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2023-03-31-accounts

EUROVANGELISM

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Registered charity no. 1140592 Company limited by guarantee no. 07507682

EUROVANGELISM

INDEX TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

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 - 33

EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2023

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.

We are pleased to report that income for the year under review continued at a significantly higher level than in
the years leading up to 2020. This means that we have been able to maintain support to our partners. Many of
these still suffer badly from covid-19 related challenges and are also providing aid and care for victims of the
Ukraine conflict.

We thank God for every one of our partners and supporters, without whom none of this would be possible, and
with whose help we are able to see lives transformed.

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

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 reimbursed 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,
with the register updated annually. There are no Persons 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 and benchmarking
with other similar charities.

TEN is a member of the Evangelical Alliance and Global Connections.

…1

EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2023

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
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 grant-
making organisations and occasional legacies. TEN claims Gift Aid, where possible.

Financial position

TEN’s financial position at 31 March 2023 remains strong but unrestricted expenditure exceeded income in the
year. This is principally the result of spending designated funds set aside for specific purposes. Unrestricted
income was not as high as the previous year, which had some large one-off donations and legacies, but remains
broadly consistent and in line with expectations. Restricted income saw another notable year, with the Crisis
Appeal Fund attracting income of nearly £55,000 as a response to the war in Ukraine and the needs of
Ukrainian refugees, and we also received some large one-off restricted donations and grants for building
projects.

Overall, expenditure was not too dissimilar to recent years, but there was, for a second year running, elevated
spending on charitable activities. This was, in part, related to the recognition of grants payable in full where
they are communicated to recipients without conditions. This area of grant making was reviewed in the year, a
misstatement in the prior year was identified and corrected in regard to this, with the comparative figures
restated in these accounts. Restricted grant expenditure, principally on building projects and also to meet the
needs of Ukrainian refugees was, once again, slightly higher than is typical. Grant making from designated
funds was also significant, with over £70,000 of grant funding being provided. TEN has consistently achieved
very close to a 25:75 split in expenditure on raising funds and charitable activities over the years, but for the
third year running this changed to around a 15:85 split, principally as a result of increased grant expenditure
from restricted and designated funds.

Reserves policy

The Trustee Board keeps under review the need for free reserves which are those unrestricted funds not
invested in tangible fixed assets, held as programme related investments, or otherwise 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 2023, free reserves were £114,318. The free reserves policy, this year, requires between £61,504
and £123,008, with free reserves held at the year-end within this range. Free reserves had been in excess of
the reserves policy upper limit in recent years, but a plan to reduce this by 31 March 2024 was implemented
and has now been achieved, although this will be monitored ongoing.

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.

…2

EUROVANGELISM TRUSTEES REPORT

YEAR ENDED 31 MARCH 2023

The investment return (net of management fees) achieved over the year to 31 March 2023 was -6.7% (2022:
2.5%) which, when taken with the returns achieved over the preceding 2 financial years, results in a compound
annualised return over the 3-year period of 3.9%. For comparison, the Consumer Price Index (1 month lag) +
2% over the same 3-year period gives a compound annualised rate of 7.4%, which highlights performance
below the Trustees’ objective. Whilst disappointing, this is not unexpected, with inflation reaching heights
unseen in recent years. The Trustees maintain the conviction that a professionally managed fund remains the
best approach to investing those funds that are for the long-term benefit of the charity.

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. Agreements to grant fund our partners are clear that,
where these are made through the support of specific donors, ongoing grant funding is 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 are carried out 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. A Partners Advisory Group also helps shape these priorities. In line with
strategic objectives, grants will continue to support current partners but will also focus on funding new partners
and new partner ministries. 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 a
total of £20,000 in any one year above what has been approved in the budget. Over this limit, grants from
unrestricted funds need approval by a majority of Trustees. Grants for capital projects have the same
authorisation limit.

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. Visits are also undertaken to see, firsthand,
how partners who receive funding or other help from TEN make use of it. Furthermore, professional
development of staff helps ensure 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 2023

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 compassion,
evangelism and church planting and are actively practising this. We support these partners by encouraging
them through online communication, visits, conferences, building relationships with UK churches and
individuals, and networking, as well as through grants, teaching and training, gifts in kind and other resources.

Activities for the public benefit

The Trustees reviewed TEN’s work regarding public benefit on 11 February 2023 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

2022-23 has seen challenges to our work continue. These have included the outbreak of war in late February
2022, between Russia and Ukraine and the cost-of-living crisis that has affected the whole of Europe. However,
we have continued to maintain a strong performance across all areas of work. Visits to partners continued to
step up and we made visits to supporters and churches in the UK. This year has seen trips with small teams
supporting partner projects resume. Online tools are now well embedded in our modus operandi to maintain
communication and connection between TEN, our partners and our supporters. The technology continues to
bring efficiency and significant benefits. We are able to operate in a more responsive manner, gather
information more easily and it has continued to strengthen relationships with our beneficiaries and supporters.
An example would be that we are now able to use technology to establish new partner relationships and review
and monitor ongoing relationships, alongside visits to partners. This makes the work of supporting partners
more dynamic and enables us to respond to needs in a timelier way.

…4

EUROVANGELISM TRUSTEES REPORT

YEAR ENDED 31 MARCH 2023

In line with our Strategic Plan the following are examples of our achievements in 2022-23. Further information
can be found on our website and quarterly magazine.

Deepening & strengthening European partner relationships to effect change in Europe

Inspiring and equipping mission-focused Christians in the UK

…5

EUROVANGELISM TRUSTEES REPORT

YEAR ENDED 31 MARCH 2023

Strengthening our foundations to continue to be effective

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:

…6

EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2023

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, prayer, 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 15 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. In addition, we have volunteers
who help ad hoc as needed with events and fundraising and 5 volunteers to support the TENteach English
programme. In total we have 38 active volunteers and a team of 43 people who have committed to pray and
receive a bi-weekly prayer email. The total number of volunteers is 81.

Future activities

During 2023-24 we will continue to operate in line with the strategic themes outlined in the current strategy.
They can be summarised as follows:

Deepening & strengthening European partner relationships to effect change in Europe

Key work will be to draw in and support some new 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. A new team member was appointed in late August 2022 to support
working towards this strategic aim.

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.

During 2023-24 we will be reviewing our current strategy and developing a new one for 2024-2027.

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).

…7

EUROVANGELISM TRUSTEES REPORT

YEAR ENDED 31 MARCH 2023

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:

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.

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:

…………………………………….

Lorenz Jorgensen, Chair of Trustees

Date:  10 November 2023

…8

EUROVANGELISM

LEGAL AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2023

Registered numbers 1140592 (Charity Commission for England and Wales) 07507682 (Companies House) Alternative operating names Transform Europe Network TEN Harvest for the Hungry Trustees Mr J Chamberlain (from 30 July 2022 until 6 November 2022) (Who are Directors for the purposes Mrs M Jennings (until 30 July 2022) of Company Law) Mr L Jorgensen (Deputy Chair from 12 November 2021 until 12 November 2022, Chair from 12 November 2022) Mrs M Lilley Mr G May (from 21 July 2023) Mrs N Mezei (until 17 July 2023) Mrs M Reeves (until 20 May 2022) Mr A Spencer (Deputy Chair from 12 November 2022) Ms H Vinson (Chair until 12 November 2022, Trustee until 10 February 2023) 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 2023

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March
2023.

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: 10 November 2023

…10

EUROVANGELISM

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
2
Charitable activites
3
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net gains/(losses) on investments
16
Net income/(expenditure)
10
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward (Restated)
Total funds carried forward
20		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2023
2022
£
£
£
£
(Restated)
154,061
586,497
740,558
922,177
3,233
-
3,233
189
3,053
-
3,053
1,841
160,347
586,497
746,844
924,207
41,671
46,504
88,175
104,477
193,191
406,571
599,762
686,699
234,862
453,075
687,937
791,176
(8,849)
-
(8,849)
1,458
(83,364)
133,422
50,058
134,489
(8,698)
8,698
-
-
(92,062)
142,120
50,058
134,489
712,524
188,284
900,808
766,319
620,462
330,404
950,866
900,808

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 25

The notes on pages 14 to 33 form part of these financial statements

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11

EUROVANGELISM

BALANCE SHEET

AT 31 MARCH 2023 Company registration number: 07507682

Note
Fixed assets:
Tangible assets
14
Programme related investments
15
Financial investments
16
Current assets:
Debtors
17
38,191
Programme related investments
15
1,900
Cash at bank and in hand
643,579
683,670
Liabilities:
Creditors: Amounts falling due
within one year
18
(53,930)
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due
after more than one year
19
Total net assets
The funds of the charity:
Unrestricted funds
21
Free reserves
114,318
Designated - Tangible fixed assets
238,411
Designated - Charitable loans (carrying value)
6,790
Other designated funds
260,943
Restricted funds
21
Total charity funds		 38,191
1,900
643,579		 2023
£
238,411
4,890
113,575
629,740		 66,238
1,240
572,066		 2022
£
(Restated)
240,146
4,340
114,623
595,399
683,670
(53,930)		 639,544
(44,145)
169,798
240,146
5,580
297,000
986,616
(35,750)		 954,508
(53,700)
950,866 900,808
620,462
330,404		 712,524
188,284
950,866 900,808

For the year ended 31 March 2023 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 10 November 2023 and are signed on their behalf by:

………………………………………....................................................

Lorenz Jorgensen

Chair of Trustees

The notes on pages 14 to 33 form part of these financial statements

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12

EUROVANGELISM

STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2023

Note
Operational cash flows
Cash flowsfor
operating activities
Receipts from donations and legacies
22 (A1)
Payments for raising funds
22 (B1)
Net inflow for operating activities
Cash flowsfrom
operating activities
Receipts from charitable activites
22 (A2)
Payments for charitable activities
22 (B2)
Additions to Programme related investments
15
Repayments from Programme related investments
15
Net outflow from operating activities
Net inflow of operating activities
Non-operational cash flows
Investing activities
Dividends and interest from investments
22 (C1)
Proceeds from sale of investments
16
Purchase of investments
16
Movement of cash held for investments
16
Net cash provided by/(for) investing activities
Net cash inflow for the year
23		 Total funds
Total funds
2023
2022
£
£
759,270
929,271
(87,039)
(103,960)
672,231
825,311
3,233
91
(606,240)
(615,282)
(2,640)
(6,200)
1,430
620
(604,217)
(620,771)
68,014
204,540
3,053
1,841
8,804
21,530
(8,358)
(29,300)
-
(700)
3,499
(6,629)
71,513
197,911

The notes on pages 14 to 33 form part of these financial statements

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13

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1 Accounting policies

(a) Basis of preparation

The financial statements have been prepared in accordance with the historical cost convention except for investments which have been included at fair value and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) or Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The charity is a Public Benefit Entity as defined under FRS 102. The presentation currency is pounds sterling.

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 caused by the worldwide COVID-19 pandemic and now the geopolitical developments surrounding the war in Ukraine. 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 20 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 20 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.

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14

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

EUROVANGELISM

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.

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15

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

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) Financial 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) Programme related investments

Programme related investments consist of charitable loans, which are provided interest free. These investments are carried at cost less any provision for impairment less any repayments received.

(j) 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.

(k) 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.

(l) 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.

(m) 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.

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16

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

2 Income from donations and legacies

2
Income from donations and legacies
Donations from individuals
Donations from trustees and related parties
Donations from churches and organisations
Legacies
Grants receivable for:
CASA Grace
ISTL, Albania
Building project, Moldova
Building projects, N. Macedonia
Building project, Romania
Building project, Serbia
Crisis Appeal Fund
N. Macedonia key workers
Raising new leaders in East Europe
Gotesti Day Care Centre, Moldova
Moldova Ministry Support
Grants receivable for other activities		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2023
2022
£
£
£
£
121,247
130,944
252,191
320,979
1,959
4,497
6,456
6,624
13,265
204,511
217,776
233,771
2,000
-
2,000
87,491
-
60,000
60,000
55,500
-
84,000
84,000
32,000
-
818
818
17,642
-
17,736
17,736
22,100
-
-
-
16,491
-
-
-
15,718
-
5,000
5,000
22,000
-
3,000
3,000
11,500
-
-
-
10,661
-
11,500
11,500
-
-
11,500
11,500
-
15,590
52,991
68,581
69,700
154,061
586,497
740,558
922,177

(See note 26 for prior year comparatives)

3 Income from charitable activities

3
Income from charitable activities
Teams mission trips
Other income from charitable activities
(See note 26 for prior year comparatives)		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2023
2022
£
£
£
£
2,806
-
2,806
-
427
-
427
189
3,233
-
3,233
189

4 Income from investments

4
Income from investments
Interest and dividends
(See note 26 for prior year comparatives)		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2023
2022
£
£
£
£
3,053
-
3,053
1,841
3,053
-
3,053
1,841

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17

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

5 Expenditure on raising funds

5
Expenditure on raising funds		 5
Expenditure on raising funds
Fundraising materials (print & online):
Design, publish, print & postage
Developing Mission - Raising the charity's profile
Staff costs
Investment management fees
Allocated support costs_(Note 8)_
(See note 26 for prior year comparatives)
6
Expenditure on charitable activities
Grants
£
Church planting & development
208,564
Compassion projects
216,165
Evangelism & other ministry support
6,645
Developing Mission
-
431,374
Church planting & development
Compassion projects
Evangelism & other ministry support		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2023
2022
£
£
£
£
4,607
5,702
10,309
10,348
4,916
-
4,916
5,677
11,556
18,444
30,000
39,174
557
-
557
486
20,035
22,358
42,393
48,792
41,671
46,504
88,175
104,477
Other
Support
direct
costs
Total
Total
costs
(Note 8)
2023
2022
£
£
£
£
(Restated)
26,137
41,168
275,869
398,656
30,307
39,588
286,060
254,982
1,567
1,227
9,439
11,458
24,307
4,087
28,394
21,603
431,374 82,318
86,070
599,762
686,699
Grants to
Grants to
Total
Total
institutions
individuals
2023
2022
£
£
£
£
(Restated)
208,564
-
208,564
347,662
216,165
-
216,165
212,099
6,645
-
6,645
9,715
431,374
-
431,374
569,476
(See Note 7)

(See note 26 for prior year comparatives)

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18

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

7 Grants to institutions - detail

The vast majority of grants made or committed to institutions are for amounts less than £10,000 per grant. Below are details of the institutions to whom grants were committed or that received grants totalling more than £10,000 in the current or preceeding year.

Church of God, Albania
ISTL, Albania
Beginning of Life, Moldova
Gotesti Baptist Church, Moldova
Evangelical Church, N. Macedonia
CASA Grace, Romania
Emanuel Hospice, Romania
Open Heaven, Romania
Protestant Evangelical Church - Duhovni Centar, Romania
Tinca Baptist Church, Romania
Nexus Church, Serbia
Shtip key worker, Evangelical Church of Macedonia
Radovish key worker, Evangelical Church of Macedonia
Prilep & Bitola Key worker, Evangelical Church of Macedonia
Sofia Evangelical Baptist Church, Bulgaria
SEAM, N. Macedonia
Youth for Christ, Kosovo
Grants totalling less than £10,000 per institution in both the current
and preceeding year
Total		 2023
2022
£
£
(Restated)
10,385
13,015
44,025
34,167
22,652
27,225
18,886
19,949
29,093
55,906
62,779
64,002
19,864
16,383
25,322
56,978
6,134
14,623
21,045
22,923
1,715
22,987
821
26,200
691
21,261
11,747
4,205
12,200
2,500
895
10,000
-
10,000
143,120
145,555
431,374
567,879

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
Governance costs_(Note 9)_		 Raising
Charitable
Total
Total
funds
activities
2023
2022
£
£
£
£
30,552
62,029
92,581
81,664
10,924
22,180
33,104
24,601
917
1,861
2,778
2,162
42,393
86,070
128,463
108,427

(See note 26 for prior year comparatives)

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19

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

9 Governance costs

Independent examiner's fee
Independent examiner's fee - prior year under accrual adjustment
Trustees' meeting expenses
10 Net income/(expenditure) for the year
This is stated after charging:
Depreciation
Independent examiner's fee
Trustee remuneration
Reimbursed Trustee expenses - 2 Trustees (2022: 1 Trustee)
(These expenses related to travel costs)
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)		 2023
2022
£
£
1,962
1,782
-
42
816
338
2,778
2,162
2023
2022
£
£
1,735
1,734
1,962
1,824
-
-
266
240
2023
2022
£
£
162,083
148,650
10,070
9,191
10,753
10,403
182,906
168,244
53,577
50,057

No employee received emoluments of more than £60,000 in the current or prior year.

In the year to 31 March 2023, the average number of staff employed was 6 (2022: 6)

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.

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20

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

14 Tangible fixed assets

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
15 Programme related investments		 Freehold
Office
Computer
property
equipment
equipment
Total
£
£
£
£
238,107
10,402
2,859
251,368
-
-
-
-
-
-
-
-
238,107
10,402
2,859
251,368
-
8,801
2,421
11,222
-
1,565
170
1,735
-
-
-
-
-
10,366
2,591
12,957
238,107
36
268
238,411
238,107
1,601
438
240,146
15 Programme related investments
Partner
sustainability
loans Total
£ £
At 1 April 2022 5,580 5,580
Additions 2,640 2,640
Amount repaid (1,430) (1,430)
At 31 March 2023 6,790 6,790
Included within:
Fixed assets 4,890 4,890
Current assets 1,900 1,900
6,790 6,790

This initiative was started in the prior year, with partner sustainability loans being provided to help partners strengthen their foundations and financial sustainability, to try and encourage an approach that is not so dependent on outside funding where possible. At 31 March 2023, 2 loans had been made and no others committed. The concessionary loans made are repayable in equal instalments over varying periods of not more than 5 years, have been provided interest free, and are unsecured.

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21

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

16 Financial investments

Listed investments

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
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
Unlisted investments		 2023
2022
£
£
114,623
84,297
8,358
29,300
(557)
(486)
-
700
(8,849)
812
113,575
114,623
£
£
40,326
55,741
4,809
4,247
51,459
43,359
3,727
4,577
10,966
4,321
2,288
2,378
113,575
114,623
117,273
109,472

Unlisted investments are all stated at cost less allowance for impairment.

The shares held in the prior year were in a private limited company registered in England, whose principal activity is property investment with a mixed portfolio. At the start of the year all shares previously held were either sold or in the process of being sold.

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		 2023
2022
£
£
-
20,358
-
(12,200)
-
(8,804)
-
646
-
-
£
£
113,575
114,623

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22

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

17 Debtors
Prepayments
Accrued income
Other debtors
18 Creditors: Amounts falling due within one year
Grants Payable
Accruals and deferred income
Taxation and social security
Other creditors
19 Creditors: Amounts falling due after more than one year
Grants Payable
20 Movement in funds
Current year movements
1 April
Income Expenditure
2022
and gains
and losses
£
£
£
(Restated)
Restricted funds
Church planting & development
63,585
309,630
(192,219)
Compassion projects
116,595
257,833
(252,036)
Evangelism & other ministry support
8,104
19,034
(8,820)
188,284
586,497
(453,075)
Unrestricted funds
Designated funds:
Tangible fixed assets
240,146
-
(1,735)
Charitable loans (carrying value)
5,580
-
-
Charitable loans (available)
-
-
-
Partner support
219,297
-
(68,461)
New ministries
77,703
-
(10,806)
Free reserves
169,798
160,347
(162,709)
712,524
160,347
(243,711)
Total funds
900,808
746,844
(696,786)		 17 Debtors
Prepayments
Accrued income
Other debtors
18 Creditors: Amounts falling due within one year
Grants Payable
Accruals and deferred income
Taxation and social security
Other creditors
19 Creditors: Amounts falling due after more than one year
Grants Payable
20 Movement in funds
Current year movements
1 April
Income Expenditure
2022
and gains
and losses
£
£
£
(Restated)
Restricted funds
Church planting & development
63,585
309,630
(192,219)
Compassion projects
116,595
257,833
(252,036)
Evangelism & other ministry support
8,104
19,034
(8,820)
188,284
586,497
(453,075)
Unrestricted funds
Designated funds:
Tangible fixed assets
240,146
-
(1,735)
Charitable loans (carrying value)
5,580
-
-
Charitable loans (available)
-
-
-
Partner support
219,297
-
(68,461)
New ministries
77,703
-
(10,806)
Free reserves
169,798
160,347
(162,709)
712,524
160,347
(243,711)
Total funds
900,808
746,844
(696,786)		 2023
2022
£
£
1,765
2,296
36,329
55,041
97
8,901
38,191
66,238
2023
2022
£
£
(Restated)
44,202
36,237
6,229
3,797
3,248
3,168
251
943
53,930
44,145
2023
2022
£
£
(Restated)
35,750
53,700
31 March
Transfers
2023
£
£
4,836
185,832
2,307
124,699
1,555
19,873
188,284
586,497
(453,075)
240,146
-
(1,735)
5,580
-
-
-
-
-
219,297
-
(68,461)
77,703
-
(10,806)
169,798
160,347
(162,709)		 8,698
330,404
-
238,411
1,210
6,790
43,210
43,210
-
150,836
-
66,897
(53,118)
114,318
712,524
160,347
(243,711)		 (8,698)
620,462
900,808
746,844
(696,786)		 -
950,866

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23

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

20 Movement in funds (continued)

Transfers:

Just under 24% of expenditure on raising funds for restricted projects has been met by a transfer of £11,153 from free reserves, ensuring project recipients receive as much as possible from restricted donations. With no more than 15 percent of any particular restricted donation going towards support costs, as publicised.

There was also a transfer from restricted funds to the charitable loans (carrying value) designated fund of £2,455. A restricted donation was given for the purpose of enabling a concessionary loan for a partner in Europe. With the donation's purpose having been fulfilled through the provision of a concessionary loan during the year, it then became part of the unrestricted funds of the charity and is included in the accounts as a transfer.

Description and purpose of designated funds:

Tangible fixed assets

This 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.

Charitable loans (carrying value)

This fund represents the carrying value of charitable loans held by the charity, as disclosed in note 15. These consist of concessionary loans made to partners in development of their long-term financial sustainability. Transfers are made to the fund as and when new loans are disbursed, and from the fund to the charitable loans (available) designated fund as repayments are made.

Charitable loans (available)

Arising from a desire to support partners in strengthening their foundations and financial sustainability, £50,000 has been designated for that purpose, through the provision of concessionary loans. This fund is the balance of £50,000 less the loans held in the charitable loans (carrying value) designated fund.

Partner support

This fund is being used in delivering the strategy related to partners and our UK ministry. It allows us to meet any needs that might arise within our partners' communities (including hardships the partners themselves may face), 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.

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. It is anticipated this fund will have been fully spent by the end of March 2025.

Description and purpose of restricted funds:

The income funds of the charity include restricted funds comprising unexpended balances of donations and grants 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 shown in the table on the next page.

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24

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

20 Movement in funds (continued)

Current year movements of specific restricted funds

Restricted funds with
income greater than £10,000:
ISTL, Albania
Building project, Bulgaria
CASA Grace
Crisis Appeal Fund
Harvest for the Hungry
WinterHelp
Building projects (2), N. Macedonia
Gotesti Day Care Centre, Moldova
Roma Communities
Open Heaven, Romania
Moldova Ministry Support
Total of restricted funds with
income less than £10,000
Total restricted funds		 1 April
Income Expenditure
31 March
2022
and gains
and losses
Transfers
2023
£
£
£
£
£
(Restated)
-
96,675
(34,800)
-
61,875
8,767
74,525
(11,179)
-
72,113
38,281
64,312
(60,640)
-
41,953
31,724
54,391
(67,060)
-
19,055
17,478
48,531
(39,590)
-
26,419
13,776
18,845
(19,483)
-
13,138
797
17,736
(18,533)
-
-
-
11,000
(5,500)
-
5,500
2,586
15,900
(16,606)
-
1,880
(6,677)
14,373
(8,296)
-
(600)
-
11,500
(2,511)
-
8,989
81,552
158,709
(168,877)
8,698
80,082
188,284
586,497
(453,075)
8,698
330,404

ISTL, Albania

This fund represents grant funding and donations made in support of the ongoing work of ISTL in Albania, including a significiant building project to expand their capacity.

Building Project, Bulgaria

This fund is the result of a partner in Bulgaria needing a new building to accommodate their growing church congregation, with a donation in a previous year and one in the current year given in support.

CASA Grace

This fund represents grants and donations given in support of the CASA Grace Foundation, a community project in Romania.

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, political or economic disasters, with the war in Ukraine being the most prominent recent event. This fund arises from those appeals which enable grant funding to meet such emergency needs.

Harvest for the Hungry

An annual appeal is made by the charity to raise funds to feed the hungry in Europe, enabling partners to buy food parcels that are distributed to the needy in their community. This fund arises from that appeal.

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.

Building projects (2), N. Macedonia

This fund is the result of two building projects being developed in N. Macedonia, with grants given in support.

Gotesti Day Care Centre, Moldova

This fund arose from a successful grant application in support of a church day care centre being run by a partner in rural Moldova.

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25

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

20 Movement in funds (continued)

Roma Communities

This fund represents grants and donations given in support of our partners' work amongst the Roma population in various parts of eastern Europe.

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. The fund was in deficit at the current and prior year reporting date due to the recognition of grants payable as a constructive obligation. The fund will be brought out of deficit by the receipt of income allowing these grant commitments to be kept.

Moldova Ministry Support

This fund has arisen as a result of two succesful grant applications to support outreach ministry in Moldova.

Prior year movements

Prior year movements
1 April Income Expenditure 31 March
2021 and gains and losses Transfers 2022
£ £ £ £ £
(Restated) (Restated) (Restated)
Restricted funds
Church planting & development 28,314 348,481 (316,476) 3,266 63,585
Compassion projects 108,150 277,591 (270,458) 1,312 116,595
Evangelism & other ministry support 9,852 10,717 (12,542) 77 8,104
146,316 636,789 (599,476) 4,655 188,284
Unrestricted funds
Designated funds:
Tangible fixed assets 241,880 - (1,734) - 240,146
Charitable loans (carrying value) - - - 5,580 5,580
Partner support 122,370 - (49,994) 146,921 219,297
New ministries 77,703 - - - 77,703
Free reserves 178,050 288,876 (139,972) (157,156) 169,798
620,003 288,876 (191,700) (4,655) 712,524
Total funds 766,319 925,665 (791,176) - 900,808

Transfers:

Just under 10% of expenditure on raising funds for restricted projects has been met by a transfer of £4,655 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 specified restricted funds in the prior year not already explained:

Church development, N. Macedonia

This fund arose as the result of a donation from a supporter church, given to enable strategic development of the evangelical church in N. Macedonia.

Specific N. Macedonia key workers

This fund is the result of the same donation as above, given for specific key workers in N. Macedonia. The fund was in deficit at the prior year reporting date due to the recognition of grants payable as a constructive obligation. It was brought out of deficit by the receipt of income allowing these grant commitments to have been kept.

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26

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

20 Movement in funds (continued)

Building project, Moldova

This fund is the result of a building project being developed in Moldova, with a grant given in support.

Building project, Romania

This fund is the result of a building project being developed in Romania, with a grant given in support.

Building project, Serbia

This fund is the result of a building project being developed in Serbia, with a grant given in support.

Emanuel Hospice

This fund represents grants and donations given in support of the Emanuel Hospice Foundation, which provides end of life care in Romania.

General 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.

Raising new leaders in East Europe

This fund is the result of grants given to help raise and support new leaders across various church and mission activities in East Europe.

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.

Prior year movements of specific
Restricted funds with
income greater than £10,000
Crisis Appeal Fund
CASA Grace
Church development, N. Macedonia
Specific N. Macedonia key workers
Building projects (2), N. Macedonia
Harvest for the Hungry
ISTL, Albania
WinterHelp
Building project, Moldova
Building project, Romania
Building project, Serbia
Open Heaven, Romania
Emanuel Hospice
General N. Macedonia key workers
Raising new leaders in East Europe
Beginning of Life, Moldova
Total of restricted funds with
income less than £10,000
Total restricted funds		 restricted funds
1 April
Income Expenditure
31 March
2021
and gains
and losses
Transfers
2022
£
£
£
£
£
(Restated)
(Restated)
(Restated)
9,706
97,025
(75,007)
-
31,724
40,716
64,662
(67,097)
-
38,281
-
46,000
(1,749)
-
44,251
120
45,062
(47,643)
-
(2,461)
-
37,091
(36,294)
-
797
23,165
34,007
(39,694)
-
17,478
-
32,500
(32,500)
-
-
10,702
19,575
(16,501)
-
13,776
215
17,793
(13,645)
-
4,363
-
16,491
(16,491)
-
-
-
15,718
(14,921)
-
797
3,645
12,798
(23,120)
-
(6,677)
(111)
12,749
(12,638)
-
-
7,898
12,013
(11,623)
-
8,288
-
10,661
(10,661)
-
-
213
10,062
(9,133)
-
1,142
50,047
152,582
(170,759)
4,655
36,525
146,316
636,789
(599,476)
4,655
188,284

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27

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

21 Analysis of net assets between funds

Current year

Current year
Restricted funds
Church planting & development
Compassion projects
Evangelism & other ministry support
Unrestricted funds
Designated funds:
Tangible fixed assets
Charitable loans (carrying value)
Charitable loans (available)
Partner support
New ministries
Free reserves
Total funds
Prior year
Restricted funds
Church planting & development
Compassion projects
Evangelism & other ministry support
Unrestricted funds
Designated funds:
Tangible fixed assets
Charitable loans (carrying value)
Partner support
New ministries
Free reserves
Total funds		 Tangible Fixed asset
Other net
Total
fixed assets investments
assets
2023
£
£
£
£
-
-
185,832
185,832
-
-
124,699
124,699
-
-
19,873
19,873
-
-
330,404
330,404
238,411
-
-
238,411
-
4,890
1,900
6,790
-
-
43,210
43,210
-
-
150,836
150,836
-
-
66,897
66,897
-
113,575
743
114,318
238,411
118,465
263,586
620,462
238,411
118,465
593,990
950,866
Tangible Fixed asset
Other net
Total
fixed assets investments
assets
2022
£
£
£
£
(Restated)
(Restated)
-
-
63,585
63,585
-
-
116,595
116,595
-
-
8,104
8,104
-
-
188,284
188,284
240,146
-
-
240,146
-
4,340
1,240
5,580
-
-
219,297
219,297
-
-
77,703
77,703
-
114,623
55,175
169,798
240,146
118,963
353,415
712,524
240,146
118,963
541,699
900,808

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28

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

22 Reconciliation of the Statement of Financial Activities

Statement of
Financial
Activities
£
A1 Income from donations and legacies
740,558
Decrease in accrued income
A2 Income from charitable activities
3,233
B1 Costs of raising funds
(88,175)
Investment management fees eliminated
557
Decrease in prepayments
Increase in accruals
Increase in taxation and social security
Decrease in other creditors
B2 Costs of charitable activities
(599,762)
Decrease in grants payable
Depreciation eliminated
1,735
Decrease in prepayments
Increase in accruals
Increase in taxation and social security
Decrease in other creditors
C1 Dividends and interest from investments
3,053
23 Analysis of changes in cash and cash equivalents
2023
£
Cash in hand
643,579
Total cash and cash equivalents
643,579
2022
£
Cash in hand
572,066
Total cash and cash equivalents
572,066
Balance sheet movements		 Statement of
Financial
Activities
£
A1 Income from donations and legacies
740,558
Decrease in accrued income
A2 Income from charitable activities
3,233
B1 Costs of raising funds
(88,175)
Investment management fees eliminated
557
Decrease in prepayments
Increase in accruals
Increase in taxation and social security
Decrease in other creditors
B2 Costs of charitable activities
(599,762)
Decrease in grants payable
Depreciation eliminated
1,735
Decrease in prepayments
Increase in accruals
Increase in taxation and social security
Decrease in other creditors
C1 Dividends and interest from investments
3,053
23 Analysis of changes in cash and cash equivalents
2023
£
Cash in hand
643,579
Total cash and cash equivalents
643,579
2022
£
Cash in hand
572,066
Total cash and cash equivalents
572,066
Balance sheet movements		 Debtors
Creditors
Cash flow
£
£
£
18,712
759,270
3,233
175
605
27
(228)
(87,039)
(9,985)
356
1,826
54
(464)
(606,240)
3,053
19,243
(8,165)
2022
Change
£
£
572,066
71,513
572,066
71,513
2021
Change
£
£
374,155
197,911
374,155
197,911
643,579
2022
£
572,066
572,066

24 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.

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29

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

25 Prior year fund comparatives for the Statement of Financial Activities

Income from:
Donations and legacies
Charitable activites
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers
Net movement in funds
Reconciliation of funds:
Total funds brought forward (Restated)
Total funds carried forward		 Unrestricted
Restricted
Total funds
funds
funds
2022
£
£
£
(Restated)
(Restated)
(Restated)
285,388
636,789
922,177
189
-
189
1,841
-
1,841
287,418
636,789
924,207
56,603
47,874
104,477
135,097
551,602
686,699
191,700
599,476
791,176
1,458
-
1,458
97,176
37,313
134,489
(4,655)
4,655
-
92,521
41,968
134,489
620,003
146,316
766,319
712,524
188,284
900,808

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30

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

26 Prior year comparatives for notes to the financial statements

Income from donations and legacies for the year ended 31 March 2022

Unrestricted Restricted Total funds
funds funds 2022
£ £ £
Donations from individuals 153,241 167,738 320,979
Donations from trustees and related parties 1,567 5,057 6,624
Donations from churches and organisations 32,089 201,682 233,771
Legacies 87,491 - 87,491
Grants receivable for:
CASA Grace - 55,500 55,500
ISTL, Albania - 32,000 32,000
Building project, Moldova - 17,642 17,642
Building project, N. Macedonia - 22,100 22,100
Building project, Romania - 16,491 16,491
Building project, Serbia - 15,718 15,718
Crisis Appeal Fund - 22,000 22,000
N. Macedonia key workers - 11,500 11,500
Raising new leaders in East Europe - 10,661 10,661
Beginning of Life, Moldova - 8,500 8,500
Grants receivable for other activities 11,000 50,200 61,200
285,388 636,789 922,177
Income from charitable activities for the year ended 31 March 2022
Unrestricted Restricted Total funds
funds funds 2022
£ £ £
Other income from charitable activities 189 - 189
189 - 189
Income from investments for the year ended 31 March 2022
Unrestricted Restricted Total funds
funds funds 2022
£ £ £
Interest and dividends 1,841 - 1,841
1,841 - 1,841

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31

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

26 Prior year comparatives for notes to the financial statements (continued)

Expenditure on raising funds for the year ended 31 March 2022

Fundraising materials (print & online):
Design, publish, print & postage
Developing Mission - Raising the charity's profile
Staff costs
Investment management fees
Allocated support costs		 Unrestricted
Restricted
Total funds
funds
funds
2022
£
£
£
5,431
4,917
10,348
5,677
-
5,677
18,575
20,599
39,174
486
-
486
26,434
22,358
48,792
56,603
47,874
104,477

Expenditure on charitable activities for the year ended 31 March 2022

Grants
£
(Restated)
Church planting & development
347,662
Compassion projects
212,099
Evangelism & other ministry support
9,715
Developing Mission
-
569,476
Church planting & development
Compassion projects
Evangelism & other ministry support
Support costs for the year ended 31 March 2022
Staff costs
Central operating costs
Governance costs		 Grants
£
(Restated)
347,662
212,099
9,715
-		 Other
Support
Total
direct costs
costs
2022
£
£
£
(Restated)
19,008
31,986
398,656
18,489
24,394
254,982
632
1,111
11,458
19,459
2,144
21,603
569,476 57,588
59,635
686,699
Grants to
Grants to
Total
institutions
individuals
2022
£
£
£
(Restated)
(Restated)
346,065
1,597
347,662
212,099
-
212,099
9,715
-
9,715
567,879
1,597
569,476
Raising
Charitable
Total
funds
activities
2022
£
£
£
36,749
44,915
81,664
11,070
13,531
24,601
973
1,189
2,162
48,792
59,635
108,427

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32

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

27 Prior year restatement

There has been an £89,937 prior year adjustment to the brought forward funds due to a misstatement in grants payable in the prior year accounts. Development of the charity's operations over recent years has meant that a more formalised approach to making grant offers has sometimes included specific terms that give rise to a constructive obligation. The resulting liabilities were missed in the preparation of the prior year accounts, but this is corrected in the comparative figures in these accounts, highlighted by the use of '(Restated)' in various headings, where applicable.

The above restatement has the following effect on the comparative figures:

As previously Restated
stated Adjustment amounts
£ £ £
Balance Sheet
Total restricted funds as at 31 March 2022 (256,027) 67,743 (188,284)
Unrestricted free reserves as at 31 March 2022 (191,992) 22,194 (169,798)
Creditors: Amounts falling due within one year -
Grants payable as at 31 March 2022 - (36,237) (36,237)
Creditors: Amounts falling due after more than one year -
Grants payable as at 31 March 2022 - (53,700) (53,700)
Statement of Financial Activities
Total restricted funds brought forward on 1 April 2021 154,766 (8,450) 146,316
Total unrestricted funds brought forward on 1 April 2021 631,253 (11,250) 620,003
Expenditure on charitable activities -
Grants for the year ended 31 March 2022 (499,239) (70,237) (569,476)

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33