Logos Ministries International tement of FinAnciAI Activities foi. tlie yeai 31 D¢LrJiJber 2023 2023 Total funds 2022 Total funds Uniestricted fund Restricted fund Notes INCO￿lE AND ENDOWMENTS FROM Donations and legacies 408,987 52.220 461,207 401.OJ9 Investment income 2.724 2.724 TotAI 5222LI 463.931 401.141 EXPENDITURE or4 Charitxble xctivlties Charitablc activitlC5 352.356 79.337 431,093 410,955 NET INCOMEI(EXPENDITURE) 59,355 (27.117) 32.238 (9,814) RECOIYCILIATIOP4 OF FUNDS Total funds brought forward 505,637 108.704 614.341 624,155 TOTAL FUNDS CARRIED FORWARD 564.992 81,587 646,579 614.341 The notes forni part of these finan¢ial stateJncnts Pasc 10 Logos Ministries International Balance Sheet 31 Dec¢tDber 2023 2023 2022 Notes FIXED ASSF.T Tangible ass¢ts 12 304.085 304,587 CURRENT ASSETS D¢btoi s Cash at bank and itt hand 13 18.103 329.762 10,331 305.681 347,865 316.012 CREDJTORS Amounts falling due within one year 14 (5.371) (6,2581 P4ET CURRENT ASSETS J42,4Y4 3U9.754 TOTAL ASSETS LESS CURRENT LIABILITIES 646.579 614.341 NET ASSETS 646,579 614,341 FUNDS Unrestricted funds Resrricted funds 16 564,992 81,587 505,637 108,704 TOTAL FUNDS 646,579 614.341 Th¢ fin ncia statemcnts were approved by thc Doard of Trustee5 and authori5￿ for issuc , rofjl24 on and were signed on its behalt by.. Mr T Clarke- Trustec Mr A Beacom- Trustee The notes forni part of ihese financtal ststements Pagell Logos Mitti$tries InternationAI Notes to the Financial Statements for the year ended 31 December 2023 GENERAL INFORMATION tA)gos Ministries International is an evangelical organi5ation derived from a Declaration of Trust Deed dated 5 October 1981 irh the n8m¢ of 'Thc Youth Evan8eliGal Missionary fcllow5hip'. Lngns Ministrie£ TnternAtinn21 is A charity registered in Northern Irelartd and the charity number NIC104004. Thc rcgi3tcrcd officc addrc55 and PfiT]cipal placc of busiiiess is Uiiits 7&8 Brllsbi"iLi¥¥ orriL¥ PdFk. Lada5 Drive, Belfast. BT6 9FH. The principal activity of the charity continued to exist to serve the chu￿h. and their motto is "We want the world to know Jesus". ACCOUNTING POLICIES Basis of preparing the fin*nciAI statements Th¢ financial statements have be¢n prcpared in accordance with the Charities SORP (FRS 102)'Accounting and Keportin.g by Lharities= Statement of RecommeT]ded Piactice applicable to charities preparing their accounts in aecordxnee with the Financiai Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (¢ff¢ctive l January 2019),. th¢ Financial Statidatds appliciibl¢ in thc UK and Republic of Ireland, and the Charities Act (Northern Ireland) 2008. Logos Ministrics IntcmatiotTral iii¢¢ts t]Ic ¢JrfiriÈLivii vf a publii bvn¥fil rtttity undcr FRS 102. Assels and liabilities are initially recognised at historical cost or Iransaction valuc unless otherwise stated in the relevant accounting policy. Income All income is recogni.qed in the Statement of Financial Aetivities once the charity has entitlement to the funds. it is probable that the ineome will be rcccived and the amount ¢an b¢ mcasurcd reliably. Gift aid claims arc recognised in the period to which they relate. Income recoverable in Telation to investment income is recognised at the time the investment incomc i5 icurivablr. Expenditure ExpeiiditUJ¢ Is i¢wgiRibrd UilLf Lli¥rr IS ¢t Ir¥dl OT c4>nsinictive obligaiion io Transfer economic beneflT TO a ihird party, 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 classified by activity. The costs of each activity are made up of the total of dir¢ct costs and shared costs. inrluding 5UPPOrt costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned bctwcen those activities on a basi5 consistent with the us¢ of i¢sourccs. Central stsff costs are allocat¢d on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expcnditurc on charitablc activitie5 15 incurrcd on dircctly undtrtakins the aGtiviti¢5 wliicli fuitli¢i Uir ullatily's objectives, as well as any &8sociated support ¢05ts. All expcnditurc 13 inclusiv¢ of iTrccovcrablc VAT. Tangible fixed assets Tangible fixed assets are eapitalised and recognised when future ¢conomic bcncfits are probable and the Cost or value of the assets are measured at cost less a¢cumulated depreciation and any accumulated impaiTmCnt losses. All costs incurred to bring a tangible fixed asset into its intendcd working condition should be includcd in the measurement of Cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their e%tim3ted useful e¢onomie lives, using both the straight-line method and on a reducing balance basiJ. Page 12 continiied... Logos Ministries International Notes to tbe Financial Statements - Continued rur lh¥ yvar ended 31 December 2023 ACCOUNTING POLICIES- Continued TAngible fixed 9ssets Depreciation is provided on the following basis= Freehold property Plant and machinery Motor VGhiGIcs Fixtures and Iittings oirice equipment Straight line over SU yea]5 20D/n rediicing h2lAntrp. 25 /0 Icducii)g balatEir 15 /0 reducin.g balance 200/0 striight line 'I'he assets, residual values, useful lives and dcpreciation methods are reviewed and adjusted retrospectively if appropriate. or if there is aft indieation of a sionificant change srn¢e the last reporting date. (Jain5 and losses on disposals are deteThined by comparing the proceeds with the catryinq amount and are recognised in the Statement of FinanciAI A¢tivities. Taxation The charity is exempt from tax on its charithble octivities. Fund accounting General funds are unrestri¢ted fund5 which are available for usc at the discretion of the Trust¢Cs in furtherance of the generdl obje¢tives of the charity and which have not been designated for other pU￿oses. Restricted funds are fund5 which arc to be used in a¢cordancc with specific restrictions ITnPOSed by donors or which have been Taised by the charity for specific PUTPOSC5. The costs of raising and administering such funds are charged igainst the specific fund. The aim and of each reqthctthq fiind is set OLIt in the notes to the financial statctncnts. Investment income. gain_E and are allocated to the appropriate fund. Yensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payabl¢ by the cliarity to the fund in r￿p¢Ct of the year. Coing eoneÈrn Ai the litn¥ of approving the financial 5￿teMents. the Trustees have a reasonable expectation that the charity has adequalc resources Éo continue for the foreseeable future. MATERJAL ACCOUIYTING ESTIIVAATES AND AREAS OTr'JUVtsL'MLN I. Estimates and judgcmcnts atc continually evaluated ¢ur b<￿￿[j uii Iii51utiLdl ¥xpvri¥n¢e and other facTors. including expectations of future events that are believed to be restx)nsible under the Circumstances. MateI"ial ￿( ￿1￿ projrblrd disposal valuc5. DONATIONS AND LEGACIES 2023 Total fund5 2022 Totsl fiijids Unrestricted futlds Restricted fund5 Donations to general funds Farniers - Imyantnar Crisis Fund Hong Kong & China Project Mission Awarcncss Programm¢ Myanmar Ministry Project Overseas Ministry Fund Youth & Schools Outrcach Kenya & East Africa Ministry Vroiect Manipur Inveftment Projec.t Java Projcctllndonesian Mission Wherever Needed Most BTM- Rible Teaching Ministy P¢rsonal Support Afghan Refugee Fund Andaman Ministry Project Pakistaii Flood Relief Fund Ukraine Relief Appeal Philippines Initiative Burundi Partnership South Sudan Project 58.577 58.577 4,968 1,343 270 1,826 1.650 5.124 23,353 19.589 5,811 8,225 53.573 5,460 266,534 1.000 39,054 3,950 1,007 360 4.968 1,343 270 1.826 .650 353 8,344 9,361 4.902 2,650 6,104 16.765 7.525 257,672 16,741 146 13,343 12,315 19,589 5.811 8,225 53.573 5.460 266,534 1.000 150 175 150 175 3,56b 13 408.987 52.220 461.207 401,039 Page 14 Continued... Logos Ministries Iiiterllatioiial Notes to the Fin#ncial Statements- eontinued for the year ended 31 Deeember 2023 INVESTMENT INCOME 2022 Total funds Unrestricted fiind% Kestncted fijnds Total funds Deposit a¢count interest 2.724 2.724 102 LHAKI I'ABLE AC'I'IVI"I"IE5 COSTS Support costs (see note 7) Chaiitablc activitie5 431,693 SUPPORT COSTS Management Finance Totals Chariiable activities 42Y,241 2,452 431,693 Support Costs, included in the aiKJV¢, as follows= 2023 2022 Total aLlivilirs Charitable activilic5 235,521 9,590 4.427 399 2,693 6.432 3,761 952 981 8,712 li,44 92.698 8.303 201,944 9,071 3.838 325 2,599 8,429 2,511 969 1,660 6,190 14,U114 98,231 7,199 560 4?5 4,992 26.399 18,520 3,009 Social security Vensions Water rates In5uraiic¢ Light and heat Te.le.phone Prii)ting. postage & 51utioncry Sundries Repairs & maintenance Publishinu & communicaIlons Project costs Computcr cxpcn3CS Gifts Hn.%pitAIFty 2nd spe.cial events Gov¢rnance costs Other Support Fund Payments Depreciation of tangible and heritsge assets Bank charges 769 5,040 18.962 16,553 2,452 31.693 410,955 Pa8e 15 continued... Logos Ministries Inlernational Yotes to the FinanciAI Statements- continued for the year ended 31 December 2023 TRUSTEES, REMUNERATION AND BENEFITS There were no trusiees. remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Truslees, expenses Th¢r¢ no tru5t¢¢5' ¢xyriisr> Vitid fui th¥ yrur cnded 31 December 2023 nor for Ihe year ended J l L)e¢ember 2U22. STAFF COSTS 2023 2022 Waoc5 ajid 5alai its Social security Costs Other pension costs 235,521 201,944 9.071 J,838 4,427 249,538 214,853 The average monthly number of employees during the year was as follows". 2023 15 2022 14 Employees No employees received emolutnents in exces% nf ShO.000. Page 16 ontinued... Logos Ministrics International Notes to the Financial Statements- continued ror tbe year ended 31 December 2023 io. PROJECT EXPENSES 2023 TntAI fund5 2022 Total fuJid5 Unrestricted funds Reqtricted fund5 FarmGr3- Myanmar Crisis Fund Hong Kong & China Project Mission Awarcncss PrO￿amMe MyanJnar Minislry Project Overseas Ministry Fund Youth & Schools Outr¢ach Kenya & East Africa Ministry Project Manipur Investments Project Java Projecu Indoiiesian Mission Nepalese Project BTM- Bible Teaching Ministy Afghan Refugee Fund Andaman Ministry Project Open Door Church Project Staff Support Pakistan Flood Relief South Sudan Project Ukraine Relief Appeal c.entral and Eastern Eiimpean Burundi Partner..hip 7.669 2,575 500 7.669 2.575 500 5,058 2.183 500 2,652 9,088 13,238 4,954 3.328 1,650 4,448 200 10,503 14,))U 546 200 4,918 6.000 1,500 12,315 4,453 4.943 4,943 2.862 8,713 23.175 5.350 7,440 2.862 8.713 23.175 7,440 115 5,818 8,767 5,818 8.7ti 1 150 150 7.493 500 175 500 175 2,000 2,000 16.02R 76.670 92.698 98.23 1 COMPARATIVES FOR THE sfATEMENT OF FINANCIAL AcfJviTIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legaeies 331,629 69,410 401.039 Investment income In?. 102 Tot21 331.731 69.410 401.141 EXPENDITURE ON Charitable 2etivities Charitable a¥tivitiC5 335.936 75,019 410,955 NET INCOMEI(EXPENDITURE) (4,205) (5,609) (9.814) RECONCILIATION OF FUPIDS Total funds brought forward 509,842 114.313 624.155 Pa8e 17 continued.. Log05 Mi inistries International Notes to the Financial Statements - continued ror the year ended 31 DeceEnber 2023 ii. COMPARATIVES FOR THE sfATEMETr4T OF FINANCIAL AcfIviTIES- continued Unrestricted Restricted fund fund Total funds T()TAI, FIINDS C.ARRIF.D FnRWARD snfj.617 In% 7n4 614 341 12. TANGIBLE FIXED ASSETS Fixture5 and fittings Freehold property Plant and macliinery COST At l January 2023 Additions 426.470 2.710 44,853 6,335 At 31 Dcccmbcr 2023 426,470 2,710 51.188 DEPRECIATION At l January 2023 Charge for year 144,999 8,529 2,587 25 40,700 1,573 At 31 D¢ccmb¢r 2023 153.528 2.612 42,273 NF.T R()()K VAI.IIF. At 31 D¢ccmbci 2023 272.942 98 8,915 At 31 December 2022 281.471 123 4.153 Motor vehicles Computer equipment Tota15 COST At l January 2023 Additions 26,060 532,781 16.0.$1 9.716 At 31 December 2023 2b.ObO 42.404 )4¥.ilJ2 DEPRECIATION At l January 2023 Charge for year 17.815 2.061 22,093 ,165 228.194 16,553 At 31 December 2023 19.876 26,458 244,747 NET BOOK VALUE At 31 December 2023 6.184 15.946 304.085 At 31 Dccctnbcr 2022 8,245 10,595 304,587 Pa8e 18 continued... Logos Ministries InTernational Notes to the Ftn2neial Statements - continued lor the year ended 31 December 202J 12. TANGIBI.F. FIXED ASSETS- continued The net depreeiated cost of the charity's freehold property totalling £272,942 is br02dly equivalent to its net iiiaik¢t valu¢ ￿Jd dici¢foir ati twViUVli*ilr Lariyiii¥ vdluy in¥lu5iun in thc fintLncial 5tatctnents at 31 December 2023. Thc TIu5l¥cs con5idcr that legal iitle 10 all of Ihe land and properry comprised in Ihe underlying d¢ed5 relaiing to the various properties held are ultimately held by the Trustees of the 1981 Trust Deed and held in the name of individual 'frusiee as Trustees of Logos Ministries International.. 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YF.AR 2023 2022 Other debtors Prepayments 10.430 7.673 7,707 2,624 18.103 10,331 14. CRF.DITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors Accrued expenses 780 4.591 856 5,402 5.371 6.258 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Total fvnds 2022 Total funds Unrestricted fund Restricted fund Fixed &%sets Curr¢tLt assets Current liabilities 298.149 272,214 (5.371) 5.936 75.651 304.085 347,865 (5.371) 304.587 316,012 {6,258) 564,992 81.587 646.579 614,J41 Page 19 continued... g05 Ministries International Note5 to the Financial Statements - continued for the year ended 31 December 2023 16. MOVEMENT IN FUNDS Net movement in funds At J1112123 At iiin3 Unrestricted funds General fiind 505.637 59,355 564,992 Restricted fund5 Restricted Fund 108.704 (27,117) 81,587 TOTAL FUNDS 614.341 32,238 646.579 Net movement in funds. included in the above are as follow5- Incomino Resoiirces ¢AyriiJ¢d Movement 1¢SOUl￿5 Unrestricted funds Generas fund 411.711 (352.356) 59.355 Restrieted funds Rcstrictcd Fund 52.220 (79.337) (27,117) TOTAL FUNDS 403.931 (431,693) 32,238 Cnmp2r2tivÉs for movement in funds Net movement in fund5 At 31112122 At 111122 Unrestricted funds Gencial fund 509.842 (4,205) 505,637 Restricted f￿ndS Restricted Fund 114,J13 {5,609) 108,704 TOTAL FUNDS 624,155 {9,814) 614,341 Page 20 contitlued.. Logvs Ministries InteTn3tivnal Note5 to the Financial Statements - continued ror the year ended 31 December 2023 16. MOVF.MENT IN FIINDS- tontinued Cornparative net movement in funds. included in the above are as follows.. ItLCORIiJIS resource5 Rc50UI"CC5 Movciiicnt expended in tunds Unrestricted funds General fund 331.731 (335.936) (4,205) Restricted funds Restricted Fund 69.410 (75.019) (5.609) T()TAI, FIIND.S 401.141 (410.955) 19.814) A C￿rrent year 12 months and prior year 12 months Combined position is as follows: Net movement in funds At 31112123 At 111122 Unrestricted funds Gcncral fund 509,842 55.150 564.992 Restricted funds Rc5triGtcd Fund 114J13 (32,726) 81.587 TOTAL FUNDS 624,155 22.424 646,579 A current year 12 Jnonths and prior year 12 months combined net movement in funds. included in the above are as follow5-. IncoJning resources Resources expended Movement in funds Unrestricted funds General fund 743.442 (688,292) 55,150 Restricted funds Rcstrictcd Fund 121,630 (154,356) 132,726) TOTAL FUNDS 865,072 {842.648) 22,424 Page21 continued... Log05 Mini5trie5 International Notes to the Financial Statements - continued ror the year ended 31 December 2023 17. EMPLOYFF. RF.NF.FIT OBI.IGATIONS The charity operates a defined contribution5 pension Scheme. The assets of the scheme are held separately from those of the charity in an independently administered fiitid. The pension cost e.harge re.pre.se.nts c.onlribiitions vayabl¢ by tli¢ Colnp￿)Y to di¢ fuiid wid w)iouiit¢d to £4,427 (2022." £3,838J- Contt"ibution5 totallin8 £780 (2022 '.£856) were payable lo the fund at the balance sheet date and are included in creditors. 18. RELATED PARTY TRAP45AcfIoNS Payments wer¢ made to Thomas and Yvonne Mcclean. LMI Co-Founders/Mission Directors and forn)er Trustees of £18,962 {2022'.£26,399). They were self employed and as with all LMI staff mernbers, their paymenls are funded by donations that are included in personal support. These amounts relate to payments prior to 31 August 202J when they were self employed. From I September 2023. Thoma5 aT)d Yvonne have been employees of Ihe chariry. Psge 22