**REGISTERED CHARITY NUMBER: 252930** ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 December 2024** ## **for** ## **ST. PETER'S ITALIAN CHURCH** BBK Partnership Chartered Accountants & Statutory Auditors 1 Beauchamp Court 10 Victors Way Barnet Hertfordshire EN5 5TZ **ST. PETER'S ITALIAN CHURCH** **Contents of the Financial Statements for the Year Ended 31 December 2024** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Statement of Financial Position**||5|| |**Statement of Cash Flows**||6|| |**Notes to the Statement of Cash Flows**||7|| |**Notes to the Financial Statements**|8|to|13| |**Detailed Statement of Financial Activities**|14|to|15| ## **ST. PETER'S ITALIAN CHURCH** ## **Report of the Trustees for the Year Ended 31 December 2024** The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019. ## **OBJECTIVES AND ACTIVITIES** ## **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 constitution 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)'. ## **STRATEGIC REPORT** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** (England and Wales) ## **Registered Charity number** 252930 ## **Registered office** 4 Back Hill Clerkenwell Road London EC1R 5EN ## **Trustees** Father A Fulco Don N Gallucci Don G De Caro Page 1 ## **ST. PETER'S ITALIAN CHURCH** **Report of the Trustees for the Year Ended 31 December 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** Mr Alan Kaye FCA BBK Partnership Chartered Accountants & Statutory Auditors 1 Beauchamp Court 10 Victors Way Barnet Hertfordshire EN5 5TZ Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 22 July 2025 and signed on the board's behalf by: Father A Fulco - Trustee Page 2 **Independent Examiner's Report to the Trustees of ST. PETER'S ITALIAN CHURCH** I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2024. ## **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 carryingout 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 Alan Kaye FCA The Institute of Chartered Accountants in England and Wales BBK Partnership Chartered Accountants & Statutory Auditors 1 Beauchamp Court 10 Victors Way Barnet Hertfordshire EN5 5TZ 22 July 2025 Page 3 ## **ST. PETER'S ITALIAN CHURCH** ## **Statement of Financial Activities for the Year Ended 31 December 2024** |||31.12.24|31.12.23| |---|---|---|---| |||Unrestricted|Total| |||funds|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Gifts in kind|2|263,499|166,782| |Other trading activities|3|70,642|71,713| |Other income||450,440|306,676| |**Total**||784,581|545,171| |**EXPENDITURE ON**|||| |Raising funds|4|126,221|57,064| |**Charitable activities**|5||| |Support costs||542,355|899,204| |**Total**||668,576|956,268| |**NET INCOME/(EXPENDITURE)**||116,005|(411,097)| |**RECONCILIATION OF FUNDS**|||| |Total funds brought forward||530,831|941,928| |**TOTAL FUNDS CARRIED FORWARD**||646,836|530,831| The notes form part of these financial statements Page 4 ## **ST. PETER'S ITALIAN CHURCH** ## **Statement of Financial Position 31 December 2024** |31.12.24
Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
11
5,354
**CURRENT ASSETS**
Debtors
12
1,000
Cash at bank and in hand
646,469
647,469
**CREDITORS**
Amounts falling due within one year
13
(3,286)
**NET CURRENT ASSETS**
644,183
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
649,537
**NET ASSETS**
649,537
**FUNDS**
14
Unrestricted funds
649,537
**TOTAL FUNDS**
649,537|31.12.23
Total
funds
£
7,015
1,000
525,517| |---|---| ||526,517
-| ||526,517| ||533,532| ||533,532| ||533,532| ||533,532| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. ## The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The financial statements were approved by the Board of Trustees and authorised for issue on 22 July 2025 and were signed on its behalf by: Father A Fulco - Trustee The notes form part of these financial statements Page 5 ## **ST. PETER'S ITALIAN CHURCH** ## **Statement of Cash Flows for the Year Ended 31 December 2024** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|31.12.24
£
120,952
-
120,952
-
-
120,952
525,517
646,469|31.12.23
£
(417,024)
2,816
(414,208)
(865)
(865)
(415,073)
940,590
525,517| |---|---|---| The notes form part of these financial statements Page 6 ## **ST. PETER'S ITALIAN CHURCH** ## **Notes to the Statement of Cash Flows for the Year Ended 31 December 2024** ## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**OPERATING ACTIVITIES**||| |---|---|---| |**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation charges
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**|31.12.24
£
116,005
1,661
3,286
120,952|31.12.23
£
(411,097)
2,213
(8,140)| |||(417,024)| ## **2.** ## **ANALYSIS OF CHANGES IN NET FUNDS** ||At 1/1/24|Cash flow|At 31/12/24| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank and in hand|525,517|120,952|646,469| ||525,517|120,952|646,469| |**Total**|525,517|120,952|646,469| The notes form part of these financial statements Page 7 **ST. PETER'S ITALIAN CHURCH** **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** 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). ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 25% on reducing balance Fixtures and fittings - 15% on reducing balance Computer equipment - 20% on reducing balance ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 8 ## **ST. PETER'S ITALIAN CHURCH** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** |**2.**
**GIFTS IN KIND**
Gifts
Donations
**3.**
**OTHER TRADING ACTIVITIES**
Fundraising events
Shop income
Income from other activities f
**4.**
**RAISING FUNDS**
**Raising donations and legacies**
Subscriptions
Fund raising events costs
Shop costs
**5.**
**CHARITABLE ACTIVITIES COSTS**
Support costs|31.12.24

£
17,321
246,178
263,499
31.12.24

£
36,289
13,861
20,492
70,642
31.12.24

£
100,000
25,288
933
126,221
|31.12.23
£
15,934
150,848| |---|---|---| |||166,782| |||31.12.23
£
34,796
16,359
20,558
71,713
31.12.23
£
47,418
7,619
2,027| |||57,064| |||Support
costs (see
note 6)
£
542,355| Page 9 ## **ST. PETER'S ITALIAN CHURCH** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** ## **6. SUPPORT COSTS** |**SUPPORT COSTS**||| |---|---|---| |Management
£
Support costs
109,523
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets|Human
Governance
resources
costs
£
£
1,661
431,171
31.12.24
£
1,661|Totals
£
542,355| |||31.12.23
£
2,213| ## **7. NET INCOME/(EXPENDITURE)** ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **9. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Admin|31.12.24
£
96,175
4,506
1,572
102,253
31.12.24
3|31.12.23
£
73,901
21,845
3,550| |---|---|---| |||99,296| |||31.12.23
3| No employees received emoluments in excess of £60,000. Page 10 ## **ST. PETER'S ITALIAN CHURCH** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** ## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||funds| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Gifts in kind|166,782| |Other trading activities|71,713| |Other income|306,676| |**Total**|545,171| |**EXPENDITURE ON**|| |Raising funds|57,064| |**Charitable activities**|| |Support costs|899,204| |**Total**|956,268| |**NET INCOME/(EXPENDITURE)**|(411,097)| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|941,928| |**TOTAL FUNDS CARRIED FORWARD**|530,831| ## **11. TANGIBLE FIXED ASSETS** |**COST**
At 1 January 2024 and
31 December 2024
**DEPRECIATION**
At 1 January 2024
Charge for year
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|Freehold
property
£
310,635
310,262
-
310,262
373
373|Plant and
machinery
£
102,097
100,069
507
100,576
1,521
2,028|Fixtures
and
fittings
£
59,697
58,875
206
59,081
616
822|Computer
equipment
£
47,476
43,684
948
44,632
2,844
3,792|Totals
£
519,905| |---|---|---|---|---|---| ||||||512,890
1,661| ||||||514,551| ||||||5,354| ||||||7,015| Page 11 ## **ST. PETER'S ITALIAN CHURCH** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** |**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Accrued expenses
**14.**
**MOVEMENT IN FUNDS**
At 1/1/24
£
**Unrestricted funds**
General fund
530,831
**TOTAL FUNDS**
530,831
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
784,581
**TOTAL FUNDS**
784,581
**Comparatives for movement in funds**
At 1/1/23
£
**Unrestricted funds**
General fund
941,928
**TOTAL FUNDS**
941,928|31.12.24
31.12.23
£
£
1,000
1,000
31.12.24
31.12.23
£
£
1,786
-
1,500
-
3,286
-
Net
movement
At
in funds
31/12/24
£
£
116,005
646,836
116,005
646,836
Resources
Movement
expended
in funds
£
£
(668,576)
116,005
(668,576)
116,005
Net
movement
At
in funds
31/12/23
£
£
(411,097)
530,831
(411,097)
530,831| |---|---| Page 12 ## **ST. PETER'S ITALIAN CHURCH** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** ## **14. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
545,171
545,171|Resources
Movement
expended
in funds
£
£
(956,268)
(411,097)
(956,268)
(411,097)|Resources
Movement
expended
in funds
£
£
(956,268)
(411,097)
(956,268)
(411,097)| |---|---|---|---| ||||(411,097)| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/1/23
£
941,928
941,928|Net
movement
in funds
£
(295,092)
(295,092)|At
31/12/24
£
646,836| |---|---|---|---| ||||646,836| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|1,329,752|(1,624,844 )|(295,092)| |**TOTAL FUNDS**|1,329,752|(1,624,844 )|(295,092)| ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2024. Page 13 ## **ST. PETER'S ITALIAN CHURCH** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2024** ||31.12.24|31.12.23| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Gifts in kind**||| |Gifts|17,321|15,934| |Donations|246,178|150,848| ||263,499|166,782| |**Other trading activities**||| |Fundraising events|36,289|34,796| |Shop income|13,861|16,359| |Income from other activities f|20,492|20,558| ||70,642|71,713| |**Other income**||| |Other income|19,482|25,058| |Rents received|430,958|281,618| ||450,440|306,676| |**Total incoming resources**|784,581|545,171| |**EXPENDITURE**||| |**Raising donations and legacies**||| |Subscriptions|100,000|47,418| |Fund raising events costs|25,288|7,619| |Shop costs|933|2,027| ||126,221|57,064| |**Support costs**||| |**Management**||| |Wages|96,175|73,901| |Social security|4,506|21,845| |Pensions|1,572|3,550| |Management|7,270|8,950| ||109,523|108,246| |**Human resources**||| |Plant and machinery|507|676| |Fixtures and fittings|206|273| |Computer equipment|948|1,264| ||1,661|2,213| This page does not form part of the statutory financial statements Page 14 ## **ST. PETER'S ITALIAN CHURCH** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2024** ||31.12.24|31.12.23| |---|---|---| ||£|£| |**Human resources**||| |**Other 3**||| |Cost of direct charitable ac|-|28,034| |**Governance costs**||| |Other office costs|103,658|27,086| |Premises costs|146,281|400,627| |Operating lease rentals - othe|1,962|1,750| |Motor and travel expenses|7,590|6,004| |Legal & professional fees|163,469|321,944| |Governance costs|769|531| |Accountancy and legal fees|5,513|917| |Other finance costs|1,929|1,852| ||431,171|760,711| |Total resources expended|668,576|956,268| |**Net income/(expenditure)**|116,005|(411,097)| This page does not form part of the statutory financial statements Page 15