## Bulgarian Partners Trust
Report of the Trustees for the Year Ended 31 December 2022
## Bulgarian Partners Trust
## Report of the Trustees
for the Year Ended 31 December 2022
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2022. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) and in accordance with the provisions applicable to companies subject to the small companies regime.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number**
1095373
## **Principal address**
1 Henleaze Road Bristol BS9 4EX
## **Trustees**
Geoffrey Wallis Teodor Oprenov Andrew Green James Caldwell Mark Corcoran Abraham Djumadi
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution and objects**
The Bulgarian Partners Trust is an unincorporated charity constituted under a Trust deed dated 7 December 2002. The Trust is registered in England and Wales. Decisions are made jointly by the Trustees.
The Trustees are appointed by the Board of Trustees and serve for a term of 3 years after which time they may put themselves forward for reappointment.
## **Trustees**
All Trustees are familiar with the practical work of the charity. Any new Trustee is fully briefed on all aspects of the charity, including its operational framework, future plans and objectives and the current financial position. The charity has adopted a comprehensive self-declaration process of eligibility to act as a Trustee for all Trustees to sign, and written procedures to manage any potential conflicts of interest.
## **Risk Management**
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. All major risks have been reviewed by the Trustees who have put in place procedures for managing these risks.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
The objectives of the charity are the relief of hardship, the advancement of education and the support of the charitable work of the Christian Churches of Bulgaria.
## **Significant activities**
The main objective for the charity for the year under review was to raise funds to support the completion and operation of a church, social, medical and training centre which is being carried out by the Sofia Baptist Church in Bulgaria. In setting the objectives, planning future activities
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and setting the grant making policy for the year the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
## **OBJECTIVES AND ACTIVITIES Grant-making policy**
During the year and subsequently, the Trust raised and distributed funds solely for the construction and operation of a social, medical and training centre, an initiative of Sofia Baptist Church and The Good Samaritan Foundation, a charity registered in Bulgaria, wholly controlled by the Sofia Baptist Church.
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
During the year £31,304 was raised to support the work of Sofia Baptist Church. Grants of £26,000 were made to Sofia Baptist Church to fund the project and associated activities.
## **FINANCIAL REVIEW**
## **Reserves policy**
Reserves at the year end were £37,687 of which £33,450 are restricted for the building project, and £4,237 for work amongst refugees in Bulgaria. These amounts will subsequently be passed to Sofia Baptist Church for these purposes.
The management of the building project in Sofia has stated a policy of operating without borrowing so they regulate progress to avoid making contractual commitments beyond the available cash.
## **Principal funding sources**
Funds were received from a number of individuals and organisations.
## **Investment policy and objectives**
The Trust's funds are all held in an ordinary or an interest bearing account to which the Trustees are the only signatories.
## **PLANS FOR FUTURE PERIODS**
The Trustees plan to continue support for the final fitting out and operation of the social, educational and training centre. Once work is complete the project should become selffinancing.
Approved by order of the Board of Trustees on X and signed on its behalf by:
Abraham Djumadi
………………………….
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## Independent Examiner's Report to the Trustees of Bulgarian Partners Trust
I report on the accounts for the Trust for the year ended 31 December 2021, set out on pages five to nine.
## **Respective responsibilities of Trustees and Examiner**
The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
- examine the accounts under Section 145 of the 2011 Act
- follow the procedures laid down in the General Directions given by the Charity Commission (under Section
- 145(5)(b) of the 2011 Act); and
- state whether particular matters have come to my attention.
## **Basis of the Independent Examiner's report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An
examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statements below.
## **Independent Examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting
requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
to be reached.
Colin Thomas Fellow of the Institute and Faculty of Actuaries 23 Charlton Gardens, Bristol, BS10 6LU
31 October 2023
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## Bulgarian Partners Trust
## Statements of Financial Activities for the Year Ended 31 December 2022
|Notes
**Incoming Resources**
**Incoming resources from**
**generated funds**
Voluntary income
Grants
2
Investment income
3
**Total incoming resources**
**Resources Expended**
Costs of generating funds
Grants to Institutions
Support Costs
**Total resources expended**
**Net incoming/(outgoing**
**resources)**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried**
**forward**|**Unrestri**
**cted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**2021**
-
21,258
21,258
17,913
-
10,000
10,000
0
-
46
46
1|
|---|---|
||-
**31,304**
**31,304**
**17,914**
-
0
0
0
-
26,000
26,000
0
-
131
131
96|
||-
**26,131**
**26,131**
**96**|
||-
**5,173**
**5,173**
**17,818**
0
32,514
32,514
18,789
**0**
**37,687**
**37,687**
**32,514**|
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## Bulgarian Partners Trust
## Balance Sheet As at 31 December 2022
||Not
es||**Unrestri**
**cted**
**funds**|**Restrict**
**ed**
**funds**|**Total**
**funds**|**2021**|
|---|---|---|---|---|---|---|
|**Current Assets**|||||||
|Debtors|5|-||1,185|1,185|1,440|
|Cash at bank and in hand||-||36,502|36,502|31,074|
|||-||**37,687**|**37,687**|**32,514**|
|**Creditors**|||||||
|Amounts falling due within|||||||
|one year|6|-||**0**|**0**|**0**|
|Net Current Assets||-||37,687|37,687|32,514|
|**Total Assets less current**|||||||
|**liabilities**||-||37,687|37,687|32,514|
|**Net Assets**||-||37,687|37,687|32,514|
|**Fun**|||||||
|**ds**|||||||
|Restricted Funds|7|-||37,687|37,687|32,514|
|**Total funds**||**-**||**37,687**|**37,687**|**32,514**|
**The financial statements were approved by the Board of Trustees on and were signed on its behalf by:**
## **Trustee:**
## Abraham Djumadi
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Bulgarian Partners Trust
Notes to the Financial Statements for the Year Ended 31 December 2022
## **1. ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **Incoming resources**
All incoming resources are accounted for on an accruals basis and included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources expended**
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. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from 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 objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases, when they arise, are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **2. Grant Income**
In January 2022 a £10,000 grant was made to the charity by Stewardship Philanthropy Services for the purpose of General funds. The Grant was arranged through Stewardship by an anonymous Donor, the funds were only received after an application submitted by the charity secretary and subsequent checks (such as DBS).
## **3. INVESTMENT INCOME**
31.12.22 31.12.21 Interest receivable 46 1
## **4. TRUSTEES' REMUNERATIONS AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 and none for the year ended 31 December 2021.
## **Trustees' expenses**
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There were no trustees' expenses paid for the year ended 31 December 2022 and none for the year ended 31 December 2021.
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## Bulgarian Partners Trust
## Notes to the Financial Statements for the Year Ended 31 December 2022
|**5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
|---|---|---|---|---|---|
||31.12.22|||31.12.21||
|Other debtors|1,185|||1,440||
|**6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||||
||31.12.22|||31.12.21||
|Other creditors||Nil||Nil||
|**7. MOVEMENT IN FUNDS**||||||
|Restricted funds|Balance at 1st
January 2022|Net
movement
in funds||Transfers
between
funds|Balance at
31st
December
2022|
|Church fund|28,277||5,173|0|33,450|
|Educational Assistance Fund|0||0|0|0|
|Fundraising costs fund|0||0|0|0|
|Donated Expenses fund|0||0|0|0|
|Syrian Refugees|4,237||0|0|4,237|
|Total Funds|32,514||5,173|0|37,687|
Net movement in find, included in the above are as follows
|Church Fund
Educational Assistance Fund
Fundraising costs fund
Donated Expenses fund
Syrian Refugees
Total Funds|Incoming
resources
Resources
expended
Movement
in fnds
31,304
26,131
5,173
0
0
0
0
0
0
0
0
0
0
0
0|
|---|---|
||31,304
26,131
5,173|
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## Bulgarian Partners Trust
Notes to the Financial Statements for the Year Ended 31 December 2022
|**Detailed Statement of Financial**
**Activities for the year ended**
**Incoming Resources**
**Incoming resources from**
**generated funds**
Voluntary income
Donations
Associated Gift Aid
Grants
Investment income
Interest Receivable
**Total incoming resources**
**Resources Expended**
**Costs of generating funds**
Fundraising Costs
**Charitable activities**
Grants to Institutions
**Governance Costs**
Accountancy
**Support Costs**
Bank Charges
**Total resources expended**||**31 December 2022**
**Unrestricte**
**d funds**
**Restricte**
**d funds**
**Total**
**funds**
**2021**
-
20,073
20,073
15,249
-
1,185
1,185
2,664|
|---|---|---|
|||**-**
**21,258**
**21,258**
**17,913**
-
10,000
10,000
-|
|||-
10,000
10,000
**-**
-
46
46
1|
|||-
46
46
**1**|
|||**-**
**31,304**
**31,304**
**17,914**
-
-
-
-
-
26,000
26,000
-
-
-
-
-
-
131
131
96|
|||-
26,131
26,131
**96**|
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**Net incoming/(outgoing resources)**
**5,173 5,173 17,818**
**-**
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