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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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