DIOCESE OF CYPRUS AND THE GULF FOUNDATION
Report and Accounts
Year ended 31 December 2022
| Contents | Page |
|---|---|
| Charity information | 2 |
| Trustees’ Annual Report | 3-5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9-16 |
DIOCESE OF CYPRUS AND THE GULF FOUNDATION CHARITY INFORMATION
For the Year Ended 31 December 2022
Trustees:
Mr. Michael Cole (Chairman) Ms. Susan Cooper Mr. Jonathan Franklin Mrs. Sibella Laing The Most Reverend Michael Lewis Mr. Ron Maitland Mr. Charles Milner (resigned on 24 February 2023) Mrs Carol Angela Murray MBE (appointed on 23 March 2023) The Very Reverend Bertrand Olivier Mr. Michael Ross-McCall (Treasurer) Mr. Andrew Turner
Clerk to the Trustees:
Mr. Andrew Turner
Governing Document:
Declaration of Trust dated 5 September 1990, updated on 9 September 2022
Charity Registration No.:
1000307
Principal Address:
The Parish House 43 Trinity Square London EC3N 4DJ
Independent Examiner:
Archie McDowall BA CA Stewardship 1 Lamb’s Passage London EC1Y 8AB
Investment Advisers:
LGT Wealth Management UK LLP (formerly LGT Vestra LLP) 14 Cornhill London EC3V 3NR
Bankers:
HSBC Bank plc 1-3 Bishopsgate London EC2N 3AQ
Page 2
DIOCESE OF CYPRUS AND THE GULF FOUNDATION TRUSTEES’ ANNUAL REPORT
For the Year Ended 31 December 2022
The trustees have pleasure in submitting the Report and Accounts for the year ended 31 December 2022.
Objects of the charity
The charity is a trust and is governed by its Declaration of Trust. The objects of the charity, as set out in the governing document are:
The advancement of the Christian religion in accordance with the doctrines and principles of the Provincial Synod of the Anglican Province of Jerusalem and the Middle East by the extension of the work, ministry and public worship throughout the Diocese of Cyprus and the Gulf (“Diocese”) and such other charitable purposes connected with the Church as the trustees of the Foundation in consultation with the Bishop and the Diocesan Synod shall determine.
Summary of the charity’s main activities and achievements
To further the above objects and vision, the charity’s main activities and achievements include the generation of an income stream from a portfolio of investments managed by LGT Wealth Management UK LLP and donations from private individuals and charitable bodies. The charity disburses monies to cover small administrative costs and provides financial support to the Diocese and to individual parishes within the Diocese when this is required and when approved by the trustees.
The charitable status of the Foundation also enables it to provide a facility for parishes within the Diocese to recover UK income tax on donations made directly to the parishes by UK taxpayers, the donation being paid to the Foundation for the benefit of the parish, the tax claimed and the gross payment being then returned to the parish specified by the donor. In the same way, subscriptions and donations from members of the Association of Friends of the Diocese of Cyprus and the Gulf are paid through the Foundation. The Foundation also makes payments to the Church of England Pensions Board on behalf of the Diocese of Cyprus and the Gulf to fund pensions for some members of the clergy based in the Diocese.
During 2022 the Foundation continued to support the Diocese in funding its ordinand and clergy training programme. The amount of the grant made for this purpose in 2022 was £35,000 (2021: £25,000). An additional grant of £15,000 was paid to the Diocese in 2022 to assist with the financing of its general activities. The trustees have designated a further grant for ordinand training and general Diocesan requirements of £85,000 for 2023 and 2024.
During 2020 the trustees agreed to assist the Diocese with resources to support a proposed appeal for funds. The financial position of the Diocese is fragile with low reserves and reliance on contributions from Anglican Communion donors, other charities and from parishes, particularly those in the Gulf region. Pressures on all of these sources of contribution, including that caused by Covid-19, has highlighted the critical need for other sources of income. As of 31 December 2022, donations in response to the Appeal aggregated to £97,369 including a donation of £83,300 which is invested in a separate endowment fund.
Page 3
DIOCESE OF CYPRUS AND THE GULF FOUNDATION TRUSTEES’ ANNUAL REPORT (continued) For the Year Ended 31 December 2022
Further information about the Diocese of Cyprus and the Gulf may be found on the website www.cypgulf.org.
Structure, Governance and Management
Responsibility for setting policy and for making operating decisions rests with the trustees who meet at least twice a year to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to a senior management team led by the Chairman and Treasurer. New trustees are recruited and appointed by the existing trustees by a unanimous vote.
Public benefit statement
To further its charitable purposes for the public benefit, and in furtherance of its charitable objectives, the charity has provided support to the Diocese of Cyprus and the Gulf, in particular in the generation of funding for its various activities. These include supporting the activities of the parishes both in Cyprus and in the Gulf, including clergy and ordinand training, the operation of a school in Baghdad, an eye clinic in Aden, Yemen as well as providing support, practical and spiritual, to displaced Christians and others, seafarers, refugees and migrant workers.
In the furtherance of the above, the trustees of the Foundation have complied with the duty to have regard to the UK Charity Commission’s public benefit guidance.
Financial review
The attached financial statements for the year ended 31 December 2022 show receipts, mainly from donations and investment income, totalling £154,877 (2021: £53,883) and payments for charitable activities totalling £114,198 (2021: £88,882). After deducting investment losses of £46,989 (2021: investment gains £23,082), there was a deficit in the year of £6,310 (2021 deficit: £11,917).
The total value of the investment portfolio was £321,240 at 31 December 2022 (2021: £334,929). A single donation of £83,300 was added during 2022 to create "Endowment Fund No.2 - General Portfolio" and £50,000 was withdrawn from the existing "Endowment Fund - General Portfolio" during the year (2021: nil additions or disposals).
Reserves policy
The charity aims to distribute amounts received as quickly as possible and given the relatively low level of operational expenditure, minimal amounts are held in cash reserve. At 31 December 2022 the amount of unrestricted cash held was £13,421 (2021: £14,052).
During 2022, the charity maintained 13 funds divided into designated, general unrestricted, restricted and endowment funds. The trustees recommend no change in the designation of funds at this time and consider the reserves to be adequate.
Page 4
DIOCESE OF CYPRUS AND THE GULF FOUNDATION TRUSTEES’ ANNUAL REPORT (continued) For the Year Ended 31 December 2022
Going concern
The trustees consider that the charity has sufficient funds to enable it to continue its operations for the foreseeable future.
Key risks and uncertainties
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
Statement of Responsibilities of the trustees
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the trustees and signed on their behalf by:
MICHAEL COLE Michael Cole (Chairman) 30 May, 2023
Page 5
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF DIOCESE OF CYPRUS AND THE GULF FOUNDATION
(‘the Charity’)
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2022 on pages 7 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 9 to 10.
Responsibilities and basis of report
As the charity’s trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 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 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act;
-
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 financial statements to be reached.
ARCHIE MCDOWALL
Name: Archie McDowall BA CA Dated: 30 May, 2023
Stewardship 1 Lamb’s Passage LONDON EC1Y 8AB
Page 6
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2022
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income and endowments EXPENDITURE ON: Charitable activities 7 Total expenditure Net gains / (losses) on investments Net income / (expenditure) Gross transfers between funds - in Gross transfers between funds - out Net movement in funds Reconciliation of funds: Total funds brought forward 14 Total funds carried forward 14 |
£ 5,166 140 2,282 283 7,871 22,826 22,826 (36,836) (51,792) (55,225) (107,017) 229,322 122,306 Unrestricted funds |
£ 92,143 0 0 0 92,143 35,000 35,000 0 57,143 55,225 (83,300) 29,068 70,000 99,068 Designated funds |
£ 52,695 0 462 0 53,157 56,372 56,372 (7,453) (10,668) 0 (10,668) 61,378 50,710 Restricted funds |
£ 0 0 1,706 0 1,706 0 0 (2,700) (994) 83,300 82,306 0 82,306 Endowment funds |
Total funds 2022 £ 150,004 140 4,450 283 154,877 114,198 114,198 (46,989) (6,310) 138,525 (138,525) (6,310) 360,700 354,390 |
Total funds 2021 £ 50,946 520 2,098 319 |
|---|---|---|---|---|---|---|
| 53,883 | ||||||
| 88,882 | ||||||
| 88,882 | ||||||
| 23,082 | ||||||
| (11,917) 0 0 |
||||||
| (11,917) 372,617 |
||||||
| 360,700 |
The statement of financial affairs includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on pages 9 to 16 form part of these accounts.
Page 7
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
BALANCE SHEET As at 31 December 2022
| Note FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand 12 9,13 Net current assets TOTAL NET ASSETS FUND BALANCES Unrestricted funds General funds 14 Designated funds 14 Restricted funds 14 Endowment funds 14 CREDITORS: Amounts falling due within one year |
£ 113,858 113,858 847 13,421 14,268 5,820 8,448 122,306 122,306 0 122,306 0 0 122,306 Unrestricted funds |
£ 85,000 85,000 0 14,068 14,068 0 14,068 99,068 0 99,068 99,068 0 0 99,068 Designated funds |
£ 41,782 41,782 376 13,118 13,494 4,565 8,928 50,710 0 0 0 50,710 0 50,710 Restricted funds |
£ 80,600 80,600 1,706 0 1,706 0 1,706 82,306 0 0 0 0 82,306 82,306 Endowment funds |
Total funds 2022 £ 321,240 321,240 2,929 40,607 43,535 10,385 33,150 354,390 122,306 99,068 221,374 50,710 82,306 354,390 |
Total funds 2021 £ 334,929 |
|---|---|---|---|---|---|---|
| 334,929 | ||||||
| 1,041 39,516 |
||||||
| 40,557 14,786 |
||||||
| 25,771 | ||||||
| 360,700 | ||||||
| 229,322 70,000 |
||||||
| 299,322 61,378 0 |
||||||
| 360,700 |
The financial statements were approved by the Board of Trustees and were signed on its behalf by: Charity Number 1000307.
MICHAEL COLE Michael Cole (Chairman) Date: 30 May, 2023 MICHAEL ROSS-MCCALL Michael Ross-McCall (Treasurer) Date: 30 May, 2023
The notes on pages 9 to 16 form part of these accounts.
Page 8
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS For the year ended 31 December 2022
1 Statutory information
The charity is a trust registered with the Charity Commission in England and Wales. The charity's registered number and principal address can be found on the Charity information page.
- 2 Accounting Policies
These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
a) Going concern
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements and have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies includes:
i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.
Investment income represents income generated by the charity's assets, including an investment portfolio
c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
The cost of raising funds has been disclosed separately when material.
Page 9
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued)
For the year ended 31 December 2022
2 Accounting Policies (continued)
c) Expenditure (continued) Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
| d) e) f) g) h) i) j) |
Investments i) ii) Taxation Financial instruments Foreign currency translation i) ii) iii) Exemption from preparing a cashflow statement Critical accounting estimates and areas of judgement The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement. Income and expenditure denominated in a foreign currency is translated into sterling at the exchange rate prevailing on the date of the transaction. Unlisted investments are measured at cost less impairment where it becomes apparent that the amount that could be realised is less than cost. Investment property and listed investments are valued at their market value (fair value) at the balance sheet date. General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments. Fund accounting The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years). Fixed asset investments are held to generate income and / or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the charity expects to sell by the next balance sheet date. Investments are valued as follows: These financial statements are presented in sterling, which is the charity's functional currency. The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period. Monetary assets and liabilities denominated in a foreign currency are re-translated at the exchange rate prevailing at the balance sheet date. Non-monetary assets are measured at historic cost at the rate of exchange prevailing on the date of the transaction and are not subsequently re-translated. All differences arising from the application of the above policy are charged (or credited) to the Statement of Financial Activities. The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income. |
|---|---|
Page 10
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued)
For the year ended 31 December 2022
| 3 Donations and legacies Donations of cash and similar Income tax recoverable 4 Income from charitable activities Book sales 5 Investment income Dividends and interest receivable, split between: Endowment Fund - General Portfolio Endowment Fund No.2 - General Portfolio 6 Other income Other income 7 Charitable expenditure a Costs incurred directly on specific activities Miscellaneous expenses Grants payable b Costs incurred on support and administration Governance costs Independent examination Printing, postage and stationery Subscriptions and professional fees Bank charges Total expenditure |
2022 £ 144,625 5,379 150,004 140 2,744 1,706 4,450 283 0 0 111,511 111,511 1,140 1,140 15 1,392 140 2,687 114,197 |
2021 £ 44,403 6,543 |
|---|---|---|
| 50,946 | ||
| 520 | ||
| 2,098 0 |
||
| 2,098 | ||
| 319 | ||
| 165 | ||
| 165 87,362 |
||
| 87,527 | ||
| 960 | ||
| 960 15 300 80 |
||
| 1,355 | ||
| 88,882 |
The fee payable to the independent examiner for examining the accounts in 2022 was £1,140 (2021: £960). No other services were provided by Stewardship.
Page 11
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued)
For the year ended 31 December 2022
| 7 Charitable expenditure (continued) c Grants payable Grants for UK and overseas mission Grants for education, including ministry training The charity's principal grants to institutions comprised: Parishes in Cyprus Parishes in the Gulf Diocese of Cyprus and the Gulf Other |
2022 £ 76,511 35,000 111,511 12,912 42,509 55,139 952 111,511 |
2021 £ 62,362 25,000 |
|---|---|---|
| 87,362 | ||
| 21,030 39,465 25,532 1,335 |
||
| 87,362 |
8 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses
The charity employs no staff and the trustees receive no remuneration or other benefits. During the year no trustee (2021: 0) received reimbursement of travelling expenses.
9 Acting as agent
The charity makes monthly contribution payments to the Church of England Pensions Board on behalf of the Diocese of Cyprus and the Gulf to fund pensions for some members of the clergy based in the Diocese. These payments, which are funded by the Diocese of Cyprus and the Gulf, are excluded from the Statement of Financial Activities; any money that has not been disbursed as contribution payments by the year end is recognised as a creditor.
| Brought forward add: Transfers and cash received to fund clergy pensions less: Contributions to the Church of England Pensions board Carried forward 10 Fixed asset investments Total Funds Portfolio Cost or fair value brought forward Purchases during the year Disposals during the year Change in value of investments Cost or fair value carried forward The Trustees may decide by resolution to purchase and dispose of all or part of the portfolio. Included in the above schedule is the following Endowment Fund: Cost or fair value brought forward Purchases during the year Disposals during the year Change in value of investments Cost or fair value carried forward |
13,816 41,580 (50,831) 4,565 334,929 83,300 50,000 (46,989) 321,240 0 83,300 0 (2,700) 80,600 |
28,701 39,872 (54,757) |
|---|---|---|
| 13,816 | ||
| 311,847 0 0 23,082 |
||
| 334,929 | ||
| 0 0 0 0 |
||
| 0 |
The donor in a grant offer letter dated 17 December 2021 and approved by the Trustees on 18 December 2021 has stated that: 1.1 The purpose of the grant is to enable the Diocese to purchase investments and use the resulting investment income to continue supporting its charitable activities; and
1.2 The grant shall not be used for any other purpose and shall be held as a permanent endowment in the Foundation, represented by a Restricted Fund.
1.3 If the Diocese of Cyprus and the Gulf Foundation does not comply in all material respects with these conditions, or the grant has not been used for the purpose it has been given, the grant shall be repayable at our discretion.
Both portfolios are managed by LGT Wealth Management UK LLP in accordance with an Investment Policy Statement dated 22 February 2022 in order to provide capital growth with an element of income based on medium risk and valued as at 31 December 2022.
Page 12
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2022
| 11 Debtors Falling due within one year: Tax recoverable Prepayments and accrued income 12 Cash at bank and in hand Cash at bank with immediate access 13 Creditors: liabilities falling due within one year Other creditors Accruals |
2022 £ 304 2,625 2,929 40,607 4,565 5,820 10,385 |
2021 £ 431 610 |
|---|---|---|
| 1,041 | ||
| 39,516 | ||
| 13,816 970 |
||
| 14,786 |
14 Funds
During the year the movements in the charity's funds were as follows:
| Designated funds Ordinand training/general Diocesan The Diocese of Cyprus and the Gulf Appeal General unrestricted funds Total unrestricted funds Restricted funds a) Parishes in Cyprus St Andrew's Church, Kyrenia The Anglican Church of Paphos St John the Evangelist, Deryneia St Barnabas, Limassol b) Association of Friends c) Parishes in the Gulf Christ Church Aden (inc. Ras Morbat Eye Clinic) The Protestant Church in Oman St George's Church, Baghdad Church of the Epiphany, Doha Endowment funds Fund No.2 - General Portfolio Total endowment funds Aggregate of funds Note: The Endowment fund was established in 2022 |
2022 £ 70,000 0 70,000 229,322 299,322 540 2,973 446 0 946 2,282 500 53,691 0 61,378 0 0 360,700 . Opening balance |
2022 £ 0 92,143 92,143 7,871 100,014 500 11,556 900 3,057 720 7,884 5,000 3,375 20,165 53,157 1,706 1,706 154,877 Incoming resources |
2022 £ 35,000 0 35,000 22,826 57,826 1,040 7,960 885 3,026 952 10,166 5,500 6,678 20,165 56,372 0 0 114,198 Outgoing resources |
2022 £ 50,000 (78,075) (28,075) (55,225) (83,300) 0 0 0 0 0 0 0 0 0 0 83,300 83,300 0 Transfers in the year |
2022 £ 0 0 0 (36,836) (36,836) 0 0 0 0 0 0 0 (7,453) 0 (7,453) (2,700) (2,700) (46,989) Gains and losses |
2022 £ 85,000 14,068 Closing balance |
|---|---|---|---|---|---|---|
| 99,068 122,306 |
||||||
| 221,374 | ||||||
| 0 6,569 461 31 714 0 0 42,935 0 |
||||||
| 50,710 | ||||||
| 82,306 | ||||||
| 82,306 | ||||||
| 354,390 | ||||||
The transfers referred to above were made for the following reasons:
a) £50,000 from General Fund to Ordinand training/general Diocesan Fund to provide for planned grants to the Diocese in 2023/4. b) Grant to the Appeal of £83,300 booked in The Diocese of Cyprus and the Gulf Appeal incoming resources reallocated to the Endowment fund.
c) Donations to the Appeal in 2021 of £5,225 and credited to General Fund reallocated to Appeal Fund in 2022.
Page 13
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued)
For the year ended 31 December 2022
14 Funds (continued)
The assets and liabilities of the various funds were as follows:
| Funds (continued) The assets and liabilities of the various funds were as follows: |
||||
|---|---|---|---|---|
| Fixed asset investments Debtors Cash at bank and in hand Creditors falling due within one year |
£ £ 113,858 85,000 847 0 13,421 14,068 (5,820) 0 122,306 99,068 General funds Designated funds Unrestricted funds |
£ 41,782 376 13,118 (4,565) 50,710 Restricted funds |
£ 80,600 1,706 0 0 82,307 Endowment funds |
Total 2022 £ 321,240 2,929 40,607 (10,385) |
| £ 113,858 847 13,421 (5,820) 122,306 General funds |
||||
| 354,390 |
In the previous year the movements in the charity's funds were as follows:
| Designated funds Ordinand training/general Diocesan General unrestricted funds Total unrestricted funds Restricted funds Parishes in Cyprus St Andrew's Church, Kyrenia The Anglican Church of Paphos St John the Evangelist, Deryneia St Barnabas, Limassol Association of Friends Parishes in the Gulf Christ Church Aden (inc. Ras Morbat Eye Clinic) The Protestant Church in Oman St George's Church, Baghdad Aggregate of funds |
2021 £ 25,000 25,000 272,212 297,212 40 2,548 1,461 0 1,327 22,965 0 47,064 75,405 372,617 Opening balance |
2021 £ 0 0 9,473 9,473 500 17,106 885 2,449 953 13,275 6,000 3,242 44,410 53,883 Incoming resources |
2021 £ 25,000 25,000 2,052 27,052 0 16,681 1,900 2,449 1,334 33,958 5,500 8 61,830 88,882 Outgoing resources |
2021 £ 70,000 70,000 (70,000) 0 0 0 0 0 0 0 0 0 0 0 Transfers in the year |
2021 £ 0 0 19,689 19,689 0 0 0 0 0 0 0 3,393 3,393 23,082 Gains and losses |
2021 £ 70,000 Closing balance |
|---|---|---|---|---|---|---|
| 70,000 229,322 |
||||||
| 299,322 | ||||||
| 540 2,973 446 0 946 2,282 500 53,691 |
||||||
| 61,378 | ||||||
| 360,700 |
Page 14
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2022
14 Funds (continued)
In the previous year, the assets and liabilities of the various funds were as follows:
| Fixed asset investments Debtors Cash at bank and in hand Creditors falling due within one year |
£ £ 215,694 70,000 546 0 14,052 0 970 0 229,322 70,000 Unrestricted funds General funds Designated funds |
£ 49,235 495 25,462 13,816 61,378 Restricted funds |
2021 £ 334,929 1,041 39,514 14,786 |
|---|---|---|---|
| £ 215,694 546 14,052 970 229,322 General funds |
|||
| 360,700 |
Designated unrestricted funds comprise funds which have been designated by the trustees for the support of clergy/ordinand training and the general work of the Diocese.
Restricted funds comprise balances held by the charity on behalf of parishes and affiliated entities. These balances have arisen from the relevant parishes' planned giving together with donations received where donor or donors have requested that gifts made are to be applied for specified restricted purposes. These balances include Gift Aid where applicable.
Endowment funds comprise grants which are given in response to the Appeal but with restrictions on the long-term preservation of the original principal amount.
15 Transactions with related parties
There have been no transactions with related parties during the year nor during the prior year.
Page 15
DIOCESE OF CYPRUS AND THE GULF FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES For the year ended 31 December 2022
| Note INCOME FROM: Donations and legacies 3 Charitable activities 4 Investment income 5 Other income 6 Total income EXPENDITURE ON: Charitable activities 7 Total expenditure Net gains / (losses) on investments Net income / (expenditure) Gross transfers between funds - in Gross transfers between funds - out Net movement in funds Reconciliation of funds: Total funds brought forward 14 Total funds carried forward 14 |
General Designated 2022 2022 £ £ 5,166 92,143 140 0 2,282 0 283 0 7,871 92,143 22,826 35,000 22,826 35,000 (36,836) 0 (51,792) 57,143 0 55,225 (55,225) (83,300) (107,017) 29,068 229,322 70,000 122,306 99,068 Unrestricted funds |
Restricted 2022 £ 52,695 0 462 0 53,157 56,372 56,372 (7,453) (10,668) 0 0 (10,668) 61,378 50,710 |
Endowment 2022 £ 0 0 1,706 0 1,706 0 0 (2,700) (994) 83,300 0 82,306 0 82,306 |
Total 2022 £ 150,004 140 4,450 283 154,877 114,198 114,198 (46,989) (6,310) 138,525 (138,525) (6,310) 360,700 354,390 |
General Designated 2021 2021 £ £ 6,844 0 520 0 1,790 0 319 0 9,473 0 2,052 25,000 2,052 25,000 19,689 0 27,110 (25,000) 0 70,000 (70,000) 0 (42,890) 45,000 272,212 25,000 229,322 70,000 Unrestricted funds |
Restricted 2021 £ 44,102 0 308 0 44,410 61,830 61,830 3,393 (14,027) 0 0 (14,027) 75,405 61,378 |
Total 2021 £ 50,946 520 2,098 319 53,883 88,882 88,882 23,082 (11,917) 70,000 (70,000) (11,917) 372,617 360,700 |
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|---|---|---|---|---|---|---|---|---|---|---|
| General 2022 £ 5,166 140 2,282 283 7,871 22,826 22,826 (36,836) (51,792) 0 (55,225) (107,017) 229,322 122,306 |
General 2021 £ 6,844 520 1,790 319 9,473 2,052 2,052 19,689 27,110 0 (70,000) (42,890) 272,212 229,322 |
Note: The Endowment fund was established in 2022.
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