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← Echoes International

2023-12-31-accounts

Charity Registration No. 1173851 / SC047797

ECHOES INTERNATIONAL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

ECHOES INTERNATIONAL

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees’ Report 2 – 12
Statement of Trustees’ Responsibilities 13
Independent Auditor’s Report 14 – 17
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 – 32

ECHOES INTERNATIONAL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS

Current trustees: David Brown (Vice Chair)
Paul Coxall
Sharon Durrant
Fiona McPhail
Nigel McQuoid
Simon Prince (Chair)
Alan Hay Smith
Stephen Shaw
Charity registered number: 1173851 (Charity Commission for England and Wales)
SC047797 (Office of the Scottish Charity Regulator)
Principal office: 124 Wells Road
BATH
BA2 3AH
Executive Directors Jim Armstrong, General Director
Matthew Pitts, Mission Director
Auditor: Burton Sweet Limited
The Clock Tower
5 Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR
Bankers: National Westminster Bank plc
24-25 Stall Street
BATH
BA1 1QF
Solicitors: Loosemores
Alliance House
18/19 High Street
CARDIFF
CF1 2BP
Investment Managers: Rathbone Investment Management Limited
Port of Liverpool Building
Pier Head
LIVERPOOL
L3 1NW

Page 1

ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report and audited financial statements for the period ended 31 December 2023. Echoes International is a charitable incorporated organisation (CIO) registered with the Charity Commission with charity number 1173851 on 18 July 2017. Echoes International is also registered with the Scottish Charity Regulator (OSCR) with charity number SC047797.

The Trustees confirm that the annual report and the financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements.

Public benefit

The Trustees are aware of the Charity Commission’s requirement that each charity carries out its activities with a view to Public Benefit. We believe that this can be clearly demonstrated, not only by the advancement of the Christian gospel around the world, but also in our regular support of many social, educational, medical, relief and development projects overseas. The contents detailed in this annual report are all carried out for the benefit of the public we serve.

Charitable objects

Echoes International has the following legal objects, under which the charity is established:

Echoes International, as a mission support group, seeks to encourage (a) churches and individuals to be involved in cross-cultural mission; (b) interest in and prayer for mission within the UK. To achieve this we publish news and information about mission activity across the world. We also distribute financial gifts and provide support to mission partners and indigenous believers. The Trustees’ report details the activities and strategy in place to support our aims.

Objectives and activities

Policies and objectives

Policy decisions are taken at our regular Trustees’ meetings. These include decisions regarding the compilation of the Daily Prayer Guide (‘DPG’), which involves the addition and deletion of mission partners, the allocation of funds for personal support and specific purposes, the administration and maintenance of the office, and contact with mission partners and local churches. In accordance with regulator’s guidance, safeguarding is considered and discussed at every Trustee and Senior Leadership Meeting.

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

Strategies for achieving objectives

In addition to our regular Trustees’ meetings the Trustees reviewed our overall strategy during 2023. A selection of Trustees and the Directors met throughout the year to review our strategic direction in the Lord’s will, over the next three years. This review did three things; (1) review the effectiveness of the strategic direction from 2018 until 2023; (2) recommend the strategic direction for the next three years for the Trustees to agree; and (3) articulate how this strategy should be delivered. This work was completed and the Trustees agreed the revised strategy and workstreams for 2024 onwards in November 2023.

The strategic direction which was agreed is as follows:

  1. We maintain our mission driven position in our approach and outlook to cross-cultural mission. 2. We will balance cost/gifting with funds received in 2025. 2024 would be a year where agreed workstreams would be delivered to achieve this objective.

From 2018 to 2023 Trustees were very conscious of the deliberate overspend in our gifts/costs required to achieve the objectives set over the past six years. This has been referenced in previous Trustee reports. The Trustees agree that the Charity should now return to a financially sustainable model, whilst maintaining our mission driven stance.

The eight workstreams agreed were as follows:

  1. Review of our missional funding should be based on need;

  2. Update our core listing policies to reflect the needs of 21[st] century cross-cultural mission;

  3. Update the churches we will work with in the UK while maintaining our constitutional mandate to work within the brethren movement;

  4. Review the services we provide;

  5. Review the operational model needed;

  6. Agree our approach to key trusts we have a relationship with;

  7. Review Trustee and Trust efficiency; and

  8. Monitor our progress to stated strategic aims.

God willing, we will start to deliver these workstreams in 2024.

Echoes International’s vision in 2023 was:

“To see Churches who are enthusiastic about mission sending new generations of workers into diverse models of Gospel ministry”.

We look back over 2023 and give thanks for all of God’s goodness as we see His hand in the ministry of Echoes International. In addition to the strategic review some of the other highlights for the year were as follows:

Activities for achieving objectives

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

will complete the course in July 2024. The team are encouraged by the personal development of the participants throughout the course.

Key Partnerships

As we sought to be mission driven, we were keen to provide channels for those called to mission, to help reach difficult to reach parts of the world. During 2022 we established partnership agreements with Operational Mobilisation, Frontiers, Pioneers, People International and Wycliffe Bible Translators. This would allow us to second mission partners mobilising through EI into teams with these organisations. We are delighted to report that in 2023 one individual has been seconded to Wycliffe Bible Translators and another six are preparing to partner with Pioneers in 2024.

Safeguarding

Trustees and Mission Partners of Echoes International continue completing bespoke training on a three yearly cycle. Recruitment processes are secure and staff involved in this area have updated their skill and knowledge base with appropriate training in 2023. Processes are now embedded with Mission Partners recognising that there is a need to be aware of these matters and to uphold good practice in their areas of service. In June 2023 we facilitated a safeguarding workshop for 30 local persons, connected with Echoes International, in a rural part of Zambia. This was in response to a need expressed by our Mission Partners in that location. We have been encouraged by the response and development of that training opportunity.

Awareness of safeguarding matters continues to strengthen across the EI team with annual training enabling staff to recognise how these matters may impact day-to-day roles and how they should respond. Safeguarding is a regular discussion at Trustee meetings and these matters are raised with every Mission Partner during scheduled debriefs. This is an area of ongoing development and self-audit practice continues annually, along with quarterly meetings with the Safeguarding Trustee. Our safeguarding policy and framework will be reviewed externally in 2024.

In 2023, four new safeguarding cases were brought to our attention and discussed by the Trustees. Where appropriate, external advice was taken and followed.

Risk and Security

Raising awareness and identifying possible risks before they develop is fundamental to our risk and security policy and approach at EI. We recognise that risk cannot always be mitigated, but awareness is critical. With this in mind we continue to raise awareness with the provision of quarterly security updates for our Mission Partners, their commending churches and associates with whom EI works. Travel packs are prepared for overseas travel with pertinent information regarding risk and security matters. In 2023 we facilitated two Hostile Environment and First Aid Training courses (HEFAT) for a total of 15 persons, raising awareness and equipping in this vital area.

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

Risk and Security matters continue to be discussed as part of the process of mobilising new Mission Partners and has been a key element discussed in partnership agreements with other mission agencies with whom we are working. Links have been made with the FCDO and our rating of security levels in the countries we support are annually reviewed as a minimum. We continue to facilitate insurance to our Mission Partners and retain the services of an external professional advice source.

In the main, our activity over the year can be summarised in the four undernoted priorities:

Grant making policies

Any funds received which are designated for mission partners, full time evangelists/preachers or specific ministries are transmitted directly (with no deductions) on a monthly basis. The Trustees allocate gifts at their discretion each month from their undesignated funds to most mission partners listed on the DPG. Some are not given a monthly gift as they are either employed or have no need for gifts in this way. Funds are also transmitted to short term partners as well. The amount of the gift is determined by the marital status of the mission partner, the size of their family and the UN cost of living index in the country in which they are based.

Gifts are also made in the following circumstances:

Strategic projects – Echoes International established a number of years ago, a list of projects which were given grant funding every 6 months. During 2023 this approach was revisited under our strategic review and the overall number of projects has been reduced. This was done to ensure the projects were consistent with our mission driven strategy. There are a few which we had a commitment to support until the end of 2024

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

or 2025 and the majority of these are operating in key strategic areas. Projects covering support of national workers, translation, reverse mission and digital media. As at the end of 2023 we are supporting 25 projects, across 12 countries amounting to just under £188,000.

Financial review

Total funds held on the balance sheet at 31 December 2023 were £5.1m (2022: £5.2m), of which £0.9m (2022: £0.8m) related to Restricted Funds and Endowment Funds. The remainder of the reserves related to the charity’s long-term expenditure requirements. The reduction in funds is in line with the strategy referred to earlier.

Gift income was £5.3m (2022: £5.3m). Gifts from assemblies were £0.2m lower in 2023, mainly due to the significant gifts received in 2022 for the disaster fund related to the Ukraine war. The reduction in gifts from assemblies was offset by a corresponding increase in legacy income. The level of restricted gifts as a portion of overall gifts was 60% (2022: 54%) of total gift income.

Total charitable distributions, in the form of grants made to institutions and individuals amounted to £4.6m (2022: £5.1m), as shown in note 5 to the financial statements. Overall, total charitable expenditure decreased by £0.7m from £6.4m in 2022 to £5.7m in 2023, mainly as a result of the review of strategy outlined on page 3.

As part of the charity’s pastoral responsibilities and networking with global mission groups, and sending churches, travel by Trustees and Executive Directors amounted to £0.08m during the year (2022: £0.08m).

Investment policy and performance

The Trustees have the power to invest all amounts not needed for immediate working capital. During 2023, Rathbones continued to manage the investment portfolio. In 2023, the Board agreed to change investment profile from a Medium Risk profile to a Low Risk profile. As a result, the portion of the fund invested in equity is smaller. The investment manager invested the funds in line with the agreed risk profiles in a range of companies and funds designed to achieve a balance of capital growth and income.

The main portfolio had investments with a cost of £3.2m (2022: £3.6m) at the year-end. This portfolio was valued at £3.3m (2022: £3.7m) at 31 December 2023. During the year, £0.5m (2022: £1.5m) was withdrawn from investments to fund the charities activities, net of deposits.

The A H Boulton Fund portfolio had investments with a cost of £0.1m (2022: £0.1m) at the year-end. This portfolio was valued at £0.1m (2022: £0.1m) at 31 December 2023. The Mrs H Maclean Fund and the Ramsden Trust portfolios had investments each with a cost of £0.03m at the end of 2023 and 2022. These portfolios were each valued at £0.04m at 31 December 2023 (2022: £0.03m). The investments in these Funds, together with the Boulton Fund, are held in a general investment trust managed by Rathbones.

Reserves policy

The two regulators for Scotland and England and Wales expect Trustees to decide, publish, implement and monitor their charity’s reserves policy so that they can comply with their legal duties to:

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

In practice, this means that Trustees should develop a reserves policy that:

In addition to setting the reserves policy for Echoes International, it also details actions which will be taken to ensure the approach is re-assessed annually, taking into consideration associated risks, potential funding changes and financial climates.

Following a review in 2023 the Trustees rationalised the operational areas over which reserves are held from six to five, and also adjusted the time horizon and/or minimum amounts in some of these areas. The revised list of operational areas and the specific levels of reserve across these areas were as follows in 2023:

----- Start of picture text -----
Minimum
Operational area Reserve level to be held
reserve level
1 Office and operating expenses 1 year’s equivalent expenses will be retained £0.89m
Discretionary allocation to Mission
2 1 year’s equivalent expenses £1.08m
Partners
3 Disaster and poverty relief £100,000 to be held £0.10m
4 Strategic projects 2 years allocation to be retained £0.73m
5 Capital requirements £100,000 to be held £0.10m
Total £2.90m
----- End of picture text -----

During the year, the reserve level was above the stated minimum at all times.

The rationale for each fund is detailed in the charity reserves policy which is held on our website - www.echoesinternational.org.uk/reserves-policy. Accessing the charity’s reserves will only be approved once discussed and agreed at the relevant Trustee Meeting – where this need is highlighted.

Actual total funds at 31 December 2023 were £5.1m (2022: £5.2m), of which £0.9m (2022: £0.8m) was held in restricted and endowment funds which are not available for the general purposes of the charity. In setting the reserve levels the Trustees have designated funds to ensure these are available should the need arise.

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

The unrestricted funds of the charity at 31 December 2023 of £4.2m (2022: £4.4m) represented an excess of £1.3m (2022: £0.9m) over the total level of reserves identified in the reserves policy. These funds are available for the general purposes of the charity and are over and above the designated reserves identified above.

Since the merger of Echoes of Service and Interlink in 2018, the charity has deliberately sought to invest excess funds into mission. The trustees reviewed the strategy of the charity in 2023 with a view to maintaining financial sustainability in the long term. The strategic review resulted in a number of changes which are outlined on page 3.

Going concern

In accordance with our agreed strategy the Trustees consider the resources available to the charity as well as the forecast income and expenditure for the forthcoming periods. Based on this analysis, and through the setting and holding of reserves as noted above, the Trustees have a reasonable expectation that the charity will continue in operation for at least 12 months from the date of the approval of the financial statements. The Trustees have therefore adopted the going concern basis of accounting in the preparation of the financial statements, as set out in the Accounting Policies.

Risk management

During 2023 the Trustees have managed the main risks facing the charity and they have delegated the task of managing these risks to the Audit and Risk Committee. The committee comprised of up to four Trustees with the Finance & HR Manager attending. The meetings are held every three months. The Risk Control Framework is discussed at each Trustee Meeting to ensure all risks are managed and the Trustees are kept up to date with any issues facing the charity. During 2023 the Audit and Risk Committee took the opportunity to review the categorisation and content of the main risks facing Echoes International. This resulted in the Board of Trustees agreeing some changes that are reflected in the list below.

The main risks facing the charity have been identified and categorised as:

A number of specific risks have been identified within each of these classifications and the controls and actions to mitigate our risks are overviewed by the Audit and Risk Committee and mainly delivered and managed by the Executive Team.

The changing trend of giving from churches, individuals, legacies and trusts is also something which is monitored across the charity from an on-going risk perspective. The reserves policy, our strategic plan and annual financial plan takes these trends into consideration. These items are discussed at Trustee Meetings and actions taken accordingly where necessary.

We are very aware that we operate in an increasingly secular culture. Consequently, we are faced with changing laws and attitudes which will impact the charity’s core activities. We review media and changes in

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

legislation on an ongoing basis in order to identify changing as early as possible and, if need be, discuss potential mitigations to ensure the delivery of our objectives. In addition, we are seeking to see the Christian gospel spread to areas of the world which are hostile to the message. We are praying to the Lord of the harvest for mission partners into unreached areas.

Our risk and security policy and procedures are in place to help mitigate risks, equip those serving and identify issues as early as possible. This is discussed in every Trustee meeting and operational meetings with the senior leaders’ team. We remain a faith-based charity reliant on God who is faithful. Whilst we take steps (detailed above) to ensure we are transparent and accountable to the regulators and charity law requirements, we are always conscious that the resources we have are God’s and we are stewards of what He has provided.

Plans for the future

The Trustees of Echoes International remain committed to the strategic aims of the charity. These our outlined above. The Trustees and all associated with Echoes International seek the Lord’s guidance in all we do.

Group entities

Missionaries’ Children’s fund (MCF)

MCF is a charitable entity (charity number 220204) registered in England & Wales with the Charity Commission. The only Trustee of MCF is Echoes International, which means that MCF is part of the same charitable group as Echoes International. The transactions and balances within MCF are not material to the group and therefore the accounts disclosures in Echoes International have not been completed to show Echoes International separately from the group this year as allowed by accounting convention. The charitable purpose of MCF is to care for the children of mission partners associated with Echoes International and particularly in assisting them in connection with their education. In the normal course of operating MCF receives income from individuals, churches and trusts, and uses those donations to the education of Mission Partners. You can find a copy of the latest set of accounts for MCF on the Charity Commission website or on request from Echoes International.

Interlink

Interlink is a charitable entity (charity number SC008063) registered in Scotland with the Office of the Scottish Charity Regulator (OSCR). The only Trustee of Interlink is Echoes International, which means that Interlink is part of the same charitable group as Echoes International. The transactions and balances within Interlink are not material to the group and therefore the accounts disclosures in Echoes International have not been completed to show Echoes International separately from the group this year as allowed by accounting convention. The charitable purpose of Interlink was to act as a mission service agency. Interlink received income from individuals, churches and trusts, and used those donations to support cross-cultural mission. You can find a copy of the latest set of accounts for Interlink on the OSCR website or on request from Echoes International.

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

Structure, governance and management

Constitution

The constitution of the charity was approved in 2017 by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator (OSCR). This provides the charity with a framework and guidelines for the Trustees to administer the charity. We continue to be a mission Service Group who work for the worldwide furtherance of the Christian Gospel.

Method of appointment or recruitment of Trustees

The Trustees of Echoes International recognise the importance of a diversified Board with a good spread of capabilities and experience in relation to the Mission Service Group. We have identified the skills and capabilities required and will use the established process to appoint new Trustees as the opportunity arises. When new Trustees are needed the Chair and Vice Chair will approach individuals identified through various sources. They will be interviewed and asked to attend Board Meetings to establish their qualifications, their fit with the Board and their comfort with the workings of the Trust. After this process and if both parties feel it is appropriate to proceed, the formal appointment will be made following the Board’s endorsement.

Policies adopted for the induction and training of Trustees

New Trustees will be provided with the various documents which detail the Trust’s Vision, Values, Strategy and Constitution. Information with regard to Trustee responsibilities as expected by the Charity Commission will also be reviewed. We will provide training with regard to Safeguarding and they will be subject to an enhanced police check. Police checks and personal references are taken up for the Trustees during the recruitment process.

Key management personnel remuneration

The Board of Trustees are responsible for the running of the charity and meet regularly (normally six times a year) to ensure the Strategic, Financial, Risk and Operational decisions are made timeously. The Chairman and Trustees are volunteers and give of their time freely. The operational day to day running of the charity is delegated by the Board to the General Director and his Executive Team – this team were The Mission Director and a leadership team from Finance, Communications & Member care.

Details of remuneration are disclosed in notes 9 and 10. The Board of Trustees is responsible for reviewing and approving levels of remuneration for the Executive Directors.

Organisational structure and decision making

Details of the Trustees currently in office, together with other reference information, are shown on page 1. The Trustees who served during the period from 1 January 2023 to the date the financial statements were approved were as follows:

Mr Paul Young Retired 31 December 2023 Mr David Brown Mr Simon Prince Chair Mr Alan Smith Mr Stephen Shaw Miss Sharon Durrant Miss Fiona McPhail Mr Nigel McQuoid Mr Paul Coxall

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ECHOES INTERNATIONAL

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

The Executive Directors in 2023 were:

Mr Jim Armstrong General Director Mr Matthew Pitts Mission Director

The Trustees, Executive Directors and other non-voting members attend Trustee meetings approximately every two months and annually for a strategic planning meeting.

Accountability is maintained through robust Board reporting by the Executive team including financial, risk, operational and reputational reporting. Bi-annual meetings take place with our Advisory Council who are able to give us an external view of the operations for Echoes International.

Delegated authorities have been put in place to allow the day to day running of the charity and a financial plan is established for Income, Giving and operational expenses. These positions are monitored at Board Meetings and all aspects of control and performance are transparent to the Trustees during these meetings.

Financial Software provides our management accounts which are viewed by the Trustees at their meetings. All our IT and software requirements are maintained by an external 3[rd] party and this gives us full resilience in the event of a major incident. They routinely visit to address operational issues and the General Director meets with the Senior Management of the IT company to ensure all service levels and risks are managed according to the contract in place. In addition, we also operate a CRM and SharePoint filing system to provide further resilience and making sure all records and files are held in a paperless system. The IT system used is cloud based and backed up daily.

Our websites are all maintained along with our Social Media platforms – we have policies in place for our communication strategy to ensure nothing is communicated which would impact the reputation of the charity. All e-transactions are made securely. Our access to IT and Internet Banking is fully encrypted and accessed via 2-factor authentication.

We continue to make no charges for the remitting of funds. Nothing is deducted from gifts towards the running of the charity. It would be our hope and prayer that operating expenses are normally met from specific gifts made towards our expenses, investment income and a % of all unrestricted legacies received in the year. We do not engage in any fundraising activity. Our sustainability is dependent on a faithful God.

In addition to the above sources of funds for operational expenses, the Trustees agreed to use a further £248,000 of discretionary reserves for the operational expenses of the charity in 2023. This was to allow them to support their agreed strategy and see a renewed enthusiasm for mission from UK churches.

Relationships with other organisations

Trustees are required to disclose relevant interests, and these are noted on a register and kept by the Board. In accordance with the Charity’s policy, Trustees withdraw from decisions where a conflict of interest exists.

The Trustees’ Report was considered and approved by the Trustees at their meeting on 21 May 2024 and subsequently signed on their behalf by:

……………………………………………………………….

Simon Prince, Chairman

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ECHOES INTERNATIONAL

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of its constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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ECHOES INTERNATIONAL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ECHOES INTERNATIONAL FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of Echoes International (the “Charity”) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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 Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted out audit in accordance with international Standards in Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If based, on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the fact.

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ECHOES INTERNATIONAL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ECHOES INTERNATIONAL FOR THE YEAR ENDED 31 DECEMBER 2023

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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ECHOES INTERNATIONAL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ECHOES INTERNATIONAL FOR THE YEAR ENDED 31 DECEMBER 2023

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-forthe-audit. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)c of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state in them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joshua Kingston ACA (Senior Statutory Auditor)

For and on behalf of Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date: 21 May 2024

Page 16

ECHOES INTERNATIONAL

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
2
Charitable activities
3
Investments
4
Other
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net gains / (losses) on investments
Net gains / (losses) on investment property revaluation
Net income/(expenditure)
9
Transfers between funds
20
Net movement between funds
Total funds at start of year
20
Total funds at end of year
20
Net income/(expenditure) before
investment gains / (losses)		 Unrestricted
Funds
£
2,013,997
68,632
145,938
2,541
2,231,108
2,472,559
2,472,559
(241,451)
78,378
-
(163,073)
(84,253)
(247,326)
4,447,184
4,199,858		 Restricted
Funds
£
3,275,991
-
1,150
1,645
3,278,786
3,260,152
3,260,152
18,634
-
-
18,634
81,974
100,608
635,754
736,362		 Endowment
Funds
£
-
-
-
-
-
-
-
-
4,486
-
4,486
2,279
6,765
150,074
156,839		 Total Funds
2023
£
5,289,988
68,632
147,088
4,186
5,509,894
5,732,711
5,732,711
(222,817)
82,864
-
(139,953)
-
(139,953)
5,233,012
5,093,059		 Total Funds
2022
£
5,264,696
85,444
136,835
27,477
5,514,452
6,411,800
6,411,800
(897,348)
(520,551)
30,000
(1,387,899)
-
(1,387,899)
6,620,911
5,233,012

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.

The notes on pages 20 to 32 form part of these financial statements See note 12 for fund-accounting comparative figures

17

ECHOES INTERNATIONAL

BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
13
Investment property
14
Investments
15
Total fixed assets
Current assets
Debtors
16
Cash at bank and in hand
Total current assets
Liabilities
Creditors : amounts falling
due within one year
17
Net current assets / (liabilities)
Total assets less current liabilities
Net assets
Funds
Unrestricted funds
General funds
21
Designated funds
21
Restricted funds
21
Endowment funds
21
Total funds		 580,256
30,000
3,566,436
1,131,761
107,770
1,239,531
(323,164)
503,308
3,696,550		 2023
£
4,176,692
916,367
5,093,059
5,093,059
4,199,858
736,362
156,839
5,093,059		 637,056
30,000
3,908,854
951,916
129,048
1,080,964
(423,862)
764,520
3,682,664		 2022
£
4,575,910
657,102
5,233,012
5,233,012
4,447,184
635,754
150,074
5,233,012

These financial statements were approved by the Trustees on 21 May 2024 and are signed on their behalf by:

Simon Prince, Chairman

English Charity number: 1173851 Scottish Charity number: SC047797 Company number: CE011337

The notes on pages 20 to 32 form part of these financial statements

18

ECHOES INTERNATIONAL

CASH FLOW STATEMENT

YEAR ENDED 31 DECEMBER 2023

Note
Net cash outflow from operating activities
18
Non-operational cash flows:
Investing activities
Payments for tangible fixed assets
Movement in cash held as investments
Purchase of investments
Proceeds from sales of investments
Investment income
Net cash inflow/(outflow) for the year
19
Cashflow Restrictions		 2023
£
(581,083)
(12,564)
(60,416)
(1,059,548)
1,545,245
147,088
559,805
(21,278)		 2022
£
(1,552,194)
(60,192)
(143,795)
(1,320,059)
2,889,592
136,835
1,502,381
(49,813)

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 20 to 32 form part of these financial statements

19

ECHOES INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Accounting convention

The accounts (financial statements) have been prepared 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), the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity is a public benefit entity as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern. Additional commentary on going concern can be found in the Trustees' Report.

Income

Income from donations is included in income when these are receivable, except as follows:

I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.

Legacies are included on a receivable basis where the charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.

Investment income is included on a receivable basis.

Donations in kind comprise donated services where the costs are measurable and the services would otherwise have to be paid for to maintain operational effectiveness.

Expenditure

Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.

Charitable Activities

Grants awarded are allocated to charitable activities.

Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

20

ECHOES INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

Allocation and apportionment costs

Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time.

Overhead support costs have been allocated between charitable activities. The apportionment has been allocated on the basis of staff time.

Pension costs and other post-retirement benefits

The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

Tangible fixed assets

Fixed assets are held at cost less accumulated depreciation. Assets costing less than £2,000 are not capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows:

Freehold Property - over 50 years; straight line Fixtures & Fittings - over 3 years; straight line

Computer equipment - over 3 years; straight line

Freehold property improvements - over 8 - 10 years; straight line

Fixed asset investments

Investments are included at market value at 31 December. The SOFA includes the net gains and losses arising on revaluations and disposals during the year.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or at the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.

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.

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.

Further explanation of the nature and purpose of each fund is included in note 20 of the financial statements.

21

ECHOES INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

2 Income from: Donations and legacies

Assembly gifts
Individual gifts
Other collective gifts
Trusts
Legacies
Prior year
Assembly gifts
Individual gifts
Other collective gifts
Trusts
Legacies		 Unrestricted
Funds
£
90,211
225,978
40,797
112,920
1,544,091
2,013,997
Unrestricted
Funds
£
357,700
363,259
166,446
206,765
1,373,337
2,467,507		 Restricted
Funds
£
663,551
1,327,302
546,228
645,425
93,485
3,275,991
Restricted
Funds
£
596,684
1,180,014
408,473
601,122
10,896
2,797,189		 Total Funds
2023
£
753,762
1,553,280
587,025
758,345
1,637,576
5,289,988
Total Funds
2022
£
954,384
1,543,273
574,919
807,887
1,384,233
5,264,696

As at the year-end the charity had been notified of legacies with an estimated value of £370,000, which have not been included in income at 31 December 2023 as no confirmation of impending distribution or notification of estate accounts being finalised has been received. The charity has been made aware of additional legacies; however even an approximation of the value of these legacies is not possible at the date of signing the accounts.

3 Income from: Charitable activities

Publishing
Prior year
Publishing
Income from: Investments
Dividends
Interest received
Rent from investment property		 Unrestricted
Funds
£
68,632
68,632
Unrestricted
Funds
£
85,444
85,444
Unrestricted
Funds
£
104,233
3,160
38,545
145,938		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
1,118
32
-
1,150		 Total Funds
2023
£
68,632
68,632
Total Funds
2022
£
85,444
85,444
Total Funds
2023
£
105,351
3,192
38,545
147,088

22

ECHOES INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

Prior year
Dividends
Interest received
Rent from investment property
5
Expenditure on: Charitable activities
Gifts to organisations
Gifts and allocations to individuals
Publishing, mobilisation & equipping
Member care
Gifts to organisations
Gifts and allocations to individuals
Publishing, mobilisation & equipping
Member care		 Direct
Costs
£
-
-
254,228
-
254,228
Direct
Costs
£
-
-
306,008
-
306,008		 Unrestricted
Restricted
Funds
Funds
£
£
124,396
942
412
37
11,048
-
135,856
979
Grant funding
Support
of activities
Costs
(Note 6)
(Note 7)
£
£
1,558,651
135,222
3,030,485
135,222
-
486,931
-
131,972
4,589,136
889,347
Grant funding
Support
of activities
Costs
(Note 6)
(Note 7)
£
£
1,862,808
172,570
3,226,391
172,570
-
514,571
-
156,882
5,089,199
1,016,593		 Total Funds
2022
£
125,338
449
11,048
136,835
Total Funds
2023
£
1,693,873
3,165,707
741,159
131,972
5,732,711
Total Funds
2022
£
2,035,378
3,398,961
820,579
156,882
6,411,800

Support costs are split between activities based on staff time.

23

ECHOES INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

6 Analysis of grants

The total grants awarded to institutions during the year was as follows:
Bethesda Hospital
Gospel Fellowship Trust of India
Kościół Wolnych Chrześcijan Zbór W Bytomiu (KWCH)
Moshi Christian Children's Centre
Philadelphia Trust
Total of grants to other organisations (< £50,000 in current or prior year)
Total grant commitments to individuals
Total grants commitments made in the year
Reconciliation of grants payable
Commitments brought forward
Net commitments made in the year
Payments during the year
Commitments carried forward and payable within one year
Note 17
Support costs
Staff costs
(Note 10)
Rates, light, heat and insurance
Cleaning, decorating and repairs
Travel - Trustees
Travel - Other
Office costs
Governance costs
(Note 8)
Equipment renewals and maintenance
Professional Fees
Bank charges
Sundry office expenses
Depreciation		 2023
£
12,906
114,188
5,000
58,245
30,425
1,337,887
3,030,485
4,589,136
2023
£
233,172
4,589,136
(4,652,649)
169,659		 Total
2023
£
493,640
29,651
22,795
3,679
76,351
21,695
27,494
79,334
35,382
10,550
19,412
69,364
889,347		 2022
£
67,975
42,138
50,000
54,605
153,814
1,494,276
3,226,391
5,089,199
2022
£
156,109
5,089,199
(5,012,136)
233,172
Total
2022
£
516,879
41,712
65,349
3,032
76,934
36,364
26,186
76,600
46,744
11,569
37,313
77,911
1,016,593

7 Support costs

24

ECHOES INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

8 Governance costs

Auditor's fees
- for audit services
- for other services
Trustee meetings
Advisory group
Strategic planning and projects
9
Net income/(expenditure) for the year
This is stated after charging:
Auditor's remuneration
- for audit services
- for other services
Trustees' travel, hotel, meals, meeting and training expenses
Depreciation		 Total Funds
2023
£
14,480
2,944
8,389
1,663
18
27,494
2023
£
14,480
2,944
7,949
69,364		 Total Funds
2022
£
13,398
4,272
7,246
1,220
50
26,186
2022
£
13,398
4,272
8,701
77,911

5 Trustees have been reimbursed for their out of pocket expenses as described above (2022: 5). No Trustee received any remuneration during the year or prior year.

Aggregate donations from Trustees, key management personnel, and other related parties was £8,611 (2022: £13,162).

10 Staff costs and numbers

The aggregate payroll costs were:

Wages & salaries
Social security costs
Pension contributions		 2023
£
422,757
31,360
39,523
493,640		 2022
£
437,495
35,017
44,367
516,879

No employee received emoluments of more than £60,000.

The average weekly number of employees during the year was 19 (2022: 21), calculated on the basis of average headcount. The average weekly number of employees during the year was 15 (2022: 16), calculated on the basis of full time equivalent. Key management personnel include the Trustees and Executive Directors. The total employment benefits received by key management personnel including employer national insurance and employer pension were £100,243 (2022: £129,672).

11 Taxation

The charity is exempt from corporation tax on its charitable activities.

25

ECHOES INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
12 Statement of Financial Activities comparative figures
Unrestricted Restricted Endowment Total Funds
For the year ended 31 December 2022 Funds Funds Funds 2022
£ £ £ £
Income from:
Donations and legacies 2,467,507 2,797,189 - 5,264,696
Charitable activities 85,444 - - 85,444
Investment income 135,856 979 - 136,835
Other income 6,461 21,016 - 27,477
Total income 2,695,268 2,819,184 - 5,514,452
Expenditure on:
Charitable activities 3,617,271 2,794,529 - 6,411,800
Total expenditure 3,617,271 2,794,529 - 6,411,800
Net income / (expenditure) before investment gains / (losses) (922,003) 24,655 - (897,348)
Net gains / (losses) on investments (493,798) (5,486) (21,267) (520,551)
Net gains / (losses) on property revaluation 30,000 - - 30,000
Net income/(expenditure) for the year (1,385,801) 19,169 (21,267) (1,387,899)
Transfers between funds (66) 66 - -
Net movement in funds (1,385,867) 19,235 (21,267) (1,387,899)
Total funds at start of year 5,833,051 616,519 171,341 6,620,911
Total funds at end of year 4,447,184 635,754 150,074 5,233,012
13 Tangible fixed assets
Freehold
Freehold Fixtures & Computer property
Property Fittings equipment improvements Total
£ £ £ £ £
Cost
At 1 January 2023 811,112 33,666 200,127 77,613 1,122,518
Additions - - 1,128 11,436 12,564
At 31 December 2023 811,112 33,666 201,255 89,049 1,135,082
Depreciation
At 1 January 2023 292,221 28,979 151,568 12,694 485,462
Charge for the year 16,200 2,710 41,741 8,713 69,364
At 31 December 2023 308,421 31,689 193,309 21,407 554,826
Net book value
At 31 December 2023 502,691 1,977 7,946 67,642 580,256
At 31 December 2022 518,891 4,687 48,559 64,919 637,056
----- End of picture text -----

26

ECHOES INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
14 Investment Property
Freehold
Investment
Property
£
Investment property valuation at 1 January 2023 30,000
-
Revaluation in the year
Investment property valuation at 31 December 2023 30,000
15 Investments
Total
£
Market value
At 1 January 2023 3,908,854
Purchase of investments 1,059,548
Sale of investments (1,545,245)
Realised and Unrealised gains/losses 82,863
Movement in cash held 60,416
At 31 December 2023 3,566,436
Historical cost 3,484,577
At the year end the charity had the following spread of investments by nature:
2023 2022
£ £
Listed investments
Fixed interest 965,402 499,858
UK equities 1,053,751 1,400,941
Overseas equities 850,033 1,120,346
Alternative holdings 626,096 859,898
Cash held as part of the investment portfolio 71,154 27,811
3,566,436 3,908,854
16 Debtors
2023 2022
£ £
Due in less than one year:
Prepayments and accrued income 14,590 30,304
Tax reclaimable under Gift Aid 9,737 10,948
Legacies receivable 1,066,823 873,728
Other debtors 40,611 36,936
1,131,761 951,916
----- End of picture text -----

27

ECHOES INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

17 Creditors: amounts falling due within one year

Trade creditors
Grants payable
(Note 6)
Other taxation and social security
Accruals and deferred income
Other creditors
Reconciliation of net movement in funds to net cash inflow from
Statement of Financial Activities: Net movement in funds
Investment income
Depreciation
(Gains) / losses on investments
Increase in debtors
(Decrease) / increase in creditors
Gain on revaluation of investment property
Net cash (outflow)/inflow from operating activities
Analysis of changes in cash during the year
Cash at bank and in hand
Cash at bank and in hand		 operating activities
2023
2022
£
£
107,770
129,048
2022
2021
£
£
129,048
178,861		 2023
£
27,660
169,659
23,298
96,870
5,677
323,164
2023
£
(139,953)
(147,088)
69,364
(82,863)
(179,845)
(100,698)
-
(581,083)		 2022
£
38,627
233,172
31,559
101,450
19,054
423,862
2022
£
(1,387,899)
(136,835)
77,911
520,551
(627,400)
31,478
(30,000)
(1,552,194)
Change
£
(21,278)
Change
£
(49,813)

18 Reconciliation of net movement in funds to net cash inflow from operating activities

19 Analysis of changes in cash during the year

28

ECHOES INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

20 Movement in funds

For the year ended 31 December 2023

Restricted funds
Missionary
Personal needs
Beneficiary holding
Missionaries' Children's Fund
Ramsden fund
Missionary Furlough fund
Disaster fund
Ruth Hadley Memorial fund
Unrestricted funds
General funds (merger of funds)
Interlink - legacy charity fund
First Serve
Publishing department
Missionary work
Legacy equalisation
Medical
Special projects
Ministry support
Training
National worker
Poverty and relief fund
Strategic initiative fund
Equipment and maintenance
Endowment funds
Mrs H Maclean Trust
A H Boulton Fund
Total funds		 At 1 Jan
2023
£
99,028
2,582
345,991
49,128
49,780
33,325
-
55,920
635,754
764,520
10,514
5,150
40,000
227,647
2,000,000
50,000
86,161
10,000
20,000
40,000
294,918
702,096
196,178
4,447,184
35,364
114,710
150,074
5,233,012		 Income
£
1,089,757
1,627,637
259,381
46,506
1,117
-
254,388
-
3,278,786
673,241
-
8,908
71,162
1,354,312
-
180
-
-
-
24,203
36,602
62,500
-
2,231,108
-
-
-
5,509,894		 Expenditure
£
(1,032,628)
(1,631,179)
(249,273)
(44,603)
-
-
(291,669)
(10,800)
(3,260,152)
(804,469)
-
(30,067)
(172,722)
(962,608)
-
(41,785)
-
(63,188)
(66,144)
(145,367)
(55,031)
(86,236)
(44,942)
(2,472,559)
-
-
-
(5,732,711)		 Transfers
£
-
960
80,905
2,647
(6,494)
(33,325)
37,281
-
81,974
(208,362)
(10,514)
16,009
61,560
-
-
-
(86,161)
53,188
46,144
81,164
(37,281)
-
-
(84,253)
1,954
325
2,279
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
78,378
-
-
-
-
-
-
-
-
-
-
-
-
-
78,378
-
4,486
4,486
82,864		 At 31 Dec
2023
£
156,157
-
437,004
53,678
44,403
-
-
45,120
736,362
503,308
-
-
-
619,351
2,000,000
8,395
-
-
-
-
239,208
678,360
151,236
4,199,858
37,318
119,521
156,839
5,093,059

Restricted funds

Missionary - Monies donated for mission workers "ministry / work".

Personal needs - monies donated for mission worker's "personal needs".

Beneficiary holding - monies await distribution instructions from named beneficiary.

Missionaries' Children's Fund - the aim of this fund is to support the children of mission workers commended from UK assemblies to help with the educational expenses incurred, until further education, while their parents are serving on the mission field. The transfer out of this restricted fund is due to the costs being expended out of general funds.

29

ECHOES INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

20 Movement in funds (continued)

Restricted funds (continued)

Ramsden fund - for the provision of accommodation where appropriate and other needs of missionaries while on leave or residing in the UK.

Missionary Furlough fund - the provision of gifts to missionaries on furlough in the UK. Gifts of this nature were expended out of general funds in the year.

Disaster fund - donations towards specified areas of critical need, usually as a result of natural or humanitarian disasters. The transfer in the year represents giving to this need from designated funds (see 'Poverty and relief fund').

Ruth Hadley Memorial fund - funds received in memory of late Ruth Hadley who served as a missionary in Angola. Funds are distributed for suitable mission work in Angola.

Unrestricted and designated funds

General - Funds available to the Trustees to administer the ongoing objectives of the Charity.

Interlink legacy charity fund - Monies relating to and held in the predecessor charity, created in 2018 when Interlink and Echoes of Service merged, forming Echoes International. Transferred to general funds this year.

First Serve - funds designated for the First Serve gap year programme.

Publishing department - Monies designated by the Trustees as a “reserve” used for the publishing of books/fact files and production of the Daily Prayer Guide and Echoes magazine.

Missionary work - Monies received for general disbursement for “The Lord’s Work Overseas”.

Legacy equalisation - Monies designated by the Trustees to act as a “reserve” to supplement giving under the above category, missionary work unrestricted, should that important category of gift income decline.

Medical - Monies to purchase medical supplies and equipment in hospitals and clinics.

Special projects - A fund set up to provide funding for all activities associated with the merger between Echoes of Service and Interlink from 1 January 2018. These funds have been returned to the general fund in the 2023 year.

Ministry support - Monies designated by the Trustees for a variety of Christian ministries including literature work, production and distribution of vernacular Bibles and Bible study aids, radio broadcasting and other associated activities.

Training - Monies designated by the Trustees to enable Bible colleges training establishments to provide national workers with training in preparation for and continuance in Christian service.

National worker - Monies designated by the Trustees to enable National Service Agencies to distribute monies amongst their own indigenous Christian workers.

Poverty and relief - Monies designated by the Trustees to provide financial help in situations of property relief and hardship.

Strategic initiatives - Monies set aside for the strategic funding of mission projects globally, normally over a 3-year period. The fund is used for projects outside of the course of regular gifts and finance provided by Echoes International and is limited to those within the Brethren movement or those with substantial links to the movement.

Equipment and maintenance - Monies designated by the Trustees for the upkeep of the office property and capital expenditure on equipment.

30

ECHOES INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

20 Movement in funds (continued)

Endowment funds

A H Boulton Trust - The Fund having been set up for the benefit of Echoes of Services – the endowment fund element below is a permanent endowment.

Mrs H Maclean Trust - The Trust having been set up for the benefit of Echoes of Services – the endowment fund is an expendable endowment.

For the year ended 31 December 2022

Restricted Funds
Missionary
Personal needs
Beneficiary holding
Missionaries' Children's Fund
Ramsden fund
Missionary Furlough fund
Ruth Hadley Memorial fund
Unrestricted Funds
General funds (merger of funds)
Interlink - legacy charity fund
First Serve
Suspense
Publishing department
A H Boulton Fund
Mrs H Maclean Trust
Missionary work
Legacy equalisation
Medical
Special projects
Ministry support
Training
National worker
Poverty and relief fund
Strategic initiative fund
Equipment and maintenance
Endowment Funds
Mrs H Maclean Trust
A H Boulton Fund
Total funds		 At 1 Jan
2022
£
5,002
5,000
423,463
27,685
55,324
33,325
66,720
616,519
1,948,294
10,514
7,378
5,719
40,000
-
-
190,264
2,000,000
50,000
86,161
10,000
20,000
40,000
258,289
966,432
200,000
5,833,051
40,426
130,915
171,341
6,620,911		 Income
£
1,224,383
1,486,308
40,116
67,435
942
-
-
2,819,184
559,021
-
23,144
-
81,166
2,780
868
1,289,851
-
(2,545)
-
20,000
-
11,413
607,070
102,500
-
2,695,268
-
-
-
5,514,452		 Expenditure
£
(1,130,357)
(1,488,726)
(117,964)
(45,682)
(1,000)
-
(10,800)
(2,794,529)
(1,164,009)
-
(50,372)
-
(180,455)
-
-
(1,112,143)
-
(70,120)
-
(87,660)
(107,374)
(120,860)
(570,441)
(150,015)
(3,822)
(3,617,271)
-
-
-
(6,411,800)		 Transfers
£
-
376
(310)
-
-
-
66
(114,988)
-
25,000
(5,719)
99,289
(2,780)
(868)
(140,325)
-
72,665
-
67,660
107,374
109,447
-
(216,821)
-
(66)
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
(5,486)
-
-
(5,486)
(463,798)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(463,798)
(5,062)
(16,205)
(21,267)
(490,551)		 At 31 Dec
2022
£
99,028
2,582
345,991
49,128
49,780
33,325
55,920
635,754
764,520
10,514
5,150
-
40,000
-
-
227,647
2,000,000
50,000
86,161
10,000
20,000
40,000
294,918
702,096
196,178
4,447,184
35,364
114,710
150,074
5,233,012

31

ECHOES INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

20 Movement in funds (continued)

Restricted funds

Suspense - funds designated, awaiting donors instructions.

A H Boulton Trust - The Fund having been set up for the benefit of Echoes of Services – see also endowment fund element below. This was transferred to general funds in the 2022 year.

Mrs H Maclean Trust - The Trust having been set up for the benefit of Echoes of Services – see also endowment fund element below. This was transferred to general funds in the 2022 year.

21 Analysis of net assets between funds

As at 31 December 2023
Tangible fixed assets
Investments
Other net assets
As at 31 December 2022
Tangible fixed assets
Investments
Other net assets		 Unrestricted
funds
£
580,256
3,365,194
254,408
4,199,858
Unrestricted
funds
£
637,056
3,709,000
101,128
4,447,184		 Restricted
funds
£
-
44,403
691,959
736,362
Restricted
funds
£
-
49,780
585,974
635,754		 Endowment
funds
£
-
156,839
-
156,839
Endowment
funds
£
-
150,074
-
150,074		 Total
£
580,256
3,566,436
946,367
5,093,059
Total
£
637,056
3,908,854
687,102
5,233,012

22 Related party transactions

There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements.

32

Audit Trail

Document Details
Title Financial statements 2023 v2 (ID 228384).pdf
File Name Financial statements 2023 v2 (ID 228384).pdf
Document ID cb0c84f405b744d1a9b199041a356cef
Fingerprint c58d69286dc2fdc4f51c53ae2cc4b00b
Status Completed
Document History
Document Created
Document Created by Joshua Kingston (josh.kingston@burton-sweet.co.uk)
Fingerprint: a4f112aac226a5fccd47a6c5be0774b4		 May 31 2024
08:08AM
UTC
Document Signed by Joshua Kingston (josh.kingston@burton-sweet.co.uk)
IP: 185.249.213.98 May 31 2024
Document Signed 08:08AM
UTC
Document
Completed		 This document has been completed.
Fingerprint: c58d69286dc2fdc4f51c53ae2cc4b00b		 May 31 2024
08:08AM
UTC