Company registration number: CE035869 Charity registration number: 1207842
Romanian Orthodox Church Swansea
(A company limited by guarantee)
Annual Report and Financial Statements
for the period from 15 April 2024 to 31 December 2024
LHP Accountants Ltd Llys Deri Parc Pensarn Carmarthen SA31 2NF
Romanian Orthodox Church Swansea
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
Romanian Orthodox Church Swansea
Reference and Administrative Details
Charity Registration Number 1207842 Company Registration Number CE035869 The charity is incorporated in England and Wales. Registered Office 1219 Neath Road Plasmarl Swansea SA6 8JT Independent Examiner LHP Accountants Ltd Llys Deri Parc Pensarn Carmarthen SA31 2NF
Page 1
Romanian Orthodox Church Swansea
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the period ended 31 December 2024.
Objectives and activities
Objects and aims
To provide a place for regular worship and prayer, raising awareness, and understanding of Orthodox Christian beliefs and practices, and carrying out religious services, pastoral and outreach work.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees:
V-F Branescu (appointed 15 April 2024) I Moldovan (appointed 15 April 2024) H-M Robotin (appointed 15 April 2024)
Statement of trustees' responsibilities
The trustees (who are also the directors of Romanian Orthodox Church Swansea for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 2
Romanian Orthodox Church Swansea
Trustees' Report
The annual report was approved by the trustees of the charity on 31 October 2025 and signed on its behalf by:
......................................... V-F Branescu Trustee
Page 3
Romanian Orthodox Church Swansea
Independent Examiner's Report to the trustees of Romanian Orthodox Church Swansea ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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 accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company 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 accounts 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Romanian Orthodox Church Swansea as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts 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 accounts to be reached.
...................................... LHP Accountants Ltd Chartered Certified Accountants
Llys Deri Parc Pensarn Carmarthen SA31 2NF
31 October 2025
Page 4
Romanian Orthodox Church Swansea
Statement of Financial Activities for the Period from 15 April 2024 to 31 December 2024
(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income Transfers between funds Net movement in funds Reconciliation of funds Total funds carried forward 8 |
Unrestricted funds £ 13,897 13,897 (1,149) (1,149) 12,748 86,446 99,194 99,194 |
Restricted funds £ 86,446 86,446 - - 86,446 (86,446) - - |
Total 2024 £ 100,343 |
|---|---|---|---|
| 100,343 | |||
| (1,149) | |||
| (1,149) | |||
| 99,194 - |
|||
| 99,194 | |||
| 99,194 |
All of the charity's activities derive from continuing operations during the above period.
The notes on pages 7 to 11 form an integral part of these financial statements. Page 5
Romanian Orthodox Church Swansea
(Registration number: CE035869) Balance Sheet as at 31 December 2024
| (Registration number: CE035869) Balance Sheet as at 31 December 2024 |
|
|---|---|
| Note Fixed assets Tangible assets 6 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 7 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 8 |
2024 £ 96,391 10,771 (7,968) |
| 2,803 | |
| 99,194 | |
| 99,194 | |
| 99,194 |
The financial statements on pages 5 to 11 were approved by the trustees, and authorised for issue on 31 October 2025 and signed on their behalf by:
......................................... V-F Branescu Trustee
The notes on pages 7 to 11 form an integral part of these financial statements. Page 6
Romanian Orthodox Church Swansea
Notes to the Financial Statements for the Period from 15 April 2024 to 31 December 2024
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: 1219 Neath Road Plasmarl Swansea SA6 8JT
These financial statements were authorised for issue by the trustees on 31 October 2025.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Romanian Orthodox Church Swansea meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Page 7
Romanian Orthodox Church Swansea
Notes to the Financial Statements for the Period from 15 April 2024 to 31 December 2024
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £250.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Page 8
Romanian Orthodox Church Swansea
Notes to the Financial Statements for the Period from 15 April 2024 to 31 December 2024
3 Income from donations and legacies
| 3 Income from donations and legacies |
||
|---|---|---|
| Regular giving and capital donations Total for period ended 31 December 2024 4 Expenditure on charitable activities Note Governance costs 5 |
Unrestricted funds General £ 13,897 13,897 Unrestricted funds General £ 1,149 |
Total funds £ 13,897 |
| 13,897 | ||
| Total funds £ 1,149 |
5 Analysis of governance and support costs
Governance costs
| Governance costs | ||
|---|---|---|
| Audit fees Other fees paid to auditors Other governance costs Total for period ended 31 December 2024 |
Unrestricted funds General £ 840 309 1,149 |
Total funds £ 840 309 |
| 1,149 |
Page 9
Romanian Orthodox Church Swansea
Notes to the Financial Statements for the Period from 15 April 2024 to 31 December 2024
6 Tangible fixed assets
| 6 Tangible fixed assets |
||
|---|---|---|
| Cost Additions At 31 December 2024 Depreciation At 31 December 2024 Net book value At 31 December 2024 |
Land and buildings £ 96,391 |
Total £ 96,391 |
| 96,391 - |
96,391 - |
|
| 96,391 | 96,391 |
7 Creditors: amounts falling due within one year
| Other loans Accruals 8 Funds Unrestricted funds General General Fund Restricted funds Funds received to purchase Church Total funds |
Incoming resources £ 13,897 86,446 100,343 |
Resources expended £ (1,149) - (1,149) |
Transfers £ 86,446 (86,446) - |
2024 £ 7,128 840 |
|---|---|---|---|---|
| 7,968 | ||||
| Balance at 31 December 2024 £ 99,194 - |
||||
| 99,194 |
The restricted funds received to purchase the church were expended once the church was acquired, and therefore the funds received to purchase the asset are transferred to the unrestricted fund.
Page 10
Romanian Orthodox Church Swansea
Notes to the Financial Statements for the Period from 15 April 2024 to 31 December 2024
9 Analysis of net assets between funds
| 9 Analysis of net assets between funds |
||
|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 96,391 10,771 (7,968) 99,194 |
Total funds at 31 December 2024 £ 96,391 10,771 (7,968) |
| 99,194 |
Page 11
Romanian Orthodox Church Swansea
Detailed Statement of Financial Activities for the Period from 15 April 2024 to 31 December 2024
December 2024 |
|
|---|---|
| Donations and legacies Committed giving Grants - other agencies Charitable activities Office expenses Accountancy fees Bank charges |
Total 2024 £ 13,897 86,446 |
| 100,343 | |
| (233) (840) (76) |
|
| (1,149) |
This page does not form part of the statutory financial statements. Page 12