2023-12-31-accounts - People International Limited

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People International Limited (A company limited by guarantee)

Report and Financial Statements For the Year ended 31 December 2023

Charity Number 280036 Company Number 1466313

C O N T E N T S

	Page
Report of the Council of Management	1
Independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet	8
Statement of Cash Flows	9
Notes to the Financial Statements	10
Income and Expenditure Account	15

Full Name:

People International Limited

Charity Registration Number:	280036
Company Registration Number:	01466313
Address of Registered Office:	72 Commercial Road
	Paddock Wood
	Tonbridge
	Kent TN12 6DP
Trustees:	Mr N Prideaux
	Mr R Goodwin	(resigned 8 December 2023)
	Mr S Harland
	Mr A Wintersgill	(resigned 27 November 2023)
	Mrs R Graham
	Mr M Simants
	Miss J Maxwell	(appointed 9 March 2024)
	Miss C Barker	(appointed 9 March 2024)
	Mr L Waldock	(appointed 9 March 2024)
Senior Management:	Mr A Simms, UK Director
Independent Examiner:	T Lane
	Director in M N Jenks & Co Ltd
	72 Commercial Road
	Paddock Wood
	Tonbridge
	Kent
	TN12 6DP
Bankers:	Barclays Bank PLC
	73-75 Calverley Road
	Tunbridge Wells
	Kent
	TN1 2UZ
	Saffron Building Society
	Saffron House
	1A Market Street
	Saffron Waldon
	Essex
	CB10 1HX
	Kingdom Bank Limited
	Media House
	Padge Road
	Beeston
	Nottinghamshire
	NG9 2RS
Solicitors:	Wellers
	Tenison House
	45 Tweedy Road
	Bromley
	Kent
	R1 3NF

PEOPLE INTERNATIONAL LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees have pleasure in submitting their report and accounts together with the consolidated financial statements of the charity for the year ending 31 December 2023, which are also prepared to meet the requirements for a trustees’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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).

Structure, Governance and Management

Governing Document

The company has no share capital, being limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and Appointment of Council of Management

The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Council of Management. Under the requirements of the Memorandum and Articles of Association the members of the Council of Management are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. After serving nine successive years in office a retiring member is required to stand down for a year before being eligible for re-election again. The nature of mission means that the charity’s work aims to serve the Christian Church. The Council of Management seeks to ensure that the needs of the Church are appropriately reflected through the diversity of the trustee body.

The Council of Management reviews its membership against a list of specific contribution areas that should be covered by at least one member. Membership is also reviewed against the skills and experience necessary for an ideal Council of Management.

Trustee Induction and Training

All trustees serving during the year are already familiar with the practical work of the charity having been involved with the work in past years in various ways. Additionally, new trustees are provided with all relevant documentation concerning the charity and are fully briefed in order to familiarise themselves with the organisation. Briefings are led by the Council of Management and the Director and cover:

The obligations of Council of Management members
The future plans and objectives of the charity
The context in which the charity operates
Resourcing and the current financial position as set out in the latest published accounts.

Risk Management

The Council of Management has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces.

External risks to funding have led to careful scrutiny of income and expenditure on an ongoing basis. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.

PEOPLE INTERNATIONAL LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Organisational Structure

People International Limited has a Council of Management of at least three members who meet quarterly and are responsible for the strategic direction and policy of the charity At the end of 2023 the Committee had four members; during 2023 there were two resignations and no new appointments. Three new trustees were appointed in March 2024. The Committee membership is drawn from a variety of professional backgrounds relevant to the work of the charity.

A scheme of delegation is in place, and day to day responsibility for delivery rests with the Director within a framework of responsibilities and accountabilities set by the Council of Management. The Director is responsible to the trustees for ensuring that the charity achieves its specified objectives and that key performance indicators are met. The Director has individual supervision of the staff team and ensures that the team continues to develop their skills and working practices in line with good practice.

Umbrella Organisation

People International Limited acts as the UK arm of an international network known as "People International". The People International network also has offices in the Netherlands, Germany, the USA, Australia, New Zealand and Canada. Each of these other offices is registered and has charitable status in its own country.

The governing body of the international movement is known as the International Council. People International Worldwide, which is a UK registered charity, has responsibility for implementing its decisions, as well as supporting the activities of each of the country offices. People International Limited is a member of Global Connections, a body that promotes best practice within the Christian Mission community.

Objectives and Activities

The company’s object and principal activity is to advance religion by spreading and proclaiming the Gospel of Jesus Christ in accordance with the doctrinal statement set forth in Article 5 of the Articles of Association of the Company.

People International exists to unveil God’s glory to Central Asian Muslims by establishing and enabling his church.

People International Limited aims to fulfil its objectives through:

a) Recruiting and preparing personnel to serve on both short and long term assignments and to encourage them through prayerful support.
b) Providing funds to individuals and organisations engaged in furthering the objectives of People International Limited or to other individuals and organisations furthering similar objectives to People International Limited.
c) Providing an advisory and training service.
d) Setting up and establishing local churches.
e) Distributing the Bible, literature and other media.

Achievements and Performance

People International Limited is based in one office in Tunbridge Wells and during 2023 was staffed by one fulltime and three part-time members of staff.

During the year People International Limited supported twenty-seven individuals who are engaged in ministry in various locations across Central Asia or working with the Central Asia diaspora, and there were five members preparing to serve in Central Asia. Since the end of 2023 a further four individuals have applied to join the charity. These numbers indicate encouraging growth from a baseline of 14 individuals at the end of 2020.

Funds totalling £238,079 were spent in support of overseas members directly engaged in the ministry of the organisation and £7,728 given to ministries of the People International network worldwide.

PEOPLE INTERNATIONAL LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Gifts and donations totalling £99,542 were made to projects closely associated with People International field members. This included donations totalling £51,630 to support relief work through local churches and Christian organisations following the earthquakes in south-eastern Turkey in March 2023.

The Council of Management assesses the effectiveness of the charity against the following Ends and is satisfied that good progress is being made in achieving them:

a) Central Asian people hear faithful, engaging and appropriate proclamations of the gospel in their own languages.
b) The Bible is made available to all language groups in versions which are accurate.
c) Central Asian believers grow to maturity in the faith.
d) Christians respond to being sent into ministry to Central Asian people.
i. Ministers are effectively trained in gospel ministry to Central Asian people.
ii. Ministers persevere in faithful ministry, outreach and godly living.
iii. Ministers and ministries are properly resourced.
e) Central Asian people experience the love of Christ through the good deeds of Christians.
f) Many more people and churches in the UK pray for Central Asia and its people.
g) There is a significant increase in understanding of, and concern for, Central Asia and its people.
h) Central Asian churches and parachurch organisations achieve appropriate levels of independence from People International.

The Trustees have complied with the duty in section 4 of the 2006 Charities Act to have due regard to the public benefit guidance published by the Charity Commission.

Financial Review

People International is grateful for the dedicated financial and prayerful backing of its supporters. This financial support, along with the aid of sound financial management and the committed work of its staff generated a satisfactory outcome.

The charity finished the year with a net surplus for the year of £63,948, with surplus arising on both restricted and unrestricted funds. Restricted funds increased by £30,107 reflecting a relatively low draw-down of reserved funds by workers, partly offset by expenditure of project funds brought forward from the previous year. Unrestricted funds, used for the general purposes of the charity, increased during the year by £33,841. This increase in unrestricted funds largely reflects a higher level of one-off gifts from donors. Of these increased donations £20,000 were received to support the charity through an increase in cost base anticipated following the closure of another charity that has been given administrative support by People International. The closure had been expected in 2023, but took place in 2024, and its expected impact is explained further under ‘Plans for Future Periods’. Restricted and unrestricted funds remain in surplus.

Total income for the year rose by 22.7% from 2022, of which 10.9% arose from exceptional funds raised for the Turkey earthquake and 4.2% related to the £20,000 donations towards cost base in 2024. With cash in hand of £114,752 as at 30[th] April 2024, which exceeds the target reserves level, the trustees made the following statement as recorded in their meeting of 13[th] June 2024: “People International is in a good state of financial health and remains a viable and solvent company at this point in time and we expect this to continue to be the case for the year following the AGM in 2024.”

Principal Funding Sources

The principal sources of funds are individual donors, churches and charitable trusts.

PEOPLE INTERNATIONAL LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Investment Policy

In normal circumstances, aside from retaining a prudent amount in reserves each year most of the charity’s funds are to be spent in the short term so there are few funds for long term investment. Having considered the options available, the Council of Management has decided to invest the small amount that it has available in interest paying accounts where possible. Given the access required to funds the Council of Management considers the overall return on deposits to be satisfactory against the backdrop of very low interest rates. Our investment policy is regularly reviewed to ensure that the best return is being achieved.

Reserves Policy

The Council of Management has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 3 months expenditure from the general fund.

Budgeted general fund expenditure for 2024 is approximately £207,000 and therefore the reserve target is £52,000. The reserves are needed to meet the working capital requirements of the charity and the Council of Management is confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding.

Restricted funds are retained according to the instructions of recipients of the funds and those given towards projects are passed on as soon as practical after they are received.

The level of general fund cash available to the charity was £118,141 at the end of 2023, which exceeded the target level. As noted above this included donations received in 2023 that related to an increase in cost base arising in 2024. Each year the Council of Management determines how any monies in excess of the target reserves level should be used.

Plans for Future Periods

The trustees are encouraged by the growth achieved in the number of individuals supported by the charity in Central Asia in recent years. They see opportunity for this growth to continue and management plan to continue to recruit and mobilise new workers, as well as to support the growing number of existing workers. People International plans to hold a ‘Discover’ conference in 2024 for people seriously exploring the opportunity to work in Central Asia. This has been an encouraging and fruitful conference in the past.

People International will also continue to build new and existing relationships with the UK Church, making the needs of Central Asia known, and calling churches to send workers, to pray and to support this work. The charity will exhibit at the three-week Keswick Convention in summer 2024, and will continue to promote its work through social media to engage younger generations. People International will offer facilitated short-term visits to the region where considered strategically valuable.

Growth comes with challenges to the resources of the organisation. As mentioned above and in last year’s report People International will face additional costs of circa £30,000 per annum arising from the winding up of another charity: Eurasian Ministries UK Trust (‘EM’). EM has been contributing to the costs of People International, whose staff had been providing administrative and leadership services. The winding up of EM was completed in March 2024 and contributions to the costs of People International ceased. People International plan to mitigate this cost challenge in the medium term through growing the donor base, and through increased worker contributions both as worker numbers grow, and from a staged increase in the level of worker contributions that has been implemented recently. In the shorter term one-off donations were secured from generous donors totalling £20,000 in 2023 to ensure that the cost challenge does not inhibit People International from pursuing the current growth opportunity. In the first months of 2024 a further £35,000 was received from these donors. It is expected that the increase in cost base following the closure of EM can be managed successfully and that continued growth can be sustained.

PEOPLE INTERNATIONAL LIMITED

REPORT OF THE COUNCIL OF MANAGEMENT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Responsibilities of Directors/Council of Management

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the financial activities of the company for that period. In preparing those financial statements the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to 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.

The above Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Signed on behalf of the Board/Council of Management

MR S HARLAND MEMBER OF COUNCIL OF MANAGEMENT

Approved by the Board: 13 June 2024

INDEPENDENT EXAMINER'S REPORT TO

THE TRUSTEES OF PEOPLE INTERNATIONAL LIMITED

I report to the Trustees on the financial statements of the Charity for the year ended 31 December 2023 set out on pages 7 to 14.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND INDEPENDENT EXAMINER

The charity's trustees (who are also the directors of the Company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. The charity's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

examine the accounts (under section 145 of the Charities Act);
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act); and
to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a 'true and fair view', and the report is limited to the matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

Since the company's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 effective 1 January 2019)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

24 June 2024 72 Commercial Road Paddock Wood, Tonbridge, Kent

T Lane Director in M N Jenks & Co Ltd Chartered Accountants

PEOPLE INTERNATIONAL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Funds Funds £ £ Income and Endowments from: Donations and Legacies 132,024 412,973 Income from Charitable Activities 27,780 - Investments - UK Interest Receivable 5,203 - Other Income 2,609 2,949 Total Income 167,616 415,922 Expenditure Raising Funds 2,485 - Charitable Activities 131,290 385,815 Total Expenditure(Note 2) 133,775 385,815 Net Income/(Expenditure) 33,841 30,107 Transfers - - Net movement in funds for the year 33,841 30,107 Balances brought forward at 1 January 2023 84,300 225,250 Balances carried forward at 31 December 2023 £ 118,141 £ 255,357 £	Total 2023 £ 544,997 27,780 5,203 5,558 583,538 2,485 517,105 519,590 63,948 - 63,948 309,550 373,498 £	Total 2022 £ 435,324 38,348 697 1,114 475,483 6,155 524,728 530,883 (55,400) - (55,400) 364,950 309,550

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes set out on pages 10 to 14 form an integral part of these financial statements.

PEOPLE INTERNATIONAL LIMITED

COMPANY NO: 1466313

BALANCE SHEET

31 DECEMBER 2023

FIXED ASSETS Tangible Assets CURRENT ASSETS Debtors Cash at Bank and In Hand CREDITORS:Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Unrestricted Income Funds (page 13) Restricted Income Funds TOTAL FUNDS	Notes 5 6 7 9 10	14,037 377,392 391,429 (17,931) £ £	2023 £ - 373,498 373,498 £ 118,141 255,357 373,498 £	2022 £ - 15,355 308,570 323,925 (14,375) 309,550 309,550 84,300 225,250 309,550

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

For the financial year ended 31 December 2023, the Company was entitled to exemption from audit under section 477 Companies Act 2006; and no notice has been deposited under section 476. The Directors acknowledge their responsibilities for ensuring that the Company keeps accounting records which comply with section 386 of the Act and preparing accounts which give a true and fair view of the state of affairs of the Company as at the end of the year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 which otherwise comply with the requirements of the Companies Act 2006, so far as applicable to the Company.

Signed on behalf of the Council of Management

S HARLAND DIRECTOR

Approved by the Board: 13 June 2024

The notes set out on pages 10 to 14 form an integral part of these financial statements.

PEOPLE INTERNATIONAL LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

	2023	2022
	£	£
Cash generated (used) in operating activities	63,619	(57,728)
Cash flows from investing activities
Interest income	5,203	697
Purchase of tangible fixed assets	-	-
Cash provided by (used in) investing activities	5,203	697
Increase (decrease) in cash and cash equivalents in the year	68,822	(57,031)
Cash and cash equivalents at the beginning of the year	308,570	365,601
Total cash and cash equivalents at the end of the year	£ 377,392	£ 308,570
Reconciliation of net income (expenditure) to net cash
flow from operating activities
Net movement in funds	63,948	(55,400)
Deduct interest income shown in investing activities	(5,203)	(697)
Decrease (increase) in debtors	1,318	(2,765)
Increase (decrease) in creditors	3,556	1,134
Net cash used in operating activities	£ 63,619	£ (57,728)

PEOPLE INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2023

1 ACCOUNTING POLICIES

(a) Basis of Accounting

These financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined by FRS 102.

(b) Income Recognition

Voluntary income is received by way of donations and is included in full in the Statement of Financial Activities as soon as the Company is entitled to receipt and the amount can be measured with reasonable certainty. Legacies are included as soon as the Company has entitlement and receipt is probable. Tax recoverable on covenants and gift aid income received has been included as a debtor (Note 6).

No incoming resources have been deferred.

Investment income is recognised on an accruals basis.

(c) Value Added Tax

The Company is not registered for VAT purposes and all costs are inclusive of VAT.

(d) Depreciation

Office Equipment costing more than £1,000 is capitalised and depreciated. Depreciation is calculated to write off the cost of all tangible fixed assets over their estimated useful lives at the following rates per annum:

Straight Line

Office Equipment - 20%

(e) Resources Expended

Expenditure is included when incurred. The irrecoverable element of VAT is included within the item of expense to which it relates. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Charitable activities costs comprise those costs incurred directly on the objects of the company and also those costs of an indirect nature necessary to support them. Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements.

Pension costs are charged to the statement of financial activities for the year in which they are payable.

(f) Allocation of Costs

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.

PEOPLE INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

31 DECEMBER 2023

(g) Funds Accounting

Funds held by the Company are either:

Unrestricted general funds - these are funds, which can be used in accordance with the charitable objects at the discretion of the Council Members.
Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the Company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

(h) Operating Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease.

2 TOTAL EXPENDITURE

2 TOTAL EXPENDITURE
Charitable Activities Direct Expenses Support Costs Governance £ £ £ IT Services and Database - 3,334 - Project Work 99,542 - - UK Office Workers 61,693 59,370 3,235 Field Workers 238,079 - - National Office Contributions 10 - - Post, Printing and Stationery 5,322 780 - Travel and Subsistence 2,444 2,188 - International Movement Support 7,728 - - Courses and Conferences 448 - - Other Support Costs - 4,478 - Independent Examiner's Fees - - 2,460 Other 1,706 - - IO Building Fund Contributions 363 - - Staff Conference 555 - - Rent and Rates - 3,927 - Insurance - 1,067 - Grant Writer - - - 5 Year Plan 16,936 - - Professional Services - 1,440 - £ 434,826 £ 76,584 £ 5,695	Raising Funds £ - - - - - 715 - - - - - - - - - - 1,770 - - £ 2,485 £	2023 Total £ 3,334 99,542 124,298 238,079 10 6,817 4,632 7,728 448 4,478 2,460 1,706 363 555 3,927 1,067 1,770 16,936 1,440 519,590 £	2022 Total £ 4,645 41,347 112,163 296,280 10 4,946 7,244 7,130 - 3,659 2,340 1,391 - 15,885 2,683 1,022 5,380 24,758 - 530,883

Direct expenses relate in large part £337,621– (2022 £337,627) to the financial support of People International's overseas personnel and projects involved in gospel proclamation, discipleship, training, Bible translation, media work and meeting human needs. The other significant element of direct expenses (£86,395 - 2022 £91,072) relates to the work we do from the UK supporting the church in its prayerful and practical support of the Central Asian church and in the pastoral support of workers sent by the UK church to Central Asia.

PEOPLE INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

31 DECEMBER 2023

3	STAFF COSTS Total 2023 £ Staff Costs are as follows: Wages and Salaries 108,788 Social Security Costs 4,991 Pension Contributions 10,519 £ 124,298	Total 2022 £ 98,365 4,027 9,771 £ 112,163

The Company had 4 employees during the year (2022 - 4). The Company made pension contributions on behalf of 4 employees during the year (2022 – 4) to an independent fund. The Company does not operate its own pension fund.

The Company considers its key management personnel comprise the Council Members and the UK Director. The total employment benefits including employer pension contributions and Social Security contributions of the key management personnel were £49,682 (2022 - £46,031).

There were no employees with emoluments above £60,000 p.a.

4 FUNDS RECEIVED AS AGENT

During the year, the Company received, as agents, funds totalling £13,758 (2022 - £14,149) from international offices of the network of international Christian charities working in Central Asia known as People International. The Company was legally bound to pay them over to specific field workers and had no responsibility for their ultimate application. These resources have therefore not been included in the Company's Statement of Financial Activities and Balance Sheet.

5

TANGIBLE FIXED ASSETS Cost: At 1 January 2023 Additions Disposals At 31 December 2023 Depreciation: At 1 January 2023 Charge for Year Released by Disposals At 31 December 2023 BOOK VALUE: At 31 December 2023 At 31 December 2022	Office Equipment	Office Equipment
		£ 20,727 - - 20,727 20,727 - - 20,727 £ - £ -

All fixed assets are used in direct furtherance of the Charity's objectives.

PEOPLE INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

31 DECEMBER 2023

6 7	DEBTORS Income Tax Recoverable Other Debtors Prepayments £ CREDITORS:Amounts falling due within one year Accruals Taxation and Social Security Other Creditors £

8 SHARE CAPITAL

The Company has no share capital, being limited by guarantee. In the event of a winding up the members liability is limited to £10 each.

Balance at Incoming 1.1.2023 Resources Expenditure UNRESTRICTED FUNDS £ £ £ Designated Funds - - (295) General Funds 84,300 167,616 (133,480) £ 84,300 £ 167,616 £ (133,775) Balance at Incoming 1.1.2023 Resources Expenditure RESTRICTED FUNDS £ £ £ Office Projects 2,791 - (379) Nationals' Assistance 380 120 - Short Term Trips 2,200 - (2,200) Project Funds 53,928 33,670 (45,650) UK Based Office Workers 3,288 29,229 (28,855) Field Workers 162,638 288,992 (247,844) Staff Conference 25 100 - Social Media Costs - 12,000 (9,257) Turkey Earthquake Relief - 51,811 (51,630) £ 225,250 £ 415,922 £ (385,815)	Incoming Resources £ - 167,616	Expenditure £ (295) (133,480)	Transfers £ 1,925 (1,925)

£ 84,300 £ 167,616 £ (133,775)			£ - £
	Incoming Resources £ - 120 - 33,670 29,229 288,992 100 12,000 51,811	Expenditure £ (379) - (2,200) (45,650) (28,855) (247,844) - (9,257) (51,630)	Transfers £ - - - - - (6,504) 6,504 - -
		£ (385,815)

PEOPLE INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

31 DECEMBER 2023

11	RESTRICTED FUNDS(cont'd) Unrestricted Restricted Total Funds Funds Funds Fund Balances at 31 December 2023 are £ £ £ represented by: Current Assets 136,072 255,357 391,429 Current Liabilities (17,931) - (17,931) £ 118,141 £ 255,357 £ 373,498

12 DIRECTORS/COUNCIL MEMBERS EXPENSES

Expenses payments totalling £Nil were made in the year. No salary payments were made to Directors/Council Members, or any persons connected with them during the year.

13 OPERATING LEASE COMMITMENT

The Council of Management have entered into an agreement with the Trustees of People International Worldwide in respect of the property purchased by People International Worldwide and currently partly occupied by People International Limited. This is in recognition that part of the original funding was raised through People International Limited.

It was agreed that the charity will pay an annual rent of £10, contribute 40% of the cost of maintaining and operating the property and that People International will receive one third of the value of the property should it be sold or if People International gives notice and vacates it.

14 RELATED PARTY TRANSACTIONS

Income of £24,780 (2022 - £35,948) and £Nil (2022 - £356) was received from Eurasian Ministries UK Trust, a registered charity, for administrative services provided and reimbursement of expenses respectively. The Trustees of People International Limited are also Trustees of Eurasian Ministries UK Trust.

Donations received from Trustees and related parties totalled £8,900 (2022 - £2,255) for the year.

PEOPLE INTERNATIONAL LIMITED

INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME
Donations, Gifts and Legacies for Restricted Funds
Donations, Gifts and Legacies for General Funds
Grant Income
Eurasian Ministries Support
Interest Receivable
People International Worldwide Support
Reimbursements
Turkey Earthquake Relief
Other Income
EM Closure
EXPENDITURE
On the Object of the Charity:
Wages and Salaries
National Office Contributions
Support Payments to Field Workers
Travel and Subsistence
Postage and Printing – Literature
International Movement Support
Subscriptions
Project Funds
Courses and Conferences
Other
IO Building Fund Contributions
Staff Conference
5 Year Plan
Turkey Earthquake Relief
Cost of Generating Funds
On Other Areas (including Support Costs):
Wages and Salaries
Rent, Rates, Light and Heat
Computer and Office Supplies
Postage, Printing and Stationery
Telephone, Fax and Email
Repairs and Maintenance
Accountancy and Independent Examination
Insurance
Sundry
Office Cleaning
UK Travel and Subsistence
Professional Services
TOTAL EXPENDITURE
SURPLUS (DEFICIT) FOR THE YEAR

2023
2022
£
£
356,162
346,972
127,024
88,352
5,000
-
24,780
35,948
5,203
697
3,000
2,400
3,201
918
51,811
-
2,357
196
5,000
-
583,538
475,483
61,693
57,584
10
10
238,079
296,280
2,444
5,086
5,322
3,644
7,728
7,130
1,175
1,140
47,912
41,347
448
-
531
251
363
-
555
15,885
16,936
24,758
51,630
434,826
453,115
2,485
6,155
62,605
54,579
3,927
2,683
3,334
4,645
780
527
402
241
1,351
920
2,460
2,340
1,067
1,022
2,134
1,714
591
784
2,188
2,158
1,440
-
82,279
71,613
519,590
530,883
£ 63,948
£ (55,400)