764 110,872 46,517 4,200 222,386 22,931 173,550 1,539,758 193,285 76,673 409,555 - 928,727 32,111,682	2023 Restricted USD 80,223 2,848,360 261,782 322,051 132,350 172,975 24,800 59,114 165,472 54,566 78,247 77,772 91,979 162,488 100,523 239,960 - 92,209 136,463 63,393 135,130 161,016 47,616 441,641 477,766 232,128 251,220 162,803 46,502 - 95,575 30,480 9,434 335,523 - 105,296 2,160,309 213,041 65,185 457,818 11,368 63,050 33,427,955

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UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2024

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 2024 amounted to USD 2.4 million (2023: USD 2.1 million).

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