## **Angels For Bulgaria** **Charity No. 1194065** **Company No. 12584735** **Trustees' Report and Unaudited Accounts** **31 May 2022** **Angels For Bulgaria Contents** ||Pages|| |---|---|---| |Trustees' Annual Report|2 to 4|| |Independent Examiner's Report||5| |Statement of Financial Activities||6| |Summary Income and Expenditure Account||7| |Balance Sheet||8| |Statement of Cash flows||9| |Notes to the Accounts|10 to|14| |Detailed Statement of Financial Activities|15 to|16| Page 1 **Angels For Bulgaria Trustees Annual Report** The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 May 2022. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Company No. 12584735** ## **Charity No. 1194065** ## **Principal Office** 16 Birchfield Avenue Atherton Manchester England M46 0HR www.anglesforbulgaria.com ## **Registered Office** 16 Birchfield Avenue Atherton Manchester M46 0HR ## **Directors and Trustees** The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: S. Ivanova M. Toncheva A.I. Trayanova ## **Accountants** Meer & Co Chartered Accountants 1 Cochrane House Admirals way Canary Wharf London E14 9UD ## **Bankers** Barclays Leicester LE87 2BB Page 2 **Angels For Bulgaria Trustees Annual Report** ## **OBJECTIVES AND ACTIVITIES** The purpose of the charity is for the public benefit the relief of those in need in Bulgaria by reason of youth, age, ill-health, disability, or social or economic disadvantage in particular but not exclusively by coordinating and developing services such as, the provision of bedding, clothing, food, finance, medical assistance and such other services for those in need. Angels for Bulgaria collects donations and works with institutions and other charity organisations in the UK and Bulgaria on specific causes and campaigns. The main target groups for support are the elderly, people with medical needs and poor families in need. Angels for Bulgaria relieving the poverty of elderly people, large families, the unemployed, those with ill-health and people with disadvantages by providing canned and non-perishable food, items of essential daily need, as well as essential everyday clothing and school materials for kids in need and in orphanages. Additionally, Angels for Bulgaria’s activities are aimed at poverty prevention by financing education and vocational training fees to help recipients earn their living and bring their lives to reasonable standards. ## **ACHIEVEMENTS AND PERFORMANCE** Through over 40 different causes the charity has so far been able to help relieve the poverty of elderly people, large families, unemployed, ill-health and people with disadvantages by providing canned and non-perishable food, items of essential daily need, as well as essential everyday clothing and school materials for kids in need and in orphanages. Also, Angels for Bulgaria’s activities has funded education and vocational training for several young and elderly people of disadvantaged backgrounds, thus aims at benefiting the reduction of unemployment, financial hardship, crime and anti-social behaviour. ## **FINANCIAL REVIEW** The donations Angels for Bulgaria are generally very small, vary from £2 to approx. £100 per donation and on average are £10 per single donation in a given month. The donations are received either through PayPal Donate or bank transfer which provides additional level of security measures that have been taken for those donors. The charity aims to unite all Bulgarians living abroad to financially contribute to the activities. They have the option to donate each month through direct deposit or to do it once as a single donation. Thus, the Bulgarians from around the world are the main donor to the organisation. Reports for all spending is published on our website after each cause is completed. Through its transparency practices and attraction of new donors Angels for Bulgaria has gradually increased donations which have allowed for the charity to expand their causes and reach more people in need. ## **PLANS FOR FUTURE PERIODS** The charity aim is to be able to attract more donors and also where possible receive charity grants which will enable the charity to expand their causes and support even more people in need. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** Angels for Bulgaria is led by a Board of Trustees which meets at least monthly and is responsible for the strategic direction and policy of the charity. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 An8els For Bulgarla Trustees Annual Report The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP IFRS 1021. Signed on behalf of the board M. Toncheva Trustee 20 February 2023 Page 4 **Angels For Bulgaria Independent Examiners Report** ## **Independent Examiner's Report to the trustees of Angels For Bulgaria** I report to the charity trustees on my examination of the financial statements of Angels For Bulgaria for the year ended 31 May 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the Charities SORP (FRS 102). 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 financial statements to be reached. Haroon Rafique ACA ICAEW Meer & Co Chartered Accountants 1 Cochrane House Admirals way Canary Wharf London E14 9UD 20 February 2023 Page 5 **Angels For Bulgaria Statement of Financial Activities** ## **for the year ended 31 May 2022** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
**Total**
**Expenditure on:**
Charitable activities
5
Other
6
**Total**
Net gains on investments
**Net income**
Transfers between funds
**Net income before other**
**gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
97,054|**Total funds**
**2022**
**£**
97,054|**Total funds**
**2021**
**£**
47,568| |---|---|---|---| ||97,054
77,658
3,670|97,054
77,658
3,670|47,568
42,827
3,753| ||81,328
-|81,328
-|46,580
-| ||15,726
-|15,726
-|988
-| ||15,726|15,726|988| ||15,726
988|15,726
988|988
-| ||16,714|16,714|988| Page 6 **Angels For Bulgaria Summary Income and Expenditure Account for the year ended 31 May 2022** |Income
**Gross income for the year**
Expenditure
**Total expenditure for the year**
Net income before tax for the year
**Net income for the year**|**2022**
**£**
97,054
97,054
81,328
81,328
15,726
15,726|**2021**
**£**
47,568| |---|---|---| |||47,568| |||46,580| |||46,580| |||988| |||988| Page 7 Angels For Bulgarla Balance Sheet at 31 May 2022 Company No. 12584735 Notes 2022 2021 Current a55ets Cash at bank and in hand 18,414 18,414 11,7(Ksl 2,188 2,188 11,2001 988 Credltors: Amount falling due within one year Net current assets 16,714 Total asset5 less current Ilabllltles 16,714 988 Net assets excludlng penslon asset or Ilablllty 16,714 988 Total net assets 16.714 988 The fvnds of the charlty RestrScted funds UnrestrÉrted funds General funds 16,714 16,714 988 Reser¥es Total funds 16,714 988 These accounts have been prepared in accordance with the special provisions of Part IS of the Companies Art 2006 relating to small companies. For the year ended 31 May 2022 the company was entitled to exemption under sectlon 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance wlth sectlon 476 of the Companies Act 2006. The dirertors acknowledge their responslbllSties for complying with the requSrements of the Companles Art 21J)6 wlth respect to accounting iecords and the preparation of accounts. Approved by the board on 20 February 2023 And signed on its behalf M. Toncheva Trustee 20 February 2023 Page 8 **Angels For Bulgaria Statement of Cash flows for the year ended 31 May 2022** |**Cash flows from operating activities**
**Net income per Statement of Financial Activities**
**Adjustments for:**
Increase in trade and other payables
**Net cash provided by operating activities**
**Net cash from investing activities**
**Net cash from financing activities**
**Net increase in cash and cash equivalents**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**
**Components of cash and cash equivalents**
Cash and bank balances|**2022**
**£**
15,726
500
16,226
-
-
16,226
2,188
18,414
18,414
18,414|**2021**
**£**
988
-| |---|---|---| |||2,188| |||-| |||| |||-| |||| |||2,188| |||-| |||2,188| |||| |||2,188| |||| |||2,188| Page 9 **Angels For Bulgaria Notes to the Accounts** ## **for the year ended 31 May 2022** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 10 **Angels For Bulgaria Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Page 11 **Angels For Bulgaria Notes to the Accounts** ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. ## 2 **Company status** The company is a private company limited by guarantee and consequently does not have share capital. ## 3 **Statement of Financial Activities - prior year** |**Income and endowments from:**
Donations and legacies
**Total**
**Expenditure on:**
Charitable activities
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds carried forward**
4
**Income from donations and legacies**
Online receipt of donations
from individuals across the
world|**Unrestricted**
**£**
97,054
97,054|**Unrestricted**
**funds**
**2021**
**£**
47,568
47,568
42,827
3,753
46,580
988
988
988
988
**Total**
**2022**
**£**
97,054
97,054|**Total funds**
**2021**
**£**
47,568| |---|---|---|---| ||||47,568
42,827
3,753| ||||46,580| ||||988| ||||988| ||||988| ||||988| ||||**Total**
**2021**
**£**
47,568| ||||47,568| Page 12 **Angels For Bulgaria Notes to the Accounts** - 5 **Expenditure on charitable activities** |_Expenditure on charitable_
_activities_
_Governance costs_
6
**Other expenditure**
General administrative costs
Legal and professional costs
7
**Staff costs**
No employee received emoluments in excess
8
**Creditors:**
amounts falling due within one year
Trade creditors
Accruals
9
**Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Total funds**|of £60,000.
**At 1 June**
**2021**
988
988|**Unrestricted**
**£**
77,658
77,658
**Unrestricted**
**£**
2,457
1,213
3,670
**2022**
**£**
500
1,200
1,700
**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
97,054
97,054|**Total**
**2022**
**£**
77,658
77,658
**Total**
**2022**
**£**
2,457
1,213
3,670
**Resources**
**expended**
**£**
(81,328)
(81,328)|**Total**
**2021**
**£**
42,827| |---|---|---|---|---| |||||42,827| |||||**Total**
**2021**
**£**
1,778
1,975| |||||3,753| |||||**2021**
**£**
-
1,200| |||||1,200| |||||**At 31 May**
**2022**
**£**
16,714| |||||16,714| Page 13 **Angels For Bulgaria Notes to the Accounts** ## 10 **Analysis of net assets between funds** |10 **Analysis of net assets between funds**|||| |---|---|---|---| |Net current assets
11 **Reconciliation of net debt**
Cash and cash equivalents
Net debt|**Unrestricted**
**funds**
**£**
17,914
17,914
**At 1 June**
**2021**
**£**|**Restricted**
**funds**
**£**
(1,200)
(1,200)
**Cash flows**
**£**|**Total**
**£**
16,714| ||||16,714| ||||**At 31 May**
**2022**
**£**| ||2,188|16,226|18,414| ||2,188
2,188|16,226
16,226|18,414| ||||18,414| ## 12 **Related party disclosures** _**Controlling party**_ The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 14 **Angels For Bulgaria Detailed Statement of Financial Activities for the year ended 31 May 2022** |**Income and endowments from:**
Donations and legacies
Online receipt of donations from
individuals across the world
**Total income and endowments**
**Expenditure on:**
Charitable activities
**Total of expenditure on charitable**
**activities**
General administrative costs,
including depreciation and
amortisation
Bank charges
Exchange rate (gain)/loss
Information and publications
Postage and couriers
Software, IT support and related
costs
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Audit/Independent examination
fees
Accountancy and bookkeeping
Other legal and professional
costs
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments
**Net income**
**Net income before other**
**gains/(losses)**|**Unrestricted**
**funds**
**2022**
**£**
97,054
97,054
97,054
77,658
77,658
77,658
1,300
-
382
572
43
60
100
2,457
700
500
13
1,213
3,670
81,328
-
15,726
15,726|**Total funds**
**2022**
**£**
97,054
97,054
97,054
77,658
77,658
77,658
1,300
-
382
572
43
60
100
2,457
700
500
13
1,213
3,670
81,328
-
15,726
15,726|**Total funds**
**2021**
**£**
47,568| |---|---|---|---| ||||47,568| ||||47,568
42,827| ||||42,827| ||||42,827
1,096
3
176
441
54
8
-| ||||1,778| ||||700
500
775| ||||1,975| ||||| ||||3,753| ||||46,580
-| ||||988| ||||988| Page 15 **Angels For Bulgaria Detailed Statement of Financial Activities** |**Angels For Bulgaria**
**Detailed Statement of Financial Activities**|||| |---|---|---|---| |Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|-
15,726
988
16,714|-
15,726
988
16,714|-| ||||988| ||||-| ||||988| Page 16