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2025-12-31-accounts

UNITED BIBLE SOCIETIES ASSOCIATION

(Limited by Guarantee)

TRUSTEES’ REPORT AND ACCOUNTS

For the year ended 31 DECEMBER 2025

Company no. 02264875 Charity no. 800058

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TRUSTEES’ REPORT AND ACCOUNTS For the year ended 31 DECEMBER 2025

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 2026 10
- Financial review 11
- Principal risks 13
Trustees’ responsibilities 15
Going concern 15
Independent auditor’s report 17
Statement of Financial Activities (SOFA) 20
Balance sheet 21
Cash flow statement 22
Notes to the cash flow statement 23
Notes to the accounts 24

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UNITED BIBLE SOCIETIES ASSOCIATION

(Limited by Guarantee)

LEGAL AND ADMINISTRATIVE DETAILS

United Bible Societies Association (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

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

Dr Sigit Triyono, Indonesian Bible Society

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 (To April 2025) Mr Andrew Neale Director of Finance (From May 2025) Ms Sarah Starrenburg Executive Director of Global Collaboration (To October 2025)

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 2025

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 2025. 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 14 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 and staff.

The Association’s trustees are aware of the Charity Governance Code (the Code) published by The Charity Commission and revised in 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 and 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 2025

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:

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 2025

ACHIEVEMENTS AND PERFORMANCE IN 2025

The United Bible Societies Association supports the UBS Fellowship in making the Bible available to everyone by providing shared services, tools, learning opportunities and platforms for collaboration to Bible Societies around the world. This includes facilitating the sharing of financial resources through the International Support Programme and other grant mechanisms. Through these services, the Association helps Bible Societies strengthen their ministries, improve organisational effectiveness, and work together more effectively as a global Fellowship.

In 2025, the Association’s management and staff continued to deliver services that increased the cohesion, capacity and global impact of the UBS Fellowship. These services covered a wide range of areas, including Bible ministry, translation and publishing support, digital infrastructure, communications, member relations, fundraising, governance, operational support and Fellowship-wide collaboration.

The Association’s work continued to respond to the complex realities faced by Bible Societies in an increasingly digital world, alongside the effects of climate change, natural disasters, conflict and war. Particular emphasis was placed on strengthening collaboration and partnership among Bible Societies, improving sustainability, and supporting the long-term resilience of Bible Societies, the UBS Fellowship and the Association itself.

As part of the Association’s commitment to serving Bible Societies more effectively, a Fellowship-wide survey on Global Mission Team services was carried out in autumn 2025. The survey was designed to assess how well GMT services meet the expectations and needs of Bible Societies. The insights gathered will inform future service improvements and help identify gaps in support.

The leadership team also continued to implement the new UBSA Strategic Plan, with significant progress made during the year.

The Association’s management and 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 2025, 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.

In 2025, UBSA strengthened Bible ministry by supporting translation quality, publishing development, Bible engagement, literacy, and ministry technology across the Fellowship. Translation training continued across Africa, the Americas and Asia Pacific, including training for translators, Translation Officers and Deaf translators. Global Translation Advisors supported 120 projects in 62 countries, helping Bible Societies maintain translation quality and progress.

Publishing support advanced through typesetting assistance for translation projects, Braille Scripture provision, and collaborative resources such as the African Children’s Bible, African Youth Bible and Africa Women’s Devotional Bible. The new Publishing Resource Hub improved access to shared publishing materials and intellectual property information.

Accessible Scripture ministry delivered measurable progress. A People with Visual Disability face-to-face meeting in Uganda brought together 23 participants from 12 Bible Societies, with an opening ceremony attended by 300 dignitaries. This strengthened collaboration between Bible Societies and specialist partners and encouraged further local-language Braille Scripture provision.

Bible ministry technology also developed significantly. The Sign Language Translation Tool, Publishing Assistant, UBS Digital Bible Library and Paratext all received support and improvements, with Publishing Assistant supporting 352 projects in 220 languages and Paratext approaching 15,000 users.

Bible Engagement and Church Relations were more closely integrated into the wider vision of Integrated Bible Ministry. Quality standards for Bible Engagement were developed, Bible Engagement saw the publishing of the findings of the Patmos Global Survey in which 91 Bible Societies took part.

Literacy work continued through training, project visits, online events with SIL, and support to Bible Societies in Asia and other regions. A Multilingualism Assessment Tool training in Manila trained 34 participants from 6 organisations. End-of-year reports were reviewed and approved for 13 literacy projects across 11 Bible Societies in Asia Pacific. Later in the year, more than 100 participants from around the world joined two UBS/SIL online meetings on “Promoting literacy in the digital era.”

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

The Association’s management and 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.

UBSA deepened its support to Bible Societies through regular relationship management, leadership transitions, regional gatherings, capacity-building workshops and targeted assistance in contexts of need. The Member Relations team maintained bi-monthly contact with Bible Society leaders, with many Bible Societies also interacting with the team weekly or almost daily depending on their circumstances. Discussion themes included income expectations, publishing, risk management, governance and the Mission Resilience Index.

Support for Asia was strengthened through the successful recruitment and integration of two Heads of Member Relations for the region. A new coordinator was also recruited to support the five Bible Societies in Central Asia. These appointments increased regional capacity and strengthened the Association’s ability to provide timely and contextualised support.

Regional and affinity group work supported Bible Societies in Africa, the Caribbean, Asia Pacific, Latin America and Lusophone contexts, with workshops addressing fundraising, project development, governance, financial management and collaboration. The All-Africa CEOs Affinity Group in Madagascar gathered close to 85 participants from African Bible Societies, Resourcing Bible Societies, Production Centres and Bible ministry partners. In Latin America, 21 Bible Societies attended a Strategic Project Development workshop in Mexico, involving both General Secretaries and project managers.

Digital Resilience initiatives supported Bible Societies in strengthening audience engagement and sustainability. Digital resilience was advanced through the Salesforce / Marketing Cloud pilot, Bible Booster Platform support, ongoing engagement with YouVersion, and increased focus on e-commerce and digital fundraising. These initiatives aimed to help Bible Societies improve audience engagement, digital ministry and long-term sustainability.

Mission sustainability was strengthened through live testing of the Mission Resilience Index, governance training funding, and supply chain management initiatives that improved forecasting, planning and operational integration. Two new supply chain specialists were also recruited to increase capacity. A Lisbon supply chain training event brought together 14 participants from 6 Lusophone Bible Societies.

The Association’s management and staff delivered services that increased the effectiveness of the collective UBS Fellowship. They did this by UBSA increasing collective effectiveness of the Fellowship by investing in collaboration, communications, culture, governance, technology, fundraising and shared systems

UBSA increased collective Fellowship effectiveness by investing in shared systems, communications, culture, mobilisation, fundraising, and event preparation.

The Fellowship Hub intranet progressed from research to mock-ups and testing, while Slack was rolled out for internal communication and Asana began to be phased in for project management. These steps supported a more connected and coordinated global team.

Communications strengthened shared identity and storytelling through fortnightly newsletters, the UBS Shared Global Story which was endorsed by the Fellowship Council, the Life of the Fellowship Report, a Fellowship showcase video, translation communications resources, and planning for the UBS 80th anniversary event. 169 articles featuring 89 Bible Societies were published on the Community Site.

Mobilisation work helped Bible Societies connect around the Egmond Affirmation themes through regional CEO meetings, induction programmes and Fellowship-wide Zoom conversations. Mobilisation around the Egmond Affirmation themes created wider participation across the Fellowship. Early calls engaged 56 people from 21 Bible Societies on Bible Engagement, 45 people from 24 Bible Societies on Serving Diaspora Communities, 37 people from 16 Bible Societies on Mission Resilience, and 17 people from 10 Bible Societies on Creation Care. In total, 48 different Bible Societies had engaged in these conversations at that stage, with 20 case studies shared.

Global Patrons work supported fundraising capacity across the Fellowship through donor research, coaching, virtual residencies and major-gift support. This helped Bible Societies strengthen their ability to cultivate donor relationships and develop local income. Two new fundraising advisers were recruited.

Preparations for the 2026 Fellowship Event in Indonesia also advanced. By November 2025, more than 200 registrations had been received, bursary applications were under review, and logistics planning was underway.

Internally, UBSA strengthened the infrastructure needed for collective effectiveness. The bi-annual GMT event in Chiang Mai brought together 136 of 150 invited GMT members and achieved a 100% visa success rate. The programme included alltogether sessions, team time, cross-team collaboration, culture work, Strategic Plan engagement and Safeguarding policy familiarisation. The event was followed by a 2-day Leadership Team meeting focused on culture development and the next phase of Strategic Plan delivery.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

Focus was given to culture development within the Association alongside an increased emphasis on ensuring our safeguarding procedures are resilient to the current state of the world. The Intra-Fellowship Cash Service brought some new clarity to our financial interactions with Bible Societies and went live on 1 December 2025.

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.

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 13, 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 12) and the Principal Risks review (page 13).

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 (2024: 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 2025. 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.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

PLANS FOR 2026

In 2026, the Association plans to continue prioritising the delivery of services most needed by Bible Societies, its key stakeholders, to support their ministry effectiveness, organisational resilience and collective work as the UBS Fellowship. This will be achieved through continued implementation of the UBSA Strategic Plan.

The Association will also coordinate and deliver the bi-annual global Fellowship Event in Jakarta, Indonesia, in May 2026, where the UBS Fellowship will celebrate its 80th anniversary.

The Association will deliver services that increase the effectiveness of Bible ministry throughout the Fellowship by:

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

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

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

FINANCIAL REVIEW 2025

The accounts have been prepared in accordance with the Financial Reporting Standard (FRS102) and Charities SORP (FRS102) effective from 1 January 2019.

Results for the year

In 2025 the net movement in funds was a surplus of USD 2.8 million (2024 deficit of USD 1.2 million), comprising a deficit of USD 0.2 million on unrestricted funds, a deficit of USD 0.5 million on restricted funds and a surplus of USD 3.6 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 1 million (2024 deficit of USD 4 million), comprising a deficit of USD 0.5 million on unrestricted funds, a deficit of USD 1.1 million on restricted funds and a surplus of USD 0.57 million on endowment funds. Total funds carried forward increased from USD 88.4 million to USD 91.2 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 30.1 million from 34 Bible Societies around the world during the year (2024: USD 32.9 million) with 25% 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.

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:

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.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

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 3.5% (2024: 3.0%) 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 with better returns than ordinary short-term deposits and treasury funds.

Pension Funds

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

The United Bible Societies Pension Plans, for as far as they are defined benefit plans, were closed for new members as of 1st January 2005. They were 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.

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. The scheme is operating in surplus at the end of 2025 with the plan in the accounts capped at a ceiling of zero. 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 2025 was USD 3.4 million, a decrease of USD 1.04 million from 2024. The Association made additional pension payments of USD 0.078 million in 2025 into the BFBS (1972) Scheme. The next triennial valuation of the BFBS (1972) scheme will be in 2027 and the Association expects to agree a revised funding plan off the back of that.

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.

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REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

The unrestricted funds as of the 31 December 2025 stand at USD 20.6 million, (2024: USD 20.9 million). This figure is composed of:

The level of free reserves at the end of 2025 was USD 11.9 million (2024: 10.9 million), which is the value of the General Unrestricted Fund (USD 13.3 million) less the value of tangible fixed assets (USD 1.4 million). This excludes the net surplus of the Pension Reserve (USD 3.4 million) which the Trustees consider to be required to manage the long-term needs of the pension schemes. The level of free reserves increased by USD 1 million over 2025.

The designated funds were reviewed at the end of 2025 and are detailed in note 12; the three largest designated funds are the Pensions Deficit, RVR60 Royalties and Fellowship Events. The Pensions Deficit fund represents potential value of a buyout for the UBSA portion of the BFBS (1972) scheme not considered within the accounting valuation if a viable option in 2027. RVR60 Royalties fund was established to recognise the commitment of these funds in accordance with the royalty agreement. Fellowship Events fund was established to recognise the commitment of the World Assembly 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 11.9 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 2.5 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.

PRINCIPAL RISKS

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: -

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.

Safeguarding issues can have implications for the Fellowship as a whole or specifically for UBSA in terms of reputational damage or litigation.

To help mitigate this risk we have clear expectations of GMT staff for conduct and appropriate behaviour captured in key policies. Trustees are made aware of and engaged in their responsibilities regarding reputation management, safeguarding and whistleblowing. A dedicated Safeguarding Officer has been appointed to ensure robust processes in this area of work and the higher profile of these issues.

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.

13

REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

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. The Association has a safeguarding officer to help continually improve the systems associated with providing robust safeguarding.

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.

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.

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

14

REPORT OF THE TRUSTEES (including Strategic Report) (continued) For the year ended 31 December 2025

TRUSTEES’ RESPONSIBILITIES

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

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, 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 2025 provided the Association with unrestricted income of USD 8.2 million (2024: USD 8.3 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 11.9 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 53.3 million at the end of the year, of which USD 17.2 million are related to unrestricted funds. There is therefore high liquidity to respond to changing circumstances.

Despite the world events taking place in 2025, 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.

15

REPORT OF THE TRUSTEES (including Strategic Report) For the year ended 31 December 2025

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.

and signed on its behalf by Barry Morris (trustee) on 30 July 2026.

16

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

Opinion

We have audited the financial statements of United Bible Societies Association for the year ended 31 December 2025 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

17

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report of 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 15, 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 and component audit teams. 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 Charities SORP (FRS 102), and local 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, Current Account Debtors, Programme Related Investments and management override of control. 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 of significant estimates and judgements, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

18

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.

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

3 August 2026

19

UNITED BIBLE SOCIETIES ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2025

Notes
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 gains/(losses) on investments
16
Net gain on short term property investment
12
Net Income/(Expenditure)
Transfer between funds
11, 12
Net Income/(Expenditure) before other
recognised gains/(losses)
Actuarial (losses)/gains on defined benefit
pension schemes
9, 12
Exchange rate movement on reserves
11, 12
Net movement in funds
Reconciliation of funds
Total funds brought forward
11, 12
Total funds carried forward
11, 12		 2025
2024
Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
USD'000
USD'000
USD'000
USD'000
USD'000
3,166
30,183
-
33,349
33,720
10,025
-
-
10,025
10,178
1,658
111
751
2,520
2,557
14,849
30,294
751
45,894
46,455
22
-
176
198
163
3,412
27,907
-
31,319
34,421
11,924
3,522
-
15,447
15,886
15,336
31,429
-
46,766
50,307
15,358
31,429
176
46,964
50,470
(509)
(1,136)
575
(1,070)
(4,015)
-
783
4,278
5,061
3,523
-
-
-
-
-
(509)
(353)
4,853
3,992
(492)
1,460
(207)
(1,253)
-
-
(1,205)
-
-
(1,205)
(754)
21
35
-
55
10
(233)
(525)
3,600
2,843
(1,236)
20,863
31,732
35,806
88,401
89,637
20,630
31,207
39,406
91,244
88,401		 2025
2024
Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
USD'000
USD'000
USD'000
USD'000
USD'000
3,166
30,183
-
33,349
33,720
10,025
-
-
10,025
10,178
1,658
111
751
2,520
2,557
14,849
30,294
751
45,894
46,455
22
-
176
198
163
3,412
27,907
-
31,319
34,421
11,924
3,522
-
15,447
15,886
15,336
31,429
-
46,766
50,307
15,358
31,429
176
46,964
50,470
(509)
(1,136)
575
(1,070)
(4,015)
-
783
4,278
5,061
3,523
-
-
-
-
-
(509)
(353)
4,853
3,992
(492)
1,460
(207)
(1,253)
-
-
(1,205)
-
-
(1,205)
(754)
21
35
-
55
10
(233)
(525)
3,600
2,843
(1,236)
20,863
31,732
35,806
88,401
89,637
20,630
31,207
39,406
91,244
88,401
15,336
31,429
-
46,766
50,307
15,358
31,429
176
46,964
50,470
(509)
(1,136)
575
(1,070)
(4,015)
-
783
4,278
5,061
3,523
-
-
-
-
-
(509)
(353)
4,853
3,992
(492)
1,460
(207)
(1,253)
-
-
(1,205)
-
-
(1,205)
(754)
21
35
-
55
10
(233)
(525)
3,600
2,843
(1,236)
20,863
31,732
35,806
88,401
89,637
20,630
31,207
39,406
91,244
88,401

The notes on pages 24 to 49 form an integral part of these Financial Statements.

20

UNITED BIBLE SOCIETIES ASSOCIATION BALANCE SHEET as at 31 December 2025

Notes
FIXED ASSETS
Intangible assets
14
Tangible assets
15
Investments
16
Programme-related investments
17
CURRENT ASSETS
Debtors
18
Short term bank deposits
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
19
Net current assets
Total assets less current liabilities
CREDITORS
Amounts falling due after more than one year
20
PROVISIONS
21
Total assets less liabilities excluding pension
funds
Pension fund assets
9
Pension fund liability
9
Total assets less liabilities including pension
funds
REPRESENTED BY:
Permanent Endowment Funds
10
Restricted funds
11
Unrestricted funds: designated
12
Unrestricted funds: general
12
Unrestricted funds: revaluation reserve
12
Unrestricted funds before pension reserve
Pension reserve
9, 12		 31 December 2025
USD’000
USD’000
-
1,347
42,486
1,673
45,506
16,449
35,425
17,891
69,765
(27,185)
42,580
88,086
(109)
87,977
(100)
87,877
3,367
-
91,244
39,406
31,208
3,972
13,291
-
17,263
3,367
20,630
91,244		 31 December 2025
USD’000
USD’000
-
1,347
42,486
1,673
45,506
16,449
35,425
17,891
69,765
(27,185)
42,580
88,086
(109)
87,977
(100)
87,877
3,367
-
91,244
39,406
31,208
3,972
13,291
-
17,263
3,367
20,630
91,244		 31 December 2024

USD’000
USD’000
-
1,369
37,813
2,688
41,870
19,494
26,709
25,065
71,268
(28,934)
42,334
84,204
(115)
84,089
(100)
83,989
4,412
-
88,401
35,806
31,732
4,105
12,347
-
16,452
4,412
20,863
88,401
45,506
42,580
69,765
(27,185)		 71,268
(28,934)
3,972
13,291
-		 4,105
12,347
-
88,086
(109)
87,977
(100)
87,877
3,367
-
91,244
39,406
31,208
20,630
91,244
17,263
3,367		 16,452
4,412

The notes on pages 24 to 49 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.

and signed on its behalf by Barry Morris (trustee) on 30 July 2026.

21

UNITED BIBLE SOCIETIES ASSOCIATION CASH FLOW STATEMENT for the year ended 31 December 2025

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 2025
USD’000
USD’000
(1,360)
2,520
-
(43)
8,257
(7,832)
2,902
1,542
51,774
-
53,316		 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 2024
USD’000
USD’000
2,649
2,556
-
(16)
6,426
(6,263)
2,703
5,352
46,422
-
51,774
5,352
46,422
-
51,774

The notes on pages 24 to 49 form an integral part of these Financial Statements.

22

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE CASH FLOW STATEMENT for the year ended 31 December 2025

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
2025
2024
USD’000
USD’000
3,992
(490)
65
68
(5,062)
(3,524)
1,015
771
(2,520)
(2,557)
-
2
3,045
3,655
(1,756)
5,033
(140)
(309)
(1,361)
2,649
2025
2024
USD’000
USD’000
17,891
25,065
35,425
26,709
53,316
51,774

The notes on pages 24 to 49 form an integral part of these Financial Statements. There is no debt and thus no net debt statement.

23

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31 December 2025

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

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 2019), 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 2025 provided the Association with unrestricted income of USD 8.2 million (2024: USD 8.3 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 11.9 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 53.3 million at the end of the year, of which USD 17.2 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.

24

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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.

25

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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).

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

26

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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 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.

27

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

2. ACCOUNTING POLICIES (continued)

p) Funds (continued)

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
2025
2024
funds
funds
funds
Total
Total
USD’000
USD’000
USD’000
USD'000
USD’000
1,856
30,183
-
32,039
33,014
964
-
-
964
128
346
-
-
346
578
3,166
30,183
-
33,349
33,720

4. INCOME FROM CHARITABLE ACTIVITIES

Global Stewardship Fund
Royalties Income
Income from Recharges
Other Income		 Unrestricted
Restricted
Endowment
2025
2024
funds
funds
funds
Total
Total
USD’000
USD’000
USD’000
USD'000
USD’000
8,187
-
-
8,187
8,337
933
-
-
933
906
687
-
-
687
882
218
-
-
218
53
10,025
-
-
10,025
10,178

All income in both years is unrestricted.

28

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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
2025
2024
funds
funds
funds
Total
Total
USD’000
USD’000
USD’000
USD'000
USD’000
1,559
-
-
1,559
1,477
45
-
-
45
43
-
-
751
751
824
-
97
-
97
152
-
14
-
14
14
54
-
-
54
47
1,658
111
751
2,520
2,557

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 2025 Total 2024 Total
USD’000 USD’000 USD’000 USD’000
Investment management fees 198 - 198 163

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
2025 Total
2024 Total
USD’000
USD’000
USD’000
USD’000
28,735
-
28,735
32,112
1,563
1,021
2,584
2,309
30,298
1,021
31,319
34,421

Expenditure on the International Support Programme was USD 31,319 million (2024: USD 34,421 million) of which USD 3.412 million was unrestricted (2024: USD 2.310 million) and USD 27.907 million was restricted (2024: USD 32.112 million).

Consultancy and Services to Bible Societies

nsultancy and Services to Bible Societies
Translation
Publishing
Communications
Management & Finance
Other		 Direct
expenditure
Support
costs
2025 Total
2024 Total
USD’000
USD’000
USD’000
USD’000
5,590
380
5,970
6,730
962
57
1,019
894
806
155
961
673
2,246
205
2,451
3,042
4,895
151
5,046
4,547
14,499
948
15,447
15,886

Expenditure on consultancy and services to Bible Societies was USD 15.447 million (2024: USD 15.886 million) of which USD 11.924 million was unrestricted (2024: USD 10.481 million) and USD 3.522 million was restricted (2024: USD 5.405 million).

29

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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 2025 Total 2024 Total
USD’000 USD’000 USD’000 USD’000
International Support Programme 988 33 1,021 981
Consultancy and services to Bible Societies 897 50 947 1,181
1,885 83 1,968 2,162
2025 2024
Total charitable activities include: USD’000 USD’000
Depreciation 65 68
Operating lease rentals
- Land & buildings 70 70
Fees payable to the company's auditors:
- For the audit of the company's annual accounts 76 60
- For the audit of the Nairobi office’s AYS program, Kenya (affiliate of UK auditor) 21 21
- Other advice - UK 3 10

30

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

8. EMPLOYEE COSTS

The average number of persons employed during the year was as follows:
International Support Programme
Consultancy and services to Bible Societies		 2025
2024
Number
Number
51
43
78
84
129
127

The staff numbers have been time apportioned for staff that left and those that joined during 2025.

The related remuneration was as follows:

Salaries
Social security costs
Other pension costs
Other benefits		 2025
2024
USD’000
USD’000
7,012
6,488
603
582
832
736
481
401
8,928
8,207

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

ows:
2025 2024
USD 70,000 – USD 79,999 7 3
USD 80,000 – USD 89,999 6 7
USD 90,000 – USD 99,999 3 -
USD 100,000 – USD 109,999 1 4
USD 110,000 – USD 119,999 3 3
USD 120,000 – USD 129,999 3 5
USD 130,000 – USD 139,999 2 2
USD 140,000 – USD 149,999 1 1
USD 150,000 – USD 159,999 2 1
USD 180,000 – USD 189,999 1
 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 64,144 to the ‘UBS Pension’ defined contribution scheme (Smart Pension) (2024: three higher paid employees; contributions totalled GBP 43,175).

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 2025 totalled USD 1,552,511 (2024: USD 1,555,877). 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 2025 totalled USD 277,413 (2024: USD 0).

None of the trustees received any remuneration during the year (2024: USD nil). Reimbursement of expenses to nine trustees (2024: nine) or their respective Bible Societies amounted to USD 20,490 (2024: USD 23,291). 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.

31

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

9. PENSION COSTS

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

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		 2025
2024
USD’000
USD’000
4,412
4,856
(202)
(199)
78
259
21
(0.1)
-
(0.5)
263
251
(212)
(402)
(993)
(352)
3,367
4,412

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 2025 by a qualified independent actuary. The principal assumptions used by the actuary for this disclosure were:

is disclosure were:
2025 2024
Discount rate 5.5% 5.5%
Price inflation: RPI 2.9% 3.3%
Price inflation: CPI 2.5% 2.7%
Rate of increase in salaries
Pension increases:
- pension accrued before 6 April 1997 3.5% 3.7%
- pension accrued after 6 April 1997 3.5% 3.7%

Mortality

105% of the S4PMA tables for 105% of the S4PMA tables for males and 98% of the S4PFA males and 98% of the S4PFA tables for females, with CMI tables for females, with CMI 2023 projections using a long2023 projections using a longterm improvement rate of 1.5% term improvement rate of 1.5% p.a. The initial addition is 0.5% p.a. The initial addition is 0.5% p.a. The 2020 and 2021 p.a. The 2020 and 2021 weight parameters are 0% and weight parameters are 0% and the 2022 and 2023 weight the 2022 and 2023 weight parameters are 15%. parameters are 15%.

32

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

9. PENSION COSTS (continued)

The Association contributed USD 78,016 in 2025 (2024: USD 259,200). There were no outstanding employee or employer contributions payable to the scheme at 31 December 2025 (2024: USD nil).

The scheme is closed and the 31 December 2025 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		 2025
2024
USD'000
USD'000
(7,685)
(7,457)
8,248
7,809
(564)
(352)
-
-

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		 2025
2024
USD'000
USD'000
(7,457)
(8,750)
(423)
(394)
94
433
20
149
70
699
(436)
(39)
-
-
447
445
(7,685)
(7,457)

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		 2025
2024
USD'000
USD'00
0
7,809
8,696
441
395
35
(1,009)
457
39
78
259
(447)
(445)
-
-
(125)
(126)
8,248
7,809

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
2025
assets
2024
assets
USD’000
USD’000
2,041
25%
779
10%
1,917
23%
2,155
28%
4,291
52%
4,875
62%
8,248
100%
7,809
100%
(7,685)
(7,457)
(564)
(352)
-
-

33

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

9. PENSION COSTS (continued)

Amounts recognised in the Statement of Financial Activities

Amounts recognised in the Statement of Financial Activities
Net incoming resources before other recognised gains and losses
Interest on liabilities
Interest on assets
Administration costs
Past service cost
Interest on effect of asset ceiling
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		 2025
2024
USD'000
USD'000
422
394
(441)
(395)
125
126
-
-
20
126
125
2025
2024
USD'000
USD'000
(35)
1,009
(94)
(433)
(70)
(699)
(20)
(149)
(21)
1
171
352
(69)
81

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 347,600 (2024: USD 376,198). There were nil outstanding employer contributions payable to the scheme on 31 December 2025 (31 December 2024 USD nil).

United Bible Societies Pension Plan, Guernsey:

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

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 scheme was closed to future service accruals from 31 December 2010. During 2010, active members of the scheme established individual defined contribution arrangements and became deferred members of the plan. 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 April 2026. The Guernsey valuation was updated to 31 December 2025 by a qualified independent actuary. The principal assumptions used by the actuary for this disclosure were:

2025 2024
Discount rate 5.6% 5.6%
Price inflation % 2.7%
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

9. PENSION COSTS (continued)

The Association contributed USD nil to the schemes in 2025 (2024: USD nil). There were no outstanding employee or employer contributions payable to the Scheme at 31 December 2025 (2024: USD nil).

34

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

The scheme is closed and the 31 December 2025 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
hange 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		 2025
2024
USD'000
USD'000
(10,190)
(9,480)
13,557
13,891
3,367
4,411
2025
2024
USD'000
USD'000
(9,480)
(10,212)
(498)
(492)
(1,257)
(265)
-
-
(143)
356
1,188
1,133
(10,190)
(9,480)
2025
2024
USD'000
USD'000
13,891
15,122
742
741
188
(765)
-
-
(1,188)
(1,133)
(76)
(74)
13,557
13,891

Change in the present value of the defined benefit obligation

Change in the fair value of scheme assets

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
2025
assets
2024
assets
USD’000
USD’000
-
0%
-
0%
14,744
109%
14,984
108%
(1,188)
-9%
(1,093)
-8%
13,557
100%
13,891
100%
(10,190)
(9,480)
3,367
4,411

35

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

10. PERMANENT ENDOWMENT FUNDS

Movements in funds:
Other
Balance recognised Balance
1 January gains & 31 December
2025 Income Expenditure Transfers losses 2025
USD’000 USD’000 USD’000 USD’000 USD’000 USD’000
SH Sung – Special
World Service Fund		 35,806 751 (176) (1,253) 4,278 39,406

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 allocating 3.5% (2024: 3%) of the opening investment value to income annually should the total return allow this.

36

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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		 2025
2024
USD’000
USD’000
9,808
6,860
751
824
(176)
(163)
4,278
3,273
14,661
10,794
(1,253)
(986)
13,408
9,808
25,998
25,998
39,406
35,806

11. RESTRICTED FUNDS

2025

2025
Capital Fund
Braga Fund
International
Support
Programme
SH Sung Fund
Olivier Beguin
Fund
2024
Capital Fund
Braga Fund
International
Support
Programme
SH Sung Fund
Olivier Beguin
Fund		 Balance 1
January
2025
Income
Expenditure
Gain/
(losses on
investments
Transfers
Other
Recognised
gains/(losses)
Balance 31
December
2025
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
12,954
-
-
-
(977)
-
11,978
1,563
96
-
770
(380)
(2)
2,047
16,305
30,183
(30,096)
-
(66)
-
16,327
350
-
(1,319)
-
1,253
-
283
560
14
(14)
13
(37)
37
573
31,732
30,293
(31,429)
783
(207)
35
31,208
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

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

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

37

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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:

2025

Designated Funds:
World Assembly
Disaster Relief Fund
Digital Posts
Pensions Deficit
RVR60 Royalties
GMT Event
General Unrestricted
Fund
Pension Reserve		 Balance
1 January
2025
Movement in Funds:
Transfer
Between
Funds
Other
Recognised
Gains/(Losses)
Balance
31 December
2025
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
1,509
160
(65)
-
-
-
1,603
199
-
(153)
-
-
-
46
4,104
160
(291)
-
-
-
3,973
12,347
14,426
(14,943)
-
1,460
-
13,290
4,412
263
(124)
-
-
(1,184)
3,367
20,863
14,849
(15,358)
-
1,460
(1,184)
20,630

For 2025 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.

38

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

12 . UNRESTRICTED FUNDS (continued)

2024

2024
Designated Funds:
World Assembly
Disaster Relief Fund
Digital Posts
Pensions Deficit
RVR60 Royalties
GMT Event
General Unrestricted
Fund
Pension Reserve
General Funds:
Pension reserve
General funds		 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)
-
-
12,902
11,727
(12,728)
-
446
4,857
249
60
-
-		 -
4,104
-
12,347
(754)
4,412
(754)
20,863
21,348
12,613
(12,790)
-
446
2025
2024
USD'000
USD'000
3,367
4,412
17,263
16,451
20,630
20,863

Designated funds:

The Fellowship Event 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. The trustees reviewed 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.

RVR60 royalties: A new fund was established in 2019 to represent recognise the commitment of these funds which are held within unrestricted funds. An agreement between the Association 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.

39

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2025
Tangible fixed assets
Investments
Programme related
investments
Net current assets
Long term creditor
Provisions
Pension fund assets
Pension fund liability
2024
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
1,347
-
-
1,347
-
2,578
39,908
42,486
-
1,673
-
1,673
16,016
27,065
(502)
42,579
-
(108)
-
(108)
(100)
-
-
(100)
3,367
-
-
3,367
-
-
-
-
20,630
31,208
39,406
91,244
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

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
-
-

40

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

15. TANGIBLE FIXED ASSETS

Cost
At 1 January 2025
Additions
Disposals
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
Disposals
At 31 December 2025
Net book amount
At 31 December 2025
Net book amount
At 31 December 2024		 Freehold
Fixtures
land &
Computer
and
Motor
buildings
equipment
fittings
vehicles
Total
USD’000
USD’000
USD’000
USD’000
USD’000
1,883
579
188
14
2,664
-
43
-
-
43
-
-
-
-
-
1,883
622
188
14
2,707
563
533
186
14
1,296
24
39
1
-
64
-
-
-
-
-
587
572
187
14
1,360
1,296
50
1
-
1,347
1,320
46
2
-
1,369

Land & buildings contains USD 1.1 million (2024: USD 1.1 million) in respect of land that is not depreciated.

41

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

16. FIXED ASSET INVESTMENTS


Fair value at 1 January 2025
Additions at cost
Disposal proceeds
Exchange
Change in fair value
Change in cash
Fair value at 31 December 2025
Historical cost to the Association at
31 December 2025		 Sung
Fund
USD’000
Braga Fund
USD’000
Olivier
Beguin
Fund
USD’000
Total
USD’000
36,055
1,253
505
37,813
6,103
-
-
6,103
(8,256)
-
-
(8,256)
-
(2)
37
35
4,278
770
13
5,061
38,180
2,021
555
40,756
1,729
-
-
1,729
39,909
2,021
555
42,485
26,602
1,433
454
28,489

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		 2025
2024
USD’000
USD’000
28,987
26,492
3,872
4,613
32,859
31,105
4,366
3,749
2,684
1,201
39,909
36,055

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 2025
Repayments received in 2025
New loans made in 2025
Loan impairment
Balance at 31 December 2025		 USD’000
2,688
(38)
-
(977)
1,673

The balance of programme related investments includes a loan for USD 1.86m for a Bible Society building where repayments have not yet commenced.

42

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

18. DEBTORS

Amounts due from Bible Societies – current accounts
Pension fund
Other debtors
Prepayments and accrued income		 31 December 2025
31 December 2024
USD’000
USD’000
12,285
13,644
1,347
1,179
384
1,907
2,433
2,764
16,449
19,494

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 2025 was USD 1.3 million (2024: USD 1.2 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
2024 closing balance
Released in the year - Grant income
Released in the year - GSF income
Deferred in the year – Grant income
2025 closing balance		 31 December
2025
USD’000
25,603
307
54
1,221
27,185		 31 December
2025
USD’000
25,603
307
54
1,221
27,185		 31 December
2024
USD’000
26,604
202
28
2,100
28,934
USD’000
1,663
(1,656)
-
618
625

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

31 December
2025
USD’000
Amounts due to Bible Societies - Capital Projects Fund:
Due after five years
109
109		 31 December
2024
USD’000
115
115

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

43

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

21. PROVISIONS

31 December
2025
USD’000
Pensions
100
100
Pensions provision relates primarily to past service pension liabilities.		 31 December
2024
USD’000
100
100
Movement in pensions provision
2024 closing balance
Decrease in specific pension provision
Increase in general pension provision
2025 closing balance		 USD’000
100
-
-
100

22. FINANCIAL COMMITMENTS

At the 31 December 2025 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 94 49
Between two and five years 112 11
206 60

At 31 December 2025 the Association had authorised and contracted capital commitments of USD nil (2024: USD nil).

44

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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 2025 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
2025 2025 2025 2025
USD’000 USD’000 USD’000 USD’000
Bible Society Offices 169 (7,821) 4,954 -

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

On 31 December 2025, 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.

45

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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
Bible Society Australia
Canadian Bible Society
Bible Society Netherlands and Flanders
German Bible Society
Bible Society of India
Norwegian Bible Society
Korean Bible Society
Bible Society of South Africa
Bible Society of Mexico
Indonesian Bible Society
Finnish Bible Society
Scottish Bible Society
Danish Bible Society
Swedish Bible Society
Philippine Bible Society
Bible Society of Kenya
Bible Society of Guatemala
Bible Society in New Zealand Inc
Peruvian Bible Society
Colombian Bible Society
Bible Society of Tanzania
Bible Society of Uganda
French Bible Society
Bolivian Bible Society
Bible Society in Israel
Bible Society of Nigeria
Japan Bible Society
Bible Society of Egypt
Swiss Bible Society
Bible Society in Northern Ireland
Bible Society of Ghana
Bible Society in Taiwan
United Bible Societies in Ecuador
Argentine Bible Society
Bible Society of Ethiopia
Dominican Republic Bible Society
Hong Kong Bible Society
Bible Society in Jordan
Bible Society in the Gulf: Beirut & Lar
Bible Society of Singapore
Bible Society in Russia
Bible Society of Congo (Democratic Republic
Every Tribe, Every Nation
Other Bible Societies		 2025
Unrestricted
Restricted
USD
USD
1,750,000
6,707,309
802,726
2,588,516
510,835
1,728,718
450,000
2,549,732
400,000
2,192,514
387,864
2,349,645
288,360
-
272,727
1,458,319
253,508
4,082,711
193,760
30,000
163,290
-
152,160
-
143,047
1,090,943
137,667
490,651
135,492
567,181
107,309
150,515
106,290
2,000
103,281
9,009
97,240
-
85,583
338,546
83,630
-
75,830
-
63,030
-
62,490
-
56,172
60,025
54,430
-
48,880
-
43,200
-
43,150
6,000
41,860
-
40,158
47,300
38,572
410,200
36,120
-
31,000
-
28,140
-
26,770
-
26,240
-
19,960
-
18,160
-
17,300
-
16,780
-
2
32
- -
- -
- -
773,729
3,324,759
8,186,742
30,184,625		 2024
Unrestricted
Restricted
USD
USD
1,750,000
7,726,473
948,519
3,622,786
478,824
1,946,380
450,000
1,730,319
400,000
2,383,225
629,801
2,501,804
261,920
-
310,000
2,012,216
251,307
3,400,636
166,680
40,000
147,280
-
116,770
-
114,050
638,832
126,341
468,448
127,227
516,285
49,444
111,415
80,080
-
74,870
-
77,560
-
89,442
386,238
72,200
-
64,510
-
52,650
-
56,310
-
43,497
15,280
51,130
-
41,820
-
63,240
-
41,939
25,034
50,240
-
40,738
47,054
55,137
422,755
40,640
-
31,375
15,743
30,690
-
50,000
-
47,840
-
27,910
-
18,390
-
13,507
5,454
14,420
-
51,450
328
- -
- -
-
1,018,862
727,666
3,816,843
8,337,414
32,852,410

46

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

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.
2025 2024
Restricted Restricted
USD USD
Algeria Bible Society 148,169 59,475
Arab-Israeli Bible Society 397,510 373,715
Argentine Bible Society 391,572 327,184
Austrian Bible Society 11,793 8,402
Azerbaijan Bible Society 174,384 112,857
Bangladesh Bible Society 281,937 370,588
Bible Society Eswatini 104,333 110,871
Bible Society in Angola 364,275 446,649
Bible Society in Armenia 260,542 196,843
Bible Society in Botswana 72,292 58,723
Bible Society in Cambodia 238,295 224,868
Bible Society in Gabon 210,346 221,595
Bible Society in Georgia 27,608 22,619
Bible Society in Guinea-Conakry 31,604 -
Bible Society in Iraq 86,879 119,049
Bible Society in Israel 341,982 660,679
Bible Society in Italy - 3,500
Bible Society in Jordan 480,090 659,957
Bible Society in Kazakhstan 173,603 280,185
Bible Society in Kyrgyzstan 210,457 240,296
Bible Society in Lebanon 353,030 520,802
Bible Society in Liberia 391,956 271,303
Bible Society in Mali 352,903 226,932
Bible Society in Morocco 53,465 31,987
Bible Society in Mozambique 456,592 364,621
Bible Society in New Zealand Inc - 41,568
Bible Society in Niger 206,609 242,614
Bible Society in Northern Ireland 13,467 11,251
Bible Society in Poland 95,940 123,438
Bible Society in Senegal 134,680 136,848
Bible Society in Sierra Leone 2,576 26,851
Bible Society in South Sudan 410,399 428,864
Bible Society in Sudan 18,767 94,962
Bible Society in Syria 138,166 388,557
Bible Society in Taiwan 49,433 239,739
Bible Society in the Central African Republic 189,652 116,937
Bible Society in The Gambia 134,356 169,479
Bible Society in the Gulf 213,185 565,459
Bible Society in the Netherlands Antilles 106,000 171,479
Bible Society in the Seychelles 16,925 -
Bible Society in the South Pacific Inc. 504,980 608,365
Bible Society in Turkey 127,090 145,805
Bible Society Netherlands and Flanders 401,225 458,183
Bible Society of Benin 192,930 173,757
Bible Society of Brazil 229,897 275,401
Bible Society of Burkina Faso 291,405 305,673
Bible Society of Burundi 260,416 213,383
Bible Society of Cameroon 299,824 227,420
Bible Society of Costa Rica 148,186 154,446
Bible Society of Côte d'Ivoire 161,676 81,142
Bible Society of Egypt 365,388 514,196
Bible Society of El Salvador - 104,800
Bible Society of Eritrea 84,129 162,147

47

UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

25 . GRANTS PAYABLE (continued)

Bible Society of Ethiopia 422,733 450,159
Bible Society of Ghana 635,744 717,661
Bible Society of Guatemala 691,911 460,313
Bible Society of Guinea-Bissau 26,037 47,980
Bible Society of Honduras 124,880 87,478
Bible Society of India 282,753 637,374
Bible Society of Kenya 550,833 489,783
Bible Society of Lithuania 81,907 130,097
Bible Society of Malawi 411,079 399,977
Bible Society of Malaysia 33,914 9,491
Bible Society of Mauritius 43,274 27,420
Bible Society of Mexico 401,089 337,224
Bible Society of Myanmar 244,255 122,942
Bible Society of Namibia 263,705 289,836
Bible Society of Nicaragua 150,506 169,184
Bible Society of Nigeria 253,146 319,815
Bible Society of Panama - 12,902
Bible Society of Papua New Guinea 123,337 204,084
Bible Society of Portugal 189,894 213,780
Bible Society of Rwanda 306,916 159,932
Bible Society of Slovenia 135,946 81,086
Bible Society of South Africa 39,625 65,574
Bible Society of Tajikistan 73,815 58,600
Bible Society of Tanzania 745,272 521,589
Bible Society of the Republic of Belarus 3,236 4,762
Bible Society of the Republic of Macedon 92,932 62,682
Bible Society of the West Indies 39,478 24,603
Bible Society of Togo 169,869 194,213
Bible Society of Uganda 570,309 999,096
Bible Society of Uruguay 188,487 113,132
Bible Society of Uzbekistan 145,977 243,203
Bible Society of Zambia 280,872 293,994
Bible Society of Zimbabwe 209,154 199,409
Biblical Commission of Cuba 337,473 443,020
Bolivian Bible Society 218,649 245,686
British and Foreign Bible Society 5,000 138,742
Bulgarian Bible Society 38,027 55,569
Cabo Verde Partnership 67,061 96,440
Ceylon Bible Society 353,212 362,535
Chilean Bible Society 61,222 84,382
China Partnership 2,069,231 2,453,161
Colombian Bible Society 311,342 131,218
Congo Bible Society 232,199 283,432
Croatian Bible Society 81,737 80,251
Dominican Republic Bible Society 220,024 186,464
Estonian Bible Society 80,871 -
French Bible Society 34,512 23,598
Haitian Bible Society 195,551 355,824
Hellenic Bible Society 27,073 101,890
Hungarian Bible Society 43,428 46,255
Indonesian Bible Society 91,418 117,717
Interconfessional Bible Society in Roman 64,126 91,348
Interconfessional Bible Society of Alban 103,100 72,765
Interconfessional Bible Society of Moldova 25,316 4,657
Iranian Bible Society in Diaspora 129,927 266,796
Japan Bible Society - 1,290
Korean Bible Society 138,441 151,931
Laos Partnership 160,924 198,723

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UNITED BIBLE SOCIETIES ASSOCIATION NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2025

25.GRANTS PAYABLE (continued)
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		 20,964
79,678
120,883
104,418
167,144
155,451
8,773
27,629
258,570
501,618
480,891
448,071
126,812
154,183
383,866
334,952
175,066
252,298
25,165
36,643
35,318
23,764
107,467
110,872
23,283
46,517
2,681
4,200
421,035
222,386
-
22,931
192,821
173,550
1,449,055
1,539,758
225,437
193,285
74,176
76,673
164,564
409,555
-
-
7,830
953,717
27,907,468
32,111,682

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 2025 amounted to USD 2.5 million (2024: USD 2.4 million).

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