OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

CV Europe (a company limited by guarantee)

Registered Number 12374133 Charity Number 1198079 Report and Financial Statements Year Ended 31 December 2023

CV Europe (a company limited by guarantee)

Report and financial statements for the year ended 31 December 2023

Contents

Page

CV Europe (a company limited by guarantee)

Officers and advisors for the year ended 31 December 2023

INTRODUCTION

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, have pleasure in presenting their report and the audited financial statements for the year ended 31 December 2023.

The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2020 in preparing the Annual Report and financial statements of the charity.

REFERENCE AND ADMINISTRATION DETAILS

Board of Directors

The Board of Directors who served during the year were:

Trustees

T G K Boxall O Matyukhov M H Wattis

Principal Officers

A L Flynn G Beckert O Matyukhov

Operational Directors

O Matyukhov

Secretary and registered office

T G K Boxall, The Rock, International Drive, Solihull, Birmingham, B90 4WA

Company Registration number 12374133 Charity number 1198079

Auditor

BDO LLP, Two Snowhill, Birmingham, B4 6GA

Solicitors

Pinsent Masons, 55 Colmore Row, Birmingham, B3 2FG

Bankers

NatWest Bank Plc, West Bromwich Branch, 309 High Street, West Bromwich, West Midlands, B70 8LX

3

CV Europe (a company limited by guarantee)

Trustees’ report for the year ended 31 December 2023

STRUCTURE AND MANAGEMENT

CV Europe is a charitable company limited by guarantee and does not have any share capital. The company was incorporated on 20 December 2019 and is governed by Memorandum and Articles of Association that were last amended on 18 February 2022. The Trustees are detailed on page 3. There have been no changes in Trustees either during the year or since the year end. Trustees may be appointed by the Trustees from time to time or by the members by ordinary resolution.

The Trustees are responsible for decisions related to the strategic direction of the charity together with those that relate to exceptional financial or reputational risk. The Trustees meet around four times a year to monitor the progress of the charity and liaise on material matters with one another and with the operational management in the periods between meetings.

Day to day operational management rests with the principal officers detailed on page 3. They are responsible directly to the Trustees. The training and induction provided for new Trustees will depend on their existing experience. Where necessary induction will provide training on charity, legal and financial matters as well as the Charity’s policies and governance.

CV Europe is a subsidiary of Christian Vision (Company number 02842414; Charity number 1031031). It also makes donations to overseas operations to further the objectives of the charity.

Pay and remuneration for key personnel are reviewed by the Trustees annually in the light of inflation and other relevant factors.

OBJECTIVES AND ACTIVITIES

The objective of CV Europe continues to be the advancement of the Christian faith, in alignment with the parent charity, Christian Vision. This objective is pursued specifically within the context of Europe.

Mission Statement

"To introduce people to Jesus and encourage them to become His true followers." In short, "Introducing Jesus; Encouraging Followers".

As a part of the global Church community, CV Europe undertakes its various activities to see impact in three key areas:

Objective 1: Introducing people to Jesus

We work to introduce more than150,000 people to Jesus each day across Eastern and Western Europe through optimised social media advertising and effective gospel content, alongside on-the-ground and digital pioneering activities.

Objective 2: Mobilising Christians to evangelise

Our mobilisation activities equip and mobilise Christians to evangelise. We provide training, community and discipleship to Christians who are hesitant to share their faith and equip local churches to connect with those who are searching for answers online.

Objective 3: Resourcing the Church with free digital content and knowledge

Our desire is to freely resource the Church, in all languages, with high quality videos, digital assets and key learnings that will enable churches and ministries across the globe to achieve lasting, exponential impact for Jesus.

4

CV Europe (a company limited by guarantee)

Trustees’ report

for the year ended 31 December 2023 (continued)

Out of these focus areas, we provide proven and effective platforms that:

  1. Introduce people to faith and hope found in Jesus.

  2. Inspire, train, and equip Christians to share their faith.

  3. Enable local churches to connect with people searching for answers online.

  4. Provide free, high quality digital content that churches and organisations can download and share.

  5. Share knowledge and learnings in digital evangelism and mission.

  6. Provide pioneering principles for large- scale, on-the-ground mission work.

For further up to date information please consult our website, www.cveurope.co

5

CV Europe (a company limited by guarantee)

Trustees’ report

for the year ended 31 December 2023 (continued)

Public Benefit

The trustees of the Charity are committed to provide public benefit through pursuing its objective of “changed lives” whether this is materially, educationally, psychologically, or spiritually.

Such benefit is continually monitored and evaluated, whilst those working for the charity are encouraged to find new and more effective ways of making this objective a reality.

The Trustees confirm that they have referred to the Charity commission’s guidance on public benefit when reviewing the Institution’s aims and objectives and in planning future activities.

ACHIEVEMENTS AND PERFORMANCE

As reported in the notes to the accounts, CV Europe is a new subsidiary of Christian Vision, established to carry out the mission activities of the parent charity in the UK and Europe. CV Europe began its activities on 1 January 2023 when Christian Vision donated assets to the charity (see note 4) and will be funded in the same way as other subsidiary charities of the group which are based overseas.

CV Europe (CVE) is a Christian evangelistic organisation that seeks to share the message of Jesus Christ and encourage and enable Christians to share their faith with others. In line with outcomes associated with its parent charity, CV Europe projects have also shown positive influences on the communities they impact, promoting racial unity, tolerance, servanthood, and high ethical standards. CVE has developed follow-up services through local representatives in various European countries to respond accordingly to those engaging with us through our media channels, connecting them with local churches and ministries, as appropriate.

Objective 1: Introducing people to Jesus

Online Evangelism

6

CV Europe (a company limited by guarantee)

Trustees’ report

for the year ended 31 December 2023 (continued)

ACHIEVEMENTS AND PERFORMANCE (Continued)

In 2023, CV Europe introduced 56.3 million people to Jesus, an average of more than 150,000 Introductions to Jesus per day. This resulted in more than 13,000 responses. These responses from individuals impacted by online campaigns were routed to a network of trusted partners and churches across Europe for ongoing care and engagement.

NPI Projects 2023

With regards to our pioneering projects, both on the ground and in digital activities, in 2023 CV Europe supported over 83 Christian workers in 5 countries involved in missionary pioneering activities including evangelism, church planting and successor training. 206 new fellowship locations were formed in addition to 1 new sustainable church. A total of 56 pioneer successors were also trained and equipped to take the work of current pioneers forward and ensure the long-term sustainability and impact of these projects.

Objective 2: Mobilising Christians to evangelise

yesHEis

7

CV Europe (a company limited by guarantee)

Trustees’ report

for the year ended 31 December 2023 (continued)

Measuring mission effectiveness (continued)

In 2023 the number of followers and subscribers in our mobilisation communities on social platforms grew to 1.1 million. Here Christians are inspired, trained and equipped to help the world know Jesus. In 2023 over 3,300 ‘Acts of Evangelism’ were evidenced in community feedback in Europe, representing a fraction of evangelism by the community overall. The momentum around this initiative in Europe ultimately led to the launch of a UK-specific version of the community, which is already showing great promise and growth.

CV Outreach

The CV Outreach programme extended to 21 countries where over 254 churches were involved in sharing the Gospel online through the enabling of CV and connecting seekers directly with the church. There were more than 6,850 unique visitors to various sites with spiritual content, causing 7,900 written message responses to content encountered on these websites, these responses routed to a local church within a 20-mile radius of the responder. Where this local routing wasn’t possible, responses were distributed to select in-country organisations for followup. CV Outreach underwent a programme review in 2023 and is being replatformed in order to play an even more significant role of the operations of the charity in Europe specifically, as well as globally.

CV Resources

Our desire with the CV Resources platform is to freely resource the Church, in various languages, with high quality videos, digital assets and key learnings that will enable churches and ministries in our region to achieve lasting, exponential impact for Jesus. This is particularly relevant to the European context, where a large number of smaller churches aim for impact, but do not always have the necessary digital resources or knowledge to achieve this. To that end, a total of 2,890 resources were downloaded from CV platforms by audiences in Europe as of the end of 2023, with over 1,380 lecture/course completions – an increase of 21% over 2022 for the region.

8

CV Europe (a company limited by guarantee)

Trustees’ report

for the year ended 31 December 2023 (continued)

Measuring mission effectiveness (continued)

Teams in Europe also participated in two global content campaigns to direct traffic to CV Resources and assisted in a campaign to direct users to the Alpha Course, a highly regarded discovery program for individuals exploring faith questions.

With more than 5,400 resources now available on the CV Resources platform, local teams are well-equipped to pursue further growth amongst new audiences in 2024.

CV Europe has continued to strengthen in-house capability for measuring, reporting, and analysing strategy execution for improved decisions and outcomes, as well as strengthening its data governance and data literacy capacity.

9

CV Europe (a company limited by guarantee)

Trustees’ report

for the year ended 31 December 2023 (continued)

FUNDRAISING POLICY

Section 162a of the Charities Act 2011 requires us to make a statement regarding fundraising activities because we have an external audit. We do not undertake any fundraising activities. We do not use professional fundraisers or “commercial participators” or indeed any third parties to solicit donations. We are therefore not subject to any regulatory scheme or relevant codes of practice, nor have we received any complaints in relation to fundraising activities nor do we consider it necessary to design specific procedures to monitor such activities.

FINANCIAL REVIEW

The financial results of the charity's activities are summarised on pages 16 to 26. The surplus for the year amounted to £143,814 (2022: £nil). Total income (donations) was £2,532,590 (2022: £nil). Resources expended were £2,388,776 (2022: £nil). In conclusion, the year has seen an overall increase in the charity funds to £143,814.

Note 10 to the financial statements details the movements on reserves.

We have made the following significant charitable contributions to other charities with similar objectives during the year:

£ 489,278 CV Ukraine Ukrainian projects

We hold fixed assets consisting of equipment that are used to further our charitable objectives. Details of all the acquisitions and disposals of fixed assets during the year are recorded in the notes to the financial statements.

Reserves Policy (Total reserves at the year-end are £ 143,814)

Expansion of activities to other areas will require further funding. The charity therefore continues to be grateful for the assistance given to it and especially through the donations of Christian Vision as well as the gift of time given by volunteers.

Risk Management

The Board and senior management continually review the risks to which CV Europe may be exposed. The objective of such reviews is to ensure that CV Europe has the resources and systems that, under normal conditions, will allow these risks to be mitigated to an acceptable level in its day-to-day operations. The Board have assessed that the major risks to which the charity is exposed include exchange rate fluctuations and overseas security issues in some locations, such as Ukraine. Such risks have been mitigated where possible and are under continual monitoring and review to protect the charity and its activities.

Key performance indicators

CVE assesses its success using Key Performance Indicators (KPIs) commensurate with its Mission Statement: “To introduce people to Jesus and encourage them to become His true followers” as an expression of “Touch A Billion.” These are:

10

CV Europe (a company limited by guarantee)

Trustees’ report

for the year ended 31 December 2023 (continued)

Conclusion, future plans and Going Concern

The charity intends to continue extending its activities into other countries and languages.

Trustees' responsibilities

The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Strategic Report, the Annual Report, and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 Companies Act 2006. 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.

All the current trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditor for the purpose of their audit and to establish that the auditors are aware of that information. The trustees are not aware of any relevant information of which the auditors are not aware.

Auditor

The resolution to re-appoint BDO LLP as auditor will be proposed at the next Annual General Meeting.

Signed on behalf of the Trustees

T G K Boxall Trustee

Date 4[th] September 2024

11

CV Europe (a company limited by guarantee)

Independent Auditor’s report

TO THE MEMBERS OF CV EUROPE (A COMPANY LIMITED BY GUARANTEE)

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of CV Europe (“the Charitable Company") for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, 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).

Basis for opinion

We conducted our audit in accordance with international Standards on Auditing (UK) (lSAs (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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company 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.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees' 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 Charitable Company'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 Trustees with respect to going concern are described in the relevant sections of this report.

12

CV Europe (a company limited by guarantee)

Independent Auditor’s report (continued)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

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

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustee's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

13

CV Europe (a company limited by guarantee)

Independent Auditor’s report (continued)

Responsibilities of Trustees (continued)

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company'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 Charitable Company 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 the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below:

Non-compliance with laws and regulations

We considered the significant laws and regulations to be the Charities SORP (FRS 102) – second edition and Generally Accepted Accounting Practice (UK).

The Charitable Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be employment law and data protection.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

14

CV Europe (a company limited by guarantee)

Independent Auditor’s report (continued)

Auditor's responsibilities for the audit of the financial statements (continued)

Based on our risk assessment, we considered the areas most susceptible to fraud to be to be posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members those matters we are required to state to 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 Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kyla Bellingall (Senior Statutory Auditor) for and on behalf of BDO LLP, Statutory Auditor Birmingham United Kingdom

04 September 2024 Date

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

15

CV Europe (a company limited by guarantee)

Statement of financial activities for the year ended 31 December 2023 (incorporating an income and expenditure account)

Unrestricted Unrestricted
Funds Funds
2023 2022
Note £ £
Income
Donations 2,532,590 -
____ ____
Total income 2,532,590 -
____ ____
Expenditure on:
Charitable activities 2 2,388,776 -
____ ____
Total expenditure 2 2,388,776 -
____ ____
Net movement in funds 143,814 -
____ ____
Reconciliation of funds
Total funds brought forward - -
____ ____
Total funds carried forward 10 143,814 -
____ ____

All disclosures relate only to continuing operations.

All recognised gains and losses are included in the statement of financial activities.

The notes on pages 18 to 26 form part of these financial statements.

16

CV Europe (a company limited by guarantee)

Balance sheet 31 December 2023

Charity registration number: 1198079
Company number:
12374133
Note
2023
£
Fixed assets
Tangible assets
4
Current assets
Debtors
5
83,864
Cash at bank and in hand
104,140
____
188,004
Creditors: amounts falling due
within one year
6
105,518
____
Net current assets
Total net assets
11
Funds
Unrestricted general funds
10
Total Funds		 2023
£
61,328
____
61,328
82,486
____
143,814
____
143,814
____
143,814		 2022
£
~~-~~
____
~~-~~
-
____
-
____
-
____
-

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board of Trustees on 4[th] September 2024 and signed on its behalf by:

O Matyukhov T G K Boxall Trustee Trustee

The notes on pages 18 to 26 form part of these financial statements.

17

CV Europe (a company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2023

1 Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with 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) and the Companies Act 2006, under the historical cost convention.

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided to write off the cost or valuation, less estimated residual value of all tangible fixed assets, over their expected useful lives. It is calculated at the following rates:

Office equipment - 25% straight line
Office Furniture - 25% straight line
Communication Equipment - 50% straight line
Computer Equipment - 33.3% straight line
Studio Equipment - 25% straight line

The assets transferred from Christian Vision at the start of the year have been depreciated over their remaining useful economic life on a straight line basis.

Impairment of fixed assets

Impairment of asset values is recognised in the accounts as soon as the trustees become aware that the carrying value of assets is overstated when compared with their economic value.

Income

Incoming resources represents donations.

Donations received for current and future revenue expenditure are treated as income in the year in which they are received.

Expenditure

All expenditure, other than that which has been capitalised, is included in the Statement of Financial Activities. Expenditure is accounted for on an accruals basis.

Resources expended includes all expenditure incurred in pursuance of the charitable objectives of the charity including projects.

18

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

1 Accounting policies (continued)

Cost apportionment

A proportion of management and administration expenses are attributed to cost of activities based on the time estimated to be spent by the employees.

Fund accounting

Funds held by the charity are either:

Unrestricted general funds – these are fund which can be used in accordance with the charitable objects at the discretion of the trustees.

Designated funds – these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Operating leases

Annual rentals are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

Foreign currency

Transactions denominated in foreign currencies are recorded at the actual rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end are accounted for at the rates prevailing at the year-end date.

Any gain or loss arising from a change in the rates of exchange subsequent to the date of the transaction is included as an exchange gain or loss in the Statement of Financial Activities.

Pension costs

Contributions to the company's defined contribution pension schemes are charged to the Statement of Financial Activities in the year in which they become payable.

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Going Concern

The Trustee Board has assessed the Going Concern status of the charity for a period of at least 12 months, from the signing of these accounts. In the short term, CV Europe have c.£49,004 cash at bank at the time of signing these statements. The Trustees recognise that there remains a degree of uncertainty because of the global economic situation and the war in Ukraine. However, after considering the level of reserves (current and projected) CV Europe is in the fortunate position with no loans or overdraft facilities and having a parent charity in Christian Vision which is very solvent and supportive of CV Europe. The Trustees of Christian Vision have approved OPEX budget of £3,057,434 and CAPEX budget of £47,557 for CV Europe in 2024 and currently the budget for the next calendar year 2025 is expected to be at a similar level as 2024 within a 10% margin, all the plans will be agreed upon in consultation with CVL and the Budgets should be formally agreed by November 2024. Trustees assess that the charity will continue to provide its charitable objectives during the crisis period and beyond. The Trustees consider that it is appropriate for the financial statements to be prepared on the going concern basis.

19

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

1 Accounting policies (continued)

Taxation

The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period.

Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities than that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates and underlying assumptions are continually reviewed.

The following are critical judgements that the Trustees have made in the process of applying the accounting policies:

Other key sources of estimation uncertainty:

20

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

2 Expenditure on charitable activities

Depreciation
2023 Staff and Other Total
costs impairment costs
£ £ £ £
Advancement of the Christian Faith 1,013,364 80,649 1,294,763 2,388,776
____ ____ ____ ____
1,013,364 80,649 1,294,763 2,388,776
____ ____ ____ ____
Depreciation
2022 Staff and Other Total
costs impairment costs
£ £ £ £
Advancement of the Christian Faith - - - -
____ ____ ____ ____
- - - -
____ ____ ____ ____
2023 2022
£ £
The resources expended are stated after charging:
Auditors' remuneration 11,520 -
____ ____

Other costs include the following types of expenses of various CVE locations; charitable contributions to other charities with similar objectives (as detailed within the financial review of the trustees’ report), legal and professional, travel accommodation and conferences, rental and utility costs, programming and transmission costs and communication costs, bible schools and humanitarian projects.

21

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

3 Analysis of staff costs, trustee remuneration and expenses and the cost of key management personnel

Staff costs include the following:
Wages and salaries
Social security costs
Pension costs		 2023
£
870,884
83,096
59,384
____
1,013,364
 2022
£
~~-~~
~~-~~
~~-~~
____
-

During the year, 3 employees received remuneration in excess of £60,000, including benefits in kind. These employees are in the following bands:

£ 60,000 - £ 70,000 1 £ 70,001 - £ 80,000 2

There were 3 employees in the company's defined contribution pension scheme during the year who received remuneration in excess of £60,000. Contributions of £ 15,774 were made in respect of these employees during the year.

Oleg Matyukhov is the Regional Director for the Europe region, as well as a Trustee. He received an appropriate remuneration package for his work as Regional Director. The trustees received no emoluments in respect of their duties as Trustees, nor were they reimbursed expenses in that capacity.

The key management personnel comprise the trustees and the principal officers and senior personnel employed overseas whose employee benefits total £227,909.

No expenses were paid to Trustees.

The average number of employees of the charity during the year was as follows:

Operations staff
Project support staff
Management support staff		 2023
Number
10
7
6
____
23
 2022
Number
-
-
-
____
-

22

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

4 Tangible fixed assets

Cost
At 1 January 2023 – Cost brought forward
Transfers
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023 – brought forward
Provided for the year
Disposals
At 31 December 2023
Net book value
At 31 December 2023
Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Provided for the year
Disposals
At 31 December 2022
Net book value
At 31 December 2022		 Studio
and other
equipment
£
-
108,117
37,239
(4,757)
_
140,599
_
-
80,649
(1,378)
_
79,271
_
61,328
_
-
-
-
_
-
_
-
-
-
_
-
____
-
 Total
£
-
108,117
37,239
(4,757)
_
140,599
_
-
80,649
(1,378)
_
79,271
_
61,328
_
-
-
-
_
-
_
-
-
-
_
-
____
-

23

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

5 Debtors

Prepayments and accrued income
Creditors - amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 2023
£
83,864
____
83,864
____
2023
£
25,751
22,211
38,249
19,307
____
105,518
 2022
£
-
____
-
____
2022
£
~~-~~
-
~~-~~
-
____
-

6 Creditors - amounts falling due within one year

7 Commitments under operating leases

The charity had no commitments under non-cancellable operating leases.

8 Capital commitments

The Charity had no capital commitments at the 31 December 2023.

9 Pensions

The company operates a defined contribution pension scheme for certain employees. The assets of the schemes are held separately from those of the charity in an independently administered fund. The pensions charge represents contributions payable by the charity to the fund and amounted to £59,384. There were no outstanding or prepaid contributions at either the beginning or end of the financial year.

24

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

10 Funds

Unrestricted funds
Balance at 1 January 2023
Income
Distributions
Overheads
Balance at 31 December 2023
Unrestricted funds
Balance at 1 January 2022
Income
Distributions
Overheads
Balance at 31 December 2022
Analysis of charity net assets between funds
Funds balances at 31 December 2023 are represented
by:
Tangible fixed assets
Net current assets		 2023
Total
£
61,328
82,486
____
143,814
 2023
£
-
2,532,590
-
2,388,776
____
143,814
____
2022
£
-
-
-
-
____
-
____
2022
Total
£
-
-
____
-

11 Analysis of charity net assets between funds

25

CV Europe (a company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2023 (continued)

12 Related party transactions

The following transactions have taken place with related parties during the year.

Oleg Matyukhov is the Regional Director for the Europe region, as well as a Trustee. He received an appropriate remuneration package for his work as Regional Director of £ 78,822.

Lord and Lady Edmiston are the Chair and Executive Trustee (respectively) of the parent charity Christian Vision. Two relatives of Lord and Lady Edmiston are employed by CV Europe and received total remuneration of £48,765 and expenses of £754.

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company.

No expenses for trustees incurred in the line of their duty were paid for or reimbursed.

13 Financial instruments

The Company's financial instruments may be analysed as follows:

Financial assets:
Cash and cash equivalents
Financial liabilities
Financial Liabilities measured at amortised
cost		 2023
£
104,140
____
104,140
_
83,307
_		 2022
£
-
____
-
_
-
_

Financial liabilities measured at amortised cost comprise trade creditors, other creditors, and accruals.

14 Controlling party

The company is a subsidiary of Christian Vision which is the ultimate parent company incorporated in the United Kingdom.

The largest and smallest group in which the results of the company are consolidated is that headed by Christian Vision incorporated in the United Kingdom. The consolidated accounts of this company are available to the public and may be obtained from the registered office. No other group accounts include the results of the company.

On 1[st] January 2023 Christian Vision donated assets of £123,414 to CV Europe in order to help facilitate the furtherance of its charitable activities in Europe. The assets consisted of cash of £15,297 and fixed assets of £108,117. All this in order to help facilitate the furtherance of its charitable activities in Europe.

26