Charity number: 252930
ST. PETER'S ITALIAN CHURCH
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 December 2023
ST. PETER'S ITALIAN CHURCH Contents Page For the year ended 31 December 2023
| 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 9 |
| Detailed Statement of Financial Activities | 10 |
ST. PETER'S ITALIAN CHURCH Report of the Trustees
For the year ended 31 December 2023
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 December 2023. 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
............................................................................. 15 July 2024 Father Andrea Fulco
1 of 10
Independent Examiners Report to the Trustees
ST. PETER'S ITALIAN CHURCH
For the year ended 31 December 2023
I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiners statement
Since the Charity's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of , which is one of the listed bodies.
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 that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Mr Giulio Teoli FCPA., FMAAT., AFA/MIPA G Teoli & Co. Certified Public Accountants Balfour House 741 High Road London N12 0BP
15 July 2024
2 of 10
ST. PETER'S ITALIAN CHURCH Statement of Financial Activities
For the year ended 31 December 2023
| Notes Income and endowments from: Donations and legacies 2 Other trading activites 3 Other income 4 Total Expenditure on: Raising funds 5/6 Charitable activities 7/8 Total Net expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 166,782 71,713 306,676 545,171 (57,064) (899,204) (956,268) (411,097) 941,928 530,831 |
2022 £ 165,993 59,293 169,667 |
|---|---|---|
| 394,953 | ||
| 261,403 (697,256) |
||
| (435,853) | ||
| (40,900) 982,828 |
||
| 941,928 |
3 of 10
ST. PETER'S ITALIAN CHURCH Statement of Financial Position As at 31 December 2023
| Notes Fixed assets Tangible assets 13 Current assets 14 Debtors Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Net assets The funds of the charity Unrestricted income funds 16 Total funds |
£ 2023 7,015 7,015 1,000 525,517 526,517 - 526,517 533,532 533,532 533,532 533,532 |
£ 2022 8,363 |
|---|---|---|
| 8,363 | ||
| 1,000 940,590 |
||
| 941,590 | ||
| (8,140) 933,450 |
||
| 941,813 | ||
| 941,813 | ||
| 941,813 | ||
| 941,813 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Don Giuseppe De Caro Trustee
15 July 2024
4 of 10
ST. PETER'S ITALIAN CHURCH Notes to the Financial Statements
For the year ended 31 December 2023
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 Gifts in kind |
2022 2023 £ £ 138,409 150,848 1,250 - 26,334 15,934 165,993 166,782 |
|---|---|
3. Income earned from other activities
| Unrestricted funds Fund raising events Shop income Other activities for generating funds 1 |
2023 £ 34,796 16,359 20,558 71,713 |
2022 £ 24,837 14,787 19,669 |
|---|---|---|
| 59,293 |
5 of 10
Notes to the Financial Statements Continued
ST. PETER'S ITALIAN CHURCH
For the year ended 31 December 2023
4. Other income
| Unrestricted funds Other income Rent received 5. Expenditure on generating donations and legacies Unrestricted funds Subscriptions 6. Expenditure on other trading activities Unrestricted funds Fund raising events Shop costs 7. Costs of charitable activities by fund type Unrestricted funds Activity 1 Support costs 8. Costs of charitable activities by activity type Support costs Activities undertaken directly £ £ Support costs Activity 1 871,170 28,034 |
2023 £ 25,058 281,618 306,676 2023 £ 47,418 47,418 2023 £ 7,619 2,027 9,646 2023 £ 28,034 871,170 899,204 2023 £ 899,204 |
2022 £ 7,838 161,829 |
|---|---|---|
| 169,667 | ||
| 2022 £ (276,298) |
||
| (276,298) | ||
| 2022 £ 10,406 4,489 |
||
| 14,895 | ||
| 2022 £ 29,598 667,658 |
||
| 697,256 | ||
| 2022 £ 697,256 |
6 of 10
ST. PETER'S ITALIAN CHURCH Notes to the Financial Statements Continued
For the year ended 31 December 2023
9. Analysis of support costs
| nalysis of support costs | ||
|---|---|---|
| Activity 1 Management Human Resources Governance costs Net income/(expenditure) for the year This is stated after charging/(crediting): Depreciation of owned fixed assets Accountancy fees Staff pension contributions |
2023 £ 108,246 2,213 760,711 871,170 2023 £ 2,213 917 3,550 |
2022 £ 110,789 2,785 554,084 |
| 667,658 | ||
| 2022 £ 2,785 4,481 3,421 |
10. Net income/(expenditure) for the year
11. Staff costs and emoluments
Total staff costs for the year ended 31 December 2023 were:
| Salaries and wages Social security costs Pension costs Admin |
2023 £ 73,901 21,845 3,550 99,296 2023 0 0 |
2022 £ 73,865 22,236 3,421 |
|---|---|---|
| 99,522 | ||
| 2022 5 |
||
| 5 |
12. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
7 of 10
ST. PETER'S ITALIAN CHURCH
Notes to the Financial Statements Continued
For the year ended 31 December 2023
13. Tangible fixed assets
| Computer Equipment Fixtures and Fittings Plant and Machinery Land and Buildings Cost or valuation £ £ £ £ 47,476 59,697 101,605 310,262 At 01 January 2023 - - 492 373 Additions At 31 December 2023 102,097 59,697 47,476 310,635 Depreciation 42,419 58,602 99,394 310,262 At 01 January 2023 Charge for year 1,265 273 675 - 43,684 58,875 100,069 310,262 At 31 December 2023 Net book values At 31 December 2023 At 31 December 2022 373 - 2,028 2,211 822 1,095 3,792 5,057 |
Total £ 519,040 865 |
|---|---|
| 519,905 | |
| 510,677 2,213 |
|
| 512,890 | |
| 7,015 | |
| 8,363 |
14. Debtors
| Amounts due within one year: Other debtors 15. Creditors: amounts falling due within one year Trade creditors Other creditors Accruals and deferred income |
2023 £ 1,000 1,000 2023 £ - - - - |
2022 £ 1,000 |
|---|---|---|
| 1,000 | ||
| 2022 £ (627) 2,815 5,952 |
||
| 8,140 |
16. Movement in funds
| Unrestricted Funds General General |
Balance at 01/01/2023 £ 941,928 941,928 |
Incoming resources £ 545,171 545,171 |
Outgoing resources £ (956,268) (956,268) |
Balance at 31/12/2023 £ 530,831 |
|---|---|---|---|---|
| 530,831 |
8 of 10
ST. PETER'S ITALIAN CHURCH Notes to the Financial Statements Continued
For the year ended 31 December 2023
Unrestricted Funds - Previous year
| General General |
Balance at 01/01/2022 £ 982,828 982,828 |
Incoming resources £ 394,953 394,953 |
Outgoing resources £ (435,853) (435,853) |
Balance at 31/12/2022 £ 941,928 |
|---|---|---|---|---|
| 941,928 |
Unrestricted income funds carried forward £ 941,813, per page 4 of the financial statements, includes a prior year adjustment of £ 2,701 made in respect of adjustments to other income received and bank balance.
Purpose of unrestricted Funds
General
Relief of poverty
17. Analysis of net assets between funds
| Unrestricted funds General General Previous year Unrestricted funds General General |
Tangible fixed assets Net current assets / (liabilities) Net Assets £ £ £ 7,015 526,517 533,532 |
|---|---|
| 7,015 526,517 533,532 |
|
| Tangible fixed assets Net current assets / (liabilities) Net Assets £ £ £ 8,363 933,450 941,813 |
|
| 8,363 933,450 941,813 |
9 of 10
ST. PETER'S ITALIAN CHURCH Detailed Statement of Financial Activities
For the year ended 31 December 2023
| INCOME AND ENDOWMENT Donations and legacies Donations Legacies Gifts in kind Other trading activities Fund raising events Shop income Income from other activities for generating funds 1 Other income Other income Rent received Total incoming resources EXPENDITURE Raising donations and legacies 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 Total resources expended Net Expenditure |
£ 2023 150,848 - 15,934 166,782 34,796 16,359 20,558 71,713 25,058 281,618 306,676 545,171 (47,418) (47,418) (7,619) (2,027) (9,646) (28,034) (28,034) (108,246) (108,246) (2,213) (2,213) (760,711) (760,711) (956,268) (411,097) |
£ 2022 138,409 1,250 26,334 |
|---|---|---|
| 165,993 24,837 14,787 19,669 |
||
| 59,293 7,838 161,829 |
||
| 169,667 | ||
| 394,953 276,298 |
||
| 276,298 (10,406) (4,489) |
||
| (14,895) (29,598) |
||
| (29,598) (110,789) |
||
| (110,789) (2,785) |
||
| (2,785) (554,084) |
||
| (554,084) | ||
| (435,853) | ||
| (40,900) |
10 of 10 This page does not form part of the statutory financial statements