Charlty Registration Number. 1189599 EE ANNUAL REPORT AND ACCOUNTS PERIOD ENDED 31 MAR
ROMANIAN ORTHODOX HU CH & CENTRE ADMI ON INFORMATJO Charity Reglstratlon Number.. 1189599 Reglstered Address: 250 Clapham Road, Lornlon, SW9 OPZ TRusfEES Rev. Silviu Petre puFULE Rev. Constantin POPESCU-cIRSTUsCu Luminita-Elena PROCOPIE Marius DRAGHICI Gheorghe Cristian CHELCEA Aurel-vasile ABRUDAN BANKERS CAF BANK 25 Kings Hill Avenue, Kings Hill, West Malling Ken( ME19 4JQ Wise 6th Floor, The Tea Building 56 Shoredich High Street London, El 6JJ AUDrroR Brian Paul Limited Chase Green House 159a Chase Side Enfield Middlesex EN2 OPW
ROMANIAN ORTHODOX CHURCH & CENTRE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2025 The Trustees present their report and the financial ststements of the drity for the year ended 31 March 2025. The finandal ststements have been prepared under the accounting policie5 set out In notes to the accwnts and compty wlth the charitS govemlng document, the Charfties Act 2011 and Statement of Recommended PrKU (SORP) 'Accounting and RertIng by ChareS. (FRS 102) (Second Edition, effective l Jarwary 2019). srRUCTURI GOVERNANCE AND MANAGEMEMT The Romanian Orthodox Church & Centre (fomierfy reglstered Trust under charlty no 1111506) Is a Charitable Incorporated Organi5ation (CIO) registered with the Charity Commission on 21 May 2020, wlth charfty g no 1189599. On 14 December 2021, the trustees of the old Trust approved its closure and the transfer of assets, liabilities, and undertakirwjs to the CIO effective from 15 December 2020, Yhe Transfer Date". The trustees of the CIO subsequently approved the transfer from the Trust. wlth approval from the Chahty Commlsslon being 1Ved on 24 February 2021, at which point the Twst was removed from the Register. The Cto is governed by its Constitution dated 21 May 2020. The Trustees of the CIO are as follows: Rev. Silviu Petre PUFULETE Rev. Constsntin POPESCU-CIRSTUCESCU Luminits-Elena PROCOPIE Marius DRAGHICI Gheorghe Cristian CHEL Aurel-vasile ABRUDAN Trustees have the power to appoint new members onto the Board, each serving a rolling 3-year tenn and may be re-eletted. Appointments are ratified in accordan with the ao s constitutlon. New Trustee5 are selected for their general and specialist experieno and receive appropriate 6dvice and documentstion. Trustee engagement is an orrfjoing process. Trustees are encouraged to attend appropriate extemal training events, whlch facllltate the understanding of their role. The Charfty's activltles are dlrected at regular meetings of the Trustees. The trustees have no beneficial intsrest in the charity, and re r1Ved any remuneration durirwJ the perlod. The CIO has no support staff. The Trustees do any necessary work at their own office premises and IKsld formal meetings at convenient locations. The CIO'S registered address is 250 Clapham Road, London, SW9 OPZ. PUBLIC BENEFrr STATEMENT The Trustees confirm that they have complied with the duty set out under section 17 of the Charities Act 2011 to have due regard to the Charity COMMI10n,$ guidan on public benefft'charities and Public Benefiy in developin9 the obj'ectives for the year and In planning adlvities. OBJEcfivES AND AcnvrriES The Romanian Orthodox Church & Centre (ROCC) was established by a charitsble trust deed on 21st May 2020 and became a registered charity in May 2020. The charitable trusvs objects are: To advance the Romanian Orthodox falth for the benefit of the publlc by the provlsion of a Romanian Orthodox Church and Community Centre In the United Kird0M.
EKfRE DED 31 MARCH 2025 NTIN To advan the Romanlan Orthodox falth through the provlsion of educattonal, arts and cultural athvitks at the Church and Community Cent. To build or otherwise acquire and maintsln a Romanian Orthodox Church aFKI related community centre; To advan the Chrlstlan rellglon and In partlcular to assist the work of the Romanian Orthodox Church in the United Kingdom through its own activity includlng but not Ilmlted to holding religlous seNces and public lebratIonS of rellgious events. ACHIEVEMENTS AND PERFORMANCE The trust of ROCC have remalned committed to ensuring the smooth running of the OatiOnal act6vities of St George Paiish, including supportipAJ the Parothlal School and all a55ociated churth actiwties. Despite the challenges presented by the global economic downtum, rising costs of liwng, and the conflict in Ukraine, the charity has maintained robust financial health due to confjnued support from its donors. During the peric*J endlng 31 March 2025, the organiZaOn saw an InCaSe In voluntsry donatlons. demonstrating the endurln9 generosity of the Romanlan Orthodox community. This financial stability has allowed ROCC to pursue and achieve key objectives, including the development of Its strategk projects. One of the charivs most slgnlflcant achlevements was 3¢hIng a pmvotsl milestone in the"1 Ctitor!11 fBe Founderl,? projert. On 15 Dember 2023, ROCC successfully acquired St Paul's Church, located at 102a Church StreeL Erbfield (EN2 6AR). Thls acquisltlon marks a cruaal step towards creating a dedicated Spa for Orthodox Christian religlous Serv1 ané cultural actlvlties. seNing the Romanian communty across Greater London and the United Kingdom as a whole. FINANCIAL REVIEW The finanaal perf0mlan of the Romanlan Orthodox Church & Centre for the year ended 31 Marth 2025 reflerts continued strengthening of the charlty's financial position and the achievement of significant strategic objectives, including the acquisition and development of premises to support its long-term mission. Totsl income for the year amourted to £326,957 (2024: £2,741,429), comprising £138,729 of restiicted donations for the "Be a Founder" r'Ri cytor.i? projert,. £173,586 of un$t[I¢ted general donation5 generated through charitsble activities; and £14,642 of bank Interest recefvable. The prior yearfs unusually high income reflected substantlal grants and donations received toward5 the acquisition of St Paul's Church. The 2025 inflows demonstrate ongoing flnanclal support from the Orthodox communty and continued stability in operating income. Totsl expendtture for the year was £105,095 (2024: £105.542), relating exclusively to thar6table act1We$. The level of expenditure remains tightly controlled, consistent with the trusteeg commitment to stewardship of tharitsble funds. The charity generated a net surp5us of £221,862 (2024.. £2,635,887). After recCnis1n9 a transfer of £232,015 from unrestricted fvnds to the Be a Founderrestricted fund reflecting amounts applied to refijrbishment and development works the year-end posltlon shows.. Unrestricted funds: £397,722 (2024: £546,604), Restricted funds: £3,631,921 (2024., £3,261,177), Totsl funds: £4,029,643 (2024: £3,807,781). The increase in restrkted reserves direttly relates to the continuing development of the church and community centre project. Totsl net assets increased to £4,029,643, driven primarily by the further development of fixed assets. Fixed assets: £3,756,898 (2024.. £2,848,479), refletting the onooing cèpltsl Investment in St Paul's Church and aOcIated works. Current assets: £410,622 (2024.. £973.869), wh the reduction attrlbutable to gnIfIcart investment in capital works during the year. CUrnt Ilabllitses.. £137,877 {2024.' É14,567). The trustees consider the asset base to be appropriately aligned wlth the long-term strategic purpose of establishing and maintsinirg a pemianent pla of worship and community centre.
MANIAN ORTHODOX CHURCH ENTRE CH ONTIN RESERVE POLICY The Trustees are keen aware of the need to seojre the Charity's fvture teyond the Immdlate day-to-day requlrements. The charity believes that It will need reserves to cover at least 6 months of the operation artivitles and other related communlty projects of £IOO,000. As of 31 March 2025, the free reserves position was £397,722 (2024; £546,604) significantly exceedlng the targe( reflecting the charity's robust financial position. GOING CONCERN The TNstees are confident that the d)arity can continue as a going concern for a period of at least fftlve months from the date of approval of these financial statements. The Trustees also have a reasonable expectation that the charity will have adequate resources to continue in operation for the foreseeable future. TAXATION As the CIO is a charity, it is recojnised as such by HMRC for taxation purposes. As a result, there is no liability to taxation on any of ts income. The CIO also registered tself w'th HMRC for Gift purposes In June 2022. RISK POLICY The Trustees are responsible for overseeing ris faced by the Charlty. Rlsks are identrfied, assessed, and controls a established throughout the year. A review of the charity's rlsk management presseS is undertaken annually. The Tnjstees have considered the major risks to which the charity is exposed and are satisfied that appropriate procedure5 are in place to MItate those rlsks. One of the wewou5 key rlsks identified by the trustees was the prtentlal loss of acttss to a place of worship. This rfsk has now been Significant mitigated following the acquisits'on of St Paul's Church, located at 102a Church Street, Enfield. The acquisltion ensures a pemianent and secure locatlon for Romanian Orthodox religious seNices and community attivitie5. The trustees remain committed to malntslning strong relationships with external stakeJerS and continue to explore opportunities for further development to support the community's growlrrfj needs. For any clvll Ibbllities related to all church rel3t8J attlvltles, an annual Insuran pollcy Is put In place. All other health and safety risks a550ciated with the churth related activities are mitigated by strict rules applied during the services and other activities. FUNDRAISING POLICY The charity does not use fundraising services, con5ultsnts, or external professional fundraisers to undertake its fundraising activities. Additionally, no data is shared with or sold to any extemal agenoes, PLANS FOR THE FirruRE The acqulsltlon of St Paul's Church, 102a Church Street, Enfleld (EN2 6AR) on 15 Dember 2023 mar*s a significant milestone for the "Fil Ctitorl" {"Be a Founder!11) Fyoiect and represents a transformative moment in the life of the Romanian Orthodox community in Great Britsin. The Trustees, vision for St Paul's Church encompasses a comprehenslve program of works designed to adapt the bulldlng for Orthodox Chrisban worship while establlshSng a vibrant nter for ajltural and educational activiknes serylng the Romanian community across the Unlted Kingdom. The planned developments include Improvements to the church's main facade facing Churth Stet, together wlth the addf(ion of an architectural feature at the rear of the building incorporating arches and columns adjacent to the church wind¢)ws, in keeplng wlth trad'onal Orthodox eccle5iaStical deslgn. To athjress the growing neeils of the communlty, extensions are enmsaged above the exlsting ancillary rooms, provldlng additional space for pastoral,
ROMANIAN ORTHOD X CHURCH & CEiifRE REPORT OF THE TRUSTEES FOR THE PERIOD ENDED I MARCH 2025 NTIN edurational, and administratFve functions. The exterior wlll L enhan with the installation of a metallic fen and gates, improvlng both security and the overall presentation of the property. Internally, the works will include the laying of solid stone floorlng, the Instsllation of ecclesiastical iconography befftting an Orthodox piace of wotship, and the fitting of secondary double glazing within the church interior to improve themial efficiency and acoustits. A pacularlY signlflcant element of this W5ion inVoe5 the relocation of the existing iconostssis from Saint Dunstsn's Church to Enfield. initial step5 in this process have recently been undertaken In consultstion with the Romanian Patharchate. The expanded faclllties will also provide essential support for the Sfintll Brancovenl Parochlèl School, offering suitsble premises forthe transmission of Romanian language, Orthodox faith, and culturdl heritage to the younger generation. This educational ministry is ntral to the charity's mission of nurturlng the spiritual and cultural identty of Romanian orthodox children growing up in the United Kingdom. These developments align fvlly with the charity's objettlves and wlll substèntlally enhance its capaaty to support, serve, and upllft the Romanian Orthodox faithfvl throughout the Unlted Klngdom. srATEMENT OF TRusreES RESPONSIBILrrIES The trustees are responsible for preparing the RepNt of the Trustees and the financial statements In aCCordare with applicable law and United Kingdom Accountlng Stsndards (United Klngdom Generalw Accepted Accounting Prattl), induding Financlal Reporting Standard 102 'The Flnandal Reportlng Standard applicable in the UK and Republic of Ireland". Charity law requlres the trustee5 to prepare financial ststements for each financial year which give a true and falr view of the situation of the charity and of the incomlng re9)$ and applicatlon of resources, induding the income and expendure, of the charity for that perlod. In preparing those financial statements, the trustees are required to: select suitsble accounttng policies and then apply them consistently ObSee the methods and prInCieS in the Charity SORP make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concem basis unless r( Is Inapproprlate to psume that the charity will continue in business. The trustees are responslble for kping accoundng records that are sufficlent to show and explain the charivs transactions and disclose wth reasonable accuracy at any time the finandal w)sition of the charty and enable them to ensure that the financial statements comply wlth the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularitles. In so far as the trustees are aware: there Is no relevant infomiation of v4hich the charity's auditors are unaware; and the trustees have taken all steps that they ought to have tsken to make themselves. aware of any relevant audit information and to establlsh that the auditors are aware of that Informauon. This report wa5 agreed and signed on behalf of the Board of Trustees on Chairman Rev. Constantin Popescu Date: £ 2£)2£
ROMANIAN RTHODOX CHURCH & CErifRE Independent audltorfs report to the trustees of the Romanlan Orthodox Church & Centre Perlod Ended 31 March 2025 Oplnlon We have audited the financial ststements of The Romanian Orthodox Church and Centre for the period ended 31 March 2025 which comprise of the Statement of Financial Activities, Balan Sheet, Cash Flow Ststemen¢ aTrJ note5 to the financial statements, induding a summary of significant accoundng polioes. The financial reporting framework that has been applied In their preparatoon is applicable law atKI United K1ngdom Accounting Standards, including Financial Reporting Stsndard 102 Tre hnancial Repothng Standardapplicable in the UKand Republic of Ireland(United Kingdom Generally Accepted Accountirvj Prncbce). In our opinion, the financial ststements: glve a true and fair view of the state cl the charity's affairs as at 31 March 2025 and of the net movement in fiJnds for the year then ended. have been propedy prepared in accordan wth United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance wth the requlrements of the Charfttes Act 2011. Basls for oplnion We have been apw'nted as audltor under sett)n 144 of the Charrties Act 2011 and report in accordan with the Act and relevant regulations made or havlng effect thereunder. We conducted our audit in accordan wlth International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responslbllitses under those standards are further described in the Auditorfs respons1bileS for the audit of the finanoal statements section of our report. We are Independent of the charity In accordan with the ethlcal requirements that are relevant to our audit of the finanoal statements in the UK, Includlng the FRC'S Ethical Standard, and we have fulfllled our other ethical responslbilities in accordance with these requirements. We believe that the audr( evidence we have obtsined is suffioent and appropriats to provide a basis for our opinion. Conclusions relating to goln9 concern In auditing the financial statements, we have concluded that the tnjstees, Le of the golng concern basis of accounting In the preparation of the financial ststements is appropriate. Based on the work we have perfomied, we have not identified any material uncertalntles relang to events or conditKins thaL individualty or collectlvely, may cast slgnificant doubt on the chartty's abilty to continue as a going concem for a period of at least twefve months from when the financial ststements are aL¢horised for Issue. Our spOnSIbl1e$ and the reswr6ibilities of the trustees wlth respett to going concern are desiJibed in the relevant seth.ons of this report. other Inforniation The trust are responslble for the other informatb)n. The cther Information comprlses the informatlon Induded In the Trustees, Annual RerKJrt. Our oplnion on the financial statements does not cover the other informatlon and. except to the extent otherwlse explicltly stated In our report, we do not expres5 any form of assuran condusion thereon. In connertion with our audit of the financial statements, our responsibilty is to read the other infomiation and, In doing so, consider whether the other infom)ation Is materially Inconsistent wh the financial stètements or our knowledge obtained in the audlt or otherwise appears to be materially misststsd. If we identify such material Inconsistencies or apparent material mlsstatements, we are required to determine whether there is a material mlsstatement in the finanaal statements or a materlal misstatement of the other infomiatlon. If, based on the work we have performed, we condude that there Is a material misststement of thls other Informalon, we are required to report that fact. We have nothlng to report In this regard. Matter5 on which we are requlred to report by exceptlon We have nothing to report In respect of the following matters in relatlon to which the Charities (Accounts and Reports} Regulations 2008 require us to report to you if, in our opinlon.. adequate accounting cordS have not been kept by the charlty; suffioent accounting records have not been kept;
ROMANIAN ORTHOI>OX CHURCH & CENTRE Independent auditorfs report to the trustses of the Romanian Orthodox Church & Centre (Continued) Ended 31 March 2025 the tharity finanaal statements are not in agreement with the accounting records and returns. or we Fpve not received all the informalion and explanatlons we require for our audit. Responsibilities of trustees for the finandal statements explained more fully in the trustee5' responsibilities ststement set out on page 4, the trustees are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view, and for such internal control as the tru5tee5 determine is necessary to enable the preparation of financial statements that are free from materfal misstatement, whether due to frdud or error. In weparing the finandal statements, the trustees are responslble for assesslng the charws ability to continue as golng COnM. dlsclosing, as applicable, matters related to 9)ing concern and using the going conrn basis of accounting unless the trustees either intend to liquidate the charfty or to se operatbons, or have no realistic altemative but to do so. Audltor's responslbllltles for the audlt of the flnandal statements Our objectives are to obtain reasonable assuran about whether the financlal statements as a whole are free from material misststement, whether due to fraud or error, to issue an auditorfs rewrt that includes our opinion. Reasonable assuran is a hlgh level of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detert a material misstatement when It exl#s. Mlsstatements can arise from fraud or error and are consldered materlal If. indlvldually or in the aggregate, they could reasonably be expetted to influence the economic decisions of users tsken on the basis of these financial statements. Irregularitres, induding fraud, are instances of non-complian with laws and regulatlons. We design procedures in line with our responsibilities, outlined above, to detect materlal misststetnents in respect of irregularities, including fra. The extent to which our proceduTes are capable of det*Sng Irregularities, indudiThJ fraud is detsiled below: Based on our understsnding of the charfity and the environment in which it operates, we identified that the principal rlsks of non<0mplian with laws and regulations related to non-c0mp1lan with the Charities Law, and we considered the extent to which non<0mplian might have a material effect on the flnandal statements, We also considered those laws and regulatlons that have a direLt impact on the preparation of the finanoal ststements such as the Charities Act 2011. We evaluated management's InntiveS and opportunities for fraudulent manipulation of the finanaal statements (including the rlsk of override of controls) and detemined that the prinapal risks were related to Income not being recognised in the cae(t period. Audit proceilures performed by the engagement team included: Inspecting Corresponden with regulators and tax authorities; Discussions wtth management includlng conslderatlon of known or suspected IranceS of non-compllance wlth laws and regulation and fraud,. Evaluating managemenV5 controls designed to prevent and detert iThegularities; Identifylng and tssknng journa15 Challenglw assumptions and judgements made by management In thelr critical accounting estimates Because of the inherent limitstions of an audit, there is a risk that we will not detect all irregulartiies, including those leading to a material mlsststement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transattions reflected in the financial ststsments, as we wlll be less likely to become aware of instances of n0n-compl1an. The risk Is also greater regarding irregularltles occurrlng due to fraud rather than error, as fu Involves Intentional concealment, forgery, colluslon, Omi10 or MisrepsentstiOn.
MA Indwendent auditovs report to the trustees of the Romanlan Orthodox Church & Centre (Contlnued) Period Ended 31 March 2025 A fvrther description of our responsibilities for the audit of the flnancial ststements Is located on the Financial Reporting Councll's website at: . This description forms part of our auditors reporL Use of our report Thls reFQrt rs made 501ely to the charity's trustees, as a body, in accordan wlth sertion 144 of the Charfties Act 2011 and regulations made under settion 154 of that Act. Our audit work has been undertaken so that we mlgttt state to the chariws trustee5 those matters we are required to stste to them in an Audttorfs report and for no other purpose. To the fijllest extent permitted by law, we do not accept or assume responsiimlity to anyone other than the charlty's tru5tee5 as a body for our audit worK for this report, or for the OFrfnlons we have formed. Parvez Dalal ACA FCCA Senlor Statutory Auditors For and on behalf of Brian Paul Limlted Chartered Accountants & Registered Auditor$ 159A Chase Slde Enfield EN2 OPW Date: 19 11£0 Brian Paul Limited is eligible to act as an auditor in tems of section 1212 of the Companies Act 2006
ENT OF FINANCIAL A IE D ENDED IMAR Notes Unrestrlcted Funds Restricted Funds Total 2025 Total 2024 INCOME FROM Grants and donations Charitable attivities Intsrest receivable 138,729 138,729 173,586 14,642 2,475,931 241,576 23,922 173,586 14,642 TOTAL 188 228 138 729 326 957 2 741429 EXPENDrruRE ON Raising funds Charitsble activities 105,095 105,095 105,542 TOTAL 105 095 105 095 105 542 Net Incomel(expenditure) 83,133 138,729 221,862 2,635,887 Transfers between funds (232,015) 232,015 Net Movement in Funds (148,882) 370,744 221,862 2,635,887 Funds brought forward 546,604 3,261,177 3,807,781 1,171,894 Funds Carried Forward 819 397 722 3 631921 3 807 781 All the charity's athvlties derNed from continuing operatyons durlng the above two finanaal year& All gains and losses reccrfJnised in year a included in the Ststement of Financlal Activlties. The notes on pages 12 to 18 fom) part of these financial ststements.
ROMANIAN ORTHODOX CH RCH & CENTRE AR H202 2025 2024 FIXED ASSErs Hxed Assets 3 756 898 3,756,898 2 848 479 2,848,479 CURRENT ASSEfs Cash at bank Debtors 410,622 973,869 410 622 973 869 CURREpif UABILITIES Creditors- all falling due within one year 137,877 14,567 Net Current Assets 272,745 959,302 ASSETS 4 029 643 REPRESENTED BY Unrestrlcted funds Designated funds Restritted funds 394,437 3,285 3,631,921 546,604 3,261,177 TOTAL FUNDS The acc¢)unts were approved by the Trustees and signed on its behalf by: Rev. Constantin Popescu, Chalmian Date: L io
ROMANIAN ORTHODOX CHUR ENTRE DED 31 MARCH 2025 2024 CASH FLOW FROM OPERATION AcnvrrIES Surplus for the year 221,862 2,635,887 Adjustments for: Interest Depreciation Movement in working capital: Increasel{decrease) in credltors (14,642) 1,041 (23,922) 1,040 123,310 (14,600) Net cash provlded {used in) by operatlng actIveS 331,572 2,598,405 CASH FLOW FROM INVEsfING ACTIVITIES Interest Purchase of propety, plant and equipmert 14,642 (909,460) 23.922 (2,847,439) Net cash used by investing activities (894,818) (2,823,517) CASH FLOW FROM FINANCING ACllVITLES Net cash provlded by (used in) financing activities CHANGE IN CASH AND CASH EQUIVALENT IN THE REPORTING PERIOD {563,246) (225,112) CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE REPORTING PERIOD 973,868 1,198,980 CASH AND CASH EQUIVALENT ATTHE END OF THE REPORTING PERIOD 410,622 973,868
MANIAN RTH OTES TO THE Accoup¥rs PERI D ENDED ACCOUNTING POUCIES The princlpal accounting policies adopted, judgements and key Sour of estlmation uncertainty in the preparation of the finanaal statemerts are as follows.. (a) Generdl information and basis of preparation Romanian ort0X Church & Centre converted from an unlncorporated trust fthe Trusn (charity reg no 1111506) to a Charitable Incorpomted Oryanisation Cyie CIO,? (charlty reg no 1189599), which was reglstered wlth the Charity Commission on 21 May 2020. The Charity cOrtItuteS a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financlal Reporting 5tsndard appllcable in the UK and Republic of Ireland (FRS 102) (Second Edition. effective l January 2019), the Chanties Att 2011 and UK Generally A¢pted Accounting Practice. The a Th) areas of critical judgment or estimatlon used In the preparatlon of the flnanck?I statements. The finandal statements are presented in pounds sterling. (b) Going concern The Trustees are confident that the charity can continue as a golng concern for a perk)d of at least tsvdve months from the date of approval of these financlal statements. The Trustees also have a reasonable expectation that the charfty will have adequate resources to continue In operatlon for the foreseeab futu. (c) Income recognition All income is recognlsed On the charlty has entltlement to the Income, it is probable that the income will be received, and the amount of Income rettlvable can be measured reliably. Grants are recognised when the Charity has been notified in writing of both the amount and settlement date. {d) Expenditure Charitsble expenditure comprises those co*s Incurred by the Charty In the delivery of Its attiwties and seNkes for tts benefitiaries. Cost of generating funds comprises the costs associated w]th attractlng voluntsry Income. Govemance costs IncILe those costs a550ciated with meeting the constrcutional and statutory requirements of the Chanty and includes the audit fees and costs assoclated with the strategic managernt of the Charty. Irrecoverable VAT Is included wlth the cateoory of expense to which it relates. All costs are directly attributable to the activities under whlch they have teen analy5ed. (e) Tangible Fixed Assets and Depreclatlon Tangible fixed assets are initially measured at cost less dePlatiOn and any impaimient losses. Depreciation is provided C a straight-line basis as follows.. Church Items: 20Vo per annum on cost Free1 land and buildings: 2Wo per annum on cost The Charity capitslises any capital costs above £2,000. 1 costs below the threslwld are exrEnsed In tPe year. 12
ROMANIAN ORTH ENTRE NOT PERIOD ENDED IMAR The Charlty has chosen not to provide depreciation on the Cathedral Church buildlngi in Ilne with its policy and prattice of regular Maintenan and repairs. This ongolng malntenance ensures that the building remains n a continual state of repair, effettively malntsinSng tts value over tlme, An Impalmient review is perfomied on an annual basis on propety which is not subJett to depreciation or whose unexpired life is estimated at more than 50 years. (n Cash at bank and in hand Cash at bank and cash in hand includes Gish and srt tsrm hlghly liquid investmen (g) Credltors and provisions Creditors and prowsions are recognised where the chartty 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 obligatlon can be measured or estimated reliably. Credltors and provlsions are normalty recognised at their settlement amount after allowing any trale discounts due. (h) Funds The unrestricted funds represent funds available for the general charltsble purpose of the charlty at the discretion of the trusiees. Designated fijnds comprise fvnds whfich have been set aside at the discretion of the trustees for speclfic purpose& The purpose and use of fur$ are set out in the notss to the financials statement. Restrirted funds a fvnds which are to be used in accordance with swfic restrictlons Imfft by donors or whlch have been raised by the Charity for specific purposes. The cost of raising and administering such fijnds are charged against the speciflc fijnd. The aim and use of each restricted fund are set out In the notes to the finandal statements. (i) Judgements and key sources of estimation uncertainty The judgemerts that have had the most significant effect on amounts recognised in the fina131 statements are the depreciation rates. The estlmates and associated as5umptlons are Sed on historical experien and other relevant factors. The underlyin9 assumptlons which affect these judgements are reviewed on an ongoing basls. GRANTS AND DONATIONS Unrestrlcted Restrlcted Total 2025 Total 2024 Grants fBe a Founder D(mations C'Be a Founder 2,446,066 138 729 138 729 138 729 138 729 2 475 931 The grants and donations for 2024 of É2,475,931 were all restrictsd. 13
NOTES TO THE ACCOUNTS PERI CHARITABLE ACTIvrriES Unrestricted Restricted Total 2025 Totsl 2024 General Donat15 173 586 173 586 241576 241 S76 173,586 The general donations for 2024 of £241,576 were all unrestricted. CHARrrABLE AcnvrrIES 2025 Total 2024 Unrestricted Restricted Church rent and charges Candles and artefrdLts Church runrbing expenses Support costs Govemance costs 42,121 25,223 27,766 3,085 6,900 105,095 42,121 25,223 27,766 3,085 46,396 25,189 11,598 16,359 6,000 105,542 105,095 2025 2024 Legal fees Depreciation Insuran costs 12,500 1,040 1.041 Totsl charitsble activities for the prior year were unrestricted. The charty did not have any employees in the currert or preceding year. TRusfEES REMUNERATION Jne of the Trustees (or any persons connected with them) received any beneffts or remuneration from the Charlty durlng the year (2024: none). AUDrroRS REMUNERATION 2025 2024 Audit fees 14
URCH & CEKfRE NOTES T THE ACCOUNTS FIXED ASSErs Church Items Asset under construction Freehold land and buildlng Total blf balance Additions clf balance 5,201 39,298 2,808,140 2,852,639 5,201 948,758 2,808,140 3,762,099 Depreclatlon blf balan Charge for the perlod clf balance 4,160 4,160 5,201 5.201 Net Book Value 31 March 2025 3 756 898 S April 2024 2 808 140 CREDITORS 2025 2024 Trade creditors Accruals 62,961 137,877 14,567 REsfRIcfED FUNDS Balance 61412024 Incoming Resources Transfers Resources Expended Balance 3110312025 Be a Founder rHI cdtorj Parochlal School 3,260,307 870 138,729 232,015 3,631,051 870 3 261 177 138 729 232 015 3 631921 Balance 61412023 Incoming Resources Translers Resources Expended Balan 51412024 Be a Founder C Fil Citon Parochial School 796,212 870 2,478,718 (14,623) 3,260,307 870 797,082 2,478,718 (14,623) 3,261,177 15
OMANIAN ORTHOD NOT THEA PERIOD ENDED IMAR Be a Founder fFII Ctltorl? The fijnds have been set aside to build or otherwise acquire and malntsln a Romanian Orthodox Church and relatsd Community Centre. Parochlal School The funds have been set aside to advance the Romanian Ord0X faith through the prowsion of educatlonal, arts and cuUral activities at the Church and Communty Centre. UNREsfRicfED FUNDS Balance Incoming 61412024 Resources Resources Transfers Expended Balance 3110312025 General fund DI0San General Assembly 546,604 182,928 5,300 (103,080) (232,015) (2,015) 394,437 3,285 546,604 188,228 {105,095) 397,722 UNREsfRIcfED FUNDS Balance 61412023 Incomlng Resources Transfers Resources Expended Balance 51412024 General fvnd 374,812 262,711 (,919) 546.604 374,812 262,711 (90,919) 546,604 Dlocesan General Assembly Fund The Di¢)cesan General Assembly Fund has been designated by the trustee5 from unrestricted funds. This fvnd represents the amounts set aside to meet the costs associated with convening the first General Assembly following the appointment of the new Blshop In the United Kingdom. Transler between funds The transfer to the Be a FounderCFlI Ctitor? fund of £232,015 from the unrestricted general fund represents amounts applied towards the refurbishment works of the Church and Community Centre. 16
IAN ORTHODOX CHUR ENT D ENDED io. ANALYSIS OF NET ASSEfs BETWEEN FUNDS- AS AT 31 MARCH 2025 Unrestrlcted funds Restricted funds Totsl Flxed Assets Current assets Current liabilities 3,756,898 3,756,898 410,622 137 877 4,029,643 410,622 124 977 3,631,921 397,722 ANALYSIS OF NET ASSETS BETWEEN FUNDS- AS AT 5 APRIL 2024 Unrestrlrted funds Restrlcted funds Totsl Fe Assets Current assets Current liabilities 1,041 560,130 2,847,438 413,739 2,848,479 973,869 546,604 3,261,177 3,807,781 ii. RELATED PARTIES No trustee received any remuneration for service5 as a tnjstee. The trustees in their role as tnjstees reiVed travelling and out of pocket expenses totallng £Nil (2024: £Nil). The totsl amount of donations made by the Trustees was £2,080 (2024: £2,520). There were no other related party transattions in the current or wecedlng years. 12. SUBSEQUENf EVENTS In April 2025, the trustees approved a wrltten resolution authorising the transfer of the prindpal assets of the Romanian Orthodox Church in the United Kingdom Trust, a Charitable Incorporated Organisation (CIO) registered under charity number 1191639 fROF. The assets transferred comprised cath of É16,000 held with the Charities Foundatlon and a property located at 250 aapham Ro, London, SW9 OPZ, valued at £1,700,000. The Trustees have ConfiMd that there15 sufficient alignment btheen the chartsble objects of ROCTF and those of the Charfty to ensure that the transferred assets will be used in furtherance of the Charitys purposes. No events have occurred which would require adjustment to, or disclosure within, the finanaal statements. 13. OPERATING LEASE COMMrrMENTS The entity had outstsnding commitments for future mlnimum lease payments under non-canll1ng operating leases as at year end: 2025 2024 Payable wfthin one year Payable beeen and five years inclusive Payable later than five years Totsl 41,200 164,800 41,200 164,800 130 467 295 267 17
OTES TO THE ACCOUNTS PEIU D ENDED 3 14. PRIOR YEAR STATEMENT OF FINANCIAL ACTTVtTtES Notss Unrestrirted Restricted Funds Funds Total 2024 Total 2023 INCOME FROM Grants and donations Charitsble attivities Interest receivable 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 fund5 Charitsble activities 90,919 14,623 105,542 64,307 TOTAL Net Incomel(expendFture) 171,792 2,464,095 2,635,887 299,647 Trar6fers betsveen funds Net Movement in Funds 171,792 2,464,095 2,635,887 299,647 Funds brought fOard 374,812 797,082 1,171,894 872,247 Fund5 Carried Forward 819 3 261177 3 807 781 1 171894 18