## **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.
```

```
…1
```



**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.
```

```
…3
```



## **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.
```

- `(i)` **Compassion projects** `including relief of poverty, anti-trafficking, drug and alcohol rehabilitation, abuse rehabilitation, food aid, emergency aid, disaster relief, work with children, support for Roma people and other programmes for the benefit of the community. TEN’s support helps our partners in showing God’s love in these practical ways. Literacy classes, general education, rehabilitation work with addicts, social work, hospice care, correspondence courses, and vocational training (such as sewing and IT) are examples of such projects. These activities enable participants to break out of the cycle of poverty and discover that they are valued people of worth and dignity just as God has shown by his love.` 

- `(ii)` **Evangelism** `including one off events, campaigns, publicity, resources to communicate the message of Jesus Christ and education projects for both children and adults. Alpha courses, Christianity Explored courses, and summer camps are examples of such projects.` 

- `(iii)` **Church planting, Discipleship and development** `including pioneering churches and groups in new areas, growing and developing existing churches, providing financial support for pastors, leadership training, theological studies, other training and education, and providing resources such as Bibles, other literature and supporting other church projects. This includes making grants towards the purchase or building of public places of worship and training facilities.` 

## **Activities for the public benefit** 

```
The Trustees reviewed TEN’s work regarding public benefit on 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:
```

```
…4
```



**EUROVANGELISM** 

## **TRUSTEES REPORT** 

## **YEAR ENDED 31 MARCH 2024** 

## **Supporting Partner ministries in Eastern Europe and the Balkans** 

- `Over the last few years, we have welcomed new partners from Albania, North Macedonia, Bulgaria and Montenegro. In the last year we have strengthened support through increased financial support, invitation to the TEN partner conference in April 2024 and developing new partnerships with UK supporters.` 

- `We continue to work with partners to strengthen their foundations and financial sustainability. We are encouraging partners to consider how they can become more financially sustainable and less dependent on outside funding. Examples over the last year include, match funding, loans for small business, strategy development and strategic coaching work.` 

- `In April 2024 we ran an international conference for our partners. We had about 120 people in attendance including partners, family members and some supporters from the UK. This was not only a great time to build relationships but also to support the ongoing development work in areas such as safeguarding and financial sustainability.` 

- `Our Partners’ Advisory Group (PAG) continues to meet with our CEO and Trustees. The PAG gives partners the opportunity to feed into the work of TEN so that we can ensure that we are relevant, understanding of the complexities of their situations, and can be effective in the support we give and how we give it.` 

- `TEN has reviewed partner relationships and further clarified expectations on financial due diligence. We have also introduced Partner Funding Agreements for partners in receipt of regular support. We are starting to roll these out late 2024 and into 2025.` 

- `In relation to safeguarding TEN has continued to support partners towards better practice. This has included the organisation and delivery of training by Beginning of Life ministries at the TEN partner conference in April 2024.` 

- `We have an ongoing focus on support for Roma communities in the Balkans and Eastern Europe. During 2023-24 this included support for projects working with Roma communities in Romania, Bulgaria, Serbia, Montenegro and Albania.` 

- `In our new strategic cycle, we have committed to the supporting of leaders from the Roma community and women and young leaders. As part of this we have recently audited the demographics of our partners.` 

- `Partner visits were made to North Macedonia, Serbia, Bulgaria, Romania, Albania, and Croatia in the last 18 months.` 

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

- `We are continuing to develop our use of social media with Facebook, Instagram, and YouTube as part of drawing in Christians of all ages and reporting on our work.  We have started a podcast as another tool for engaging supporters with our work and mission work more widely.` 

- `Our regular online prayer meetings, though less well attended than during the pandemic, continue to draw together supporters in the UK with partners in Eastern Europe and increasing sharing and understanding.` 

- `Regular church and supporter visits continue. Including an intentional and planned approach to meeting major donors.  We aim to have 15-20 speaking opportunities for staff and volunteers throughout the year.` 

- `TEN attended Bangor Worldwide Mission Convention in August 2023 and 2024.` 

- `Continued development of connections in Northern Ireland, working with our local volunteer representative.` 

- `Ongoing development of and support for our volunteer team of representatives around the UK.` 

```
…5
```



## **EUROVANGELISM** 

## **TRUSTEES REPORT** 

## **YEAR ENDED 31 MARCH 2024** 

- `We have delivered TENteach with a team of five volunteers supporting the teaching of English online in communities in Eastern Europe. This is to support and resource our partners as they serve their local communities. Since its inception over 50 students from across the region have attended this programme.` 

- `Our campaigns continue to raise significant funds to support partner compassion ministries. Campaigns maintain their level of support. Harvest for the Hungry raised about £40,000 in 2023. In Spring 2023 we launched a campaign to support partners facing hardship. This has enabled us to respond to specific needs partners have due to economic hardship.` 

- `We have run team trips over the last three years. In the last 12 months we saw about 16 adults from 18 to 80 years old take part in our trips to partners. Furthermore, we ran a fundraising trek in Bulgaria and various individuals have visited partner ministries over the last year. These connections are all positive ways to engage the participation of UK supporters and develop support for partners.` 

- `Continuing to support UK churches partnered with churches in the Balkans and Eastern Europe and developing relationships for new and potential partnerships.` 

## **Strengthening our foundations to continue to be effective** 

- `Our Mission Engagement worker continues to develop our engagement with a younger generation through student gatherings, visiting churches, recording podcasts, and the planning and delivery of team trips.` 

- `Our Finance Administrator supports the function of the Finance Manager, and we are now delivering monthly current account reconciliations. This has helped the efficiency with which we manage the income and expenditure of the charity.` 

- `We have continued to invest in professional development of the staff team. Staff have taken part in courses related to their roles, fundraising, communication, GDPR, safeguarding, and health and safety.` 

- `We have continued to work hard to sustain funding levels. This has included trust and individual supporter fundraising. The new strategy cycle will see the development of a new fundraising strategy to enable us to sustain and develop our income.` 

- `Staff continue to work in a hybrid way between the home and the TEN Office. This is now well embedded and is working well.` 

- `Supporter and UK church meetings continue to be a key part of our work to maintain relationships and develop new connections. Our individual donor base remains stable.` 

- `Consideration for our environmental responsibility will be the subject of increased focus within the next strategic cycle.` 

- `We have worked hard to build meaningful partnerships with other organisations. This includes ECM, Worldshare and ICM.` 

## **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:
```

- `TEN now has 60 partners across Eastern Europe and the Balkans` 

- `TEN has supported four small business projects` 

- 

   - `TEN has helped or is in the process of helping the building, renovation or purchase of four churches.` 

- `TEN has run fundraising campaigns in relation to Harvest for the Hungry, WinterHelp and the Gift Catalogue. Over the 2023-24 financial year our campaigns raised over £86,000.` 

```
…6
```



## **EUROVANGELISM** 

## **TRUSTEES REPORT** 

## **YEAR ENDED 31 MARCH 2024** 

- `TEN has continued to support the efforts of partners in Moldova receiving and hosting refugees from Ukraine.` 

- `TEN partners provided food parcels and hot meals for over 2000 people during 2023-24.` 

- `TEN partners supported hundreds of the most vulnerable in Eastern Europe and the Balkans including Roma communities, refugees, children in need, drug addicts, and homeless people.` 

- `TEN provided funds for several thousand Bibles and pieces of Christian literature in North Macedonia, Bulgaria and Albania.` 

- `TEN partners delivered camps that served over 2800 children and young people.` 

- `TEN has made regular support grants to 43 Christian leaders and occasional grants to a further 19 Christian leaders or ministries to enable them to continue their demonstration and sharing of the love of Christ in their communities in many ways.` 

- `TEN has made grants to churches and Christian organisations, supporting them in works as wide ranging as after-school clubs, drug rehabilitation, hospice care, education, soup kitchens, training new leaders, youth and children’s work, distribution of food parcels, refugee support and anti-trafficking projects.` 

- `We added two new members in 2023-24, one in Albania and another in North Macedonia.` 

## **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.
```

```
…7
```



**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:
```

- `select suitable accounting policies and then apply them consistently;` 

- `observe the methods and principles in the Charities SORP;` 

- `make judgments and accounting estimates that are reasonable and prudent;` 

- `state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and` 

- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.` 

```
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy
at any time the financial position of the charitable company and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the
charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
```

```
The trustees are responsible for the maintenance and integrity of the corporate and financial information
included on the charitable company’s website.
```

## **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
```

```
…8
```



**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**<br>**Income from:**<br>Donations and legacies<br>**2**<br>Charitable activites<br>**3**<br>Investments<br>**4**<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>**5**<br>Charitable activities<br>**6**<br>**Total expenditure**<br>Net gains/(losses) on investments<br>**16**<br>**Net income/(expenditure)**<br>**10**<br>**Transfers between funds**<br>**21**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**21**<br>**Total funds carried forward**<br>**21**|**Unrestricted**<br>**Restricted**<br>**Total funds**<br>Total funds<br>**funds**<br>**funds**<br>**2024**<br>2023<br>**£**<br>**£**<br>**£**<br>£<br>169,842<br>542,256<br>**712,098**<br>740,558<br>2,763<br>-<br>**2,763**<br>3,233<br>9,551<br>-<br>**9,551**<br>3,053|
|---|---|
||182,156<br>542,256<br>**724,412**<br>746,844|
||45,679<br>38,900<br>**84,579**<br>88,175<br>191,552<br>668,998<br>**860,550**<br>599,762|
||237,231<br>707,898<br>**945,129**<br>687,937|
||8,689<br>-<br>**8,689**<br>(8,849)|
||(46,386)<br>(165,642)<br>**(212,028)**<br>50,058<br>1,224<br>(1,224)<br>**-**<br>-|
||(45,162)<br>(166,866)<br>**(212,028)**<br>50,058|
||620,462<br>330,404<br>**950,866**<br>900,808|
||575,300<br>163,538<br>**738,838**<br>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**<br>**Fixed assets:**<br>Tangible assets<br>**14**<br>Programme related investments<br>**15**<br>Financial investments<br>**16**<br>**Current assets:**<br>Debtors<br>**17**<br>Programme related investments<br>**15**<br>Cash at bank, in hand, and on<br>short term deposit<br>**Liabilities:**<br>Creditors: Amounts falling due<br>within one year<br>**18**<br>**Net current assets**<br>**Total assets less current liabilities**<br>Creditors: Amounts falling due<br>after more than one year<br>**19**<br>Provisions for liabilities<br>**20**<br>**Total net assets**|**80,658**<br>**4,530**<br>**526,149**|**2024**<br>**£**<br>**238,206**<br>**11,634**<br>**121,765**<br>**486,685**|38,191<br>1,900<br>643,579|2023<br>£<br>238,411<br>4,890<br>113,575<br>629,740|
|---|---|---|---|---|
||**611,337**<br>**(124,652)**||683,670<br>(53,930)||
||||||
|||**858,290**<br>**(47,339)**<br>**(72,113)**||986,616<br>(35,750)<br>-|
|||**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**<br>**The funds of the charity:**<br>**Unrestricted funds**<br>**22**<br>Free reserves<br>**114,774**<br>Designated - Tangible fixed assets<br>**238,206**<br>Designated - Charitable loans (carrying value)<br>**16,164**<br>Designated - Charitable loans (available)<br>**33,836**<br>Designated - Partner support<br>**116,942**<br>Designated - New ministries<br>**55,378**<br>**Restricted funds**<br>**22**<br>**Total charity funds**|**Note**<br>**The funds of the charity:**<br>**Unrestricted funds**<br>**22**<br>Free reserves<br>**114,774**<br>Designated - Tangible fixed assets<br>**238,206**<br>Designated - Charitable loans (carrying value)<br>**16,164**<br>Designated - Charitable loans (available)<br>**33,836**<br>Designated - Partner support<br>**116,942**<br>Designated - New ministries<br>**55,378**<br>**Restricted funds**<br>**22**<br>**Total charity funds**|**2024**<br>**£**<br>**575,300**<br>**163,538**|114,318<br>238,411<br>6,790<br>43,210<br>150,836<br>66,897|2023<br>£<br>620,462<br>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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13 



## **EUROVANGELISM** 

## **STATEMENT OF CASH FLOWS** 

## **YEAR ENDED 31 MARCH 2024** 

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



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

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14 



**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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15 



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



## _**(See note 27 for prior year comparatives)**_ 

## **3 Income from charitable activities** 

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



_**(See note 27 for prior year comparatives)**_ 

## **4 Income from investments** 

|Interest and dividends|**Unrestricted**<br>**Restricted**<br>**Total funds**<br>Total funds<br>**funds**<br>**funds**<br>**2024**<br>2023<br>**£**<br>**£**<br>**£**<br>£<br>9,551<br>-<br>**9,551**<br>3,053|
|---|---|
||9,551<br>-<br>**9,551**<br>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<br>Developing Mission - Raising the charity's profile<br>Staff costs<br>Investment management fees<br>Allocated support costs_(Note 8)_|**Unrestricted**<br>**Restricted**<br>**Total funds**<br>Total funds<br>**funds**<br>**funds**<br>**2024**<br>2023<br>**£**<br>**£**<br>**£**<br>£<br>7,439<br>5,310<br>**12,749**<br>10,309<br>3,496<br>-<br>**3,496**<br>4,916<br>12,501<br>15,132<br>**27,633**<br>30,000<br>570<br>-<br>**570**<br>557<br>21,673<br>18,458<br>**40,131**<br>42,393|
|---|---|
||45,679<br>38,900<br>**84,579**<br>88,175|



## _**(See note 27 for prior year comparatives)**_ 

## **6 Expenditure on charitable activities** 

|**6**<br>**Expenditure on charitable activities**|**6**<br>**Expenditure on charitable activities**||
|---|---|---|
|**Grants**<br>**£**<br>Church planting & development<br>474,650<br>Compassion projects<br>160,615<br>Evangelism & other ministry support<br>31,115<br>Developing Mission<br>-<br>666,380<br>Church planting & development<br>Compassion projects<br>Evangelism & other ministry support||**Other**<br>**Support**<br>**direct**<br>**costs**<br>**Total**<br>Total<br>**costs**<br>**(Note 8)**<br>**2024**<br>2023<br>**£**<br>**£**<br>**£**<br>£<br>44,917<br>71,108<br>**590,675**<br>275,869<br>18,981<br>24,170<br>**203,766**<br>286,060<br>3,743<br>4,624<br>**39,482**<br>9,439<br>23,336<br>3,291<br>**26,627**<br>28,394|
||666,380|90,977<br>103,193<br>**860,550**<br>599,762|
|||**Grants to**<br>**Grants to**<br>**Total**<br>Total<br>**institutions**<br>**individuals**<br>**2024**<br>2023<br>**£**<br>**£**<br>**£**<br>£<br>474,121<br>529<br>**474,650**<br>208,564<br>160,615<br>-<br>**160,615**<br>216,165<br>31,115<br>-<br>**31,115**<br>6,645|
|||665,851<br>529<br>**666,380**<br>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<br>ISTL, Albania<br>Beginning of Life, Moldova<br>Gotesti Baptist Church, Moldova<br>Evangelical Church, N. Macedonia<br>CASA Grace, Romania<br>Emanuel Hospice, Romania<br>Open Heaven, Romania<br>Tinca Baptist Church, Romania<br>Prilep & Bitola Key worker, Evangelical Church of Macedonia<br>Sofia Evangelical Baptist Church, Bulgaria<br>Ignis Ministries, Albania<br>Ursoaia Baptist Church, Moldova<br>Novi Sad Christian Fellowship & Rainbow Rehab Centre, Serbia<br>Biblical Protestant Church, Zenica<br>Provision for grant payable to Sevlievo Church, Bulgaria (see note 20)<br>Grants totalling less than £10,000 per institution in both the current<br>and preceeding year<br>**Total**|**2024**<br>2023<br>**£**<br>£<br>**9,295**<br>10,385<br>**163,928**<br>44,025<br>**-**<br>22,652<br>**15,613**<br>18,886<br>**59,115**<br>29,093<br>**70,676**<br>62,779<br>**8,063**<br>19,864<br>**62,123**<br>25,322<br>**6,645**<br>21,045<br>**4,220**<br>11,747<br>**-**<br>12,200<br>**37,233**<br>-<br>**14,641**<br>4,016<br>**11,392**<br>7,897<br>**10,593**<br>441<br>**72,113**<br>-<br>**120,201**<br>141,022|
|---|---|
||**665,851**<br>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<br>Central operating costs<br>Governance costs_(Note 9)_|**Raising**<br>**Charitable**<br>**Total**<br>Total<br>**funds**<br>**activities**<br>**2024**<br>2023<br>**£**<br>**£**<br>**£**<br>£<br>29,827<br>76,698<br>**106,525**<br>92,581<br>9,027<br>23,210<br>**32,237**<br>33,104<br>1,277<br>3,285<br>**4,562**<br>2,778|
|---|---|
||40,131<br>103,193<br>**143,324**<br>128,463|



## _**(See note 27 for prior year comparatives)**_ 

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## **EUROVANGELISM** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 MARCH 2024** 

|**9**<br>**Governance costs**<br>Independent examiner's fee<br>Trustees' meeting expenses<br>**10 Net income/(expenditure) for the year**<br>**This is stated after charging:**<br>Depreciation<br>Independent examiner's fee<br>Trustee remuneration<br>Reimbursed Trustee expenses - 2 Trustees (2023: 2 Trustees)<br>(These expenses related to travel costs)<br>**11 Employees & staff costs**<br>The aggregate payroll costs were:<br>Salaries<br>Social security costs<br>Pension contributions<br>Key management personnel total benefits received<br>(Key management is made up of the Trustees and the CEO)|**2024**<br>2023<br>**£**<br>£<br>**2,064**<br>1,962<br>**2,498**<br>816|
|---|---|
||**4,562**<br>2,778|
||**2024**<br>2023<br>**£**<br>£<br>**205**<br>1,735<br>**2,064**<br>1,962<br>**-**<br>-<br>**670**<br>266|
||**2024**<br>2023<br>**£**<br>£<br>**180,451**<br>162,083<br>**11,115**<br>10,070<br>**12,629**<br>10,753|
||**204,195**<br>182,906|
||**56,669**<br>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**<br>At 1 April 2023<br>Additions<br>Disposals<br>At 31 March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for the year<br>Disposals<br>At 31 March 2024<br>**Net book value**<br>**At 31 March 2024**<br>At 31 March 2023<br>**15 Programme related investments**<br>At 1 April 2023<br>Additions<br>Amount repaid<br>**At 31 March 2024**<br>**Included within:**<br>Fixed assets<br>Current assets|**Freehold**<br>**Office**<br>**Computer**<br>**property**<br>**equipment**<br>**equipment**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>238,107<br>10,402<br>2,859<br>251,368<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Freehold**<br>**Office**<br>**Computer**<br>**property**<br>**equipment**<br>**equipment**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>238,107<br>10,402<br>2,859<br>251,368<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|---|
||238,107<br>10,402<br>2,859<br>251,368||
||-<br>10,366<br>2,591<br>12,957<br>-<br>36<br>169<br>205<br>-<br>-<br>-<br>-||
||-<br>10,402<br>2,760<br>13,162||
||||
||**238,107**<br>**-**<br>**99**<br>**238,206**||
||||
||238,107<br>36<br>268<br>238,411||
||**Partner**<br>**sustainability**<br>**loans**<br>**Total**<br>**£**<br>**£**<br>6,790<br>6,790<br>12,844<br>12,844<br>(3,470)<br>(3,470)<br>**16,164**<br>**16,164**<br>11,634<br>11,634<br>4,530<br>4,530<br>**16,164**<br>**16,164**||
|||**16,164**<br>**16,164**|
|||11,634<br>11,634<br>4,530<br>4,530|
|||**16,164**<br>**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<br>Acquisitions at cost<br>Investment management fees<br>Movement of cash held for investment<br>Gains/(losses) in the year<br>**Market value carried forward**<br>**Represented by:**<br>Fixed income<br>UK equity<br>International equity<br>Property<br>Alternatives & mixed investments<br>Cash<br>**Historical cost**<br>**17 Debtors**<br>Prepayments<br>Accrued income<br>Other debtors<br>**18 Creditors: Amounts falling due within one year**<br>Grants Payable<br>Accruals and deferred income<br>Taxation and social security<br>Other creditors|**2024**<br>2023<br>**£**<br>£<br>**113,575**<br>114,623<br>**-**<br>8,358<br>**(570)**<br>(557)<br>**71**<br>-<br>**8,689**<br>(8,849)|
|---|---|
||**121,765**<br>113,575|
||**£**<br>£<br>**46,167**<br>40,326<br>**8,112**<br>4,809<br>**50,439**<br>51,459<br>**3,555**<br>3,727<br>**8,352**<br>10,966<br>**5,140**<br>2,288|
||**121,765**<br>113,575|
||**117,273**<br>117,273|
||**2024**<br>2023<br>**£**<br>£<br>**17,531**<br>1,765<br>**62,993**<br>36,329<br>**134**<br>97|
||**80,658**<br>38,191|
||**2024**<br>2023<br>**£**<br>£<br>**74,064**<br>44,202<br>**18,060**<br>6,229<br>**3,341**<br>3,248<br>**29,187**<br>251|
||**124,652**<br>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<br>**20 Provisions for liabilities**<br>At 1 April 2023<br>Increase/(decrease in provision)<br>**At 31 March 2024**|**2024**<br>2023<br>**£**<br>£<br>**47,339**<br>35,750|
|---|---|
||**Grants**<br>**payable**<br>**Total**<br>**provision**<br>**£**<br>**£**<br>-<br>-<br>72,113<br>72,113|
||**72,113**<br>**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**<br>**income greater than £10,000:**<br>ISTL, Albania<br>CASA Grace, Romania<br>Harvest for the Hungry<br>WinterHelp<br>Open Heaven, Romania<br>Partner conference<br>Ignis Ministries, Albania<br>Building project, Romania<br>Wellspring Appeal<br>Ursoaia church ministry, Moldova<br>CASA Grace - Summer camp fund<br>Charitable loans<br>**Total of restricted funds with**<br>**income less than £10,000**<br>**Total restricted funds**|**1 April**<br>**Income Expenditure**<br>**31 March**<br>**2023**<br>**and gains**<br>**and losses**<br>**Transfers**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>61,875<br>78,550<br>(140,425)<br>-<br>**-**<br>41,953<br>64,084<br>(69,292)<br>-<br>**36,745**<br>26,419<br>41,066<br>(43,124)<br>-<br>**24,361**<br>13,138<br>19,591<br>(20,283)<br>-<br>**12,446**<br>(600)<br>16,195<br>(15,595)<br>-<br>**-**<br>-<br>34,475<br>(7,693)<br>-<br>**26,782**<br>-<br>35,000<br>(35,000)<br>-<br>**-**<br>-<br>22,643<br>(27,371)<br>4,250<br>**(478)**<br>85<br>14,502<br>(4,988)<br>-<br>**9,599**<br>-<br>22,716<br>(17,406)<br>-<br>**5,310**<br>3,797<br>12,707<br>(12,601)<br>-<br>**3,903**<br>-<br>20,000<br>(4,119)<br>(12,844)<br>**3,037**<br>183,737<br>160,727<br>(310,001)<br>7,370<br>**41,833**|
|---|---|
||330,404<br>542,256<br>(707,898)<br>(1,224)<br>**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**<br>**income greater than £10,000**<br>ISTL, Albania<br>Building project, Bulgaria<br>CASA Grace, Romania<br>Crisis Appeal Fund<br>Harvest for the Hungry<br>WinterHelp<br>Building projects (2), N. Macedonia<br>Gotesti Day Care Centre, Moldova<br>Roma Communities<br>Open Heaven, Romania<br>Moldova Ministry Support<br>**Total of restricted funds with**<br>**income less than £10,000**<br>**Total restricted funds**|**1 April**<br>**Income Expenditure**<br>**31 March**<br>**2022**<br>**and gains**<br>**and losses**<br>**Transfers**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>96,675<br>(34,800)<br>-<br>**61,875**<br>8,767<br>74,525<br>(11,179)<br>-<br>**72,113**<br>38,281<br>64,312<br>(60,640)<br>-<br>**41,953**<br>31,724<br>54,391<br>(67,060)<br>-<br>**19,055**<br>17,478<br>48,531<br>(39,590)<br>-<br>**26,419**<br>13,776<br>18,845<br>(19,483)<br>-<br>**13,138**<br>797<br>17,736<br>(18,533)<br>-<br>**-**<br>-<br>11,000<br>(5,500)<br>-<br>**5,500**<br>2,586<br>15,900<br>(16,606)<br>-<br>**1,880**<br>(6,677)<br>14,373<br>(8,296)<br>-<br>**(600)**<br>-<br>11,500<br>(2,511)<br>-<br>**8,989**<br>81,552<br>158,709<br>(168,877)<br>8,698<br>**80,082**|
|---|---|
||188,284<br>586,497<br>(453,075)<br>8,698<br>**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**<br>Church planting & development<br>Compassion projects<br>Evangelism & other ministry support<br>**Unrestricted funds**<br>Designated funds:<br>Tangible fixed assets<br>Charitable loans (carrying value)<br>Charitable loans (available)<br>Partner support<br>New ministries<br>Free reserves<br>**Total funds**|**Tangible Fixed asset**<br>**Other net**<br>**Total**<br>**fixed assets investments**<br>**assets**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>45,939<br>**45,939**<br>-<br>-<br>104,058<br>**104,058**<br>-<br>-<br>13,541<br>**13,541**|
|---|---|
||-<br>-<br>163,538<br>**163,538**<br>238,206<br>-<br>-<br>**238,206**<br>-<br>11,634<br>4,530<br>**16,164**<br>-<br>-<br>33,836<br>**33,836**<br>-<br>-<br>116,942<br>**116,942**<br>-<br>-<br>55,378<br>**55,378**<br>-<br>121,765<br>(6,991)<br>**114,774**|
||238,206<br>133,399<br>203,695<br>**575,300**|
||238,206<br>133,399<br>367,233<br>**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**<br>**Financial**<br>**Activities**<br>**£**<br>**A1 Income from donations and legacies**<br>712,098<br>Increase in accrued income<br>**A2 Income from charitable activities**<br>2,763<br>Increase in deferred income<br>**B1 Costs of raising funds**<br>(84,579)<br>Investment management fees eliminated<br>570<br>Increase in prepayments<br>Increase in other debtors<br>Increase in accruals<br>Increase in taxation and social security<br>Decrease in other creditors<br>**B2 Costs of charitable activities**<br>(860,550)<br>Increase in grants payable<br>Depreciation eliminated<br>205<br>Increase in prepayments<br>Increase in other debtors<br>Increase in accruals<br>Increase in taxation and social security<br>Increase in other creditors<br>Increase in provision for liabilities<br>**C1 Dividends and interest from investments**<br>9,551<br>**24 Analysis of changes in cash and cash equivalents**<br>Cash at bank, in hand, and short term deposits of not more<br>than 3 months<br>**Total cash and cash equivalents**<br>Cash at bank, in hand, and short term deposits of not more<br>than 3 months<br>**Total cash and cash equivalents**<br>Balance sheet movements|**Creditors &**<br>**Debtors**<br>**Provisions**<br>**Cash flow**<br>**£**<br>**£**<br>**£**<br>(26,664)<br>**685,434**<br>10,633<br>**13,396**<br>(262)<br>(10)<br>763<br>26<br>(78)<br>**(83,570)**<br>41,450<br>(15,505)<br>(26)<br>435<br>67<br>29,015<br>72,113<br>**(732,796)**<br>**9,551**<br>**(42,467)**<br>**154,424**<br>**2024**<br>**2023**<br>**Change**<br>**£**<br>**£**<br>**£**<br>441,149<br>643,579<br>**(202,430)**|
|---|---|
||441,149<br>643,579<br>**(202,430)**|
||**2023**<br>**2022**<br>**Change**<br>**£**<br>**£**<br>**£**<br>643,579<br>572,066<br>**71,513**|
||643,579<br>572,066<br>**71,513**|



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**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:**<br>Donations and legacies<br>Charitable activites<br>Investments<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>**Total expenditure**<br>Net gains/(losses) on investments<br>**Net income/(expenditure)**<br>**Transfers**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted**<br>**Restricted**<br>**Total funds**<br>**funds**<br>**funds**<br>**2023**<br>**£**<br>**£**<br>**£**<br>154,061<br>586,497<br>**740,558**<br>3,233<br>-<br>**3,233**<br>3,053<br>-<br>**3,053**|
|---|---|
||160,347<br>586,497<br>**746,844**|
||41,671<br>46,504<br>**88,175**<br>193,191<br>406,571<br>**599,762**|
||234,862<br>453,075<br>**687,937**|
||(8,849)<br>-<br>**(8,849)**|
||(83,364)<br>133,422<br>**50,058**<br>(8,698)<br>8,698<br>**-**|
||(92,062)<br>142,120<br>**50,058**|
||712,524<br>188,284<br>**900,808**|
||620,462<br>330,404<br>**950,866**|



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## **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<br>Donations from trustees and related parties<br>Donations from churches and organisations<br>Legacies<br>Grants receivable for:<br>CASA Grace<br>ISTL, Albania<br>Building project, Moldova<br>Building projects, N. Macedonia<br>Building project, Romania<br>Building project, Serbia<br>Crisis Appeal Fund<br>N. Macedonia key workers<br>Raising new leaders in East Europe<br>Gotesti Day Care Centre, Moldova<br>Moldova Ministry Support<br>Grants receivable for other activities|**Unrestricted**<br>**Restricted**<br>**Total funds**<br>**funds**<br>**funds**<br>**2023**<br>**£**<br>**£**<br>**£**<br>121,247<br>130,944<br>**252,191**<br>1,959<br>4,497<br>**6,456**<br>13,265<br>204,511<br>**217,776**<br>2,000<br>-<br>**2,000**<br>-<br>60,000<br>**60,000**<br>-<br>84,000<br>**84,000**<br>-<br>818<br>**818**<br>-<br>17,736<br>**17,736**<br>-<br>-<br>**-**<br>-<br>-<br>**-**<br>-<br>5,000<br>**5,000**<br>-<br>3,000<br>**3,000**<br>-<br>-<br>**-**<br>-<br>11,500<br>**11,500**<br>-<br>11,500<br>**11,500**<br>15,590<br>52,991<br>**68,581**|
|---|---|
||154,061<br>586,497<br>**740,558**|



**Income from charitable activities for the year ended 31 March 2023** 

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



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



## **Expenditure on charitable activities for the year ended 31 March 2023** 

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



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## **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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