2024-10-31-accounts

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BULGARIAN EVANGELICAL CHURCH "SPRING OF LIFE"
Also known as BEC "Spring of Life"
CHARITY NO.: 1154742
REPORT AND UNAUDITED ACCOUNTS
for year ended
31 October 2024
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Bulgarian Evangelical Church "Spring of Life"

Status: Charity registration No. 1154742 Working name: BEC "Spring of Life" Trustees: Mr Emil Stareyshinski (resigned on 09.01.2024) Mr Evelin Todorov Mrs Iliyana Gabrovska Mr. Aleksandar Gabrovski (appointed on 20.10.2024) Address: 4 St. Augustine Rd Grays RM16 4NU Independent Examiner: Shruti Soni FCCA FCIE Shruti Soni Ltd 117A St Johns Hill Sevenoaks TN13 3PL

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Bulgarian Evangelical Church "Spring of Life"

Trustees' Report for the period ended 31 October 2024

The trustess present their annual report for the year ending 31 October 2024. The charity started operating in May 2013 and was registered with charity commission on 26 November 2014. The charity is governed by its constitution.

Aims and purpose

To advance the christian faith for the public benefit in such a way as the trustees deem fit.

Objectives and Activities

In order to achieve the principal objective which is set out above, the Church provides a variety of activities both to its membership and to the community generally. The aim is to show the love of Jesus Christ in both word and deed and to bring people into a closer relationship with Him as living Lord.

Central to the work and witness of the Church is the provision of regular public services of Christian worship. These services take place each Sunday at 1.30 pm. There are also occasional services at other times which are advertised on

The church seeks to be a friendly and welcoming community and anybody is free to attend any of these services. The Church runs a series of house groups for the growth of faith and discipleship in the homes of some members, and further details of these can be obtained from the Trustees on request, or at the Sunday services of worship.

From time to time the Church runs courses in parenting, and course for people interested in discovering more about vulnerable adults are appropriately vetted with regard to the Criminal Records Bureau.

Structure, governance and management

The Church is governed by an Approved Governing Document which states that the principal purpose of the church is the advancement of the Christian faith according to the principles revealed in the Bible.

Members of the Church are accepted in accordance with the Constitution which requires them to be or to have been publicly baptised on the profession of faith in Jesus Christ, or following other modes of baptism to renew their public profession of faith in Jesus Christ.

The members Meeting normally takes place twice a year and has responsibility for the overall policy of the church. In accordance with the Constitution, there are three Trustees, who together are responsible for the day to day running of

All members are encouraged to take an appropriate part in the spiritual and practical tasks involved in the furtherance of the charitable objective. Relevant matters may be submitted to the Church meeting by the Trustees for guidance, or may be raised by members in Church meeting for further consideration by the Trustees.

Trustees remuneration and related party transactions

Mr Evelin Todorov (trustee) received remuneration of £20,101 (2023:£21,325) during the year. V Todorov, wife of Mr E Todorov received £10,500 (2023:£8,320) as remuneration during the year.

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Bulgarian Evangelical Church "Spring of Life"

Trustees' Report for the period ended 31 October 2024

Reserves Policy

The trustees consider that reserves sufficient to cover 3-6 months of running costs of the charity should be maintained. This amount ranges between £4,200 and £8,400. Reserves held in unrestricted funds at the year end stood at £16,724 which is over the range required.

Financial Review

Total income including donations and collections was £49,618 (2023:£53,275) during the period. After expenditure on church activities of £45,320 (2023:£41,659) it had a net income of £4,298 (2023: £11,616) at the period end.

Public Benefit

guidance on public benefit and the supplementary public benefit guidance for charities whose aims include advancing religion when reviewing the charity's aims and objectives and in planning future activities.

Going Concern

The trustees are satisfied that the charity will continue to be a going concern for the foreseeable future.

Statement of Trustees' Responsibilities

accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

a) select suitable accounting policies and apply them consistently;

b) observe the methods and principles in the Charities SORP;

c) make judgments and accounting estimates that are reasonable and prudent;

d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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Bul arian Evan elical Church "S rln of Life" Trusiee5' RepDrt ror the Feriod end 31 October 2024 The trustees are reS￿n$1ble for keeplngadÈquatè accountinA records th dt5c105e wrth ieasonable accuracy at any Ilme the financ￿1 p05f(ion of the charity and enablethem to ensure that ihefinan¢ial srarèrnents cofflpty w￿h the Charitie5 Aa 2011. rhe CharK<y IAccounis and Reportsl Re8ulion$ and the Prov￿10￿$ of Ihe trust deed. They are a150 ièsporslble for safe8uaidin8the 35s*s of the charity and hence foTtakn'nR reasorbable step5 lorthe prevention and deteaion of fraud and other iffegu13riite5. The trustoes are resportslble forthe rnalntenance and integrity of the ¢harity Ind firsanaal tnforrnation included gn the charitTrl5 website. LeRi%lation in the United Kin¥dom governingthe preparation and dissemination of rin4ncial statornents rnay diflerfrom lezlslation in otherjurisdKtloTr5. This report was approved bythe Boaid on 21 P8. ID25 nd Signed on its behalf. On behawof thetrustees Name= £. Tob(o

Independent Examiner's Report to the Trustees of Bulgarian Evangelical Church "Spring of Life" for the year ended 31 October 2024

I report on the financial statements of the company for the year ended 31 October 2024 as set out on pages 6 to 11.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). | report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. 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

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.

Shruti Soni FCCA FCIE Shruti Soni Ltd 117A St Johns Hill Sevenoaks TN13 3PL Date 27/8/2025

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Bulgarian Evangelical Church "Spring of Life"

Statement of financial activities for the year ended 31 October 2024

Income from Donations and collections Other income Total income Expenditure on Charitable activities Governance costs Total resources expended Net incoming/outgoing resourc Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward	Note 2 3 4 es		Restricted funds £ - - - - - - - - - -		Unrestricted funds £ 49,618 49,618 44,600 720 45,320 4,298 4,298 20,741 25,039		Total funds 2024 £ 49,618 - 49,618 44,600 720 45,320 4,298 4,298 20,741 25,039		Total funds 2023 £ 52,438 837 53,275 41,107 552 41,659 11,616 11,616 9,125 20,741

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Bul arlan Evan elical Church . of Lrfe" Balantesheet a5al 31 October 2024 2014 20Z3 Flx•d a5s•ts TèngitAÈassets Total fi#d 4S%•ts 4LX) Currht•ssets DÈbtot5 Cash at bank and in hand Total curFent4Mets I9￿59 7,586 21,286 25,239 Cr•dltws: •mounts fallnid wrthin rJr 545 N•t current ass•ts/lllabllllfj•sl 24.639 2(K741 ToLIl assets less current Mthllll•s 25,039 20,741 loa 25,039 20.741 Th• fvnds ofth• <trorly. Unre5trirted funds-. General fund Total unrL%trlrtedfun 25,039 20.741 25,039 20,741 Total th•fftyfvnéJ 25.039 20.741 These financi41 staternents werÈapFxtsved tytheT1￿tees on and signed on beha 21-08-2015 Name.. Tntstee

Bulgarian Evangelical Church "Spring of Life"

Notes to the accounts for the period ended 31 October 2024

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

(i) Basis of accounting

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 (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK GAAP

The charitable company meets the definition of a public benefit entity under FRS 102.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

The financial statements have been prepared under the historical cost convention.

(ii) Fund accounting

Unrestricted funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for the general purposes of the charity. Funds designated for a particular purpose by the trustees are also unrestricted.

Restricted funds are those funds that must be spent on restricted purposes.

The financial statements include all transactions, assets and liabilities for which the charity is responsible in law They do not include the financial statements of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

(iii) Incoming resources

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. Voluntary income and capital sources

Collections are recognised when received by or on behalf of the charity. Planned giving under Gift Aid is recognised only when received. Tax recoverable on Gift Aid donations is recognised when the donation is recognised. Grants and legacies to the PCC are accounted for as soon as the charity is notified of its legal

entitlement, the amount due is quantifiable and its ultimate receipt by the charity is reasonable certain. Income from fundraising and similar events is accounted for gross.

(iv) Resources expended

Expenditure is accounted on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

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Bulgarian Evangelical Church "Spring of Life"

Notes to the accounts for the period ended 31 October 2024

(v) Fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. The cost of minor additions or those costing below £250 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life. The rates used are as follows: plant and equipment 20%

2 Voluntary income

Sundry donations Gift Aid Total All income in 2024 and 2023 was unrestricted 3 Charitable activities Salaries and wages Travel Church events Rent and similar costs Advertisement IT and equipment Sundry Expenses Donation given Depreciation Music Workshop Total 4 Governance costs Independent examiner's fee - current year Total 5 Staff costs and numbers Staff costs were as follows: Salaries and wages Social Security costs Pension costs Total None of the employee received emoluments of m		Restricted funds £ - - - - - - - - - - - - - - - - ore than £60,000	Unrestricted funds £ 43,546 6,072 49,618 30,310 843 5,967 6,410 - 146 376 200 100 248 44,600 720 720 (2023: None)		Total funds 2024 £ 43,546 6,072 49,618 30,310 843 5,967 6,410 - 146 376 200 100 248 44,600 720 720 2024 £ 30,009 - 301 30,310		Total funds 2023 £ 41,327 11,111 52,438 29,543 785 3,105 6,983 74 130 287 200 - - 41,107 552 552 2023 £ 29,088 - 455 29,543

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Bulgarian Evangelical Church "Spring of Life"

Notes to the accounts for the period ended 31 October 2024

6 Trustee remuneration and expenses

Mr Evelin Todorov (trustees) received remuneration of £20,101 (2023: £22,953) during the year. V Todorov, wife of Mr E Todorov received £10,500 (2023:£8,320) as remuneration during the year. Expenses amounting to nil (2023: nil) were reimbursed to trustees during the period for rent, travel, and other church expenses.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.

7 Tangible fixed assets

Cost At 1 November 2023 Additions Disposals At 31 October 2024 Accumulated depreciation At 1 November 2023 Charge for the year Disposals At 31 October 2024 Net book value At 31 October 2024 At 1 November 2023 8 Debtors Other debtors Prepayments Accrued income Total 9 Creditors: amounts falling due within one year Accruals Pension Payable Total		Computer Equipment £ 500 500 (500) 500 500 100 (500) 100 400 -		Total £ 500 500 (500) 500 500 100 (500) 100 400 - 2024 £ 402 2,242 17,215 19,859 2024 £ 600 - 600		2023 £ 2,558 11,142 13,700 2023 £ 480 65 545

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Bulgarian Evangelical Church "Spring of Life"

Notes to the accounts for the period ended 31 October 2024

10a Analysis of net assets between funds

Current assets Current liabilities Net assets 31 October 2024	General funds £ 25,239 (600) 25,039	Designated funds £ - - -	Restricted funds £ - - -		Total funds £ 25,239 (600) 25,039

10b Analysis of net assets between funds

Current assets Current liabilities Net assets 31 October 2023		General funds £ 21,286 (545) 20,741		Designated funds £ - - -		Restricted funds £ - - -		Total funds £ 21,286 (545) 20,741

11a Movements in funds

At 1 November 2023 £ Unrestricted funds General fund 20,741 Total unrestricted funds 20,741 Total funds 20,741		Incoming resources £ 49,618 49,618 49,618		Outgoing resources £ (45,320) (45,320) (45,320)	At 31 October 2024 £ 25,039 25,039 25,039

11b Movements in funds

At 1 November 2022 £ Unrestricted funds General fund 9,125 Total unrestricted funds 9,125 Total funds 9,125		Incoming resources £ 53,275 53,275 53,275		Outgoing resources £ (41,659) (41,659) (41,659)	At 31 October 2023 £ 20,741 - 20,741 20,741

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