## **EUROVANGELISM** ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Registered charity no. 1140592 Company limited by guarantee no. 07507682 **EUROVANGELISM** ## **INDEX TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** |**CONTENTS**|**PAGE**| |---|---| |Trustees Report|1 – 8| |Legal and administrative information|9| |Independent Examiner’s Report|10| |Statement of Financial Activities|11| |Balance Sheet|12| |Statement of Cash Flows|13| |Notes to the financial statements|14 - 31| ## **EUROVANGELISM** ## **TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** ## _**Our mission is to empower Christians in their vision to share the gospel and see lives transformed through compassion, evangelism and church planting in Eastern Europe.**_ We do this knowing that: 1. God sees more than we do and is inviting us into that which he sees (John 5:19) 2. He asks us to start with what we have, from where we are (Proverbs 3:5-6) and 3. He will make his ways known (Proverbs 3:5-6, Psalm 103:7) We do this by working to: 1. Deepen & strengthen European partner relationships to effect change in Europe 2. Inspire and equip mission-focused Christians in the UK 3. Strengthen our foundations so that we can continue to be effective in what God has called us to Eurovangelism is a Christian charity which supports the local church in Europe in church planting, evangelism, education, and social care projects. It has been working in Europe since 1965 adapting to the changing circumstances to best help the local church. Eurovangelism supports over fifty individuals, churches, and Christian organisations in twelve countries through finance, church partnerships, relationships, practical teams, networking and advice. ## **Structure, governance and management** ## **Trustees and organisational structure** Eurovangelism is registered as a charitable company limited by guarantee with the Charity Commission of England and Wales (number 1140592) and with Companies House (number 07507682). Eurovangelism is governed by Articles of Association adopted on 27 January 2011 and operates as Transform Europe Network (TEN). Our website is: www.ten-uk.org Eurovangelism was set up to take over the activities of a previously existing unincorporated charity of the same name (registered as a charity in 1970 with charity number 247788). The assets and funds of the unincorporated charity were donated to this charity on 1 April 2011. The Board of Trustees appoints the Chief Executive Officer and new Trustees according to the needs of TEN. Trustees usually serve up to three terms of four years and receive an induction and ongoing training according to the needs of TEN and the individual. The Board is responsible for the governance and oversight of TEN and meets quarterly with occasional strategy meetings and online conferences as needed. Trustees are not paid for their service in this role other than expenses and none had any financial interest in any transaction with TEN. A register of Trustees interests is held to ensure that there are no conflicts of interest which is updated annually. There is no Person of Significant Control. The CEO is responsible for implementing the vision and strategy agreed by Trustees and the day to day running of the organisation. The CEO reports to Trustees on progress and on the projects and partnerships which TEN supports. The salary of the CEO is set by Trustees based on the responsibilities of the post, comparison with other similar charities and cost of living rises as set by the NHS. TEN is a member of the Evangelical Alliance and Global Connections. ## **Financial review and risk management** The financial statements have been prepared under the historical cost convention, and have been prepared under the 'small companies' provisions of the Companies Act 2006 and in accordance with the Financial …1 **EUROVANGELISM** ## **TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** Reporting Standard FRS102 and the Charities Statement of Recommended Practice (SORP FRS102) based thereon. TEN follows policies and procedures to manage risk and ensure effectiveness, probity and legal and regulatory compliance, and reviews and updates these as necessary. The income of TEN comes primarily through donations from individuals and churches, with some from grantmaking organisations and occasional legacies. TEN claims Gift Aid, where possible. ## **Financial position** TEN’s financial position at 31 March 2021 remains strong but, as has been the pattern in recent years, unrestricted expenditure exceeds income, when you exclude the more exceptional legacy and other income and include the restricted fundraising costs met from unrestricted funds (shown as a transfer in the accounts). The Trustee Board and Chief Executive Officer have put in place a plan to manage this deficit down over the coming years to ensure the sustainability of the charity, which is covered in the reserves policy note below. That said, the legacy and other income, as well as gains on investments, have more than covered this in the year to 31 March 2021, with unrestricted funds showing an overall surplus of £28,758. Overall, the statement of financial activities for the year to 31 March 2021 was not dissimilar to those of recent years, but with another notable increase in expenditure on charitable activities. This was mainly due to increased restricted grant expenditure to meet needs flowing from the Covid-19 pandemic, but also as a result of the limitations from various lockdowns; meaning resources were more focussed on supporting partners rather than raising funds. TEN consistently achieves very close to a 25:75 split in expenditure on raising funds and charitable activities, and has done for many years, but this year saw that change to a nearly 15:85 split. ## **Reserves policy** The Trustee Board keeps under review the need for free reserves which are those unrestricted funds not invested in tangible fixed assets or designated for a specific purpose. Currently, to allow TEN to be managed efficiently and to provide a buffer for adverse contingencies, the Trustees’ policy is that such reserves should be maintained at a level of between three and six months of unrestricted expenditure (including the expenditure on raising funds for restricted projects, met by a transfer from unrestricted funds). At 31 March 2021, free reserves were £189,300. The free reserves policy, this year, requires between £44,650 and £89,300. However, the Covid-19 pandemic lockdowns, and the circumstances surrounding them, led to unrestricted expenditure being lower this year than has been typical of recent years. Consequently, the parameters of this reserves policy are also lower than would be typical. With free reserves in excess of the reserves policy upper limit by £100,000, a plan to reduce this over the next three financial years, up to the year ending 31 March 2024, will be implemented. The £100,000 excess will be used to cover the anticipated deficit of unrestricted funds over each of those years, with the amount needed gradually reducing, enabling TEN to continue operating effectively whilst doing this and ensuring the sustainability of the charity’s operations. ## **Investment Policy** A part of the reserves of the Charity is currently invested in a professionally managed Charles Stanley fund, through their Personal Portfolio Service. This gives exposure to both equity and fixed interest investments, in accordance with objectives agreed with the Board of Trustees. The basic aim of this investment is to obtain, over time, modest growth in real terms in the capital value and income stream arising from the underlying investments, without taking undue risk. The specific objective set by the Trustees is therefore to achieve a return over rolling 3-year periods modestly in excess of inflation over the corresponding period of time. The investments and returns are reviewed on a regular basis by the Board. The investment return (net of management fees) achieved over the year to 31 March 2021 was 17.3% (2020: -1.3%) which, when taken with …2 **EUROVANGELISM** ## **TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** the returns achieved over the preceding 2 financial years, results in a compound annualised return over the 3- year period of 6.3% – comfortably above the rate of inflation over those years. The Charity is also a shareholder in Kentstone Properties Limited, a long-standing ‘unlisted’ property investment company, and receives dividend income and shareholder reports in consequence. A representative of the Trustees attended the Annual General Meeting of the Company in September 2020. ## **Risk Policy** The principal financial risk for TEN is that of receiving insufficient regular income to pay grants to its partners in Continental Europe. We limit this risk by regular communication with donors and actively seeking new funders in particular through churches and trust funds. Where there is a Partnership Memorandum of Understanding between a UK church and Partner, it is made clear that the supporting church should aim to give six months’ notice of any change in financial support. The agreements to give grants to our partners makes clear that grants given by specific donors are subject to those donors continuing to support them. Free reserves are maintained at between three to six months’ unrestricted expenditure to ensure that TEN can meet its short-term commitments in adverse conditions. Trustees are aware of other financial risks including possible fraud, money laundering, foreign currency payments, significant investment losses and inadequate cash flow projections. Regular reviews of the finances and monitoring of the use to which funds are put by partners and money transfer systems are implemented to minimise these risks. The Trustees also regularly review other operational risks and confirm that they have established systems to manage the significant risks. ## **Grant making policy** We make grants to partners based on our objects and activities defined further by our strategic plan. Priorities are reviewed by Trustees and may be changed depending upon circumstances, available funds, and the perceived effectiveness of their use. Grants are only made to known partners and those recommended by long standing and trusted sources. Trustees have delegated responsibility for grant making from unrestricted funds to the CEO for grants up to £10,000 in any one year. Grant making over £10,000 and up to £20,000 can be approved by a majority of Trustees and those higher only at a Board meeting. Grants for capital projects have the same authorisation limits. We recognise the need to take steps to prevent the use of grants for money laundering, terrorist activity, bribery and for purposes other than those for which they were given. To this end, Trustees hold TEN’s partners accountable for the funds, resources, aid or training they have received and require them to confirm receipt of funds, produce regular reports of their activities and use of funding. In addition, we visit partners who receive funding or other help from TEN. Due to the pandemic, visits have not taken place this year but we have greatly increased online communications, calling partners regularly to offset this. Furthermore both the Finance Officer and CEO attend training to support the due diligence in relation to funds being sent overseas. All our partners understand that the grants, training, or gifts in kind are to be used for the benefit of the community they serve and are to be freely available to all sections of the community regardless of race, religion or background. TEN continues to roll out new written agreements to clarify the roles and responsibilities of both TEN and each partner. …3 ## **EUROVANGELISM** ## **TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** ## **Objectives and activities** ## **The objects of TEN are:** “To advance the Evangelical Christian Faith particularly, but not exclusively, within Europe by the printing and distribution of the Holy Scriptures and Christian Literature, and by such Evangelical work as the Trustees at their absolute discretion see fit.” We believe the most effective way for TEN to achieve its objects is to find and support local churches, individuals and organisations who have a vision to make Jesus and the love of God known through their words and actions and are actively practising this. We support these partners by encouraging them through online communication, visits, conferences, and networking as well as through grants, teaching and training, gifts in kind and other resources. - (i) **Compassion projects** including relief of poverty, anti-trafficking, drug and alcohol rehabilitation, abuse rehabilitation, food aid, emergency aid, disaster relief and other programmes for the benefit of the community. TEN’s support helps our partners in showing God’s love in these practical ways. Literacy classes, general education, correspondence courses, and vocational training (such as hairdressing, sewing and IT) are examples of such projects. These activities enable participants to break out of the cycle of poverty and discover that they are valued people of worth and dignity just as God has shown by his love. - (ii) **Evangelism** including one off events, campaigns, publicity, resources to communicate the message of Jesus Christ and education projects for both children and adults. Alpha courses, Christianity Explored courses, and summer camps are examples of such projects. - (iii) **Church planting and development** including pioneering churches and groups in new areas, growing and developing existing churches, providing financial support for pastors, leadership training, theological studies, other training and education, and providing resources such as Bibles, other literature and supporting other church projects. This includes making grants towards the purchase or building of public places of worship and training facilities. ## **Activities for the public benefit** The Trustees reviewed TEN’s work regarding public benefit on 10 February 2021 with reference to the Charity Commission guidance and agreed that TEN’s activities continued to comply. The next section on achievements and performance outlines a representative selection of the work enabled by TEN. Please go to our website at www.ten-uk.org for more information on the full range of our work and stories from our partners. ## **Achievements and performance** Despite the challenges of the pandemic, lockdowns and working from home, we have continued to improve our performance across all areas of work. We have not been able to visit partners or carry out many visits in the UK but have found online ways to maintain communication which have brought surprising benefits. Two such examples are the frequent Zoom calls to partners and the prayer meetings drawing together partners and supporters. …4 **EUROVANGELISM TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** In line with our Strategic Plan these are examples of our achievements in 2020/21: ## **Deepening & strengthening European partner relationships to effect change in Europe** - We have reviewed our partners and established two levels of relationship which are members and partners. Partners are defined as those where a strong reciprocal relationship exists. Members are those who want a connection with the TEN network but where the relationship is either weaker or new. All but a small minority have signed up to these. - We are working with partners to strengthen their foundations and sustainability. We are encouraging partners to consider how they can become more sustainable and not so dependent on outside funding. One example is that of match funding the creation of a soft play centre for a partner in Serbia. - We started work on establishing a Partners’ Advisory Group which starts meeting in Autumn 2021. The eight partners will have the opportunity to feed into the work of TEN so that we can ensure that we are relevant, understanding of the complexities of their situations, and can be effective in the support we give and how we give it. ## **Inspiring and equipping mission-focused Christians in the UK** - We are continuing to develop our use of social media with Facebook and Instagram as part of drawing in Christians of all ages. - Our regular online prayer meetings are drawing together supporters in the UK with partners in Eastern Europe and increasing sharing and understanding. - We delivered a webinar for key supporters such as volunteers and donors which took place at the beginning of April 2021. - Despite the pandemic staff and ambassadors have spoken at on-line church meetings about the work of TEN and James Vaughton was a speaker at the Bangor Worldwide Missionary Convention in August 2020. - We recruited two new, younger trustees during the year, for their experience and passion for the work and as part of encouraging younger supporters. - We are developing a new study resource for UK groups to be inspired to engage in mission work - We are developing TENteach which is a small team of volunteers supporting the teaching of English in communities in Eastern Europe where our partners work ## **Strengthening our foundations to continue to be effective** - We have been enabling staff to access a range of on-line courses to develop their skills and knowledge. Trustees attended an in-house safeguarding course. - We have established a new fundraising plan which included changing some methods and appeals. The COVID 19 appeal raised over £35,000 and we have increased funding from Trusts. - Work on Salesforce was completed which has improved our administrative effectiveness. Thanks to the development of our IT systems and equipment staff were able to fully carry out their work from home. - Safeguarding is now an integral part of our processes following the review and new policy and procedures. - We planned for three possible negative financial scenarios due to the pandemic. We are delighted that our supporters’ generosity and some reduced costs through good management, have meant that we have been able to make increased grants to our partners to help feed the poor in their communities and enabled the partners to continue. …5 **EUROVANGELISM TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** ## **Achievements and outcomes in Europe** Many of the activities of our partners and our support are designed to bear fruit over the medium term. These are a few examples of what has been achieved and some of the outcomes: - We have helped to feed the hungry with over 2,000 food parcels and hot meals in Kosovo, Albania, North Macedonia, Serbia, Bulgaria, Romania, and Moldova for the homeless, those in rehabilitation from addiction, Roma and simply those who are hungry. - In Romania our Covid 19 appeal provided funds for food in two Roma towns that were in total lockdown. This touched many and ninety have found faith in Jesus. - Baptisms have taken place in Bulgaria, North Macedonia, and Montenegro. - One new church building has been completed and others are being developed in partnership with USbased International Cooperating Ministries: in Moldova, North Macedonia, Serbia, and Romania. - Run a web conference for partners on 16th June. - Sponsored 8 students studying theology and leadership in Albania. - Made regular support grants to 31 Christian leaders and occasional grants to a further 20 Christian leaders to enable them to continue proclaiming the gospel and serving their communities in many ways. - Made grants to churches supporting them in works as wide ranging as after-school clubs, drug rehabilitation, hospice care, education, soup kitchens, training new leaders, youth and children’s work, distribution of food parcels, refugee support and anti-trafficking projects. - We added a new church leader to the regularly supported list in the last year following a new church plant in North Macedonia - We saw the completion of two building projects in partnership with ICM. One a children’s camp the other a building purchase for a local church - Run fundraising campaigns Covid 19, Harvest for the Hungry, WinterHelp and the Gift Catalogue. These raised a total of £122,000 which is being used to feed the hungry, provide warm clothing and fuel, and enable families to provide for themselves with tools and livestock. ## **Volunteers** The Trustees are grateful to the many volunteers across the UK who give time and energy to help TEN and our partners. This work ranges from administrative tasks, IT development, work with partners such as in summer camps, practical work, and evangelism to relief work. Volunteer Ambassadors make occasional field trips on our behalf and speak in UK churches about the work. There are currently 16 Ambassadors from around the UK. Some Ambassadors are also Country Champions who take a special interest in understanding and supporting partners in a specific country, maintaining contact, and visiting them. Despite their inability to travel this year they have been effective in communication with and supporting partners and spreading the word about TEN. In addition, we have another 6 volunteers who help with events and fundraising events. In spite of Covid19 we have recruited 4 new volunteers to support the TENteach English programme. We are delighted that we now have two ambassadors in Northern Ireland who are helping develop our work in this region of the UK. Maki Mico retired as trustee in July 2020. He served for four years and brought invaluable wisdom and knowledge of the Balkans as well as a pastoral heart to the work. …6 ## **EUROVANGELISM** ## **TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** ## **Future activities** Our aims over the next three years follow the new strategic plan. They can be summarised as follows: ## **Deepening & strengthening European partner relationships to effect change in Europe** Key work will be to support some younger partners; help partners strengthen their foundations and sustainability; help develop and empower new ministries and to empower partners in shaping TEN. ## **Inspiring and equipping mission-focused Christians in the UK** In the UK we will be working to draw in a new audience; engage Christians of all ages in our mission; and to enable increased connections with partners. ## **Strengthening our foundations to continue to be effective** Within TEN we will look to develop the staff and volunteer team; create a new fundraising plan; grow the support base and strengthen our relationships with supporters. ## **Statement of Trustees responsibilities** The trustees (who are also directors of Eurovangelism for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 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 and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. …7 **EUROVANGELISM** ## **TRUSTEES REPORT** ## **YEAR ENDED 31 MARCH 2021** ## **Small company provisions** This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. Signed for and on behalf of the Trustees ……………………………………. Hazel Vinson, Chair Date: 12 November 2021 …8 **EUROVANGELISM** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **YEAR ENDED 31 MARCH 2021** |**Registered numbers**|1140592| |---|---| ||(Charity Commission for England and Wales)| ||07507682| ||(Companies House)| |**Alternative operating names**|Transform Europe Network| ||TEN| ||Harvest for the Hungry| |**Trustees**|Mrs M Jennings| |(Who are Directors for the purposes|Mr L Jorgensen| |of Company Law)|Mrs M Lilley| ||Rev M Mico (to 23 July 2020)| ||Mrs N Mezei (from 10 February 2021)| ||Mrs M Reeves (from 10 February 2021)| ||Mr A Spencer| ||Ms H Vinson (Chair)| ||Mr E Winter| |**Chief Executive Officer**|Mr J Vaughton| |**Registered office**|23 Apex Court| ||Woodlands| ||Bradley Stoke| ||Bristol BS32 4JT| |**Principal bankers**|Lloyds| ||PO Box 1000| ||Kingswood (309480)| ||Bristol BX1 1LT| |**Independent examiner**|Josh Kingston BSc (Hons) ACA| ||Burton Sweet Limited| ||The Clock Tower| ||5 Farleigh Court| ||Old Weston Road| ||Flax Bourton| ||Bristol BS48 1UR| |**Solicitors**|Capstone Solicitors| ||62 Gloucester Road| ||Bishopston| ||Bristol BS7 8BH| |**Investment advisors**|Charles Stanley & Co. Limited| ||Broadwalk House| ||Southernhay West| ||Exeter EX1 1TS| …9 **EUROVANGELISM** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF EUROVANGELISM (‘THE COMPANY’)** ## **YEAR ENDED 31 MARCH 2021** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021. ## **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, I 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 I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner’s statement** 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. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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). I 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. ……………………………………… Josh Kingston BSc (Hons) ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date: 12 November 2021 …10 ## **EUROVANGELISM** **STATEMENT OF FINANCIAL ACTIVITIES** (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) ## **YEAR ENDED 31 MARCH 2021** |||**Unrestricted**|**Restricted**|**Total funds**|Total funds| |---|---|---|---|---|---| |||**funds**|**funds**|**2021**|2020| ||**Note**|**£**|**£**|**£**|£| |**Income from:**|||||| |Donations and legacies|**2**|192,738|415,000|**607,738**|483,437| |Charitable activites|**3**|98|-|**98**|3,050| |Investments|**4**|2,248|-|**2,248**|3,381| |Other: Fixed asset disposal gain||65|-|**65**|120,501| |**Total income**||195,149|415,000|**610,149**|610,369| |**Expenditure on:**|||||| |Raising funds|**5**|47,611|42,935|**90,546**|144,424| |Charitable activities|**6**|118,501|369,683|**488,184**|424,916| |**Total expenditure**||166,112|412,618|**578,730**|569,340| |Net gains/(losses) on investments|**15**|12,211|-|**12,211**|(1,650)| |**Net income/(expenditure)**|**10**|41,248|2,382|**43,630**|39,379| |**Transfers between funds**|**18**|(12,490)|12,490|**-**|-| |**Net movement in funds**||28,758|14,872|**43,630**|39,379| |**Reconciliation of funds:**|||||| |Total funds brought forward|**18**|602,495|139,894|**742,389**|703,010| |**Total funds carried forward**|**18**|631,253|154,766|**786,019**|742,389| The charity has no recognised gains or losses other than the results for the year as set out above All of the activities of the charity are classed as continuing Fund comparatives are disclosed in note 20 _________________________________________________________________________________________ **The notes on pages 14 to 31 form part of these financial statements** 11 Company registration number: 07507682 ## **EUROVANGELISM** ## **BALANCE SHEET** ## **AT 31 MARCH 2021** |**Note**
**Fixed assets:**
Tangible assets
**14**
Investments
**15**
**Current assets:**
Debtors
**16**
Investments
**15**
Cash at bank and in hand
**Liabilities:**
Creditors: Amounts falling due
within one year
**17**
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**The funds of the charity:**
**Unrestricted funds**
Free reserves
**19**
Designated - Fixed assets
**19**
Other designated funds
**19**
**Restricted funds**
**19**
**Total charity funds**|**73,381**
**20,358**
**374,155**|**2021**
**£**
**241,880**
**84,297**
**459,842**|40,101
-
354,121|2020
£
243,614
111,368
387,407| |---|---|---|---|---| ||**467,894**
**(8,052)**||394,222
(6,815)|| ||**189,300**
**241,880**
**200,073**||276,871
243,614
82,010|| |||**786,019**||742,389| |||**786,019**||742,389| |||**631,253**
**154,766**||602,495
139,894| |||||| |||**786,019**||742,389| For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities; The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006, The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. These financial statements were approved by the Trustees on 12 November 2021 and are signed on their behalf by: ……………………………………….................................................... Lorenz Jorgensen Trustee **The notes on pages 14 to 31 form part of these financial statements** _________________________________________________________________________________________ 12 ## **EUROVANGELISM** ## **STATEMENT OF CASH FLOWS** ## **YEAR ENDED 31 MARCH 2021** |**Note**
**Operational cash flows**
**Cash flows**for
operating activities
Receipts from donations and legacies
**21 (A1)**
Payments for raising funds
**21 (B1)**
**Net inflow for operating activities**
**Cash flows**from
operating activities
Receipts from charitable activites
**21 (A2)**
Payments for charitable activities
**21 (B2)**
**Net outflow from operating activities**
**Net inflow/(outflow) of operating activities**
**Non-operational cash flows**
**Investing activities**
Dividends and interest from investments
**21 (C1)**
Proceeds from sale of investments
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
**Net cash provided by investing activities**
**Net cash inflow for the year**
**22**|**Total funds**
Total funds
**2021**
2020
**£**
£
**583,823**
476,341
**(90,036)**
(144,338)| |---|---| ||**493,787**
332,003
**98**
3,110
**(485,344)**
(422,877)| ||**(485,246)**
(419,767)| ||**8,541**
(87,764)| ||**2,248**
3,381
**9,180**
-
**-**
(5,197)
**65**
305,050| ||**11,493**
303,234| ||| ||**20,034**
215,470| _________________________________________________________________________________________ **The notes on pages 14 to 31 form part of these financial statements** 13 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **1 Accounting policies** ## **(a) Basis of preparation** The financial statements have been prepared under the historical cost convention. The financial statements have been prepared under the 'small companies' provisions of the Companies Act 2006 and in accordance with the Financial Reporting Standard FRS102 and the Charities Statement of Recommended Practice (SORP FRS102) based thereon. The charity is a Public Benefit Entity as defined under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The Statement of Cash Flows has been prepared on the gross/direct basis, as permitted by the Charities SORP. Cash has been defined as cash in hand and deposited with the bank or accessible from online accounts, but does not include cash held by the investments manager as part of the investments portfolio. ## **(b) Preparation of the accounts on a going concern basis** There are no material uncertainties about the charity’s ability to continue as a going concern, despite the significant uncertainty being caused by the worldwide COVID-19 crisis. Whilst the Trustees expect there to be an impact on the charity’s operations and reserves in the coming months and years, the charity currently believes it has sufficient reserves to be able to meet these challenges. ## **(c) Fund accounting** **Unrestricted general funds** , also known as free reserves, are available for use at the discretion of the Trustees in furtherance of the objects of the charity. **Designated funds** form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. The purpose and likely timing of the use of each designated fund is set out in note 18 to the financial statements. **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. Expenditure which meets these criteria is charged to the fund along with the cost of raising and administering such funds. The purpose and use of those restricted funds with income greater than £10,000 are set out in note 18 to the financial statements. Investment income and gains are allocated to the appropriate fund. ## **(d) Income** All income is included in the SOFA when the the charity is legally entitled to the income, the amount can be quantified with reasonable accuracy and receipt is probable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be spent in a future accounting period. For legacies, entitlement is taken as the earlier of: the date on which the charity is aware that probate has been granted; the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made; or when a distribution is received from the estate. _________________________________________________________________________________________ 14 **EUROVANGELISM** **NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 MARCH 2021** ## **1 Accounting policies (continued)** Grants, including grants for fixed assets, are recognised within the accounts as they become receivable. Grants received in the accounting period in respect of future accounting periods are deferred until those periods. All material grants are disclosed in accordance with the Charities SORP (FRS 102). Gift Aid relief on eligible donations is recognised on an accruals basis at the same point as the original donation. Donated services, facilities or goods are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services, facilities or goods are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the services, facilities or goods of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. In accordance with the Statement of Recommended Practice, no amounts are included in the financial statements for services donated by volunteers. ## **(e) Expenditure and basis of allocation of costs** Expenditure is recognised on an accruals basis as and when a legal or constructive obligation arises. The cost of raising funds comprise the direct costs of fundraising; through printed materials, attending events and online promotion of the charity as well as staff time spent directly on this activity. Expenditure on charitable activites is principally grants payable to partner organisations, although staff time spent directly on this activity is also included as well as other direct costs. Grants payable are included in the SOFA when approved by the Trustees and communicated to the other organisation. The value of such grants unpaid at the year end is accrued. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued but are noted as financial commitments if material. Support costs encompass all expenditure that is not wholly and directly attributable to either raising funds or charitable activities. Support costs are allocated to expenditure on raising funds and charitable activities on the basis of the cost of staff time directly attributable to each of these activities. Governance costs are those incurred in compliance with constitutional and statutory requirements. They are included within support costs and allocated as described above. ## **(f) Foreign currency** Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the Balance Sheet date. All differences are taken to the SOFA. _________________________________________________________________________________________ 15 **EUROVANGELISM** **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **1 Accounting policies (continued)** ## **(g) Tangible fixed assets** Tangible fixed assets of greater than £500 are stated at cost and depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life: Computer equipment - 20% straight line Office equipment - 20% straight line No depreciation is charged in the month of acquisition but is charged in full in the month of disposal. No provision for depreciation has been made for freehold property as it is the view of the Trustees that the estimated residual value of each property is not materially different from the carrying value. The Trustees undertake an impairment review whenever they identify any indicators that impairment may have occurred. ## **(h) Investments** Listed investments are stated at market value at the Balance Sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. Unlisted investments are all stated at cost less allowance for impairment. The Trustees undertake an impairment review whenever they identify any indicators that impairment may have occurred. ## **(i) Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **(j) Cash at bank and in hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **(k) Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result 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 recognised at their settlement amount after allowing for any trade discounts due. ## **(l) Pension costs** The charity contributes a fixed percentage of basic salary to the personal pension schemes of all employees, which are defined contribution schemes. Pension costs charged in the SOFA represent the contributions payable by the charity in the year. _________________________________________________________________________________________ 16 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **2 Income from donations and legacies** |||**Unrestricted**|**Restricted**|**Total funds**|Total funds| |---|---|---|---|---|---| |||**funds**|**funds**|**2021**|2020| |||**£**|**£**|**£**|£| |Donations from individuals||130,867|160,359|**291,226**|212,758| |Donations from trustees and related parties||2,030|4,352|**6,382**|9,600| |Donations from churches and organisations||13,132|90,689|**103,821**|86,143| |Legacies||25,392|-|**25,392**|8,571| |Grants receivable for:|||||| ||CASA Grace|-|60,500|**60,500**|55,000| ||ISTL, Albania|-|30,000|**30,000**|30,000| ||N. Macedonia key workers|-|11,000|**11,000**|15,000| ||Beginning of Life, Moldova|-|10,500|**10,500**|3,750| ||Building project, Albania|-|11,448|**11,448**|-| ||Building project, N. Macedonia|-|-|**-**|20,365| |Grants receivable for other activities||21,317|36,152|**57,469**|42,250| |||192,738|415,000|**607,738**|483,437| ||**_(See note 24 for prior year comparatives)_**||||| |**3**|**Income from charitable activities**||||| |||**Unrestricted**|**Restricted**|**Total funds**|Total funds| |||**funds**|**funds**|**2021**|2020| |||**£**|**£**|**£**|£| |Supporter Conference||-|-|**-**|1,622| |Other income from charitable activities||98|-|**98**|1,428| |||98|-|**98**|3,050| ||**_(See note 24 for prior year comparatives)_**||||| |**4**|**Income from investments**||||| |||**Unrestricted**|**Restricted**|**Total funds**|Total funds| |||**funds**|**funds**|**2021**|2020| |||**£**|**£**|**£**|£| |Interest and dividends||2,248|-|**2,248**|3,381| |||2,248|-|**2,248**|3,381| ||**_(See note 24 for prior year comparatives)_**||||| _________________________________________________________________________________________ 17 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **5 Expenditure on raising funds** |**Unrestricted**
**Restricted**
**Total funds**
Total funds
**funds**
**funds**
**2021**
2020
**£**
**£**
**£**
£
Fundraising materials (print & online):
Design, publish, print & postage
2,765
4,954
**7,719**
10,561
Developing Mission - Raising the profile of TEN
4,698
-
**4,698**
7,840
Staff costs
14,246
14,996
**29,242**
44,646
Events
-
-
**-**
613
Investment management fees
414
-
**414**
1,115
Allocated support costs_(Note 8)_
25,488
22,985
**48,473**
79,649
47,611
42,935
**90,546**
144,424
**_(See note 24 for prior year comparatives)_**
**6**
**Expenditure on charitable activities**
**Total**
Total
**2021**
2020
**£**
**£**
**£**
**£**
£
Church planting & development
172,827
8,442
30,351
**211,620**
219,566
Compassion projects
191,661
19,683
35,002
**246,346**
167,108
Evangelism
3,531
327
628
**4,486**
24,170
Developing Mission
-
21,958
3,774
**25,732**
14,072
368,019
50,410
69,755
**488,184**
424,916
**Grants to**
**Grants to**
**Total**
Total
**institutions**
**individuals**
**2021**
2020
**£**
**£**
**£**
£
Church planting & development
159,700
13,127
**172,827**
175,941
Compassion projects
189,822
1,839
**191,661**
132,264
Evangelism
3,531
-
**3,531**
18,877
353,053
14,966
**368,019**
327,082
**Grants**
**Other**
**direct**
**costs**
**Support**
**costs**
**_(Note 8)_**|**Unrestricted**
**Restricted**
**Total funds**
Total funds
**funds**
**funds**
**2021**
2020
**£**
**£**
**£**
£
Fundraising materials (print & online):
Design, publish, print & postage
2,765
4,954
**7,719**
10,561
Developing Mission - Raising the profile of TEN
4,698
-
**4,698**
7,840
Staff costs
14,246
14,996
**29,242**
44,646
Events
-
-
**-**
613
Investment management fees
414
-
**414**
1,115
Allocated support costs_(Note 8)_
25,488
22,985
**48,473**
79,649
47,611
42,935
**90,546**
144,424
**_(See note 24 for prior year comparatives)_**
**6**
**Expenditure on charitable activities**
**Total**
Total
**2021**
2020
**£**
**£**
**£**
**£**
£
Church planting & development
172,827
8,442
30,351
**211,620**
219,566
Compassion projects
191,661
19,683
35,002
**246,346**
167,108
Evangelism
3,531
327
628
**4,486**
24,170
Developing Mission
-
21,958
3,774
**25,732**
14,072
368,019
50,410
69,755
**488,184**
424,916
**Grants to**
**Grants to**
**Total**
Total
**institutions**
**individuals**
**2021**
2020
**£**
**£**
**£**
£
Church planting & development
159,700
13,127
**172,827**
175,941
Compassion projects
189,822
1,839
**191,661**
132,264
Evangelism
3,531
-
**3,531**
18,877
353,053
14,966
**368,019**
327,082
**Grants**
**Other**
**direct**
**costs**
**Support**
**costs**
**_(Note 8)_**|**Unrestricted**
**Restricted**
**Total funds**
Total funds
**funds**
**funds**
**2021**
2020
**£**
**£**
**£**
£
Fundraising materials (print & online):
Design, publish, print & postage
2,765
4,954
**7,719**
10,561
Developing Mission - Raising the profile of TEN
4,698
-
**4,698**
7,840
Staff costs
14,246
14,996
**29,242**
44,646
Events
-
-
**-**
613
Investment management fees
414
-
**414**
1,115
Allocated support costs_(Note 8)_
25,488
22,985
**48,473**
79,649
47,611
42,935
**90,546**
144,424
**_(See note 24 for prior year comparatives)_**
**6**
**Expenditure on charitable activities**
**Total**
Total
**2021**
2020
**£**
**£**
**£**
**£**
£
Church planting & development
172,827
8,442
30,351
**211,620**
219,566
Compassion projects
191,661
19,683
35,002
**246,346**
167,108
Evangelism
3,531
327
628
**4,486**
24,170
Developing Mission
-
21,958
3,774
**25,732**
14,072
368,019
50,410
69,755
**488,184**
424,916
**Grants to**
**Grants to**
**Total**
Total
**institutions**
**individuals**
**2021**
2020
**£**
**£**
**£**
£
Church planting & development
159,700
13,127
**172,827**
175,941
Compassion projects
189,822
1,839
**191,661**
132,264
Evangelism
3,531
-
**3,531**
18,877
353,053
14,966
**368,019**
327,082
**Grants**
**Other**
**direct**
**costs**
**Support**
**costs**
**_(Note 8)_**| |---|---|---| |||47,611
42,935
**90,546**
144,424| |||**Total**
Total
**2021**
2020
**£**
**£**
**£**
£
8,442
30,351
**211,620**
219,566
19,683
35,002
**246,346**
167,108
327
628
**4,486**
24,170
21,958
3,774
**25,732**
14,072
**Other**
**direct**
**costs**
**Support**
**costs**
**_(Note 8)_**| ||368,019|50,410
69,755
**488,184**
424,916| |||**Grants to**
**Grants to**
**Total**
Total
**institutions**
**individuals**
**2021**
2020
**£**
**£**
**£**
£
159,700
13,127
**172,827**
175,941
189,822
1,839
**191,661**
132,264
3,531
-
**3,531**
18,877| |||353,053
14,966
**368,019**
327,082| _(See Note 7)_ ## _**(See note 24 for prior year comparatives)**_ _________________________________________________________________________________________ 18 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **7 Grants to institutions - detail** The vast majority of grants made to institutions are for amounts less than £10,000 per grant. Below are details of the institutions that received grants totalling more than £10,000 in the current or preceeding year. |Church of God, Albania
ISTL, Albania
Evangelical Church, N. Macedonia
Evangelical Church, N. Macedonia - Key Worker
Beginning of Life, Moldova
CASA Grace, Romania
CASA Grace, Romania - Key Worker
Emanuel Hospice, Romania
Open Heaven, Romania
Living Water Foundation, Albania
Rainbow Rehab Centre, Serbia
Grants totalling less than £10,000 per institution in both the current
and preceeding year
**Total**|**2021**
2020
**£**
£
**27,349**
23,089
**30,328**
32,209
**14,599**
32,350
**-**
12,984
**8,925**
10,490
**65,376**
60,537
**11,000**
-
**11,477**
7,950
**16,887**
11,780
**24,051**
-
**10,690**
6,311
**132,371**
126,587| |---|---| ||**353,053**
324,287| ## **8 Support costs** Support costs encompass all expenditure that is not wholly and directly attributable to either raising funds or charitable activities. Support costs are allocated to expenditure on raising funds and charitable activities on the basis of the cost of staff time directly attributable to each of these activities. |Staff costs
Central operating costs
TEN UK conference
Governance costs_(Note 9)_
Cost of fixed asset disposal|**Raising**
**Charitable**
**Total**
Total
**funds**
**activities**
**2021**
2020
**£**
**£**
**£**
£
38,259
55,056
**93,315**
86,680
9,533
13,718
**23,251**
28,863
-
-
**-**
11,619
681
981
**1,662**
2,650
-
-
**-**
5,187| |---|---| ||48,473
69,755
**118,228**
134,999| ## _**(See note 24 for prior year comparatives)**_ ## **9 Governance costs** |Independent examiner's fee
Independent examiner's fee - prior year under accrual adjustment
Trustees' meeting expenses|**2021**
2020
**£**
£
**1,614**
1,530
**48**
50
**-**
1,070| |---|---| ||**1,662**
2,650| _________________________________________________________________________________________ 19 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **10 Net income/(expenditure) for the year** |**This is stated after charging:**
Depreciation
Independent examiner's fee
Trustee remuneration
Reimbursed Trustee expenses - 0 Trustee (2020: 1 Trustee)
(These expenses related to travel costs)|**2021**
2020
**£**
£
**1,734**
1,686
**1,662**
1,580
**-**
-
**-**
459| |---|---| ||| ## **11 Employees & staff costs** |The aggregate payroll costs were:
Salaries
Social security costs
Pension contributions
Key management personnel total benefits received
(Key management is made up of the Trustees and the CEO)|**2021**
2020
**£**
£
**145,980**
148,980
**8,872**
10,061
**10,210**
9,666| |---|---| ||**165,062**
168,707| ||**48,567**
56,551| ||| No employee received emoluments of more than £60,000 in the current or prior year. In the year to 31 March 2021, the average number of staff employed was 6 (2020: 6) The number of staff employed for all or part of the year was 6 (2020: 7). Calculated on the basis of full time equivalents, the number of employees was as follows: |**2021**|2020| |---|---| |**No.**|No.| |**5.5**|5.7| ## **12 Related party transactions** There were no related party transactions during the year other than those noted elsewhere. ## **13 Taxation** Eurovangelism is recognised as a charity for UK tax purposes and is therefore exempt from Corporation Tax on its income and gains provided that these are used for charitable purposes only. _________________________________________________________________________________________ 20 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **14 Tangible fixed assets** |**Cost**
At 1 April 2020
Additions
Disposals
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
Disposals
At 31 March 2021
**Net book value**
**At 31 March 2021**
At 31 March 2020
**15 Investments**
**Listed investments**|**Freehold**
**Office**
**Computer**
**property**
**equipment**
**equipment**
**Total**
**£**
**£**
**£**
**£**
238,107
10,402
3,907
252,416
-
-
-
-
-
-
(748)
(748)| |---|---| ||238,107
10,402
3,159
251,668| ||-
5,671
3,131
8,802
-
1,565
169
1,734
-
-
(748)
(748)| ||-
7,236
2,552
9,788| ||| ||**238,107**
**3,166**
**607**
**241,880**| ||| ||238,107
4,731
776
243,614| ||| All such investments are listed in the UK. The purpose of the investments is to provide a mixture of capital growth and income. The investments are held by Charles Stanley through their Personal Portfolio Service. |Market value brought forward
Acquisitions at cost
Sale proceeds from disposals
Investment management fees
Movement of cash held for investment
Gains/(losses) in the year
**Market value carried forward**
**Represented by:**
Fixed income
UK equity
International equity
Property
Alternatives & mixed investments
Cash
**Historical cost**|**2021**
2020
**£**
£
**73,010**
75,775
**-**
82,255
**-**
(81,512)
**(414)**
(1,115)
**-**
(743)
**11,701**
(1,650)| |---|---| ||**84,297**
73,010| ||**£**
£
**40,995**
35,906
**3,124**
2,627
**31,889**
26,972
**3,366**
2,888
**3,178**
2,786
**1,745**
1,831| ||**84,297**
73,010| ||**79,957**
80,372| _________________________________________________________________________________________ 21 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **15 Investments (continued)** ## **Unlisted investments** Unlisted investments are all stated at cost less allowance for impairment. The shares held are in a private limited company registered in England, whose principal activity is property investment with a mixed portfolio. The Trustees intend to sell these shares within 12 months of the balance sheet date and have reclassified them as current assets in this year's financial statements. |Cost and net book value brought forward
Sale proceeds from disposals
Sale amount agreed but received after the year end
Gains in the year
**Cost and net book value carried forward**
**Total fixed asset investments**
Listed investments
Unlisted investments
**Total current asset investments**
Unlisted investments
**16 Debtors**
Prepayments
Accrued income
Other debtors
**17 Creditors: Amounts falling due in less than one year**
Accruals and deferred income
Taxation and social security
Other creditors|**2021**
2020
**£**
£
**38,358**
38,358
**(9,180)**
-
**(9,330)**
-
**510**
-| |---|---| ||**20,358**
38,358| ||**£**
£
**84,297**
73,010
**-**
38,358| ||**84,297**
111,368| ||**20,358**
-| ||**2021**
2020
**£**
£
**1,916**
1,881
**62,135**
38,220
**9,330**
-| ||**73,381**
40,101| ||**2021**
2020
**£**
£
**4,704**
3,761
**3,132**
3,054
**216**
-| ||**8,052**
6,815| _________________________________________________________________________________________ 22 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **18 Movement in funds** |**Restricted funds**
Church planting & development
Compassion projects
Evangelism
**Unrestricted funds**
Designated - Fixed assets
Designated - WinterHelp
Designated - Partner support
Designated - New ministries
Free reserves
**Total funds**|**1 April**
**Income**
**Expenditure**
**31 March**
**2020**
**and gains**
**and losses**
**Transfers**
**2021**
**£**
**£**
**£**
**£**
**£**
40,714
154,590
(163,525)
4,185
**35,964**
90,430
253,788
(243,466)
8,198
**108,950**
8,750
6,622
(5,627)
107
**9,852**| |---|---| ||139,894
415,000
(412,618)
12,490
**154,766**
243,614
65
(1,734)
(65)
**241,880**
1,000
-
(1,000)
-
**-**
81,010
-
(18,672)
60,032
**122,370**
-
-
-
77,703
**77,703**
276,871
207,295
(144,706)
(150,160)
**189,300**| ||602,495
207,360
(166,112)
(12,490)
**631,253**| ||742,389
622,360
(578,730)
-
**786,019**| ## **Transfers:** Just under 30 percent of expenditure on raising funds for restricted projects has been met by a transfer of £12,490 from free reserves. This ensures the project recipients receive as much as possible of the amount donated and no more than 15 percent of any restricted donation goes towards support costs, as publicised. ## **Description and purpose of designated funds:** ## **Designated - Fixed assets** The fixed assets designated fund represents the net book value of tangible fixed assets held by the charity. Disposal gains are shown under the income and gains heading and expenditure and losses represents the depreciation charge for the year, along with disposal losses. Transfers represent additions and any proceeds from disposals during the year. ## **Designated - WinterHelp** These funds are designated for use as part of the annual WinterHelp initiative, which helps our partners care for their communities during the harsh winter months, and were spent as grant expenditure during the year. ## **Designated - Partner support** The partner support designated fund is being used in delivering our strategy related to partners and our UK ministry. It allows us to meet any needs that might arise within our partners' communities, support our partners in any projects they may intend to run and help us raise funds to these ends. Spent as a mixture of grants to partners, new project development, and growing our UK support base, it is anticipated this fund will have been fully spent by the end of March 2024. ## **Designated - New ministries** These funds are designated for use to engage current and new connections looking to develop ministries in the area of human trafficking, refugee work, environmental issues, domestic violence or other new types of ministry over the next 3-4 years, it is anticipated this fund will have been fully spent by the end of March 2025. _________________________________________________________________________________________ 23 **EUROVANGELISM** **NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 MARCH 2021** ## **18 Movement in funds (continued)** ## **Description and purpose of restricted funds:** The income funds of the charity include restricted funds comprising unexpended balances of donations and grants amounting to £154,766 held on trust and to be applied for specific purposes. These restricted funds are the result of the charity inviting donations or gifts for a particular project or situation. Some of these may be short term in nature but others will represent a longer-term relationship with a particular partner or project. The table on the previous page summarises the movement of restricted funds into three broad categories, details of specific restricted funds, identified as having income greater than £10,000, are as follows: ||**1 April**|**Income**|**Expenditure**||**31 March**| |---|---|---|---|---|---| ||**2020**|**and gains**|**and losses**|**Transfers**|**2021**| |**Restricted funds with**|**£**|**£**|**£**|**£**|**£**| |**income greater than £10,000**|||||| |CASA Grace|35,233|69,773|(64,290)|-|**40,716**| |CASA Grace - Key worker|-|11,000|(11,000)|-|**-**| |Beginning of Life, Moldova|-|10,995|(10,782)|-|**213**| |Crisis Appeal Fund|13,689|32,841|(36,824)|-|**9,706**| |Kuranjis|150|10,275|(10,425)|-|**-**| |Harvest for the Hungry|14,215|50,541|(41,591)|-|**23,165**| |ISTL, Albania|-|30,462|(30,462)|-|**-**| |Kucove church building|-|11,448|(24,181)|12,733|**-**| |N. Macedonia key workers|5,673|11,000|(8,775)|-|**7,898**| |Open Heaven, Romania|-|18,868|(15,223)|-|**3,645**| |WinterHelp|9,186|25,747|(24,231)|-|**10,702**| ## **CASA Grace** This fund represents grants and donations given in support of the CASA Grace Foundation, a community project in Romania. ## **CASA Grace - Key worker** This fund was the result of a gift to support a key worker at the CASA Grace Foundation. ## **Beginning of Life, Moldova** This fund represents grants and donations given in support of Beginning of Life, whose aim is to prevent sexual exploitation, abuse or trafficking and who provide education and support programmes in Moldova. ## **Crisis Appeal Fund** An appeal is sometimes made when significant circumstances place our partners or their communities in need, often as a result of natural disasters, with the Covid-19 pandemic being the focus of this year. This fund arises from such appeals which enable grant funding to meet those needs. ## **Kuranjis** This fund represents donations given to support the ministry of the Kuranjis, key Christian leaders in Serbia. ## **Harvest for the Hungry** An annual appeal is made by the charity to raise funds to feed the hungry in Europe, enabing partners to buy food parcels that are distributed to the needy in their community. This fund arises from that appeal. ## **ISTL, Albania** This fund represents grant funding and donations made in support of the ongoing work of ISTL in Albania. _________________________________________________________________________________________ 24 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **18 Movement in funds (continued)** ## **Kucove church Building** This fund arose from a grant provided to enable the purchase of a church building in Kucove, Albania. A transfer of funds from a previous year, donated for a church building project in Bulgaria which the donor agreed could be used in Albania instead, was added to the fund. ## **N. Macedonia key workers** This fund represents grants and donations given in support of church planting efforts in N. Macedonia; to support the pastors carrying out that work. ## **Open Heaven, Romania** This fund represents grants and donations given to support the evangelical work of Open Heaven, a ministry based in the Constanta region of Romania. ## **WinterHelp** This fund arises from an annual appeal to help meet the specific needs of partners and their communities over wintertime, supplementing funds raised through our gift catalogue. ## **Prior year movements** |**Restricted funds**
Church planting & development
Compassion projects
Evangelism
**Unrestricted funds**
Designated - Fixed assets
Designated - WinterHelp
Designated - Partner support
Free reserves
**Total funds**|**1 April**
**Income**
**Expenditure**
**31 March**
**2019**
**and gains**
**and losses**
**Transfers**
**2020**
**£**
**£**
**£**
**£**
**£**
56,015
152,670
(182,371)
14,400
**40,714**
90,045
162,784
(178,434)
16,035
**90,430**
4,850
24,811
(23,015)
2,104
**8,750**| |---|---| ||150,910
340,265
(383,820)
32,539
**139,894**
424,652
120,501
(1,686)
(299,853)
**243,614**
-
-
-
1,000
**1,000**
-
-
(17,990)
99,000
**81,010**
127,448
149,603
(167,494)
167,314
**276,871**| ||552,100
270,104
(187,170)
(32,539)
**602,495**| ||703,010
610,369
(570,990)
-
**742,389**| _________________________________________________________________________________________ 25 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **19 Analysis of net assets between funds** |**Current year**
**Restricted funds**
Church planting & development
Compassion projects
Evangelism
**Unrestricted funds**
Designated - Fixed assets
Designated - Partner support
Designated - New ministries
Free reserves
**Total funds**
**Prior year**
**Restricted funds**
Church planting & development
Compassion projects
Evangelism
**Unrestricted funds**
Designated - Fixed assets
Designated - WinterHelp
Designated - Partner support
Free reserves
**Total funds**|**Tangible**
**Fixed asset**
**Other net**
**Total**
**fixed assets**
**investments**
**assets**
**2021**
**£**
**£**
**£**
**£**
-
-
35,964
**35,964**
-
-
108,950
**108,950**
-
-
9,852
**9,852**| |---|---| ||-
-
154,766
**154,766**
241,880
-
-
**241,880**
-
-
122,370
**122,370**
-
-
77,703
**77,703**
-
84,297
105,003
**189,300**| ||241,880
84,297
305,076
**631,253**| ||241,880
84,297
459,842
**786,019**| ||**Tangible**
**Fixed asset**
**Other net**
**Total**
**fixed assets**
**investments**
**assets**
**2020**
**£**
**£**
**£**
**£**
-
-
40,714
**40,714**
-
-
90,430
**90,430**
-
-
8,750
**8,750**| ||-
-
139,894
**139,894**
243,614
-
-
**243,614**
-
-
1,000
**1,000**
-
-
81,010
**81,010**
-
111,368
165,503
**276,871**| ||243,614
111,368
247,513
**602,495**| ||243,614
111,368
387,407
**742,389**| _________________________________________________________________________________________ 26 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **20 Prior year fund comparatives for the Statement of Financial Activities** ||**Unrestricted**|**Restricted**|**Total funds**| |---|---|---|---| ||**funds**|**funds**|**2020**| ||**£**|**£**|**£**| |**Income from:**|||| |Donations and legacies|143,387|340,050|**483,437**| |Charitable activites|2,835|215|**3,050**| |Investments|3,381|-|**3,381**| |Other: Fixed asset disposal gain|120,501|-|**120,501**| |**Total income**|270,104|340,265|**610,369**| |**Expenditure on:**|||| |Raising funds|78,616|65,808|**144,424**| |Charitable activities|106,904|318,012|**424,916**| |**Total expenditure**|185,520|383,820|**569,340**| |Net losses on investments|(1,650)|-|**(1,650)**| |**Net income/(expenditure)**|82,934|(43,555)|**39,379**| |**Transfers**|(32,539)|32,539|**-**| |**Net movement in funds**|50,395|(11,016)|**39,379**| |**Reconciliation of funds:**|||| |Total funds brought forward|552,100|150,910|**703,010**| |**Total funds carried forward**|602,495|139,894|**742,389**| _________________________________________________________________________________________ 27 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **21 Reconciliation of the Statement of Financial Activities** |**Statement of**
**Financial**
**Activities**
**£**
**A1 Income from donations and legacies**
607,738
Increase in accrued income
**A2 Income from charitable activities**
98
**A3 Income from other**
65
Fixed asset disposal gain eliminated
(65)
**B1 Costs of raising funds**
(90,546)
Investment management fees eliminated
414
Increase in prepayments
Decrease in accruals
Increase in other creditors
**B2 Costs of charitable activities**
(488,184)
Depreciation eliminated
1,734
Increase in prepayments
Increase in accruals
Increase in other creditors
**C1 Dividends and interest from investments**
2,248
**22 Analysis of changes in cash and cash equivalents**
**2021**
**£**
Cash in hand
374,155
**Total cash and cash equivalents**
374,155
**2020**
**£**
Cash in hand
354,121
**Total cash and cash equivalents**
354,121
Balance sheet movements|**Statement of**
**Financial**
**Activities**
**£**
**A1 Income from donations and legacies**
607,738
Increase in accrued income
**A2 Income from charitable activities**
98
**A3 Income from other**
65
Fixed asset disposal gain eliminated
(65)
**B1 Costs of raising funds**
(90,546)
Investment management fees eliminated
414
Increase in prepayments
Decrease in accruals
Increase in other creditors
**B2 Costs of charitable activities**
(488,184)
Depreciation eliminated
1,734
Increase in prepayments
Increase in accruals
Increase in other creditors
**C1 Dividends and interest from investments**
2,248
**22 Analysis of changes in cash and cash equivalents**
**2021**
**£**
Cash in hand
374,155
**Total cash and cash equivalents**
374,155
**2020**
**£**
Cash in hand
354,121
**Total cash and cash equivalents**
354,121
Balance sheet movements|**Debtors**
**Creditors**
**Cash flow**
**£**
**£**
**£**
(23,915)
**583,823**
**98**
**-**
(15)
(11)
122
**(90,036)**
(20)
954
172
**(485,344)**
**2,248**
**(23,950)**
**1,237**
**2020**
**Change**
**£**
**£**
354,121
**20,034**
354,121
**20,034**
**2019**
**Change**
**£**
**£**
138,651
**215,470**
138,651
**215,470**| |---|---|---| ||374,155|| ||**2020**
**£**
354,121|| ||354,121|| ## **23 Company limited by guarantee** The charity is a company limited by guarantee having no share capital and, in accordance with the Articles of Association, every member is liable to contribute £1 towards the costs of dissolution and the liabilities incurred by the charity in the event of the company being wound up. _________________________________________________________________________________________ 28 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **24 Prior year comparatives for notes to the financial statements** ## **Income from donations and legacies for the year ended 31 March 2020** ||**Unrestricted**|**Restricted**|**Total funds**| |---|---|---|---| ||**funds**|**funds**|**2020**| ||**£**|**£**|**£**| |Donations from individuals|104,943|107,815|**212,758**| |Donations from trustees and related parties|1,703|7,897|**9,600**| |Donations from churches and organisations|12,135|74,008|**86,143**| |Legacies|8,571|-|**8,571**| |Grants receivable for:|||| |CASA Grace|-|55,000|**55,000**| |ISTL, Albania|-|30,000|**30,000**| |N. Macedonia key workers|-|15,000|**15,000**| |Beginning of Life, Moldova|-|3,750|**3,750**| |Building project, N. Macedonia|-|20,365|**20,365**| |Grants receivable for other activities|16,035|26,215|**42,250**| ||143,387|340,050|**483,437**| |**Income from charitable activities for the year**|**ended 31 March**|**2020**|| ||**Unrestricted**|**Restricted**|**Total funds**| ||**funds**|**funds**|**2020**| ||**£**|**£**|**£**| |Supporter Conference|1,622|-|**1,622**| |Other income from charitable activities|1,213|215|**1,428**| ||2,835|215|**3,050**| |**Income from investments for the year ended**|**31 March 2020**||| ||**Unrestricted**|**Restricted**|**Total funds**| ||**funds**|**funds**|**2020**| ||**£**|**£**|**£**| |Interest and dividends|3,381|-|**3,381**| ||3,381|-|**3,381**| _________________________________________________________________________________________ 29 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **24 Prior year comparatives for notes to the financial statements** ## **Expenditure on raising funds for the year ended 31 March 2020** ||**Unrestricted**|**Restricted**|**Total funds**| |---|---|---|---| ||**funds**|**funds**|**2020**| ||**£**|**£**|**£**| |Fundraising materials (print & online):|||| |Design, publish, print & postage|6,082|4,479|**10,561**| |Developing Mission - Raising the profile of TEN|7,840|-|**7,840**| |Staff costs|18,971|25,675|**44,646**| |Events|613|-|**613**| |Investment management fees|1,115|-|**1,115**| |Allocated support costs|43,995|35,654|**79,649**| ||78,616|65,808|**144,424**| ## **Expenditure on charitable activities for the year ended 31 March 2020** |Church planting & development
Compassion projects
Evangelism
Developing Mission
Church planting & development
Compassion projects
Evangelism|**£**
175,941
132,264
18,877
-
**Grants**|**Total**
**2020**
**£**
**£**
**£**
14,894
28,731
**219,566**
13,240
21,604
**167,108**
2,175
3,118
**24,170**
12,175
1,897
**14,072**
**Other**
**direct**
**costs**
**Support**
**costs**| |---|---|---| ||327,082|42,484
55,350
**424,916**| |||**Grants to**
**Grants to**
**Total**
**institutions**
**individuals**
**2020**
**£**
**£**
**£**
173,146
2,795
**175,941**
132,264
-
**132,264**
18,877
-
**18,877**| |||324,287
2,795
**327,082**| _________________________________________________________________________________________ 30 ## **EUROVANGELISM** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **24 Prior year comparatives for the notes to the financial statements (continued)** ## **Support costs for the year ended 31 March 2020** |Staff costs
Central operating costs
TEN UK conference
Governance costs
Cost of fixed asset disposal|**Raising**
**Charitable**
**Total**
**funds**
**activities**
**2020**
**£**
**£**
**£**
51,141
35,539
**86,680**
17,029
11,834
**28,863**
6,855
4,764
**11,619**
1,564
1,086
**2,650**
3,060
2,127
**5,187**| |---|---| ||79,649
55,350
**134,999**| _________________________________________________________________________________________ 31