Chkn Reglstration Number: 1189599 ORTHO CI DED VRIL 20
OMANIAN ORTHODOX HURCH & CENTRE Charity Reglstratlon Number. 1189599 Reglstered Address: 250 Clapham Road, London, SW9 OPZ TRusfEES Rev. Silviu Petre PuFULE Rev. Constantin POPESCU-cIRsrusCu Luminita-Elena PROCOPIE Marlus DF14GHICI Gheorghe Cristian CHELCEA Aurel-vasile ABRUDAN BANKERS CAF BANK 25 Klngs Hill Avenue, Kings Hill, West Malling Kent, ME19 4JQ Wise 6th Floor, The Tea Bulldlng 56 Shoredich High Street London, El 6JJ Auditor Brian Paul Limited Chase Green House 159a Chase Side Enfield Middlesex EN2 OPW
REPORT OF THE TRusfEES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their report and the financial statements of the charity for the year ended 5 Aprll 2024. The finanaal statements have been preparejj under the ac£ounkn'ng policies set in notes to the Kcounts and comply wlth the Chartvs governing documen¢ the Charitie5 Att 2011 and Statement of Reccffimended Practi (SORP)"Accountlng and Reportlng by chatIes. (FRS 102) (Second Edltlon, effective l January 2019). srRucfuRE, GOVERNANCE AND MANAGEMEiir The Romanian Orthodox Churth & Centre (fom)edy registered Trust under charity no 1111506) 15 a Charitsbie Incorporated Organisation (CIO) registered with the Charfty Commlssion on 21 May 2020, wlth charity reg 1189599. On 14 December 2021, the tru5teas of the old Trust approved its dosure and the transfer of assets, liabilities, and undertakiTrJs to the CIO effective from 15 December 2020, he Transfer Date". The tru5tee5 of the CIO subsequently approved the transfer from the Trust, wlth approval from the Charlty Commisgon being received on 24 February 2021, at which pjint the Trust was removed from the Register. The CIO Is governed by Its Constitutlon dated 21 May 2020. The Tnjstees of the ao are as follows: Fiev. Silviu Petre PUFULETE Rev. Constantln POPESCU-CLRSTUCESCU Luminita-Elena PROCOPIE Marfus DRAGHICI Gheorghe Cristian CHELCEA Aurel-vasile ABRUDA Tn&ees hwe the power to apFK)Int new rneMbe onto the Board, each serving a rolllng 3-year terni and may be relerted, Appointments are ratified In accordan with the CIO'S constitution. New Trustees are selected for their general and specialist experien and recelve apwopriate advice and dUMerta0n. Trustee engagement is an ot¥Jolng process. Trustees are encouraged to attend appropriate extemal trainir#J events, which facilitate the understsnding of their role. The Charltys actrltles are dlrected at regular meetlngs of the Tnjstees. The trustees have no berEficlal Interest in the charity, and none CeIved any remunerion durirKJ the peri(Nd. The CIO has no offlce premlses or support staff. The Tnjstees do any necessary work at their own office premises and hold formal meetings at convenlent lOcaons. The CIO'S registered addre is 250 aapham Road, London, SW9 OPL PUBUC BENEFrr srATEMErir The TNstees confirm that they have complied with the duty set out under section 17 of the Charities Att 2011 to have due regard to the Charity Commission's guidan on publlc benefit 'Charfcies and Public Benefiv in devdoping the objeth'ves for the year and in planning artSwties. OBJEcfIvES AND AcfiviTIES The Romanlan Orthodox Church & Centre (ROCC) was established by a (haritsble trust deed on 21st May 2020 and bame a registered chaiity in May 2020. The charitable trust's obJeLts are.. To advance the Rcffnanian Orth(xJox fah for the benefit of the publlc by the provisi of a Romanian Oth(l0x Church Community Centre in the Unlted ngdOM.
ROMANIAN ORTHOD X CHURCH CENTRE REPORT OF THE TRusfEES FOR THE YEAR ENDED 5 APRIL 2024 piriN ED To advance the Romanian OrthTrJox faith through provision of educatI¢al, arts and CLltural aLltieS at the Church and Communty Centre. To bulld othWISe acqulre and maintsin a Romanian Orthodox Church and rel&ed community centre; To advan the Christlan rellglon and in partiojlar to a55iSt the work of the Romanian Orthodox Church in the United ngdoM through its own actiwty indLKling but not limited to holding religious Sery1 ond public celebrats'ons of rellgityjs events. ACHIEVEMEKfs AND PERFORMANCE The tNstees of ROCC have remained committed to ensuring the smwth running of the cperatlonal acdvltles of St George Parish, includlng supporting the Parothlal School and all associated church activities. Despite the challenges presented by the global economic downtum, rising costs of living, and the conflict in Ukrdine, the tharity has maintsined robust flnancial health due to continued support from Its donors. Durlng the year ending 5 Aprll 2024, the trganlzation saw a significant increase in voluntsry dcK)ations, demonstrating the enduring generosty of the Romanian OrthrAdox communty. This financial stability has allowed ROCC to pursue and achieve key objectives, including the development of its strategic projeLts. One of the thartys most significant achievements was reaching a pivotal milestone In the"1 Ctitorl" fBe Founderl,? projert. On 15 December 2023, ROCC successfully acquired St Paul's Church, located at 102a Church Street, Enfield (EN2 6AR). This acquisition marks a cwclal step towards creatlng a dedicated 4)ace for Orthodox Christian religlous serv15 and cultural actIvIes, Sern9 the Romanlan community across Greater London and the Urwted ngdoM as a whole. This hieVeMent was made sSIble through substartial grants provided by: The Romanlan Mlnlstry of Religious Affalrs (Secretsriatul de Stst pentru Culte) The Department for Romanians Abroad (Departamentul pentru Romanii de Pretutindeni) The Romanian Orthodox Church in the United Kingdom Trust (Charty Number 1191639) Generous donatlons from the Romanian Orthodox c(Knmunty, contributed over a number of yea FINANCIAL REVIEW The chartvs fiTran are overseen by the Board of Trustees. The financval p&tsrmance of the Romanian ChthLYlox Churth & Centre for the year ended 5 April 2024 refiects signfflcart progress, particularly in the acquisition of a rmanent thurch buildlng and centre. Total income for the year was £2,741,429 (2023: £363,954). comprisng of grants and donatlons of £2,475,931, drlven primarity by the "Fll Ctitorl" C'Be a Founderlj projett, including subsiantial grants and communlty contributlons. General donations frcm chaiitable actlvities £241,576 {2023.' £212,211) and interest reIvable of £23,922 (2023.. £6,958). Totsl expenditure for the year was £105,542 (2023: £64,307), prlmarily covering Churth rent and Qhurch related expense& This resulted In a net surplus of £2,635,887 (2023,. £299,fA7). Unrestricted funds have Increased from £374,812 to £546,604, refiecting the operdtlonal surplus after covering ongolng activities. Restricted fijnds have Increased from £797,082 to £3,261,177, earmarked for the church and communlty centre development.
ROMANIAN ORTH 5 APRIL 202 CONTINUED Axed assets have [eaSed to £2,848,479 (2023: £2,081), prlmarfty due to the acquistion of St Paul's Church in Enfield. Current assets of £973,869 {2023: £1,198.980), mainly comprising cash at bank. RESERVE POLICY The Trust are keenty aware of the need to secure Charltys future beYcd the Immediate day-to-day requlrements. The charlty believes that tt wlll nead reserves to cover at least 6 months of the operation activiknes and other related communlty projetts of ÉIOO,000. As of 5 April 2024, the free SelVeS posltion was £546,604 (5 April 2023; £374,812) signlflcantly exceedlng the targe¢ refiecting the charitys rob( financlal posltlon. GOING COPICERN The Trustees are confident that the charfty on continue as a gJing conrn for a period of at least tre1ve months from the date of approval of these finanaal statements. The Trustees also have a reasonable expectatton that the charlty will have adequate resources to continue in operat"(x) the foreseeable future. TAXATION As the ao is a charity, it is recognised as such by HMRC for taxation purposes. k a re5uIt, there is no liabilty to tsxatlon on any of its irKome. The CIO also lStered Itself with HMRC for Glft Ald purposes In June 2022. RISK POLICY The Trustees are responsible for overseeing risks Fdced by the Charfty. Rlsks are identlned, assessed, and cortrols are estatllshed throughout the year. A review of the charfty's risk management processes Is undertaken annually. The Trustees have consilered the major risks to whlch the charity is exposed aThJ are satisfied that appropriate procedures are in pla to mib'gate those risks. One of the previous key risks Identified by the trustees was the potential loss of access to a place of worshlp. This risk has now been significandy mitigated following the acqulsition of St Paul'5 Cthurth, Ic£&ed at 102a Church stree¢ Enfield. The acquisition ensu a permanent and secure Icmztyon for Romanian Otthodox rellglous services and community atttvitles The trustees remain committed to malntalnlng strong relationships wfch extemal akeholders and continue to explore oppothntties for further development to support the community's growing needs. For any dvil liabilitie5 related to all the thurch related attivities, an annual Insuran tJlicy Is wt In pla. AJI other health and safety rfsks assoclated wlth the church related activitles a mitigatsd by strirt rules applied during the serviw and other act[vleS. FUNDRAISING POLICY The tharlty does not use fundraising se1, consultsnts, or external professlonal fundraisers to undertske its fundrdising actSwtie& Additionally, no data is shared with or g)Id to any external agenae& PLANS FOR THE FimiRE The '1 Ctitorl" ("Be a Founderl") project has achieved a major milestone with a chLrch buildiNJ and ntre being acquired on 15 December 2023 - St Paul'5 Church, 102a Church Street, Enfield (EN2 6AR). The trustees, vision for St Paul's Church indudes adapt]ng the bullding to better suit (thOdOX ristian worship and to serve as a nter for cultural educational activities. These developments align with the charivs objectives and wlll enhance its capacty to suppY)rt and uplift the Romanian community auoss the UK. Contynue to provide operational support to the St George Parish and 'Sfintii Brancovenl. Fèrochial School.
ANTAN THODO CHURCH & CEpifRE PORT OF THE T ED srATEMENT OF TRusfEES RESPONSIBILMES The trustees are responsible for preparing the Repjrt of the TrLtstees and the flnanclal statements in accordance with applicable law aThJ United ngdorn Accountlng Standards (Unlted ngdoM Generally Accepted Acci)untlng Practlce), Indudlng Financial Reporting Standard 102 Yhe Finanaal Reporbng Standard aPIcable in the UK and RepuLlic of Ireland" Charity law requ1$ the trustees to prepare financial statements for each flnanclal year whlth give a true and fair view of the Situati of the charlty and of the Incoming resources and applicatlon of SoUrces. including the Income and expenditure, of the charity for that perotsj. In preparing th¢)se financial statements, the trustees are requlred to: select suitable accounting policles and then appty them con51stentiy serve the methods and princlples in the Charity SORP make judgements and estimate5 that are reasonable and prudent prepare the financlal ststements on the going conrn basis unless it is inappropriate to presume that the charity vlll continue in bu&ness. The twstees are responsible for keeplng accountlng records that are sufficient to slvjw and explain the charlty's transacuons and dlsclose wlth reasonable accuracy at any time the flnanaal posIon of the charity and enable them to ensure that the financial ststements compty with the Charities Art 2011 and regulatiorfj made thereunder. They a also resFonsible for safeguardlng the assets of the charity and hence for tsking reasonable steps for the pventIOn and detection of fraud and rrther irregularitses. In so far as the trustees a aware: there is no relevant information of which the charivs auditors are unaware; and the trustees have tsken all steps that they ought to have tsken to make themselves. awa of any relevant audit information and to estsbllsh that the auditors are aware of that Infomiatton. This report was agreed and signed on behalf of the Board of Trustees on Chairman - stantin PopesLv Date: 30 April 2025
ROMANIAN RTH DOX RCH Independert auditorfs report to the trustees of the Romanian Orthodox Church & Centre Year Ended 5 April 2024 Opin•on We have aLNlited the finar101 statements of The Romanian (>thodox Clwrth and Centre for the year ended 5 April 2024 which comprise of the Statement of Financial Acbvities, Balan Sheet, Cash Flow Statemen¢ and note5 to the financial statements, includlng a summary of slgnlficant accountlng poliaes, The flnanclal reporting framework that has been applied in their preparatlon is appllcable law and Unlta Klngdom Accounting Standar(ts, induding Finanaal Reporfjng Standard 102 The nan0alReort1ng Stsndardapplicable in the UKand RepublIcofl18nd(unIted ngd(ffn Generalty ACpted Accountlng Practice). In our opinlon, finanaal ststements: give a true and fair view of the stste of the charity s affairs as at 5 April 2024 and c¢ the net movement in funds for the year then ended; have been woperfy prepared In accordan wlth ued Kingdom Generalty Accepted Accounting Pract1, and have been prepared in accordan with the reqUIrnents of the Charities Att 2011. Basis for oplnlon We have been appointed as auditor under section 144 of the Charfties Act 2011 and report In acce{dan with the Act arKi relevant regulatlons made or hang effect thereunder. We condurted our audit in accordan wth Internatknnal Standards on AUding (UK) (ISAS (UK)) and applicable law. Our responsibilibes under those standards are fvrther described in the Auditorfs responsibilities for the audit of flnanoal statements settion of our report. We are indepeThJent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial ststnets in the UK, includlng the FRCS Ethlcal Stsndard. and we have fulfilled 1r other ethical responsibilities In accordan with these requirements. We believe that the audlt eviden we have obtalned Is suffident and appropriate to provide a basis for our opinion. Conclusions relatlng to going con¢¢rn In auditing the flnanoal statements, we have concluded that the trustees, use of the golng corrn basls of accounting in the preparation of the finanaal statements is appropriate. Based on the worl( we have performe¢J, we have not identified any materlal uncertainties relating to events or condlkions thaL individually or collertlvelyi may cast significant dwbt on the charjvs ability to ConnUe as a going cOnM for a period of at leasi tsvelve months from when the flnanclal statements are authorised for issue. Our responslbiif(ies and the responslblllties of the trustees with respect to golng conctrn are described in the relevant slOnS of this report. The trustees are responsible for the other Infomiadon. The other Snfomiation comprises the informavon Induded in the Ttees, Annual Repjt. Our oplnlon on the financial statements does not cover the other information and, expt to the extent otheIse explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connettion with our audlt of the finanaal Statements, our $r(SIbIlity is to read the othw Information and, in doing so, consider whether the cther Infomation is materially inconsistent with the finanaal statements or knowledge obtsined in the atyjit or otherwise appears to be materially mls5tated. If we identify such materlal Inconsistenaes or apparert materfal mlsststements, we are required to determine whether there is a materlal misstatement In the financial statements or a material miatemert of the other infomiation. If, based on the work we have pefftsrmed, we conclude that there is a material mlsststement of this other infomiation, we are required to &rt that facL We have nothing to report in this regard. Matters on whlth we are required to report by exception We have nothing to report In respect of the following matters in relation to whith the Charities (Accounts and Rewrts) Regulatiors 2008 require us to report to you If, in our opinion: adequate accounting records have not bn kept by the charity; sufFicient accounting record5 have not been kept.
MANZAN TH XCHUR Xndependent auditor's report to the trustees of the Romanian Orthodox thurch & Centre (Contlnued) Year Ended 5 April 2024 the chartty finanaal statemerts are not in agreement with the accountiThJ record5 and rerns. or we have rKt recaved all the infomation and explanation5 we require for our audit. Responsibillties of trustees for the financial statements As explained more fully In the trustees, responsibllttles statement set out on page 4, the trustees are respon%ble for the Preparatic cl the finanaal ststements and for being satlsfied that they give a true and falr vtew, and for such internal ¢trol as the trustees deteIne is necessary to enable the preparatim of financlal ststements that are free from material misstatement, Whetr due to fraud or error. In preparfrKJ the flnancial statements, the trustees are respOnble for assesslng the tharws ablllty to conunue as a going conrn, dlscloslng, as appllcable, matters related to going contsrn and using the going conrn ba&s of accounting unless the trustees either intend to liquidate the chartty or to cease operations, cff have no realistic altemative but to do so. Auditorfs responslbllltles for the audlt af the flnancial ststements Our obJettives are to obtsln reasonable assurance about whether the finandal statsments as a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue an auditor's ret that includes wr oplnlon. Reasonable assurance is a high level of assuran but Is not a guarantee that an audit condutted in accordan with ISAS (UK) will alway5 detect a material misstatement when it exists. Mi5Statements can artse from fraud or error and are considered materlal if, individually or in the aggregate. they could a9)nablY be expected to Influen the economic deci%ons of users tsken on the basls of these financial ststements. Irwularttles, Includlng fraud, are Instsn$ of non-compllance with laws and regulations. We design procedures In line wlth our reswnsibilltles, outlined above, to detett material misstatements in respert of irregularities, Including fraud. The extent to whith our procedures are capable of detetting irregularleS, Ind1ng fraud Is detailed below: Based on cmjr uThJersianding of the charity and the environment in which it opeTrte5, we identified that the principal risks of non-compjlan wlth laws and regulations related to non-compliance with the Charities Law. aTrJ we consKiered the extent to which non-complian might have a materlal effett on the financial ststements. We also consldered those laws and regulatlons that have a dlrert Impact on the preparation of the financial statements such as the Charities Act 2011. We evalvated managemenys incentives and OPFK)rtunitie5 for fraudulent manlpulation of the financial statements (induding the rlsk of oveThide of controls) and determined that the princtpal risks We related to Income not bein9 recognised in the correct period. Audit procedures perfomed by the engagement team Indthled: InSpIrj c0ffesp0ndce with regulators and tsx authorities; Dlscusslons with management induding consideration of kwn or suspected inStsn5 of Tr)n- Complian wlth laws and regulation and fraud,, Evaluating managemenys controls designed to prevent and det IrUlarItIeS. Identifying and testing Journals Challenging assumptlons and Judgements made by management in thelr critical accountlng estimates Because of the inherent limitstions of an audlL there is a risk that we wlll not detect all irregularfcies, indudlng those leading to a material misstatement in the financial ststements or non-complian with regulatlon. Thts rlsk increases the more that compliance with a law or regulation is removed from the events and transactlons refiected in the flnancial statements, as we will be less likely to bKome awafft of Instan of non-compllance. The risk Is also greater regarding irregul3rlUes occurring due to fraud ratr*r than error, as fraLMI involves Intentional concealmen¢ forgery, collusion, omission or misrepresentation.
ROMANIAN ORTHODOX CHURCH & CENTRE Independent auditorfs report to the trustees of the Romanian Orthodox Church & Centre (Continued) Year Ended 5 Aprll 2024 A further description of our responsibilieS for the audlt cl the flnanclal st*ments is located on the Financial Reportlng Counal's website at: www.frc.or .u auditorsres nslbilities. This descrlpts'cffi tsms part of our audltor's rewt. Use of our report This report Is made solely to the chartys trustees, as a bL)ayi in accordan wlth settlon 144 of the charies Att 2011 and regulat(ons made under section 154 of that Act, Our audit work has been undertaken so that we might state to the chanvs trustee5 those matters we are required to state to them in an Auditorfs report and ft)r no other wrpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otr than the chaty,$ tru as a body for our audit worK for this rep)rt, or for the oplnlons we have fomed. Parvez Dalal ACA FCCA Senior Ststutory Auditors For and on behalf of Brian Paul Limited Chartered Accountants & Registered Audltors 159A Chase Slde Enfield EN2 OPW 30(041 15 Brian Paul Limited is eligible to a¢( as an audltor in t8ms of section 1212 of the Companies Act 2006
Notes Unrestricted Restrlcted Funds Funds Total 2024 Total 2023 INCOME FROM Grarts and donavons Charitable activitles interest re1vable 2,475,931 2,475,931 241,576 23,922 144,785 212,211 6,958 241,576 21,135 2,787 TOTAL 262 711 2 478 718 2 741429 EXPENDrruRE ON Raising funds Charitable activities 90,919 14,623 105,542 64,307 TOTAL 105 542 Net Incomel(expenditure) 171,792 2,464,095 2,635,887 299.647 Transfers between funds Net Movement In Fund$ 171,792 2,464,095 2,635,887 299,647 Funds brought fornard 374,812 797,082 1,171,894 872,247 Funds Carried Fonvard 819 3 261 177 1171894 All the charitys activities derlved from contlnuing OFeraticns during the atrfjve firKinclal years. All galns and losses recognised In the year are included in the Ststement of nan0a1 Actlmties. The notes on pages 12 to 16 fomi part of these financial staternts.
ROMANIAN ORTHODOX CHURCH & CENTRE Notes 2024 2023 xed Assets 2 848 479 1848,479 2,081 CURRENT ASSETS Cash at bank Debtor5 973,869 1,198,980 973 1198 980 CURRENT LIABILMES Creditors- all falling due wlthln one year 14,567 29,167 Net Current Assets 959,302 1,169,813 NEf ASSErs 3 807 781 REPRESEPtrED BY Unrestricted fiJThJs Resbicted funds 546,604 3,261,177 374,812 797,082 TOTAL FUNDS 3 807 781 1171894 The accourts were approved by the Trustee5 and signed on ts behalf by.. Rev. Constantin Popescu, Chairman Date: io
ROMANIAN RThODOX CHURCH & CENTRE 2024 2023 CASH FLOW FROM OPERATION AcrIvrrIES Surplu5 for the year 2,635R87 299,647 AdJusth)ents for: Interest Depreaation Movement in worknng optsl: Increasel(decrease) in credIt$ (23,922) (6,958) (14,600) 29,167 Net osh provlded (used in) by operatlng actItte$ 2,598,405 322,896 CASH FLOW FROM INVEsfING ACTivrrIES Intest Purchase of propety, plant and equlpment 23,922 (2,847,439) 6,958 Net osh used by investing acttmtses (2,823,517) 6,958 CASH FLOW FROM FINANCING ACTMries Net cash provided by (used In) finanaw att[vleS CHANGE IN CASH AND CASH EQUIVALENT IN THE REPORTING PERIOD (225,112) 329,854 CASH AND CASH EQUIVALENf AT ThE BEGINNING OF THE REPORTING PEIUOD 1,198,980 869,126 CASH AND CASH EQUIVALErir ATTHE E14D OF THE REPORTING PERIOD 973,868 1,198,980
X CHURCH & CENTRE YEAR ENDED 5 APRIL 2024 ACCOUfmNG POLICIES The prinapal accounting pollcles adoptedi judgements and key sources of estimation uncertalnty In the preparatlon of the financial statements are as follows,. (a) General Infomiatlon and basis of preparation Romanian Orthodox Church & Centre converted from an unincorporated tru* fthe Tru (charty reg no 1111506) to a Charitable Inctywrated Organisatlon Cthe Cto? (d)arty reg no 1189599), was registered wth the Charty Gynmissicfft on 21 May 2020. The tharlty consututes a publlc benefit entity as defined by FRS 102. The financial ststements have been prepared in accordarKe with Accounting and Reporting by Charltles: Ststement of Recommended Pracbce applicable to dNirlties preparing their accounts in accordance wlth the Flnandal Reporting Stsndard applicable in the UK and Republtc of Ireland (FRS 102) (Second Edition, effertive l January 2019), the Char5t Att 2011 and UK Generally ACpted Accounting Prattl. There are Tr) areas of crftlcal Judgmert or estimation used in the preparation of the financial statements. The finanaal statements are wesentsd in pouThJs sterling. (b) Golng concern The Trustees are corrfldent that the tharlty can conttnue as a going concern for a perlod of at least twelve months from the date of approval of these finanaal statements. The Trustees also have a reasonable expettation that the charlty Mll have adequate resour to continue in operaticfft for the foreseeable fijture. (c) Income recognltlon AJI income is recognised On the charity has entidement to the income, it is probable that the Income will be recefved, and the anbjunt of income receivable can be measured reliobly. Grants are remgnised when the tTharity has be notlfled In wtIng of both the amount and setuemert (d) Expenditure Charitable expenditure consists of all expenditure relating to the objects of the Charity. All costs are dirertty attrlbutable to the activities under which they have been analysed. Irrecoverable VAT Is Inded with the catsgory of expense to which It relates. (e) Tanglble Flxed Assets and Dwedatlon TarrfJlble fixed assets are stated at cost less depreaation. Depreciation is provlded a straight-line basls as follows: Church ltsms: 20% on Cost The Charty capitsltses any capitsl costs ave £2,CQO. All costs below the threshold are expensed in the The Charity has chosen not to provlde depredation on the Cathedral Church bulldlngi In Ilne wlth tlIcY and practice of regular Maintenan and repalrs. This ongolng maintenance ensures that the Ildlr¥J remalns in a continual state of paIr, effectivety maintaining ts value over time. An impaimient review Is performed on an annual basis on property which is not subj'ect to depreoation whose unexpired life is estimated at more than 50 years. 12
THEA EAR ENDED (f) Cash at bank and in hand Cash at bank and cash in hand includes cash and short tM hlghly liquid Investments. (g) Credltors and provlslons ed5tors and prowsions are recognlsed where the tharty has a present obligation resulting from a past event that will probably result in the ts7nsfer of fijnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their setdement amount after allowlng for any trade discounts due. (h) Funds The unrestritted funds rewesent funds available for the general tharitable purpose of the charity at the discretion of the trust. Restrirted fund5 are funds whlch are to be used in accordan with specific re5trictN)n5 Imposed by donors or which have been rdiwj by the Charity for specific purposes, The cost of raising and administering such funds are charged against the 5cIfiC fund. The aim and use of each restricted fund are set out in the notes to the financlal ststements. (i) Judgements and key sources of estimatlon uncertainty The judgements that have had the most significant effect cfft amounts reojgnised in the finanaal ststements are the depreciatlon rates. The estimates and associated assumptlons are based on hi5torfcal experien and other relevant factors. The Undertng assumptions which affert these Judgements are rewewed on an ongcing basi5. GRArirs AND DONATIONS Unrestrirted Restrfcted Totsl 2024 Totsl 2023 Grants fBe a Founder tX)natlons fBe a Founde 2,446,066 2,446,066 2475 931 2 475 931 The donation5 for the year ended S April 2023 of £144,785 we all restn'cted. CHARrrABLE AcfivTfIES Unrestrfcted Restricted Totsl 2024 Totsl 2023 General tknnations 241576 241576 241576 241576 212 211 212 211 The general donatlons for the year ended 5 April 2023 of £212,211 We all unrestrlcted. 13
NOTES TO THE ACCOUNTS EAR ENDED 5 APIUL 202 CHAIUTABLE AcrIvrrtES 2024 Total 2023 Unrestrfctsd Restrl(ted Church rent and charyes Other church expenses Support Costs Govemantr costs 46,396 36,fA8 1,875 6,000 90,919 46,396 36,787 16,359 6,000 105,542 39,242 23,714 1,351 139 14,484 14,623 64,307 2024 2023 Legal fees Depreciation Insuran costs 12.500 1,040 311 Total chariiable activities for the prlor year were unrestricted. The charlty dld not have any employees in the current or preceding year. TRusfEES REMUNERATION None of the Trustses (or any persons connectsd with them) received any benefits or remuneratlon from the Charfty during the year (2023: none). AUDrroRS REMUNERATION 2024 2023 Audit fees FIXED ASSErs Church Items Asset under c¢$tructIOn Freehold land and building Total Cost At 6 April 2023 Additions At 5Aprfl 2024 5,201 5,201 2 847 438 2,852,639 2 808 140 2,808,140 5,201 39,298 DeprlatIon At 6April 2023 Charge for the perfod At 5 April 2024 3,120 3,120 4,160 4,160 Net Book Value 5April 2024 SAprll 2023 14
NOTES TO THE ACCOUNTS CREDrroRS 2024 2023 Church rent and charges Audlt fees 8,567 29,167 14,567 29,167 REsfRICtED FUNDS Balance 61412023 Incoming Resources Transfers Resources Experbded Balance 51412024 Be a Founder (Fil ParoKhial School 796,212 870 2,478,718 (14,623) 3,260,307 870 797,082 2,478,718 (14,623) 3,261,177 Balance 61412022 Incomlng Resources Transfe Resources Expended Balance 51412023 Be a Founder C Fil C ParocFMal School 651,427 870 144,785 79S,212 870 652,297 144,785 797,082 Be a Founder ("Fij Cyltorl? The fijnds have been set aside to build or otheN4lse acquire and maintaln a R(Mnanlan Othdox Church and related Q)mmunity Centre. Parothial Sthool The funds have been set aside to advan the Romanlan Orthcdox Pdlth through the provision of educatlonal, arts and cultural activitles at the Church and Communlty Centre. UNREsfRIcfED FUNDS Balance 61412023 Incomlng Resources Transfers Resources Expended Balanct 51412024 General fuThd 374,812 262,711 (90,919) 374,812 262,711 (90,919) 546,604 15
NOTES TO THE ACCOUNTS EAR ENDED APRIL 20 UNRESTRICTED FUNDS (CONTINUED) Balance 61412022 Incomlng Rasources Transfers Resources Expended Balance 51412023 General fund 219,950 219,169 (64,307) 374,812 219,950 219,169 (64,307) 374,812 io. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS- AS AT 5 APIUL 2024 Unrestricted funds Restrirted funds Total Fixed Assets Current assets Current liabilitie5 1,041 560,130 2,847,438 413,739 2,848,479 973,869 546,604 3,261,177 3,807,781 AfiALYSIS OF NEf ASSEfs 8EfwEEN FUNDS- AS AT 5 APIUL 2023 Unrutrlcted funds Restricted fvnds Total Fixed A Current assets Current Ilabilities 2,081 401,898 2,081 1,198,980 797,082 374,812 797,082 1,171,894 ii. RELATED PARTIES No trustee received any remuneration for Servi as a trustee. The trustees In their role as tsvstees receiv&J travelling and out of pocket expenses totsling £Nil (2023.. £2,564). The totsl amount of donations made by the Trust was £2,520 (2023.. £3,755). The were no other related party transactiorts in the current or pIng years. 11 SUBSEQUEsNf EVENTS In April 2025, Its Romanian Orth)dox thurch in the United ngdoM Trust, a Charltable IncorpoTrted Organisation (Cto) registered with charity number 1191639 ("ROCTF'), transferred its prinapal assets to the Charity. The Trustees have confimed that there is sufficient alignment btheen the charitable objects of RocfF and those of the Charity to ensure that the transferred assets will be used in fijrtherance of the Charity's purposes. The assets transferred indude cash and the property locatsd at 250 Clapham Road, London, SW9 OPZ. 16
NOTES TO THE ACCOUNTS 13. OPERATING LEASE COMMITMENrs The entity had outstanding commitments for future mlnlmum lease payments under n-can(lIng operatlng leases as at year ené: 2024 2023 Payable wlthln one year Payable btheen two and flve years indu5ive Payable later than five years Totsl 41,200 164,800 130 467 336 467 41,2QO 164,800 171667 377 667 14. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES Nrtes Unrestiirted Restricted Funds Funds Total 2023 Total 2022 INCOME FROM Grants and donations Charltable actlvlties Interest receivable 144,785 144,785 212,211 6,958 58,452 139,923 117 212,211 6,958 TOTAL 219 169 363,954 EXPENDrruRE ON Ralslng funds Charltsble acbvities 64,307 64,307 44,706 TOTAL N& Incomel(expendtture) 154,862 144,785 299,647 153,786 Tr4nsfers between funds Net Movement in Funds 154,862 144,785 299,647 153,786 Funds brought forward at 6 April 2022 219,950 652,297 872247 718,461 Funds Carried Fornard at S April 2023 819 374 812 1171894 17