OpenCharities

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

2024-12-31-accounts

Charity registra�on number 258253 (England and Wales)

Company registra�on number 00945991

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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
Mr D F Harvey
Charity number 258253
Company number 00945991
Registered ofce 22 Li�le 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 ­ 8
Independent auditor's report 9 ­ 11
Statement of fnancial ac�vi�es 12
Balance sheet 13
Statement of cash fows 14
Notes to the fnancial statements 15 ­ 30

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accoun�ng policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effec�ve 1 January 2019).

Objec�ves and ac�vi�es

The objects of SGA are to assist the Church in Central and Eastern Europe, Central Asia, Far East Russia and Mongolia to become fully equipped to fulfil the Great Commission of Jesus Christ, par�cularly among its own peoples by training workers, sponsoring leaders, providing Chris�an literature and distribu�ng aid.

The means adopted to accomplish the objec�ves of the charity are summed up in the purpose statement – To serve Christ and His Church.

The charity believes that the most effec�ve way for the Mission to achieve its objec�ves is to find and support local churches and individuals who have the vision to make Jesus and the love of God known through their words and ac�ons. Therefore, the charity makes grants, provides teaching, training, gi�s in kind and other resources to churches, individuals, and organisa�ons through their four core ministries:

(1) Biblical Leadership Training [Training Workers] which prepares the indigenous church for Chris�an service through our Mission Schools. Over the years, leadership training, theological studies, and other educa�onal training have been offered to students in Poland, Slovakia, Hungary, Serbia, Bulgaria, Romania, Moldova, Ukraine, and Central Asia. Gi�ed Chris�an workers recommended by the local churches are given the opportunity to undertake a course of study to equip them for a life�me of Chris�an service which brings maximum benefits to the public.

Students in Bal� Mission School, Moldova, and Almaty Bible Ins�tute, Kazakhstan receive grants to help cover the costs involved.

Interna�onal Correspondence Bible School in Central Asia offers Chris�an educa�on by extension.

(2) Leadership Support [Suppor�ng Leaders] includes providing funds for pioneering Gospel workers, evangelists, church planters and missionary pastors. This offers prac�cal and financial assistance to Chris�an workers who cannot be supported in­ country. If this support were not available some would be required to leave their Chris�an ministry for work opportuni�es elsewhere. Also, suppor�ng other church projects that include making grants towards the purchase or building of public places of worship and providing transporta�on for evangelists and pastors, is helping to advance the Gospel.

(3) Chris�an Literature [Publishing Literature]

provides resources such as Bibles and other literature in countries that have limited Biblical resources. Bible Commentaries plus other resources provide helpful informa�on in understanding Biblical truth.

(4) Crisis Response [ Distribu�ng Aid]

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 prac�cal ways. SGA’s Crisis Response ministry is of huge public benefit as the poor and needy, vulnerable and forsaken, forgo�en and neglected are being provided for through many different means. Impoverished communi�es are receiving the necessi�es for survival and medical care at the point of need. The public benefits are enormous and far­reaching.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Strategies for achieving aims and objec�ves

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 this 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 ac�vity, bribery and 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 ac�vi�es and use of funding. In addi�on, SGA staff members visit partners who receive funding or other help from SGA.

All our partners understand that the grants, training, or gi�s in kind are to be used for the benefit of the community they serve and are to be freely available to all sec�ons of the community.

Achievements and performance

Training Workers

Teaching con�nues in the SGA mission schools and Bible Ins�tutes across Central & Eastern Europe. Currently, the schools in Bulgaria, Poland and Moldova have healthy student groups. The Prac�cal School of Theology, Oradea, Romania provides courses that complement the programme at Emanuel Chris�an University which is also par�ally funded by SGA. This has been a significant year at the university where the student intake is the largest in its existence.

In war­torn Ukraine, Odessa Theological Seminary, which is financially supported by SGA, con�nues to offer courses for all levels of educa�on.

Training workers in Asia con�nues to make steady progress. A huge encouragement is in Almaty Bible Ins�tute where, since its incep�on thirty years ago, this year sees the largest student group of approx. 240 including their satellite teaching centres.

A new development is with the Western Siberian Bible College, Omsk, Russia, where SGA is commi�edto sponsoring a 5­year bachelor programme. This is the Mission’s first Bible­teaching involvement in Russia.

Another new development is sponsorship for the Preachers’ School in Mongolia where 25 students have enrolled.

Suppor�ng Leaders

This project includes financial support for missionary families, funding for Houses of Prayer and provision of transporta�on.

There are approx. 200 SGA­sponsored missionary pastors and students across Eastern Europe, Central Asia and Far East Russia. During the year several new missionary families were added to the support list.

Alongside this, is Emergency Support for missionary pastors in Ukraine which is a lifeline to those who are displaced or serve the Lord on the frontline.

The Board of Directors desire to be able to con�nue the support of our current number of na�onal Gospel workers and fund all our ongoing projects on the Field at the present level.

Church Buildings - Funds were provided for the purchase and reconstruc�on of Houses of Prayer in Central Asia, Far East Russia, Ukraine, North Macedonia, and Moldova.

A loan of £50000 was made to Emanuel Church, Almaty, Kazakhstan which enabled the purchase of a suitable building for the new church plant.

Transporta�on – While a missionary in Ukraine benefited from funds for his vehicle repairs, Marina Tapcova, a missionary in Siberia, received funding to help with a car replacement. The avia�on ministry in Far East Russia received funding to help cover running costs.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Publishing Literature

SGA is focusing its literature efforts on Central Asia as Bible sets are produced in several languages. Funds were provided for the transla�on and publica�on in the Kazakh, Pamir, Kyrgyz and Russian languages. The transla�on of ‘Faithful Leaders’ by R Tice was financed in Romanian. Alongside our partners, Bibles were provided in Ukrainian.

Providing biblically sound literature is a vital part of our developing ministry in Mongolia. One of our projects is the produc�on of systema�c Bible Study material to teach young people sound doctrine in a way that is understandable to those brought up within the Mongolian culture. Work con�nues to produce a family Bible in the Mongolian language.

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

With a growing demand for Bibles in North Macedonia, our partner in mission, Ivan Grozdanov, requested funding to cover free Bible distribu�on to those who struggle financially.

SGA’s Associate Editor, John Birnie, has produced a book emphasizing the joy of partnering in mission. This book contains contribu�ons from long­standing friends on the Field.

Distribu�ng Aid

Widows’ Project which provides finance for hea�ng, medical needs, food and clothing in Poland, Serbia, Macedonia, Bulgaria, Romania, Moldova, Ukraine and Central Asia con�nues to supply essen�al supplies.

Ukraine

During 2024 the Mission’s commitment to providing for the most vulnerable has been demonstrated in several projects. Funding for fresh bo�led water was provided for several village communi�es.

Hundreds of widows, and children including those bere� of loved ones due to the war, have received support through the local churches.

The children from SGA­ sponsored, Grace Shelter, con�nue to receive vital support as house parents offer care to 40 children and young people.

Medical Evangelism Ministry in Ukraine offers free health checks. Extra funding was made availablefor clinics to be carried out on the frontline of the war in Ukraine. SGA funding covered the cost of the medica�on required.

A cri�cal part of SGA’s winter project was supplying fuel for generators, ensuring electricity supply during frequent Russian a�acks on Ukraine’s infrastructure. SGA raised funds for fuel so that church buildings could have light and heat when the electricity went off.

In consulta�on with Ukrainian church leaders, it was agreed that funds should be reserved for the following needs. It is clear, that huge financial sums will be required when a peace agreement is reached.

…………………………………………………………………………………………………………

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Hope Centres in Central Asia receive regular support [£35,000] where homeless children are provided with food and shelter. Funds were sent to cover the deficit for the erec�ng of three Hope Centres in Far East Russia, and one each in Bulgaria and Mongolia.

A Chris�an humanitarian organiza�on in Serbia [Bread of Life] is striving to become self­suppor�ng as there is s�ll a shor�all in their funds. SGA has con�nued with its substan�al funding throughout 2024 which has brought public benefit to all those who have received help.

Phoebe Projects

The following ministries received funding.

Children’s Ministry

Funds were provided for camp ministry, making it possible for thousands to a�end camps in Mongolia, Central Asia, Moldova and Poland.

Considerable funds were provided for ‘ Joy of Christmas’ project in Central Asia through which thousands of children received Christmas gi�s.

Radios/TV

We con�nued to help fund two radio programmes through Trans World Radio in Central Asia and one in Mongolia. Added to this was funding to provide radios and uploaded SD cards across Central Asia.

A T.V. programme produced by an SGA­sponsored missionary; Mihai Chidesa [Romania] is receiving funding to help cover the running costs of this weekly show.

Future Ac�vi�es

Ministry developments:

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Strategies

All projects were funded by dona�ons 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 bi­monthly mail­ out. They also promoted on­line giving, standing orders and credit card dona�ons. Income from legacies and trusts also provided substan�al finance. SGA claimed Gi� Aid, where appropriate, which significantly increased income.

All the goals set for projects in Central/Eastern Europe, Central Asia and Far East Russia have been fulfilled through deputa�on, mail­outs and sponsorship.

The role of volunteers

The Trustees are very grateful to the many volunteers across the UK who give their �me and energy to help Slavic Gospel Associa�on and our partners. Volunteers help occasionally at the office in preparing the bi­monthly mail­out. In addi�on to this we have volunteers who plan i�neraries for staff. The Phoebe Representa�ves operate in a voluntary capacity.

Ac�vi�es for the public benefit

SGA is currently serving the local evangelical churches through its four areas of ministry: Biblical Leadership Training; Leadership Support; Chris�an Literature; Crisis Response; the purpose being to enable the churches to best serve their own society and offer aid where possible.

In all our projects and ministries, the public benefit of individuals, families or communi�es is paramount. It has always been the desire of the charity from its incep�on to show compassion to the needy and have a caring a�tude toward the helpless.

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 communica�on with donors and ac�vely seeking new donors in par�cular churches and trust funds.

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

The Trustees also regularly review other opera�onal risks to which the company is exposed and are sa�sfied that systems are in place to mi�gate exposure to the major risks, which are iden�fied as:

• Loss of key staff: Each member of our small staff performs a significant role. Good staff rela�ons and a sense of Divine calling has led to an excellent reten�on record.

• Safety: Staff are briefed on personal safety precau�ons to be taken while abroad. SGA con�nues to develop policies and procedures to manage risk and ensure effec�veness, probity and legal and regulatory compliance.

Project Fund Administra�on

There will be no administra�on charge deducted from funds that are allocated for special projects [PFA]. All financial gi�s for projects, mission schools, and leadership support will be sent in their totality.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Key Performance Indicators

There are several measures in place to assess the impact that the charity’s ac�vi�es are having in Eastern Europe, Central Asia, Far East Russia and Mongolia.

Asset cover for funds

Note 25 sets out an analysis of the assets a�ributable to the various funds and a descrip�on of the trusts. These assets are sufficient to meet the charity's obliga�ons on a fund­by­fund basis.

Financial review

The financial result for the year shows a surplus of £180,943 [2023: deficit of £173,690], before changes in fixed asset valua�ons.

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 no�ce and [b] to cover administra�on, fund­raising and support costs without which the charity could not func�on.

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 administra�on fund­raising 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 �mes 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 sub­commi�ee may be appointed by the Board of Trustees to complete a par�cular task and report back to the Board. The Trustees review their strategy and consider how best to use the surplus free reserves.

Of the £666,739 of unrestricted funds held at the year end, the trustees an�cipate that these will be used for increased funding for current projects and planned ministry expansion during SGA’s 75th anniversary year in 2025 and UK­based ministry development.

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

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

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

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 con�ngencies, the Trustees’ policy is that such reserves should be maintained at a level of between three and six months of 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 condi�ons.

Investment policy

The Board of Slavic Gospel Associa�on has ruled that the preferred op�on 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.

Data Protec�on

In view of data protec�on regula�ons, the Trustees have a policy in place. This policy is available on the Charity’s website.

Safeguarding Vulnerable Groups

The Trustees have a policy that outlines the Charity’s guidelines and precau�ons in rela�on to vulnerable groups who are being provided for or receiving care through SGA funding.

Structure, governance and management

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

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 (Resigned 30 September 2024) 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 implemen�ng the vision and strategy agreed by Trustees and the day to day running of the organisa�on. As a co­opted member of the Council, he reports back at Trustees’ mee�ngs. All major policy decisions and those concerning capital expenditure are ra�fied by the Council who meet every four months with occasional online strategy mee�ngs as required.

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

Informal mee�ngs followed by formal mee�ngs are held with poten�al members, leading to a decision by the 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 Responsibili�es of a Council Member.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

A new Council Member is encouraged to undertake further training related to his par�cular role in the Associa�on.

The company has sister organisa�ons in Australia, Canada, New Zealand and the USA.

Remunera�on 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 interestand this is updated annually. The directors act as Trustees of the Charity.

Statement of trustees' responsibili�es

The trustees, who are also the directors of Slavic Gospel Associa�on (Bri�sh Sec�on) 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 Accoun�ng Standards (United Kingdom Generally Accepted Accoun�ng Prac�ce).

Auditor

In accordance with the company's memorandum and ar�cles of associa�on, a resolu�on proposing that James Todd & Co. be reappointed as auditors of the company will be put to the Annual General Mee�ng.

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

Mr E Macdonald

Trustee

2 June 2025

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 Associa�on (Bri�sh Sec�on) Limited (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial ac�vi�es, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accoun�ng policies. The financial repor�ng framework that has been applied in their prepara�on is applicable law and United Kingdom Accoun�ng Standards, including Financial Repor�ng Standard 102 The Financial Repor�ng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accoun�ng Prac�ce).

Basis for opinion

We conducted our audit in accordance with Interna�onal Standards on Audi�ng (UK) (ISAs (UK)) and applicable law. Our responsibili�es under those standards are further described in the Auditor's responsibili�es for the audit of the financial statements sec�on 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 responsibili�es 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 rela�ng to going concern

In audi�ng the financial statements, we have concluded that the trustees' use of the going concern basis of accoun�ng in the prepara�on of the financial statements is appropriate.

Based on the work we have performed, we have not iden�fied any material uncertain�es rela�ng to events or condi�ons that, individually or collec�vely, may cast significant doubt on the charity’s ability to con�nue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibili�es and the responsibili�es of the trustees with respect to going concern are described in the relevant sec�ons of this report.

Other informa�on

The other informa�on comprises the informa�on included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other informa�on contained within the annual report. Our opinion on the financial statements does not cover the other informa�on and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other informa�on and, in doing so, consider whether the other informa�on 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 iden�fy 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 informa�on, 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

Ma�ers on which we are required to report by excep�on

We have nothing to report in respect of the following ma�ers in rela�on to which the Chari�es (Accounts and Reports) Regula�ons 2008 requires us to report to you if, in our opinion:

Responsibili�es of trustees

As explained more fully in the statement of trustees' responsibili�es, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the prepara�on of the financial statements and for being sa�sfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the prepara�on 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 con�nue as a going concern, disclosing, as applicable, ma�ers related to going concern and using the going concern basis of accoun�ng unless the trustees either intend to liquidate the charitable company or to cease opera�ons, or have no realis�c alterna�ve but to do so.

Auditor's responsibili�es for the audit of the financial statements

We have been appointed as auditor under sec�on 144 of the Chari�es Act 2011 and report in accordance with the Act and relevant regula�ons made or having effect thereunder.

Our objec�ves 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 detec�ng irregulari�es, including fraud, is detailed below.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skep�cism 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 descrip�on of our responsibili�es is available on the Financial Repor�ng Council’s website at: h�ps:// www.frc.org.uk/auditorsresponsibili�es. This descrip�on 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 Chari�es (Accounts and Reports) Regula�ons 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those ma�ers we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permi�ed 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.

Oliver Read FCCA ACA (Senior Statutory Auditor)

For and on behalf of James Todd and Co Limited, Statutory Auditor

Chartered Accountants Drayton House Drayton Lane Chichester West Sussex PO20 2EW England 18 June 2025

James Todd and Co Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under sec�on 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 2024

Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
Notes
£
£
Income and endowments from:
Dona�ons and legacies
3
992,976
669,785
Other trading ac�vi�es
4
17,875
­
Investments
5
55,916
­
Other income
6
18,535
­
Total income
1,085,302
669,785
Expenditure on:
Raising funds
7
58,346
­
Charitable ac�vi�es
8
502,848
1,012,081
Other expenditure
14
1,217
­
Total expenditure
562,411
1,012,081
Net gains on investments
15
7,895
­
Net income/(expenditure)
530,786
(342,296)
Transfers between funds
(581,591)
581,591
Other recognised gains
and losses:
Other gains/(losses)
17
(3,140)
2,182
Net movement in funds
11
(53,945)
241,477
Reconcilia�on of funds:
Fund balances at 1 January 2024
720,336
1,464,472
Fund balances at 31 December
2024
666,391
1,705,949		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2023
2023
£
£
£
1,662,761
731,015
758,766
17,875
18,646
­
55,916
42,092
­
18,535
1,427
­
1,755,087
793,180
758,766
58,346
75,163
­
1,514,929
490,362
1,160,111
1,217
­
­
1,574,492
565,525
1,160,111
7,895
5,529
­
188,490
233,184
(401,345)
­
(140,562)
140,562
(958)
(952)
563
187,532
91,670
(260,220)
2,184,808
628,666
1,724,692
2,372,340
720,336
1,464,472		 Total
2023
£
1,489,781
18,646
42,092
1,427
1,551,946
75,163
1,650,473
­
1,725,636
5,529
(168,161)
­
(389)
(168,550)
2,353,358
2,184,808

The statement of financial ac�vi�es includes all gains and losses recognised in the year. All income and expenditure derive from con�nuing ac�vi�es.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
18
Investments
19
Current assets
Stocks
20
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within one year
22
Net current assets
Total assets less current liabili�es
The funds of the charity
Unrestricted funds ­ general
25
Unrestricted funds ­ designated
24		 2024
£
15,354
86,699
1,944,727
2,046,780
(18,234)		 £
180,352
163,442
343,794
2,028,546
2,372,340
666,391
1,705,949
2,372,340		 2023
£
15,071
52,688
1,829,410
1,897,169
(19,076)		 £
151,168
155,547
306,715
1,878,093
2,184,808
720,336
1,464,472
2,184,808

The company is en�tled to the exemp�on from the audit requirement contained in sec�on 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibili�es for complying with the requirements of the Companies Act 2006 with respect to accoun�ng records and the prepara�on 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 ques�on in accordance with sec�on 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 2 June 2025

Mr E Macdonald

Trustee

Mr C J K Smith Trustee

Company registra�on number 00945991 (England and Wales)

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash fows from opera�ng ac�vi�es
Cash generated from/(absorbed by) opera�ons
27
Inves�ng ac�vi�es
Purchase of tangible fxed assets
Proceeds from disposal of tangible fxed assets
Investment income received
Net cash generated from inves�ng ac�vi�es
Net cash generated from fnancing ac�vi�es
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(39,770)
1,001
55,916		 £
98,170
17,147
­
115,317
1,829,410
1,944,727		 2023
£
­
3,000
42,092		 £
(152,165)
45,092
­
(107,073)
1,936,483
1,829,410

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accoun�ng policies

Charity informa�on

Slavic Gospel Associa�on (Bri�sh Sec�on) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 22 Li�le Church Street, Rugby, Warwickshire, CV21 3AW, England.

1.1 Accoun�ng conven�on

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Repor�ng Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Chari�es SORP "Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effec�ve 1 January 2019). The charity is a Public Benefit En�ty as defined by FRS 102.

The financial statements are prepared in sterling, which is the func�onal 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 conven�on, modified to include the revalua�on of freehold proper�es and to include investment proper�es and certain financial instruments at fair value. The principal accoun�ng policies adopted are set out below.

1.2 Going concern

At the �me of approving the financial statements, the trustees have a reasonable expecta�on that the charity has adequate resources to con�nue in opera�onal existence for the foreseeable future. Thus the trustees con�nue to adopt the going concern basis of accoun�ng in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discre�on of the trustees in furtherance of their charitable objec�ves.

Designated funds comprise funds which have been set aside at the discre�on 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 en�tled to it a�er any performance condi�ons 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 ac�vi�es and investment income.

The charity is not registered for VAT.

Cash dona�ons are recognised on receipt. Other dona�ons are recognised once the charity has been no�fied of the dona�on, unless performance condi�ons require deferral of the amount. Income tax recoverable in rela�on to dona�ons received under Gi� Aid or deeds of covenant is recognised at the �me of the dona�on.

Legacies are recognised on receipt or otherwise if the charity has been no�fied of an impending distribu�on, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a con�ngent asset.

Fundraising and trading income consists of monies generated from the sale of books, CD's and cards, as well as registra�on 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 2024

1 Accoun�ng policies

(Con�nued)

1.5 Expenditure

All expenditure is incurred in pursuit of the Charity's objects as laid down in the Memorandum and Ar�cles of Associa�on and is recognised in the accounts when payable.

The Charity's accoun�ng system is designed to trace general fund expenditure and dis�nguish it from that directly a�ributable to a project. All expenditure incurred on designated funds (see analysis at note 8) is treated as direct charitable expenditure for charitable ac�vi�es.

General fund expenditure is allocated to 5 broad headings of Administra�on, Promo�ons, Council Expenses, Eastern European Field and UK Home.

Administra�ve expenditure is treated as support costs for charitable expenditure whilst promo�ons costs are shows as costs of genera�ng voluntary income as these relate to the produc�on of promo�onal material.

Council expenses are the costs of holding regular council mee�ng, 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 scru�ny requirements.

Eastern European Field expenditure is treated ac�vi�es undertaken directly for charitable ac�vi�es.

UK Home expenditure is split between costs of genera�ng voluntary income and ac�vi�es undertaken directly for charitable ac�vi�es as it includes the costs of representa�ves who also make trips to Eastern Europe.

1.6 Tangible fixed assets

Tangible fixed assets are ini�ally measured at cost and subsequently measured at cost or valua�on, net of deprecia�on and any impairment losses.

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

Freehold land and buildings Straight line over 50 years 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 ac�vi�es.

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 cumula�ve effect of historic deprecia�on has been reversed. This is considered as a change of es�mate, being a change in deprecia�on 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 ini�ally measured at transac�on price excluding transac�on costs, and are subsequently measured at fair value at each repor�ng date. Changes in fair value are recognised in net income/(expenditure) for the year. Transac�on costs are expensed as incurred.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accoun�ng policies

(Con�nued)

1.8 Impairment of fixed assets

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

1.9 Stocks

Stocks are stated at the lower of cost and es�mated 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 loca�on and condi�on. Items held for distribu�on at no or nominal considera�on are measured the lower of replacement cost and cost.

Net realisable value is the es�mated selling price less all es�mated costs of comple�on and costs to be incurred in marke�ng, selling and distribu�on.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short­term liquid investments with original maturi�es of three months or less, and bank overdra�s. Bank overdra�s are shown within borrowings in current liabili�es.

1.11 Financial instruments

The charity has elected to apply the provisions of Sec�on 11 ‘Basic Financial Instruments’ and Sec�on 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 liabili�es 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 inten�on to se�le on a net basis or to realise the asset and se�le the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are ini�ally measured at transac�on price including transac�on costs and are subsequently carried at amor�sed cost using the effec�ve interest method unless the arrangement cons�tutes a financing transac�on, where the transac�on 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 amor�sed.

Basic financial liabili�es

Basic financial liabili�es, including creditors and bank loans are ini�ally recognised at transac�on price unless the arrangement cons�tutes a financing transac�on, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabili�es classified as payable within one year are not amor�sed.

Debt instruments are subsequently carried at amor�sed cost, using the effec�ve interest rate method.

Trade creditors are obliga�ons to pay for goods or services that have been acquired in the ordinary course of opera�ons from suppliers. Amounts payable are classified as current liabili�es if payment is due within one year or less. If not, they are presented as non­current liabili�es. Trade creditors are recognised ini�ally at transac�on price and subsequently measured at amor�sed cost using the effec�ve interest method.

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accoun�ng policies

(Con�nued)

Derecogni�on of financial liabili�es

Financial liabili�es are derecognised when the charity’s contractual obliga�ons expire or are discharged or cancelled.

1.12 Employee benefits

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

Termina�on benefits are recognised immediately as an expense when the charity is demonstrably commi�ed to terminate the employment of an employee or to provide termina�on benefits.

1.13

Payments to defined contribu�on re�rement benefit schemes are charged as an expense as they falldue.

1.14 Foreign exchange

Transac�ons in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transac�ons. At each repor�ng end date, monetary assets and liabili�es that are denominated in foreign currencies are retranslated at the rates prevailing on the repor�ng end date. Gains and losses arising on transla�on 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 wri�en off as grants paid under Direct Charitable Ac�vi�es.

2 Cri�cal accoun�ng es�mates and judgements

In the applica�on of the charity’s accoun�ng policies, the trustees are required to make judgements, es�mates and assump�ons about the carrying amount of assets and liabili�es that are not readily apparent from other sources. The es�mates and associated assump�ons are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these es�mates.

The es�mates and underlying assump�ons are reviewed on an ongoing basis. Revisions to accoun�ng es�mates are recognised in the period in which the es�mate 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 dona�ons and legacies

Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
£
£
Dona�ons and gi�s
702,531
669,785
Legacies
290,445
­
992,976
669,785		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2023
2023
£
£
£
1,372,316
670,971
758,766
290,445
60,044
­
1,662,761
731,015
758,766		 Total
2023
£
1,429,737
60,044
1,489,781

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Income from dona�ons and legacies
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
£
£
Dona�ons and gi�s
Dona�ons and gi�s
447,343
531,255
Dona�ons from trusts
51,400
49,800
Gi� aid recovered
39,494
50,028
Conference oferings
62,175
10,398
Dona�ons to full�me staf
98,307
27,254
Dona�ons to voluntary
representa�ves
2,597
933
Other
1,215
117
702,531
669,785		 Total
Unrestricted
Unrestricted
Total
funds
funds
general
designated
2024
2023
2023
2023
£
£
£
£
(Con�nued)
978,598
397,632
599,355
996,987
101,200
77,310
62,741
140,051
89,522
32,275
64,613
96,888
72,573
66,173
8,794
74,967
125,561
95,854
23,193
119,047
3,530
530
70
600
1,332
1,197
­
1,197
1,372,316
670,971
758,766
1,429,737		 Total
Unrestricted
Unrestricted
Total
funds
funds
general
designated
2024
2023
2023
2023
£
£
£
£
(Con�nued)
978,598
397,632
599,355
996,987
101,200
77,310
62,741
140,051
89,522
32,275
64,613
96,888
72,573
66,173
8,794
74,967
125,561
95,854
23,193
119,047
3,530
530
70
600
1,332
1,197
­
1,197
1,372,316
670,971
758,766
1,429,737
1,429,737

3 Income from dona�ons and legacies

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

4 Income from other trading ac�vi�es

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 17,875 18,646
Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 55,916 42,092

5 Income from investments

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net gain on disposal of tangible fxed assets ­ 1,427
Insurance claim 18,535 ­
18,535 ­

7 Ac�vi�es for genera�ng funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Costs of genera�ng voluntary income
Conference expenses 38,177 51,843
Adver�sing 16,751 19,975
54,928 71,818
Cost of goods sold
Other trading ac�vi�es 3,418 3,345
58,346 75,163

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

8 Expenditure on charitable ac�vi�es

Spreading the Spreading the
Spreading the
Spreading the
Gospel in Gospel in
Eastern Eastern
Europe Europe
2024 2023
£ £
Direct costs
Direct costs 1,012,080 1,160,109
Telephone 651 1,010
Motor costs 2,849 1,803
1,015,580 1,162,922
Grant funding of ac�vi�es (see note 9) 6,300 15,158
Share of support and governance costs (see note 10)
Support 479,174 456,558
Governance 13,875 15,835
1,514,929 1,650,473
Analysis by fund
Unrestricted funds ­ general 502,848 490,362
Unrestricted funds ­ designated 1,012,081 1,160,111
1,514,929 1,650,473
9 Grants payable
Spreading the
Spreading the
Gospel in Gospel in
Eastern Eastern
Europe Europe
2024 2023
£ £
Grants to ins�tu�ons (1 grant):
Kovin Bap�st Church ­ 1,200
Bread of Life Tekeris Camp ­ 13,958
Ruptawa Church 6,300 ­
6,300 15,158

­

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

10 Support costs allocated to ac�vi�es

Staf costs
Deprecia�on
Direct costs
Rent and rates
Insurance
Light and heat
Repairs and maintenance
Telephone
Prin�ng, postage, sta�onery and computer costs
Motor and travel
Sundry
Governance costs
Analysed between:
Spreading the Gospel in Eastern Europe
Governance costs comprise:
Audit fees
Accountancy
Legal and professional
Trustee's mee�ng costs
11
Net movement in funds
The net movement in funds is stated a�er charging/(credi�ng):
Fees payable for the audit of the charity's fnancial statements
Deprecia�on of owned tangible fxed assets
Loss/(proft) on disposal of tangible fxed assets		 2024
£
367,762
8,369
5,058
1,559
2,782
2,045
14,207
2,798
41,024
19,687
13,883
13,875
493,049
493,049
2024
£
9,808
3,570
314
183
13,875
2024
£
9,808
8,369
1,217		 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
2023
£
9,690
5,794
221
130
15,835
2023
£
9,690
8,147
(1,427)

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

12 Trustees

None of the trustees (or any persons connected with them) received any remunera�on during the year, and during the year, one trustee was reimbursed for expenses totaling £183 (2023 ­ two trustees were reimbursed for expenses totaling £1,165) to cover costs incurred on charity business.

Total dona�ons received from directors, key management personnel and their related par�es, amounted to £24,721 (2023: £38,210). No related par�es made purchases of things like books (2023: No related par�es made purchases).

There are no other related party transac�ons 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/feld workers
Administra�on and promo�on
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remunera�on was more than £60,000.
Remunera�on of key management personnel
Key management personnel remunera�on for the year		 2024
Number
6
4
10
2024
£
309,615
26,948
31,199
367,762
2024
£
74,250		 2023
Number
7
4
11
2023
£
308,021
29,381
34,030
371,432
2023
£
71,875

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Other expenditure

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net loss on disposal of tangible fxed assets 1,217 ­

15 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revalua�on of investments 7,895 5,529

16 Taxa�on

The charity is exempt from taxa�on on its ac�vi�es because all its income is applied for charitable purposes.

17 Other gains and losses

Unrestricted Unrestricted Total Unrestricted Unrestricted Total
funds funds funds funds
general designated general designated
2024 2024 2024 2023 2023 2023
Gains/(losses) upon: £ £ £ £ £ £
Foreign exchange 3,140 (2,182) 958 952 (563) 389

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

18 Tangible fixed assets

Freehold land
and buildings
Computers Motor vehicles
£
£
£
Cost
At 1 January 2024
151,498
7,182
74,268
Addi�ons
­
2,379
37,391
Disposals
­
(6,713)
(12,950)
At 31 December 2024
151,498
2,848
98,709
Deprecia�on and impairment
At 1 January 2024
22,724
5,391
53,664
Deprecia�on charged in the year
2,272
547
5,550
Eliminated in respect of disposals
­
(5,518)
(11,927)
At 31 December 2024
24,996
420
47,287
Carrying amount
At 31 December 2024
126,502
2,428
51,422
At 31 December 2023
128,774
1,791
20,603		 Total
£
232,948
39,770
(19,663)
253,055
81,779
8,369
(17,445)
72,703
180,352
151,168

All tangible fixed assets are for charitable use, other than a small quan�ty of office equipment used in administra�on.

19 Fixed asset investments

Listed
investments
£
Cost or valua�on
At 1 January 2024 155,547
Valua�on changes 7,895
At 31 December 2024 163,442
Carrying amount
At 31 December 2024 163,442
At 31 December 2023 155,547
20 Stocks
2024 2023
£ £
Finished goods and goods for resale 15,354 15,071

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

21
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Amounts falling due a�er more than one year:
Other debtors
Total debtors
22
Creditors: amounts falling due within one year
Accruals and deferred income
23
Re�rement beneft schemes
Defned contribu�on schemes
Charge to proft or loss in respect of defned contribu�on schemes		 2024
£
11
24,701
11,983
36,695
2024
£
50,004
86,699
2024
£
18,234
2024
£
31,199		 2023
£
827
23,488
14,686
39,001
2023
£
13,687
52,688
2023
£
19,076
2023
£
34,030

The charity operates a defined contribu�on 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 2024

24 Unrestricted funds - designated

These are unrestricted funds which are material to the charity's ac�vi�es.

At 1 January
2024
£
Support of East
European
Ministries
9,323
Support of
Mission Schools
(9,815)
East European
Leadership
Support
124,053
Phoebe Projects
4,690
Literature
Ministries
(10,068)
Radio Ministries
16,391
Vehicles for
Eastern Europe
22,262
Widows Project
31,625
Special Projects
770,831
Media/Website
10,080
Loans Issued
150,000
Emergency Fund
184,210
Tangible fxed
assets
160,889
UK Development
Fund
­
1,464,471		 Incoming
resources
£
19,185
16,508
221,675
33,867
19,026
7,382
19,425
45,634
287,083
­
­
­
­
­
669,785		 Resources
expended
£
(24,443)
(50,216)
(254,641)
(37,790)
(73,269)
­
(18,081)
(86,165)
(467,476)
­
­
­
­
­
(1,012,081)		 TransfersGains
£
24,827
60,000
130,000
45,000
100,000
­
­
22,672
60,738
­
(82,303)
­
20,658
200,000
581,592		 and losses At 31
£
(118)
477
(114)
(107)
(60)
1,103
­
(442)
1,443
­
­
­
­
­
2,182		 December
2024
£
28,774
16,954
220,973
45,660
35,629
24,876
23,606
13,324
652,619
10,080
67,697
184,210
181,547
200,000
1,705,949

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

24
Unrestricted funds - designated
Previous year:
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 fxed
assets
160,889
1,724,692		 Incoming
resources
£
29,535
8,573
233,752
27,017
23,064
12,406
12,477
68,054
343,888
­
­
­
­
758,766		 Resources
expended
£
(62,604)
(54,622)
(405,774)
(65,500)
(75,973)
(43,883)
(20,110)
(72,025)
(359,620)
­
­
­
­
(1,160,111)		 TransfersGains
£
3,925
10,000
15,000
31,637
25,000
­
15,000
25,000
15,000
­
­
­
­
140,562		 (Con�nued)
and losses At 31 December
2023
£
£
(51)
9,323
226
(9,815)
(18)
124,053
3
4,690
(29)
(10,068)
(265)
16,391
­
22,262
(104)
31,625
801
770,831
­
10,080
­
150,000
­
184,210
­
160,889
563
1,464,472

The Project Fund payments as shown in this note include monthly contribu�ons to General Funds for management and administra�on costs directly a�ributable to the work. These are provided at a maximum of 15% (9% admin, plus 6% publicity) on all gi�s. 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 u�lised from General funds to cover the work carried out towards these individual projects.

Each of the items listed above represents an area of ac�vi�es that the charity supports within Eastern Europe. Together these funds for the "Project Funds" which the charity operates. These are as a result of dona�ons given for use towards a par�cular project, but for which the charity retains ul�mate discre�on as to its applica�on. The transfers into these funds represent monies from General Funds to cover deficits on individual funds, as well as addi�onal 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 2024

24 Unrestricted funds - designated

(Con�nued)

In order to increase the accuracy of the presenta�on 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 restric�ons that the assets impose upon the funds held; the money �ed 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 obliga�ons should further funds not become available. The jus�fica�on 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.

25 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of dona�ons and grants which are not subject to specific condi�ons 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
2024
£
General funds
720,336
Previous year:
At 1 January
2023
£
General funds
628,666
Analysis of net assets between funds
Fund balances at 31 December 2024 are
Tangible assets
Investments
Current assets/(liabili�es)		 Incoming
resources
£
1,085,302
Incoming
resources
£
793,180
represented by:		 Resources
expended
TransfersGains and losses At 31
£
£
£
(562,411)
(581,591)
4,755
Resources
expended
TransfersGains and losses At 31
£
£
£
(565,525)
(140,562)
4,577
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
£
£
(1,195)
181,547
163,442
­
504,144
1,524,402
666,391
1,705,949		 December
2024
£
666,391
December
2023
£
720,336
Total
2024
£
180,352
163,442
2,028,546
2,372,340

26 Analysis of net assets between funds

SLAVIC GOSPEL ASSOCIATION (BRITISH SECTION) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

26 Analysis of net assets between funds (Con�nued) (Con�nued)
Unrestricted Unrestricted Total
funds funds
general designated
2023 2023 2023
£ £ £
Fund balances at 31 December 2023 are represented by:
Tangible assets (356) 151,524 151,168
Investments 155,547 ­ 155,547
Current assets/(liabili�es) 565,145 1,312,948 1,878,093
720,336 1,464,472 2,184,808
27 Cash generated from/(absorbed by) opera�ons 2024 2023
£ £
Surplus/(defcit) for the year 188,490 (168,161)
Adjustments for:
Investment income recognised in statement of fnancial ac�vi�es (55,916) (42,092)
Foreign exchange diferences (958) (389)
Loss/(gain) on disposal of tangible fxed assets 1,216 (1,426)
Fair value gains and losses on investments (7,895) (5,529)
Deprecia�on and impairment of tangible fxed assets 8,369 8,147
Movements in working capital:
(Increase) in stocks (283) (6,401)
(Increase)/decrease in debtors (34,011) 60,910
(Decrease)/increase in creditors (842) 2,776
Cash generated from/(absorbed by) opera�ons 98,170 (152,165)
28 Analysis of changes in net funds

The charity had no material debt during the year.