The Bible Society In Northern Ireland Statement of financial activitles For the Year Ended 31 December 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Investments 563.788 30.713 594,500 5,546 24,520 712,452 7.578 21.057 24.520 Total income 593,854 30.713 624,567 741,087 Expenditure on: Raising funds Charitablc activitics Other expenditure 62.069 511N27 92.317 151 30,562 62,220 S41,989 92,317 66,641 606,543 85,946 Total expenditure 665,813 30,713 696,526 759,130 Net expenditure before net gains on investments Net gains on investrnents Net movement in funds before other recognised gainsl(losses) (71.959) 171,959) (18,043) 33,333 171,959) (71,959) 15,290 Other recognised gainsl(losses): Gains on revaluation of fixed assets 31,833 Net movement in funds 171.959) (71,959) 47,123 Reconciliation of funds: Total funds brought forward Net movement in funds 1.048.597 <71,9591 1.048.597 {71,959) 1.001,474 47,123 Total funds carried forward 976.638 976,638 1.048.597 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 23 fomi part of these financial statements. Page13
The Bible Soclety in Northern Ireland Balance Sheet As at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Investment property 12 13 133,786 266,666 135.576 266,666 400.452 402.242 Current assets stocks Debtors Cash at bank and in hand 14 15 4.106 18,129 563,038 3.898 16,257 636.381 585,273 656,536 Creditors.. amounts falling due within one year (9,087) (10.181) Net current assets 576.186 646.355 Total assets less current liabilities 976,638 1.048.597 Net assets excluding pension asset 976,638 1,048,597 Total net assets 976.638 1,048,597 Charity funds Restricted funds Unrestricted funds 17 General funds Revaluation reserve 17 740.006 236,632 811.965 236.632 Total unrestricted funds 17 976,638 1.048,597 Total funds 976.638 1,048,597 The financial Statements were approved and authorised for issue by the Trustees and signed on their behalf by. Reverend C ain Colin Taylor Mr Howard Davey Date: 21 May 2024 The n¢)tes on pages 15 to 23 form part of these financial statements. Page 14
The Bible Society in Northern Ireland Notes to the Flnancial Statements For the Year Ended 31 December 2023 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) {effectNe 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act (Northern Ireland) 2008. The Bible Society in Northem Ireland meets the definition of a public benefit entify 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 Tangible fixed assets are Initial recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into rts intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Freehold property Fixlures and fittings 10-25% 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 fed and variable overheads. 1.4 Income AIS 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 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.6 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activitie5 on a straight4ine basis over the lease tem. 1.7 Grants to United Bible Societies Grants to the United Bibles Societies are shown within Chartiable Activities. These grants are made at the discretion of the Society for specific Scrrpture 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 15
The Bible Society in Northem Ireland Notes to the Financial Statements For the Year Ended 31 December 2023 Accounting policies (continued) 1.8 Other grants Other intemational 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. Al grants are recorded in the financial statements of the Society on an accruals basis as and when the amounts have been agreed. 1.9 Allocation of costs Salaries are apportioned between costs of generating voluntary income, charttable 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. 1.10 Pensions The Charity operates a defined contribution 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 2023 2023 Total funds 2023 Total funds 2022 Donations including special projects Legacies 525.192 38,596 30.713 555,905 38,596 616,232 96,220 563.788 30,713 594.501 712,452 Investment income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Income from investment property Interest and dividends received 19.359 5.161 19,359 5,161 19.740 1.317 24,520 24,520 21,057 Page 16
The Bible Society in Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2023 Income from charitsble activities Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Sale of Bibles 5,546 5,646 7.578 Expenditure on raising funds Costs of raising voluntary income Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Salarles 43.868 18,070 131 43.868 18,221 43,144 23,375 122 Fundraising materials and postage Advertising 151 62.069 151 62,220 66,641 Analysis of grants Grants to Institutions 2023 Total funds 2023 Total funds 2022 Grants to Unrted Bible Societies Home based projects 439.845 41,368 439.845 41.368 518,202 27,715 481,213 481,213 545,917 Page 17
The Bible Society in Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2023 Governance costs Unrestricted funds 2023 Total funds 2023 Total funds 2022 Salaries Rent. rates and insuran Audit fees Legal and other fees Repairs and reneVlS Bank charges Office costs Photocopier- operating lease Telephone Heat and light Sundry Expenses Depreciation 40,899 3,026 2,200 600 317 1,873 2,116 857 40.899 3,026 2.200 600 317 1,873 2.116 857 37,143 3.170 2.100 50 4,844 1,689 2,589 816 416 226 3,443 1.582 3.639 226 3,443 1.582 3.639 3,854 1.219 2.737 80,778 60,778 60,627 Charitable activities - other costs Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total fijnds 2022 Salaries General Scretary's expenses Purchase of Bibles Postage, printing and stationery Computer consumables Travel and accommodation Website rebranding Donor care 70.131 228 3.971 70.131 228 3,971 864 5.602 4.489 1.102 5.930 68,263 196 3,324 1.277 5.948 1.084 485 5.602 4,489 1.102 5.930 5.369 92.317 92,317 85.946 Page 18
The Bible Society in Northern Ireland Notes to the Flnanclal Statements For the Year Ended 31 December 2023 Staff costs 2023 2022 Wages and salaries Wages and salaries 154,898 148.549 154.898 148,549 The average number of persons employed by the Charty during the year was as follows: 2023 2022 No. Employees No employee received remuneration amounting to more than £60,000 in either year. No Trustee received any payment or reimbursment of expenses. 10. Taxation The Society is recognised as a charity by HM Revenue and Customs under referen XN46187. Its activities are therefore exempt from taxation. 11. Auditors, remuneration 2023 2022 Fees payable to the Charitys auditor for the audit of the Charivs annual accounts 2.200 2,100 Page 19
The Bible Society Sn Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2023 12. Tangible fixed assets Freehold Fixtures and property fjttings Total Cost or valuation At 1 January 2023 Additions 133,334 39,891 1,849 173,225 1,849 At 31 December 2023 133,334 41.740 175,074 Depreciation At 1 January 2023 Charge for the year 37.649 972 37,649 3,639 2.667 At 31 December 2023 2.667 38.621 41,288 Net book value At 31 December 2023 130,667 3,119 133,786 At 31 December 2022 133.334 2.242 135,576 Two thirds of the value of the property is treated as investment property. reflecting the apportioned use of the building belween charitable business and third party rental. The Charity has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the catrying values would have been as follows: 2023 2022 Cost Accumulated depreciation 133,333 (56,014) 133,333 (53,347) 77,319 79,986 Page 20
The Bible Society in Northem Ireland Notes to the Financial Statements For the Year Ended 31 December 2023 13. Investment property Freehold investment property Valuation At 1 January 2023 266,666 At 31 December 2023 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 2023 2022 Gwds for resale 4.106 3.898 15. Debtors 2023 2022 Due within one year Trade debtors Other debtors Prepayments and accrued income 175 4.711 13,243 4.939 11.318 18,129 16.257 16. Creditors: Amounts falling due withln one year 2023 2022 Other Greditors Accruals and deferred income 74 10,107 9,053 9,087 10,181 Page 21
The Bible Society in Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2023 17. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General Funds - all funds Revaluation reserve 811,965 236,632 693.854 {665.813) 740,006 236,632 1,IM8,597 593,854 (665,813) 976,638 Restricted funds Restricted Funds - all funds 30.713 (30.713) Total of funds 1.048.597 624.567 1696,526) 976,638 18. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Net incomelexpenditure for the year (as per Statement of Financial Activittes) (71.959) 15,290 Adjustments for: Depreciation charges Decreasel(increase) in stocks Decreasel{increase) in debtors Increasel(decrease) in creditors Increase in fixed assets - additionslrevaluations 3,639 12081 (1.8721 (1,094 11.849 2,737 190 23.931 6,338 (35,333) Net cash provlded byl{used in) operating activities (73,343) 13,153 Page 22
The Bible Society in Northern Ireland Notes to the Financial Statements For the Year Ended 31 December 2023 19. Analysis of cash and cash equivalents 2023 2022 Cash in hand 563.038 636,381 Total cash and cash equivalents 563,038 636,381 20. Analysis of changes in net debt At31 December 2023 January 2023 Cash flows Cash at bank and in hand 636.381 (73,3431 563,038 636,381 {73,343) 563.038 21. Operating lease commitments At 31 December 2023 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2023 2022 Later than 1 year and not later than 5 years Not later than 1 year 864 816 22. Related party transactions No transactions with related parties were undertaken such as are required to be disclosed under FRS 102. Page 23