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2023-12-31-accounts

Charity registration number 258253

Company registration number 00945991 (England and Wales)

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr F A Ievins
Mr S R West
Rev R W Trainer
Rev J A Knox
Mr E Macdonald
Mr C J K Smith
Rev W F McCurrie
Mr D F Harvey
Secretary Rev W F McCurrie
Charity number 258253
Company number 00945991
Registered office 22 Little Church Street
Rugby
Warwickshire
England
CV21 3AW
Auditor James Todd & Co Limited
Drayton House
Drayton Lane
Chichester
West Sussex
England
PO20 2EW
Bankers Barclays Bank PLC
North Street
Rugby
Warwickshire
CV21 2AH

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

CONTENTS

Page
Trustees' report 1 - 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 31

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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)" (effective 1 January 2019).

Objectives and activities

The principal activity of the charity is to reach Slavic nations and others in Eastern Europe, Central Asia, Russian Far East, and Mongolia with the Gospel of Jesus Christ and to relieve need, distress and suffering in those parts of the world in which the Association operates.

The means followed in order to accomplish the objects of the charity is summed up in the purpose statement – To serve Christ and His Church.

In practice this is accomplished by assisting the Church on the Field to become fully equipped to fulfil the great Commission of Jesus Christ, particularly among its own peoples by training workers, sponsoring leaders, providing Christian literature, and distributing aid.

The charity believes that the most effective way for the Mission to achieve its objectives is to find and support local churches and individuals who have a vision to make Jesus and the love of God known through their words and actions. Therefore, the charity makes grants, provides teaching, training, gifts in kind and other resources to churches, individuals, and organisations through their four core ministries:

Biblical Leadership Training is the main focus of SGA’s ministry which prepares the indigenous church for Christian service through our Mission Schools. The courses are designed with solid practical ministry, bringing maximum benefits to the public. At present twenty-six subjects covering Biblical & Doctrinal studies, Mission & Evangelism and Preaching & Pastoral Ministry are taught in Poland, Serbia, Hungary, Bulgaria, Romania, and Moldova.

The goal of the Mission Schools is to equip national Christians for evangelism, church planting, pastoral care and children’s ministry. There are substantial benefits for the public as these students provide practical help, spiritual leadership and pastoral care in many urban and rural parts. Sunday schools, Bible clubs and summer camps are also provided for children in isolated areas. Many other ministries are undertaken by students among youth, drug addicts, widows, orphans, prisoners, refugees, dysfunctional families and those who have mental and physical disabilities.

Students in Balti Mission School, Moldova, and Almaty Bible Institute, Kazakhstan receive grants to help cover costs incurred.

ICBS

International Correspondence Bible School in Central Asia offers Christian education by extension.

During this year, 1,840 students took courses at this distance Bible school with over 40% belonging to Muslim peoples and ethnic groups of Central Asia. The five Muslim dominated countries of Central Asia comprise a profoundly needy mission field, but also a difficult one, with restriction and opposition to the Christian Gospel widespread. Many who would have little hope of opportunity to study and learn from the Scriptures, are being reached, taught and equipped to share their faith.

Bible Institutions

Further partnership in training is carried on through SGA’s involvement in training programmes already established in institutions in several countries. Emanuel University in Oradea, Romania, is the only fully accredited Christian university in Eastern Europe. While SGA helps fund this institution, its teachers are involved in presenting subjects in the Masters Theological Curriculum.

Odessa Theological Seminary [OTS], Ukraine has introduced a new church planting training programme. Under the guidance of experienced local mentors, the students will gain invaluable practical experience of church work. Following successful completion of the programme, students will engage in church planting in various cities across Ukraine. SGA is partnering with OTS in this initiative and helps finance general running costs of OTS.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Presently there are over 230 students following the different ministry courses offered by Almaty Bible Institute. SGA provides generous financial support to allow students to attend classes, and also feeds into a well-established curriculum that is tailored to suit the needs of Central Asia by providing visiting lecturers. ABI’s influence and Gospel effectiveness is vital for that region.

Leadership Support includes providing funds for pioneering churches and groups in new areas, growing and developing existing churches. Supporting other church projects that include making grants towards the purchase or building of public places of worship and providing transportation for evangelists and pastors, is helping the advancement of the Gospel.

Strategies for achieving aims and objectives

Christian Literature provides resources such as Bibles and other literature which clarifies Biblical truth.

Crisis Response includes relief of poverty, medical assistance, food aid, emergency aid, disaster relief and other programmes for the benefit of the community. This support helps our partners in showing God’s love in these practical ways. Impoverished communities are receiving the necessities for survival and medical care at point of need. The public benefits are enormous and far reaching.

Grant making policy

Grant making is always in response to requests from church leaders in Eastern Europe, Central Asia, Far East Russia and Mongolia, or a need observed by staff while on Field trips. Grants are only made to known partners and those recommended by long standing and trusted sources. Trustees have delegated responsibility for grant making from funds to the General Director for grants up to £10,000 from General Funds and £20,000 from Designated Funds. Amounts in excess of these must be approved by the Board of Directors.

We recognise the need to take steps to prevent the use of grants for money laundering, terrorist activity, bribery and for purposes other than those for which they were given. To this end Trustees hold SGA’s partners accountable for the funds, resources, aid or training they have received and require them to produce regular reports of their activities and use of funding. In addition, SGA staff members visit partners who receive funding or other help from SGA.

All our partners understand that the grants, training, or gifts in kind are to be used primarily for the advancement of the Gospel which will benefit the community they serve and are to be freely available to all sections of the community.

Achievements and performance

The past year has been one of significant achievements both in the UK and through our partners.

Training Workers [Biblical Leadership Support]

Following a rest period the teaching programme was relaunched in Bulgaria with a promising group of students.

Progress has been made in identifying several new UK-based teachers who are willing to travel and participate in Bible teaching.

The Mission has been able to continue funding for Emanuel University, Oradea, Romania; Odessa Seminary, Ukraine and Almaty Bible Institute, Kazakhstan.

Supporting Leaders [Leadership Support]

This offers practical and financial assistance to over 170 Christian leaders who cannot be fully supported by the small churches which they serve. Due to the increased cost of living, additional finance [£38,000] was made available to missionary families in various countries.

During the year several new missionary families were added to the support list.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Displaced pastors received regular support for their ministry.

A Pastors’ Retreat was financed for those who were displaced and suffering due to the war in Ukraine.

Church Buildings - Funds were provided for the reconstruction of a Houses of Prayer in Shalviri, Moldova [£7,000]. Funds were made available for the purchase of Almaty Bible Institute site [£20,000].

Transportation - Second-hand vehicles were funded for two missionary families in Kazakhstan totalling £14,000. A minibus was provided for missionary work in Balti, Moldova [£6,300] and another vehicle for humanitarian relief in Kherson, Ukraine [8,500]. Aviation in Far East Russia received funding for a hangar.

Christian Literature

First instalment to cover the cost of reprinting Grudem’s Systematic theology in Romanian was sent.

Distributing Aid

Widows’ Project which provides finance for heating, medical needs, food and clothing in Poland, Serbia, Macedonia, Bulgaria, Romania, Moldova, Ukraine and Central Asia increased during 2023 to approx. £120,000.

Medical Evangelism Ministry in Moldova and Ukraine offers free health checks at medical clinics in many village churches and medicines are provided free of charge. Extra funding was made available for clinics to be carried out on the frontline of the war in Ukraine.

Hope Centres in Central Asia receive regular support where homeless children are provided with food and shelter. £40,000 was sent to cover the deficit in funds for the erecting of four Hope Centres in Uzbekistan.

Christian humanitarian organisation in Serbia [Bread of Life] is striving to become self-supporting as there is still a short fall in their funds. SGA has continued with its substantial funding throughout 2023 which has brought public benefit to all those who have received help.

Funding was provided for 25 student libraries in Moldova.

North Macedonia Bible Project received funding to help reduce the cost of Bibles for students and pensioners.

‘Bibles for the Nations’ - this year funding was made available for Russian Bibles and Kazakh New Testaments.

Regular funding was provided for in country writers in Macedonia and Romania.

The publication of a book outlining hope through the Gospel in war-torn Ukraine.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Ukraine Emergency Funding

The following were included in SGA’s response.

In consultation with Ukrainian church leaders, it was reaffirmed during 2023 that funds should be reserved for the following needs:

Phoebe Projects [Women’s ministry]

The following ministries received funding:

Radios/uploaded SD cards

We continued to help fund a radio programme through "Voice of the Gospel", Romania. This ministry brings public benefit to many who are housebound, those recuperating from illness, or living in isolated areas where there is no church worship available.

Funding was provided for Trans World Radio sponsored programmes in Central Asia and Mongolia. Added to this was funding to provide radios and uploaded SD cards across Central Asia.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Children’s Ministry

Funds were provided for camp ministry in Mongolia, Central Asia, Moldova and Poland.

Considerable funds were provided for Joy of Christmas project in Central Asia through which children are provided with Christmas gifts.

Future Activities

Ministry developments:

Publicity:

Strategies

All projects were funded by donations from churches and individuals throughout United Kingdom and Ireland.

During the year the charity published three project leaflets, and six ‘Response Cards’ which accompanied the bi-monthly mail out. They also promoted on-line giving, standing orders and credit card donations. Income from legacies and trusts also provided substantial finance. SGA claimed Gift Aid, where appropriate, which significantly increased income.

All the goals set for projects in Central/Eastern Europe, Central Asia, Far East Russia and Mongolia have been fulfilled through deputation, mail-outs and sponsorship.

The role of volunteers

The Trustees are very grateful to the many volunteers across the UK who give their time and energy to help Slavic Gospel Association and our partners. Volunteers help occasionally at the office in preparing the bi-monthly mail-out. In addition to this we have volunteers who plan itineraries for staff. The Phoebe Representatives operate in a voluntary capacity.

Activities for the public benefit

The objectives and activities undertaken by the charity are set with benefit to the public in mind. It has always been the desire of the charity from its inception, to show compassion to the needy and have a caring attitude toward the helpless.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Risk Management

The principle financial risk for SGA is of receiving insufficient regular income to pay grants to its partners in Eastern Europe, Central Asia, Far East Russia and Mongolia. SGA limits this risk by regular communication with donors and actively seeking new donors in particular churches and trust funds.

Trustees are aware of other financial risks including possible fraud and have systems in place to mitigate major risks. Cash is handled in both received and distributed gifts. Fraud is countered by two signatories on receipts for all transactions being kept and checked against planned expenditure. Recipients of gifts are known to SGA.

The Trustees also regularly review other operational risks to which the company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks, which are identified as:

• Loss of key staff: Each member of our small staff performs a significant role. Good staff relations and a sense of Divine calling has led to an excellent retention record.

SGA continues to develop policies and procedures to manage risk and ensure effectiveness, probity and legal and regulatory compliance.

Project Fund Administration

There will be no administration charge deducted from funds that are allocated for special projects [PFA]. All financial gifts for projects, mission schools, leadership support will be sent in their totality.

Key Performance Indicators

There are several measures in place to assess the impact that the charity’s activities are having on the Field.

Asset cover for funds

Note 22 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund by fund basis.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The financial result for the year shows a deficit of £153,434 (2022: surplus of £509,696).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained for the following reasons.

[a] to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice and [b] to cover administration, fund-raising and support costs without which the charity could not function.

The trustees consider it prudent that designated reserves should be sufficient: [a] to avoid the necessity of realising fixed assets held for the charity's use; [b] to cover one year's administration fund-raising and support costs;

[c] to provide a pool equal to 10% of the average charitable expenditure over the preceding two years from which funds can be designated to specific projects.

The Board of Directors, which meets three times per year, administers the Charity and by this means monitors and ensures that there is sufficient funding to give working capital for the forthcoming period. Occasionally a sub-committee may be appointed by the Board of Trustees to complete a particular task and report back to the Board. The Trustees review their strategy and consider how best to use the surplus free reserves.

Of the £2,199,534 of unrestricted funds held at the year end, the trustees anticipate that these will be used for increased funding for current projects and planned ministry expansion during 2024/25 and UK based ministry development.

However, the directors are aware of the need to have large sums readily available sometimes for emergency relief and other charitable purposes.

Reserves policy

Trustees keep under review the need for free reserves which are those unrestricted funds not invested in tangible fixed assets or designated for a specific purpose. Currently, to allow SGA to be managed efficiently and to provide a buffer for adverse contingencies, the Trustees’ policy is that such reserves should be maintained at a level of between three and six months expenditure. The level of reserves required to be maintained is around £336,000. This amount excludes the value of all assets as disposing of them could exceed six months.

The Trustees review the major risks that the Charity faces and believe that maintaining the reserves at the level stated will enable the Charity to meet its short-term commitments in the event of adverse conditions.

Investment policy

The Board of Slavic Gospel Association has ruled that the preferred option of the charity is to invest funds in the many urgent needs presented on the Field rather than investment managed funds in the UK. This will be reviewed should surplus funds become available.

All staff salaries are based on market value and are not performance related.

Data Protection

In view of data protection regulations, the Trustees have agreed a policy. This policy is available on the Charity’s website.

Safeguarding Vulnerable Groups

The Trustees have agreed a policy that outlines the Charity’s guidelines and precautions in relation to vulnerable groups who are being provided for or receiving care through funding from SGA.

Structure, governance and management

The company is a company limited by guarantee, company number 00945991, and charity registration number 258253. The flysheet to the accounts gives details of the charity's principal addresses and those of other relevant organisations.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr F A Ievins

Mr S R West

Rev R W Trainer Rev J A Knox Mr E Macdonald Mr C J K Smith Rev W F McCurrie Mr D F Harvey

Recruitment and appointment of trustees

The directors are the Council Members to whom the overall responsibility of managing and running the Charity is entrusted. However, the General Director is responsible for implementing the vision and strategy agreed by Trustees and the day to day running of the organisation. As a co-opted member of the Council, he reports back at Trustees’ meetings. All major policy decisions and those concerning capital expenditure are ratified by the Council who meet every four months with occasional online strategy meetings as required.

The Council Members are encouraged to propose names of possible future members, considering their:

Informal meetings followed by formal meetings are held with potential members, leading to a decision by Council as to whether such persons are invited to serve. These procedures are accompanied by furnishing the candidate with the History and Aims of SGA, the Doctrinal Statement and the Responsibilities of a Council Member.

A new Council Member is encouraged to undertake further training related to his particular role in the Association.

The company has sister organisations in Australia, Canada, New Zealand and the USA.

Remuneration policy

Trustees are not paid for their service in this role other than expenses and none had any financial beneficial interest in the company. A register of Trustees’ interests is held to ensure that there are no conflicts of interest and this is updated annually. The directors act as Trustees of the Charity.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of trustees' responsibilities

The trustees, who are also the directors of Slavic Gospel Association (British Section) Limited for the purpose of company law, 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).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the 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.

Auditor

In accordance with the company's articles, a resolution proposing that James Todd & Co Limited be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

Rev W F McCurrie

Trustee

5 June 2024

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

Opinion

We have audited the financial statements of Slavic Gospel Association (British Section) Limited (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 our audit in accordance with International Standards on 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 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 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 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 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 section 144 of the Charities Act 2011 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

A further description of our responsibilities is available on the Financial Reporting Council’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 charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Buzzard FCA (Senior Statutory Auditor) On behalf of James Todd & Co Limited 7 June 2024 Chartered Accountants Statutory Auditor James Todd & Co Limited Drayton House Drayton Lane Chichester West Sussex England PO20 2EW

James Todd & Co Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
731,015
758,766
Other trading activities
4
18,646
-
Investments
5
42,092
-
Other income
6
1,427
-
Total income
793,180
758,766
Expenditure on:
Raising funds
7
75,163
-
Charitable activities
8
490,362
1,160,111
Total expenditure
565,525
1,160,111
Net gains/(losses) on
investments
14
5,529
-
Net income/(expenditure)
233,184
(401,345)
Transfers between funds
(140,562)
140,562
Other recognised gains
and losses:
Other gains/(losses)
16
(952)
563
Net movement in funds
11
91,670
(260,220)
Reconciliation of funds:
Fund balances at 1 January 2023
628,666
1,724,691
Fund balances at 31 December
2023
720,336
1,464,471		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2022
2022
£
£
£
1,489,781
861,990
1,848,159
18,646
12,615
-
42,092
8,064
-
1,427
-
-
1,551,946
882,669
1,848,159
75,163
75,655
-
1,650,473
403,993
1,691,502
1,725,636
479,648
1,691,502
5,529
(49,982)
-
(168,161)
353,039
156,657
-
(307,852)
307,852
(389)
1,836
(78)
(168,550)
47,023
464,431
2,353,357
581,643
1,260,260
2,184,807
628,666
1,724,691		 Total
2022
£
2,710,149
12,615
8,064
-
2,730,828
75,655
2,095,495
2,171,150
(49,982)
509,696
-
1,758
511,454
1,841,903
2,353,357

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
17
Investments
18
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
Creditors: amounts falling due within one year
21
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Unrestricted funds - general
Unrestricted funds - designated
23		 2023
£
15,071
52,687
1,829,410
1,897,168
(19,076)		 £
151,168
155,547
306,715
1,878,092
2,184,807
2,184,807
720,336
1,464,471
2,184,807		 2022
£
8,670
113,597
1,936,483
2,058,750
(16,300)		 £
160,889
150,018
310,907
2,042,450
2,353,357
2,353,357
628,666
1,724,691
2,353,357

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 5 June 2024

Mr C J K Smith Rev W F McCurrie Trustee Trustee

Company registration number 00945991 (England and Wales)

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed assets
Purchase of investments
Investment income received
Net cash generated from/(used in) investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
-
3,000
-
42,092		 £
(152,165)
45,092
-
(107,073)
1,936,483
1,829,410		 2022
£
(20,500)
-
(200,000)
8,064		 £
601,286
(212,436)
-
388,850
1,547,633
1,936,483

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Slavic Gospel Association (British Section) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 22 Little Church Street, Rugby, Warwickshire, CV21 3AW, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

The charity's income consists of voluntary income, income from charitable activities and investment income.

The charity is not registered for VAT.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Fundraising and trading income consists of monies generated from the sale of books, CD's and cards, as well as registration fees from delegates at the Charity's annual supporters conference. This is also recognised as income, when it is received.

Investment income is wholly bank and stock interest generated and is recognised in the SOFA when receivable.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is incurred in pursuit of the Charity's objects as laid down in the Memorandum and Articles of Association and is recognised in the accounts when payable.

The Charity's accounting system is designed to trace general fund expenditure and distinguish it from that directly attributable to a project. All expenditure incurred on designated funds (see analysis at note 8) is treated as direct charitable expenditure for charitable activities.

General fund expenditure is allocated to 5 broad headings of Administration, Promotions, Council Expenses, Eastern European Field and UK Home.

Administrative expenditure is treated as support costs for charitable expenditure whilst promotions costs are shows as costs of generating voluntary income as these relate to the production of promotional material.

Council expenses are the costs of holding regular council meeting, including reimbursing travelling expenses of the council members, and these are included as governance costs. Governance costs also include fees of the auditors to meet external scrutiny requirements.

Eastern European Field expenditure is treated activities undertaken directly for charitable activities.

UK Home expenditure is split between costs of generating voluntary income and activities undertaken directly for charitable activities as it includes the costs of representatives who also make trips to Eastern Europe.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Straight line over 50 years Fixtures and fittings 15% Reducing balance Computers 25% Reducing balance Motor vehicles 20% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

During 2020, it was deemed appropriate that land be depreciated at 0%. 25% of the land and buildings value has been appropriated to land and the cumulative effect of historic depreciation has been reversed. This is considered as a change of estimate, being a change in depreciation rate.

Tangible fixed assets are capitalised if they can be used for more than 1 year, and cost at least £1,000.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15 Loans issued

Loans are occasionally issued to supported projects in Eastern Europe. These funds are repayable over a set term and no interest in charged. The amounts recoverable are included as receivables in the accounts.

If in the future the Trustees decide not to request repayment of these amounts, they will be written off as grants paid under Direct Charitable Activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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 these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
£
£
Donations and gifts
670,971
758,766
Legacies receivable
60,044
-
731,015
758,766		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2022
2022
£
£
£
1,429,737
670,031
1,848,159
60,044
191,959
-
1,489,781
861,990
1,848,159		 Total
2022
£
2,518,190
191,959
2,710,149

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
£
£
Donations and gifts
Donations and gifts
397,632
599,355
Donations from trusts
77,310
62,741
Gift aid recovered
32,275
64,613
Conference offerings
66,173
8,794
Donations to fulltime staff
95,854
23,193
Donations to voluntary
representatives
530
70
Other
1,197
-
670,971
758,766		 Total
Unrestricted
Unrestricted
Total
funds
funds
general
designated
2023
2022
2022
2022
£
£
£
£
(Continued)
996,987
423,475
1,574,312
1,997,787
140,051
78,995
78,000
156,995
96,888
37,320
106,385
143,705
74,967
53,905
18,029
71,934
119,047
74,117
71,074
145,191
600
1,140
150
1,290
1,197
1,079
209
1,288
1,429,737
670,031
1,848,159
2,518,190		 Total
Unrestricted
Unrestricted
Total
funds
funds
general
designated
2023
2022
2022
2022
£
£
£
£
(Continued)
996,987
423,475
1,574,312
1,997,787
140,051
78,995
78,000
156,995
96,888
37,320
106,385
143,705
74,967
53,905
18,029
71,934
119,047
74,117
71,074
145,191
600
1,140
150
1,290
1,197
1,079
209
1,288
1,429,737
670,031
1,848,159
2,518,190
2,518,190

3 Income from donations and legacies

Legacies which are expected, but which do not meet the recognition criteria for Legacies Receivable are considered as contingent assets. As theses amounts generally cannot be valued with reasonable certainty, these are not seperately disclosed.

4 Income from other trading activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Sale of books, CDs and cassettes 18,646 12,615
Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 42,092 8,064

5 Income from investments

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

6 Other income
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Net gain on disposal of tangible fixed assets 1,427 -
7 Activities for generating funds
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Costs of generating voluntary income
Conference expenses 51,843 31,168
Advertising 19,975 18,072
Support costs - 21,787
71,818 71,027
Cost of goods sold
Other trading activities 3,345 4,628
75,163 75,655

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8 Expenditure on charitable activities

Spreading the Spreading the
Gospel in Gospel in
Eastern Eastern
Europe Europe
2023 2022
£ £
Direct costs
Direct costs 1,160,109 1,691,501
Telephone 1,010 737
Motor 1,803 3,110
1,162,922 1,695,348
Grant funding of activities (see note 9) 15,158 -
Share of support and governance costs (see note 10)
Support 456,558 386,815
Governance 15,835 13,332
1,650,473 2,095,495
Analysis by fund
Unrestricted funds - general 490,362 403,993
Unrestricted funds - designated 1,160,111 1,691,502
1,650,473 2,095,495

9 Grants payable

Grants payable
Spreading the
Gospel in
Eastern
Europe
2023
£
Grants to institutions:
Kovin Baptist Church 1,200
Bread of Life Tekeris Camp 13,958
15,158

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

10
Support costs allocated to activities
Staff costs
Depreciation
Direct costs
Rent and rates
Insurance
Light and heat
Repairs and maintenance
Telephone
Printing, postage, stationery and computer costs
Motor and travel
Sundry
Governance costs
Analysed between:
Fundraising
Spreading the Gospel in Eastern Europe
Governance costs comprise:
Audit fees
Accountancy
Legal and professional
Trustee's meeting costs
11
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets		 2023
£
371,432
8,147
3,775
1,350
2,963
1,865
1,853
1,914
31,279
18,423
13,557
15,835
472,393
-
472,393
472,393
2023
£
9,690
5,794
221
130
15,835
2023
£
9,690
8,147
(1,427)		 2022
£
325,679
6,428
5,851
977
2,636
1,938
20
1,951
28,743
21,700
12,679
13,332
421,934
21,787
400,147
421,934
2022
£
7,488
5,200
-
644
13,332
2022
£
7,488
6,428
-

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, and during the year 2 trustees were reimbursed for expenses totalling £1,165 (2022 - 3 trustees were reimbursed for expenses totalling £10,270) to cover travelling expenses and purchase of flowers incurred on charity business.

Total donations received from directors, key management personnel and their related parties, amounted to £38,210 (2022: £74,471). No related parties made purchases of things like books (2022: 2 related parties made purchases totalling £228).

There are no other related party transactions requiring disclosure.

The charity was under the control of the directors throughout the year

13 Employees

The average monthly number of employees during the year was:

Mission team members/field workers
Administration and promotion
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
Key management personnel remuneration for the year		 2023
Number
7
4
11
2023
£
308,021
29,381
34,030
371,432
2023
£
71,875		 2022
Number
7
3
10
2022
£
271,654
24,684
29,341
325,679
2022
£
36,242

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

14 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments 5,529 (49,982)

15 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

16 Other gains and losses

Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
Gains/(losses) upon:
£
£
Foreign exchange
952
(563)
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 January 2023
151,498
Disposals
-
At 31 December 2023
151,498
Depreciation and impairment
At 1 January 2023
20,452
Depreciation charged in the year
2,272
Eliminated in respect of disposals
-
At 31 December 2023
22,724
Carrying amount
At 31 December 2023
128,774
At 31 December 2022
131,047		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2022
2022
£
£
£
389
(1,836)
78
Fixtures and
fittings
Computers Motor vehicles
£
£
£
48,797
7,182
89,263
(48,797)
-
(14,995)
-
7,182
74,268
48,378
4,794
62,228
63
597
5,215
(48,441)
-
(13,778)
-
5,391
53,665
-
1,791
20,603
419
2,388
27,035		 Total
2022
£
(1,758)
Total
£
296,740
(63,792)
232,948
135,852
8,147
(62,219)
81,780
151,168
160,889

17 Tangible fixed assets

All tangible fixed assets are for charitable use, other than a small quantity of office equipment used in administration.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

18
Fixed asset investments
Cost or valuation
At 1 January 2023
Valuation changes
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
19
Stocks
Finished goods and goods for resale
20
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Total debtors		 Listed
investments
£
150,018
5,529
155,547
155,547
150,018
2023
2022
£
£
15,071
8,670
2023
2022
£
£
826
56,841
23,488
16,891
14,686
6,141
39,000
79,873
2023
2022
£
£
13,687
33,724
52,687
113,597		 Listed
investments
£
150,018
5,529
155,547
155,547
150,018
2023
2022
£
£
15,071
8,670
2023
2022
£
£
826
56,841
23,488
16,891
14,686
6,141
39,000
79,873
2023
2022
£
£
13,687
33,724
52,687
113,597
155,547
155,547
150,018
2022
£
8,670
2022
£
56,841
16,891
6,141
79,873
2022
£
33,724
113,597

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

21
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Accruals and deferred income
22
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
-
-
19,076
19,076
2023
£
34,030		 2022
£
1,984
3,426
10,890
16,300
2022
£
29,341

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

23 Unrestricted funds - designated

These are unrestricted funds which are material to the charity's activities.

At 1 January
2023
£
Support of East
European
Ministries
38,518
Support of
Mission Schools
26,008
East European
Leadership
Support
281,093
Phoebe Projects
11,533
Literature
Ministries
17,870
Radio Ministries
48,133
Vehicles for
Eastern Europe
14,895
Widows Project
10,700
Special Projects
770,762
Media/Website
10,080
Loans Issued
150,000
Emergency Fund
184,210
Tangible fixed
assets
160,889
1,724,691		 Incoming
resources
Resources
expended
£
£
29,535
(62,604)
8,573
(54,622)
233,752
(405,774)
27,017
(65,500)
23,064
(75,973)
12,406
(43,883)
12,477
(20,110)
68,054
(72,025)
343,888
(359,620)
-
-
-
-
-
-
-
-
758,766
(1,160,111)		 TransfersGains
£
3,925
10,000
15,000
31,637
25,000
-
15,000
25,000
15,000
-
-
-
-
140,562		 and losses At 31
£
(51)
226
(18)
3
(29)
(265)
-
(104)
801
-
-
-
-
563		 December
2023
£
9,323
(9,815)
124,053
4,690
(10,068)
16,391
22,262
31,625
770,831
10,080
150,000
184,210
160,889
1,464,471

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

23
Unrestricted funds - designated
Previous year:
At 1 January
2022
£
Support of East
European
Ministries
51,945
Support of
Mission Schools
18,136
East European
Leadership
Support
326,928
Phoebe Projects
6,438
Literature
Ministries
10,952
Radio Ministries
35,999
Vehicles for
Eastern Europe
18,604
Widows Project
-
Special Projects
338,677
Media/Website
10,080
Loans Issued
150,000
Emergency Fund
145,684
Tangible fixed
assets
146,817
1,260,260		 Incoming
resources
Resources
expended
£
£
15,573
(28,922)
12,443
(26,712)
244,797
(375,290)
18,900
(30,523)
20,573
(29,436)
19,554
(17,420)
1,094
(4,803)
38,470
(62,316)
1,476,755
(1,116,080)
-
-
-
-
-
-
-
-
1,848,159
(1,691,502)		 TransfersGains
£
-
22,141
84,658
16,718
15,781
10,000
-
34,546
71,410
-
-
38,526
14,072
307,852		 (Continued)
and losses At 31 December
2022
£
£
(78)
38,518
-
26,008
-
281,093
-
11,533
-
17,870
-
48,133
-
14,895
-
10,700
-
770,762
-
10,080
-
150,000
-
184,210
-
160,889
(78)
1,724,691		 (Continued)
and losses At 31 December
2022
£
£
(78)
38,518
-
26,008
-
281,093
-
11,533
-
17,870
-
48,133
-
14,895
-
10,700
-
770,762
-
10,080
-
150,000
-
184,210
-
160,889
(78)
1,724,691
1,724,691

The Project Fund payments as shown in this note include monthly contributions to General Funds for management and administration costs directly attributable to the work. These are provided at a maximum of 15% (9% admin. plus 6% publicity) on all gifts. The total transferred in this way is shown in notes 7 and 9 above.

Transfers between the project and emergency funds represent monies which have been utilised from General funds to cover the work canied out towards these individual projects.

Each of the items listed above represents an area of activities that the charity supports within Eastern Europe. Together these funds for the "Project Funds" which the charity operates. These are as a result of donations given for use towards a particular project, but for which the charity retains ultimate discretion as to its application. The transfers into these funds represent monies from General Funds to cover deficits on individual funds, as well as additional monies set aside by the trustees for use towards these projects.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

23 Unrestricted funds - designated

(Continued)

In order to increase the accuracy of the presentation of the financial status shown in the accounts, it has been decided by the Trustees to designate funds to the value of the tangible fixed assets. This is to reflect the restrictions that the assets impose upon the funds held; the money tied up in the property is not free to be spent without the assets being sold to realise these funds.

Monies have also been designated to retain sufficient funds to meet the charity's obligations should further funds not become available. The justification of this amount is as follows:

Transfers to/from the Fixed asset fund represent the net movements on the tangible fixed assets during the year.

24 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January
2023
Incoming
resources
£
£
General funds
628,666
793,180
Previous year:
At 1 January
2022
Incoming
resources
£
£
General funds
581,643
882,669
Analysis of net assets between funds
Fund balances at 31 December 2023 are represented by:
Tangible assets
Investments
Current assets/(liabilities)		 Resources
expended
TransfersGains and losses At 31
£
£
£
(565,525)
(140,562)
4,577
Resources
expended
TransfersGains and losses At 31
£
£
£
(479,648)
(307,852)
(48,146)
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
£
£
(356)
151,524
155,547
-
565,145
1,312,947
720,336
1,464,471		 December
2023
£
720,336
December
2022
£
628,666
Total
2023
£
151,168
155,547
1,878,092
2,184,807

25 Analysis of net assets between funds

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

25 Analysis of net assets between funds (Continued)
Unrestricted Unrestricted Total
funds funds
general designated
2022 2022 2022
£ £ £
Fund balances at 31 December 2022 are represented by:
Tangible assets - 160,889 160,889
Investments 150,018 - 150,018
Current assets/(liabilities) 478,648 1,563,802 2,042,450
628,666 1,724,691 2,353,357
26 Cash generated from operations 2023 2022
£ £
(Deficit)/surpus for the year (168,161) 509,696
Adjustments for:
Investment income recognised in statement of financial activities (42,092) (8,064)
Foreign exchange differences (389) 1,758
Gain on disposal of tangible fixed assets (1,426) -
Fair value gains and losses on investments (5,529) 49,982
Depreciation and impairment of tangible fixed assets 8,147 6,428
Movements in working capital:
(Increase) in stocks (6,401) (2,666)
Decrease in debtors 60,910 40,277
Increase in creditors 2,776 3,875
Cash (absorbed by)/generated from operations (152,165) 601,286
27 Analysis of changes in net funds

The charity had no material debt during the year.