Angels For Bulgaria
Charity No. 1194065
Company No. 12584735
Trustees' Report and Unaudited Accounts
31 May 2024
Angels For Bulgaria Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 4 |
| Independent Examiner's Report | 5 to 5 |
| Statement of Financial Activities | 6 to 6 |
| Summary Income and Expenditure Account | 7 to 7 |
| Balance Sheet | 8 to 8 |
| Statement of Cash flows | 9 to 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 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 12584735
Charity No. 1194065
Principal Office
16 Birchfield Avenue Atherton Manchester England M46 0HR
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 140 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
Ansel$ For Bulsarl• Trustees Annual Reprt The abo¥e report has been prepared in 3£cordance with the prthrysions applicable to CoMpare5 subiert to the small companie5 regime as set tyjt in Part 15 of tr Companies Art 2(K16 and in acwrdart wlth the Charities SORP IFRS 1021. Sl8ned on behalf of the t*Jard M. Toncheva Trusteè 20 Febwary 2025 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 2024.
Responsibilities and basis of report
As the charity's trustees of the company (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:
-
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 methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 2025
Page 5
Angels For Bulgaria Statement of Financial Activities
for the year ended 31 May 2024
| Notes Income and endowments from: Donations and legacies 4 Other 5 Total Expenditure on: Raising funds 6 Charitable activities 7 Other 8 Total Net gains on investments Net expenditure Transfers between funds Net expenditure 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 2024 £ 79,493 57 |
Total funds 2024 £ 79,493 57 |
Total funds 2023 £ 92,780 - |
|---|---|---|---|
| 79,550 19,871 56,364 5,157 |
79,550 19,871 56,364 5,157 |
92,780 12,730 80,298 5,513 |
|
| 81,392 - |
81,392 - |
98,541 - |
|
| (1,842) - |
(1,842) - |
(5,761) - |
|
| (1,842) | (1,842) | (5,761) | |
| (1,842) 10,953 |
(1,842) 10,953 |
(5,761) 16,714 |
|
| 9,111 | 9,111 | 10,953 |
Page 6
Angels For Bulgaria Summary Income and Expenditure Account
for the year ended 31 May 2024
| Income Gross income for the year Expenditure Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year |
2024 £ 79,550 79,550 81,392 81,392 (1,842) (1,842) |
2023 £ 92,780 |
|---|---|---|
| 92,780 | ||
| 98,541 | ||
| 98,541 | ||
| (5,761) | ||
| (5,761) |
Page 7
Anpk For BulR¥T Balance Sheet at 31 May21)24 Company No. ts584ns 2024 2023 yrrent assets Cash at bank and in hand 11,511 11,511 12,4DJI 9,111 9,111 9,111 13,353 13,353 12,4LM)I 10,953 Cr•dltows.' Amount fallln8 due vlthin one ypar Ntt current asgets io Totsl a$5ets less current Ilablltles 10.953 Net assets exCbJd1 pension assèt or li•bility 10,953 Total net assets 9,111 10.953 Th• furth of thé d•rtty R•stslct•d funds Unrestrfrted fvnds General funds li li 10.953 9.111 10,953 li Totsl fvnds 9,111 10.953 These attounts have been wepared in accordan with the spedal wovblons of Pan of the Companles Act 2006 relatlng to small companle For the year ended 31 May 2024 the ¢ompanywas enthkd to exmptknn under sectlon 477 of the Companles Act 2(X)6 relatlnR to small companle5. The members have not required the comwyto otrtaln •n audlt in accwdance wh sectlon 476 of the CornpanSes Act 2Crf)6. The directors aeknowlèd8e thelr responsibililies forc0mplne the rtquirements of the Companles Act 2CQ6 with respect to accountin8 records and the preparatwi ot accounts. Approved by the l)oard on 20 February 2025 And slgned on behatl by= M. Toncheva Trustee 20 February 2025 Page 8
Angels For Bulgaria Statement of Cash flows
for the year ended 31 May 2024
| Cash flows from operating activities Net expenditure per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Decrease in trade and other payables Net cash used in operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net decrease 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 |
2024 £ (1,842) (57) - (1,899) 57 57 - (1,842) 13,353 11,511 11,511 11,511 |
2023 £ (5,761) - (500) |
|---|---|---|
| (6,261) - |
||
| - | ||
| - | ||
| (6,261) | ||
| 18,414 | ||
| 12,153 | ||
| 13,353 | ||
| 13,353 |
Page 9
Angels For Bulgaria Notes to the Accounts
for the year ended 31 May 2024
- 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
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
| 3 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Total Expenditure on: Raising funds 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 brought forward Total funds carried forward 4 Income from donations and legacies Online receipt of donations from individuals across the world 5 Other income |
Unrestricted £ 79,493 79,493 Unrestricted £ 57 57 |
Unrestricted funds 2023 £ 92,780 92,780 12,730 80,298 5,513 98,541 (5,761) (5,761) (5,761) 16,714 10,953 Total 2024 £ 79,493 79,493 Total 2024 £ 57 57 |
Total funds 2023 £ 92,780 |
| 92,780 12,730 80,298 5,513 |
|||
| 98,541 | |||
| (5,761) | |||
| (5,761) | |||
| (5,761) 16,714 |
|||
| 10,953 | |||
| Total 2023 £ 92,780 |
|||
| 92,780 | |||
| Total 2023 £ - |
|||
| - |
Page 12
Angels For Bulgaria Notes to the Accounts
6 Expenditure on raising funds
| Fundraising trading costs 7 Expenditure on charitable activities Expenditure on charitable activities Governance costs 8 Other expenditure General administrative costs Legal and professional costs 9 Staff costs No employee received emoluments in excess of £60,000. 10 Creditors: amounts falling due within one year Accruals |
Unrestricted £ 19,871 19,871 Unrestricted £ 56,364 56,364 Unrestricted £ 2,723 2,434 5,157 2024 £ 2,400 2,400 |
Total 2024 £ 19,871 19,871 Total 2024 £ 56,364 56,364 Total 2024 £ 2,723 2,434 5,157 |
Total 2023 £ 12,730 |
|---|---|---|---|
| 12,730 | |||
| Total 2023 £ 80,298 |
|||
| 80,298 | |||
| Total 2023 £ 2,798 2,715 |
|||
| 5,513 | |||
| 2023 £ 2,400 |
|||
| 2,400 |
Page 13
Angels For Bulgaria Notes to the Accounts
11 Movement in funds
| Restricted funds: Unrestricted funds: General funds Total funds 12 Analysis of net assets between funds Net current assets 13 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 June 2023 10,953 10,953 |
Incoming resources (including other gains/losses ) £ 79,550 79,550 Unrestricted funds £ 11,511 11,511 At 1 June 2023 £ |
Resources expended £ (81,392) (81,392) Restricted funds £ (2,400) (2,400) Cash flows £ |
At 31 May 2024 £ 9,111 |
|---|---|---|---|---|
| 9,111 | ||||
| Total £ 9,111 |
||||
| 9,111 | ||||
| At 31 May 2024 £ |
||||
| 13,353 | (1,842) | 11,511 | ||
| 13,353 13,353 |
(1,842) (1,842) |
11,511 | ||
| 11,511 | ||||
| 14 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 2024
| Income and endowments from: Donations and legacies Online receipt of donations from individuals across the world Other Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Charitable activities Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation Bank charges 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 |
Unrestricted funds 2024 £ 79,493 79,493 57 57 79,550 19,871 19,871 19,871 56,364 56,364 56,364 1,426 443 405 286 3 160 2,723 1,400 1,000 34 2,434 5,157 |
Total funds 2024 £ 79,493 |
Total funds 2023 £ 92,780 |
|---|---|---|---|
| 79,493 | 92,780 | ||
| 57 | - | ||
| 57 | - | ||
| 79,550 19,871 |
92,780 12,730 |
||
| 19,871 | 12,730 | ||
| 19,871 56,364 |
12,730 80,298 |
||
| 56,364 | 80,298 | ||
| 56,364 1,426 443 405 286 3 160 |
80,298 1,322 799 344 213 - 120 |
||
| 2,723 | 2,798 | ||
| 1,400 1,000 34 |
1,400 1,000 315 |
||
| 2,434 | 2,715 | ||
| 5,157 | 5,513 |
Page 15
Angels For Bulgaria Detailed Statement of Financial Activities
| Angels For Bulgaria Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
81,392 - (1,842) (1,842) - (1,842) 10,953 9,111 |
81,392 - |
98,541 - |
| (1,842) | (5,761) | ||
| (1,842) - |
(5,761) - |
||
| (1,842) | (5,761) | ||
| 10,953 | 16,714 | ||
| 9,111 | 10,953 |
Page 16