2020-12-31-accounts - The Coptic Orthodox Church Centre

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Report ofthe Trustees	1	to	5
Report ofthe Independent Auditors	6	to	8
Statement of Financial Activities
Statement of Financial Position
Statement ofCash Flows
Notes to the Statement of Cash Flows		12
Notes to the Financial Statements	13 to		22
Detailed Statement of Financial Activities	23	to	24

					31.12.20	31.12.19
			Unrestricted	Restricted	Total	Total
			funds	fund	funds	funds
		Notes
INCOME AND ENDOWMENTS FROII
Donations and legacies		2	1,139,832		1,139,832	801,328
Investment income Other income		3	24,782 159,371		24,782 159,371	45,028 126,589
Total			1,323,985		1,323,985	972,945
EXPENDITURE ON Raising funds			12,527		12,527	20,641
Charitable activities
Church Expenses			247,792		247,792	374,249
Donations City Mission			101,144 12,822		101,144 12,822	327,009 19,816
Papal Visit						6,600
Diocese of London expenses			51,346		51,346
Convent Expenses Refcemi expenses			7,628 20,000		7,628 20,000
Other			5,339		5,339	24,874
Total			458,598		458,598	773,189
NET INCOIIE			865,387		865,387	199,756
RECONCILIATION	OF FUNDS
Total funds brought forward			3,187,435		3,187,435	2,987,679
TOTAL FUNDS CARRIED FORWARD			4,052,822		4,052,822	3,187,435

					31.12.20	31.12.19
			Unrestricted	Restricted	Total	Total
			funds	fund	funds	funds
		Notes	E	E		E
FIXEDASSETS
Tangible assets Investment property		11 12	4,182,815 411,011		4,182,815 411,011	3,275,193 411,011
			4,593,826		4,593,826	3,686,204
CURRENT ASSETS
Debtors		13	109,487		109,487	152,351
Cash at bank and	in hand		904,513		904,513	632,265
			1,014,000		1,014,000	784,616
CREDITORS
Amounts falling due within one year		14	(159,306)		(159,306)	(83,812)
NET CURRENT ASSETS			854,694		854,694	700,804
TOTAL ASSETS	LESSCURRENT
LIABILITIES			5,448,520		5,448,520	4,387,008
CREDITORS
Amounts falling due after more than one year		15	(1,389,448)		(1,389,448)	(1,199,573)
ACCRUALS AND	DEFERRED INCOIIIIE	17	(6,250)		(6,250)
NET ASSETS			4,052,822		4,052,822	3,187,435
FUNDS Unrestricted funds		18			4,052,822	3,187,435
TOTALFUNDS					4,052,822	3,187,435

			FOR T	HE YEAR ENDED	31 DECEIIBER2020
					31.12.20	31.12.19
				Notes
Cash flows from	operating		activities
Cash generated from operations					984,323	217,269
Interest paid					(29,700)	(45,843)
Net cash provided	by operating activities				954,623	171,426
Cash flows from	investing		activities
Purchase oftangible fixed assets					(922,282)	(10,732)
Interest received					32	28
Net cash used in	investing	activities			(922,250)	(10,704)
Cash flows from	financing		activities
New loans in year					250,000
Loan repayments	in year				(10,125)	(31,075)
Net cash provided	by/(used		in) financing	activities	239,875	(31,075)
Change in cash	and cash		equivalents
in the reporting	period				272,248	129,647
Cash and cash equivalents			at the
beginning ofthe	reporting		period		632,265	502,618
Cash and cash equivalents			at the end
ofthe reporting	period				904,513	632,265

			NOTES TO THE STATEIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIIBER2020	NOTES TO THE STATEIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIIBER2020	NOTES TO THE STATEIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIIBER2020	NOTES TO THE STATEIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIIBER2020	NOTES TO THE STATEIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIIBER2020	NOTES TO THE STATEIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIIBER2020
	RECONCILIATION		OF NET INCOIIE TO NET CASH FLOW FROII OPERATING ACTIVITIES
							31.12.20	31.12.19
							F
	Net income for the		reporting		period (as per the Statement of
	Financial Activities)						865,387	199,756
	Adjustments for:
	Depreciation charges						14,660		17,174
	Interest received						(32)		(28)
	Interest paid Grant received for	additions		to	Fixtures		29,700		45,843 7,979
	Decrease/(increase)		in debtors				42,864		(66,404)
	Increase in creditors						31,744		12,949
	Net cash provided		by operations				984,323	217,269
2.	ANALYSIS OF CHANGES			IN	NET DEBT
					At	1.1.20	Cash flow	At	31.12.20
						E	F		E
	Net cash
	Cash at bank and	in	hand		632,265		272,248		904,513
					632,265		272,248		904,513
	Debt
	Debts falling due within 1 year Debts falling due after 1 year				(56,000) (1,199,573)		(50,000) {189,875)	(106,000) (1,389,448)
					{1,255,573)		(239,875)	(1,495,448)
	Total				(623,308)		32,373	(590,935)

			31.12.20	31.12.19
			F	E
Donations			1,013,886	724,142
Gift aid			110,001	77,186
Grants			15,945
			1,139,832	8Q1,328
Grants received,	included	in the above, are as follows:
			31.12.20	31.12.19
				E
Other grants			15,945
INVESTMENT INCOME			31.12.20	31.12.19
			E
Rents receivable			24,75Q	45,000
Deposit account	interest		32	28
			24,782	45,028
RAISING FUNDS
RAISING DONATIONS		AND LEGACIES	31.12.20	31.12.19
			F
Telephone & Internet Postage and stationery Sundries Advertising &promotional Event Catering			7,014 757 4,756	6,200 1,273 2,977 690 9,501
			12,527	20,641

5.	CHARITABLE ACTIVITIES COSTS
			Grant.
			funding	of
			activities		Support
		Direct	{seenote		costs (see
		Costs	6)		note 7)	Totals
					f.
	Church Expenses	238,092			9,700	247,792
	Donations				101,144	101,144
	City Mission	12,822				12,822
	Diocese of London expenses	48,048			3,298	51,346
	Convent Expenses	7,628				7,628
	Refcemi expenses				20,000	20,000
		306,590	101,144		32,998	440,732
6.	GRANTS PAYABLE
					31.12.20	31.12.19
						F
	Donations
					101,144	327,009

		Governance
		costs
Church Diocese	Expenses of London expenses	9,700 3,298
Refcemi	expenses	20,000
		32,998

Support	costs, include	d in the	above, are as	follows:
						31.12.20	31.12.19
				Diocese
			Church	of London	Refcemi	Total	Total
			Expenses	expenses	expenses	activities	activities
			F		E	F	E
Auditors'	remuneration		9,700			9,700	12,950
Legal 8	professional	fees		3,298	20,000	23,298
Subscriptions							972
			9,700	3,298	20,000	32,998	13,922

STAFF COSTS
			31.12.20	31.12.19
			E	E
Wages and salaries			81,187	95,451
Social security costs			2,883	3,767
Other pension costs			751	621
			84,821	99,839
The average monthly	number ofemployees	during the year was as follows:
			31.12.20	31.12.19
Caretaker			1	1
Media
Priest			1	1
Secretarial			2	2

	NOTES TO THE FINANCIAL STATEIIENTS -continued FOR THE YEAR ENDED 31DECEMBER 2020	NOTES TO THE FINANCIAL STATEIIENTS -continued FOR THE YEAR ENDED 31DECEMBER 2020	NOTES TO THE FINANCIAL STATEIIENTS -continued FOR THE YEAR ENDED 31DECEMBER 2020	NOTES TO THE FINANCIAL STATEIIENTS -continued FOR THE YEAR ENDED 31DECEMBER 2020
10.	COMPARATIVES FOR THE STATEIIENT OF FINANCIAL ACTIVITIES
				Unrestricted	Restricted	Total
				funds	fund	funds
				F		F
	INCOIIE AND ENDOWMENTS		FROIN
	Donations and legacies			601,328	200,000	801,328
	investment income			45,028		45,028
	Other income			126,589		126,589
	Total			772,945	200,000	972,945
	EXPENDITURE ON
	Raising funds			20,641		20,641
	Charitable activities
	Church Expenses Donations			374,249 127,009	200,000	374,249 327,009
	City Mission Papal Visit			19,816 6,600		19,816 6,600
	Other			24,874		24,874
	Total			573,189	200,000	773,189
	NET INCOME			199,756		199,756
	RECONCILIATION	OF FUNDS
	Total funds brought forward			2,987,679		2,987,679
	TOTAL FUNDS CARRIED FORWARD			3,187,435		3,187,435

11.	TANGIBLE FIXEDASS	ETS
			Fixtures
		Freehold	and	Motor
		property	fittings	vehicles	Totals
		E		F
	COST
	At 1 January 2020	3,186,443	206,571	9,300	3,4Q2,314
	Additions	913,750	8,532		922,282
	At 31 December 2020	4,100,193	215,103	9,300	4,324,596
	DEPRECIATION
	At 1 January 2020		118,502	8,619	127,121
	Charge for year		14,490	170	14,660
	At 31 December 2020		132,992	8,789	141,781
	NET BOOK VALUE
	At 31 December 2020	4,100,193	82,111	511	4,182,815
	At 31 December 2019	3,186,443	88,069	681	3,275,193
12.	INVESTMENT PROPERTY
	FAIR VALUE
	At 1 January 202Q
	and 31 December 2020				411,011
	NET BOOK VALUE
	At 31 December 2020				411,011
	At 31 December 2019				411,011
13.	DEBTORS:AMOUNTS	FALLING DUE WITHIN ONE YEAR
				31.12.20	31.12.19
				E	E
	Other debtors			109,487	152,351

14.	CREDITORS: AMOU	NTS	FA	LLING DUE WITHIN ONE YEAR
					31.12.20	31.12.19
	Bank loans and overdrafts		(see note 16)		106,000	56,000
	Trade creditors				37,733	20,845
	Taxation and social security				5,794	2,074
	Other creditors				9,779	4,893
					159,306	83,812
15.	CREDITORS: AMOUNTS		FALLING DUE AFTER MORE THAN ONE YEAR
					31.12.20	31.12.19
	Bank loans (see note	16)			1,389,448	1,199,573
16.	LOANS
	An analysis ofthe maturity		of	loans is given below:
					31.12.20	31.12.19
					F	E
	Amounts falling due within		one year on demand:
	RBSLand Loan				56,000	56,000
	CBILBank Loan BS				50,000
					106,000	56,000
	Amounts falling between one			and two years:
	Bank loans - 1-2years				106,000	56,000
	Amounts falling due between			two and five years:
	Bank loans - 2-5years				318,000	168,000
	Amounts falling due in	more than five years:
	Repayable by instalments:
	Bank loans more 5 yr	by instal			965,448	975,573
17.	ACCRUALS AND DEFERRED INCOME
					31.12.20	31.12.19
					F	F
	Accruals and deferred	income			6,250

IIOVEM	EN	T IN	FUNDS
						Net	Transfers
						movement	between	At
					At 1.1.20	in funds	funds	31.12.20
						E
Unrestricted		funds
General St Mark	fund 8 Pope Tawadros			Fund	2,670,604 42,419	27,988 (10,005)	(72,954) (226,170)	2,625,638 (193,756)
Youth Fund					53,032	12,912	(5,716)	60,228
Benevolent		Fund			69,461	(6,198)	2,000	65,263
London	Diocesan		Fund		351,919	840,690	302,840	1,495,449
					3,187,435	865,387		4,052,822
TOTAL	FUNDS				3,187,435	865,387		4,052,822

Net mov	eme	nt in funds, in	cluded in the above	are as follows:
				Incoming	Resources	Movement
				resources	expended	in funds
				E	E
Unrestricted		funds
General	fund			244,995	(217,007)	27,988
St Mark	&Pope Tawadros		Fund	3,624	(13,629)	(10,005)
Youth Fund				30,418	(17,506)	12,912
Benevolent		Fund		85,194	(91,392)	(6,198)
London	Diocesan Fund			959,754	(119,064)	840,690
				1,323,985	(458,598)	865,387
TOTAL	FUNDS			1,323,985	(458,598)	865,387

Compar	ative	s for movem	ent in funds
					Net	Transfers
					movement	between	At
				At 1.1.19	in funds	funds	31.12.19
						E	E
Unrestricted		funds
General	fund			2,656,443	18,931	(4,770)	2,670,604
St Mark	8 Pope Tawadros		Fund	35,435	6,984		42,419
Youth Fund				44,457	10,080	(1,505)	53,032
Benevolent		Fund		68,097	4,364	(3,000)	69,461
London	Diocesan Fund			183,247	159,397	9,275	351,919
				2,987,679	199,756		3,187,435
TOTAL	FUNDS			2,987,679	199,756		3,187,435

Comparative net	vemen	t in funds, included in t	he above are as follows:
			Incoming	Resources	Movement
			resources	expended	in funds
					E
Unrestricted funds
General fund St Mark 8 Pope Tawadros Youth Fund Benevolent Fund London Diocesan Fund		Fund	325,741 7,466 38,454 99,153 302, 131	(306,810) (482) (28,374) (94,789) (142,734)	18,931 6,984 10,080 4,364 159,397
Restricted funds			772,945	(573,189)	199,756
St Mary 8 Archangel	Michael Coptix
Orthodox Cathedral			200,000	(200,000)
TOTAL FUNDS			972,945	(773,189)	199,756

A current year 12	and prior yea	r 12 months combined	position is as	follows:
			Net	Transfers
			movement	between	At
		At 1.1.19	in funds	funds	31.12.20
			F
Unrestricted funds
General fund St Mark 8, Pope Tawadros Youth Fund Benevolent Fund London Diocesan Fund	Fund	2,656,443 35,435 44,457 68,097 183,247	46,919 (3,021) 22,992 (1,834) 1,000,087	(77,724) (226,170) (7,221) (1,000) 312,115	2,625,638 (193,756) 60,228 65,263 1,495,449
		2,987,679	1,065,143		4,052,822
TOTAL FUNDS		2,987,679	1,065,143		4,052,822

				Incoming	Resources	Movement
				resources	expended	in funds
				E		F
Unrestricted funds
General	fund			570,736	(523,817)	46,919
St Mark	8 Pope Tawadros		Fund	11,090	(14,111)	(3,021)
Youth Fund				68,872	(45,880)	22,992
Benevolent Fund				184,347	(186,181)	(1,834)
London	Diocesan Fund			1,261,885	(261,798)	1,000,087
				2,096,930	(1,031,787)	1,065,143
Restricted funds
St Mary	8 Archangel	Michael Coptix
Orthodox	Cathedral			200,000	(200,000)
TOTAL	FUNDS			2,296,930	(1,231,787)	1,065,143

	FOR THE YEAR ENDED	31DECEIIBER2020
		31.12.20	31.12.19
INCOIIE AND ENDOWIIENTS
Donations and legacies
Donations Gift aid Grants		1,013,886 110,001 15,945	724,142 77,186
		1,139,832	801,328
Investment income
Rents receivable Deposit account interest		24,750 32	45,000 28
		24,782	45,028
Other income
Voluntary Receipts		157,099	125,764
Sundry Receipts		2,272	825
		159,371	126,589
Total incoming resources		1,323,985	972,945
EXPENDITURE
Raising donations	and legacies
Telephone 8 Internet Postage and stationery		7,014 757	6,200 1,273
Sundries		4,756	2,977
Advertising 8 promotional			690
Event Catering			9,501
		12,527	20,641
Charitable activities
Wages Social security Pensions		81,187 2,883 751	95,451 3,767 621
Room and furniture Rates and water	hire	7,724 7,576	7,500 25,302
Insurance		30,615	28,041
Light and heat		17,904	21,214
Household supplies		5,339	5,218
Repairs and maintenance		39,008	24,772
Travel Expenses		6,774	34,251
Motor Expenses		16,402	27,591
Carried forward		216,163	273,728

		DETAILED STATEMENT OF FOR THE YEAR ENDED	FINANCIAL ACTIVITIES 31 DECEMBER 2020
			31.12.20	31.12.19
Charitable activities
Brought forward			216,163	273,728
Food 8 supplies for Homeless			4,985	17,736
Cleaning 8 Refuse			1,218	1,067
Subscriptions			2,059	1,780
Entertaining			856	2,764
Storage Costs			1,703	1,703
St Pauls services			251
Payments to Diocesan		priests	19,500	20,000
Clerical Clothing				315
Software Licenses			90	3,137
Church Plaques			175	1,800
Copier Rental and charges			893	1,958
Books			2,363	8,735
Security Costs			1,002	1,953
Promotional Costs			5,924
Sanitisation expenses			5,048
Fixtures and fittings			14,490	16,948
Motor vehicles			170	226
Bank loan interest			28,130	44,245
Bank and credit charges			1,570	1,598
Donations			101,144	324,509
Grants to individuals				2,500
			407,734	726,702
Other
I egal 8 Consultancy	fees		5,339	11,924
Support costs
Governance costs
Auditors' remuneration			9,700	12,950
Legal 8 professional		fees	23,298
Subscriptions				972
			32,998	13,922
Total resources expended			458,598	773,189
Net income			865,387	199,756