Company 1¥4umber 2652481 FRIENDS OF CHItJ>REN lly ROMANIA (LIMITED BY GUARANTEE) TRUSrE ANNUAL REPORT AND FINANC STATEMEN FOR THE YEAR EYL DED 31 ocfoBER 2024 Charity Number . 1006753
COIYTENTS Page No. Legal and Administrative Information Council of Managemenes Report Independent Examine$ Report ststement of Financial A¢ttvitieg Balance Sheet Notes to the Accounts 8&9
FRIENDS OF CHILDREN IN ROMANJA (LITED BY GUARANTEE) DAre¢tors Trnstees and Counell of Management Ms S Gibson Th¢ Reverend Canon M J Lane Miss Paula Wright Ms S Gordon (from 26 February 2024) During the year the following officer retired by rotation and was reelected - Martin Lane Cbarlty Name Friends of a)ildren in Romania Charity RegistrnlioD Number 1006753 Company R¢gistr4tion Number 2652481 Regtstered Th¢ Vi¢arage Bosham Lane Bosham Chichester P018 8HX Independent Examiner Mrs Charlotte Pexton 5 Tuffs Hard Bosham Hoe Bosham POI8 8ET The day to day running of the project is delegated to a Manager in Romani& Mrs Beatrix Grigoras assisted by Razv8n Lungu Bankers The Co-operative Bank P.O.Box 250 Delf House Southway Skeknffsdale WN8 6wr { i )
FRIENDS OF CHILDREN ROMANIA (LllifrrED BY GUARAIYTEE) COUNCIL OF MANAGEMENTS REPORT The Council of Management present their r¢port and the accounts for the year ended 31 October 2024. The fman¢ial sL1tements o)mply with the Charities Act 201 I, the Companies Act 2006. the Memorandum and Arti¢les of Association and Accounting and Reporting by Charitie& Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fftnao¢ial Reporting Standard appli¢&ble in the UK and Republic of Ireland (FRS 102) (2019). Strllctur GoverDan¢¢ and manageellt The company is a register&l Charity. liniited by guarantee. New directors are suggeed by the CA>uncil of Managcment member& Their suitability is considered by the Council and then appointed. Any briefing of future directors is the respon&bility of CA)uncil members. RLsk MaDagemenl Statement The directors have assessed the major risks to which the charity is expos¢d. in particular those r¢ted to the operations and finances of the charity, and are satisfied that systems are in pia¢e to mitigat¢ any exposure to the major risk& Principal Aetivities and Objeetives The charity applies income arising from donations for the charitsble purposes of relieving poverty and sicknes advancing education and preserving health among children and adults of Romania. During the year the charity continued to fund the children's homes and live& The dsrectors ¢onfm that they have had due regard to the alarity Commi10n,$ guidance on public benefit and are satisfied that their aims and achievements stated below me¢t these r¢quirements. Aebfievements aDd PerfOrnnCe The a)mmittee and Trustees are grateful to Paula Wright who has undertaken the role of book-keeper for the Charity. The board were pleased to welcome Saleigh Gordon, a long-tern] wpporter of the charity, to the board in February. Saleigh has agreed to undertake the roll of honorary fvndraiser for th¢ charity and will liaise with Delia and the team in Romania. Martin Lane continues to be in regular contact with Bety Grigoras and visited Harja in December 2023 and September 2024. Saleigh Gordon visited the project in December 2023. Betty Grigoras and Razvan Lungu Continue to provide excellent leadership. wpported by a committed #aff team. During the year two children left the project to go to university. Their places were filled by four s1 ]ings in October 2024. there are now fourteen children in the project's care. It is notsble that Bacau Child Protection continue to value the work of the project and are content to entrust childrffl into our ca. The children once again took an active part in the annual pie feival in the summer and participated in the ERAMUS project welcoming visitors to the project as part of this European initiative. A group of students from Ireland also visited th¢ projpxt as a direct result of our children visiting Ireland on an ERASMUS project in 2023. The experience was uplifting for all those involved. The children also went on holiday in Romania during the summer. the trust¢es are grtful for the support of the local Mayor in providing funding for camping equipment to enable this initiative. {2)
FRNDs OF CHILDREN IN ROMANIA (LIMITED BY GUARANTEE) COUNCIL OF MANAGEMEN13 REPORT (CoNTlED) Finanelal Review A generous legacy from th¢ late Margaret Goodfrllow provided some short-terni financial security. Incred donations and a rise in the value of investments during the year. has shown some recovery on the previous year. However, the ¢ost of living h&$ impacted the charty. food costs have doubled. This has meant that reserves were needed during the year in order to maintain our charitable objective& The charity will need to draw on its reserves in the short terni. moving forward. in order to mainlain its day-to-day obje¢tiveA There is also a planned increase in the basic minimum wage forecast by the Romani8n Government An 2025 which will impact this next fman¢ial year. It has been good to welcome Saleigh Gordon to the board who has bmitted a number of grant applications and is seeking ways to further improve the charity's income. Reserves Poli¢y The reserve fund represents the unre*icted funds arising from past operating result& Th¢ ¢harity retains the general reserve in order to provide sufficient resources to enable the charty to continue to fund its activitie The level of rvJerves is monitored and review by the direetOTS each year. Council of Man8gemeDt The coun¢il members who served during the year are detailed on page l. In accordance with the Articles of A¢lation member of the council retiring by rolation is Martin Lane who being eligible. offers himself for re- election. The council memb¢rs of the charitable company are its Directors and Trustees for the purpose of Company and Charity Law. Plan$ for Future Periods The Council of Management is to ensure that the Children in our Care ¢ontinue to receive the love and support akin to a nonnal family setting. The Council continues to explore further funding streams to meet its objectives and day to day operational costs.
FRIENDS OF CHILDREN IN ROMAIYIA (LIMrrED BY GUARANTEE) COUNCIL OF MANAGEMKNTS REPORT (CONTMJED) ststement of the Dlreetors, RespoDsibllities The trustees are respon for preparing the amiual report and the fjnancial statements in a¢¢ordan¢e with applicable law and regulation& Company law requires the truthes to prepare fman¢ial statements for each fmancial year. Under that law the directors have elected to prepare the fmancial #atements in accordance with United Kingdom Generally Accepted ACUnting Prartirx (United Kingdom Accounting Standards and applicable Jaw). Under company law the trustees must not approve the fmancial statements unless they are satisfKd that they give a true and fair stste of affairs of the charitable company and the net income or expenditure of the charilable company for that period. In preparing those fancIal &alemen the directorJ are required to; Select suitable accounting policies and then apply them eonsistentty: Make judgements aDd estimates that are re&8onable and prudenL and Prepare the fman¢ial statements on the going concern basis unless it is inappropriale to presume the charity will continue in busina% The directors are respon&Ie for maintaining proper accounting records which disclos¢ with reasonable accuracy at any time the fancial position of the charity and enables them to ensure that the fmancial statements comply with Companies Act 2006. The directors are also responsible for safeguarding the asq¢ts of the tharity and hence for taking the reasonable steps for the detection of fraud and other irregulariti¢& This report has been prepared in accordance with the Charities SORP (FRS 102) and in accordance with the special Provisions for snall companies UDder part 15 of the Companies Act 2006. The Revd Canon M J Lane Director, Tru*e and CunCl1 Member (4)
yDEPENDE EXAMINER'S REPORT TO THE TRUSTELS ON THE iJNAUDITED FINANCIAL sfATEMENTS OF FRIENDS OF CHILDREN ROMANIA I report on the a¢¢ounts of the Friends of Thildren in Romania for the year ended 31 October 2024 which are set out on pages 6 to 9. Respe¢tive RespoMibilities of Trustees aDd Exgmlner As the ¢harity'S trustees of the Company (and also its directors for the purposes of company law) you are respon1)le for the preparation of the accounts in ac¢ordanL% with the requirements of the Companies Act 2006 (lhe 2006 Act). Having satisfied myself that the ac¢ounts of th¢ Company are not required to be audited under Part 16 of the 2006 Act and are eltgibl¢ for independent examination. I report in respect of my examination of your tharity's ac¢ounts as Caled out under section 145 of the Charities Act 2011 ('the 2011 Acfj. In carrying out my examination I have followed the Directions given by the arIty CAJmmission under s¢¢tion 145(5) (b) of the 2011 Act. Independent examlner's Statent I have Completed my examination. I confmn that no matters have come to my attention in connection with the examination giving me cause to believe: accounting r¢¢ords were not kept in respect of the Company as required by sedion 386 of the 2006 A or the accounts do not accord with those record4 or the a¢counts do not comply with the accounting requirements of section 396 of the 2006 Act oth¢r than any requirement that the accounts give a 'tru¢ and fairf view which is not a Matter considered as part of an independent examination: or the accounts have not been prepared in ac¢ordance with the method$ and principles of the Statement of Recommended Practice for accounting and reporting by charities (appltcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102)). I have no concerns and have come acro&8 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 Teathed. Signed: eelth Mrs Charlotte Pexlon 5 Thffs Hard. Botham Hoe. Bosham POI 8 8ET Date: /* lQ2S (5)
FRIENDS OF CHitJ)REN IN ROIVIANIA (LIED BY GUARAF4TEE) STATEMENT OF FINANcL ACThVlllFS (INCLUDING INCOME AIW EXPEND ACCOUIYTJ FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 Unr¢stri¢ted Fund$ Unre#rlcted Funds Income from:. Donations and legacies Investment income - Accumulation units - Interest received 157,082 2.593 1.349 161.024 130,768 1,859 1,731 134,358 Total Exp¢Ddlture on:. Raising funds Charitable activities House running costs Team Q)sts Bank charges Total 144.000 19.950 13 140,050 13,000 163.963 153,050 Net expenditure (2.939) (18,692) Net gain(lO&ses) on inv¢stsn¢nts 21.660 2,693 Net movement En funds 18,721 (15,999) RecoDeiliatioD of funds Total funds brought fonvard Total funds earried forward 148,931 167,652 164,930 148,931 (6)
Company Number: 2652481 FRIENDS OF CHILDREN Th RO]VIANIA (LIMfTED BY GUARANTEE) BAIANCE SHEET AS AT31 OCIDBER 2024 2024 2023 Notss CurreDt assets Cash at bank and in hand Investhi¢nts 15.085 J 52,567 167.652 617 148.314 148.931 Total eurreDt a&qets laabilities Creditors amounts falling due within one year Net asgets 167,652 148,931 Tbe funds of the charity Unrestricted funds 167,652 148.931 For the year ending 31 October 2024 the company was entitled to exemption under section 477 of the Companies Aet 2006 relating to smaEI companies. The members hav¢ not required the ¢ompany to obtain an audit in accordance with sertion 476 of the Companies Act 2006. The directors acknowledge their responsibllities for complying with the requir¢ments of th¢ Act with respect to . accounting rordS and the preparation of aLYount& These ac¢ounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ,-IW4TJ¥,,,, Revd. Canon M J Lane Director, Trustee and Council Member
FRIENDS OF CHILDREN lly ROMANIA (LED BY GUARANTEE) NOTES TO ThE ACCOUNI FOR THE YEAR EiYDED 31 OCTOBER 2024 i) A¢counting polities ( a ) Basis of aeeounting The financial statements have been prepared under the hi*ori¢al Cost ¢onvention as modified to include inveslrnents at valuation, and in a¢¢ordan¢e with the second edition of th¢ arItieS. Statement of ReMmmended Pra¢ti¢¢ (i&wed in October 2019) , the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102). the Charities Act 201 l and the Companies Act 2006. Friends of Children in Romania meets the definition of a public benefit entity under FRS 102 ( b ) Golng concerD Th¢ trustees Consider that the are no material uncertainties about the charity's ability to continue as a going Concern. ( c ) Income aDd expenditure Income All of the income relates to the Principal activity 8nd is therefore deemed to be unrestricted. In¢ome is recognised when the ¢harity has entitlement to funds any perfonnance conditions attached to the items of income have been mel it is probable that the income will be received and the aniount Can be measured reliably. Legacies are recognised when the charity is advised by the personal representatives of an estate that probate has been granted, that payment is probable and the amount can be quantifKd with ronable certainty. Expendlture Expenditure is recognised once there is a legal or constructive obligation comjnitting the Charity to that expenditure, it is probable that settlement wiEI be required and the amount of the obligation ¢an be measure reliably. Expenditure includes irrecoverable VAT. Where possible expeDditure has been charged dire¢t to charitable expenditure. Where this is not possibl¢ the expenditure has been 211o¢ated on the basis time spent by staff on each activity. Charitable expenditure Comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiarie& Governance costs include those costs aCIated with meeting the constitutional and statutory requirements of the charity and have been charged to charilable expenditure.
FRIENDS OF CHILDREN IN ROMANIA (LIMrrED BY GUARANTEE) (ANNUAL REPORT AND FINANCIAL sfATEMENIS) NOTKS TO THE ACCOUNTS FOR THE YEAR ENDED 31 ocfoBER 2024 (CONTINUED) i) A¢eounling policks (tonlinued) { d ) T21b rued asgets Individual fued assets costing £1,000 or more are capitalid at cost and are depreciated over their e#imated useful #onornic lives on a straight line basis as follow ADDual rate Awt Category Plant & Equipment 25% 2) InvestmeDts 2024 2023 Market value at 31 October 2023 Add: Dividends on accumulation nd units Purchased. at co Le&8 sales proceeds Gainl(loss) in year Market value at 31 O¢tober 2024 148.314 2,593 143.762 1,859 (20,000) 21.660 152,567 2,693 148,314 Historical co& at 31 October 2024 87,045 110,705 The breakdown of the portfolio is as follows: arities Aid Foundation - Fix¢d Interest Fund B Income UK Equity Fund B Accumulation Santander - OrdÉnary Shares 44.795 107.432 340 56.451 91,590 273 152.567 148,314 3) Trustee eipeDSts and remuneratlon None of the UnCIl members received remuneration or reimbursal expenses for their services during the period. 4) al status The Charity is a company limited by guarantee and has no share capital The liabilty of each member in the event of winding up 1$ limited to £1. (9)