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2024-03-31-accounts

EUROVANGELISM

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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

EUROVANGELISM

INDEX TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

CONTENTS PAGE
Trustees Report 1 – 8
Legal and administrative information 9
Independent Examiner’s Report 10
Statement of Financial Activities 11
Balance Sheet 12 - 13
Statement of Cash Flows 14
Notes to the financial statements 15 - 35

EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

Our mission is to work with 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 60 individuals, churches, and Christian
organisations in eleven 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. Some of
our partners continue to serve those affected by the war in Ukraine through work to support refugees. All our
partners have been impacted by the inflationary pressures of the last few years.

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.

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EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

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

The financial position and performance of TEN is broadly in line with the expectations of the Trustees, based
on their planning and monitoring of income and expenditure throughout the year.  Unrestricted expenditure
exceeded income in the year, but this is the result of spending designated funds set aside for specific purposes.
There was a small surplus of free reserves, demonstrating the stability of the charity’s operations.

Unrestricted income was higher than the previous year, with donations from individuals, grant income and
investment income all increasing. Restricted income remains around the level anticipated and continues to be
significantly higher than unrestricted income as the charity seeks to attract interest in specific projects and
partners.

Charitable activities expenditure was significantly higher this year, with grant spending up £235,006.  This was
largely because of grants relating to building purchases or development and significant funds sent in support
of ministries in Albania.  Otherwise, expenditure was not too dissimilar to recent years and is in line with
expectations.  Staff costs have increased because this was the first full financial year with 7 staff members.

TEN has consistently achieved very close to a 25:75 split in expenditure on raising funds and charitable
activities over many years, but this changed to around a 15:85 split in more recent years.  Increased grant
expenditure has pushed this split to be 9:91 for the year ended 31 March 2024.  Whilst this demonstrates our
commitment to our partners it is not typical, and we would anticipate it reverting to a more normal level next
year.  The Trustees continue to monitor this, are committed to stewarding the charity’s resources well and
supporting partners as effectively as possible.

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).

On 31 March 2024, free reserves were £114,774. The free reserves policy, this year, requires between £62,880
and £125,760, with free reserves held at the year-end within this range.

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

…2

EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

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.

-6.7%) 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 1.4%. For comparison, the Consumer Price Index (1 month lag) +
2% over the same 3-year period gives a compound annualised rate of 8.6%, which highlights performance
below the Trustees’ objective. Whilst disappointing, this is not unexpected, with inflation remaining persistently
high over recent years. The Trustees remain of the view that a professionally managed fund continues to be
the best approach to investing those funds that are for the long-term benefit of the charity, as evidenced by the
investment return achieved in the year to 31 March 2024.

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.

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EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

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, small team trips, 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 9 February 2024 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

During 2023-24 we have reviewed our 2020-23 strategy and in consultation with partners, supporters and staff
set out a new strategy for 2024-27. The strategic document sets out our priorities in relation to our work with
our partners and supporters. Our review highlighted that much progress has been made towards the objectives
of the previous strategy and that the next three years will focus on the strengthening and development of those
areas of work. This will include a particular focus on raising new leaders, building partner financial sustainability
and strengthening partner ministries. The overriding theme to guide us over the next few years is ‘To go where
there is Kingdom momentum’. The approach is evolution from the last strategic cycle into the new one and
below we set out highlights of the work:

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EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

Supporting Partner ministries in Eastern Europe and the Balkans

Developing the support and participation of mission-focused Christians in the UK

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EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

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:

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EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

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
on 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. The total number of volunteers is 73.

Future activities

During 2024-25 we will operate to meet the objectives set out in our new 2024-27 strategy. As stated above
these are building on the last strategic cycle. They can be summarised as follows:

Supporting partner ministries in Eastern Europe and the Balkans

Key work will be to draw in and support some new younger partners,women, and Roma leaders; help partners
strengthen their foundations and sustainability; help develop and empower new ministries and to empower
partners in shaping TEN.

Developing the support and participation of mission-focused Christians in the UK

In the UK we will be working to continue to raise new interest, support and participation, engaging Christians
of all ages in our mission and strengthening and increased connections with partners. Key to meeting this
objective is to continue our work to increase participation of individuals, churches, volunteers and small teams
in our work.

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.Following a GDPR policy and process review in 2023
we continue to embed the recommendations of this review. Furthermore, we continue with a process of ongoing
development with our Customer Relationship Management systems.  Our new strategy will be reviewed through
quarterly board meetings, staff line management and the management of the CEO.

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EUROVANGELISM

TRUSTEES REPORT

YEAR ENDED 31 MARCH 2024

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:

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: 8 November 2024

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EUROVANGELISM

LEGAL AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2024

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 L Jorgensen (Chair)
(Who are Directors for the purposes Mrs M Lilley
of Company Law) Mr G May (from 21 July 2023)
Mrs N Mezei (until 17 July 2023)
Mr A Spencer (Deputy 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 Joshua N Kingston BSc (Hons) ACA
Burton Sweet Limited
The Clock Tower
5 Farleigh Court
Old Weston Road
Flax Bourton
Bristol BS48 1UR
Solicitors Anthony Collins Solicitors
134 Edmund Street
Birmingham B3 2ES
Investment manager 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 2024

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March
2024.

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.

………………………………………
Joshua N Kingston BSc (Hons) ACA
Burton Sweet Limited
The Clock Tower
5 Farleigh Court
Old Weston Road
Flax Bourton
Bristol  BS48 1UR

Date: 8 November 2024

…10

EUROVANGELISM

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2024

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
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
21
Total funds carried forward
21		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2024
2023
£
£
£
£
169,842
542,256
712,098
740,558
2,763
-
2,763
3,233
9,551
-
9,551
3,053
182,156
542,256
724,412
746,844
45,679
38,900
84,579
88,175
191,552
668,998
860,550
599,762
237,231
707,898
945,129
687,937
8,689
-
8,689
(8,849)
(46,386)
(165,642)
(212,028)
50,058
1,224
(1,224)
-
-
(45,162)
(166,866)
(212,028)
50,058
620,462
330,404
950,866
900,808
575,300
163,538
738,838
950,866

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 26

The notes on pages 15 to 35 form part of these financial statements

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11

Company registration number: 07507682

EUROVANGELISM

BALANCE SHEET

AT 31 MARCH 2024

Note
Fixed assets:
Tangible assets
14
Programme related investments
15
Financial investments
16
Current assets:
Debtors
17
Programme related investments
15
Cash at bank, in hand, and on
short term deposit
Liabilities:
Creditors: Amounts falling due
within one year
18
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due
after more than one year
19
Provisions for liabilities
20
Total net assets		 80,658
4,530
526,149		 2024
£
238,206
11,634
121,765
486,685		 38,191
1,900
643,579		 2023
£
238,411
4,890
113,575
629,740
611,337
(124,652)		 683,670
(53,930)
858,290
(47,339)
(72,113)		 986,616
(35,750)
-
738,838 950,866

The notes on pages 15 to 35 form part of these financial statements

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12

AT 31 MARCH 2024

Company registration number: 07507682

EUROVANGELISM

BALANCE SHEET (continued)

Note
The funds of the charity:
Unrestricted funds
22
Free reserves
114,774
Designated - Tangible fixed assets
238,206
Designated - Charitable loans (carrying value)
16,164
Designated - Charitable loans (available)
33,836
Designated - Partner support
116,942
Designated - New ministries
55,378
Restricted funds
22
Total charity funds		 Note
The funds of the charity:
Unrestricted funds
22
Free reserves
114,774
Designated - Tangible fixed assets
238,206
Designated - Charitable loans (carrying value)
16,164
Designated - Charitable loans (available)
33,836
Designated - Partner support
116,942
Designated - New ministries
55,378
Restricted funds
22
Total charity funds		 2024
£
575,300
163,538		 114,318
238,411
6,790
43,210
150,836
66,897		 2023
£
620,462
330,404
738,838 950,866

For the year ended 31 March 2024 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 8 November 2024 and are signed on their behalf by:

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

Lorenz Jorgensen, Chair of Trustees

The notes on pages 15 to 35 form part of these financial statements

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EUROVANGELISM

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2024

Note
Operational cash flows
Cash flowsfor
operating activities
Receipts from donations and legacies
23 (A1)
Payments for raising funds
23 (B1)
Net inflow for operating activities
Cash flowsfrom
operating activities
Receipts from charitable activites
23 (A2)
Payments for charitable activities
23 (B2)
Additions to Programme related investments
15
Repayments from Programme related investments
15
Net outflow from operating activities
Net (outflow)/inflow of operating activities
Non-operational cash flows
Investing activities
Dividends and interest from investments
23 (C1)
Proceeds from sale of investments
16
Purchase of investments
16
Movement of cash held for investment
16
Short term deposits maturing in more than 3 months
Net cash provided by investing activities
Net cash (outflow)/inflow for the year
24		 Total funds
Total funds
2024
2023
£
£
685,434
759,270
(83,570)
(87,039)
601,864
672,231
13,396
3,233
(732,796)
(606,240)
(12,844)
(2,640)
3,470
1,430
(728,774)
(604,217)
(126,910)
68,014
9,551
3,053
-
8,804
-
(8,358)
(71)
-
(85,000)
-
(75,520)
3,499
(202,430)
71,513

The notes on pages 15 to 35 form part of these financial statements

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EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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 at bank, in hand, and short term deposits of not more than 3 months for the purposes of the Statement of Cash Flows. The Balance sheet additionally includes short term deposits of not more than one year within cash at bank, in hand, and on short term deposit.

(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 ongoing uncertainty and inflationary pressures arising from the geopolitical crisis in Europe and potentially destablising developments in the Middle East, along with the lingering impact of Brexit and the Covid-19 pandemic. Whilst the Trustees expect there to be a continuing 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 21 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 21 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.

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EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

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.

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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16

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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 the 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.

(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) 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 to a defined contribution pension plan on behalf of its eligible employees. The contributions are recognised as an expense in the period in which the related service is provided.

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17

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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, Romania
ISTL, Albania
Building projects, N. Macedonia
Building project - Constanta, Romania
Gotesti Day Care Centre, Moldova
Moldova Ministry Support
Ignis Ministries, Albania
Charitable loans
Grants receivable for other activities		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2024
2023
£
£
£
£
126,484
164,311
290,795
252,191
2,627
1,457
4,084
6,456
12,431
87,562
99,993
217,776
1,000
-
1,000
2,000
-
60,000
60,000
60,000
-
85,160
85,160
84,000
-
-
-
17,736
-
22,643
22,643
-
-
-
-
11,500
-
-
-
11,500
-
35,000
35,000
-
-
20,000
20,000
-
27,300
66,123
93,423
77,399
169,842
542,256
712,098
740,558

(See note 27 for prior year comparatives)

3 Income from charitable activities

Teams mission trips
Other income from charitable activities		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2024
2023
£
£
£
£
1,640
-
1,640
2,806
1,123
-
1,123
427
2,763
-
2,763
3,233

(See note 27 for prior year comparatives)

4 Income from investments

Interest and dividends Unrestricted
Restricted
Total funds
Total funds
funds
funds
2024
2023
£
£
£
£
9,551
-
9,551
3,053
9,551
-
9,551
3,053

(See note 27 for prior year comparatives)

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18

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

5 Expenditure on raising funds

Fundraising events & materials
Developing Mission - Raising the charity's profile
Staff costs
Investment management fees
Allocated support costs_(Note 8)_		 Unrestricted
Restricted
Total funds
Total funds
funds
funds
2024
2023
£
£
£
£
7,439
5,310
12,749
10,309
3,496
-
3,496
4,916
12,501
15,132
27,633
30,000
570
-
570
557
21,673
18,458
40,131
42,393
45,679
38,900
84,579
88,175

(See note 27 for prior year comparatives)

6 Expenditure on charitable activities

6
Expenditure on charitable activities		 6
Expenditure on charitable activities
Grants
£
Church planting & development
474,650
Compassion projects
160,615
Evangelism & other ministry support
31,115
Developing Mission
-
666,380
Church planting & development
Compassion projects
Evangelism & other ministry support		 Other
Support
direct
costs
Total
Total
costs
(Note 8)
2024
2023
£
£
£
£
44,917
71,108
590,675
275,869
18,981
24,170
203,766
286,060
3,743
4,624
39,482
9,439
23,336
3,291
26,627
28,394
666,380 90,977
103,193
860,550
599,762
Grants to
Grants to
Total
Total
institutions
individuals
2024
2023
£
£
£
£
474,121
529
474,650
208,564
160,615
-
160,615
216,165
31,115
-
31,115
6,645
665,851
529
666,380
431,374

(See Note 7)

(See note 27 for prior year comparatives)

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19

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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
Tinca Baptist Church, Romania
Prilep & Bitola Key worker, Evangelical Church of Macedonia
Sofia Evangelical Baptist Church, Bulgaria
Ignis Ministries, Albania
Ursoaia Baptist Church, Moldova
Novi Sad Christian Fellowship & Rainbow Rehab Centre, Serbia
Biblical Protestant Church, Zenica
Provision for grant payable to Sevlievo Church, Bulgaria (see note 20)
Grants totalling less than £10,000 per institution in both the current
and preceeding year
Total		 2024
2023
£
£
9,295
10,385
163,928
44,025
-
22,652
15,613
18,886
59,115
29,093
70,676
62,779
8,063
19,864
62,123
25,322
6,645
21,045
4,220
11,747
-
12,200
37,233
-
14,641
4,016
11,392
7,897
10,593
441
72,113
-
120,201
141,022
665,851
431,374

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
2024
2023
£
£
£
£
29,827
76,698
106,525
92,581
9,027
23,210
32,237
33,104
1,277
3,285
4,562
2,778
40,131
103,193
143,324
128,463

(See note 27 for prior year comparatives)

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20

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

9
Governance costs
Independent examiner's fee
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 (2023: 2 Trustees)
(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)		 2024
2023
£
£
2,064
1,962
2,498
816
4,562
2,778
2024
2023
£
£
205
1,735
2,064
1,962
-
-
670
266
2024
2023
£
£
180,451
162,083
11,115
10,070
12,629
10,753
204,195
182,906
56,669
53,577

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

In the year to 31 March 2024, the average number of staff employed was 7 (2023: 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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21

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

14 Tangible fixed assets

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
15 Programme related investments
At 1 April 2023
Additions
Amount repaid
At 31 March 2024
Included within:
Fixed assets
Current assets		 Freehold
Office
Computer
property
equipment
equipment
Total
£
£
£
£
238,107
10,402
2,859
251,368
-
-
-
-
-
-
-
-		 Freehold
Office
Computer
property
equipment
equipment
Total
£
£
£
£
238,107
10,402
2,859
251,368
-
-
-
-
-
-
-
-
238,107
10,402
2,859
251,368
-
10,366
2,591
12,957
-
36
169
205
-
-
-
-
-
10,402
2,760
13,162
238,107
-
99
238,206
238,107
36
268
238,411
Partner
sustainability
loans
Total
£
£
6,790
6,790
12,844
12,844
(3,470)
(3,470)
16,164
16,164
11,634
11,634
4,530
4,530
16,164
16,164
16,164
16,164
11,634
11,634
4,530
4,530
16,164
16,164

Programme related investments represent 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 2024, 3 loans had been made or committed. These concessionary loans 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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22

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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
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		 2024
2023
£
£
113,575
114,623
-
8,358
(570)
(557)
71
-
8,689
(8,849)
121,765
113,575
£
£
46,167
40,326
8,112
4,809
50,439
51,459
3,555
3,727
8,352
10,966
5,140
2,288
121,765
113,575
117,273
117,273
2024
2023
£
£
17,531
1,765
62,993
36,329
134
97
80,658
38,191
2024
2023
£
£
74,064
44,202
18,060
6,229
3,341
3,248
29,187
251
124,652
53,930

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23

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

19 Creditors: Amounts falling due after more than one year

Grants Payable
20 Provisions for liabilities
At 1 April 2023
Increase/(decrease in provision)
At 31 March 2024		 2024
2023
£
£
47,339
35,750
Grants
payable
Total
provision
£
£
-
-
72,113
72,113
72,113
72,113

At 31 March 2024 a constructive obligation existed between the charity and one of its partners for a grant to enable the purchase of a building. It is probable that the grant will be made in between 1 and 5 years but the partner needs to find a suitable property. An estimate of the settlement amount can be made because the amount intended to be given as a grant has been communicated to the partner, which is approximately equal to an amount of restricted income already received. However, the exact amount of the property and, therefore, the grant amount to be paid is uncertain and won't be in pounds sterling so can only be estimated.

21 Movement in funds

Current year movements

1 April Income Expenditure 31 March
2023 and gains and losses Transfers 2024
£ £ £ £ £
Restricted funds
Church planting & development 185,832 324,794 (470,818) 6,131 45,939
Compassion projects 124,699 173,792 (198,612) 4,179 104,058
Evangelism & other ministry support 19,873 43,670 (38,468) (11,534) 13,541
330,404 542,256 (707,898) (1,224) 163,538
Unrestricted funds
Designated funds:
Tangible fixed assets 238,411 - (205) - 238,206
Charitable loans (carrying value) 6,790 - - 9,374 16,164
Charitable loans (available) 43,210 - - (9,374) 33,836
Partner support 150,836 - (34,064) 170 116,942
New ministries 66,897 - (11,519) - 55,378
Free reserves 114,318 190,845 (191,443) 1,054 114,774
620,462 190,845 (237,231) 1,224 575,300
Total funds 950,866 733,101 (945,129) - 738,838

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24

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

21 Movement in funds (continued)

Transfers:

Just over 34% of expenditure on raising funds for restricted projects has been met by a transfer of £14,290 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 free reserves of £12,844 and £2,500, and to the partner support designated fund of £170.

£12,844 represents a restricted donation 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.

£2,500 represents a grant commitment previously made from free reserves that was covered by restricted funding received in the year and is included as a transfer. The same is true of the £170 transfer, but the commitment was made from the partner support designated fund.

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 any 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 was initially anticipated this fund would have been fully spent by the end of March 2024. Whilst a significant amount of this fund has been spent over the last few years, the Trustees have reviewed the fund and now anticipate it will be fully spent by between the end of March 2027 and March 2029.

New ministries

These funds are designated for use to engage current and new connections looking to develop ministries in the areas of human trafficking, refugee work, environmental issues, domestic violence or other new types of ministry. It was initially anticipated this fund would be fully spent by the end of March 2025. In light of the Trustees' review of all the charity's designated funds, it is now anticipated it will be fully spent by between the end of March 2027 and March 2029.

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25

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

21 Movement in funds (continued)

Description and purpose of specified restricted funds in the current year:

The table on page 24 summarises the movement of restricted funds in the current year into three broad categories. Details of specific restricted funds, identified as having income greater than £10,000, are shown in this table, with their description and purpose given below and on the following page.

Current year movements of specific restricted funds

Restricted funds with
income greater than £10,000:
ISTL, Albania
CASA Grace, Romania
Harvest for the Hungry
WinterHelp
Open Heaven, Romania
Partner conference
Ignis Ministries, Albania
Building project, Romania
Wellspring Appeal
Ursoaia church ministry, Moldova
CASA Grace - Summer camp fund
Charitable loans
Total of restricted funds with
income less than £10,000
Total restricted funds		 1 April
Income Expenditure
31 March
2023
and gains
and losses
Transfers
2024
£
£
£
£
£
61,875
78,550
(140,425)
-
-
41,953
64,084
(69,292)
-
36,745
26,419
41,066
(43,124)
-
24,361
13,138
19,591
(20,283)
-
12,446
(600)
16,195
(15,595)
-
-
-
34,475
(7,693)
-
26,782
-
35,000
(35,000)
-
-
-
22,643
(27,371)
4,250
(478)
85
14,502
(4,988)
-
9,599
-
22,716
(17,406)
-
5,310
3,797
12,707
(12,601)
-
3,903
-
20,000
(4,119)
(12,844)
3,037
183,737
160,727
(310,001)
7,370
41,833
330,404
542,256
(707,898)
(1,224)
163,538

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.

CASA Grace, Romania

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

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 our partners' communities over wintertime when keeping warm can be a genuine challenge.

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.

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26

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

21 Movement in funds (continued)

Partner conference

This fund has arisen as a result of donations given to help enable TEN to organise a conference for partners.

Ignis Ministries, Albania

This fund is the result of a grant given to support this evangelical ministry in Albania.

Building project, Romania

A succesful grant application led to this fund which is for a church building development in Constanta, Romania.

Wellspring Appeal

A spring appeal was made to help eliviate the hardship being experienced by partners as a result of the increased cost of living from inflationary pressures of recent years. This fund is the result of that appeal.

Ursoaia church ministry, Moldova

This fund represents donations from a UK supporting church for the ministry of Ursoaia Church in Moldova.

CASA Grace - Summer camp fund

This fund represents donations given in support of an annual summer camp run by CASA Grace in Romania, which is supported significantly by a UK church and individuals connected to it.

Charitable loans

This fund has arisen from a grant given to support charitable loans being made by TEN to partners, helping them to build longer-term financial sustainability.

Prior year movements
1 April Income Expenditure 31 March
2022 and gains and losses Transfers 2023
£ £ £ £ £
Restricted funds
Church planting & development 63,585 309,630 (192,219) 4,836 185,832
Compassion projects 116,595 257,833 (252,036) 2,307 124,699
Evangelism & other ministry support 8,104 19,034 (8,820) 1,555 19,873
188,284 586,497 (453,075) 8,698 330,404
Unrestricted funds
Designated funds:
Tangible fixed assets 240,146 - (1,735) - 238,411
Charitable loans (carrying value) 5,580 - - 1,210 6,790
Charitable loans (available) - - - 43,210 43,210
Partner support 219,297 - (68,461) - 150,836
New ministries 77,703 - (10,806) - 66,897
Free reserves 169,798 160,347 (162,709) (53,118) 114,318
712,524 160,347 (243,711) (8,698) 620,462
Total funds 900,808 746,844 (696,786) - 950,866

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27

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

21 Movement in funds (continued)

Transfers:

In the prior year, just under 24% of expenditure on raising funds for restricted projects was 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 prior year, it then became part of the unrestricted funds of the charity and was included in the accounts as a transfer.

Description and purpose of specified restricted funds in the prior year:

The table on the previous page summarises the movement of restricted funds in the prior year into three broad categories. Details of specific restricted funds, identified as having income greater than £10,000, are shown in this table, with their description and purpose (where not already explained) given below and on the following page.

Prior year movements of specific restricted funds

Restricted funds with
income greater than £10,000
ISTL, Albania
Building project, Bulgaria
CASA Grace, Romania
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
£
£
£
£
£
-
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

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.

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28

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

21 Movement in funds (continued)

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.

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.

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.

Moldova Ministry Support

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

22 Analysis of net assets between funds

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		 Tangible Fixed asset
Other net
Total
fixed assets investments
assets
2024
£
£
£
£
-
-
45,939
45,939
-
-
104,058
104,058
-
-
13,541
13,541
-
-
163,538
163,538
238,206
-
-
238,206
-
11,634
4,530
16,164
-
-
33,836
33,836
-
-
116,942
116,942
-
-
55,378
55,378
-
121,765
(6,991)
114,774
238,206
133,399
203,695
575,300
238,206
133,399
367,233
738,838

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29

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

22 Analysis of net assets between funds (continued) 22 Analysis of net assets between funds (continued)
Prior year
Tangible Fixed asset Other net Total
fixed assets investments assets 2023
£ £ £ £
Restricted funds
Church planting & development - - 185,832 185,832
Compassion projects - - 124,699 124,699
Evangelism & other ministry support - - 19,873 19,873
- - 330,404 330,404
Unrestricted funds
Designated funds:
Tangible fixed assets 238,411 - - 238,411
Charitable loans (carrying value) - 4,890 1,900 6,790
Charitable loans (available) - - 43,210 43,210
Partner support - - 150,836 150,836
New ministries - - 66,897 66,897
Free reserves - 113,575 743 114,318
238,411 118,465 263,586 620,462
Total funds 238,411 118,465 593,990 950,866

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30

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

23 Reconciliation of the Statement of Financial Activities

Statement of
Financial
Activities
£
A1 Income from donations and legacies
712,098
Increase in accrued income
A2 Income from charitable activities
2,763
Increase in deferred income
B1 Costs of raising funds
(84,579)
Investment management fees eliminated
570
Increase in prepayments
Increase in other debtors
Increase in accruals
Increase in taxation and social security
Decrease in other creditors
B2 Costs of charitable activities
(860,550)
Increase in grants payable
Depreciation eliminated
205
Increase in prepayments
Increase in other debtors
Increase in accruals
Increase in taxation and social security
Increase in other creditors
Increase in provision for liabilities
C1 Dividends and interest from investments
9,551
24 Analysis of changes in cash and cash equivalents
Cash at bank, in hand, and short term deposits of not more
than 3 months
Total cash and cash equivalents
Cash at bank, in hand, and short term deposits of not more
than 3 months
Total cash and cash equivalents
Balance sheet movements		 Creditors &
Debtors
Provisions
Cash flow
£
£
£
(26,664)
685,434
10,633
13,396
(262)
(10)
763
26
(78)
(83,570)
41,450
(15,505)
(26)
435
67
29,015
72,113
(732,796)
9,551
(42,467)
154,424
2024
2023
Change
£
£
£
441,149
643,579
(202,430)
441,149
643,579
(202,430)
2023
2022
Change
£
£
£
643,579
572,066
71,513
643,579
572,066
71,513

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31

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

25 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.

26 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
Total funds carried forward		 Unrestricted
Restricted
Total funds
funds
funds
2023
£
£
£
154,061
586,497
740,558
3,233
-
3,233
3,053
-
3,053
160,347
586,497
746,844
41,671
46,504
88,175
193,191
406,571
599,762
234,862
453,075
687,937
(8,849)
-
(8,849)
(83,364)
133,422
50,058
(8,698)
8,698
-
(92,062)
142,120
50,058
712,524
188,284
900,808
620,462
330,404
950,866

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32

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

27 Prior year comparatives for notes to the financial statements

Income from donations and legacies for the year ended 31 March 2023

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
funds
funds
2023
£
£
£
121,247
130,944
252,191
1,959
4,497
6,456
13,265
204,511
217,776
2,000
-
2,000
-
60,000
60,000
-
84,000
84,000
-
818
818
-
17,736
17,736
-
-
-
-
-
-
-
5,000
5,000
-
3,000
3,000
-
-
-
-
11,500
11,500
-
11,500
11,500
15,590
52,991
68,581
154,061
586,497
740,558

Income from charitable activities for the year ended 31 March 2023

Teams mission trips
Other income from charitable activities
Income from investments for the year ended 31 March 2023
Interest and dividends		 Unrestricted
Restricted
Total funds
funds
funds
2023
£
£
£
2,806
-
2,806
427
-
427
3,233
-
3,233
Unrestricted
Restricted
Total funds
funds
funds
2023
£
£
£
3,053
-
3,053
3,053
-
3,053

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33

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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

Expenditure on raising funds for the year ended 31 March 2023

Fundraising events & materials
Developing Mission - Raising the charity's profile
Staff costs
Investment management fees
Allocated support costs		 Unrestricted
Restricted
Total funds
funds
funds
2023
£
£
£
4,607
5,702
10,309
4,916
-
4,916
11,556
18,444
30,000
557
-
557
20,035
22,358
42,393
41,671
46,504
88,175

Expenditure on charitable activities for the year ended 31 March 2023

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
Support costs for the year ended 31 March 2023
Staff costs
Central operating costs
Governance costs		 Grants
£
208,564
216,165
6,645
-		 Other
Support
Total
direct costs
costs
2023
£
£
£
26,137
41,168
275,869
30,307
39,588
286,060
1,567
1,227
9,439
24,307
4,087
28,394
431,374 82,318
86,070
599,762
Grants to
Grants to
Total
institutions
individuals
2023
£
£
£
208,564
-
208,564
216,165
-
216,165
6,645
-
6,645
431,374
-
431,374
Raising
Charitable
Total
funds
activities
2023
£
£
£
30,552
62,029
92,581
10,924
22,180
33,104
917
1,861
2,778
42,393
86,070
128,463

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34

EUROVANGELISM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

28 Contingent liabilities

Some grant commitments made by TEN to partners are open-ended. These are ongoing as long as funding is in place each time a grant is due to be paid. The charity considers there to be a constructive obligation that exists in such cases (either through a formal, written communication or informal, verbal commuication and precedent) but the amount of the obligation cannot be estimated reliably because it is not possible to determine how long the commitment will last and, therefore, the amount being committed. As a result, no liability is recognised in the financial statements, instead the existence of a probable, material contingent liability is noted here.

The intention is that such commitments are to be fully or partly funded from anticipated future income, with this being the decisive factor in the length of the commitment. Once changes to open-ended commitments crystalise and they become definitive, or should a reasonable estimate of the contingency become possible, these are recognised in the financial statements as grants payable within the relevant timeframe.

To give an understanding of the level of these ongoing but undetermined commitments, in the year ended 31 March 2024 the following grant amounts were paid under such commitments: £115,175 from restricted funds and £4,398 from unrestricted funds.

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35