Charity number: 1168168
HOLY TRINITY ROMANIAN CHURCH
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
HOLY TRINITY ROMANIAN CHURCH
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 - 18 |
HOLY TRINITY ROMANIAN CHURCH
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
Trustees Gheorghe Lucaciu, Chair Aurel Ardelean Corneliu Popa David Gabriel Prunean
Charity registered number 1168168 Principal office 45 Barmouth Avenue Perivale Greenford UB6 8JS Accountants GIL Accountancy Services 177 Ballens Road Chatham Kent ME5 8PG
Page 1
HOLY TRINITY ROMANIAN CHURCH
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the HOLY TRINITY ROMANIAN CHURCH for the 1 April 2022 to 31 March 2023.
Trustees who served during the year were: Gheorghe Lucaciu, Chair Aurel Ardelean Corneliu Popa David Gabriel Prunean
Objectives and activities
Policies and objectives
The main objective among others is the advancement of the christian faith in such ways as the charity trustees may from time to time decide.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Activities undertaken to achieve objectives
The church held weekly open door church services during the year providing spiritual nourishments to its members as well as providing several welfare assistance where there trustees identified a need.
Achievements and performance
Main achievements of the Charity
During the year, the charity undertook several welfare and overseas projects aimed at sharing the message of God's salvation and bringing relief to people who are in dire need. These included buying and distribution of bibles, providing equipments to start up churches and several poverty allevation initiatives.
Financial review
Total receipts during the year was £545,469 (2022: £527,887). Total expenditure for the year was £471,361 (2022: £386,783). The detailed breakdown of the accounts can be found in the accompanying SOFA, balance sheet and notes.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
HOLY TRINITY ROMANIAN CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Reserves policy
The trustees aim to build up reserves to enable the CIO to acquire its own place of worship and operations. This has been identified as a key success factor by the trustees in order to fully realise the charitable objects of the charity.
Structure, governance and management
Constitution
HOLY TRINITY ROMANIAN CHURCH is a registered charity, number 1168168, and is constituted under a Trust deed.
Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Organisational structure and decision-making policies
No new trustee was appointed during the year. The board of trustees set the direction and policy framework for the Church. The board also put in place the process for reviewing, evaluating and implementing appropriate risk management framework.
Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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HOLY TRINITY ROMANIAN CHURCH
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent Examiner's Report to the Trustees of HOLY TRINITY ROMANIAN CHURCH ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of (enter body here), which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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 that the accounts give a 'true and fair' view which is not a matter considered as part of an independent 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 27 January 2024 D Tabiri FCCA
177 Ballens Road, Chatham. ME5 8PG
Page 5
HOLY TRINITY ROMANIAN CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Total income Expenditure on: Raising funds 4 Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 545,469 545,469 72,060 399,301 471,361 74,108 779,655 74,108 853,763 |
Total funds 2023 £ 545,469 545,469 72,060 399,301 471,361 74,108 779,655 74,108 853,763 |
Total funds 2022 £ 527,887 |
|---|---|---|---|
| 527,887 | |||
| 62,081 324,702 |
|||
| 386,783 | |||
| 141,104 | |||
| 638,551 141,104 |
|||
| 779,655 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 6
HOLY TRINITY ROMANIAN CHURCH BALANCE 8HEET A8 AT 31 PAARCH 2023 2023 Flxed 888•ts 782.131 87.tr22 782.134 10 2N3 87,506 725,864 90.079 724864 11 <1B,450) (13.544J 71,629 712.320 T(•l Il•blllttè¥ 8S3.763 780, 142 than ¢Th yaar 12 Ilèt 0XdIng p•nslon at 853.763 853.763 UnresthLtsd fvnds a53.763 153,163 ttir b*wifby.' 18 Im w of thom $lAlam•nh. Page 7
HOLY TRINITY ROMANIAN CHURCH
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 9 to 18 form part of these financial statements |
2023 £ 137,419 (775,777) (775,777) - (638,358) 725,864 87,506 |
2022 £ 189,843 (38,354) (38,354) - 151,489 574,375 725,864 |
|---|---|---|
Page 8
HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
Charity registered number 1168168
Principal office
45 Barmouth Avenue, Perivale, Greenford, UB6 8JS
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
HOLY TRINITY ROMANIAN CHURCH meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third 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 direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Freehold property | - |
|---|---|
| Plant and machinery | - 20% straight line |
| Motor vehicles | - 20% straight line |
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.9 Finance leases and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 545,469 Unrestricted funds 2022 £ Donations 527,887 |
Total funds 2023 £ 545,469 |
|---|---|
| Total funds 2022 £ 527,887 |
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
4. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2023 £ Wages and salaries 72,060 Unrestricted funds 2022 £ Publicity 14 Wages and salaries 62,067 Total 2022 62,081 |
Total funds 2023 £ 72,060 |
|---|---|
| Total funds 2022 £ 14 62,067 |
|
| 62,081 |
5. Analysis of expenditure by activities
| Church activities Overseas missions Total 2023 |
Activities undertaken directly 2023 £ 295,543 42,928 338,471 |
Support costs 2023 £ 60,830 - 60,830 |
Total funds 2023 £ 356,373 42,928 |
|---|---|---|---|
| 399,301 |
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of expenditure by activities (continued)
| Church activities Overseas missions Total 2022 Analysis of direct costs Depreciation Donations Welfare expenses - Social Rent & Hall hire Repairs and maintenance Hospitality & protocol Overseaas missions Youth and Sunday school Equipment hire Books, Cds etc Church and ministry expenses HP interest |
Activities undertaken directly 2022 £ 197,908 69,794 267,702 |
Support costs 2022 £ 57,000 - 57,000 Total funds 2023 £ 61,466 48,099 4,649 104,926 35,662 10,377 42,928 1,980 350 527 27,138 369 338,471 |
Total funds 2022 £ 254,908 69,794 |
|---|---|---|---|
| 324,702 | |||
| Total funds 2022 £ 37,602 44,867 18,553 76,689 515 6,533 69,794 3,240 - 2,529 7,011 369 |
|||
| 267,702 |
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Subscriptions Printing, postage and stationery Motor running expenses Travelling & subsistence Sundry expenses Bank charges Accountancy fees Telephone, internet & Church Apps Insurance |
Total funds 2023 £ - - 33,451 15,769 2,070 1,355 1,870 2,998 3,317 60,830 |
Total funds 2022 £ 541 1,676 21,241 15,231 6,060 2,423 3,100 5,787 941 |
|---|---|---|
| 57,000 |
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,500 (2022 - £2,500) , and other accountancy related services of £600 ( 2022 - £1,908 ).
7. Staff costs
| Wages and salaries | 2023 £ 72,060 72,060 |
2022 £ 62,067 |
|---|---|---|
| 62,067 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Staff | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .
9. Tangible fixed assets
| Cost or valuation At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 Debtors Due within one year Other debtors |
Freehold property £ - 711,131 711,131 - - - 711,131 - |
Plant and machinery £ 154,070 64,645 218,715 103,398 54,678 158,076 60,639 50,672 |
Motor vehicles £ 23,940 - 23,940 6,788 6,788 13,576 10,364 17,152 2023 £ 2,573 2,573 |
Total £ 178,010 775,776 |
|
|---|---|---|---|---|---|
| 953,786 | |||||
| 110,186 61,466 |
|||||
| 171,652 | |||||
| 782,134 | |||||
| 67,824 | |||||
| 2022 £ - - |
10. Debtors
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. Creditors: Amounts falling due within one year
| Other taxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income |
2023 £ - 487 15,463 2,500 18,450 |
2022 £ 914 5,470 4,660 2,500 |
|---|---|---|
| 13,544 |
12. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net obligations under finance lease and hire purchase contracts | - | 487 |
13. Financial instruments
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 87,506 | 725,864 |
Financial assets measured at fair value through income and expenditure comprise debtors and cash at bank.
14. Summary of funds
| Balance at | ||||
|---|---|---|---|---|
| Balance at 1 | 31 March | |||
| April 2022 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| General funds | 779,655 | 545,469 | (471,361) | 853,763 |
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HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
15. Analysis of net assets between funds
| Unrestricted funds 2023 £ Tangible fixed assets 782,134 Current assets 90,079 Creditors due within one year (18,450) Total 853,763 |
Total funds 2023 £ 782,134 90,079 (18,450) |
|---|---|
| 853,763 |
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Increase in creditors Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2023 £ 74,108 61,466 2,366 137,940 2023 £ 87,506 87,506 |
2022 £ 141,104 |
|---|---|---|
| 37,602 11,137 |
||
| 189,843 | ||
| 2022 £ 725,864 |
||
| 725,864 |
17. Analysis of cash and cash equivalents
Page 17
HOLY TRINITY ROMANIAN CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
18. Analysis of changes in net debt
| Cash at bank and in hand Finance leases |
At 1 April 2022 £ 725,864 (5,957) 719,907 |
Cash flows £ (638,358) 5,470 (632,888) |
At 31 March 2023 £ 87,506 (487) 87,019 |
|---|---|---|---|
19. Related party transactions
The HOLY TRINITY ROMANIAN CHURCH has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the HOLY TRINITY ROMANIAN CHURCH at 31 March 2023.
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