Love Russla Limited Charfty No. 1092154 Company No. 04222680 Trustee$, Report and Unaudlt•d Accounts 30 June 2024
Love Russia Limited Contents Pages Trustees, Annual Repon Independent Examiner's Report Statement of Financial Activities 2tc8 10 Summary Income and Expenditure Account Balance Sheet li 12 Notes to the Accounts 13to22 Detalled Statement of Fina nclal Activities 23to24 Page I
Love Russla Llmlted Trustees Annual Report The trustee5, who are a150 directors of the charity forthe purposes of the Companie5 Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 June 2024, REFERENCE AND ADMINISTRATIVE DETAILS Company No. 04222680 Charlty No. 1092154 Registered Office Manor Farm Church Lane Thrumpton Nottinghamshire NGII OAU Dirertors and Trustees The Dlrectors of the charltable company are its Trustees for the purposes of charlty law. The following Directors and Trustees served durin8 the year: J. Ball L. Bowring D. Bradley W. Lindsell C. Owen-smith S. Wisbey C, Worland (Reslgned 23 March 20241 Company Secretary S. Wlsbey Kèy Management Personnel Chalr Chief Executive Officer Accountants C Owen-smith A Thwaltes Ann Stephens & Company Ltd Allensbank Narberth SA67 8RF Bankers Lloyds Bank PIC 75 Castle street Farnham Surrey GU9 7LT Page 2
Love Russia Llmited Trustees Annual Report OBJEcfivES AND ACTIVITIES Our mlssion: 'Supp05e there are brothers and sisters who need clothes and don't have enough to eat. What good is there In sayin& 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 adLblts in crisls, including those wlth disabil Itles and learning difflculties. Our aim is to provide relief of poverty, suffering and distress by demonstrating practical Christian compassion and, where approprSate, sha rin8 the Christian faith. 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. During the 2023-24 financial year, we have continued a regular Zoom prayer group to pray for needy people in Russia, and the nation's emerging needs durin8 this time of conflict and crisls. We are dependent on voluntary income and through general donatlons we are able to respond quld(ly whenever a need arises, as well as continue our work helping to tad(le the underlylng problems experlenced by orphans and destitute young people. Regular donors enable us to make longer term plans and commitments. The trustees conflrrn that they have complled with the duty in sertion 17(5) of the 2011 Charltles Act in thèt they have referred to the guldance contained in the Charlty Commission's 8eneral 8uidance on publlc benefit when reviewlng the charity's aims and objectlves and in planning future activltles. Currently our prlmary services include: Partnering wlth Ru551an Chrlstlans to brln8 practlcal helpi love, and hope to th95e In desperate need in thelr communities in western Russia. supporting and carin8 for those ralsed In the orphanage systern, with a partlcular focus on carlng for orphanage leavers who have become mothers and are livlng In poverty. Provldlng support to two Christian-led crlsls centres.. one for men, and one for women and chlldren. These centres as515t destitute mothers (often orphans), recovering addicts, virtims of domestic v5olence, and their h Ildren. Offering support to chlldren and young people from disadvantaged backgrounds through a youth 8foupi events, and a workshop for those with disabilities. Supplying essential equlpment such as clothing, beds, showers, toilets, and mobility aids to those In need. Offering emer£ency fundlng for essentlal medical treatments when indlvlduals cannot afford them. Love Russia works dosely wlth all projects and strong relatlonships are bullt up over tlme as regular monitoring trip5 were conducted regularly until March 2020. Since then, we have kept exSstlng relationships Strong through regular Zoom meetings wtth partners to receive projett updates and to ensure project objectives are stlll being met. There Is more infonnation on our webslte at www.loverussia.org and on our Facebook page at www.facebook.com/LRCharity. Page 3
Love Russla Llmited Trustees Annual Report ACHIEVEMENTS AND PERFORMANCE Support Groups There are currently 7 community-based support groups, run by trusted Russian Chrlstians. These benefit orphanage graduates, orphan mum5 and young people from impoverlshed home5. These groups vary but alm to provide emotional, financial and life ski Ils sUPPOrt. Two of the groups support orphan mothers, who receive a monthly bursary of 3,000 to 4,000 roubles throughout the year. Clothlng forthe children, donated by sUPPOrter5 in the UK, is distributed through these group5 when travel permits. Additlonally, funding has been provided for mothers wishing to enrol thelr chlldren in extra-curricular activities. Th Is alms to increase the variety of events the children from these groups can attend, helping to minimise any disadvantages they may face compared to their peers. Another of these 8roups, known as 'Open Hearts Youth Group, continued to be supported during the 2023-24 financlal year. The aim of this group is t0 5UPPOrt children and young people from Impoverished backgrounds and/or those with parents who are addicts. It provides Ilfe-ski115, emotlonal 5UPPOrt, food and fun as well as beln8 a safe space to share with a trusted adult. One of these projects 5UPPOrted children stlll Ilvlng in an orphanage, and another supported young people Ilvlng in a residential college. These projects both provlde fun relief from the envlronment of thelr Institutlons and provide essential relatlonshlps with adults Ilvlng in the community. These seven groups supported approxlmately 26 women, three men, and 87 chlldren and young people. Crisis Centres Part of Love Russia's aim Is to prevent more children bein8 needlessly placed Into orphanages when vulnerable mums begln to struggle wlth varlou5 issues Includlng poverty, addictions and domestic vlolence. As part of our aim to preserve strugglin8 farnilies, we support the running cost5 of the Women's Crlsls Centre in a large, Ind ustrlalised clty In the north of the country. In 2023-24, we contlnued supportlng the Men's Crisis Centre, a project in need of development and support, on the same site as the Women's Crisis Centre. Thls provides emer8ency refuge to men faclng homelessness as well as long-term rehabilltation for men battlln8 addictions. The two crlsis centres benefltted around 20men, 20 women and 30 chlldren at any one time in the 2023-24flnanclal year. Empowering People wlth Dlsabllities We continued to support a project for young people wlth disabilities In Moscow, This rare facllity provldes 11 young people with a vocational educatlon, the chance to sociallse and recelve the love and care of the partner who runs the project. Love Russia's support enables the young people, who live in poverty, the chance to have a hot meal while they are at the centre. Transitlon Homes We also supported the runnin8 of one transitlon home. The rents in thls home are Significantly subsldised for young people who cannot afford typical rent rates due to surviving on such low incomes. Legacy Lod8e During 2023-24, Love Russia beEan developing Legacy Lodge, an offshoot of the Crlsis Centres and Open Hearts Youth Group. This is a new designated fund, This 24/7 refuge will sUPPOrt local young people facing abuse, parental addlction, or povertyi providinE care, guidance, and practical resources. Love Russla committed to fundin8 the construction of the centre in July 2023, with an initial fundraiser ralsing almost £35,000. Fundraising continues, and further sisniflcant fijnds have been allocated to the build. The centre is set to open in late sprlng 2025. Page 4
Love Russia Limlted Trustees Annual Report One-off Projects We continue to 5UPPOrt one-off projects as and when needs arise. These include medical needs and bullding projects (including furnishings for buildings). Medical Fund Throughout the financial year we have responded to numerous medlcal needs for vulnerable people who are unable to afford lifesaving medical care. Nearly £14,000 was raised through Love Russia's 2023 Christmas Appeal for thls initiative. This included funding through the Women's Crlsls Centre for Year-old Vera who hod been injured In an accident, as well as baby Darina's cancer treatment. Slx-year-old Evgeniy received treatment after being hit by a car. Additionally, blood tests and dental care were funded for vulnerable orphan mums. FINANCIAL REVIEW Rlsk Management The trustees have a dutyto identify and review the rlsks to whlch the charity is exposed and to ensure approprlate controls are in place to provlde reasonable assurance against fraud and error, The trustees keep this process under re8ular revlew. Travel, safe8uarding, and office safety pollcles are all current. The prirnary rlsks arlse from the geopolltical cllmate, leading to the following challenEes'. A reduction in donations, impactlng the charltvs ability to maintain expendlture and uphold its reserves policy. Uncertalnty caused by forelgn exchange rate fluctuations and inflatlon in Russia, affectlng the cost of projects. The potential for fraud, Including the mlsuse or misdlrectlon of asset5 due to inadequate financial controls or dishonesty In RussSa. The potential relurtance of UK organlsatlons to support the charlty's operations due to concerns about worklng in Russia and the assoclated rlsk5, which may fall outside their risk appetite. These risks are regularly monitored, and approprlate measures are taken to address them when necessary. Overseas Expenditure Money transfer prtxe5ses bear risks, and we have taken approprlate steps to mana8e these, We have rlsk assessed the processes used to transfer money and have checked that we are fully legally compliant in all aspects. Monles are transferred wlthin regular bank Systems and through cash couriers, money service buslne55, online payments. We have a full record of how much was transferred through each system. We monltor oversea5 expenditure by requestln8 qllotes for work and Love Russia then monitors the expenditure through collection of receipts, photQ8raphic evidence and personal visits when the work can be Inspected. Page 5
Love Russla Limited Trustees Annual Report Impact of the Invasion of Ukraine Since 24th February 2022, Russia's invasion of Ukraine has had a significant impact on the operational activitie5 of the charlty. Due to safety ri5k5 and FCDO advlce not to travel to Russia, no monitoring trips to Russia were made in 2023124. Despite thls, contact with Rus513n partners ha5 been malntained through regular Zoom and Skype meetings. Love Russia's income decreased compared to 2022-23, primarlly due to the recelpt of exceptlonally large legacy donations i n the previou5 financial year. Additlona Ily, total Income from regular monthly donation5 has shown a downward trend. Consequently, budgets have been adjusted for 2Q24-25, but we remain hopeful that the charity will continue to be able to meet its aims, The war in Ukralne, combined with the cost-of4ivlng crisis in the U K, has significantly impacted the charitvs fundraising efforts, To navigate these challenges, increased efforts are being made to raise awareness of the hardships faced by ordinary Russians, who are struggling more than ever due to rlslng living costs, loss of buslness, and the pressures they face given the current wider situation. At the same tirne, the charity is sensitive to the on80ing sltuation in Ukraine, ensuring that all publicity and fu ndraising efforts are handled wlth care and respect for those affected by the confllct. Furthemiore, the war in Ukraine has had a slgnlflcant Impact on the 2023-24 accounts. Cash couriers have not been able to be utlllsed as much durlng this whole financlal year and alternative methods were found. Reserves Pol icy It Is the pollcy of the charitable company that unrestricted funds, which have not been designated for specific use, should be malntalned at a level equivalent to approximately three rnonths of essentlal expenditure, includlng Caring for People In Russia charitable actlvities. The trustees consider that reserves at thls level will ensure that, In the event of a slgnificant drop in fundin8 or adverse movements In exchange rates, they will be able to continue the charitable ¢ompany'5 current actlvltles whlle consideratlon Is given t¢ ways In which additional funds may be ralsed, The maln purpose of our reserves Is to meet our statutory and contractual Ilabilities and the trustees contlnue to review the appropriate level of reserves requlred annua Ily. In practice thls means ring-fenclng at least 3 months, of UK runnlng costs, and almlng to have 3 month5, Worth of project cost5 avallable. At the end of the financial year, there was over £85,000 In the chority'5 reserves and savlngs account, meanlng that sorne of the funds held would not be proteded by the FSCS should the bank fail. The trustees deemed the rlsk to be low but are attemptin8 to open new bank account5 to reduce risk. This is proving challen8in8 In the current climate, both with Russla's unfavourable reputation due to the war In Ukraine and the economic situatlon in the UK leadlng to "lower risk appetlte" for small charlty accounts at many bank5, such that many bank account appllcation5 have been rejected. The trustees alm to contlnue to work to protect and preserve the charitvs resources. PLANS FOR FUTURE PERIODS We hope to continue to provide relief of poverty, sufferln8 and distress by demonstratin8 pratti¢al Christian compassion and, where appropriate, sharing the Christian falth through projects benefiting vulnerable orphanage leavers, destltute young people and families in crisis. We are also hopeful that we can expand our work in Russia and begin commitments to new projects. Page 6
Love Russia Limited Trustees Annual Report STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng Document The charity is controlled by its governing document, a deed of trust dated l June 2001 and amended l July 2004, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, Recruitment and Appointment of Trustees The trustees meet quarterly to administer the charity. The management of the charity is the responsibility of the trustees who a elected and co-opted under the terms of the Articles of the charlty. No trustee held any interest in the company during the year ended 30 June 2024. Organisational Structure Throughout the financial year 2023-24 Love Russia had 4 staff member5 {2 part-time, 2 full-timel 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 ndraISing campaigns. The work is fully supported by a team of volunteers enabling translation, interpretatlon, proofreading and newsletter mail outs. Management ensure legal compliance in all aspects of the charitvs registratton and work practlce5, The trustees would like to express their gratitude to all our supporters ond donors, and their deep appreciatlon to all our staff, volunteers, supporters and partner organisations for their commitment and contrlbutlon to the vision and values of Love Russia. We continue to trust the Lord as we move forward in faith. Statefflent of Trustees Responsibilities The charity trustees, who are also the directors for the purpose cf Company Law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and regulations. Company law require5 the charity tru5tee5 to prepare financial statements for each flnanclal year. Under that law the charity trustee5 have elected to prepare the financlal statements in accordance wlth United Kingdom Generally A¢pted Accounting Practice {Untted Klngdom 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, includlng the income and expenditure, of the charitable company for that year, In preparing the financial ststements the trustees are requlred to: select suitable accounting policies and then apply them consistently,. observe the methods and princlples in the Charities SORP; make judgements and estSmates that are reasonable and prudent,. prepare the financial statements on the going concern basls unless It is inappropTiate to presume that the charita ble company will contlnue in operation. The trustees are responsible for the maintenance and integrity of the Corporate and financial informatlon included on the charitable companV5 website. Legislation In the United Kingdom governing the preparation and dissemination of f inancial staternents may differ from legislation in other Jurisdictions. The Trustees are responsible for keepinE proper accounting records that dlsclose with reasonable accuracy at any tlme the financial position of the charlty and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are asso responsible for safeguarding the assets of the charity and hence taklng reasonable steps for the prevention and detection of fraud and other irregularities. P8ge 7
Love Russla Llmlted Trustees Annual Report The above report has been prepared in accordance with the provision5 applicable to companie5 subjert to the srnall companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behalf ol the board S. Wisbey 18 M•rch 2Q25 Page 8
Love Russia Llmlted Independent Examlners Report Independent Examiner's Report to the trustees of Love Russia Limbted I report to the charltytrustees on my examlnation of the flnancial statements of Love Russia Limited for the year ended 30 June 2024. Responsibllitk$ and basis of report A5 the charity's trustees of the company land also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Act. Having satisfied myself that the flnancial statements of the Charity are not required to be audlted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examlnatlon of your charity's f inanclal statements as carried out under sectlon 145 of the Charities Act 20111'the 2011 Act,), In carrylng out my examination I have followed the Dlrerti¢ns given by the Charity Commission under section 145151 (bl of the 2011 Act. Independent examlnerfs statsment As the charity's gross Income exceeded £250,000 your examiner must be a member of a body Ilsted in sectlon 145 of the 2011 Act. I confirm that l am quallfled to undertake the examlnatlon because l am a member of ACA, whlch Is one of the listed bodies. I have completed my examlnatlon. I can confirm that no materlal matters have come to my attention in connectSon w4th the examination glving rne cause to belleve,. accountin8 records were not kept in accordance wlth section 386 of the 2006 Act,, or the flnantlal statements do not accord wlth those records,. or the financial statements do not comply with the accounting requirements under section 396 of ihe 2006 Act otherthan any requirement that the financial statements 8lve a 'true and fair, view which 1$ not a matter considered as part of an Independent examlnation,, or the flnancial statements have not been prepared In accordance with the methods and principles of the Statement of Recommended Practice for accountlng and reporting by charities applicable to charitie5 preparing thelr account5 in accordance wlth the Fi nantial Reportlng Standard applicable In the UK and Republic of Ireland IFRS 1021. I have no concern5 and have come across no other matters in connertlon wlth the examination to whlch attention should be drawn In this report in orderto enable a proper understandlng of the financial statements to be reached. Jay York ACA Ann Stephens & Company Ltd Allensbank Narberth SA67 8RF 18 March 2025 Page g
Love Russia Limited Statement of Flnanclal Actlvltles for the year ended 30 June 2024 Unrestrlrted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Other trading a¢(ivities Investments 346,918 284 346,918 284 399,809 157 2,989 2,989 447 Totsl 350,191 350,191 400,413 Expendlture on: Ralsing funds Charltable actlvltles Other 55,150 202,487 75,112 55,150 202,487 75,112 S3,875 195,063 70,180 io Total 332,749 332,749 319,118 Net Eain5 on Investments Net Income 11 17,442 17,442 81,295 Transfers between funds Net income before other gains/(losses) 17,442 17,442 81,295 Other 8alns and105se$ Net movement in funds 17,442 17,442 81,295 Reconciliatlon of funds: Tctal funds brought forward 241,106 241,106 159,811 Total funds carried forward 258,548 2S8,548 241,106 Page 10
Love Russla Llmlted Summary Income and Expenditure Account for the year ended 30 June 2024 2024 2023 Income 347,202 399,966 Interest ind investment income 2,989 447 Gross income for the year Expenditure 350,191 400,413 332,305 318,327 Depreciation and charges for impairment of fixed assets 444 791 Totsl expenditure for the year Net income before tax for the year 332,749 319,118 17,442 81,295 Net In¢ome for the year 17,442 81,295 Page 11
Love Russla Umlted Balance Sheet at 30June 2024 Company No. 04222680 Notes 2024 2023 Flxed assets Taiiglble assets 14 648 648 1,092 1,092 Current assets Stocks Debtors Cash at bank and in haiid 15 16 2,197 10,584 251,450 264,231 {6,331) 257,900 258,548 258,548 2,128 9,406 234,802 246,336 16,322) 240,014 241,106 241,106 Credltors: Amount falling due within one year Net current assets 17 Totsl assets les5 current Ilabllltles Not 8ssets exdudln8 penslon a$s¢t or Ilablllty Totsl net •ssets 258,548 241,106 The fvnds olthe tharlty Restrlcted funds Unfestrttted funds General funds 18 18 258,548 241.106 258,548 241,106 Reserves 18 Totsi funds 258,548 241,106 These accounts have been prepared In accordance wlth the speclal provislons of Part 15 of the Companies Art 2006 relating to Sn11 companies. For the year ended 30 June 2024 the company was entitled to exemption under sectlon 477 of the Companies Act 2006 relating to small companles. The members have not required the company to obtain an audlt In accordance with sectlon 476 of the Cornpanie$ Art 2006. The directors acknowledge their responsiblllties for ¢omplyin8 wlth the requiremonts of the Companles Act 20( with respect to accountln8 records and the preparatlon of accounts. Approved by the board on 18 March 2025 And signed on its behalf by: S. Wisbey Trustee 18 March 2025 Page 12
Love Russia Limited Notes to the Accounts for the year ended 30 June 2024 l Accountlng policies Basis of preparation The financial statements have been prepared in accordan with Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective I January 20151- (Charitles SORP (FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006, Change in basis of aecounting or to prevlous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accountln8 Unrestricted funds These are available for use at the dlscretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for p8rticular purpose5. These are unrestrlcted funds which include a revaluatlon reserve representing the restatement of investrnent assets at their market values. These are available for use subject to re5triction5 imposed bythe donor or through terms of an appeal. Deslgnated funds Revaluation funds Restricted f unds Income Recognition of income Income Is included In the Statement of Fina ncial Activities {SoFA) when the cha rity become5 entitled to, and virtually certain to receive, the incotne and the amount of the income can be measured with sufflclent relabIlity. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacles Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same tlme as the donations and gift5 8ift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charlty is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment Income Thls is included in the accounts when reoivable. Gains/llosses} on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year, assets Galns/{lossesl on Investment assets This includes any galn or loss on the sale of investments. Page 13
Love Russla Llmlted Note5 to the Accounts Expendlture Recognition of expendFture Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expendlture On These comprise the costs associated with attracting voluntary Income, fundraisin8 raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, Including the making of grants and g¢vernance costs. Al I grant expenditure is accounted for on an actual paid basis plus an accrual for Erants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meetlng the constitutional and statutory requirements of the Charity, including any audit/independent examlnation fees, costs linked to the strategic management of the Charity, together with a share of other adm inistration costs. These are support costs not allocated to a particular activity. Grants payable Governance Costs Other expenditure Taxation The charity is exempt from corporation tax on its charitable activities. Tangible fixed asset5 and depreciatlon Depreciation Is provlded at the following annual rates in order to wrhe off each a55et over it5 estimated Useful life: Equlpment 25% on cost Freehold Investment property Investment properties are measured initially at Cost and subsequently at fairvalue at each balance Sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise, Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to Pgy for the items on the open marl(et. Trade and other debtors Trade and other debtors are recoEnised at the settlement amount due after any trade discount offered, Prepayments are valued at the arnount prepaid net of any trade discounts due. Cash and cash equlvalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investment5 Wlth original maturities of three months or less and bank overdrafts. In the statement of financlal position, ban k overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an Integral part of the company's cash management. Page 14
Love Russla Llmlted Note5 to the CoUnts Trade and other creditors Short term creditors are measured at the transaction price, Other creditors and provisions are recognised where the charity has a present ObligatOn resulting from a past event that will probably resu5t in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally reco8nised at their settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which rt is incurred. Foreign currencie5 Monetary assets a nd liabi lities denominated In currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting perlod. Transartions in currencies other than the functlonal currency of the charity are recorded at the rate of exchange on the date that the transaction occurred, All exchange dlfferences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entalls taking substantially all the risks and rewards of ownership of an asset, the lease Is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are cla55ified as operating leases. Assets held under finance leases are initially recogni5ed as assets of the charity at their falr value at the inception of the lease or, if lower, at the present value of the minirnurn lease payments. The corresponding Ilability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are dirertly attributable to qualifying assets, In which case they are capltali5ed in accordantr with the charity's policy on borrowln6 c05t5. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis overthe lease term. In the event that lease incentive5 are received to enter into operating leases, such Incentives are recogn15ed as a liabi lity. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its em ployees, A defined contribution plan is a pension plan under which the company pays flxed contributions into a separate entity. On¢e the contributions have been paid the company has no further payments obllgations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The a55et5 of the plan are held separately from the company in independently administered funds, Recelpt of donated 8oods, facllltles and servlces All donated goods, facilities and servi5 received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 15
Love Russia Limited Notes to the Accounts 2 Company statu5 The company is a prlvate company limited by guarantee and consequently does not have share capital. 3 Statement of Flnandal Activlties - prior year Unrestrlcted funds Total funds 2023 2023 Income and endowments from: Donations and legacies Other tradlng activitles Investments 399,809 157 399,809 157 447 447 Totsl 400,413 400,413 Expendlture on: Raising funds Cha rltable activitie5 Other 53,875 195,063 70,180 53,875 195,063 70,180 Total 319,118 319,118 Net Income 81,295 81,295 N•t income before other 8alnsl(1055es) other gains and losses: Net movement In funds 81,295 81,295 81,295 81,295 Reconclllation of funds: Total funds brought forward Total funds carried foNard 159,811 159,811 241, 106 241,106 4 In¢orne from donatlons and legacles Unrestrlrted Total Total 2023 2024 Donations and glfts Legacies Glftaid 211,662 103,108 32,148 346,918 211,662 103,108 32,148 346,918 211,862 155,845 32,102 399,809 Page 16
Love Russia Limited Notes to the Accounts 5 Incorne from other trading activities Unrestricted Total Total 2023 2024 Sale of gifts 284 284 157 284 284 157 6 Income from investments Unrestrlcted Total 2024 Total 2023 Bank Interest 2,989 2,989 2,989 2,989 447 447 7 Expenditure on raisin8 funds Unrestricted Total 2024 Total 2023 Costs of generoting voluntory income Donations and gifts Staff costs 22,141 33,001 22,141 33,001 21.573 32,266 Fundroising troding costs Sale of gifts 36 55,150 55,150 53,875 8 Exponditure on charitable actlvltles Unrestrirted Total Total 2023 2024 Expendlture on charit¢7ble Grctivities Suppt)rt costs Staff costs 1,907 27,736 167,501 1,907 27,736 167,501 1,188 26,187 161544 Grants made Governance costs Trustee expenses Accountancy Staff costs 56 56 57 2,004 3, 283 202,487 2,004 3,283 202,487 1,980 3,107 195,053 Page 17
Love Russia Limited Notes to the Accounts 9 Analy51s of grants Grants to Grants to Indlvlduals Actlvlty or pro8ramme Instltutlons Totsl Total 2024 2023 Caring for vulnerable people in Russla 139,768 27,733 167,501 162,544 139,768 27,733 167,501 162,544 Grant fundlng of actlvltles Actlvlty or programme Total Total 2023 2024 Ca ring for vulnerable people in Russia 167,501 167,501 162,544 167,501 167,501 162,544 10 Other expendlture Unrestricted Total Total 2023 2024 Employee costs Motor and travel Costs Premises costs Amortlsation, depreclation, Impalrment, profit/loss on dlsposal of fixed assets General administrative costs 51,507 2,199 10,264 51,507 2,199 10,264 49,572 1,677 7,620 444 444 791 10,698 10,698 10,507 13 Legal and professlonal costs 75,112 75,112 70, 180 11 N•t Income before transfers 2024 2023 Thls is stated after charging., Depreclatlon of owned fixed assets 444 791 Page 18
Love Russia Limited Notes to the Accounts 12 Trustee rernuneratlon and expenses One or more of the trustees has been paid expenses the current or prior periods. 2024 Number 2023 Number Number of trustee5 paid expenses The nature of the reimbursed expenses Travel expenses Total expenses reimbursed to trustees 56 57 13 Staff costs 2024 2023 Salaries and wages Social security Costs Pension cost5 107,643 5,058 2,512 115,213 104,004 4,745 2,372 111,121 No employee recelved emoluments in excess of £60,000. The average monthly number of full tirne equivalent employees during the year was a5 follow5.. 2024 2023 Number Number Administration and support 14 Tangible fixed assets Equipment Total Cost or revaluation At l July 2023 At 30 June 2024 Depreciatlon and Impalrment At ljuly 2023 Depreciatlon charge for the year At 30 June 2024 15,099 15,099 15,099 15,099 14,007 14,007 444 444 14,451 14,451 Net book values At 30June 2024 At 30June 2023 648 1,092 1,092 Page 19
Love Russia Limlted Notes to the Accounts 15 Stocks 2024 2023 Flnished goods 2, 197 2,197 2,128 2,128 Carrylng value analysed by activltles 2024 2023 Support costs Sale of gifts 1,480 717 1,403 725 2,197 2,128 16 Debtors 2024 2023 Other debtors Prepayments and accrued Income 3,742 6.842 10,584 2,266 7, 140 9,406 17 Creditors: amounts fallln8 due within one year 2024 2023 Bank loans and overdraft5 Trade creditors Other taxes and social security Other creditors A¢¢ruals 1,444 425 1,754 471 2,237 6,331 881 376 1,847 458 2,760 6,322 Page 20
Love Russia Limited Notes to the Accounts 18 Movement in funds Incomin8 resources {includin8 At ljuly other 2023 galns/lo$ses) Resources expended Gross transfers At 30 June 2024 Restrlrted fund5: Unrestrirted funds: General funds 241,106 268,515 (169,510) 181,5631 258,548 Deslgnated funds: Support groups Crisis centres Empowering people with disablllties Transition Homes Legacy Lodge development Medical fund 12,771 7,829 120,812) 117,087} 8,041 9,258 45 12,730} 11,1491 1112,7931 18,6681 1163,2391 2,685 1,149 77,895 117,465) 81,563 34,898 26,133 Total 81,676 Total funds 241,106 350,191 {332,7491 258,548 Purposes and restrictions in relation to the f unds; Designated funds: Support groups Support groups are commLJnity-based groups to benefit orphanage graduates, orphan mums and younE people from impoverlshed homes, These Eroups vary but aim to provide emotional, financial and life skills support. We support the running costs of the Women's Crisis Centre and a Men's Crlsls Centre in a large, industrialised city in the north of the country Supports a project for young people with disabilitles. Crisls centres Empowerln8 people with d i5abilities Transition Homes To support the running of transltion homes at a subsidised rent for young people Development of a 24/7 refuge for young people Provides funding for e55ential medicines and treatments Legacy Lodge development Medical fund 19 Analysls of net assets between funds Unrestrirted funds Totsl Fixed assets 648 257,900 258,548 648 Net current assets 257,900 258.548 Page 21
Love Russia Limited Notes to the Accounts 20 Reconclllatlon of net debt At l Julv 2023 At 30 June 2024 Cash flows Cash and cash equivalents 234,802 234,802 16,648 16,648 251,450 251,450 Net debt 234,802 16,648 251,450 21 Commltments Operating leose commltments Annual commitments under non-cancellable operating leases are as follows.. 2024 Land and bulldln85 2024 2023 Land and bulldln8S 2023 Other Other Operating leases with expiry date.. I n the second to flfth years inclusive 6,000 6,000 6,000 6,000 Pension commltments 2024 2023 The penslon cost charge to the company amounted to: 2,512 2,371 22 Related party disclosure5 Controlling party The company15 limited by guarantee and has no share capital,. thus no slngle party controls the company. Page 22