REGISTERED CHARITY NUMBER: 326879
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
RADSTOCK MINISTRIES
FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL
RADSTOCK MINISTRIES
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 21 |
RADSTOCK MINISTRIES
REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 DECEMBER 2024
TRUSTEES Mrs K Jones Parry Mr A Adams Mr G. I. Gunnarsson Mr L Osborne Mrs J Bird Mr R Spencer PRINCIPAL ADDRESS 3 St Chad's Road Derby Derbyshire DE23 6RS REGISTERED CHARITY 326879 NUMBER INDEPENDENT EXAMINER FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL
Page 1
RADSTOCK MINISTRIES
REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND AIMS
The principal activity throughout the period under review was that of the advancement of the Christian faith. Radstock Ministries is a partnership of local churches which are committed to making known the good news of Jesus and demonstrating God's kingdom by sustainable social action as they encourage, support and strengthen each other.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
In line with regional and international strategic priorities, Director Anthony Adams continued to strengthen connections between churches within and beyond the Northern Europe region, despite some extended compassionate leave at the start of the year.
Building connections and sharing partnership opportunities was also at the heart of a visit from Balkans Director, Altin Kurraj, to the UK in April, touring churches in Liverpool, Sheffield, Derby, Luton, Redbourn and London. Similarly, Anthony Adams represented N.Europe partnership opportunities at the Radstock USA Regional Forum, and with individual churches in USA and Canada, in May, and co-hosted a UK church leader visiting multiple churches in the Balkans in August.
A Northern Europe Regional Day Forum was held in Derby, UK, in November, attended by c.30 church leaders and mission associates representing 8 churches. Network and Project Partners were also encouraged to come to the international Round Table, being held in Dubai (February 2025). As a scattered network, such events are very valuable to increase contact and connection between regional partner churches, and build more and deeper partnership with the wider Radstock network. Fundraising for churches, partners and projects elsewhere in Europe, and in Asia, also express and further partnerships beyond our own region.
These were all fulfilled in 2024 and/or remain in process into 2025. In this way we measure and assess success in our work, against items fulfilled from our strategic plan, and with reference to our principal activities (listed above) of developing partnerships, creating opportunities, coaching churches and providing expertise. Key performance indicators are thus that partnerships did develop and deepen between churches through mission visits, financial giving, prayer, and encouragement; opportunities were created in cooperation with the wider Radstock network, in supporting teams in new activities, such as advancing the christian faith through supporting new church teams, and fundraising for the bible distribution projects; churches were coached in how to think globally and advance the faith as the director and others visited and spent time with church leaders; and expertise wa provided to churches through teaching how to support workers, how to think globally and in applying scripture to congregations so that the global advancement of the christian faith becomes a greater emphasis.
FINANCIAL REVIEW
Financial position
Fundraising to keep up with the personnel needs and strategic aims of the network remains challenging, not least with churches and individuals facing their own increased living and ministry costs. Careful oversight, cost reductions and adjustments if needed, ensure expenditure is never significantly beyond income, and well within available reserves.
Two sub-groups, with overlapping personnel of trustees and team members, were established to manage both strategic decisions and practical management for a significant legacy gift. This will be used to meet needs and catalyse growth and opportunities in the network and the organisation(s) - both regionally and internationally.
The trustees confirm that they have referred to the guidance contained in Charity Commission’s general guidance on public benefit when setting their grant making policy for the year, in line with the charity’s aims and objectives.
Page 2
RADSTOCK MINISTRIES
REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately two months’ unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs. Unrestricted funds were maintained at this level throughout the year. At the year end, unrestricted reserves were significantly higher than the reserves policy as during the year a legacy was received of £250,000.
The trustees have reviewed the excess reserves and agreed to bring the reserves in line with their polices. The excess reserves will be used for the following all of which are aligned with the Charity's objectives:
-
Interest-Generating Portion - An investment of part of the reserves into interest-bearing accounts or instruments, with the interest income used to fund Round Table and, where appropriate, other subsidies.
-
Second Round of Tithing - A further programme of grants to provide a one-off gift to each region within the network.
-
A fund to be used for regional Salaries and wider network grants .
Restricted and unrestricted funds held at 31 December 2024 were £72,407 and £279,506 (2023: £68,632 and £51,353) respectively.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Radstock Ministries is a Registered Charity (reg. no. 326879) formed under a Trust Deed with Trustees who are incorporated as a body.
Trustees and leadership
Although Radstock is an organic network at heart, and our primary activities are structured around project-based church partnerships, we also have an organisational structure designed to develop the network, promote cohesion and provide "back office" administrative services.
The appointment of new Trustees is considered by the existing Trustees to ensure that the board of Trustees has the appropriate skill sets to carry out its responsibilities. The induction process of new Trustees comprises an initial meeting at which the new Trustee is briefed, given background information documents listed in the Radstock Trustee Orientation document, inducted into US and UK procedures and given a specific job description. New trustees are provided with a copy of the Charity's most recent annual financial statements and other relevant documents.
The Board continued to provide strong, relational leadership in 2024, not least during the period of compassionate leave for Anthony Adams (Regional and Executive Director) and in prayerfully and thankfully managing the stewarding and initial distribution of a generous legacy donation.
Board recruitment is a key priority for 2025.
The trustees are thankful for Anthony Adams’ ongoing leadership as regional director, and the work in support roles of Ashley McKnight, Alex Collins, Marco Hipwell and volunteers who give generously of their time and skills, including those who assist in the editing/production of newsletters; assist in the planning and execution of conferences and meetings; and supporting/serving on working groups.
Risk management
The trustees examine the major risks which the charity faces each year when preparing the financial review, and regularly make re-assessments on an ongoing basis at periodic trustee meetings. The trustees confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trustees confirm that the major risk to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.
Page 3
RADSTOCK MINISTRIES
REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mrs K Jones Parry - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RADSTOCK MINISTRIES
Independent examiner's report to the trustees of Radstock Ministries
I report to the charity trustees on my examination of the accounts of Radstock Ministries (the Trust) for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Tara Aldwin ACA
FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL
Date: .............................................
Page 5
RADSTOCK MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 DECEMBER 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 293,953 EXPENDITURE ON Charitable activities 3 Costs of activities in furtherance of the objects of the ministry 58,338 NET INCOME/(EXPENDITURE) 235,615 Transfers between funds 12 (5,302) Net movement in funds 230,313 RECONCILIATION OF FUNDS Total funds brought forward 51,353 TOTAL FUNDS CARRIED FORWARD 281,666 |
Restricted funds £ 269,187 272,874 (3,687) 5,302 1,615 68,632 70,247 |
2024 Total funds £ 563,140 331,212 231,928 - 231,928 119,985 351,913 |
2023 Total funds £ 280,388 274,931 5,457 - 5,457 114,528 119,985 |
|---|---|---|---|
The notes form part of these financial statements
Page 6
RADSTOCK MINISTRIES
BALANCE SHEET 31 DECEMBER 2024
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 46,801 CURRENT ASSETS Debtors 10 245 Cash at bank 235,562 235,807 CREDITORS Amounts falling due within one year 11 (942) NET CURRENT ASSETS 234,865 TOTAL ASSETS LESS CURRENT LIABILITIES 281,666 NET ASSETS 281,666 FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - 2,475 67,772 70,247 - 70,247 70,247 70,247 |
2024 Total funds £ 46,801 2,720 303,334 306,054 (942) 305,112 351,913 351,913 281,666 70,247 351,913 |
2023 Total funds £ 46,815 5,155 69,038 74,193 (1,023) 73,170 119,985 119,985 51,353 68,632 119,985 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mrs K Jones Parry - Trustee
The notes form part of these financial statements
Page 7
RADSTOCK MINISTRIES
CASH FLOW STATEMENT for the Year Ended 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ 234,296 234,296 234,296 69,038 303,334 |
2023 £ 2,730 2,730 2,730 66,308 69,038 |
|---|---|---|
The notes form part of these financial statements
Page 8
RADSTOCK MINISTRIES
NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 DECEMBER 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 231,928 | 5,457 | |
| Adjustments for: | |||
| Depreciation charges | 14 | 20 | |
| Decrease/(increase) in debtors | 2,435 | (2,885) | |
| (Decrease)/increase in creditors | (81) | 138 | |
| Net cash provided by operations | 234,296 | 2,730 | |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
| Net cash | At 1.1.24 £ |
Cash flow £ |
At 31.12.24 £ |
| Cash at bank | 69,038 | 234,296 | 303,334 |
| 69,038 | 234,296 | 303,334 | |
| Total | 69,038 | 234,296 | 303,334 |
2. ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
Page 9
RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The presentation currency is GBP (£).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable activities
Charitable activities consist of the direct costs of activities in furtherance of the objects of the ministry as well as related support costs.
Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the independent examination of the Charity and accountancy charges.
Allocation and apportionment of costs
Overhead and support costs have been allocated between charitable activities based on an estimate of time spent or usage by the activity to which they relate. The allocation is analysed in the notes to the accounts.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 30% on reducing balance
Depreciation is not charged on the freehold property on the grounds that the amount is immaterial, as at this time the estimated residual value of the asset is not expected to fall below the carrying value. An impairment review is to be carried out on an annual basis.
Tangible fixed assets are recognised at cost less depreciation.
Taxation
The charity is exempt from tax on its charitable activities.
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. 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.
Donated services
In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised in the financial statements.
Value added tax
Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.
Debtors, cash and creditors
Debtors
Debtors are recognised at the settlement amount due.
Cash at bank and in hand
Cash at bank represents the balance in the bank as at the year end which includes both restricted and unrestricted funds.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
2. DONATIONS AND LEGACIES
| Donations Legacies |
2024 £ 313,140 250,000 563,140 |
2023 £ 280,388 - 280,388 |
|---|---|---|
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
3. CHARITABLE ACTIVITIES COSTS
| Direct Support Costs (see costs (see note 4) note 5) £ £ Costs of activities in furtherance of the objects of the ministry 309,404 21,808 4. DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 £ Staff costs 17,780 Designated fund payments 291,624 Property expenditure - 309,404 5. SUPPORT COSTS Governance Management costs £ £ Costs of activities in furtherance of the objects of the ministry 20,050 1,758 |
Totals £ 331,212 2023 £ 15,640 231,379 7,649 254,668 Totals £ 21,808 |
|---|---|
6. TRUSTEES' REMUNERATION AND BENEFITS
Anthony Adams received £12,000 (2023: 12,000) for fees as his acting role as regional director. This is inline with the provisions included within the governing document of the charity.
Trustees' expenses
During the year, travel expenses were reimbursed to 1 trustee totalling £2,295 (2023: £1,414).
7. STAFF COSTS
The average number of employees during the year was 1 (2023: 1).
There are no employees who received total employee benefits (excluding employer pension costs) of more than £60,000.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 38,075 EXPENDITURE ON Charitable activities Costs of activities in furtherance of the objects of the ministry 43,552 NET INCOME/(EXPENDITURE) (5,477) Transfers between funds (101) |
Restricted funds £ 242,313 231,379 10,934 101 |
Total funds £ 280,388 274,931 5,457 - |
|---|---|---|
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ Net movement in funds (5,578) 11,035 RECONCILIATION OF FUNDS Total funds brought forward 56,931 57,597 TOTAL FUNDS CARRIED FORWARD 51,353 68,632 9. TANGIBLE FIXED ASSETS Freehold Computer property equipment £ £ COST At 1 January 2024 and 31 December 2024 46,770 800 DEPRECIATION At 1 January 2024 - 755 Charge for year - 14 At 31 December 2024 - 769 NET BOOK VALUE At 31 December 2024 46,770 31 At 31 December 2023 46,770 45 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Other debtors - Accrued income 2,720 2,720 |
Total funds £ 5,457 114,528 119,985 Totals £ 47,570 755 14 769 46,801 46,815 2023 £ 1,680 3,475 5,155 |
|---|---|
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
| 2024 | 2023 |
|---|---|
| £ | £ |
| 942 | 1,023 |
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
12. MOVEMENT IN FUNDS
| Unrestricted funds General fund Fixed asset fund Restricted funds Ichthus P. Williams Artur Tushi RC14. 11 Paulin Veliceku S & K Halilaj G. Begu Myanmar K. Callaghan F & M Zenelaj Edi Gjoni Sam Goldsmith Seedtime Mongolia special projects Schroeder AK Coalition A. Adams Albania B. Jose Gostivar S. Attwood KIEV Urban Life Church Derby Kristian Kotorri Church Planter Training Tetovo Gjilan Kosovo Iceland Richard and Naomi Grindley Travel to Russia Alan Giles Church Planter Training Academy Fund Oggie Choilamts Cambodia Greg Reader Ilir & Megan Stambolliu Ukraine appeal 2022 Pakistan Emergency Relief Seedtime Kinsale round tables Adv fundraising Kinsale Baptist Church Amy Patterson Craig & Heather Maiden Suffering believers TOTAL FUNDS |
At 1.1.24 £ 4,538 46,815 51,353 183 1,353 402 559 749 399 460 2,241 4 286 87 183 1,220 190 21,693 1,815 657 7,092 510 702 51 - 20 5 901 468 341 950 269 252 5 1,612 212 641 3,503 - 1,009 2,248 160 720 14,349 131 - 68,632 119,985 |
Net movement in funds £ 235,629 (14) 235,615 - (206) (66) - (64) 207 87 1,093 - 3,184 - - 3,818 - (1,453) (638) 178 (4,231) 225 139 - 391 - - - 4,932 (259) - - - - 360 190 285 160 98 (822) (7,489) (160) (741) (3,322) 200 217 (3,687) 231,928 |
Transfers between funds £ (5,302) - (5,302) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5,241 - 61 - - - 5,302 - |
At 31.12.24 £ 234,865 46,801 281,666 183 1,147 336 559 685 606 547 3,334 4 3,470 87 183 5,038 190 20,240 1,177 835 2,861 735 841 51 391 20 5 901 5,400 82 950 269 252 5 1,972 402 926 3,663 98 187 - - 40 11,027 331 217 70,247 351,913 |
|---|---|---|---|---|
continued...
Page 15
RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Fixed asset fund Restricted funds P. Williams Artur Tushi Paulin Veliceku S & K Halilaj G. Begu Myanmar F & M Zenelaj Seedtime Mongolia special projects AK Coalition A. Adams Albania B. Jose Gostivar S. Attwood Urban Life Church Derby Gjilan Kosovo Iceland Richard and Naomi Grindley Cambodia Greg Reader Ilir & Megan Stambolliu Ukraine appeal 2022 Pakistan Emergency Relief Seedtime Kinsale round tables Adv fundraising Kinsale Baptist Church Amy Patterson Craig & Heather Maiden Suffering believers TOTAL FUNDS |
Incoming resources £ 293,953 - 293,953 9,711 6,562 5,928 7,223 2,397 2,910 14,514 17,709 36,213 48,027 6,563 23,013 250 18,319 2,961 1,200 5,480 (259) 3,798 200 300 256 109 28,174 2,293 (160) 1,630 19,225 4,400 241 269,187 563,140 |
Resources Movement expended in funds £ £ (58,324) 235,629 (14) (14) (58,338) 235,615 (9,917) (206) (6,628) (66) (5,992) (64) (7,016) 207 (2,310) 87 (1,817) 1,093 (11,330) 3,184 (13,891) 3,818 (37,666) (1,453) (48,665) (638) (6,385) 178 (27,244) (4,231) (25) 225 (18,180) 139 (2,570) 391 (1,200) - (548) 4,932 - (259) (3,438) 360 (10) 190 (15) 285 (96) 160 (11) 98 (28,996) (822) (9,782) (7,489) - (160) (2,371) (741) (22,547) (3,322) (4,200) 200 (24) 217 (272,874) (3,687) (331,212) 231,928 |
|---|---|---|
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Fixed asset fund Restricted funds Ichthus P. Williams Artur Tushi RC14. 11 Paulin Veliceku S & K Halilaj G. Begu Myanmar K. Callaghan F & M Zenelaj Edi Gjoni Sam Goldsmith Seedtime Mongolia special projects Schroeder AK Coalition A. Adams Albania B. Jose Gostivar S. Attwood Balkans KIEV Urban Life Church Derby Kristian Kotorri Church Planter Training Tetovo Gjilan Kosovo Iceland Richard and Naomi Grindley Travel to Russia Alan Giles Church Planter Training Academy Fund Oggie Choilamts Cambodia Greg Reader Ilir & Megan Stambolliu Ukraine appeal 2022 Seedtime Kinsale round tables Adv fundraising Kinsale Baptist Church Amy Patterson Craig & Heather Maiden |
At 1.1.23 £ 10,096 46,835 56,931 183 3,949 430 559 749 615 322 2,319 4 3,196 87 64 297 190 9,767 3,752 562 3,930 285 4,683 135 51 460 20 5 916 36 604 950 269 252 5 3,902 - 356 8,961 2,944 1,723 65 - - - 57,597 |
Net movement in funds £ (5,457) (20) (5,477) - (2,596) (28) - - (216) 138 (78) - (2,910) - 119 923 - 11,926 (1,937) 95 3,162 225 (3,981) (135) - (561) - - (15) 432 (263) - - - - (2,290) 212 285 (5,458) (1,935) 525 95 720 14,349 131 10,934 |
Transfers between funds £ (101) - (101) - - - - - - - - - - - - - - - - - - - - - - 101 - - - - - - - - - - - - - - - - - - - 101 |
At 31.12.23 £ 4,538 46,815 51,353 183 1,353 402 559 749 399 460 2,241 4 286 87 183 1,220 190 21,693 1,815 657 7,092 510 702 - 51 - 20 5 901 468 341 950 269 252 5 1,612 212 641 3,503 1,009 2,248 160 720 14,349 131 68,632 |
|---|---|---|---|---|
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
| 12. MOVEMENT IN FUNDS - continued TOTAL FUNDS 114,528 5,457 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 38,075 Fixed asset fund - 38,075 Restricted funds P. Williams 9,840 Artur Tushi 6,919 Paulin Veliceku 7,155 S & K Halilaj 4,233 G. Begu 3,760 Myanmar 1,180 F & M Zenelaj 10,376 Sam Goldsmith 125 Seedtime Mongolia special projects 2,328 AK Coalition 45,300 A. Adams 43,762 Albania 100 B. Jose 16,638 Gostivar 250 S. Attwood 14,286 Balkans - Urban Life Church Derby 5,929 Gjilan Kosovo 1,200 Iceland 480 Richard and Naomi Grindley 662 Cambodia 4,984 Greg Reader 417 Ilir & Megan Stambolliu 300 Ukraine appeal 2022 2,795 Pakistan Emergency Relief 43 Seedtime 25,021 Kinsale round tables 9,716 Adv fundraising 95 Kinsale Baptist Church 800 Amy Patterson 18,494 Craig & Heather Maiden 5,125 242,313 TOTAL FUNDS 280,388 |
- 119,985 Resources Movement expended in funds £ £ (43,532) (5,457) (20) (20) (43,552) (5,477) (12,436) (2,596) (6,947) (28) (7,155) - (4,449) (216) (3,622) 138 (1,258) (78) (13,286) (2,910) (6) 119 (1,405) 923 (33,374) 11,926 (45,699) (1,937) (5) 95 (13,476) 3,162 (25) 225 (18,267) (3,981) (135) (135) (6,490) (561) (1,215) (15) (48) 432 (925) (263) (7,274) (2,290) (205) 212 (15) 285 (8,253) (5,458) (43) - (26,956) (1,935) (9,191) 525 - 95 (80) 720 (4,145) 14,349 (4,994) 131 (231,379) 10,934 (274,931) 5,457 |
|---|---|
continued...
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RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Fixed asset fund Restricted funds Ichthus P. Williams Artur Tushi RC14. 11 Paulin Veliceku S & K Halilaj G. Begu Myanmar K. Callaghan F & M Zenelaj Edi Gjoni Sam Goldsmith Seedtime Mongolia special projects Schroeder AK Coalition A. Adams Albania B. Jose Gostivar S. Attwood Balkans KIEV Urban Life Church Derby Kristian Kotorri Church Planter Training Tetovo Gjilan Kosovo Iceland Richard and Naomi Grindley Travel to Russia Alan Giles Church Planter Training Academy Fund Oggie Choilamts Cambodia Greg Reader Ilir & Megan Stambolliu Ukraine appeal 2022 Pakistan Emergency Relief Seedtime Kinsale round tables Adv fundraising Kinsale Baptist Church Amy Patterson Craig & Heather Maiden Suffering believers |
At 1.1.23 £ 10,096 46,835 56,931 183 3,949 430 559 749 615 322 2,319 4 3,196 87 64 297 190 9,767 3,752 562 3,930 285 4,683 135 51 460 20 5 916 36 604 950 269 252 5 3,902 - 356 8,961 - 2,944 1,723 65 - - - - |
Net movement in funds £ 230,172 (34) 230,138 - (2,802) (94) - (64) (9) 225 1,015 - 274 - 119 4,741 - 10,473 (2,575) 273 (1,069) 450 (3,842) (135) - (170) - - (15) 5,364 (522) - - - - (1,930) 402 570 (5,298) 98 (2,757) (6,964) (65) (21) 11,027 331 217 |
Transfers between funds £ (5,403) - (5,403) - - - - - - - - - - - - - - - - - - - - - - 101 - - - - - - - - - - - - - - - 5,241 - 61 - - - |
At 31.12.24 £ 234,865 46,801 281,666 183 1,147 336 559 685 606 547 3,334 4 3,470 87 183 5,038 190 20,240 1,177 835 2,861 735 841 - 51 391 20 5 901 5,400 82 950 269 252 5 1,972 402 926 3,663 98 187 - - 40 11,027 331 217 |
|---|---|---|---|---|
continued...
Page 19
RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
| 12. MOVEMENT IN FUNDS - continued TOTAL FUNDS |
57,597 114,528 |
7,247 237,385 |
5,403 - |
70,247 351,913 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Fixed asset fund Restricted funds P. Williams Artur Tushi Paulin Veliceku S & K Halilaj G. Begu Myanmar F & M Zenelaj Sam Goldsmith Seedtime Mongolia special projects AK Coalition A. Adams Albania B. Jose Gostivar S. Attwood Balkans Urban Life Church Derby Gjilan Kosovo Iceland Richard and Naomi Grindley Cambodia Greg Reader Ilir & Megan Stambolliu Ukraine appeal 2022 Pakistan Emergency Relief Seedtime Kinsale round tables Adv fundraising Kinsale Baptist Church Amy Patterson Craig & Heather Maiden Suffering believers TOTAL FUNDS |
Incoming resources £ 332,028 - 332,028 19,551 13,481 13,083 11,456 6,157 4,090 24,890 125 20,037 81,513 91,789 6,663 39,651 500 32,605 - 8,890 2,400 5,960 403 8,782 617 600 3,051 152 53,195 12,009 (65) 2,430 37,719 9,525 241 511,500 843,528 |
Resources Movemen expended in funds £ £ (101,856) 230,172 (34) (34) (101,890) 230,138 (22,353) (2,802) (13,575) (94) (13,147) (64) (11,465) (9) (5,932) 225 (3,075) 1,015 (24,616) 274 (6) 119 (15,296) 4,741 (71,040) 10,473 (94,364) (2,575) (6,390) 273 (40,720) (1,069) (50) 450 (36,447) (3,842) (135) (135) (9,060) (170) (2,415) (15) (596) 5,364 (925) (522) (10,712) (1,930) (215) 402 (30) 570 (8,349) (5,298) (54) 98 (55,952) (2,757) (18,973) (6,964) - (65) (2,451) (21) (26,692) 11,027 (9,194) 331 (24) 217 (504,253) 7,247 (606,143) 237,385 |
|---|---|---|
continued...
Page 20
RADSTOCK MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024
12. MOVEMENT IN FUNDS - continued
Transfers between funds
During the year, £5,302 was transfered from the general fund to restricted funds to cover overspend of restricted funds.
The restricted fund balances are for the advancement of Christian faith, each balance represents local churches which are committed to making good news of Jesus and demonstrating God's kingdom by sustainable social action as they encourage, support and strengthen.
13. CONTINGENT ASSET
As of 31 December 2024, the charity has been notified of a potential legacy receivable that could provide a future economic benefit. However, the timing and amount of this legacy cannot be reliably estimated at this stage due to uncertainties regarding the asset’s distribution.
In accordance with the SORP, this legacy receivable has not been recognised as an asset in these financial statements. The charity will continue to monitor developments, and the asset will be recognised in the accounts when full amount can reliably estimated.
In July 2024, the first distribution was received for £250,000.
14. RELATED PARTY DISCLOSURES
Anthony Adams (Trustee) and Brian Jose (Executive director) both run projects for the charity in their roles as mission associates. Details of their transactions can be seen in note 6 and note 12.
During the year $Nil (2023: $10,000 / £7,469) was paid to Brian Jose by Radstock USA on behalf of Radstock Ministries for his deemed share of the flat. There are no amounts due to Radstock USA at the year end.
15. INDEPENDENT EXAMINER'S FEES
The independent examiner's fee for the examination of the accounts for the year ending 31 December 2024 is £942 (2023: £1,000).
The independent examiner's fee for non-IE services for the year ending 31 December 2024 is £942 (2023: £1,000).
Page 21
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