Charity registration number:1187924 Limited company number 12039007
## Bulgarian Fellowship
(A company by guarantee and entitled to exclude Limited in the name)
Annual Report and Financial Statements For the Year Ended 30 June 2021
## **Bulgarian Fellowship**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Statement of Trustees’ Responsibilities|2|
|Independent Examiner’s Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5 to 6|
|Notes to the Financial Statement|7 to 11|
**Bulgarian Fellowship**
## **Reference and Administrative Details**
|**Charity Registration**|1187924|
|---|---|
|**Number**||
|**Limited number**|12039007|
|**Independent Examiner**|Stephen D S Baker ACA MAAT|
||Westlands Accountants|
||Chartered Accountants|
||McMillan House|
||6 Wolfreton Drive|
||Anlaby|
||HU10 7BY|
|Registered office|34B South Street|
||Bishop’s Stortford|
||Hertfordshire|
||CM23 3AZ|
|Start date|1stJuly 2020|
|End date|30thJune 2021|
**Bulgarian Fellowship**
## **Statement of Directors’ Responsibilities**
## Aims and objectives.
The directors of Bulgarian Fellowship strive to make its activites line up with its two objectives and the charities commission recommendations of the charity commission on public benefit.
Those objectives are
1. To help advance the Christian Faith in accordance with belief and faith.
2. To teach and preserve the Bulgarian culture.
## Statement of directors’ responsibilities.
Company law requires the directors to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the company and of the profit and loss of the company during the period. In preparing those financial statements the directors are required to:
- Select suitable accounting policies and then apply them consistently
- Make judgements and estimates that are reasonable and prudent
- Prepare financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking steps for the prevention and detection of fraud and other irregularities. In preparing this report the directors have taken advantage of special provisions of the Companies Act 2006 relating to small companies.
Approved by the director of the Company on 6[th] September 2021 and signed on its behalf by:
…………………..
Mr Bojidar Simeonov (Director)
## **Bulgarian Fellowship**
## **Independent Examiner’s Report**
I report on the accounts of the company for the year ended 30[th] June 2021 which are set out on pages 4 to 11 .
We 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.
## **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 needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England & Wales.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of 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 statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me a reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act 2011; and
- to prepare accounts which accord with the accounting records and 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.
…………………….. Stephen D S Baker ACA MAAT Westlands Accountants Chartered Accountants McMillan House 6 Wolfreton Drive Anlaby HU10 7BY Date: 6[th] September 2021
**Bulgarian Fellowship**
## **Statement of Financial Activities for the Year Ended 30 June 2021**
|**Note**
**Income and Endowments**
**from:**
Voluntary Income
2(a)
Activities for Generating Funds
2(b)
Total income
**Expenditure:**
Expenditure on Church Activities
3(a)
Cost of Generating Funds
3(b)
Governance Costs
3(c)
Total expenditure
Net Income/(Expenditure) before
investment gains
Net gains on investment
4
Net Income/(Expenditure)
Transfers Between Funds
Net Movement in Funds
Fund Balances brought forward
Fund Balances carried forward
30 June 2021|**Unrestricted**
**funds £**
**Restricted**
**£**
**Total 2021**
**£**
**Total 2020**
**£**
33,016
-
33,016
31,222
-
-
-
-|
|---|---|
||33,016
-
33,016
31,222|
||5,679
-
5,679
10,195
-
-
-
-
600
-
600
600|
||6,279
-
6,279
10,795|
||26,737
-
26,737
20,427|
||-
-
-
-|
||26,737
-
26,737
20,427
-
-
-
-
26,737
-
26,737
20,427
20,427
-
20,427
-|
||47,164
-
47,164
20,427|
**Bulgarian Fellowship**
## **Statement of Assets and Liabilities for the Year Ended 30 June 2021**
|**Note**
**Fixed assets**
Tangible
Investment
**Current Assets**
Debtors & Prepayments
Short term Deposit
Cash at Bank and in Hand
**Liabilities**
Amounts falling due within a
year
**Net Current**
**Assets/(Liabilities)**
**Total Net Assets**
**Parish Funds**
Unrestricted
Restricted
**Total Funds**|**Unrestricted funds £**
**Restricted funds £**
**Total 2021**
**£**
**Total 2020**
**£**
-
-
-
-
-
-
-
-|
|---|---|
||-
-
-
-|
||50,898
-
50,898
-
-
-
-
-
36,866
-
36,866
61,027|
||87,764
-
87,764
61,027|
|||
||(40,600)
-
(40,600)
(40,600)|
||47,164
-
47,164
20,427|
||47,164
-
47,164
20,427|
||47,164
-
47,164
20,427
-
-
-
-|
||47,164
-
47,164
20,427|
**Bulgarian Fellowship**
## **(Charity number number: 1187924)**
## **(Limited number 12039007)**
## **Balance Sheet as at 30[th] June 2021**
For the year ended 30[th] June 2021the company was entitled to exemption from an audit under section 477(2) of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 475 of Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 5 to 11 were approved by the directors, and authorised for issue on 6[th] September 2021 and signed on their behalf by:
……………………………………….
Bojidar Simeonov (Director)
**Bulgarian Fellowship**
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **1. Accounting policies**
## **Going concern**
The directors have at the time of approving the financial statements a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Income**
Income in the Statement of Financial Activities is recognised when the Company has entitlement to the funds, any performance conditions attaching to the item(s) have been met, it is probable that the income will be received, and the amount can be measured reliably.
Donations, grants, gifts and lettings income are recognised when receivable.
Income from legacies is recognised once probate has been granted, provided that the income will be received to enable valuation of the Church’s entitlement.
## **Expenditure**
Expenditure is included in the Statement of Financial Activities on an accruals basis and includes irrecoverable VAT.
## **Tangible fixed assets and depreciation**
## _Other fixed assets_
All assets are recognised at full value in the year they are acquired.
## **Debtors**
Debtors represent monies expensed due back to the entity.
## **Creditors**
Creditors, loans and provisions are recognised where the Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## _Unrestricted Funds_
These represent the remaining income funds of the Company that are available for spending on the general purposes of the Company, including amounts designated by the Company for fixed assets for its own use or for spending on a future project and which therefore are not included in its ‘free reserves’ as disclosed in the trustees’ report.
## _Restricted Funds_
These are income funds that must be spent on Designated purposes as follows:
## **Bulgarian Fellowship**
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **2. Incoming Resources**
|**2(a) Voluntary Income**
**Planned Giving**
Gift-Aided Giving
Non-Gift Aided Giving
Non-Gift Aided Digital Giving
Other Planned Giving
**Collections at Services**
Collections – Regular Services
Collections – Weddings/Funerals
**Total Voluntary Income**
**2(b) Activities for Raising Funds**
Fundraising Events
Income from Trading
Income from Hall Lettings
Club Contributions
**Total Incoming Resources**|**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total 2021**
**£**
**Total 2020**
**£**
-
-
-
-
33,016
-
33,016
31,222
-
-
-
-
-
-
-
-|
|---|---|
||33,016
-
33,016
31,222|
||-
-
-
-
-
-
-
-|
||-
-
-
-|
|||
|||
||**33,016**
-
33,016
**31,222**|
||-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**|
||**-**
**-**
**-**
**-**|
|||
||**33,016**
-
33,016
**31,222**|
**Bulgarian Fellowship**
## **Notes to the Financial Statements for the Year Ended 30 June 2021 (Continued)**
## **3. Resources Expended**
|**3(a) Expenditure on Church Activities**
**Wages, Salaries, Clergy Costs**
Salaries & Wages
Other Staff (In-Direct Costs)
Clergy & Vicarage costs
**Church Mission & Evangelism**
Mission – Education & Training
Mission – Evangelism
Mission - Outreach
**Church Upkeep of Services**
Church – Upkeep of Services (People)
Church – Upkeep of Services (Worship
Resources)
Church – Provision of Music
**Church Administration & Upkeep**
Church – Administration Costs
Church – Maintenance & Upkeep
Church – Vehicle Costs
Church – Utilities
Church - Depreciation
**Major Repairs & Other Properties Costs**
Church - Major Repairs
Hall – Major Repairs
Other Properties
**Total Expenditure on Church Activities**|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total 2021**
**£**
**Total 2020**
**£**|
|---|---|
||-
-
-
-
-
-
-
-
-
-
-
-|
||**-**
**-**
**-**
**-**|
||-
-
-
-
-
-
-
-
-
-
-
-|
||**-**
**-**
**-**
**-**|
||-
-
-
-
2,833
-
2,833
6,508
-
-
-
-|
||**2,833**
**-**
**2,833**
**6,508**|
||359
-
359
1,953
-
-
-
1,734
487
-
487
-
2,000
-
2,000
-
-
-
-
-|
||**2,846**
**-**
**2,846**
**3,687**|
||-
-
-
-
-
-
-
-
-
-
-
-|
||**-**
**-**
**-**
**-**|
|||
|||
||**5,679**
**-**
**5,679**
**10,195**|
**Bulgarian Fellowship**
## **Notes to the Financial Statements for the Year Ended 30 June 2021 (Continued)**
|**4. Current Assets**
**5. Liabilities**
**Amounts falling due within one year**
Deferred Income
Charity Collections
Bank loans
Accruals
**Total at 30 June 2021**
**3(b) Costs of Generating Funds**
Fundraising Trading – Church Activities
Fundraising Trading – Other (e.g. Shop)
Investment Management Costs
Bank Charges & Interest Payable
**3(d) Governance Costs**
Independent Examiners Fees
**Total Resources Expended**
**a) Debtors**
Churches overseas
**Total Deposits**
Investments
**Total Investments**
**Total at 30 June 2021**||**Unrestricted**
**Funds**
**£**
**Restricted**
**funds**
**£**
**Total 2021**
**£**
**Total 2020**
**£**
-
-
-
-
-
-
-
-
40,000
-
40,000
40,000
600
-
600
600
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total 2021**
**£**
**Total 2020**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
**-**
**-**
**-**
**600**
**-**
**-**
**600**
**6,279**
**-**
**6,279**
**10,795**
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total 2021**
**£**
**Total 2020**
**£**
50,898
-
50,898
-
-
-
-
-
-
-
-
-
-
-
-
-
50,898
-
50,898
-|
|---|---|---|
||||
||||
||||
||||
|||**40,600**
**-**
**40,600**
**40,600**|
## **Bulgarian Fellowship**
## **Notes to the Financial Statements for the Year Ended 30 June 2021**
## **6. Fund Analysis**
|**Fund**
**Type**
General Fund
Un-Restricted
Restricted|**Balance**
**opening**
**Incoming**
**Resources**
**Resources**
**expended**
**Investment**
**gains/(losses)**
**Transfers &**
**other**
**adjustments**
**Balance as**
**at 30th June**
**2021**
20,427
33,016
(6,279)
-
-
47,164
-
-
-
-
-
-|
|---|---|
||**20,427**
**33,016**
**(6,279)**
**-**
**-**
**47,164**|