RELEASE INTERNATIONAL voice of Persecuted Christians Trustees, Annual Report and Financial Statements For the year ended 31 December 2024 Company Limited by Guarantee1015065761 Registered Charity in England and Wales12805771 Registered Charity in Scotland ISC0404561
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Contents Company Information ........................................................................... Trustees, Annual Report........................................................................ Independent Auditorfs Report............................................................. 12 St statement of Financial Activitles for year ended 31 December 2024..16 Balance Sheet at 31" December 2024..................................................17 Notes to the Financlal Statements....................................................... 19
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 COMPANY INFORMATION The trustees of the Charity are also the Companws directors for the purposes of company law. TrusteeslDlrectors David Armond CBE QPM Rev Dr Berhane Asmelash David Bentlev Janet Crick Danielle Face Robert Karami Martin Print Sarah Shearer FCA Andrew Wayland Chair of trustees (resigned l April 2025) (appointed 28 March 20241 Vice-chair of truslees (resigned 13 March 20251 Executlve leadershlp: Christopher Badley Lynnette Feist Laura Hayes Director of International Ministries Director of Personnel & Internal Operations Director of Engagement UK & Ireland (To 30 November 20241 Director of Finance & Company Secretary ITO 28 December 2024} Chief Executive Officer Patrick Lineen Paul Robinson Charity re81stration number: 280577 Company re8Sstratlofi number: 01506S76 Scottlsh Charlty reglstratlon numb¢r: SC040456 Reglstered offlce: Betchworth House, 57-65 Station Road, Redhill, Surrey, RHI IDL. (For security reosons, os we work with mony people under threat of intimidofion, VlDlence Dr detention. our registered address 15 our ouditorfs Surrey office.) Audltors: Moore Kingston Smith LLP. 9 Appold Street, London. EC2A 2AP Bankers: CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Mallin& ME19 4JQ Sollcitors: Edward Connor. 10 The Point, Market Harborough. LE16 7QU Pw30130
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT The trustees, who are the charity's directors for the purposes of company law, have pleasure in submitting the Report and Accounts for the year starting on l January 2024 and ending 31 December 2024. The trustees have adopted the Provisions of the Statement of Recommended Practice: Accounting and Reportin8 by Charities applicable to charities preparing the financial statement5 followingthe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ond comply with the charitvs governing document, Companies Act 2006 and the Charities Act 2011. Charltable Objects The charity is a charitable company and is governed by its Article5 of Association. The objects of the charity, as set out in the governing document are: To advance the Christian faith in accordance with the Statement of Faith and Ethos Statement The relief of poverty and other hardship, need or di5tre55, for those who are Suffering persecution or marginalisation for their Christian beliefs, and their families, by providing support and assistance To further the charitable work of the Charity by the advancement of such other charitable purposes as the trustees shall from time to time decide. provided such purposes are consistent with the Statement of Faith and Ethos Statement. The Objects are to be carried out as a proclamation of the Christian beliefs set out in our Statement of Faith, which is available on our website.. releaseinternational.org. How our Activities Deliver Public Benefrt The Trustees confirm they have complied with the duty in Section 17 of the Charities Act 2011 to have due re8ard to public benefit guidance published by the Charity Commission. Around the world, Release International seeks to prayerfully, pastorally, and practically help those who are persecuted for their faith in Jesus Christ and. in the UK and Ireland. to help Christians, ¢hurches, faith-based organisations, and the general public undersland and engage with the reality of persecution. Those who benefit from our activities are Christians globally whose religious freedoms have been curtailed or abused. and any member of the public wanting to be educated about the circumstances of persecuted Christians and/or become involved in supporting and helping them. Our approach stems from our Charitable Objects. The Trustee5 consider Release International's, Calling, Mission, and Operational Strategies fulfil the duty and are confident the Charitable CompanWs activities are deliverin8 public benefit. Summary of the Charity's main activities and achievements Giving them the TOOLS. they need to liveAorJesus Christ Release International delivers the international aspects of its ministry by working in-country through local churches or organisations, with whom we hève established formal partnerships. Where F)ossible these partners are indigenous to the area in which our Ministry operates, but sometimes the work is carried out through Non-Government Organisations (NGOS) where they are well connected with the local church. These partnerships form the main connections between Release International and persecuted Christian communitie5. The very nature of this work makes It difficult to report on without endangering those being served. However. we can share some Stories that demonstrate what we've being doing to benefit persecuted Christians overseas. Page 11 of Xl
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 History has shown that persecution tomes and goe5 around the world. There are a variety of different types of persecutors, who have varied reasons for persecuting. No matter who, when or where, the intensity of persecution in the Christian life can be likened to the radio frequency spectrum.. at one end. Chrislians face a high frequenry of terrible persecution, at the other end occurrences are rare and Christians pay little or no cost for followin8 Christ. Our international ministry is focused on lives being impacted at the high frequency end of the persecution spectrum. Our own taxonomy of persecution is used to ensure we do all prayerfullv, pastorally, and practically. help.. Families of Christian MARTYRS PRISONERS of faith and their familie5 Christians suffering OPPRESSION and violence Christians forced to FLEE PERSECUTION SPECTRUM Hifftifr•qutncy H1OTener$¥ Lowertrequency Lowerenewy Having ministered to and with Christians at this hi8h end of the persecution spectrum, we are then able to continue presenting the first-person VOICE of persecution to those at the lower end of the spectrum, with the hope and prayer that they will betome engaged with those suffering and be better prepared should they face serious persecution themselves12 Tim 3'.121. Our approach to international ministry continues to be prayerful. pastoral and practical. In 2024 we were able to practise the ministry of presence, that is, meet in person and enter into fellowship with persecuted Christians in countries such as Burkina Faso, Egypt, Éthiopia, Iraq, Laos, Nigeria, Pakistan, as well as other more sensitive areas. A comment from one of our partners sums up feedback we so often hear from those we vis1t'. I would like to say a greot thonk youfrom ourbrother5 undsisters in CentrolAsiofor yourprayersupport forpeople you've nevermet in per50n. Thank you so much thot you ore supporting andprayingforpeople you will probobly never meet thi5 side of eternity. Your proyers will have mode such a difference, and you'll be Surprised how your gifts, whetherlorge or5moll. have helped with o speciol need. So, Ihonk you $0 muchfrom people you've never met. You will know their nomes ond the results in eternity. Rulslng their VOICE As planned, 4 VOICE magazines were delivered on schedule in 2024. Lead stories focused on Ukraine, India, Pakiston, and Nigeria. We delivered 12 podcasts through the year. 9 of those were interviews with partners; 3 with Release International staff members. 12 monthly VOICE update emails were sent out at the beginning of each month. In addition to editing the ma8azine, the Content Manager regularly produced Prayer Alerts (two per monthl, which were emailed to supporters. In 2024 we published two books.. Revd Dr Berhane Asmelash's biography, 8rother, l Hove Come toArrest You. Linked to the launch of his book, we arranged a series of speaking opportunities for Revd Dr Berhane. He spoke in 10 churches across the country and many people benefited from the opportunity to receive a copy of his book and hear his challenge to stand with our persecuted brothers and sister from Eritrea. We also published a UK version of John Cao's poems from prison. Living Lyrics loriginally published in the USA by our partner, ChinaAidl. Work continued on the soon-to-be published book, Providence ond Persecution. Once the draft text was completed, we commissioned an external proof-reader to work on the book. We then obtèined a Foreword, written by North American scholar Dr Stephen G Dempster,. and an Afterword written by Petr Jasek. Commendations were sought land received in January 20251 from John Stevens (National Director, FIECI. Ben Kwashi IBishop, Nigerial,. Andy Lines IAMIEI, and our own CEO, Paul Robinson. Page S of 30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Since one member of staff Iwho worked with l)oth the Content & Theology and the Engagement Managerfs departments) went on maternity leave in the summer, we have reduced our pattern of social media postings to three times a week (this is to be reviewed, with increases planned for 20251. Our social media focus has been mainly on Facebook and Instagram. Twitter has also been used to promote press releases. In January our Head of Content & Theok)gy. Kenneth Harrod. was the main plenary speaker at Friends International's annual conference in Swanwick. Subsequently. an article was written for that organisation's April ma8azine. Throughout the course of 2024 the En8a8ement Managerfs team continued to initiate and develop strong relationships with churches and church networks across multiple denominations in the UK, delivering 169 speaking engagements, of which 79 were first time connections. 3 church related partnership5 are noteworthy-111 The one-year Nigeria project partnership with the Free Church of Scotland Women for Mission group concluded in 2024 resulting in a gift of £13,100, and the opportunity to present at their annual conference.121 The Church of Scotland Guild partnership supporting our Operation Hope project in Egypt aSs0 launched in 2024. Speaking engagements and donations from this partnership will be received from Jan 2025 to Oec 2027. 131 After being invited to apply to the All Souls LanBham Place World Mission Fund we received funding to 5UPPOrt our project providing legal aid to postors In India. Our partnership with Artless Theatre Company continued to be very well received by audiences acr055 the UK in 2024. Artless completed a total of 20 performances of If Prison Wu115 Could Speok which motivated many more people to pray and stand with persecuted Christians. Approximately 1,5CK) people attended these performances. We are lookin8 forward to a finale event with Artless in London in May 2025. Nigerian partner Mark Lipdo of the Stefan05 Foundation spoke at a volunteer event, 5UPPQrterfs lunch, and at 3 other churches who have supported our Nigeria projects. The events were well attended, and the partner churches were very encouraged by Mark's presentation and the opportunity to hear the first person voice of persecuted Christians. Exhibltln8 at Christian conferences and festivals continued to be a fruitful element of our engagement 5trate8y in 2024. Re-using the very successful prisoners of faith exhibition concept first promoted in 2022, we called Christians in the UK into fellowship with their persecuted Christian family members by rememberin8 those in pri50n and identifying with them personally. Almost 5LXI people had their picture taken beside a prisoner of faith banner and took away prayer cards committing to pray for an individual prisoner and their families. We exhibited at Bible by the Beach, Big Church Festlval. Keswick Port Stewart, Cedarwood, The Keswick Convention, ReFuel, New Wine United 24, EMW Aberystwyth, and Bangor Worldwide. We benefited from sponsorship partnership at Cedarwood where ArtlessTheatre performed. and a further partnership with New Wine United 24 where we sponsored their food tent and promoted our Hazaq Coffee brand. Finally, we continued our partnership with the Gettys as the key sponsor for their Christmas concerts which were attended by approximately 16.C((J people over two ni8hts in Belfast. Future plans Glvlng them the YOOLS, they need to live forjesus Christ The primary role of Oljr international partners is to extend the kingdom of God and His loving care in their communitie5, whatever the situation they may face. We will tontinue to support them by listening to their VOICE and so providing persecuted Christians with the TOOLS. they ask for to live more fully for Jesus and fulfil the Great Commission Imatthew 28=16-201. We will continue to visit our partners, practising our ministry of presence, encouraging them in their callings, sharing in fellowship and hearing their VOICE. We will continue to develop and monitor projects with them Pa8e 60130
RELEASE SNTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 that ensure the gospel of Christ will be proclaimed in the hardest places around the world. More Christians are martyred in Nigeria than onywhere else in the world, and we will continue to support their families and other suNivors of violent attscks against Christian communities. We will also continue to support their work of spreading the gospel of Chfist, despite the extreme danger and hardship they face. Other Christians continue to face imprisonment because of their faith- an ongoing trend which continues in Eritrea and other places such as Iran and North Korea. We will remain in prayer for them and their families. Many will need practical support. and our projects will aim to provide some of their needs. Many Christians will still need to flee from their homes because of persecution. especially in Africa, the Middle East, and South Asia. Some will be forced into hiding. They will be held up in prayer during 2025 and we will work towards finding them new places to settle where they can live out their lives for Christ in safety. As has been true for 56 years, Release International will remoin committed to developing the bonds of fellowship we have with our persecuted brothers and sisters aimin8 to deliver. durin8 2025, over 60 projects in more than 30 countries. As per5eculion in those countries continues, we will be creative and flexible in ensuring we provide the support and TOOLS. persecuted believers ask for and need. Ralslng thelr VOICE Raisin8 the VOICE of persecuted believers remains one of our key strategi¢ purposes. Utilising the ski115 and experience of our own team members, and through a new partnership with a renowned Christian a8ency, we aim to improve the digital delivery of that VOICE in 2025. The webslte will be further improved, messa8in8 will become more coordinated and joined up across the website, social media and our flagship magazine, VOICE. We a150 oim to make more use of social influencing through the development of our YouTube and podcast outputs. Meeting with real people is just as important to U5 in the UK as it is overseas. We will further develop our chLJrch networks, reaching into churches. church networks and church leadership groups to ralse the prophetic VOICE of persecuted believers. Sadly, but as planned, we will wind up our association with the Artless Theatre Company who produced the hugely successful play, 11 Prison Wolls Could Speok, a performance designed for churches that tells the true story of Petrjasek, a Czech national who wa5 imprisoned in Sudan for hiswork aiding and assisting persecuted Christians. The play has been delivered to over 60 churches and festivals across the UK since its launch in September 2021. However, we are already in discussions with a larger theatre company and hope to produce another successful play which should be ready for 2026. The International Day of Prayer IIDOPI will play a significant part if our effort to raise the VOICE in 2025, with plans for a substantial range of high-quality thurch resources, together with a speaker tour aimed at equipping and challenging the church in the UK in its understanding of the theology of persecution and how to respond to it. Given the positive response from grant funders in 2024, we will continue to submit more applications and bids to Trusts and Fourbdation5 in the UK. Also, we have planned and already have stands secured at several Christian conferences and exhibitions around the country where the VOICE of persecuted Christians will continue to be raised. Structure, Governance and Management Release International is a Christian Ministry, registered as a Charity and regulated by the Charity Commission for EnBland and Wales, It is also gIStered with the Office of the Scottish Charity Regulator. It is constituted as è Company limited by guarantee. The Company operate5 under its Articles of Association, which were updated in April 2022. Release Interrbational was founded in 1968 as the Christian Mission to the Communist World, le8ally changing its name to Release International in June 2017. Page 7 of30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 The Board of Trustees normally meets four times each year and administers the Charity through its committees. Sub-committees and workgroups. The Leadership Team holds executive responsibility for implementing the policies and strategies approved by the Board, and the Chief Executive Officer ICEOI, appointed by the Board. manages the day-to-dav operations of the Companv. The Board has an established process for identifying and interviewing potential new Trustee5. Vacancies are identified where there are gaps in experience and skills. All prospective Trustees will be practising Christians, who uphold Release International's Statement of Faith, Ethos Statement, and Trustee Code of Conduct. Nominations arising from thi5 proces5 are considered by the Board as a whole and they may subsequently be invited to join the Board. Trustees serve no minimum or maximum terms of service but retire by rotation with the opportunity to stand for re-election. New Trustees go through an induction and training process to familiarise them with Release International. the persecution sector, and their responsibilities as Trustees and Directors under Charity and Company law. New Trustees are referred to ihe Charity Commission's guide, The Essential Trustee ICC31, and they also meet with the Leadership Team and other Trustees. Each year the Chair and the CEO plan areas for trustee trair¢in8 which, with the Board's agreement, are covered in conjunction with other meetin8S. Risk Management The Board reco8nises that avoidin8 and mitl8atin8 risk is better than simply being covered by insurance. Release International operates a risk management strate8y. which identifies generic risks which are reviewed annually. Dynamic or current risks are assessed and reported each quarter, together with strotegie5 to mitl8ate those risks. This approach has proved helpful in focusin8 attention on areas which require additional monitoring or action. A malor risk to the Ministry is a significant reduction In income. The fact that our income sources are spread over many individuals and Churches mitigates the likelihood of a sudden dramatic change, but we monitor this risk closely. Accordingly, our financial and data systems assess income weekly and monthly to identify any significant variation and to determine if specific action is required. As for all organisations, there 15 a significant risk of a malicious attack on our IT system5. This is mitigated by security measures, including pro-active testing. Staff are regularly trained and reminded about IT security, particularly phishing attacks. Due to the nature of the Ministry, there is a risk when travelling to visit partners in contexts where they are being persecuted. This is mitigated by extensive pre-trip briefing and security training, and good communication with partners to assess the current situation. Financial Review Year ended 31st December 2024 We thank God for His provision through our many faithful sUPPOrters. The Trustees express their gratitude for this continuing generosity. We particularly thank God for the generous gift of a residential property in Eastbourne, the monies from sale of which were received in 2024. Donations excluding ICA partners fell by 22% to £2.318k12023: £2.952kl and donations from ICA partner5 increased by 57% to £619k12023= £396k). due to the generosity of our ICA partner ministries. Unrestricted donations from indwiduals, churches and trusts rose by 9% to £1,670k12023.' £1,536k excluding the income from the gift of the property) and restricted donations fell by 8% to £724k12023: £789kl. Pw8of
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Total income for the year was £3,098k 12023: f 3.461k). with total unrestricted income of £1,756k and restricted income of £1,343k. Total expenditure fell by Il% to £3.293k12023: £3.705kl. The expenditure on grants to international partners rose by 3% to £1,204k12023.. £1.165kl, principally due to the rise in ICA income, referred to above. Staff costs rose by 6% to £1,359k12023= £1,280kl- This included a pay increase of 4%, as well as redundarbcy costs. The Board has agreed a 0% pay increase for 2025 for reasons made clear in the following paragraphs relatin8 to balancing income and expenditure. Balancing income and expenditure In the late stages of 2023, it became clear that regular committed donations to the Ministry were slowing down, assumed to be a consequence of the national and global squeeze on cost5 of living. For similar reasons it a150 became clear our fundraisin8 expectations were not being fully realised. With those financial pressures bearin8 down, and our commitment to Use supporters, funds dili8ently and righteously, it became clear our non-staffin8 variable and fixed costs had to be dramatically reduced. Action to reduce those costs was immediately taken. At the same the CEO and trustees thought it wise to initiate an external review to properly understand the presenting financial circumstances and future financial prospects for the Ministry with an eye to ensuring financial sustainability and resilience. Recommendations from the external review's final report were fully considered by the trustees along with a strategic proposal from the CEO to fully restructure the Staffing of the Ministry to further reduce fixed costs. Counter proposals from others in the Ministry were also fully considered by the trustees leading to a unanimous decision to initiate the CEO'S proposal. Work to deliver that proposal concluded in December 2024, the process and irnplementation of which has included losing 7 staff18 roles1, some voluntary pay cuts lincluding the CEO). and reducin8 the hours of some others. Overall, our fulltime equivaleni has reduced by almost one quarter-from 28.67 to 21.87. Though achieved through a painful process, this new staffing structure is releasin8 significant new opportunities for leadership development, creativity and growth. As direct consequence to those actions, we have reduced the projecte(i 2024 deficit by 20% from -£244K to-£194k and have a fully balanced budget in place for 2025. Grants Policy A significant proportion of the overseas work of the Ministry is carried out through partner5 local to areas of persecution that are usually indigenous. Grants are made for specific named purposes to partners that share our objectives. Receipts and reports of the work carried out are obtained. Staff members usually carry out visits to evaluate potential project5. monitor existing projects. and assess the outcome of completed projects on a sample basis. Reserves Policy After considering the Charity Commission's guidance CC19 (Charities and Reserves) the Trustees have agreed to maintain a 'range' as the basis for the level of General funds. which are 'free reseThes'. At a Board meeting in December 2024, it was agreed to maintain this range at £4k to £500k. This continues to allow the Ministry to maintain operations if donations from individuals and churches dropped by 10-15% from current levels and income from legacies dropped by 20%. The Trustees also agreed at the December 2021 Board meeting to designate £250k as a property reserve which was the value paid for the long lease of the office in September 2021. In addition, the Trustees designated a further £170k for property repairs to the office, which is a listed building. A major programme Paze 9of 30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 of refurbishment to our office was undertaken in 2023, which has been successfully completed. The free reserves, after adjusting for fixed assets. as at 31st December 2024, amounted to £592k12023.. £731kl, which is 32% above the target range mid-point. TrLbStees deemed this to be a good position and a welcome provision at this time of uncertainty. Investment Policy Income is largely received through voluntary donations and cannot be guaranteed. The Ministry has no permanent endowment. The only funds that are not expendable within 12 months of receipt are those held for reserves or money associated with international projects that remain active beyond the year end. The Board has considered this position and seeks to place funds in savings accounts to achieve a balance between accessibility and higher returns. Funds may be invested in accounts with up to 12 months, notice, but it is not considered prudent at thi5 time to invest income for the longer term. The funds are now spread across four institutions: Barclays, CAF Bank. Metro Bank and Flagstone Group Ltd., a cash deposit platform, who survey market deposit rates and facilitate the placing of deposits with bankin8 institutions. Pay for key management personnel All Trustees give their time voluntarily and receive no remuneration from the charitable Company as Trustees (Rev Dr B. Asmelash is paid a retainer as a consultant on Éritrea.. see note 8, page 241. Expenses reimbursed to Trustees are disclosed in note 8. page 24. The key management personnel in charge of directing and running the operations of the Charity comprise the Leadership Team, as set out on poge 3 of thi5 report. Salaries for all staff, including key management staff, are determined on appointment to the post in line with Release International's agreed 5-level salary bandin& and in line with the requirements and responsibilities of the role. All roles are reviewed annually throu8h the appraisal system to ensure that any significant changes which may affect remuneration are addressed. The Trustees periodically carry out a review of all salaries across the Ministry, throu8h a benchmarking exercise. to ensure that ihey remain reasonable and competitive. Trustees, Responslbllltle5 In Relatlon to the Flnancial Statements The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. The accounts in this report have been prepared in accordance with the special provision5 of Part 1-5 of the Companies Act 2CK16 relatin8 to small companies. Company law requires the trustees to ensure financial statements are prepared for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Prartice (United Kingdom Accountin8 Standards and applicable lawl- Under company law, the trustees must not approve the financial statements unless they are satisfied that they give true and fair view of the state of affairs of the Company and of the income and expenditure of the Company for that period. In preparing these financial statements. the trustees are required to: Select suitable accounting policies and apply thern consistently: Make judgements and accounting estimates that are reasonable and prudent; Observe the methods and principles in the Charities SORP- Comply with applicable UK Accounting Standards. These have been followed, subject to any material departures disclosed and explained in the financial statements: Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charitable Company will continue its operations. The Trustees are responsible for keeping proper accounting record5. which are sufficient to show and explain Pa8e Ioof Xl
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 the Company's transattions and disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Att 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention of fraud and other irregularities. The Trustees are committed to compliance with the Chority Governonce Code. So far as the Trustees are aware. there is DO relevant information that the Company's auditors are not aware of, and each Trustee has taken all the steps necessary to ensure they are aware of any relevant information, and to establish that the Company's auditors are aware of the information. Audltors A resolution to re-appoint Moore Kingston Smith LLP a5 the independent auditor5 to the charitable Companv was passed at a meeting of the trustees on 19, June 2025. The financial statements comply with current statutory requirements, the Articles of Aswciation, the Companies Act 2c6 and the Charities SORP IFRS 1021. This report was approved by the Board on .-. 2.Tr..and signed on it5 behalf by: David Arrn d CBE QPM Chair of Trustees Page 11 of30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 INDEpENDEP AUDITOR'S REPORT Independent Auditorfs Report Opinion We have audited the financial statements of Release International I'the compan¢ for the year ended 31 December 2024 which comprise the Statement of Financial Activities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including FRS 102 The Financial Reportin8 Standard Applicable in the UK and Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the State of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2fKJ5 las amended), regulations 6 and 8 of the Charities Accounts (Scotlandl Regulations 2CKJ6 las amended) and the Charitie5 Act 2011. BoslsAor oplnlon We conducted our audit in accordance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Re5pon5ibilities for the audit of financial statements section of our report. We are independent of the Corporation 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 ihe provisions available for audits of small entities, in the clrcumstances set out in note 8 to the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relotlng to golng concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financiol statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collertively. may cast significant doubt on the company's ability to continue as a goin8 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respert to going concern are described in the relevant sections of this report. Other Informutlon The other infom)ation comprises the information included in the annual report, other than the financlal statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclu5i0n thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materialty mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine P4e 12 of 30
RELEASE IKfERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUD[roS REPORT whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fart. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Componles Art 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the trustees, annual report have been prepared in occordance with applicable legal requirements. Motters on whlch we ore requlred to report by exceptlon In the light of the knowledge and understandin8 of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothin8 to report in respect of the followin8 matters where the Companies Act 2006, the Charities Account5 (Scotlandl Regulations 2006 las amended) and the Charities Act 2011 require us to report to you if, in our opinion.. adequate accounting record5 have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accountin8 records and returns; or certain disclosures of trustees. remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Tru5tees' Annljal Report and from preparing a Strategic Report. Responsibllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 10, the trustees (who are also the director5 Of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi5Statement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable companws ability to continue as a going concern. disclosing, as applicable, matters related to 8oin8 concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilitie5fvr the audit OA thefinoncial statements We have been appointed a5 auditor under Section 44llllcl of the Charities and Trustee Investment (Scotlandl Act 2005, the Companies Act 2006 and Section 151 of the Charities Act 2011 and report to you in accordance with regulations made under those Arts. Ovr objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a hi8h level of assurance, but is not a guarantee that an audit conducted Pa8e 13 of
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITOWS REPORT in accordance with ISAS IUKI will always detert a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users iaken on the basis of these financial statements. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also= Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtoin audit evidence that IS sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is hi8her ihan for one resulting from error, a5 fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the charitable compan$ internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accountlng estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable companws ability to continue as a going concern. If we conclude that a material uncertainty exlsts, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or conditions may cause the charitable company to cease to continue as a 80ing concern. Evaluate the overall presentation. structure and content of the financial statements, includin8 the disclosures, and whether the financial statements represent the underlying transactions ond events in a manner that achieves fair presentation. We communicate with those char8ed with 8overnance re8ardln8, among other matters, the planned scope and timin8 of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explonotion as to whot extent the oudlt was considered copoble of detecting irregulorlties. Includingfroud Irregularities, including fraud, are instance5 of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includin8 fraud. The extent to which our protrdures are capable of detecting irregularities, Including fraud is detailed below. The objectives of our audit in respect of fraud, are: to identify and asses5 the risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks: and to respond appropriately to instance5 of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Pa8e 14 of30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 INDEPENDENf AUDITOR'S REPORT Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the companv and considered thèt the most significant are the Companies Act 2(M)6, the Charities and Trustee Investment Istotlandl Act 2005 las amended). regulations 6 and 8 of the Charities Account5 IS¢otlandl Regulation5 2006 las amended), the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Countil and UK taxation legislation. We obtained an understandin8 of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of materiol misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understandin8, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included makin8 enquiries of mana8ement and those charged with 8overnance and obtaining additional corroborative evidence a5 required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to event5 and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resultin8 from error, as fraljd may Involve deliberate concealment by, for example, for8ery or intentional misrepresentations, or throu8h collusion. Use of our report This report Is made solely to the charitable companWs member5, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2CQ6; and to the charity s trustees, as a body, in accordance with Section 441lllcl of the Charitie5 and Trustee Investment (Scotlandl Act 2Crf)5, and in respect of the consolidated financial statements, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken 50 that we might state to the charitable companWs members and trustees those matters which we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable companws members, as a body, and the charitrfs trustees, as a body for our audit work, for this report, or for the opinion we have formed. Andrew Stickland (Senior Statutory Auditor) for and on behalf of Moore Kin8Ston Smith LLP. statutory Auditor 9 Appold Street, London EC2A 2AP Date: Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2CrfJ6. Page 150130
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 st Statement of Financial Activities for year ended 31 December 2024 Ilncorpoialing an Income and Expenditure Account) Jnd• Tow FUTh f¥ftd 1.670232 1.312.on 3.011305 1211.017 1.162.409 3.393.426 Li•fiiure •nd E¥•MI 35.S11 501 36.012 $27 28.492 783 28.1 28,194 Olh¢F 16.098 16 091 11.270 11,270 Total I10m• IJ41614 A•KI i.IW36 Wiu expendM¥i• o Co•t• ol r•l••fvr 257.071 31.165 291236 25.171 J15.ZQO ProvbJm9 th•m m•TOOLS R•hplh• VOU 422.)7Y 1.350.$47 1214.47e IA36.849 13.99B 1.364.545 835.49) 1.305.890 1285,471 1.900,984 13,998 1.469,185 1892 Told •Ap•hthir• 2JJ1 l•t kn¢om•i I•#¥) 274.%?> 79.JS 1191.432 4S.974 11&12971 (121,704) (2.7> Trh•f•r• M•1 kn¢•m•i ièxppndJf•l •tt¢rir•n•f•rn J)6 IIMA 474 116gJ•n iia,7•41 IWMTI JInU 2024 ni.340 330mg 417.73• $0(1,118 $39.443 1.723,9JS TO1 trrl¢dfor*anl •131 D•Mmbof atra4 Iq117 4wn 4•1J74 IJW 411,7Jg IA71. The slalement of financial activities includes a119ains and losses rew3nised in the year. All income and expenditure derive from continuing ac1wils. The nol8s on pages 19 10 30 form part of these accounts. P38e 160130
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 20Z4 Balance Sheet at 31" December 2024 Company Number 01506576 24 2023 Fbxed 4••e 10 .182 242.020 knlangblA¥vts 10 Current 4••ei• knVestnts fiÈhJ fof fe8aki Debtor¥ Shon term mveJtffntS C••h li ban& Ind n h•Ad 675.000 93.602 3S722S 0.$01 i.e&s.328 11 88.416 339.000 1.021.983 1449.399 CredllOf•- Amunt• fikn9 due w#hn one year 1161 current 4••ets 12 1.4%.844 Cr•diior•- ArKunt• film9 due ¢ over on¢ ye•r 13 220 000 Tot•1 i••ei• le•• eurrem II*IMtk• I3876 1,479. R•••Thte• Unrelired lund• Gener Fund 16 4Y.973 731,340 D••bgMtèd Fund• 16 Re•trbcted fund• 17 497.674 417,739 Tot•1 fund• 1m&476 1,479JOB These financial $talements have been prepared in accordance wth Ihe special provisnS of Part 15 of the Companies Acl 2006 and with FRS102. The notes on pages 1910 30 form part of these accounts. Approved by the Board on . ifjts/D25.... arn1 signed on its behaW by.. David John Annond Chalr of Trustees Page l? of30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 st Cash flow statement for the year ended 31 December 2024 ei ¥kn lu•ed In)loenernted ty oper•tknJ acttr¥ttle• 1188.952 {583,Wl C••hllow• Irom In¥t•iing AcifvM• Purchas¢ of prowrty pl•nl bAd equv Movernent In Short4erm Dg0$01 ol nve&lmtrnls Int•rMI rec•ivqd 120.7841 18225 639.210 33,783 670.434 40,771 28.194 Il•t 9on•r•l¢d byU•J•ed Inl knv••ikng •cItrlI•¥ et Ide¢r•••¢YrfKre••e In u•h 481.482 1514.5951 C••h •t the btyinnng oftr y•w $40 $01 1.055 096 Cash It the eTh1 ofthè y••r R•¢oncllSatlon of n•t movement In funds to n•t cash flow from operatlng actlvltlo8 2024 2023 Mei Incom• I IExp•fidiiu¢•I Adju•ttd for D•pre¢•lion ch•r Amorl8•l•n chor9e Rece of oift ol tsr rH• S• ol nveiftfi {194.4321 Q44.0271 8.845 1675,0001 4,878 htertjl from d¢posl lkncreaseydecre••e m debtorn cre•#eJldetreaei m ertdO¥ •t e4•h u••d kn (33.7B3) 5,186 9,379 (28,1941 12,017 336.865 Analy81$ of cash, ¢ash •qulvalents and net d•bt •h A• 1 Jah X114 C••h Ilow• mo¥ements A• 31 Oee 2024 Cash 8t bank C8$h on depostt N•t C••h 271.683 28$ 818 'JO.SOl 198.fQ6 580.108 481.462 176.057 845.926 1021.983 Mon ¢a•h moYement 2023 A• •t l J•n 102J Ca•tt lkn• A• •1 31 De¢ 2023 Cash al b•n* Cash on depogl Net Cash 237.766 1215,326 .917 949.508 912,591 274.683 265.818 YO Sol Page 18of 30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Notes to the Financial Statements Accounttng Policies The financial statements have been prepare(l in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Praclice applicable lo charilTres preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland IFRS 1021- Charities SORP IFRS 102} and the Companies Act 2006. Golng Concern The tw$tees have assessed whether the vse of the going concern basis is appropriate and have considered possible events or conditions that might cast signrficant doubl on the ability of the charity to continue as a going concern. The Iruslees have made this assessment for a period of al leasl one year from the date of approval of the finat)cial slalemenls and in particular have considered the charty's forecasts and proieclions and have taken account of pressures on donation and investment income and expec181ion from the current economic challenge. The Iruslees have con¢luded that there is a reasonable expectation that Ihe charitable entity ha$ adequate resour¢es lo continue in operational exislertce for the foreseeable future. The ¢harilable company therefore conlinues lo adopl the going con¢em basis in preparing its financial slatemenls. Bas18 of Accountlng Release Internatnal Limited meels the definition of a public benefit entity under FRS 102. Assets and liabilitie5 ale initially recognised al historKal cost or transaction value unless othe158 staled in the relevant acGounling policy nole{sl. Fund AccountSng Funds held are either unstrICted general funds whh are fvnds that can be used within tho charitsble objectives al the Trustees, discretion. Designoled lunds are funds that the trustees have earmarked for a spectfic purpose, even though they are not legally reslricled by a donor. Reslriclèd funds which are funds that can only be used for Specif purpose$. The reStrli0n may be imposed by the donor or the terms rer which the funds were raised. Income Income is recognised when the Charity has entement lo the funds. il is probable that the income will be received, and the amount Can be measured reliabty. Donations, interest and fenl are recognised in the accounts on a received basis. For donations made under the gift aid s¢heme. the grft aid is recognised in the year in which the gfft is received. Grfts in kind are valued al their value lo the Charitable Company. For legacies. entillemenl is tsken as the earlier of Ihe dale on which eilhef.. the Charity is aware that probate has been granted, the estate has been finalised. and notrficalion has been made by the execulorlsl that a distribution will be made, or when a distribution is received from the eslale. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably. and the Charity has been notified of the executor's intention lo make a dislribution. Expendlturo Expenditure is recognised On there is 8 legal or constru¢lbve obligation lo make a payment lo a third party, il is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is dassrfied under the following aclivity headings.. Costs of raising funds are costs incurred in encouraging voluntary ¢ontributions lo the Charitable Company and their associated support costs. Expenditure on charilable activities are costs directly relating lo the objects of the Charitable Company and include grants made, direct costs incurred. and an apportionment of sUPPQrt costs as shown in note 7. Pa8e 190130
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Support costs are those funclions that assist the work of the Chanty bul do not directly undertake charitable aclivilies. SupFM)rt costs inclu¢Je office eosls. finance. personnel, payroll and governance costs which support the Charity's activities. The Charity initially identffjies the costs of lis support functions. 11 then idenirfies those costs which relate to the governance function. Having identrfied ils governanee costs, the remaining support costs together with the governance costs are apportioned betsveen cost of raising funds and expenditure on charitable aelivities pro rala lo staff full time equivalents. Grants payable are payments made lo Ihird parties in the furtherance of the charitable objectives of the Charitable Company. The grants are included In the Slalemenl of Financial Activities in the period in which the awards are made. Grants where the beneficiary has not been informed or has lo meet certain conditions before the grant is released are nol accrued but are noted as financial commitments. Irrecoverable VAT is charged as a cost against the activity for which Ihe expendilure was incurred. Tanglbla Flx¢d Assets Fixed assets are all used for charitable purposes and are shown al cost less deprecialion. The threshold at which purchases are not normally capitalised is £1.000. Depreciation on assets is calculated to write off the cost over their eslimaled economic useful lives. Assets are ¢Yepreciated annually on a slraight-line basis over 4 years for computer equipment, 5 years for offv equipmenl and the remainder of the lease for leasehold improvements. The leasehold propety ts amorti5ed monthly over the remainder of the lease. Intanglblo Flxed Assèts Intangible assets are the development costs for specific IT projects which are capilalised al tosl, provided il is likely lo bring future ecorlomic benefit lo the Charity. If the crileria for recognition as assets are not Met, the expense is reeognised in the Sialemenl of Financial Activities in Ihe period in which il is in¢urr$d. Capitalised IT costs include all direct and indirecl costs that are direclly attributable to Ihe development proces$. The c051s are amortised using the slraighl-line method over 4 years being their eslimaled useful lives. The thshO1 al which costs are not normally capitalised is £1.0W. Forglgn Currencles Income and expenditure in foreign CUrrencS are converted inlo Sterting al the rates of exchange ruling on the date of Iransaclion. Amount$ held at the balance sheet dale are ¢onverted al the rates prevailing al the balance sheel dale. Penslon Costs The Charity operates a defined contribulion scheme for the benefrt of 11$ employees which is funded by conlribuliorss from the employee and employer contributions payable lo scheme and èmployees, personal pension plans are charged in the Slalemenl of Financial Activities in the period lo which they relate. Further details of the scheme are gNen in note 15. 1.10 Operatlng Loa808 Rentals payable under operating leases are charged on a straighl-line basis over the term of the lease. Financlal Instruments The Charitable Company only has basic financial instruments measured al amortised cost. with no financial instruments classified a$ 'other' or basic instruments measured al fair value. 1.12 Investmènts The charity has a policy of sdling donated shares upon receipt of donation. However, where for any reason donated shares are not sold al the balare sheet date these are listed as investments, al Iheir market value al the balance sheet dale. Realised and unrealised gairvts or losses the period are accounted for through the Statement of Financial Activities in the period in which they occur. 1.13 Cash and Cash equlvalents Cash and Cash equivalents include cash in hand. deposit held at call with banks and other short-term liquid investments with original maturities of three months or Sess Pa8e 20of30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Critlcal Estlmates In the view of the Trustees applying the accounting lIcIeS adopted. rb) judgements were requirèd apart from those listed below. the allocation of support costs depreciation rates of fixed assets eslimalion (rf legacy accrual Donatlons and Glfts X124 Tot•1 lund• 2023 Total fvDd• ilnre•irkted R¢•trthd fvnd• fund• IhwelTKted R¢•ir•¢ted fvnd• nd• Ju•kn, Churches, oth•r grou and trusts 1,594.111 723.SOB 2.317.619 2.163.615 788.850 2.9S2.465 rtn•r tr5 618. 618.585 393.5S9 393.SS9 76.121 76.IX 47.402 47,402 1.170,232 lJ42,07) JM12.305 2211.017 1,1J2JO 3J93M There was a glft of a residential propety, whh has been valued al £675.000 in 2023 and was included in unreslricled donations from individuals. Expendlture 2024 Totsl GrnM• Dlreffl co•1• Support eo•t• Co•1• of fal•lno fund• FuThdra#ng Ch4rlt•ble •cll¥ltbtr• Prov*Jmg thtrn th¢ TOOLS R•afftg therVOCE 2.19s 291236 1.203.807 341.709 1.172.682 91.333 191.Ib33 1.6%.849 1,364.S4S 1203J07 324337 3392,630 2023 Grnnt• ¢o•i• Support co•t• Totsi Co•1• of r•l•lng fvnd• FuftdraMng Ch•riiible actl¥ft6e• l•ee note 51 l•ee note 61 l•ee ne 71 2S.171 315JO Pro¥kI IhemtheTOOLS thew VOCE 1.164.763 631.900 1.133.583 104.301 1.900.964 1.319.88B 31 777 Pa8e 21 of30
RELEASE IKfERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Grants mad• Grant payments made were for the charitable purposes of Release International. They provided sJpport for.. Families of Christian martyrs Prisoners ol faith and their families Christians suffering oppression and violence Christians forced lo flee The Ministry has taken advantage of the exemption available in the Charity SORP not lo disclose specific information in latiOn lo granl making, on the grounds that the disclosure could result in serious prejudice to the grant maker andlor Ihe recipient inslilulion. individuals working for the recipient inslilulion or individuals. No support costs have been allocated to the total amount of the grants. T(rt12D23 34.4 ddkn E88vI 273.748 M)th E88¢ Alri 412.C67 16 423,461 164.7e8 139.898 91.240 Alrlca 09.789 18 S(HJh Ada 18 110.871 36.132 12 13 470,147 13 13.169 61 114 B. Llnr••trkt•d 2.641 37.47S Mlddb Easu E•ii Aft1¢8 lo,0 WoslAfri 14.6C Soth Aw• &)th EastNAia 13 14.717 31.526 8.W3 67.742 10 1Q3.467 149. 14 Totsl &anIroYwts 158 Pa8e 22of 30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Direct costs 2023 Stsff cost•. Other co•1 Tot1 costs eele8 St•ff co•t•' Other rn•t• Tol•l ¢o•t• Fundram9 139. 110.310 250.194 131.764 158,30 290.089 Ch•rlt•ble •¢11¢e• Pfovtho IhemthtTOOLS A•Y•9 thw VOCE 290.S34 51.17S 341.709 273.743 358,157 631.900 e48.996 $03. 1.172.682 630.368 503.21S 1,133.S83 1.091414 6111 1,764 1,03&07S 1,019.697 I,£72 Support ¢tI X124 Stsff ¢o•l•' Other ¢o•t• T<)tsl co•t• 2023 Stff tMt•' Oth•r eo•t• Total co•t• 'S•t rte 8 Fundr••mg 8216 10.440 40,851 Ch•rrt•ble •dtr4tt1e• Ihemthe TOOLS 73.048 18285 91,333 191,e63 76.774 20.342 97.116 An9 thm VO£E 153.453 38.410 136.844 40.%3 Iri,807 269.)26 64,911 J242J7 244.OJ2 71,745 314777 Staff costs 2024 2023 sabries 1,118.652 1,057.057 Social security costs Pension costs 115.446 106.644 111,853 105.022 l>oup Lifg Folicy 11789 Page 23 0130
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Totsl •plbt a• folow•: Xl14 Totsi •laff 2023 Tot•1 ¥t•ff (nol¢ 6> {not¢ 71 139.884 32.82$ (note 61 (note 71 131.764 30.411 c1¥ of ral•iw fvNI• 172.709 162.178 Ch•rltsble actl¥th• Pr0vbJg Ih¢rn the TOOLS R•ssng th¢w VOCE 290.$34 73.048 363.S82 668.996 1S3.4S3 822.449 273,743 76.r14 s30. 136.844 350,517 767.212 14 259 326 1 740 76 244MJ2 1 The Trustees receive no remuneration. During 2024, 4 Trustees12023.. 4 Trusteesl received out of pocket expenses of £70712023.. £8171. During the year donations from 6 Truslee$12023'. 51 were received lolalling £6,19512023.' £4,425). The rernuneralion and benefits re¢eived by key management personnel in the year were £363.96412023.' £360,228}. During the year the was 1 ¢moyee whose reMUrli0n was in the bracket £70,CQO - £79,999 12023.. 11. Included within the above staff costs Vre termination payments lotalling £43.38712023.' NIL). Th• •r• numb•r ol eryloy••• ¥rn•: A¢jMthtr•trt Ind support Ov•rnfr&• propd minbg•rnfit •nd UK 21 21 31 Not IncomelExpondltur• for tho Yr The net incomel expenditure for the year is slated after ¢harging'. 2024 2023 Depreciation of a8S8ts Auditors, raNrratic- a[t (See11} 9.9)1 21.132 Athr5, remLvEration. rt)n JJit bi¢o8 r accountsry fe Hre of eWlYnt 1625 Non audit servtces indude the provision of tx)okkeeping services and preparation of the slatulory financial slalemenls. Al the year end, amounts Telaling lo these services have not been accrued. Page 24 of ao
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 10. Fixed Assets ProFrty Total Co•t At 151 J8nu8ry 2024 thition5 '5W5a Al 31st December 2024 29),CKKI 2,782 18.714 366,120 4,070 2.( ,4 37,408 Doweclotlon At 1st January 2024 Charge for y•ar Di5W5815 82.782 1134 124,ILK) 3.420 At 315108cemtrr 224 11.4C#) &5.916 1YJ.722 Not book v•luM Al 31$1 DecemLw 2024 At 31st 2023 242.020 242,020 De¢181n rats5.' Stra(¥k Property. rewAirthr ol 8$& l>rnwler8- 33.>A per ann Ic• équipffnt. 25% per Tot•1 Cost At Isl Jarw 2024 dib.ons DistMX815 At 31$t l)e¢err*er XY24 D¢pr•¢Wkn At 151 January W24 ctwrge lor yèar swsab At 31st Decembtr 3)24 N•t ljook At 31st December 2tr24 At 3181 Dec8rrthr 2U23 25.345 25,345 25.345 25.345 24,1 24,1 D9pr13.0n ra¢es'. StrayM-Ir Page 25 of 30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 11. Dgbtois Olhef debtors 50.e63 69.713 *ewlynnt# Accrued mcome 7.607 88.416 93.602 12. Cr•dltors- Amounts Falling Duè Wlthin On• Year 2024 202J TTad• tr•dlOrn 57.918 68.n1 Other eredlorn 21.069 t•rMt frtt ban Acuu•is 91.667 200.105 13. Cr•dltor•- Amounts Falllng Duo Over One Year 20 2•2J The above loan 1$ Interest-free and 1$ due to forgNen over the next 7 years 4 months 14. Membern, Llablllty The Charitable Company is limited by guarantee and each of ihe members is bound lo contribute a Sum not exceediro £10 in certain CircumstareS as set out in dause 7 of ArtKles of As$o¢iation. 15. Pgnslon Comrnltrn•nts The Charitable Company participates in the Glob81 Connections pension scheme which is a defined contribution pension scheme. The a58els are held separately from those of the Charilable Company in an independently administered fund. The pension cost charge repsentIng contributions payable by the Charitable Company to the scheme 2nd lo other person81 pension schemes amounted lo between 70A or 100/0 of gross salaries depending on whether the staff member also conlribules {2023: 7¥0 or 10%). AI 31W December 2024 there were no signffjicant contributions outstanding payable lo the scheme. The Charitable Company's pension arrangements comply with ils stalul¢xy obligations in reSpt of auto-enrolmenl. Pa8e26of 30
RELEASE IERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 16. Unrestricted Funds In¢ome Tr•n•fer• lance 31th-24 General Reserve FuAd Designated Fund- Grnht Reponse furbd Designat8d Fund_ Propety rtserve 731,340 81.399 249.430 1.7SS,624 12.029,9911 458,973 81,399 249,430 1.C62 169 1.74q.624 787,802 n Expendtiure Tr•n•f•r• BlAnee 31*.23 .23 General Atrve Fund Des¥ndied FuAd- Grnfti Reponse Fund De>¥nal•d Fuftd- Prorty reserve De$4nal¢d Fun& Property re$ De•4nated Fun& n•w prop•fty 2.278,446 Q.231.4721 120,$181 15701 1148.2091 731.340 81.399 249.430 1.917 100,000 148209 100,000 1100,0001 1.184492 2.278.446 2 400 769 1.C62.169 The reserve policy is eXplaIr on page 9 of the Iruslee reptyt. The Grant Response Fund allows Rdease International lo be more agile and give grants lo overseas partners, usually funded by reslricled gifts in anticipation of funds being received later in the year. The Property reserve fund relates lo lh8 office building purchased in Seplember 2021 and has been sel aside as a designated fund. $0 that il does not form of general reserves. The New Property reserve fund relates to the grft of a residential propety, in the prior y8ar. Page 170130
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 17. Restri9d Funds These are donations received for specific purposes as requested by the donors. The first four funds are for the taxonomy of persecution Ipage 5 of the trustee repor1} The other funds are many and varied and where appropriate have been grouped into geogr2phi¢al areas. They are all within our objectives as described on page e¥pndWf• Trnn•f•rn BoTr¢tr 31-De¢-24 01Jan.24 chr•$ forced to fe Fomes of Chr¥Jtn rr•tyr Proorters #f falh ond they faffts chrBIn$ suflwn9 oppr•w •nd voknt• Centr•l A• 7.610 145.696 1139.86S1 ($4,938 IW.4311 (173,2651 134.4%) (70,) 1419,9421 169.7891 1110,6701 (%.1321 117.7441 144.e60) 1262.638 14.1001 9.541 52.420 $233 52TI 19202 250.930 42.359 24.155 12.199 1.187 19.7961 417 739 68.617 157.240 39.408 30.593 20.124 19,500 117.e611 324 7SO 1S.629 254.956 33.874 1.624 8.119 1.187 25.233 97 674 Nonh Eait Alrt• WMt Al South A Sc4uth E••t As 423.616 61.304 193.Q4 3.494 17.744 72.473 342.574 7.416 Exp•nthr• Tr•D•f¢r• Dl-J•n.2J )l.De¢-23 Chrnlna for¢ed lo le F•rr4ei of Chr•t¥D PrDner of f•lh •nd Ihw I•• Chrlwn• Buff¢rmg oppres$Th v•hc• 98.121 122.208 84.438 196.958 12.S88 53.311 1118.e451 7,810 6,783 52.420 S.233 5277 19202 2SO,930 42,359 24,155 12.199 1.187 19,7981 417.739 19191 39.786 {e6.B221 1183.6291 114.29)) (S3.5791 14Y.134) (91.1791 I8.) 5.145 14237 North Eosi Af West Afr¢• SoLrfh Al• Soulh Ea•t AJ• rnonhi Suk¥ 398.27S 9.369 124.169 24.557 142.1681 (22.009> (37.2961 11.304.640) 1.1B7 4s.088 1.182.9)6 18.7901 $39,443 During 2024 funds have been transferred from general reslricted funds to cover overspends in specrfic restricted funds. P38e 280130
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 18. Analysls of Net Assets Between Fund$ 2024 F6Med •••¢ts Ilet current rr¢nt ylile• Tothl• Re8trted fvr 497.675 497,671 UnTe8trthd fvr .182 7S1.620 1220.0001 787,802 256.182 1.249. 1220.0001 1.285.476 X23 Flxed •••# Ilèt etsrreni ¢¥rT•M bllrte• Toial• R¢¥trt•d ftbnda UThregtrthd fund• 417.739 1.039.105 1.4%.8M 417.739 1.062,169 1.479 908 243.C64 1220.0001 19. Other Flnanclal Commltm•nts 2024 202) Pr•ml•e• Rental Pr•ml•e• Rentsi Équwnent Equlwnenl Operthtmg Lea Due under l y¢or Due between 2 to S ytors Due ttftèf ff)re than S y••rs 4.276 17.103 3207 22S 6.674 6.674 I4.9 14.794 24.586 1S.694 13.348 The operating lease is for the franking machine. A new lease was started in October 2024 for 6 years al £891 + VAT per quarter. The premises rent 1$ ground rent for the leaseholo propety. which is £225 per year. Page 29of 30
RELEASE INTERNATIONAL REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 20. Investments held for rtrsale 2024 2023 Investments 675,000 Invèstments in Mo •ld Residential property in Easlbourne grfted to Release International in June 2023, conservatively valued at.. £675,000. The propety was sold in the period under review. 21. Taxatlon As a Charity Release International benefits from exemptions on if0Me and gains falling within Sections 466- 493 of the Corporation Tax Act 2010 to the extent they are derwed from charitable activities. 22. Related party transactlon8 Revd Dr Berhane Asmelash, who is a Tnjstee. re¢eNes no remuneration for his role as Trustee. He wa5 paid as a consultant on Eritrea £7,87512023'. £7.5941 23. Capltal CommStmonts There were no capital commitments not wovided for in the financial slalements {2023.' none). pay3030