Charity number: 252930
ST. PETER'S ITALIAN CHURCH
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 December 2021
ST. PETER'S ITALIAN CHURCH Contents Page For the year ended 31 December 2021
| Report of the Trustees | 1 |
|---|---|
| Independent Examiner's Report to the Trustees | 2 |
| Statement of Financial Activities | 3 |
| Statement of Financial Position | 4 |
| Notes to the Financial Statements | 5 to 10 |
| Detailed Statement of Financial Activities | 11 to 12 |
ST. PETER'S ITALIAN CHURCH
Report of the Trustees
For the year ended 31 December 2021
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The Charity's objectives are the prevention or relief of poverty, to provide religious activities and education, advice and support for the congregation and general community, particularly the Italian community.
The Charity is constituted as a registered Charity. It is governed by its constituion adopted on 21 May 1998 and the policies made from time to time by the Executive Committee.
Objectives and aims
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity ST. PETER'S ITALIAN CHURCH Charity registration number 252930 Principal address 4 Back Hill Clerkenwell Road London EC1R 5EN
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Father Andrea Fulco Don Nicola Gallucci Don Giuseppe De Caro Independent examiners G Teoli & Co. Certified Public Accountants Balfour House 741 High Road London N12 0BP
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 10 October 2022 Father Andrea Fulco
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ST. PETER'S ITALIAN CHURCH Statement of Financial Activities
For the year ended 31 December 2021
| Notes Income and endowments from: Donations and legacies 2 Other trading activites 3 Investments 4 Other income 5 Total Expenditure on: Raising funds 6/7 Charitable activities 8/9 Total Net income/expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 124,512 54,119 70 190,867 369,568 (17,087) (285,352) (302,439) 67,129 914,128 981,257 |
2020 £ 102,604 80,685 3,148 257,827 |
|---|---|---|
| 444,264 | ||
| (406,449) (394,701) |
||
| (801,150) | ||
| (356,886) 1,272,749 |
||
| 915,863 |
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ST. PETER'S ITALIAN CHURCH Statement of Financial Position As at 31 December 2021
| Notes Fixed assets Tangible assets 14 Current assets 15 Debtors Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Net assets The funds of the charity Unrestricted income funds 17 Total funds |
£ 2021 10,812 10,812 1,000 973,039 974,039 (3,594) 970,445 981,257 981,257 981,257 981,257 |
£ 2020 14,092 |
|---|---|---|
| 14,092 | ||
| 1,000 906,577 |
||
| 907,577 | ||
| (7,550) 900,027 |
||
| 914,119 | ||
| 914,119 | ||
| 914,119 | ||
| 914,119 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Don Giuseppe De Caro Trustee
10 October 2022
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ST. PETER'S ITALIAN CHURCH Notes to the Financial Statements
For the year ended 31 December 2021
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘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 2019)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
ST. PETER'S ITALIAN CHURCH 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 note(s).
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Resources expended
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure:
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
2. Income from donations and legacies
| Unrestricted funds Donations received Legacies received |
2020 2021 £ £ 102,604 114,312 - 10,200 102,604 124,512 |
|---|---|
3. Income earned from other activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Unrestricted funds | ||
| Fund raising events | 22,576 | 15,645 |
| Shop income | 11,767 | 5,040 |
| Other activities for generating | 19,776 | 60,000 |
| funds 1 | ||
| 54,119 | 80,685 |
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Notes to the Financial Statements Continued
ST. PETER'S ITALIAN CHURCH
For the year ended 31 December 2021
4. Investment income
| Unrestricted funds Bank interest receivable 5. Other income Unrestricted funds HMRC - CJRS Grants Other income Rent received 6. Expenditure on generating donations and legacies Unrestricted funds Donations Subscriptions 7. Expenditure on other trading activities Unrestricted funds Fund raising events Shop costs |
2021 £ 70 70 2021 £ 61,649 27,647 101,571 190,867 2021 £ 500 - 500 2021 £ 12,851 3,736 16,587 |
2020 £ 3,148 |
|---|---|---|
| 3,148 | ||
| 2020 £ 34,395 33,294 190,138 |
||
| 257,827 | ||
| 2020 £ 6,449 400,000 |
||
| 406,449 | ||
| 2020 £ - - |
||
| - |
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ST. PETER'S ITALIAN CHURCH
Notes to the Financial Statements Continued
For the year ended 31 December 2021
8. Costs of charitable activities by fund type
| Unrestricted funds Activity 1 Support costs |
2020 2021 £ £ 22,780 14,769 371,921 270,583 394,701 285,352 |
|---|---|
9. Costs of charitable activities by activity type
| Support costs Activities undertaken directly £ £ Support costs Activity 1 270,583 14,769 Analysis of support costs Activity 1 Management Human Resources Governance costs |
2021 £ 285,352 2021 £ 109,197 4,083 157,303 270,583 |
2020 £ 394,701 2020 £ 104,464 4,697 262,760 |
|---|---|---|
| 371,921 |
10. Analysis of support costs
11. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation of owned fixed assets | 4,083 | 4,697 |
| Accountancy fees | 4,336 | 4,554 |
| Operating lease charges - other | 3,944 | - |
| Staff pension contributions | 2,814 | 2,904 |
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ST. PETER'S ITALIAN CHURCH
Notes to the Financial Statements Continued
For the year ended 31 December 2021
12. Staff costs and emoluments
Total staff costs for the year ended 31 December 2021 were:
| Total staff costs for the year ended 31 December 2021 were: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Salaries and wages | 71,633 | 89,360 |
| Social security costs | 19,340 | - |
| Pension costs | 2,814 | 2,904 |
| 93,788 | 92,264 |
13. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
14. Tangible fixed assets
| Land and | Plant and | Fixtures and | Computer | ||
|---|---|---|---|---|---|
| Cost or valuation | Buildings | Machinery | Fittings | Equipment | Total |
| £ | £ | £ | £ | £ | |
| At 01 January 2021 | 310,262 | 101,282 | 59,697 | 47,140 | 518,381 |
| Additions | - | 323 | - | - | 323 |
| At 31 December 2021 | 310,262 | 101,605 | 59,697 | 47,140 | 518,704 |
| Depreciation | |||||
| At 01 January 2021 | 310,262 | 97,676 | 57,751 | 38,599 | 504,288 |
| Charge for year | - | 982 | 487 | 2,135 | 3,604 |
| At 31 December 2021 | 310,262 | 98,658 | 58,238 | 40,734 | 507,892 |
| Net book values | |||||
| At 31 December 2021 | - | 2,947 | 1,459 | 6,406 | 10,812 |
| At 31 December 2020 | - | 3,606 | 1,946 | 8,541 | 14,093 |
15. Debtors
Amounts due within one year: Other debtors
| 2021 | 2020 |
|---|---|
| £ | £ |
| 1,000 | 1,000 |
| 1,000 | 1,000 |
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ST. PETER'S ITALIAN CHURCH
Notes to the Financial Statements Continued
For the year ended 31 December 2021
16. Creditors: amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2021 £ (2,197) 2,815 2,976 3,594 |
2020 £ 2,815 1,855 2,880 |
|---|---|---|
| 7,550 |
17. Movement in funds
Unrestricted Funds
| Unrestricted Funds | ||||
|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Balance at | |
| 01/01/2021 | resources | resources | 31/12/2021 | |
| £ | £ | £ | £ | |
| General | ||||
| General | 914,128 | 369,568 | (302,439) | 981,257 |
| 914,128 | 369,568 | (302,439) | 981,257 | |
| Unrestricted Funds - Previous year | ||||
| Balance at | Incoming | Outgoing | Balance at | |
| 01/01/2020 | resources | resources | 31/12/2020 | |
| £ | £ | £ | £ | |
| General | ||||
| General | 1,272,749 | 444,264 | (801,150) | 915,863 |
| 1,272,749 | 444,264 | (801,150) | 915,863 |
18. Analysis of net assets between funds
| Unrestricted funds General General |
Tangible fixed assets Net current assets / (liabilities) Net Assets £ £ £ 10,812 970,445 981,257 |
|---|---|
| 10,812 970,445 981,257 |
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ST. PETER'S ITALIAN CHURCH Notes to the Financial Statements Continued
For the year ended 31 December 2021
Previous year
| Previous year | |||
|---|---|---|---|
| Tangible | Net current | Net Assets | |
| fixed assets | assets / | ||
| (liabilities) | |||
| £ | £ | £ | |
| Unrestricted funds | |||
| General | |||
| General | 14,092 | 900,027 | 914,119 |
| 14,092 | 900,027 | 914,119 |
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Notes to the Financial Statements Continued
ST. PETER'S ITALIAN CHURCH
For the year ended 31 December 2021
| INCOME AND ENDOWMENT Donations and legacies Donations Legacies Other trading activities Fund raising events Shop income Income from other activities for generating funds 1 Investments Bank interest receivable Other income HMRC - CJRS Grants Other income Rent received Total incoming resources EXPENDITURE Raising donations and legacies Donations Donations to Rome Other trading activities Fund raising events costs Shop costs Charitable activities Cost of direct charitable activity SUPPORT COSTS Management Management Human Resources Human Resources Governance costs Governance costs |
£ 2021 114,312 10,200 124,512 22,576 11,767 19,776 54,119 70 70 61,649 27,647 101,571 190,867 369,568 (500) - (500) (12,851) (3,736) (16,587) (14,769) (14,769) (109,197) (109,197) (4,083) (4,083) (157,303) (157,303) |
£ 2020 102,604 - |
|---|---|---|
| 102,604 15,645 5,040 60,000 |
||
| 80,685 3,148 |
||
| 3,148 34,395 33,294 190,138 |
||
| 257,827 | ||
| 444,264 (6,449) (400,000) |
||
| (406,449) - - |
||
| - (22,780) |
||
| (22,780) (104,464) |
||
| (104,464) (4,697) |
||
| (4,697) (262,760) |
||
| (262,760) |
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ST. PETER'S ITALIAN CHURCH Detailed Statement of Financial Activities For the year ended 31 December 2021
Total resources expended
Net Income
| (302,439) | (801,150) |
|---|---|
| 67,129 | (356,886) |
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This page does not form part of the statutory financial statements