Financial pain at Bible Society Australia is revealed in the annual financial statement recently published on the ACNC (Australian Charities and Non-Profits commission) website.
“BSA for the year ended 30 June 2024 reported a net deficit of $7.3 million (2023 deficit $1.4 million) from total revenue of $56.8 million and total expenditure of $64.1 million,” a summary of results reads. “The deficit for the year ended 30 June 2024 was predominantly caused by difficulties with the new IT system installed in September 2023 for our retail operations (Koorong). The problems encountered with the new system impacted sales which fell by $4 million and incurred additional costs of $2.6 million in staff, licencing and finance. A further $1.1 million of system development costs have been expensed during the year. The total cost of the project to 30 June 2024 was $3.5 million.”
Some reports in Christian media have linked the financial results to the resignation of the Bible Society CEO Grant Thomson last month. They all seem to quote The Other Cheek’s report of his departure, but as some reports noted we did not give a reason for his departure.
However the board has a track record of being adverse to deficits, so it is not unreasonable to think that was a factor in Thomson deciding to resign.
Further details will be included in a note to supporters, which will be issued on Monday. A culture review at the Bible Society “has provided valuable insights to help the organisation enhance its operations and strengthen alignment between the BSA Board and leadership teams to build a better BSA for the future.
“To begin implementing these improvements, the BSA Board have begun the year by undergoing a process of renewal, with the recent appointments of a co-Company Secretary and a non-Executive Director. Ruth Limkin has elected to conclude her term as Chair, effective January 31, 2025, after nearly nine years of service. Andrew Wiseman has stepped in as Acting Chair, while the Board conducts a search for a new permanent Chair.”
The note to supporters emphasises that the mission targets are on track. “Mission commitments made towards the end of last year for 2025 remain unchanged, for both Australian mission work, and for ten international Bible translation projects, 9 international Bible distribution projects, and 33 international Bible engagement projects already underway around the world. These projects encompass ten new projects for 2025.”
The note also updates supporters on the financial information in the ACNC report.
One widely circulated online report from a website critical of Hillsong alleges a link between Grant Thomson being CEO and Hillsong Church where he previously worked, in leasing the Bible Society Macquarie Park Property to Hillsong. The property was renovated as part of that deal. Thomson joined the Bible Society in 2019, from Hillsong Church where he was Global Chief Marketing Officer
My recollection – and I tested it with another staffer at Bible Society – was that this lease generated a profit that covered the Bible Society lease in the middle of North Sydney, and that it was negotiated before Gant Thomson came on board.
The project at Koorong was ambitious, creating a new sales system, with the Koorong website, warehouse, stock purchase and ordering, and accounting systems all integrated. This sort of project has a sad track record in the Christian book world. Two large Christian bookchains in the UK, Wesley Owen and the St Stephens Trust closed most of their stores after projects went wrong. The previous owners of Koorong, the Bootes family, purchased the best parts of Wesley Owen.
The ACNC filing also records “Eternity News closed on 30 April 2024 following a review of its media ministry and its alignment to BSA’s core Bible mission and vision. The contribution that Eternity has made to BSA and the Christian media is significant.”
As the founder and former editor of Eternity, I thank the board for the strong support that Bible Society gave Eternity. It is not often that someone who started a “love project” gets paid to continue it for over a decade!