## **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY** **Charity No SC001353** **Report and Financial Statements For the year ended 31 December 2025** 1 ## **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY** ## **Report and Financial Statements** ## **For the year ended 31 December 2025** |**Contents**|**Pages**| |---|---| |Report of the Committee|3 - 4| |Independent Examiner’s Report to the Committee|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the Financial Statements|8 - 9| ## **Governance of the Society is vested in the Chairman, Vice Chairman, Secretary and Treasurer.** |**Society Executive (Charity**|**Trustees)**| |---|---| |Rev SJ Brown CBE|Chairman| |Rev Dr DG Coulter CB|Vice Chairman – from 23 April 2025| |Mr Neil Innes|Vice Chairman – to 23 April 2025| |Rev Dr M MacLean|Honorary Secretary| |Lt Col RJ Binks FCG (FCIS)|
Honorary Treasurer| |**Committee Members**|| |Rev JM Shields MBE|to April 2925| |Rev BF Neill|| |Rev DK Prentice|to April 2025| ## **Ex-Officio Members** The Senior Chaplain, HQ 51 Infantry Brigade and HQ Army Scotland, and by invitation all serving Chaplains of the Armed Forces in Scotland ## **Independent Examiner** A McDowall Esq BA CA 146 Gainsborough Drive, Westcliff on Sea, Southend on Sea, Essex, SS0 0S N (non-practising member of the Institute of Chartered Accountants of Scotland) ## **Investment Managers** Epworth Investment Management Limited, Methodist Church House, 25 Tavistock Place, London, WC1H 9SF (Fund Manager: Waystone Management (UK) Ltd, PO Box 389, Darlington, DL1 9UF) BlackRock Fund Managers Limited, PO Box 545, Darlington, DL1 9TQ ## **Bankers** Bank of Scotland, 20/22 Shandwick Place, Edinburgh, EH2 4RN ## **Recognised Charity No SC001353** 2 ## **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY** ## **Report of the Executive Committee** ## **For the year ended 31 December 2025** The Executive Committee has pleasure in presenting the report for the year ended 31 December 2025. This report is prepared in accordance with the constitution the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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 published on 16 July 2014. ## **Constitution** The Scottish Naval, Military and Air Force Bible Society is a registered charity (No SC001353), successor to the Edinburgh Auxiliary Naval and Military Bible Society which was founded at Edinburgh Castle in 1816. ## **Objective** The objective of the charity is to provide men and women serving in the regular, reserve and cadet forces and hospitals and institutions for service personnel with: - a) copies of the Scriptures - b) any material helpful in the study of the Scriptures and in worship - c) aids for religious education, including Sunday School, Bible Class and youth work in any Service establishment - d) bibles for Service chaplains to present at marriage, baptism, confirmation and other special occasions. ## **Principal Activities** To meet the objective of the charity as set out above the Society dispenses available funds to meet demands. ## **Induction and training** All committee members are familiar with the work of the charity. If there are any areas where additional training is required this would discussed at a committee meeting and a solution identified. ## **Financial Information** After revaluation of investments, the Society returned an operating surplus of £5,612 (2024: £5,113). Investments held at the year-end amounted to £98,570 (2024: £92,924) having been acquired in accordance with the Constitution. The dividends therefrom comprised the sole standard source of income for the Society, on occasions supplemented by ad hoc donations. The Committee members confirm that on a fund by fund basis, the assets are available and adequate to fulfil the obligations of the charity. ## **Reserves Policy** The Society has accumulated funds over the period of its existence and continues to identify ways of utilising those funds in accordance with the charity’s objectives. ## **Risk Assessment** The Committee members have conducted a review of the major risks to which the Trust is exposed and systems have been established to mitigate these risks. 3 **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY** ## **Report of the Committee** ## **For the year ended 31 December 2025** ## **Investment Policy** The Committee members are mindful of their fiduciary duty to obtain the best possible return on the Society’s investments. In 2019 two independent funds were selected to provide income and capital protection for the future. The Executive Committee monitors the performance of these investments, which have recovered to pre-2022 levels. Given the state of the market, the Committee members have been satisfied with the performance of the investments against the stated policy which is based on medium risk profile with the aim to achieve a balance between income and growth. ## **Taxation** The Society is a charity and is recognised as such by HM Revenue and Customs for taxation purposes. As a result, there is no liability to taxation on any of its income. ## **Committee Members' responsibilities** Charity law requires the trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - make judgments and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Executive Committee and signed on their behalf by: ## _RJ Binks original signed_ John M Shields **21 April 2026 Trustee** 4 **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY** ## **Independent Examiner’s Report to the Trustees** ## **For the year ended 31 December 2025** I report on the accounts of the charity for the year ended 31 December 2025 which are set out on pages 6 to 9. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. ## **Basis of independent examiner’s statement** My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In the course of my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended), and - to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended) have not been met, or - 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## _A McDowall original signed_ A McDowall Esq (non-practising member of the Institute of Chartered Accountants of Scotland) 146 Gainsborough Drive Westcliff on Sea Southend on Sea Essex, SS0 0SN ## **21 April 2026** 5 ## **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY Statement of financial activities** ## **For the year ended 31 December 2025** ||**Notes**|**Total**|**Total**| |---|---|---|---| |||**2025**|**2024**| |||**£**|**£**| |**Income from**:|||| |- Investments||2,762.29|2,784.43| |- Donations||150.00|100.00| |- Tax refund||-|-| |- Bank interest||57.23|75.48| |||──────|──────| |**Total income**||2,969.52|2,959.91| |||──────|──────| |**Expenditure on:**|||| |**Raising funds:**|||| |- Investment managers fees||-|-| |**Charitable activities:**|||| |- Activities in furtherance of Charity’s objects|2|2,200.00|2,300.00| |||──────|──────| |**Total expenditure**||2,200.00|2,300.00| |||──────|──────| |**Net income/(expenditure) before gains**||769.52|659.91| |**and losses on investments**|||| |Realised (loss) gain on investments|4|-|-| |Unrealised gain (loss) on investments|4|4,842.36|4,453.08| |||──────|──────| |**Net movement in funds**||5,611.88|5,112.99| |Total funds at 1 January 2025||95,629.13|90,516.14| |||──────|──────| |Total funds at 31 December 2025||101,241.01|95,629.13| |||═══════|═══════| The notes on pages 8 to 9 form part of these financial statements 6 **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY** ## **Balance Sheet** ## **As at 31 December 2025** |Notes
**Fixed assets**
Investments
4
**Current liabilities**
**Current assets**
Bank current account
380.10
Bank savings account
683.63
Bank deposit account
1,177.61
Investment Managers
429.25
**Total current assets**
**Total net assets**
Funds (unrestricted)
Total funds|**2025**
**£**
98,570.42
________
-
239.61
920.75
1,133.26
411.99
2,670.59
________
101,241.01
_________
101,241.01
________
101,241.01
|**2023**
**£**
82,923.52
________
-
2,705.61
________
95,629.13
_________
95,629.13
________
95,629.13
| |---|---|---| The financial statements were approved by the Executive Committee on ## _RJ Binks original signed_ John M Shields **21 April 2026 Trustee** The notes on pages 8 to 9 form part of these financial statements 7 ## **THE SCOTTISH NAVAL, MILITARY AND AIR FORCE BIBLE SOCIETY** ## **Notes to the Financial Statements** ## **For the year ended 31 December 2025** ## **1. Accounting Policies** ## _**Basis of preparation**_ The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities accounts (Scotland) Regulations 2006 (as amended) ## _**Investments**_ Investments are included at market value. Realised gains and losses are recognised in the income and expenditure account in the period to which they relate. Unrealised gains and losses are recognised in the statement of financial activities in the period to which they relate. Income from investments is credited to the Income and Expenditure account when receivable. ## _**VAT**_ The charity is not registered for VAT and accordingly expenditure includes VAT where appropriate. ## _**Expenditure Allocation**_ Where possible, expenditure has been charged direct to charitable expenditure or governance costs. Where this is not possible the expenditure has been allocated on the basis of time spent by staff on each activity. - Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 2. **Grants** The Society made grants in accord with core purposes: |Naval and Military Bible Society
Front Line Naval Chaplains
Garrison Church, Hereford - Bibles & Worship
_
Total for year|**2025**
**£**
2,000.00
200.00
_______
_
2,200.00|**2024**
**£**
2,000.00
300.00
_______
2,300.00| |---|---|---| ## **3. Trustees** None of the Trustees received payment for work done or reimbursement of expenses incurred during the year. - **……..** 4. Investments (page 9) 8 ## **4. Investments** |Market value at 1 January 2025
Less: equalisation
Less: disposals at market value
Add: loss on disposal
Add: additions at cost
Net unrealised investment gains (losses)
Net realised (losses)
Market value at 31 December 2025
Cost of investments|**2025**
**£**
92,923.52
-
-
804.54
4.842.36
-
________
98,570.42
________
84,718.05
|**2024**
**£**
87,575.76
-
-
894.68
4,453.08
-
________
92,923.52
________
83,913.51
| |---|---|---| The following holdings represent at least 5% in the portfolio market value at the year-end: |Schedule of Investments
WS Epworth Investment Funds for Charities
38,684.71 Multi-Asset - Income
BlackRock – Armed Forces Growth & Income
9,551.098 Income
5,373.455 Accumulation
(Rounded totals)|Valuation
Valuation
At cost
**31-Dec-25**
**31-Dec-24**
£
**£**
**£**
40,000
45,861
45,381
20,000
23,344
21,551
24,718
29,365
25,992
_______
**_______**
**_______**
£84,718
£98,570
£92,924| |---|---| ## END 9