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2025-01-31-accounts

Charity Registration No. SC005119 (Scotland)

(Scottish Charity Number SC005119) Incorporating the results of The Faith Mission Bible College, Scottish and Irish Book Shops

Annual report and financial statements for the year ended 31 January 2025

The Faith Mission

Contents

For the year ended 31 January 2025

Page
Officers and Professional Advisors 3
Report of the Board 4-7
Independent Auditor's Report to the Trustees 8-10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14-22

2

The Faith Mission

Officers and Professional Advisors

For the year ended 31 January 2025

Trustees

External Trustees

Principal Address Govan House 548 Gilmerton Road Edinburgh EH17 7JD

Bankers

Royal Bank of Scotland plc Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN

Bank of Scotland The Mound Edinburgh EH1 1YZ

Dankse Bank Donegall Square West Belfast BT1 6JS

Ulster Bank 183 Kingsway Dunmurray Belfast BT17 9AH

Solicitors Balfour Manson LLP 54-66 Frederick Street Edinburgh EH2 1LS

Hewitt & Gilpin Thomas House 14-16 James Street South Belfast BT2 7GA

W G Maginess & Son 68 Bow Street Lisburn County Antrim BT28 1AL Clarke Jeffers & Co Solicitors 30 Dublin Street Carlow ROl

Independent Auditor Saffery LLP 9 Haymarket Square Edinburgh EH3 8RY

3

The Faith Mission

Report of the Board

For the year ended 31 January 2025

The Board of Trustees (“Board”) have the pleasure in submitting their annual report for the year ended 31 January 2025. They have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, The Charities Accounts (Scotland) Regulations 2006 (as amended), the charity’s constitution and the Charities SORP (FRS102) Accounting and Reporting by Charities: Statement of Recommended Practice Applicable in the UK and Republic of Ireland.

Objectives and activities

The Faith Mission is established to advance the Christian religion. We seek to fulfil these objectives through three strategic ministry activities: 1. Evangelistic and Bible teaching ministry throughout the UK and Republic of Ireland, 2. Training and equipping ministry of future Christian workers, based mainly at our Bible College, and 3. Distribution of relevant Christian literature through our bookshop and café ministry.

Achievements and performance

Throughout the financial year ended 31 January 2025, The Faith Mission continued to fulfill its charitable purpose and gospel ministry objectives. The number of members engaged in this work during the year was 58.

Evangelism

Evangelistic ministry to all age groups along with discipleship, teaching and prayer ministry to groups of Christian people continued to be the main focus of the work. This included several ‘flagship’ conventions such as the Bangor Convention and the Edinburgh Convention as well as similar smaller events across the areas in which it operates. The Faith Mission aims to operate primarily in rural and remote parts of the UK and the Republic of Ireland and employs a number of different methodologies in its ministry. This ministry is wide ranging in its approach with some members focussed on organising larger events, to members whose activities bring them into contact with people in various areas of everyday life and includes some members who create digital content to connect with several thousand listeners each month. Some of these ministries are mobile and hosted from tents or the Gospel Truck, that move from place to place. The Mission has also conducted significant work amongst children and young people and delivered a large number of school assemblies, ran multiple residential camps across the 7 centres operated by the Mission and a number of activity clubs for young people.

Literature

During the year the literature ministry operated 16 shops and 2 cafes across Scotland and Northern Ireland. This ministry continues to fulfill the purpose of distributing Christian literature and providing neutral space for people to come and learn of the Christian faith. This ministry provided books for many church bookstalls and served some larger Christian events with bookstalls, including New Horizon. This ministry continues to face the pressures created by competition from online sellers and steadily increasing staffing costs, challenges which have become all too familiar throughout the retail industry in recent years. Increasingly, the Faith Mission is considering ways to utilise these shops to support and supplement the evangelistic field ministry. The cafe in Edinburgh, ran Carols in the Cafe in December and drew in many people for this event.

During the year, a review of the Literature Ministry and a consultation process with employees was undertaken. It has been reaffirmed that the Faith Mission is committed to its High Street literature ministry as one of the core activities of the charity. The Board has taken the decision to sustain this key activity whilst also introducing measures to reduce the impact on the Mission’s resources. Therefore, since March 2025, five of the locations have now been closed with another transferring to independent ownership. Faith Mission Bookshops will therefore continue with 10 shops and 2 cafes. In addition further work is being conducted, albeit at an early stage of planning, to determine a variety of means of increasing sales income, securing additional revenue streams and implementing cost savings.

Training

This year saw a slight reduction in the number of students on the College’s full-time course with a September intake of 3 students. The numbers joining the part-time programme continue to be an encouragement as well. Under the leadership of Academic Dean, , the current staff team have continued to provide training of a high quality and are working to increase the profile of the College and thus generate an increase in student numbers. This past year has seen the College staff running various public lectures as in previous years on a Monday evening and this year, a day conference on a Saturday was trialled and agreed to be successful. In addition, various ‘satellite’ courses have replicated these public lectures in some of the Centres that the Faith Mission operates.

4

The Faith Mission

Report of the Board (continued)

Reserves policy

The Board recognise that reserves are needed in order to ensure that the difference between the spending and receiving of income, unexpected fluctuations in income and unplanned expenditure do not have a detrimental effect on the continuing work of the charity.

The Mission’s reserves which are more fully defined and described in Note 17 to the Accounts (Analysis of Funds) comprised:

The Board's policy is to maintain free reserves at a sufficient level to ensure the continuity of core activities and to protect against shortfalls in income or unexpected increases in expenditure. The Board has determined that a target level of reserves equivalent to two months of operating expenditure is appropriate. This level is considered adequate to cover short-term funding gaps and provide a buffer for unexpected emergencies or one-off expenditure. As of 31 January, 2025, the Board are satisfied that the free reserves held of £809,049 are in excess of the target level. The Board will continue to monitor the levels of reserves on a regular basis and review the reserves policy but a transfer can be made from designated funds at any point if the test is not met.

Risk policy

The Board believe that God will always resource the work of His Kingdom when done in His way and in reliance on His provision. Consistent with this belief is the recognition that the Board are stewards of the resources entrusted to them and have a duty to identify and monitor the risks to which those resources are exposed and to take appropriate steps to mitigate such exposure.

The Board identifies that key risks include:

•Financial sustainability which depends on maintaining the level of voluntary income from donations and legacies. •Maintenance of reputation among supporters and the wider public which requires the Mission to adhere to its core Biblical convictions and display high standards of behaviour.

•Legal compliance in relation to the different ministries of the Mission and the people whom it employs and whom it serves.

Many risks are managed by ensuring that the Mission has robust policies and procedures in place and regular awareness training for its people working in these operational areas. The Board requires management to report on health and safety and safeguarding incidents.

In May 2025, the Board introduced a new Risk Register and Risk Review procedure. This has identified various risk controls and mitigations to be implemented and will be kept under regular review by the Senior Management and the Board.

Future plans

The Board is committed to remain true to the charitable objectives already described in this report and will constantly keep under review our methods of approach to ensure we are relating to the generation we are called to serve.

5

The Faith Mission

Report of the Board (continued)

The Board, supported by the various sub-councils, has been conducting a detailed review of all of the activities that the Faith Mission is engaged in. The aim of this review is to ensure that the resources of the charity are deployed in the most effective way to meet the aims and objectives of the charity. This review is still in progress.

During 2024, however, the major focus of this review was on the Faith Mission’s Literature Ministry. Additionally, in late 2024 and into 2025, attention has been given to considering the Bible College and Field ministries. At present, the key objective is to fill several high level vacancies in The Mission's leadership and management structure. The Mission has therefore been actively recruiting a new Business Operations Retail Manager to oversee the literature ministry through its bookshops. Consideration is also being given to the recruitment of a Principal to strengthen the College team. Furthermore, the Board are engaged in an ongoing discussion regarding the recruitment of new Trustees to strengthen the current Board both in terms of geographical representation, across all regions where the Mission operates and to bring in additional skill and experience.

Moving forward, the Faith Mission remains absolutely dependent upon God for the wisdom, protection, provision and spiritual enabling necessary to serve Him effectively and we remain grateful for the many supporters of the Faith Mission.

Financial review

The financial position is as disclosed in the following financial statements which reflect a full 12 month period.

Structure, governance and management

The Faith Mission is an unincorporated charity which was founded in 1886 by John George Govan for the purposes of evangelism and Christian ministry in the rural areas of the British Isles.

The Faith Mission is governed by a Board operating under the constitution adopted by the Members of the Faith Mission on 1 October 2017. The Trustees listed on the contents page served during the year. The constitution also provides for the admission of Members of the Mission whose vote is required for changes to the constitution and any decision to dissolve the Mission.

The Board is supported in managing the work of the Faith Mission by the Mission Council, the Bible College Council and the Bookshops Council. The Board have overall responsibility for ensuring the Mission continues to fulfil its charitable aims and objects, for all matters of legal compliance and for the financial management of the charity. Administrative support is provided by the Heads of Administration, Finance and Human Resources.

External Trustees are recruited for a three-year (renewable) term of office by written invitation from the Board. Trustees are appointed from those who evidence a genuine and consistent interest in The Faith Mission, are in agreement with the Mission’s Constitution and Vision Statement and have experience or understanding which would be valuable to the work of the Board in overseeing the ongoing ministry of the Mission. Trustees appointed from among the Members of the Mission are usually appointed on the basis of the position of responsibility they occupy and normally continue until retirement or withdrawal from the work. The letter of invitation explains the function of the Board and indicates the legal implications of being a Board member. All new Board members are required to familiarize themselves with the Guidance and Good Practice for Charity Trustees document produced by OSCR.

The charity is also registered in Ireland under registration number 20012588, but these financial statements relate primarily to its UK operations, with limited activity in the Republic of Ireland.

The land and buildings owned by The Faith Mission is held in the name of individuals acting as Property Trustees of The Faith Mission, as directed by the constitution and designated by the Board. Since March 2023, new acquisitions are held by Faith Mission Nominees Ltd as a corporate nominee. The Directors of this nominee company are the Directors of the Faith Mission and a representative Trustee from the Republic of Ireland.

6

The Faith Mission

Report of the Board (continued)

The allowances received by members of the Mission, including those members who serve on the Board, are reviewed on an annual basis by the external members of the Board (who are not members of the Mission).

Taxation

The Mission is a charity and is recognised as such by the HMRC for taxation purposes. As a result, there is no liability to taxation on any of its income.

Use of volunteers

The Mission could not carry out its work without the invaluable support of individuals (including retired members), churches and other groups throughout the United Kingdom and the Republic of Ireland, for which the Board is deeply thankful.

Statement of the Board's responsibilities

The Board members are responsible for preparing the Board's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Board are required to:

The Board are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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.

The Board are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Board are aware:

The Board Report was approved by the Board and signed on its behalf by:

Trustee

Date: 2 December 2025

7

The Faith Mission

Independent Auditor's Report to the Members and Trustees of The Faith Mission

For the year ended 31 January 2025

Opinion

We have audited the financial statements of The Faith Mission (‘the charity’) for the year ended 31 January 2025 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows 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).

Basis for qualified opinion

Our audit opinion is qualified for the following reasons:

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 charity 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 qualified 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 charity’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.

8

The Faith Mission

Independent Auditor's Report to the Members and Trustees of The Faith Mission (continued)

For the year ended 31 January 2025

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 course of 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves with the completeness of donation income and the completeness of provisions in the current or comparative periods. We have concluded that where the other information refers to these areas, it may be materially misstated for the same reason.

Matters on which we are required to report by exception

Arising solely from the limitation on the scope of our work described in the basis for qualified opinion section of our report:

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of the Board

As explained more fully in the Trustees’ Responsibilities Statement set out on page 7, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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 auditors’ 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

9

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The Faith Mission Statement of Financial Activities (incorporating Income and Expenditure Account)

For the year ended 31 January 2025

Note
Income from:
2
Charitable trading activities
3
Other charitable activities
4
Investments
Other income
5
Gain/(losses) on disposal
Total income
Expenditure on charitable activities:
Charitable trading activities
6
Other charitable activities
7
Total expenditure
Net income/(expenditure)
Transfer between funds
17
Net movement in funds
Total funds brought forward
Total funds carried forward
Donations and legacies		 Mission Capital Fund
Bible
College
Bookshops
Endowment
Funds
£
£
£
£
£
£
1,195,517
-
31,321
8,073
475,559
-
5,587
-
-
2,257,184
-
-
155,705
-
157,622
70,890
1,850
-
2,446
-
-
37
-
-
12,321
-
5,585
7,931
-
-
7,784
189,373
-
250
-
-
1,379,360
189,373
194,528
2,344,365
477,409
-
-
(64,371)
-
(2,686,597)
-
-
(1,476,599)
(159,098)
(285,631)
-
(43,722)
-
(1,476,599)
(223,469)
(285,631)
(2,686,597)
(43,722)
-
(97,239)
(34,096)
(91,103)
(342,232)
433,687
-
477,131
(487,131)
10,000
-
-
-
379,892
(521,227)
(81,103)
(342,232)
433,687
-
429,157
7,885,344
86,826
599,888
63,383
165,869
809,049
7,364,117
5,723
257,656
497,070
165,869
Restricted
Funds

2025
£
1,710,470
2,262,771
386,067
2,483
25,837
197,407
4,585,035
(2,750,968)
(1,965,050)
(4,716,018)
(130,983)
-
(130,983)
9,230,467
9,099,484
2024
£
1,293,290
2,336,737
353,038
2,065
37,631
434,518
4,457,279
(2,794,244)
(1,861,487)
(4,655,731)
(198,452)
-
(198,452)
9,428,919
9,230,467

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 14 to 22 form part of these financial statements

11

The Faith Mission

Balance Sheet

As at 31 January 2025

Note
Fixed assets
Investments
12
Fixed assets
13
Current assets
Stock
14
Debtors
15
Cash at bank
Current liabilities
Creditors: amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Net assets
Funds
General funds
17
Capital fund
17
Designated funds
17
Restricted funds
17
Endowment funds
17		 2025
£
-
8,024,459
8,024,459
759,099
113,588
532,396
1,405,083
(330,058)
1,075,025
9,099,484
9,099,484
809,049
7,364,117
263,379
8,436,545
497,070
165,869
9,099,484		 2024
£
21,000
8,218,330
8,239,330
925,519
112,135
401,810
1,439,464
(448,327)
991,137
9,230,467
9,230,467
429,157
7,885,344
686,714
9,001,215
63,383
165,869
9,230,467

The notes on pages 14 to 22 form part of these financial statements

The financial statements were approved by the trustees on ………………………..…..…….. and are signed on their behalf by:2 December 2025

Trustee

12

The Faith Mission

Statement of Cash Flows

For the year ended 31 January 2025

Notes
Cash flows from operating activities
19 (a)
Cash flows from investing activities
Investment income
Sale of Investments
Purchase of tangible fixed assets
Proceeds from sale of tangible assets
Net cash used in investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalent brought forward
Cash and cash equivalents carried forward
19 (b)		 2025
£
(356,241)
2,483
21,000
(31,820)
495,164
486,827
130,586
401,810
532,396		 2024
£
70,367
2,065
(679,650)
-
527,100
(150,485)
(80,118)
481,928
401,810

13

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

1 Accounting Policies
1.1 General information
These financial statements are presented in pounds sterling (GBP), rounded to the nearest pound, as that is the currency in which the charity's
transactions are denominated. They comprise the financial statement of The Faith Mission.
The objective of The Faith Mission is to advance the Christian religion.
The Faith Mission is an unincorporated charity, recognised as a charity for tax purposes by HMRC and registered with the Office of Scottish Charity
Regulator (OSCR) under charity number SC005119. Details of the principal address can be found on page 3 of these financial statements.
1.2 Basis of accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value. The financial
statements have been prepared in accordance with the Statement of Recommend Practice: Accounting and Reporting by Charities preparing their
accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) (effective 2019) and the Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and
the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Faith Mission meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost unless
otherwise stated in the relevant accounting policy.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates.
It also requires
management to exercise judgement in applying the Company’s accounting policies. Use of available information and application of judgement are
inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 1.16.
The principle accounting policies applied in the preparation of these financial statements are noted below. These policies have been applied
consistently to all the years presented in dealing with items which are considered material in relation to the charity's financial statements unless
otherwise stated.
1.3 Going concern
The Board is of the opinion, based on the level of funds held, that the charity can continue to meet its obligations as they fall due for the foreseeable
future. The Board has reviewed the designated funds and capital assets held by the charity, and satisfied that sufficient funds could be released in order
to mitigate the impact of the economic outcome over the next 12 months. As a result, the Board has prepared the financial statements under the going
concern basis.
1.4 Income recognition
Income is included when criteria of entitlement, probability and measurement have been met.
Investment income comprises interest and dividends, which are included when they are receivable. They are stated gross including any associated tax.
Voluntary income is recognised in the period for which it has been given.
Bookshop income is recognised in the period for which it has been earned.
Gifts in kind are recorded at their market value at date of donation. The value placed on donated goods is based on the price the charity estimates it
would pay on the open market.
Revenue grants are credited in the period to which they relate.
1.5 Recognition and allocation of expenditure
Where possible expenditure has been charged direct to charitable trading or other charitable expenditure. Where this is not possible the support costs
expenditure has been allocated on the basis of time spent by staff on each activity.
Charitable trading costs are those incurred in the Irish and Scottish bookshops. Other charitable expenditure comprise those costs incurred by the
charity in the delivery of all other Mission work.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees
and costs linked to the strategic management of the charity.
1.6 Operating leases
Costs in respect of operating leases are charged on a straight line basis over the term of the lease.
1.7 Foreign currencies
Transactions in currencies other than sterling are recorded at the estimated rates ruling at the date of the transaction. All gains and losses arising are
included in the Statement of Financial Activities in full in the year in which they arise.
1.8 VAT
The charity is registered for VAT on a partial exemption basis. Expenditure is stated inclusive of irrecoverable VAT.

14

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

1.9 Fixed assets and depreciation

All fixed assets are included at cost. Items of equipment costing individually less than £1,000 are written off to revenue in the year of purchase. Depreciation is charged on all fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over life as follows:

Heritable property
50 years
Equipment
5 years
Motor vehicles
4 years
1.10 Fixed assets investments
Fixed asset investments are stated amortised cost.
1.11 Stock and work in progress
Stock held for resale is valued at the lower of cost and net realisable in the ordinary course of operations.
1.12 Debtors
Debtors are measured at transaction price, less any impairment.
1.13 Cash at Bank
Cash is represented by cash in hand and deposits with financial institutions which are readily convertible, being those with maturities of three month or
fewer from inception.
1.14 Financial instruments
Basic financial instruments comprise financial assets and liabilities. They are recognised in the Statement of Financial Activities when the charity
becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price.
At the end of each reporting period, basic financial instruments are measured at amortised cost using the effective interest rate method.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the charity has transferred substantially
all the risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge,
cancellation or expiry.
1.15 Funds
Designated funds
Designated funds are surplus funds, set aside at the Board's discretion, to fund specific future activities.
Unrestricted general funds
These funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds
These are funds that can only be used for the particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the
donor or when funds are raised for particular restricted purposes.
Endowment funds
Endowment funds are funds where the capital must be retained in line with donor wishes. Income is used in accordance with the terms of the fund.
1.16 Judgements and key estimates
In preparing the financial statements, Board members make estimates and assumptions which affect reported results, financial position and disclosure
of contingencies. Use of available information and application of judgement are inherent in the formation of the estimates, together with past
experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from
such estimates. Associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may
differ from these estimates.
The Faith Mission makes an estimate for the provision of slow moving or obsolete stock based on the age, condition and expected future saleability of
stock items. The level of provision is determined using historical trends, current stock levels and current sales data. The assessment requires a degree
of judgement and estimation. The actual outcome may differ from these estimates, and any adjustments are recognised in the Statement of Financial
Activities in the period in which they arise.
Other significant judgements affecting these financial statements are made in the accounting policy for recognition of legacies and the depreciation
rates applied to properties.

2 Donations and legacies

Year ended 31 January 2025

Year ended 31 January 2025
Donations
Donated assets
Legacies		 Mission
£
1,017,335
5,000
173,182		 Bible College
£
29,321
2,000
-		 Bookshops
£
3,590
-
4,483		 Restricted
£
15,239
460,320
-		 Total
£
1,065,485
467,320
177,665
1,195,517 31,321 8,073 475,559 1,710,470

Legacy income includes £42,316 (2024: £40,994) that was receivable at the year end, but not yet received.

The restricted donations to the Mission of the assets of the Govan Stewart Trust comprised a dwellinghouse (subject to an existing tenancy) and cash funds.

15

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

2
Donations and legacies (continued)
Year ended 31 January 2024
Donations
Legacies
3
Charitable trading income
Year ended 31 January 2025
Sales of publications, etc.
Book sales
Year ended 31 January 2024
Sales of publications, etc.
Book sales
4
Income from other charitable activities
Year ended 31 January 2025
Rents receivable
Guest accommodation
Convention/weekend income
Contributions from students
Year ended 31 January 2024
Rents receivable
Guest accommodation
Convention/weekend income
Contributions from students
5
Other income
Year ended 31 January 2025
Miscellaneous Income
Year ended 31 January 2024
Miscellaneous Income		 Mission
£
943,447
216,765
1,160,212
Restricted
£
1,850
-
-
-
1,850
Mission
£
-
-
-
-
-		 Bible College
£
35,630
5,000
40,630
Mission
£
21,440
-
134,265
-
155,705
Mission
£
28,210
-
122,040
-
150,250
Mission
£
12,321
12,321
Mission
£
26,200
26,200		 Bookshops
£
3,680
-
3,680
Mission
£
5,587
-
5,587
Mission
£
10,078
-
10,078
Bible College
£
75,841
17,459
-
64,322
157,622
Bible College
£
76,399
20,351
-
53,009
149,759
Bible College
£
5,585
5,585
Bible College
£
5,197
5,197		 Restricted
£
26,429
62,339
88,768
Bookshops
£
-
2,257,184
2,257,184
Bookshops
£
-
2,326,659
2,326,659
Bookshops
£
70,890
-
-
-
70,890
Bookshops
£
53,029
-
-
-
53,029
Bookshops
£
7,931
7,931
Bookshops
£
6,234
6,234		 Total
£
1,009,186
284,104
1,293,290
Total
£
5,587
2,257,184
2,262,771
Total
£
10,078
2,326,659
2,336,737
Total
£
170,021
17,459
134,265
64,322
386,067
Total
£
157,638
20,351
122,040
53,009
353,038
Total
£
25,837
25,837
Total
£
37,631
37,631

16

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

6
Charitable trading activities
Cost of sales of books, publications etc.
Printing, stationery and advertising
Staff and other employment costs
Hall, tent and office expenses
Motor and travel
Depreciation
Bookshop expenses
Donations
Support costs (note 8)		 2025
£
1,250,059
6,641
951,788
170,848
9,569
71,430
74,264
-
216,369
2,750,968		 2024
£
1,280,191
10,063
927,909
159,684
12,061
70,840
94,519
-
238,977
2,794,244
7
Other charitable activities
Year ended 31 January 2025
Staff and other employment costs
Retired workers allowance
Hall, tent and office expenses
Motor and travel
Depreciation
Convention/weekend costs
Printing, stationery and advertising
College direct costs
Grants
Support costs (note 8)
Year ended 31 January 2024
Staff and other employment costs
Retired workers allowance
Hall, tent and office expenses
Motor and travel
Depreciation
Convention/weekend costs
Printing, stationery and advertising
College direct costs
Grants
Support costs (note 8)
8
Support costs
Year ended 31 January 2025
Staff and other employment costs
Property repairs
Postage and telephone
Governance costs- audit services - current year
Governance costs- audit services - prior year
Legal and professional expenses
Other expenses of administration
Bad debt expenses		 Mission
£
538,043
126,669
176,509
131,927
86,676
104,756
27,624
-
-
284,395
1,476,599
Mission
£
513,916
110,019
206,794
117,190
93,831
101,227
22,228
-
-
239,153
1,404,358
Mission
£
97,029
114,105
24,960
6,744
600
18,963
30,661
-
293,062		 Capital Fund
£
-
-
-
-
159,098
-
-
-
-
-
159,098
Capital Fund
£
-
-
-
-
166,733
-
-
-
-
-
166,733
Capital Fund
£
-
-
-
-
-
-
-
-
-		 Bible College
£
157,397
-
72,292
10,435
9,732
-
1,548
3,554
-
30,673
285,631
Bible College
£
128,724
-
76,634
7,422
5,774
-
1,884
4,843
-
39,730
265,011
Bible College
£
11,536
11,455
1,180
2,248
200
1,396
3,194
(536)
30,673		 Restricted
£
12,778
-
882
-
8,000
-
-
-
13,395
8,667
43,722
Restricted
£
7,370
-
614
471
-
-
-
-
3,700
13,230
25,385
Bookshops
£
129,071
15,071
12,521
35,966
3,200
21,901
(292)
(1,069)
216,369		 Total
£
708,218
126,669
249,683
142,362
263,506
104,756
29,172
3,554
13,395
323,735
1,965,050
Total
£
650,010
110,019
284,042
125,083
266,338
101,227
24,112
4,843
3,700
292,113
1,861,487
Total
£
237,636
140,631
38,661
44,957
4,000
42,261
33,563
(1,605)
540,104

Governance costs includes fees payable to the Mission's external auditor for the audit of the financial statements £44,957 (2024 - £44,000); non audit services of £14,168 (2024 - £37,739) and other professional fees payable to non-auditors £16,112 (2024 - £18,189).

17

TheFafth M1551on Fortheyearetrled31 lattuary ZOZS S￿pPOrt&￿￿{(OrtI￿￿Q￿j Year•tth131Tawiary2024 Capitsl FuDd &bie C Tolai 57.920 lo2￿ 27.954 000 17.405 16.753 22.289 14J03 11.927 3555 zffjou ZffjBI 642 2338 103.101 41.973 12.675 32.lY)O YJH42 L2A67 175324 155.9 40￿ 59.928 30262 24627 L¢walaj￿Urofe5S$Qlla1 exDen5e5 252.383 39.730 238.977 53LOg) 202$ 2024 L932.942 72.Q37 L79L914 S5￿78 02 li 62 ThÈ&raEenuDthofsraff eDwloyeddurinEtheyearw& 104 [2024.. 96)andtheavryettutLberofmembw50ftbeM1581ondththèyearw&$ 58 [2024..57J.Menersaredeonedtobesdf-anpltrJ&l lorraxpurposesln rellan(e OnanllthgfromHMl￿.￿£MnlllQdat(onw￿$pro￿d9j tr56 rs(202+. 61j.Vèb￿￿WQrOaV3i]3b1Q inAlld1stndsAlld￿thQ￿￿PCj)l￿PfQrug￿PsS&ryusO￿￿thSQ￿e￿iv￿ aval￿￿IEy. [nad￿￿27[￿kn￿11￿￿be￿l2D24. 2SIMwEill]E￿I￿O(￿￿UW￿w￿￿ythEY￿T.Re￿r￿]n￿[U￿a[PilldIVi￿uI￿w￿0HWP￿¥0lvCd￿rllu meL￿n￿tyW5ththemtsS1oM Un￿theYrÈ&bed re￿rem￿la£andreM￿llth ¢b)sefellow5bipwiththèMlkknrL Theycondn￿DJbere￿ eng4gedfnwilltsiryatMi55i￿ ev￿tsaI￿￿￿Er￿3Er￿Iandpa5r9Trj 5llPPOrtoffiWttwLen￿ll￿￿￿0th￿r￿tN1slrfeSar￿c￿1her￿thTr￿1r Dthtwthewarterutha#onpA)Thatsof£nS112uZ4..£9.l931w￿ekn￿wreda]dpa5l No51af(rrneNknrKdvedrewwwationinew5 ofE60.OWdwlrwlhpJwr. E85.2561. io rdtuLthws12024.. S)wTrM>Trciv8d￿￿g￿regaE fS&717(202+. S9.99S) ￿al￿￿1D(E￿a￿dbB]th.The ￿aTd￿￿ubw5arelutsl￿￿pZge 3. Qllkn6.L2 CbllthTll13.IB 20241202S 202312024 329.95 329.95 310J>O 300J>O 42228 40& 64 64SO 13 133SQ 171. 171. li Inlo]￿ean￿eKDèndltyr¢￿enera¢e￿5nReD￿tl￿cOrlTeldTh￿ ThpthriiygeneTth inc{￿e3￿d￿￿CUrs￿dItsWeI￿thp RepNl4c4fiTd￿vj￿l￿￿e￿thdt￿￿1tanIbes￿ta￿tr(éFI￿ar￿lArt¢N¢tIe￿ theY￿r1D￿[￿t￿￿￿É332.71o1202¥.É3SI522l.a[x1￿5J￿L￿￿tttaIknlÉ2675I9[2o2￿.É3oI56o1. 12 2025 2024 At31lallwy2D25atK12024 18

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

13
Fixed assets
Cost and net book value
At cost
As at 1 February 2024
Additions
Disposals
At 31 January 2025
Depreciation
At 1 February 2024
Charge for year
Disposals
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024		 Property
£
11,864,029
400,000
(381,740)
11,882,289
3,886,305
237,243
(83,983)
4,039,565
7,842,724
7,977,724		 Equipment
£
820,932
5,000
(1,000)
824,932
676,548
49,336
(1,000)
724,884
100,048
144,384		 Motor vehicles
£
261,973
33,820
(33,674)
262,119
165,751
48,355
(33,674)
180,432
81,687
96,222		 Total
£
12,946,934
438,820
(416,414)
12,969,340
4,728,604
334,934
(118,657)
4,944,881
8,024,459
8,218,330

Under the terms of the grant received from Fife Council, The Faith Mission granted a standard security in favour of The Fife Council over the property, the Faith Mission Bookshop, at 4 Canmore Street, Dunfermline. The net book value of this property at 31 January 2025 was £64,800 (2024: £68,400).

Finished goods for resale:
- Irish and Scottish Bookshops		 2025
£
759,099
759,099		 2024
£
925,519
925,519

A stock provision of £517,096 (2024 £564,788) was made to provide for the loss in the value of stock held, likely to be incurred in future years, through obsolescence and lack of historic and future expected movement. The Trustees are confident that this remains appropriate and complete for the 2025 statutory accounts

15 Debtors

Trade debtors
Other debtors
16
Creditors
Trade creditors
Social security
VAT payable
Accruals
Other creditors		 2025
£
45,550
68,038
113,588
2025
£
129,742
19,444
40,793
118,405
21,674
330,058		 2024
£
58,882
53,253
112,135
2024
£
251,439
19,743
38,312
120,975
17,858
448,327

19

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

17 Analysis of Funds

Year ended 31 January 2025

General Fund
Designated Funds
Capital Fund (a)
Bible College (b)
Bookshops (b)
Restricted Funds
Specific donations (c)
Restricted legacies (c)
Endowment Funds
Endowment legacies (d)		 Balance at 1
Feb 24
£
429,157
7,885,344
86,826
599,888
8,572,058
9,499
53,884
63,383
165,869
9,230,467		 Income
£
1,379,360
189,373
194,528
2,344,365
2,728,266
477,409
-
477,409
-
4,585,035		 Expenditure
£
(1,476,599)
(223,469)
(285,631)
(2,686,597)
(3,195,697)
(30,944)
(12,778)
(43,722)
-
(4,716,018)		 Net income/
(expenditure)
£
(97,239)
(34,096)
(91,103)
(342,232)
(467,431)
446,465
(12,778)
433,687
-
(130,983)		 Transfers
£
477,131
(487,131)
10,000
-
(477,131)
-
-
-
-
-		 Balance at 31
Jan 25
£
809,049
7,364,117
5,723
257,656
7,627,496
455,964
41,106
497,070
165,869
9,099,484

(a) The Capital Fund represents all properties owned by The Faith Mission excluding the Bible College and retricted property.

b) The designated funds for the Bible College, and Bookshops represent the funds utilised for the operations of each of these activities within the Faith Mission.

(c) The Restricted funds represent 3 funds for which income which has been received to be used for a particular purpose in the Bible College and Faith Mission ministry.

(d) Endowed legacies have been bequeathed to the Mission, with the sums to be invested and the income derived from those sums to be applied in the purpose dictated by the donors.

General Fund
Designated Funds
Capital Fund (a)
Publishing dept
Retired Workings Fund
Bible College (b)
Bookshops (b)
Restricted Funds
Specific donations (c)
Restricted legacies (c)
Endowment Funds
Endowment legacies		 Balance at 1
Feb 23
£
467,371
7,697,529
-
-
156,251
941,899
8,795,679
-
-
-
165,869
9,428,919		 Income
£
1,360,173
424,891
-
-
195,586
2,387,861
3,008,338
26,429
62,339
88,768
-
4,457,279		 Expenditure
£
(1,404,358)
(231,105)
-
-
(265,011)
(2,729,872)
(3,225,988)
(16,930)
(8,455)
(25,385)
-
(4,655,731)		 Net income/
(expenditure)
£
(44,185)
193,786
-
-
(69,425)
(342,011)
(217,650)
9,499
53,884
63,383
-
(198,452)		 Transfers
£
5,971
(5,971)
-
-
-
-
(5,971)
-
-
-
-
-		 Balance at 31
Jan 24
429,157
7,885,344
-
-
86,826
599,888
8,572,058
9,499
53,884
63,383
165,869
9,230,467

20

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

18 Analysis of net assets between funds

For the year ended 31 January 2025

General Fund
Capital funds
Designated Funds
Endowment Funds
For the year ended 31 January 2024
General Fund
Capital funds
Designated Funds
Endowment Funds
(a) Net cash inflow from operating activities
Net income /(expenditure) for the year
Depreciation
Donation of fixed assets
Investment income and interest
(Gain)/Loss on disposal of tangible fixed assets
Increase in creditors
Decrease in debtors
Decrease in stock
Restricted Funds
Restricted Funds		 Fixed Assets
Investments
£
£
147,524
-
7,364,117
-
120,818
-
392,000
-
-
-
8,024,459
-
Fixed Assets
Investments
£
£
221,202
-
7,885,344
-
111,784
21,000
-
-
-
-
8,218,330
21,000		 Net current
assets
Total 2025

£
£
661,525
809,049
-
7,364,117
142,561
263,379
105,070
497,070
165,869
165,869
1,075,025
9,099,484

Net current
assets
Total 2024

£
£
207,955
429,157
-
7,885,344
553,930
686,714
63,383
63,383
165,869
165,869
991,137
9,230,467
2025
2024
£
£
(130,983)
(198,452)
334,934
337,178
(407,000)
-
(2,483)
(2,065)
(197,407)
(434,518)
(118,269)
121,089
(1,453)
135,509
166,420
111,626
(356,241)
70,367

(b) Net debt reconciliation

Cash on deposit
Cash at bank and in hand		 Funds as at 1
February 2024
Cash flows
Funds as at
31 January
2025
£
£
£
43,148
22,660
65,808
358,662
107,926
466,588
401,810
130,586
532,396

20 Leases

The following payments are due under non-cancellable operating lease:

Payments falling due:
Less than one year
Between one and two years
Between two and five years
Over 5 years		 £
£
£
£
Buildings
Equipment
Buildings
Equipment
14,450
706
16,200
998
17,000
-
26,450
453
-
-
5,000
-
31,450
706
47,650
1,451
2025
2024

Lease payments of £32,996 (2024: £36,329) were made in the year.

21 Commitments and obligations

The Mission had no capital or charitable commitments at 31 January 2025.

As noted in note 9, The Faith Mission has ongoing constructive obligations arising from the Retired Members Allowance scheme as at 31 January 2025.

21

The Faith Mission

Notes to the financial statements

For the year ended 31 January 2025

22 Guarantees and contingent liabilities

Subsequent to the year end the Charity received an invoice relating to historic charges totalling £52,166. As at the date of signing the financial statements no legal basis for these charges has been provided and so, given the amount of any payment due, if any, is uncertain, no provision has been made for this balance.

There were no guarantees or other contingent liabilities at 31 January 2025.

23 Related party transactions

Transactions with Board members are disclosed in note 10 to the accounts. There were no other related party transactions during the year that require to be disclosed.

24 Post balance sheet events

The following post year end events have been considered during the preparation of these accounts:

 Sale of 3 properties with a net book value of £116,286. These were all sold for values in excess of their carrying value.

25 Comparative Statement of Financial Activities - for the year ended 31 January 2024

Note
Income from:
Charitable trading activities
Other charitable activities
Investments
Other income
Gain/(losses) on disposal
Total income
Expenditure on charitable activities:
Charitable trading activities
Other charitable activities
Other
Total expenditure
Net income/(expenditure)
Transfer between funds
Donations and legacies
Net movement in funds
Total funds brought forward
Total funds carried forward		 Mission
Capital
Fund
Bible
College
Bookshops
Restricted
Funds
Endowment
Funds
2024
£
£
£
£
£
£
£
1,160,212
-
40,630
3,680
88,768
-
1,293,290
10,078
-
-
2,326,659
-
-
2,336,737
150,250
-
149,759
53,029
-
-
353,038
2,006
-
-
59
-
-
2,065
26,200
-
5,197
6,234
-
-
37,631
11,427
424,891
-
(1,800)
-
-
434,518
1,360,173
424,891
195,586
2,387,861
88,768
-
4,457,279
-
(64,372)
-
(2,729,872)
-
-
(2,794,244)
(1,404,358)
(166,733)
(265,011)
-
(25,385)
-
(1,861,487)
-
-
-
-
-
-
-
(1,404,358)
(231,105)
(265,011)
(2,729,872)
(25,385)
-
(4,655,731)
(44,185)
193,786
(69,425)
(342,011)
63,383
-
(198,452)
5,971
(5,971)
-
-
-
-
-
(38,214)
187,815
(69,425)
(342,011)
63,383
-
(198,452)
467,371
7,697,529
156,251
941,899
-
165,869
9,428,919
429,157
7,885,344
86,826
599,888
63,383
165,869
9,230,467
2023
£
1,473,716
2,263,161
262,716
434
34,264
2,723
4,037,014
(2,697,520)
(1,726,214)
(564,788)
(4,988,522)
(951,508)
-
(951,508)
10,380,427
9,428,919

All incoming resources and resources expended were derived from activities of the Mission.

22