The Bible Society in Northern Ireland ststement of financial activities For the Year Ended 31 December 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Charitable activities Investments 679.618 7.578 21,057 32,834 712,452 7,578 21,057 613,733 1,461 17,071 Total income 708,253 32,834 741.087 632,265 Expenditure on: Raising funds Charitable activities Other expenditure 62,849 678,801 84.646 3,792 27,742 1.300 66,641 606,543 85,946 52,593 449,322 69,079 Total expenditure 726,296 32.834 759.130 570.994 Net (expenditure)lincome before net gains on investments Net gains on investments Net movement in funds before other recognised gains (18,043) 33,333 (18.043) 33,333 61,271 15,290 15,290 61,271 Other recognised gains: Gains on revaluation of fixed assets 31,833 31,833 Net movement in funds 47,123 47,123 61,271 Reconciliation of funds: Total funds brought forward Net movement in funds 1,001,474 47.123 1,001.474 47.123 940,203 61.271 Total funds carried forward 1,048,597 1,048,597 1,001,474 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 25 fonn part of these financial statements. Page 14
The Bible Society in Northern Ireland Balance Sheet As at 31 December 2022 2022 2021 Note Fixed assets Tangible assets Investment property 12 135,576 266,666 104.480 233,333 13 402.242 337,813 Currenl assets Stocks Debtors Cash at bank and in hand 14 15 3.898 16,257 636,381 4,088 40,188 623.228 656,536 667,504 Creditors.. amounts falling due within one year 16 {10,181) (3,843) Net current assets 646,355 663,661 Total assets less current liabilities 1.048.597 1,001.474 Net assets excluding pension asset 1,048.597 1,001,474 Total net assets 1,048,597 1,001,474 Charity funds Restricted funds Unrestricted funds 17 General funds Revaluation reserve 17 23 811.966 236.631 796,676 204,798 Total unrestricted funds 17 1,048.597 1,001,474 Total funds 1,048,597 1,001,474 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr Thomas Stewart (Chair of Trustees) Mrs Rachel Swlft (Treasurer) Date.. 417 The notes on pages 16 to 25 form part of these financial statements. Page 15
The Bible Soclety in Northern Ireland Notes to the Financlal Statements For the Year Ended 31 December 2022 Accounting policies 1.1 Basis of preparation of financlal statements The financial statements have been prepared in accordance wtth Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)). The Bible Society in Northern Ireland meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise stated in the relevant accounting policy. 1.2 Tangible fixed assets and depreciation A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls beeen the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account. Tangible fixed assets are carried at cost or valuation. net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.- Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases= Freehold property Fixtures, fittings and equipment 10. 250A 1.3 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 1.4 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 1.5 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease temi. 1.6 Grants to United Bible Societies Grants to the United Bible Societies are shown within Charitable Activities. These grants are made at the discretion of the Society for specific Scripture translation and distribution projects in various countries. The grants are recorded in the financial statements of the Society on an accruals basis as and when the amounts have been pledged. Page 16
The Bible Society In Northern Ireland Notes to the Financlal Statements For the Year Ended 31 December 2022 Accounting policies Icontinued) 1.7 Other grants Other international grants are awarded at the discretion of the Trustees. The authority to award grants not exceeding £12,500 has been delegated to the General Secretary. All grants are recorded in the financial statements of the Society on an accruals basis as and when the amounts have been agreed. 1.8 Allocation of costs Salaries are apportioned between costs of generating voluntary income, charitable activities and governance costs based on an estimate of the time spent by each member of staff on those activities. Other costs are allocated to the most appropriate heading. 1.9 Pensions The charity operates a defined contribLrtion pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. Income from donations and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations including special projects Legacies 583.398 96,220 32,834 616,232 96,220 533.460 80,273 679.618 32.834 712,452 613,733 Investment Income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Income from investment propety Interest and dividends received 19,740 1,317 19,740 1,317 15,980 1,091 21,057 21,057 17,071 Page 17
The Bible Society in Northern Ireland Notes to the Flnancial Statements For the Year Ended 31 December 2022 Income from charitable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Sale of bibles 7,578 7.578 1,461 Expenditure on raising funds Costs of raising voluntsry Income Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Salaries Fundraising materials and postage Advertising 43,144 19.583 122 43,144 23,375 122 33.585 18.871 137 3,792 62,849 3.792 66.641 52,593 Analysls of grants Grants to Institutions 2022 Total funds 2022 Total funds 2021 Grants to United Bible Societies Home based projects 518.202 27.715 518,202 27.715 378,600 20,739 545,917 545,917 399,339 Page 18
The Bible Soclety in Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2022 Governance costs Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Salaries Rent, rates and insurance Audit fees Legal and other fees Repairs and renewals Bank charges Office costs Photocopier- operating lease Telephone Heat and light Sundry expenses Depreciation 37.143 3,170 2,100 50 4,844 1,689 2,589 816 416 3.854 1,192 2,737 37,143 3.170 2.100 50 4,844 1,689 2,589 816 416 3.854 1.219 2,737 34,198 1.780 1,950 1,433 1,357 2,281 816 896 2,191 402 2,679 27 60,600 27 60,627 49,983 Charitable actlvities - other costs Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Salaries General seCretas expenses Purchase of Bibles Postage, printing and stationery Computer consumables Travel and accommodation Website rebranding Donor care 68,263 196 3,324 1,215 5,947 1,084 485 4,132 68,263 196 3,324 1,278 5,947 1,084 485 5,369 57,419 39 1,148 971 2,329 825 744 5,604 63 1.237 84,646 1,300 85,946 69.079 Page 19
The Bible Society in Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2022 Staff costs 2022 2021 Wages and salaries 148.550 121.530 148.550 121,530 The average number of persons employed by the charity during the year was as follows.. 2022 No. 2021 No. Employees No employee received remuneration amounting to more than £60,000 in either year. No Trustee received any payment or reimburstment of expenses. 10. Taxation The Society is recognised as a charity by HM Revenue and Customs under reference XN46187. Its activities are therefore exempt from taxation. 11. Auditors. remuneration 2022 2021 Fees payable to the charitys auditor for the audit of the charity's annual accounts 2.100 1.950 Page 20
The Bible Society in Northern Ireland Notes to the Financlal Statements For the Year Ended 31 December 2022 12. Tangible fixed assets Freehold Flxtures and property fittings Total Cost or valuation At 1 January 2022 Additions 116,667 37,891 2,000 154,558 2,000 16,667 Revaluations 16,667 At 31 December 2022 133,334 39.891 173,225 Depreciation At 1 January 2022 Charge forthe year On revalued assets 12,833 2,333 115,166) 37,245 404 50.078 2,737 (15,166) At 31 December 2022 37,649 37,649 Net book value At 31 Dernber 2022 133,334 2,242 135.576 At 31 December 2021 103,834 646 104,480 Two thirds of the value of the property is treated as investment property, reflecting the apportioned use of the building between charitable business and third paty rentsl. The charity has adopted a policy of revaluation for freehold property. Had these assets been measured at historic cost, the carrying values would have been as follows.. 2022 2021 Cost Accumulated depreciation 133.333 153,347) 133,333 (50,668) 79.986 82,665 Page 21
The Bible Society in Northem Ireland Notes to the Financial Statements For the Year Ended 31 December 2022 13. Investment property Freehold investment property Valuation At 1 January 2022 Surplus on revaluation 233,333 33,333 At 31 December 2022 266,666 The investment property was valued by Robert Wilson Estate Agents in May 2023 on an open market value for existing use basis. 14. Stocks 2022 2021 Goods for resale 3,898 4,088 15. Debtors 2022 2021 Due within one year Trade debtors Other debtors Prepayments and accrued income 20,321 4,940 11,317 19,867 16.257 40,188 16. Credltors: Amounts falling due within one year 2022 2021 other creditors Accruals and deferred income 73 10,108 602 3,241 10,181 3.843 Page 22
The Bible Society in Northern Ireland Notes to the Financlal Statements For the Year Ended 31 December 2022 17. Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds General Funds- all funds Revaluation reserve 796,676 204,798 708.253 (726,296) 33,333 31,833 811.966 236.631 1,001,474 708,253 (726.2961 65,166 1,048,597 Restricted funds Restricted Funds - all funds 32,834 132,834) Total of funds 1,001,474 741,087 (759,130) 65,166 1.048,597 Statement of funds - prior year Balance at 31 December 2021 Balance at 1 January 2021 Income Expenditure Unrestricted funds General Funds - all funds Revaluation resenie 735,405 204.798 632,265 (570,994) 796,676 204,798 940.203 632,265 (570.994) 1,001,474 18. Operating lease commltments At 31 December 2022 the charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows= 2022 2021 Later than 1 year and not later than 5 years 816 816 Page 23
The Bible Society in Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2022 19. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Net income for the year (as per Statement of Financial Activities) 15,290 61,271 Adjustments for: Depreciation charges Decrease in stocks Decreasel(increase) in debtors Increase in creditors Increase in fixed assets - additionslrevaluations 2,737 190 23.931 6,338 (35,333) 2.679 279 (28,848) 795 Net cash provided by operating activities 13,153 36,176 20. Analysis of cash and cash equivalents 2022 2021 Cash in hand 636,381 623,228 Total cash and cash equivalents 636,381 623,228 21. Analysis of Net Debt At1 January 2022 Cash flows At31 December 2022 Cash at bank and in hand 623,228 13,153 636.381 22. Related party transactions No transactions with related parties were undertaken such as are required to be disclosed under FRS 102. Page 24
The Bible Society In Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2022 23. Revaluatlon reserve 2022 2021 At 1 January 2022 Revaluation surplusl(deficit) during year 204,798 31,833 204,798 At 31 December 2022 236,631 204,798 Page 25