Company Number. 3505890 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 28TH FEBRUARY 2025 NATIONS TRUST CHARITY REGISTRATION No: 1069419 COMPANY REGISTRATION No: 3505690 (Company Limited By Guarantee) Pa8e L Company Number.. 3505690 NATIONS TRUST (COMPANY LIMITED BY GUARAIYTEE) CONTENTS Page 3 Legal and AdMinist￿]ve InfornWion Pages 4 to 7 Report of the Direcwrs Pa8e 8 Staiernent of Financial Activities Page 9 Balance Shttt Pages Ioto 15 otcs to the Financial Ststements Page 16 Independent Ex8mineWs Report P88e2 Company Number.. 35056go NATIONS TRUST (COMPANY LIMrrED BY GUARANTEE) li LEGAL AND ADMtNISTRATtVE INFORMATION C&4RITY DtUMBER 1069419 COMPANY REGISTRATION NUMBER 3505690 DATE OF INCoRPo￿TION 5th Febnwy 1998 OTHER NAMES Nations Nations On The March START OF FIF4ANCIAL YEAR 1st March 2024 LYD OF FINANc￿L YEAJi 28th February 2025 DIRECTORS AT 28TH FEBRUARY 2025 Coupe Kathleen Coupe Stepben Diyon Gail Grindrod Stephen Joo Hyunil Jung Suk Kw2ng Kim Jungbeorn REGISTERED ADDRESS 2a Glanmor Road Llanelli SA15 2LU The advancement of the Christian Faith worldwide, in particu]ar by helping indigenous peopl¢ establish national mission movements. The rcIicf of persons who in conditioas of need and consequently suffering hardship or di5tss or who are aged or si¢k The advancement of education of children or adults especially Such other ¢harit8ble purFoses as the DirectOTS in their absolute discretion think fiL Memorandum and Article5 of Associailon incorporated ¢)n 5th February 1998. Nati0A￿ Westminster Bank Ple 40 Market Street Wellingborou8h N8 IAD INDEPEP4DENf EXATrttNER I￿1¢01a Lewis- Easybooks (Wales) Ltd Unit 4. Dragon 24 North Dock Llanelli SA15 2LF P¥3 Company Number". 3505690 NATIONS TRUST (COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28TH FEBRUARY 2025 The Directors submit their Repo¢ with the Financial StsterneDts of the Company. for the year ended ?8th February 2025. Nations Trust is a Regi￿ered Charity (1069416) and a Company Limited by Guarantee (3505690) with the Registered Office and principal addr¢5s of the Charity at 2a Glanmor Road, Llanelli, Cannarthenshire. 'Nations' is the working name for the Tr￿St'S artivities. The work of Nations Tn￿t is facilitated by two UK t¢ams, on¢ in Llanelli. South Wale5 and thc other in W¢llingborough, Nortbamptonshire; whose members are volunlary workets giving their time and tslents in suppon of the Charity. The majority of Directors are executive and take an active part within the tranL£ in Nthich there 15 experienced field leadership. The principal activity of the Company is as stated in the Objects of the Cbarity. The Charity has fulfilled these objects tbrough the yeÈr. with benefit to the public. by the provision of trainin8 and online communication with indigenous leaders for ¢nGowagement and directio￿ and the teacbing of English. The Directors Are very grdt¢ful for all the voluntary h¢lp that h been givcn to the Charity throughout the year. Dlrectors The Directors in Offlce dwing the year We￿.. Chirgwin Robert Coup¢ Kathl¢¢n Coupe Stephen Dixon Gail Grindrod Stephen Joo Hyunil Jung Suk Kwdng Appointed November 2024 Kim Jungbeom Appointcd Novembcr ?024 The Directors usually meet 3 time5 a year to revicw the ongoing work of Nations Trust and consider the regular progress and ctivity within the teams. They also revtew new opportunities for Nations Trust to fiuther develop ils work. The current mission statemenl which builds on the objects of the Charity, gives an insi8ht into the heart of what Nations Trust seek5 to be.. 'a missionary Gommunity of indigenous peoples in tr￿ill8 together for the evangelisation of the world, Dir¥ctors' R￿ponsibl11t￿e5 Company Law requires the Directors to prepare Financial Statements for each financial year. which give a true and fair view of the state of affairs of the Company and of the swplus or deficit of the Conwany for that period. In preparing thos¢ Financial Ststements the Directors are required to ". Select suitable accounting policies and apply them coThsistently. Make judgements and estinutes that are re&sonable and prudent. Follow appli¢abl¢ accounting stattdards, subject to any n￿terIal departwes disclosed and explained in the Flnancial Sta￿Ments. Prepare the Financial Ststements on the 80in8 concern basis wdess it is inappropriate to presume the Company will continue in business. The Directors are responsible for keeping proper accounting reeords vA)ich disclose with reasonable accuracy at any tirue the fllwicial position of the Cornpany and enablc thctll to ctw¢ that thc Financial Statrments comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the Company 2nd hence taking reasonable steps for the prevention and detection of fraud and other irregularffitie> In pTeF>aring this report the Director5 have taken advanlag¢ of special provisions of the Companies Act 2006 retsting to small companies. Pa8e4 Company Number.. 3505690 NATIONS TRUST (COMPANY LLMITED BY GUARANTEE) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28TH FEBRUARY 2025 ACTtVITIES 2nd ACUtEVEMENrs anelli l - Nation5 Team. As mcntioncd last year. of the Nations tearn members, Kathy has been giving over her responsibilities to others, and is working intensively ¢)n her book. But it is not Teady for publication y¢L She is remaining a DireGtorifnJstee. Stev¢ has also passed on som¢ of his adminithtive rwsibilitie4 but the continual changes to 8ov¢mment legislation on a variety of issues. especially immi￿atio￿ is slowing that do￿. Both also ottasionally share their BiTrJle knowledge with folk who visit from other countries. Gail - the overall leader of N*ions Trust - Visttrd Korea again for the Cel¢bration for the Nations (CFTN) event taking place ther4 and to the CFfN event in Japan in late Febnwy tbis year. She also hosted the CFfN week which was held in L12nelli during Au8usL Recently she has not been in the best of health but is still doing a115he can. Hyunil Joo (Korean) has settled well into his ministy as a core prt of the Nations teans and &s a Dir¢¢torifrustee. At the Board Meeting on 29 November. two of the mission leadeTS vkno arc based in Llanelli were also appointed to the BoariL These are Suk Kvrdng Jun8 (CMT) and Jungbeom Kim (L&F). There are arrentty three overseas movementsbased in Llanelli wth visas arranged by Nations. These are". CIMT (Kore8n)- They ran a succegsfijl six-month programme. wbi¢h ojlminated in an expedition to Europe. Closer to home, they undertook mission work in towtts aDd cities in Wales and Englan& and a]$0 gave time every week to worshippin8 on the streets of Llanelli. Severnl team members also help in a local cburclL The te8m m¢rnber who came first on a Relisious 'orker visa but who was refitsed his Missionary visa in JUIY 2023, appealed that de¢isioll an￿ after a very IoDg wail was granted the visa and wrived in February 2025. He is married to another cmr nxmber who already had a missionary visa and they were very glad to be reunited at last. L&F (Korean) - This team is small cwrently. The leader brought a team of trainee missionaries from KoTea for a shon training prO￿orne. and took them on a thort-tetrn mission expedition to Itaiv. rr- One of the experienced members ofthe CMT group is branching out and to estabtish a sm811 team to reach out to n¢ighbouring towns and villages with the Gospel. He and his with ¢)ther& go regularty to a small tovm near Llanelli. They also join with CMT ftir their street worship sornetimes. EMP (Middle Eastern) - This I￿rk Gontinues mostly online, introthicing many PbX)plc in the fvfiddle East to the Gospei and helping believers there to grow in their faith. Middle East~ This work continues under immense prt8sure in a country ￿￿ere, despite the law a]lowing freedom of religio￿ the reality is that there is no real fr¢¢dom for Christians. Nations bas ¢ontinued to support the leaders in prdyer and with some finance. Elsewhere- Nations as a whole also has strong linkts with and supp)n4 VA￿ possibl4 other missionary movements which we have helped to establish in IAotho, the CAR and Burkina Faso. 3. Celebration F r The This was a week.long worship and intcrccsston ¢vent win held in using a lar8e l¢)¢al Y￿)￿¢ wherc hundreds of p¢opl¢ can gather. CFTN has been held in Wales for most ye8r$ 5inc¢ 2007, and atso in Kore4 Japan and Israel. There were many from overseas. e￿e¢l8￿Y South Kore4 and the worship led by rnusicians from mally different natiotHI backgrounds. Il was a very 5ucGcssful we¢K and the same venu¢ bas a]ready been booked for the 2025 evenL 4. Local c mmuni Alongside these activiti¢5, during tILe week there are a number of meetings for prayer, worship and t¢8¢biThg involving some or all of those associated with N&ions. We also prdy ftir n&ional aDd iaternational situatton& PTaying for peace. reconciliatton and rishtcous livirt Page 5 Company Number.. 3505690 NATIONS TRUST (COMPANY L[￿ITED BY GUARANTEE) REPORT OF THE DIRECTORS FOR THE YEAR EI¥DED 28TH FEBRUARY 2025 ACTtVITIES and ACHtEVEMENTS (conlinued) 5. Renovation & Maintenance The renovation and renewdl work outlined latt year Wds completed by the end of June. This provides Six modern and well- insulated bedroom5 which Provide sleeping accommo￿tion up to 14 peopl¢. Some moveA in as soon as the roon)s wer¢ ready and are very happy with their bedrooms. The planned work on the redevelopment of the rear part5 of the Centre- which currently houses an office and the rarely used male & female showerltoilets - will take place during the 2025-26 year. This will provtde another twhin8 room. two offices toilets and substsntial attic stord8¢ spa¢e and will complctc ajl the major works to upgrade the Centre. A couple of other smaller upgrades are also being Consider￿1. Welll The work at the Centre is flourishing with a variety of ￿Up5 using the premises during the y￿. W¢ still have Ukrainxan ladies living in the flat and the Ukrainiall Church also use our Centr¢ for wvtship prnctice and weekly prayer. We continue to have Teen Chllllenge use our Centre on a regular basis alon8 with another similar ￿0￿p which are welcome investments into the community. Ehad - (Korean) Support for the overseas teams has continucd through the year. The team leader has now rejoined his family in the UK and is Cu￿¢ntIY tsking the nec£ssary eXart￿ for him to practice in this county. At the same tkrne they are praying into the work of Eh&d tr) ascertain ￿8t shape it should take in the fufLWe. South Asia - Our work with NLM continued as their work developed throughout the year. The School which they gtarted 3 years ago adds a new class year and th¢re are plans to complete dormitory acconunodation so that students from outlyin8 villages can board during the week and return home at the weekend. There arc also plans io establish a health care centr¢ in th¢ village with nurse5 10 provide prinwy health care and midwifery, two gir15 are currently undertaking nursing and midwifery training. Two ladies who have been supporting the nurses in training visited in November providing encourdgemenl for the ongoing work. The young m8n thaijoined the team last year is now doing language 5tydy and looking for a way to establish his long t¢nn r¢sidency. NEM (Afri¢a) - Thi5 work continues to develop d¢spit¢ th¢ matty chailen8es that they face. Mtnistry is split between West and centr￿ Africa with encouraging growth ia both areas. Health issues in a challenging climate are an ongoing concern but The Lord Strengthe￿ and enables nevertheless. OU (Africa)- This proved a fruitfvl year with Significant steps taken in mobilising the church toward mission. tn May there was a Vision Casting Day I￿th some 30 p&%trJrs attending and expressitig ￿t interesL This w&8 followed up by a Missions CoDfer¢n¢e later in the year with over 60 in attendance, al￿ a quartcr of those prescnt wcre young people b¢twccn the a8¢s of 18 and 35. A couple from S Africa who had served in the Buddhist World were able to give valuable input. The Conference also served as th¢ Commissionin8 Service for a team of five p&stors who spent a month visiting their target country in SE Asi and gaining muth valuable experience to tske back to their churches. The Carey Acadenry ofLThguage Learning (CALL) - This Continu￿ to tick over providing Cl￿eS for local peopl¢ both from our own staffand through a local self employed lin8UiSt who love5 to I￿st their classes in our Centre. The 'Opening ihe Wells, ministy continued, this ￿ferS to an area-wide initiative encouragtng prayer. unity and mission in co operation with local churches. P&ge 6 Company Number. 3505690 rrfATIONS TRUST (COMPANY LItfflTED BY GUARANTEE) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28TH FEBRUARY 2025 A￿1v[rIEs and ACHtEVEMENfs (continued) The Wellingborough team handle the insurance and flliancial &5pects of maintsitiing Nations TrtLq¢ including the day-to-day accounts. The Wellingborough team also produces its own magazin4 whith. although having & local roc￿, a150 reflects the wider work of Nations. I approve the attathed Ststement of Financial Activities and Ba]ance Sheet for the year ended 28th Feb￿ary 2025 and confirn] that I have made available all ]nforn￿tion necessary ftir their preparatio Signed on behalf ofthe Directors Print Name: Stephen Coup< Chair. Date: 25-07-Z5 Company Number.. 3505690 NATIONS TRUST (COMPANY L￿￿tr[ED BY GUARANTEE) STATEMENT OF FtNANCIAL ACTIVITIES FOR THE YEAR ENDED 28TH FEBRUARY 2025 Incorporating Income and Expenditure Account Unre&TiCted De5iwed Restricted Funds Funds Funds TOTAL 202512024 TOTAL 202412023 Notes tNCOME Income from G¢ner4t¢d FuDd$ Donations & legacies 28 11357 22.190 35.508 70,055 66.005 Income from Charitable Activities 2b 19.937 17.372 37.309 16.498 Income from Investment 2.197 88 2.285 3,190 Other Income 2d I2,C￿0 .320 13320 700 TOTAL INCOME 31294 3&916 122969 86,393 EXPENSES Costs of Gen¢ratin8 FLUKIS Expenditure on Cbaritable Activities 28.109 39.879 39,193 107.181 74,246 TOTAL EXPENSES 28,109 39.879 107,181 74246 NET INCOMING/(OUTCOLNG) 185 13,879 -2377 15,787 11147 Total Funds Brougbt Forward 57.659 47.568 524,350 629.577 617,430 TOTAL FUNDS CARRIED FORWARD 522 073 645 65 629 577 Movements on all reserYe5 are shown aknve. All of the Charity's opeT8tions are c]assed as continuin8. The notes on pages 10 to 15 fonn port of these wmar￿la1 Statements. Pag¢ 8 Company Number: 350569D NATIONS TRUST (COMPANY LIMITED BY GUARAKfEE) BALANCE SKEET AS AT 28TH FEBRUARY 21125 Unrestricted Designated Restricted Funds Funds Funds Totsl 28102ns Totsl 28102124 Notss Fixed Assets Tangible Asscts Current A$8ets Debtors Cash at Bank and In Hand Total CurreDt Ass¢ts 57,83] 11.091 408,850 477,773 417,074 4.747 3280 8,027 4.249 46.107 50.356 11.968 159,637 171.605 10.829 208,051 218.880 113223 Creditors: amounts due vrithin one year 4.013 4,013 6,377 IYET CURRENT ASSETS 4,014 50.356 113.223 167,592 212,503 Creditors: amounts due in rnore than one year Mortgagc Long Tcrm Loans NET ASSETS 645 65 629 S77 CAprrAL AIW RESERVES General Funds Designated Funds Restricted Funds 61.845 61.845 61,447 522,073 57.659 47,568 524,350 61,447 522.073 522 073 645J65 629 77 Directors, Respon$ibllities: The Directors are sattsfied that for the year ended 28th Febnw 2025 the charitable company was entitl￿ to cxempti¢)n from the requirernertt to obtain an audit uuder section 477 of the Con)panies A¢1 2006 and that no rnember or Members have required the ¢ornpany to obtsin an audit of its acCO￿ts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities 2011 the ac¢ouDts have been examined by an Independ¢Dt Exarniner VA)0￿ report appcars on page 16. The Directors a¢knowlcdgc thcir responsibility for comptying vAth the requir¢mcnts of the Companies Act 2006 respc to acco￿tillg records and the PTepaTation of the Financial SiateTnents. The Financia] Statements have been pffpared in aecordanGe with the provisioos applicable to small companies subject to the sma]I companies regime and in accordance ￿th FRS102 SORP. The Directors acknowledge their responsibility for ensuring that the company keeps proper accounling records which Comply with section 386 of th¢ Act and for preparing Fir￿n¢la7 Ststements which give a true and faiT view of the stste of affaTrs of the company &5 ai the ¢nd of thc fujancial y¢ar and of its surplu5 or dcfiGit for the ffman¢ial y¢ar ill aGwrdance with th¢ requirements of sections 394 and 395 and which otherwise ￿mplY with the requirernents of the Companies Act 2006 relating to a¢¢ounts, so far as applicable to the company. Approved by th¢ Board of Directors on July 2025 25 Signed onbehalf of the Board of Directors by............... .... . - Chair. Print Name: St4)t]¢n Coupe CompaDy Re￿IOn NuEnber. 3505690 Pagc 9 Company Number.. 3505690 NATIONS TRUST (COMPANY LIMtTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2025 I. ACCOUNTINC POLICIES IncomiDg Resources Recognition oflncoming Resources These are included in the Statement of Financial A¢tiviti¢s (SOFA) when: r the charity becomes entitled to the resource5. . the Directors &Te virtually certain they will receiv¢ th¢ res0￿ and • the monetary value can bc measured with suffi¢i¢nt reliability. Incoming Resources with relatedeYpenditur¢ Where incoming resources have related exp¢nditur¢ (as with fundraising or LX)ntract income) the incomin8 resour¢¢ aud related expenditrjre are reported 8ross in th¢ SOFA. Granis and Donario Grants and Donations are only included in the SOFA when the charity has ￿conditiOnal entitlement to the resources. rax reclaims on Donotions and Gifts Incoming resources from ￿ reclaims are included in the SOFA in th¢ $3me financial period as the gift to which they relate. Confracfyal Income andPerfomance Relaled Grant5 This is only included in the SOFA once the related goods or services have been delivered. Gifts in Kind Gifts in Kind are accounted for at a reasonable eslimate of their value to the charity or the amount actually realised. Gifts in Kind for sale or distribution arc included in the accounts as gifts only when 501d or distributed by the Charity. Gifts in Kind for use by the cEwity are included tn the SOFA as incoming resources when receivable. Donated Services al￿ Facilities These are only included in incoming resources (with an equivalent amount in resources expended) wb¢Te the benefit to the harity L5 r¢asonably quantifiable, measurable and mat¢rial. The value placed on th¢s¢ resources is the estimat¢d valu¢ to the charity. Yolunt¢er Help The value of any voluffjary h¢lp received is not included in the a￿ounts but is acknowledged in the Directors, ￿nm￿l report. Investmenrlncome This is Included in the accounts vthen receivable. Ipjvesthent gaipLS ond losses This inrludrd any gain or loss on the sale of investmeTts attd Any gain or loss resulting from reV￿uIng investments to market value at the end of the year. Pagc LO Company Number: 3505690 NATIONS TRUST (coiktPANY LIMITED BY GUARAIYTEE) NOTES TO THE FLNANCIAL STATEMENTS (Continued) FOR TEE YEAR ENDED 28TH FEBRUARY 2025 Expenditure and Liabilities Liability recognition Liabiliti¢s are recognised as soon &8 there is a legal or ￿nStruCtive obligation committing the cb￿lty to pay out resources. Governance Costs Include costs of the preparation and exami￿On of statutory acco￿t% the costs of the Directors, meetings and Cost of any legal advice to Directors on govcrnanrK or constttutional matte Gr<7n¢s wiihperfomance Conditions Whcrc the charity gives a wt with conditioDs for its paJTJ¢nt being a specific level of seNice or output to be Provided. such ts are only recognised in the SOFA ¢)nce the recipient of the 8rattt provided the wified service or output. Changes in Accouxtingpolicles andpreViO￿ accounts There has been no change to th¢ acYomrtin8 poli¢ie5 (variation and methods of a￿untIng) since last year* 8nd no Changes to th¢ previous a¢counts. Grantspoyable Ivlihoulperfonn4￿ ¢ondifions These are only recognised in the accounts ￿en a CQDMNlln¢nr has be¢n made and there are no conditions to be m¢t relating to grant which r¢nwin in ¢ontrol of the ¢kwity. Support Costs Support costs include central fimctions and have been all0￿d to activity cost categories on a basis Consistent with the use of the resources, e.& allo¢*ing propety Cots by floor ate4 or per capiK staff costs by the time spent and other costs by their usage. Assets Tan￿￿1¢ fixed asscts for use by the charity. I￿¢s£￿ents Investsncnts quoted on a recogrrised stock ￿change are valued at market value at the Y￿ eDd. Other investtnent assets are iuGlud¢d at Directors, best estimate ofrnaTket value. No depreciation is charged to freehold propety as the property is Maint￿1￿ to such a standard that th¢ estimated residual value is not less than cosL Basis ofpreparotEon The financial statements hav¢ been prepared on the historical cost basis of acc4)unting in aC￿rdance with the Chartties Act 2Ql l. Stat¢mew of Recommended Praaice "Accoutttin(T attd R¢poning by Charities- (SOI