Krasif Ald (Charltable Incorporated Organisatlon) Flnanclal Statements For the Year Ended 31 March 2024 Contents Pages 2- 5 Trustees Report Independent Examlners Report Recelpts and Payments Account Statement of Assets and Llabllltles, Note to the Accounts and Approval Page11
Kraslf Ald (Charitable Incorporated Organlsatlon) Trustees Report For the Year Ended 31 March 2024 The trustees of the charity submit their annual report and financial statements for the year ended 31 March 2024. ADMINISTRATIVE INFORMATION Charit Number 1123948 istered Office 1 B Church Street, Cullompton, Devon EX15 1JU Bank CAF Bank Ltd 25 Kings Hlll Avenue Kings Hill West Malling Kent ME19 4JQ Inde endent Examiner Phil Young Aldridge Trustees Krasif Aid is run by a board of trustees who met 4 times during the year. The trustees serving during the year were (dates of appointment shown, and dates of resignation if that happened during the year- if not noted the trustee served throughout the year)".- Names of Trustees.. James Chalmers Brian Clarke Christine Clarke Jonathan Loescher Gillian Winser Gavin Owen Rachel McKane Page12
Kraslf Ald (Charltable Incorporated Organisation) Trustees Report (contlnued) For the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND INFORMATION Trustees are appointed by the existing board of trustees. TRUSTEES RESPONS181LITIES The trustees are responsible for preparing the trustee's report and the financial statements in accordance with applicable law and regulations. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charty's transactions and disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iffegularities. PRINCIPAL ACTIVITIES The charity was incorporated on 2nd May 2008 as a company Ilmited by guarantee. It converted into a Charitable Incorporated Organisation on 181h January 2024. The Objects are to advance the Christian faith in accordan with the Statement of Beliefs appearing in the Schedule to the Constitution in Eastern Europe and in such other parts of the world as the Charity Trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the CIO; to relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind. including through the provision of counselling and support in Eastern Europe and in such other parts of the world as the Charity Trustees from time to time may think fit., 1.3. to advance education in accordance with Christian principles by such means as the Charity Trustees may consider appropriate including by means of establishing and operating any educational establishment or establishments in Eastern Europe and in such other parts of the world as the Charity Trustees may from time to time think fit. In setting our objectives and planning our activities the Trustees have given consideration to the Charity Commission's guidance on public benefit. Our M ission statement is.. Reaching out with Christian love; serving the people of Eastern Europe. Page13
Krasif Aid (Charitable Incorporated Organlsatlon) Trustees Report (continued) For the Year Ended 31 March 2024 ACHIEVEMENTS PERFORMANCE AND ACTIVITIES The last year marked a major time of change for Krasif Aid as a charity. Our Board of Trustees took the decision to convert the charity from a company limited by guarantee into a Charitable Incorporated Organisation, and this was duly approved by the Charity Commission during the year. This action was taken to simplify the administration of the charity in the years ahead, removing the additional legal and accounting requirements of Companies House. In Bulgaria, following the death of our lon*term partner Genka Ivanova, the founder of Sliven Baptist Church and the Blue House Care Centre. in February 2023. responsibility for the future development of the Blue House now rests with the Board of Sliven Baptist Church, with Genka's daughter, Plamena Valkov, having taken over as Director of the centre. We continue to support our partners financially, prayerfully, and with advice and encouragement, as they move foNard. Many changes are being considered about the future use of the Blue House buildings, which occupy a strategic location right in the centre of Sliven. including further development and improvement of the Social Integration Group for people with disabilities. A Christian bookshop with social enterprise sales, creative workshops, English lessons, and the provision of after school I holiday programmes, are all possible with the aim of providing sustainable income streams. Krasif Aid Board members made several visits to Bulgaria during the year for strategic planning meetings, and also speaking in various churches with whom we have long-temi relationships. Our general income as a charity continued to remain stable during the year enabling us to continue our regular support of long-term partners and projects around Bulgaria. Our winter support appeal raised around £7000 to provide additional support for those in need. In Devon UK, work on community integration with the large Bulgarian Roma population who live and work in Cullompton continued, as did care for local Ukrainian refugees who came to the area under the government'Home for Ukraine. programme. We also provided further fvnding for our Bulgarian partner, Sliven Congregational Church, towards their ongoing aid trips into Ukraine taking generators, food and medical supplies to those in need, working with local Ukrainian churches. Promotion of the work of the charity continued through regular issues of our Krasif Newsletters, ernails. website, and social media. Page14
Krasif Ald (Charltable Incorporated Oryanlsatlon) Trustees Report (continued) For the Year Ended 31 March 2024 RISKANALYSIS The trustees have carried out a general review and consider that there are no major risks to its continuing for the foreseeable future. Donations are a substantial part of the charity's income. These are primarily from a wlde range of small donors making regular donations and this is expected to continue. FINANCIAL REVIEW Total receipts on unrestricted funds were £26.475 and are detailed in the financial statements. Receipts on restricted funds were £7,552. £37968 was spent in pursuing Krasif Aid's objects. The net result for the year was an excess of receipts over payments of £(3.941). The balances carried forward at the end of the year were £13,556 for unrestricted funds and £0 for restricted funds. RESERVES POLICY Unrestricted funds The Board is committed to ensuring that there are sufficient reserves in unrestricted funds to ensure that the net settlernent of all debtors and creditors, plus any costs in meeting its legal obligations. The Board believe that it is prudent to hold a cash reserve providing working capital to cover seasonal fluctuations in its expenditure, grants and income. The trustees have decided that the maximum level of unrestricted resenies that should be held should be sufficient funds to cover meet the minimum level in paragraph one of this section plus six rnonths average expenditure plus any commitments that are awaiting for payment to be made. Based on previous levels of activity the Trustees had resolved to try and maintain unrestricted funds at between £10,000 and £20.000. The general unrestricted reserves at 31 March 2024 were £ 13,556. Restricted and Desi nated Funds The funds held in designated accounts will be reviewed every year to ensure that they are still appropriate and in line with the charity's strategy and policy and any surplus funds will be redirected by the Trustees. In particular, all designated gifts and donations are accepted only on the basis that If the intended project or ministry has already been fully funded, discontinued or cannot be completed for whatever reason, the Trustees will use those funds where they feel it is most appropriate. This is stated dearly in our literature. l.li and signed on their behalf. This report was approved by the board on Signed Brian Clarke Page15
Kraslf Aid (Charltable Incorporated Organlsatlon) Charity Number 1123948 Independent Examlners Report For the Year Ended 31 March 2024 Responsibllities and basis of report I report to the trustees on my examination of the accounts of the above charity for the year ended 31 March 2024. As the charity's trustees. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act°>. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below ') which gives me cause to believe that in, any material respect: the accountlng records were not kept in accordance with section 130 of the Charities Act,. or the accounts did not accord with the accounts'ng records; or the accounts did not compty with the applicable requirements conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concems and have come across no other matters in connection with the examinatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Slgned Date Philip YoungACA 26, Pavillion Close, Aldrldge. West Midlands Page16
ei tsan nts acc Forthe Periodfrom 01-Apr-23 to 31-Mar-24 Unrestricted Restricted Total Funds Lastyear (As restated) 49 Receipts Bank Interest recelved Donations Chuiches Donatlons Indlviduals Donations Stewardship Craft sales Payroll giving 39 6,525 3,320 16,330 83 177 6,525 3.320 16,330 83 177 7,882 4,302 15,539 67 177 Sliven Baptist Income Varna Area Income 6,394 1,158 6.394 1,158 6.403 1,148 Total Recelpts 26,475 7,552 34,026 £ 35,567 Payments Bank Service Charges Donatlons Churches Donatlon Projects Miscellaneous Expense Office Expense Postage and Dellvery Professional fee5 Travel- Mlnlstry- Bulgaria 585 26,665 432 254 88 114 1.290 988 585 672 30,206 1,750 28 51 52 415 2,151 26,665 432 254 114 1,290 988 Sliven Baptist expenses Varna Area expenses 6,394 1.158 6,394 1,158 6,403 1,148 Total Payments 30,416 7,552 37,968 £ 42,876 Net Receipts I (Payments) Tranfers between funds Cash funds last yearend Cashfunds this year end 3,941 3,941 7,309 17,497 13,556 17,497 13,556 24,806 17,497 Page7
ari Forthe Perlod from 01-Apr-23 to 31-Mar-24 Unrestrlcted Funds Restrlcted Funds Total Funds Cash Funds Detalls CAF Bankcurrent account 13,556 13,556 Total 13,556 13,556 Other assets Deta Ils Stock 2,375 2,375 Llabilties Detalls Accruals 150 150 Fund at beglnnlngof period Income Received Fund at End of Perlod Expendlture Fund Sliven Baptist Church Varna Area 6,394 1,158 6,394 1.158 Total 7,552 7,552 Signed bytrustees on behalfof alltrustees Date of approval Name Signature thILulA wJINScr 1,./i.(k Page 8