REGISTERED COMPANY NUMBER: 03568574 (England and Wales) REGISTERED CHARITY NUMBER: 1085823
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
ST. PETER'S PROJECT
BBK Partnership Chartered Accountants & Statutory Auditors 1 Beauchamp Court 10 Victors Way Barnet Hertfordshire EN5 5TZ
ST. PETER'S PROJECT
Contents of the Financial Statements for the Year Ended 31 December 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Statement of Financial Position | 3 | ||
| Notes to the Financial Statements | 4 | to | 7 |
| Detailed Statement of Financial Activities | 8 |
ST. PETER'S PROJECT
Report of the Trustees for the Year Ended 31 December 2024
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03568574 (England and Wales)
Registered Charity number
1085823
Registered office
4 Back Hill Clerkenwell Road London EC1R 5EN
Trustees
The trustees and officers serving during the year and since the year end were as follows: Father Andrea Fulco Mr Pietro Molle Mr Giuseppe Gaglione
Approved by order of the board of trustees on 15 September 2025 and signed on its behalf by:
Father A Fulco - Trustee
Page 1
ST. PETER'S PROJECT
Statement of Financial Activities for the Year Ended 31 December 2024
| 31.12.24 | 31.12.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 5,780 | 3,825 |
| EXPENDITURE ON | |||
| Raising funds | 3 | 1,475 | 1,550 |
| Charitable activities | 4 | ||
| Centre Overhead Expenditure | 1,760 | 939 | |
| Travel & Subsistance | 653 | - | |
| Building Maintanace & Running Cost | 1,242 | - | |
| Finance Charges | 42 | - | |
| Total | 5,172 | 2,489 | |
| NET INCOME | 608 | 1,336 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 44,845 | 43,509 | |
| TOTAL FUNDS CARRIED FORWARD | 45,453 | 44,845 |
The notes form part of these financial statements
Page 2
ST. PETER'S PROJECT
Statement of Financial Position 31 December 2024
| 31.12.24 | 31.12.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 46,203 | 46,457 | |
| CREDITORS | |||
| Amounts falling due within one year | 7 | (750) | - |
| NET CURRENT ASSETS | 45,453 | 46,457 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 45,453 | 46,457 | |
| NET ASSETS | 45,453 | 46,457 | |
| FUNDS | 8 | ||
| Unrestricted funds | 45,453 | 46,457 | |
| TOTAL FUNDS | 45,453 | 46,457 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 September 2025 and were signed on its behalf by:
Father A Fulco - Trustee
The notes form part of these financial statements
Page 3
ST. PETER'S PROJECT
Notes to the Financial Statements for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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 cost related to the 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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Donations | 5,780 | 3,825 |
Page 4
ST. PETER'S PROJECT
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
3. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||||
|---|---|---|---|---|
| 31.12.24 | 31.12.23 | |||
| £ | £ | |||
| Fund raising events - Donation | 1,475 | 710 | ||
| Support costs | - | 840 | ||
| 1,475 | 1,550 | |||
| 4. | CHARITABLE ACTIVITIES COSTS | |||
| Support | ||||
| costs | ||||
| £ | ||||
| Centre Overhead Expenditure | 1,760 | |||
| Travel & Subsistance | 653 | |||
| Building Maintanace & Running Cost | 1,242 | |||
| Finance Charges | 42 | |||
| 3,697 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 3,825 |
| EXPENDITURE ON | |
| Raising funds | 1,550 |
| Charitable activities | |
| Centre Overhead Expenditure | 939 |
| Total | 2,489 |
| NET INCOME | 1,336 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 43,509 |
Page 5
ST. PETER'S PROJECT
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | ||||
|---|---|---|---|---|
| fund | ||||
| £ | ||||
| TOTAL FUNDS CARRIED FORWARD | 44,845 | |||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||
| 31.12.24 | 31.12.23 | |||
| £ | £ | |||
| Accrued expenses | 750 | - | ||
| 8. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1/1/24 | in funds | 31/12/24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 44,845 | 608 | 45,453 | |
| TOTAL FUNDS | 44,845 | 608 | 45,453 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 5,780 | (5,172) | 608 | |
| TOTAL FUNDS | 5,780 | (5,172) | 608 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1/1/23 | in funds | 31/12/23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 43,509 | 1,336 | 44,845 | |
| TOTAL FUNDS | 43,509 | 1,336 | 44,845 |
Page 6
ST. PETER'S PROJECT
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 3,825 | (2,489) | 1,336 |
| TOTAL FUNDS | 3,825 | (2,489) | 1,336 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/23 | in funds | 31/12/24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 43,509 | 1,944 | 45,453 |
| TOTAL FUNDS | 43,509 | 1,944 | 45,453 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,605 | (7,661) | 1,944 |
| TOTAL FUNDS | 9,605 | (7,661) | 1,944 |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 7
ST. PETER'S PROJECT
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| 31.12.24 | 31.12.23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 5,780 | 3,825 |
| Total incoming resources | 5,780 | 3,825 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fund raising events - Donation | 1,475 | 710 |
| Support costs | ||
| Management | ||
| Rates and water | 142 | - |
| Rent | 1,100 | - |
| Telephone | 140 | - |
| Postage and stationery | 121 | - |
| Sundries | 290 | - |
| Travel & Subsistance | 653 | - |
| 2,446 | - | |
| Finance | ||
| Insurance | 349 | 213 |
| Bank charges | 42 | - |
| 391 | 213 | |
| Other | ||
| Computer expenses | 110 | 726 |
| Governance costs | ||
| Accountancy and legal fees | 750 | 840 |
| Total resources expended | 5,172 | 2,489 |
| Net income | 608 | 1,336 |
This page does not form part of the statutory financial statements
Page 8