## **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 Repr*t The abo¥e report has been prepared in 3£cordance with the prthrysions applicable to CoMpar￿e5 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 ex*mptknn 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 w￿h sectlon 476 of the CornpanSes Act 2Crf)6. The directors aeknowlèd8e thelr responsibililies forc0mpl￿ne 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