2021-06-30-accounts

LOVE RUSSIA LIMITED Company Registration No. 04222680 (England and Wales) Registered Charity No. 1092154

COMPANY LIMITED BY GUARANTEE AND REGISTERED CHARITY

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

LOVE RUSSIA LIMITED

CONTENTS

	Page
Reference and Administrative Information	1
Trustees’ Report	2to7
Independent Examiners Report	8
Statement of Financial Activities	9
Balance Sheet	10 to 11
NotestotheFinancialStatements	12to19

LOVE RUSSIA LIMITED

REFERENCE AND ADMINISTRATIVE INFORMATION i erica a Sanne nnegeennenamnsecnananenennee Emmet

Trustees	C Owen-Smith — Chairperson
	L Bowring
	J Ball
	C Worland
	S Wisbey
	W Lindsell — appointed 30 July 2021
Secretary	L Bowring
Chief Executive Officer	D Bradley— to 31 December2020
	A Thwaites — from 1 January 2021
Company number	04222680
Charity number	1092154
Registered office	Manor Farm
	Church Lane
	Thrumpton
	Nottinghamshire
	NG11 OAU
Bankers	Lloyds Bank Pic
	75 Castle Street
	Farnham
	Surrey
	GU9 7LT
Independent examiner	DEKM Limited
	8 Vernon Street
	Derby
	DE11FR

OTBanger: 1

LOVE RUSSIA LIMITED TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their annual report together with the financial statements of Love Russia Limited for the year ended 30 June 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The financial statements comply with the charity's trust deed, the Charities Act 2011, the Companies Act 2006, 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 (FRS 102) (effective January 2015).

Reference and administrative information set out on page 1 forms part of this report.

STRUCTURE AND MANAGEMENT

Governing Document

The charity is controlled by its governing document, a deed of trust dated 1 June 2001 and amended 1 July 2004, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The trustees meet quarterly to administer the charity. The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of the charity. No trustee held any interest in the company during the year ended 30 June 2021.

Our Mission

“Suppose there are brothers and sisters who need clothes and don't have enough to eat. What good is there in saying, "God bless you" If you don't give them the necessities of life?" James 2 v 15 & 16

Love Russia is a charity that is committed to improving the lives of orphaned children, destitute young people and adults in crisis, including those with disabilities and learning difficulties. Our aim is to provide relief of poverty, suffering and distress by demonstrating practical Christian compassion and, where appropriate, sharing the Christian faith.

The trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act in that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

Our Aims

• e To transform lives — body and soul — of orphans, destitute young people and those with learning difficulties or physical handicaps, who have been damaged by abandonment, neglect, abuse, poverty, illness and lack of education.

• e To work in effective partnerships with Russian Christians to makea real difference to those in need and bring about social change in their local communities.

• e To work alongside our Russian friends, always being mindful and sensitive to their culture, and without judging them, but being compassionate to their needs (Discretion and full respect for privacy is always used).

• e To be an organisation where every person and gift of time, money or goods is used to best effect and which exercises good stewardship of resources.

• ¢ To keep our supporters informed about activities and as up to date with information as is possible.

Our Approach

Prayer is a valuable part of our ministry and it has a powerful impact on all we do. We publish a regular and specific prayer diary and send out alerts for any emergency situation. None of our work would be possible without the steadfast prayer of Love Russia supporters.

We are dependent on voluntary income and through general donations we are able to respond quickly whenever a need arises, as well as continue our work helping to tackle the underlying problems experienced by orphans and destitute young people. Regular donors enable us to make longer term plans and commitments.

Se...

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LOVE RUSSIA LIMITED

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

=

STRUCTURE AND MANAGEMENT- continued

Organisational structure

Love Russia began the financial year 2020-21 with 5 staff members (only 2 full time) but on 4 January 2021 reduced to 4 staff members (only two full-time) who deal efficiently with requests for publicity, speaking engagements, donation administration, producing materials for the publications, and who are responsible for the website and developing ideas for fundraising campaigns. The work is fully supported by a team of volunteers enabling sorting of equipment, packaging Christmas items and organising the mail outs.

Management ensure legal compliance in all aspects of the charity’s registration and work practices. During the financial year 2020-21 Debbie Bradley, CEO, retired on 31 December 2020 and Anna Thwaites stepped into the position of CEO on 1 January 2021.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees keep this process under regular review. Travel, summer projects and office safety policies are all current.

• The main risks are financial, and in particular could be:

• The reduced income of unrestricted donations to maintain expenditure and our reserves policy.

• The uncertainty of foreign exchange rate fluctuations and inflation abroad on the cost of projects.

• • Fraud, through assets being abused or misdirected through poor financial controls or dishonesty in countries where we operate. We regularly monitor and, where necessary, address these risks.

Reserves Policy

The main purpose of our reserves is to meet our statutory and contractual liabilities and the trustees continue to review the appropriate level of reserves required annually. In practice this means aiming to have at least 3 months of running costs. During the 2020-21 financial year a new reserves policy was adopted to now include 3 months of project costs as well as UK running costs.

ACTIVITIES

Currently our main services are:

• e Offering support and care to young people who were brought up in the orphanage system. e Offering support to Christian mentors who seek to encourage the vulnerable in their local communities. e Offering support and care to Christian crisis centres and support groups that care for individual destitute mothers (often orphans) and recovering addicts and their children.

• e Offering support for those in need of basic equipment such as clothing, beds, showers, toilets, mobility aids etc. e Offering emergency one-off funding towards medical needs where individuals are unable to afford essential medical treatment.

Love Russia works closely with all projects and strong relationships are built up over time as monitoring trips typically occur every two months (September, November, January, March and May) alternating the destination to allow for greater depth of a visit to one city and to reduce the length of the trip and thus reduce stress for the staff. A British member of staff visits Russia on every trip and meets with the key Russian link workers who monitor activities on a daily basis. Any trustees or supporters who accompany staff make significant contributions to the cost of the trip. During the financial year 2020-21 no trips were made due to the ongoing Covid-19 pandemic.

There is more information on our website at www.loverussia.org and on our Facebook page at hitps://www.facebook.com/LRCharity

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LOVE RUSSIA LIMITED

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

a

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Projects benefitting young people Projects benefitting 98 young people have continued throughout the year.

1. Genesis programme = 73 students e College 8 teacher training: 32 students e Federovits: 12 students e Ryazan Genesis group: 9 students e Agricultural college group: 15 students e Sosnovo Genesis group: 5 students

2. Education sponsorship = 5 students e | know English: 5 students

3. Orphan support groups = 20 young people e _Ribnoe orphanage: 10 children e St Petersburg group: core group of 10 young people

4. Transition home support

73 of these young people receive support through programmes operating using a Genesis style model. This model was developed by Love Russia in 2000 to support vulnerable orphanage leavers who desired to access education. It delivers financial support alongside emotional support and life skills teaching from a Christian mentor. All of the young people on the Genesis programme, bar those in the agricultural college, receive a small monthly bursary of 2,000-2,200 roubles (approximately £20-£22) during school terms to support their efforts to access education. A 2015 study in Moscow demonstrated that higher education halved the risk of poverty later in life. Therefore, by supporting these young people to access higher education, we play some part in reducing poverty within these struggling communities. Furthermore, 5 vulnerable students were supported with either full or partial sponsorship for completing English language courses.

A further way we have supported vulnerable young people this year has been through orphan support groups run by Christian mentors. These groups vary but aim to provide emotional, financial and life skills support to vulnerable orphans. One of these groups supports orphans who have not reached the age of 16, so still live in an orphanage and one benefits young people who have graduated from the orphanage and are now trying to navigate their independence. During the financial year 2020-21 many of these young people were given extra financial support to support them as the disparity between cost of living and incomes increases in Russia.

We also support the running of four transition homes. The rents in these homes are significantly subsidised for young people who cannot afford typical rent rates due to surviving on such low incomes.

Projects benefitting vulnerable families

Part of Love Russia’s aim is to prevent more children being needlessly placed in orphanages when vulnerable mums begin to struggle with various issues including poverty, addictions and domestic violence.

As part of our aim to preserve struggling families, we support the running costs of a Christian Crisis Centre in a large, industrialised city in the north of the country and run two support groups in Ryazan. Many of the families in the support group are surviving on incomes that don’t even cover the basics. To counter this, mums are given a monthly bursary of 2,000 roubles per month all year round and also receive clothes for the children that have been donated by supporters in the UK. During the financial year 2020-21 many of these families were given extra financial support to support them as the disparity between cost of living and incomes increases in Russia.

1. Crisis centre = 50 mums and children (number fluctuates frequently) 2. Orphan mum support groups = 15 mums e 1st Ryazan orphan mum group: 10 mums e 2nd Ryazan orphan mum group: 5 mums

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LOVE RUSSIA LIMITED

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

ACHIEVEMENT AND PERFORMANCE- continued

One-off Projects

We continue to support one-off projects as and when needs arise.

1. Medical needs 2. Building projects (including furnishings for buildings) 3. Conference

Throughout 2020-21 we have supported the creation of safe accommodation for vulnerable people including the completion of the new Women’s Crisis Centre building, a toilet and shower for an orphanage leaver's flat and insect fumigation for an orphan mum's bedsit. We continue to fund the heating system for the new Women’s Crisis Centre building.

We have also responded to numerous medical needs for vulnerable people who are unable to afford lifesaving medical care.

Due to the Covid-19 pandemic we decided not to fund a conference for young orphanage leavers like we had in previous years due to risks of spreading the virus.

Significant funds have been held over at the end of the 2020-21 financial year that are designated for the heating system at the new Women’s Crisis Centre building. The rest of the building project was completed in February 2021 and the women moved into the new building shortly after.

Future Financial Restructure

For the next financial year 2021-22 we have proposed to restructure the way our projects are sub-categorised as well as our designated funding pots. The reasoning behind this is to use more up-to-date and clearer categories for our projects and to create designated funding pots to match these. The projects and designated funding streams will be categorised as follows:

1. Support groups 2: Crisis centres 31 Empowering people with disabilities 4. Education support 5. Emergency homes 6. Medical support

Overseas expenditure

Money transfer processes bear risks, and we have taken appropriate steps to manage these. We have risk assessed the processes used to transfer money and have checked that we are fully legally compliant in all aspects. Monies are transferred within regular bank systems and through cash couriers, money service business, online payments and personally. We havea full record of how much was transferred through each system.

We monitor oversees expenditure by requesting quotes for work and Love Russia then monitors the expenditure through collection of receipts, photographic evidence and personal visits when the work can be inspected.

Impact of Coronavirus

During the financial year the Covid-19 pandemic has hada significant impact on the operational activities of the charity. One staff member had their contracted hours permanently reduced in November 2020 and three other staff members were placed on part-time furlough from November 2020.

Furthermore, monitoring trips were cancelled so visits to Russia were not made. Despite this, contact with Russian partners has increased over this time with regular Zoom and Skype meetings. Whilst overall incomes have been maintained due to one-off donations, furlough payments and large legacy donations, regular pledged monthly incomes have showna significant downward trend. Consequently, budgets have been adjusted for 2021-22.

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LOVE RUSSIA LIMITED TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 ee ACHIEVEMENT AND PERFORMANCE - continued

Impact of Coronavirus - continued The Covid-19 pandemic has had a significant impact on the 2020-21 accounts. Due to lack of travel to Russia during the pandemic, cash couriers were not able to be used for the whole financial year. This has caused a reduction in monies being sent to Russia and an increased level of cash in the bank. Cash couriers are used as many on the fringes of society do not have bank accounts, so bank transfers are not possible.

Future hopes

We hope to continue to provide relief of poverty, suffering and distress by demonstrating practical Christian compassion and, where appropriate, sharing the Christian faith through projects benefitting vulnerable orphanage leavers, destitute young people and families in crisis. We are also hopeful that we can expand our work in Russia and begin commitments to new projects.

FINANCIAL REVIEW

Reserves Policy

It is the policy of the charitable company that unrestricted funds which have not been designated for specific use should be maintained at a level equivalent to approximately three months of essential expenditure and project costs. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding or adverse movements in exchange rates, they will be able to continue the charitable company’s current activities while consideration is given to ways in which additional funds may be raised.

During the year any gifts in kind were valued to reflect an open market value. Thanks need to be noted for the donations from many individuals, churches, schools, trust funds and other groups for their continued support for our work.

Statement of Trustees Responsibilities

The charity trustees, who are also the directors for the purpose of Company Law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and regulations.

Company law requires the charity trustees to prepare financial statements for each financial year. Under that law the charity trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the charity trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing the financial statements the trustees are required to:

• e _ select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP; e make judgements and estimates that are reasonable and prudent;

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

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

The trustees would like to express their gratitude to all our supporters and donors and their deep appreciation to all our staff, volunteers, supporters and partner organisations for their commitment and contribution to the vision and values of Love Russia. We continue to trust the Lord as we move forward in faith.

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LOVE RUSSIA LIMITED

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 22) Ol|2Q2Z. and signed on its behalf by:-

Mrs L Bowring I Trustee

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LOVE RUSSIA LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2021

| report to the trustees on my examination of the accounts of the charitable company for the year ended 30 June 2021 set out on pages 9 to 19.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the ‘2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Report

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of ICAEW, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

• e accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or e the accounts do not accord with those accounting records; or e the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

• e the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

PS Fiebcha/

Penny Fletcher FCA

DEKM Limited

Chartered Accountants 8 Vernon Street Derby DE1 1FR

Date: 23 February 2022

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LOVE RUSSIA LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 30 JUNE 2021

a

All unrestricted funds

	Notes	2021	２ 。 ０ ２ 2020
		£	£ £
INCOME FROM:
Donations and legacies Othertrading activities	２ ３ 2 3	307,338 866	305,535 1,505
Investments	４ 4	129	181
Other	５ 5	18,575	6,948
Total income		326,908	314,169
EXPENDITURE ON:
Raising funds	６ 6	110,816	120,883
Charitable activities
Caring forchildren in Russia	7	149,845	122,722
Total expenditure		260,661	243,605
NET INCOME/(DEFICIT) AND MOVEMENT IN
FUNDS FORTHE YEAR BEFORE TRANSFERS		66,247	70,564
RECONCILIATION OF FUNDS
Total funds brought forward		136,514	65,950
TOTALFUNDSCARRIEDFORWARD		202,761	136,514

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LOVE RUSSIA LIMITED

BALANCE SHEET

FOR THE YEAR ENDED 30 JUNE 2021
a a
All unrestricted funds
	Notes	０ ２ ２ 2021	2020
		■ £	£
Fixed assets
Tangible assets	14	721	1,448
Current assets
Stocks		5,128	5,106
Debtors Cash at bank and in hand	15	7,508 195,114	8,953 127,631
		207,750	141,690
Creditors
Amounts falling due within one year	16	(5,710)	(6,624)
Net current assets		202,040	135,066
Net assets	17	202,761	136,514
Funds
Unrestricted funds	18	202,761	136,514
Totalfunds		202,761	136,514

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

• (a) ensuring that the charitable company keeps accounting records that comply with section 386 and 387 of the Companies Act 2006; and

• (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its incoming resources and application of resources, including its income and expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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LOVE RUSSIA LIMITED

BALANCE SHEET- Continued

FOR THE YEAR ENDED 30 JUNE 2021

a

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. The financial statements were approved by the Board of Trustees on 22/01]2022 and signed on the charity's behalf.

Mrs L Bowring Trustee

Company Registration No. 04222680 Registered Charity No. 1092154

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LOVE RUSSIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

a

1Accounting Policies

Charity information

Love Russia Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Manor Farm, Church Lane, Thrumpton, Nottingham, NG11 OAU.

Accounting convention

These financial statements have been prepared under the historical cost convention in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102’), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charitable company is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Incoming resources

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and appointment of costs

Direct costs have been allocated to costs of generating funds and charitable activities. Support costs and governance costs are appointed based on estimate usage of the resources employed by each activity.

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LOVE RUSSIA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

Oe 1 Accounting Policies - continued

Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery

• straight line over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at call with banks.

Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Gifts in kind

Gifts in kind are included at a reasonable estimate of their value to the charity, usually the price that the charity would have to pay in the open market for an equivalent item.

2	Donationsand legacies	2021	2020
		£	£
	Donations and gifts Legacies receivable Gift aid	242,901 32,000 32,437	211,819 61,359 32,357
		307,338	305,535

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LOVE RUSSIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

FOR THETHE YEAR ENDED 30 JUNE 2021	FOR THETHE YEAR ENDED 30 JUNE 2021	FOR THETHE YEAR ENDED 30 JUNE 2021	FOR THETHE YEAR ENDED 30 JUNE 2021
igong nt AAA A
3	Activitiesforgenerating funds	2021	2020
		£	£
	Incomefrom sales	866	1,505
4	Investment income	2021	2020
	Depositaccount interest	£: 129	£ 181
5	Other income	2021	2020
	GovernmentJob RetentionScheme	£: 18,575	£ 6,948
6	Expenditure on raising funds
		2021	2020
		£	£
	Costs ofgenerating voluntaryincome Staffcosts Fundraising and function costs Conference costs Postage Stationeryand office supplies Newsletters and leaflets Advertising Depreciation Supportcosts	33,927 - 225 6,360 725 5,109 1,437 T2¢ 58,977	41,795 535 532 6,543 683 5,321 1,101 1,819 58,930
		107,487	117,259
	Fundraising trading: costofgoods soldand othercosts Opening stock Purchases Closing stock Supportcosts	983 45 (803) 3,104	628 877 (983) 3,102
		3,329	3,624
		110,816	120,883

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LOVE RUSSIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

gs nner caine

7	Charitable activities costs
			Grant funding
		Direct costs	of activities	Support costs	Totals
		(see note 8) £	(see note 9) £	(see note 10) £	£
	Caring forchildren in Russia	30,780	109,424	9,641	149,845
8	Directcosts of charitable activities			2021	2020
				£	£
	Staffcosts Russian travel and administration Conferencecosts Giftsand gifts in kind toRussia Stationeryand office supplies			29,407 167 225 619 362	29,226 7,733 532 1,236 342
				30,780	39,069
9	Grants payable			2021	2020
				£	£
	Caringforchildren in Russia			109,424	73,733
				2021	2020
				£	£
	Grants paidto individuals Grants paidto institutions			32,906 76,518	35,369 38,364
				109,424	73,733

10 Support costs

	Governance	Management’	Finance	Totals
	£	£	e	£
Raisingfunds Caring forchildren in Russia	12,508 658	46,244 8,808	3,329 175	62,081 9,641
	13,166	55,052	3,504	71,722

Governance, management and finance costs are allocated between Raising funds and Caring for children in Russia based on estimated usage of resources employed by each activity.

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LOVE RUSSIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

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||||||||| |---|---|---|---|---|---|---|---| |I| |11|Net|outgoing|resources| |Net resources are|stated|after charging:|2021|2020| |£|£| |Depreciation — owned|assets|727|1,819| |Independent|examiner's|remuneration:| |-|for the|examination|of the|financial|statements|2,400|2,400| |-|for other services|1,782|972|

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12 Trustees’ remuneration and benefits

Trustees’ expenses One trustee received travel expenses totalling £12 in the year ended 30 June 2021 (2020 — two trustees recieved £262).

None of the trustees received any remuneration during the current or previous year.

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||||| |---|---|---|---| |Staff costs|2021|2020| |2|£| |Wages and|salaries|103,179|110,927| |Social|security costs|4,733|6,226| |Pension|contributions|1,957|1,769| |109,869|118,922|

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An amount of £18,575 was received from the government in the year in respect of furlough claims for furloughed employees. This amount is included as sundry income in the Statement of Financial Activities.

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |The average|monthly employees|during|the year were as follows:|2021|2020| |4|5|

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No employees received emoluments in excess of £60,000.

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LOVE RUSSIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

cnn pee Ep AAA ALCS EEL ELEED AAT CCAD

14	Tangible fixed assets	Plantand	Plantand
		Machinery etc
			£
	Cost		13,940
	At 1 July 2020		-
	Additions Disposals		-
			13,940
	At 30 June 2021
	Depreciation		12,492
	At 1 July 2020		727
	Charge for the year		“
	Disposals
			13,219
	At 30 June 2021
	Net Book Value		721
	At 30 June 2021
			1,448
	At 30 June 2020
15	Debtors:Amounts falling due within one year	2021	2020
		£	£
		7,508	8,953
	Other debtors
16	Creditors: Amounts falling due within oneyear	2021	2020
		2	£
		320	1,625
	Trade creditors Taxationandsocial security	4,950 3,440	1,847 3,152
	Other creditors
		5,710	6,624
17	Analysis of netassets betweenfunds	2021	2020
		£	£
	All funds are unrestricted	721	4,448
	Fixed assets	207,750	141,690
	Current assets Currentliabilities	(5,710)	(6,624)
		202,761	136,514

Page: 17

LOVE RUSSIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |a| |18|Movement|in|funds| |Net|movement|Transfers| |At|1.7.20|infunds|betweenfunds|At|30.6.21| |£|£|£|£:| |Unrestricted|funds| |General fund|112,430|113,244|(35,226)|190,448| |Genesis|project|-|(1,589)|1,589|-| |Moses|project|7,395|(5,411)|-|1,984| |Mentor Sponsorship|2,037|2,846|-|4,883| |Transition Homes|-|(6,271)|6,271|-| |Building|project|11,022|(38,388)|27,366|-| |Emergency Medical|Fund|3,630|1,816|-|5,446| |Total funds|136,514|66,247|.|202,761| |Incoming|Resources|Movement|in| |resources|expended|funds| |£|£|£| |Unrestricted|funds| |General fund|267,078|153,834|113,244| |Designated|funds|-| |Genesis|project|12,715|14,304|(1,589)| |Moses|project|15,795|21,206|(5,411)| |Mentor Sponsorship|16,465|13,619|2,846| |Transition|Homes|480|6,751|(6,271)| |Building|Project|5,896|44,284|(38,388)| |Emergency Medical Fund|8,479|6,663|1,816| |Total funds|326,908|260,661|66,247|

----- End of picture text -----

The Genesis project is a series of bursaries given to individual students leaving orphanages, or living at home in families in Russia, to assist with funding their education and accommodation. Total expenditure on the project during the year amounted to £14,304 of which £1,589 was met from unrestricted general funds. The Moses project supports rehabilitation centres that allow mothers to keep their children with them during recovery and rehabilitation from addictions or domestic abuse, along with young mothers on very limited incomes. Total expenditure on the project and on renovating an existing building during the year amounted to £21,206 all of which was met by designated donations. The Mentor Sponsorship fund is to support Christian Mentors engaging with young people on the Genesis Project and supporting mothers and children in crisis. Total expenditure on the project during the year amounted to £13,619, all of which was met by designated donations.

Transition Homes is a fund that provides accommodation, domestic items and furnishings for orphanage leavers who would otherwise be homeless. Total expenditure on the project during the year amounted to £6,751, of which £6,271 was met from unrestricted general funds.

2a Page:oe 18

LOVE RUSSIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

I

18 Movement in funds — continued

Building project is a fund to enable the completion of work on an existing shell of a building on the site of the current women’s crisis centre, making it habitable for women and their children and giving the centre a much need larger capacity. Total expenditure on the project during the year amounted to £44,284, of which £27,366 was met from unrestricted general funds. We have also started the next phase of funding which is to connect the centre to the mains gas supply.

Emergency Medical Fund was set-up in response to an urgent need for people with life-threatening illnesses, who would otherwise not be able to afford the medical care needed. Total expenditure on the project during the year amounted to £6,663, all of which was met by designated donations. This is now an ongoing fund that will continue to help those who need ongoing treatment and care.

19 Related party transactions

The remuneration of key management personnel amounted to £67,604 (2020 - £59,731). The remuneration of key management personnel is higher than the previous year as the CEO Debbie Bradley retired on 31 December 2020 and for the six months prior to this was shadowed by Anna Thwaites as CEO Elect to ensure the charity had continuity of management.

There were no other related party disclosures during the current or previous year which require disclosure.

Page: 19

LOVE RUSSIA LIMITED

COMMITTEE OF MANAGEMENT REPORT

FOR THE YEAR ENDED 30 JUNE 2021

enereee eee ee

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |Unrestricted|Unrestricted| |funds|funds| |£|£| |INCOMING|RESOURCES| |Voluntary|income| |Donations|242,901|211,819| |Legacies|32,000|61,359| |Gift|aid|32,437|32,357| |307,338|305,535| |Activities|for|generating|funds| |Income|from|sales|866|1,505| |Investment|income| |Deposit account|interest|129|181| |Other|income| |Government|grants|18,575|6,948| |Total|incoming|resources|326,908|314,169| |RESOURCES|EXPENDED| |Cost|of generating|voluntary|income| |Wages|31,982|39,116| |Social|security|1,399|2,128| |Pension|contributions|546|551| |Fundraising|and|function|costs|-|535| |Conference|costs|225|532| |Postage|6,360|6,543| |Stationery|and|office|supplies|725|683| |Newsletters|and|leaflets|5,109|5,321| |Advertising|1,437|1,101| |Depreciation|727|1,819| |48,510|58,329| |Fundraising|trading:|cost|of goods|sold|and|other|costs| |Opening|stock|983|628| |Purchases|45|877| |Closing|stock|(803)|(983)| |225|522| |Charitable|activities| |Wages|27,708|27,225| |Social|security|1,220|1,586| |Pension|contributions|479|415| |Russian|travel|and|administration|167|7,733| |Carried forward|29,574|36,959|

----- End of picture text -----

aThis page does not form part of the statutory financial statements Page: 20

LOVE RUSSIA LIMITED

COMMITTEE OF MANAGEMENT REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

a	a	a
	2021	2020
	Unrestricted	Unrestricted
	funds	funds
	£:	£
Charitable activities Broughtforward Conference costs Gifts and gifts in kind to Russia Stationeryand office supplies Grants to institution Grants to individuals	29,574 225 619 362 76,518 32,906	36,959 532 1,236 342 38,364 35,369
	140,204	112,802
Governance costs Wages Social security Pension contributions Trustee expenses Accountancy	１ １ ２ ９ ３ ６ ６ ２ ８ 8,691 231 62 - 4,182	7,704 458 80 262 3,372
	13,166	11,876
Support costs
Management Wages Social security Pension contributions Staff training Rent, rates and electric Insurance Telephoneand internet Office cleaning Officeequipment maintenance Sundries Travelling Computer running costs Professional fees	34,798 1,884 870 - 8,813 1,144 4,011 - - 69 - 3,450 13	36,883 2,053 723 44 8,168 1,098 2,058 615 8 195 1,432 4,148 48
	55,052	57,473
Finance
Bankcharges	3,504	2,603
Total resources expended	260,661	243,605
Netincome	66,247	70,564

on This page does not form part of the statutory financial statements Page: 21