REGISTERED CHARITY NUMBER". 1024592 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDE 31 DECEMBER 2023 THE COPTIC RTHODOX CHURCH CENTRE George Gendy (Senior Statutory Audtlor) on behaw of Prescott Gendy Aslam Hollington House Flitton Hill Bedford Bedfordshire fvIK45 2BE
THE COPTIC ORTHODOX CHURCH CENTRE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees 1 to 4 Report of the Independent Auditors ststement of Financlal Actsvilw8 Statsment of Financial Position Statement of Cash Flows Notes to the Statement of Cash Flows 10 Notes to the Financial Slatements 11 to 18 Detailed Statement of Financial Activities 19 to 20
THE COPTIC ORTHODOX CHURCH CENTRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the financial Statern of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charitses preparing their accounts in accordance with Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effe(#ive 1 January 2019). OBJECTIVES AND ACTIVITIES ObJectives and aims The main objective of the charrty is to promote the faith of the Coptic Orttth Churth. The trustees have considered the Commissioners guidano on the public benefft ar. in partiojlar. the specrfic guidance on ¢harrtses for the advanment of all religions. The chartty 111 continue to provide the following services and activibes as currently provided by the ntre in pursuan of its thartlable aims: To provide and maintain a place of public worship arKI for officiating sacraments and for the due performance of the Tites of marriage and other remOn[eS a(rdIng to the principles of the Coptic Orthodox Church. To teath and educate members of the Coptic Orthodox Communty in the doctrine and pradiS of The Coptic Orthodox Church. To hold and othenwise promote religious meetings anij )nferenCeS liduding the provision of accommodation for persons from other churthes in the centre. To assist the needy members of the Coptic Orthodox Church in the Unrted Kingdom and also abro&J to indude payment of donations for this purpose. To promote and run youth adivttses t)th physical and spiritual to include the provision of Sunday school. youth meetings and family trips. To provide four weekly masses. Slgnificant activities The Coptic Orthodox Church has continued as a member of all the official ecumenical instrument in the United Kingdom. The church continues to work towards developing relationships with other religions and interfarth groups and has established contacts with govemment interfaith and cohesion departments. The Coptic Orthodox Church takes an active particrpation and contribution to the prtsJress of Christian ministry within the United Kingdom.. The partsh of Saint George. within The Coptic Orthodox Centre provrdes a vartety of spirttual. s¢xial and community services to people within Hertfordshire. Greater London, Cambridge, Bedforshire and surrounding areas. tt prowdes setvices and activities for all the famity with a variety of factlttres vllthin the Centre. In December 2023 an Advent Servi and Christmas reception vras held in St Georges Cathedral was attended by over 600 people. The Charity has continued to increase tvs on line services and SMonS for all parishiiJ)ers. Volunteers Volunteers. who are members of our church are invofved in our church and communty adivities and contribute greatly to both our faith and communty work. We encourage our youth to partictpate in our churth acttvities and in the City Mission project we run for the homeless.Trustees also give their time freely to the tharity. All volunteers, clergy, servants and paid and unpard staff. working with projeLs invofving children or other vulnerable groups are subject to an enhanced Disdosure and Barring Service (DBS) check. ACHIEVEMENT AND PERFORMANCE Charitable activities The charity carries OLrt a wide range of athibes in pursuan of Dts charitable aims to promote the Coptic Church in the UK.. The Saint George Benevolent Fund was forn7ed to relieve poverty by providing for food. medical and educational needs to the poorest communtties in Egypt and Sudan. Thanks to the generosty of our donors to this fund we have continued to provide for the poor and all moneys collected for this purF*)se Vre sent directly to where it is most needed.. The adivities undertaken by the Charity by promoting the Faith and helping the Khjorest families in Egypt and Sudan have improved the lives of ivs beneficiaries and with the aim of making a differen(z.. Page 1
THE covnc ORTHODOX CHURCH CENTRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Fundraising actlviti During the year the Church has conlinued to r1ve donations from the ¢xJngregation and friends of the Chur¢h. The funds raised from donations are used to pay for the running costs of the church and for the upkw and maintenance of the church buildings. Donations Yre also reiVed into the St George benevolent Fund whrch are used to alleviate povety and suffering in Egypi, Sudan and other places. All donations received by the St George Benevolerrt Fund are sent directly to help the needy and will continue to help those in need. Investment perforniance During the year the church continued to maintain ivs assets with general maintenano of ivs buildings at a cost of £68,472 in the year. FINANCIAL REVIEW Flnancial position The statement of financial activities is set out on page 7 and Sh results for the year. The Coptic Othodox Church Centre reported a net surplus on unrestricted funds of £2.473 . At 31st December 2023, as shown on the statement of Financial Position. the Centre had net assets of £4,011,.212 mainly held in Fixed assets and in bank ojrrent accounts. Princlpal funding source$ The prinaple funding sources are from voluntary donations from members armd friends of the Coptic Orthodox Church Centre. Reserves policy Free reserves were held at the Charitys bank of £504.230 fulure Irnprovem to the buildings and to assist where it may be necessary for the needy in both the UK and abroad. FUTURE PIANS In addition to continuing the work to meet our objectives a1 aims. The Coptic Orthodox Church Centre will continue serving it's community locally in the UnFted Kingdom through a series of spiritual and pastoral activities. The Centre will also continue to serve the wrder communty wtth the ongoing challenges presented by the conflicts in the world and affects on the economy on communities in the Uk and overseas. The Centre wll also endeavour to serve those in greatest need, as we look to••ards developments thIn our communty and in the broader communty in the coming months and years. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its goveming d0Ment. a deed of trust and rxjnsiltutes an unincorporated charity. Recruitinent and appolntment of new trustees The trustees are responsible for the recruitment of new trustees. Appointment of new trustees are govemed by the charitys constitution.New trustees are given training by eIng trustees on The Church Constitution and on the financial position and future plans and objectives. Organlsational structu The Coptic Orthodox Church Centre is part of the Coptic Orthodox Church in Egypt which has as rts Supreme Head the Pope of Alexandria and derives its spiritual authority to fvnclion from the Holy Synod of the Coptic Orthodox Patrtafchate in Cairo, Egypt. The charity trustees, Dr E Hemaya and Archbishop A Angaelos are resFX)nsible for the general o)ntrol and management of the charity. The trustees give their time freety and receive remunerati or other financial beneffts. The management of the Church is vested in a Committee who are appointed by the Pope. The OffirS of the Church are the Chairman, Secretary and Treasurer who are aprM)inted by the Committee from its members. The Committee meets tOgett as a body at least four times a year and are responsible for all decistons taken in relation to the administration of the charity. Page 2
THE COPTIC ORTHODOX CHURCH CENTRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Inductlon and training of new tntstees Following appointment, new tTUStees are introduced to Iheir role and are given a (x)pies of the Deed of Constitution and policies and procedures adopted by the charity. Risk management The trustees have a duty to identify and V¥ the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against major risks by actiVty.The twstees are satisfied that systems and procedures are in place. or arrangements are in hand. to manage any risks that have been identified. The trustees have considered the potential impact of the coronavirus pandemic and have put further prolUreS in place to mitigate the risks the thurth faces and to ensure compliance with heafth and safety of ivs parishioners. visitors. volunteers and stsff. REFERENCE AND ADMINISTRATIVE DETAILS Registere(I Charlty number 1024592 Principal address Shephalbury Manor Broadhall Way Stevenage Hertfordshire SG2 8NP Trustees Archbishop A Angaelos Dr E Hemaya Auditors George Gendy (Senior Ststutory Audttor) on behalf of Prescott Gendy Aslam Hollin9ton House Flitton Hill Bedford Bedfordshire MK45 2BE TRUSTEES. RESPONSIBILITY STATEMENT The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordan with applicable law and United Kingdom A(x))unting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England arKI Wales. the Charities Act 2011, Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare finanaal statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. induding the income and expendtture. of the charity for that period. In preparing those financial ststements, the trustees are required to seled suitable accounting policies and then apply them consistenty: observe the methods and principles in the Charity SORP" make judgements and estimates that are reasonable and prudent state whether applicable accounting stsndards have been followed, subJ"e¢t to any material departures disdosed and explained in the financial statements., prepare the financial statements on the going basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records whith disdose Vth reasonable awrag at any time the financial position of the charity and to enable them to ensure that the financial sLqtements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charrty and tw)ce for tskn'ng reasonable steps frjr the prevention and detection of fraud and other irregulartties. Page 3
ThE COPTIC ORTHOI)OX CHURCH CENTRE REpoirr OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Approved by order of the board of trustees on 23 Odober 2024 and signed on rts behalf ty. Dr E Hemaya - Trustee Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES THE COPTIC ORTHODOX CHURCH CENTRE Opinion We have audited the financial statements of The Coptic Orthodox Church Centre (the 'charity) for the year ended 31 Dember 2023 which comprise the Statement of Financial Activitses, the Statement of Financial Position, the ststement of Cash Flows and notes to the financial statements. inctuding a summary of signvficanl accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards (United Krngdom Generafiy Accepted Accounting Pra(#1). In our opinion the finanaal statements: give a true and fair view of the stste of the charitys affairs as at 31 December 2023 and of its incoming reSoUrS and application of resources. for the year then ended" have been properly prepared in accordance 1th Untted lQngdom Generally Acopted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further desuibed in the Audito. responsibiltties for the audit of the financial statements section of our report. We are independent of the chartty in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK. induding the FRC'S Ethical Standard, and we have fulfilled our other ethiol responsibiltti.es in accordance with these requirements. We believe that the audit evidence we have obtained is sufficrent and apprr)priate to provide a basis for our opinion. Conclusions relating to going concem In audtting the financial statements. we have conduded that the trustees, use of the going nCern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or wndilions that, indtvidually or collectively. may cast signifiixnt doubt on the chartvs abilty to continue as a going conrn for a period of at least twelve months from vthen the financial statements are authorised for issue. Our responsibiltties and the responsibilities of the trustees vth respe(1 to going concem are described in the relevant sections of this report. Other infonnation The trust&s are responsible for the other inforniation. The other Infation compiises the InfOatIOn induded in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements dS not cover Ihe other inf0MtiOn and. exLWt to the extent otherMse explicitly stated in our report. we do not express any form of assuran condusion thereon. In connection with our audit of the financial statements. our responsibility to read the other information and, in doing so, consider whether the other infonnation is materially inconsistent viith the finanLial stments or our knowledge obtained in the audit or otherwise appears to be materialty misstated. If we identrfy such material inconsistencies or apparent material misststements, we a required to determine whether this gwes rise to a material misstatemerlt in the financial statements themselves. If. based on the work we have performed, V condude that there is a material misstatement of this other infomiation, we are required to report that facL We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect of the foll¢)wing matters where the Charities {Ac(xJunts and Reports) Regulations 2008 requires us to report to you rf, in our opinion: the infomiation given in the Report of Ihe Trustees is inconsistent in any material respect with the financial statements- or sufFicienl accounting records have not been kept" or the financial statements are not in agreement writi the accounting records and retums" or we have not received all the infonnation and explanations we require for our audiL Responsibilities of trustees As explained more fully in the Trustees, Responsibililtes Statemerrt, Ihe trustees are responsible for the preparation of the financial statements vthich give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial stments that are free from material misstatement, vthether due to fraud or error. In preparing the finanaal statements. the trustees are resp)nsible for assessing the charitys abilty to L))ntinue as a going Con, disdosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realisti altemative but to do so. Page 5
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THEC PTIC ORTHODOX CHURCH CENTRE Our ponsibilitieS fi)r the audit of the finan¢lal statements We have been appointed as auditors under Sectton 144 of the Charities Act 2011 and rewrt in a(xordance with the Act and relevant regulations made or havrng effect thereunder. Our objectives are to obtsin aSOnable assurance about whether the financral statements as a whole are free from material misststement, whether due to fraud or effor. and to issue a Report of the Independent Audttors that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit nducted in accordance with ISAS (UK) will always detect a material misstatement vhjen it exists. Misstatements can anse from fraud or error and are considered material rf, individually or in the aggregate, they Could reasonabty be expected to infiuen the economic decisions of users taken on the basis of these finanaal statsments. The extent to which our procedures are capable of deteL#ing irTegularities. IndlIng fraud is detsiled belovf. I have nSidered the legal and regulation requirements applicable to the charity induding the Charity Act 2011 and the changes introdUd by the Charities Art 2022 and the tharity Sorp. I have foSed on specific laws and regulations which I considered may have a matertal effect on the financial statements, data protection, employment and risk assessments carried OLrt by the Trustees. I discussed the risks of non-compliance ryth th8 laws and regulations Thith the Trustees and also made enquiries with them as to any known instances of nowmpliance or rfthey suspected any non-Gompiiance wrth laws and gUlatiOns. I considered any risks of material mis-statement of the finanaal ststements due to fraud or error how this could occur. Following discussions held with the managemerrt and the Trustees. l also looked at any possible weaknessès in the internal controls that could result in fraud or nOnp1[anCe and have designed our audtt procedures to lest the controls and intemal procedures. I have carned out analytiLxl pdureS to idenbfy and unusual or unexpected relationships. A further desrJiption of our responsibilities for the audit of Ihe financFal statements is located on the Finanual Reporting Council's website at www.frc.org.uklauditorsresponsibilittes. This description fonns part of our Report of the Independent Auditors. Use of our report This report is made sopely to the ¢hariVs trustees. as a bcmjy. in accordan with Part 4 of the Charities (Accounts and Reports) R ulations matters w requi 008. Our audit work has been undertaken so that V might stsle to the charity's trustees those by law, to stale to them in an auditors. report and for no other purpose. To the fullest extent pemiitted for our au ptor this ume responsibilty to anyone other than the (*tarrty and the charivs trustees as a body, ort, or for the opinions we have formed. George Gen y (Senior Statutory Auditor) on behalf of Prescott Gendy Aslam Hollington House Flttton Hill Bedford Bedfordshire MK45 2BE 23 October 2024 Page 6
THE COPTIC ORTHODOX CHURCH CENTRE STATEMEKf OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestiicted Restrtcted fijnds fijnds 31.12.23 Total funds 31.12.22 Total nds INCOME AND ENDOWMENTS FROM Donations and legaeS Investment income Other income Notes 479.346 479.346 489,217 25.154 6.085 25,154 6.085 25,050 45,039 Total 510,585 510,585 559,306 EXPENDITURE ON Raising funds 9.091 Charitable activities Church Expenses Donations Cty Mission Diocese of London expenses Convent expenses Refcemi expenses Youth expenses Contribution to The Coptrc Orthodox Di0Se of London 9.091 7,629 350,205 109,248 350,205 109.248 313.520 165,gtJ) 1,136 92,014 23,907 12.931 12.931 729 729 2,879 Other 19,049 13.200 Total 13,200 508.112 508.112 826,034 NET INCOMEI(EXPENDITURE) Transfers betwoen funds Not movement In funds 2.473 65.272 17 2,473 {65.272) (66,728) 67.745 (65,272) RECONCILIATION OF FUNI)S Total funds brought forward 2.473 (66,728) 3.943.467 65,272 4,008,739 4.075,467 TOTAL FUNDS CARRIED FORWARD 4.011.212 4,011,212 4,008,739 The notes form part of these finanual statements Page 7
THE COPTIC ORTHODOX CHURCH CENTRE STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023 Unrestricted Restricted funds funds 31.12.23 Total fijnds 31.12.22 Total funds Notes FIXED ASSETS Tangible assets Investment propety 4202.838 411.011 12 4,202,838 411.011 4,223.405 411,011 4,613,849 4,613.849 4,634,416 CURRENT ASSETS Debtors Cash at bank and in hand 13 ,176 504.230 90.176 504,230 321,857 268,650 594,4C6 590,507 CREDITORS Amounts falling due wrthin one year 14 (107.013) (107.013) (g2,462) NET CURRENT ASSETS 487.393 487,393 498,045 TOTAL ASSEfs LESS CURRENT LIABIUTIES CREDITORS Amounts falling due after more than one year 5.101242 5.101,242 5,132,461 15 (1.OW.030) (1.090.030) (1.123.722) NET ASSETS 4.011.212 4,011.212 4.008.739 FUNDS Unrestricted funds Restricted funds 17 4,011.212 3.943.467 65,272 TOTAL FUNDS 4,011,212 4,008,739 The financial statements were approved by the Board of Trustees and authorised for issue on 23 October 2024 and were signed on its behalf by: A Angaelos - Trustee E Hemaya - Trustee The notes form part of these financ481 statements Page 8
THE COPTIC ORTHODOX CHURCH CENTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 Notes 31.12.23 31.12.22 Cash flows from operating activities Cash generated from operations Interest paid 344.775 (77,341) (265,762) (57,807) Net cash provided byl(used in) operating 8divrtS 267,434 (323,569) Cash flows from investing athibes Purchase of tsngible fixed assets Interest received 154 (48,977) 50 Net ca¥h provided byl{used in) investtng ac*vilRs 154 (48,927) Cash flows from financing activitles Loan repayments in year Net cash used in financing activities (32,002) (11.411) (32,002) (11.411) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 235,586 {383,907) 268,644 652.551 Cash and cash equivalents at the end of the reporting period 504.230 268,644 The notes fomi part of these financial statements Page 9
THE COPTIC ORTHO X CHURCH CENTRE NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOMEI(EXPENIXTURE) TO NET CASH FLOW FROM OPERATING ACTMTIES Net incomel(expendltuTr) for the reporting perfod (as per tho Statement of Financial Aclivfties) Adjustments for Depreciation charges Interest reIVed Interest paid Decreasel{increase) in debtor5 Increase/(decrease) in creditors 31.12.23 31.12.22 2.473 (66,728) 20,567 (154) 77.341 231.681 12.867 25,013 (50) 57,807 (248.260) (33.544) Net cash provided byl(used in) operatlons 344.775 (265,762) ANALYSIS OF CASH AND CASH EQUIVALENTS Cash Fn hand Noti depostts Oess than 3 months) Overdrafts incfuded in bank loans and overdrafis falling due within one year Total cash and cash equivalents 31.12.23 31.12.22 503,345 547 268.103 (6) 504.230 268,644 ANALYSIS OF CHANGES IN NET DEBT At 1.1.23 Net cash Cash at bank and in hand Bank overdraft Cash Ilow At 31.12.23 (6) 235,580 504,230 268,644 235.586 504,230 Debt Debts falling due ¥thin 1 year Debts falling due after 1 year (62.430) {1.123.722) (1,690) 33,692 (64,120) (1.090.030) (1,154,150) (649,920) Total (1.186,152) 32,002 (917.508) 267.588 The notes form part of these financial statements Page 10
THE COPTIC ORTHOIK)X CHURCH CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the (arity. whith is a public benefft entity under FRS 102, have been prepared in accordano wttt) the Charities SORP (FRS 102) AccountFng and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordan 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 Stsndard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the histOriGal cost convention. INCOME All income is recognised in Ihe Statement of Financial Activrti"es i)nce the charity has entrtlement to the funds. it is probable that the income will be received and the amount (an be measured lIablY. EXPENDITURE Liabilities are recognised as expendtiure as soon as there is a legal or constructtve obligation committing the chartty to that expenditure, tt is probable that a transfer of economic beneffts WFII be required in settlement and the amourrt of the obligation can be measured reliatdy. Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost related to the category. Where o)sts cannot be directly attributed to particular headings Ihey have been allocated to aclivities C a basis consistent with the use of reSoUrs. Grants offered subject to conditions vthich have not been met at the year end date a noted as a commitment bLrt not accrued as expendjture. TANGIBLE FIXED ASSErs Depreciation is provided at the fdlcwing annual rates in order to lIe off each asset over its estimated useful Freehold property Fixtures and fittings Motor vehides 20/0 on cost 15¥0 on reductng balan 25Yo on reducing balance Depreciation is not charged on freehold land. Deprrfiion on the freehold buildings would be chargeable but is subject to an annual revrew of the properlies by the trustees. No depreciation vms nSIdered ne$Sary due to the continuous repairs and maintenance of the properb"8S. INVESTMENT PROPERTY Investment property is shown at most recent valuation. Any aggwate surplus or defi(it arising from changes in fair value is recognised in the Statement of Finanaal Activrties. TAXATION The charity is exempt from tax on its charitable activibes. FUND ACCOUNTING Unrestricted funds can be used in a¢cordan¢e vfith the charitable obiecbves at the dis(xetion of the trnslees. Restricted funds can onty be used for particular restricted purposes within the objects of the charFty. Restrictions arise when specified by the donor or when funds are raised for parttcJJlar restrithd purposes. Further explanation of the nature and wrpose of each fund is induded in the notes to the financial statements. PENSION COSTS AND OTHER POST-RETIREMEKf BENEFITS The charity operates a define(I contr[bL.0 pension herne. Contributions payable to the charitys pension scheme a Charged to the Statement of Financtal Ath'vtties in the period to thIch they relate. Paoe 11 cc)nts"nued...
THE COPTIC ORThODOX CHURCH CENTRE NOTES TO THE FINANCIAL STATEMENTS _ continued FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES 31.12.23 Donations Gfft aid Grants 31.12.22 432.894 46,452 357.933 66,012 65.272 479,346 489.217 Grants received. induded in the above. are as follows: 31.12.23 31.12.22 Institute of Developmerrt Studies 65,272 INVESTMENT INCOME 31.12.23 31.12.22 Rents receivable Deposit account interest 25.IxJo 154 25,000 50 25.154 25,050 RAISING FUNDS RAISING DONATIONS AND LEGACIES 31.12.23 31.12.22 Telephone & Intemet Postage and stationery Sundries 7,185 850 1.056 3.411 798 3,420 9,091 7.629 GHARITABLE ACTivmES COSTS Grant funding of activrties (see note Direct Costs Support costs (see note 7) 6) Totals Church Expenses Donations Diocese of London expenses Convent expenses Refcemi expenses Youth expenses 345.405 (482) 11,691 4.800 109.730 350,205 109,248 12,931 1.240 729 729 370,051 109,730 485,821 Page 12 continued...
THE coiyric ORTHODOX CHURCH CENTRE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2 GRANTS PAYABLE 31.12.23 31.12.22 Donations 109,730 165,900 The Charity made grdnts trj Institutit)ns in the year totalling £109.730. These induded the follovjing grants.. From St Georges Benevolent Fund io help the needy in Egypt totalling £99.230 From St Georges Benevolent Fund to provide relief in Sudan £10.000 Donation to St Mary Cowic Church, UK £5 Grants Vre made in accordan wtlh obiectsves of the drity. SUPPORT COSTS Govemance costs Other resources expended Church Expenses DI0Se of London expenses 13,200 4.800 1,240 19,240 Support costs. induded in the above, are as folIcw. 31.12.23 31.12.22 Ott)er resources expended Church of London Total activities Total activities Auditors. remunerdtion Legal & professional fees 13.21x1 13.200 12,060 10.004 4,8(Kl 1.240 13.2CK) 4.800 1.240 19,240 22,064 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneralion or other beneffts for the year erKled 31 Dember 2023 nor for the year ended 31 December 2022. TRUSTEES. EXPENSES There were no trustees. expenses paid for the year ended 31 December 2023 nor for the year ended 31 ember 2022. STAFF COSTS 31.12.23 31.12.22 Wages and salaries Social security costs Other pension costs 67,021 116,102 8,274 1,366 340 68,807 125,742 The average monthty number of employees during the year was as follcyws: 31.12.23 31.12.22 Caretsker Media Priest Secretarial Page 13 ontinued...
THE COPTIC ORTHODOX CHURCH CENTRE TES TO THE FINANCIAL STATEMENTS - contin FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS - continued No employees received emoFuments in exw of£60.LMX). COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTMnES Unrestricted Restricted funds fijnds 10. Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other income 423.945 65.272 489.217 25,050 45,039 25.050 45,039 Total 494.034 65.272 559,306 EXPENDITURE ON Raising fijnds 7,629 Charitable activities Church Expenses Donations City Mission DI0Se of London expenses Convent expenses Youth expenses Contribution to The Coptic Orthodox DI0Se of London 7,629 313.520 165,900 1.136 92,014 23.907 2.879 313.520 165.900 1,136 92,014 23,907 2,879 19,049 Total 19,049 626,034 626,034 NET INCOMEI{EXPENDITURE) Transfers between funds (132.000) (65,272) 65,272 65.272 (86,728) Net movement in fun(ts (197.272) 130.544 RECONCILIATION OF FUNDS Total funds brought forward (66,728) 4.140.739 {65.272) 4.075.467 TOTAL FUNDS CARRIED FORWARD 3.943.467 65,272 4,008,739 11. TANGIBLE FIXED ASSETS Fixtures and ffttings Freehold propety Motor vehicIes Totals COST At 1 January 2023 and 31 Dectmber 2023 DEPRECIATION At 1 January 2023 Charge for year 4,100.193 266,017 4,412,075 163.661 15,353 25,009 5.214 188,670 20.567 At 31 December 2023 179,014 30,223 NET BOOK VALUE At 31 December 2023 209.237 4.100.193 87,003 15,642 At 31 December 2022 4,202,838 4.100.193 102.356 20.858 4.223.405 Page 14 ontinued...
THE COPTIC ORTHODOX CHURCH CENT NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. INVESTMENT PROPERTY FAIR VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 Deomber 2022 411,011 411,011 411,011 13. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR Other debtors The Coptic Dicrese of London 31.12.23 31.12.22 90,177 (1) 83.705 238,152 90.176 321,857 14. CREDITORS: AMOUNTS FALUNG DUE MTHIN ONE YEAR Bank loans and overdrafts (see note 16) Trade credttors Taxation and Sla1 seojrity Other ¢reditors 31.12.23 31.12.22 64.120 62.436 1.050 41.841 3,773 26,250 107,013 92,462 15. CREDITORS". AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR Bank loans (see note 16) 31.12.23 31.12.22 1.090,030 1.123.722 16. LOANS An analysis of the maturity of loans is given belw. 31.12.23 Amourrts falling due within one year on demand: Bank overdrafts RBS Land Loan 31.12.22 64.120 62.430 Amounts falling between one and Iwo years: Bank loans - 1-2 years Amounts falling due beiween t) and fve year5: Bank loans- 2-5 years 64.120 62.436 64.120 62,430 Amounts falling due in more than five years." Repayable by instalments." Bank loans more 5 yr by instal 192,360 187,290 833,5 874,002 Page 15 c£)nlinued...
THE COPTIC ORTHODOX CHURCH CENTRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS Net movement in funds Transfers been funds At 1.1.23 At 31.12.23 Unrestricted funds General fund St Mark & Pope Tawadros Fund Youth Fund Benevolent Fund London Di088n Fund 2,876.876 1233.862) 41.046 53.238 1.2CE.169 11.248 113,838 3,001,962 (233,856) 48,152 47,477 1.147,477 9,378 8.158 (26.31n (2,272) {13.919) (32.375) Restricted funds Refrni projects Institute of Development Studie5 3,943.467 2,473 65.272 4,011,212 65.272 (65,272) TOTAL FUNDS 4.(hJ8.739 2.473 4,011.212 Net movement in funds, included in the above are as follows: Incoming Resources expended Movement in funds Unrestricted funds General fund Si Mark & Pope Tawadros Fund Youth Fund Benevolent Fund London Diocesan Fund 354.028 (342,780) 11,248 13,034 127.645 15.878 (3,656) {119,487) (42.195) 9.378 8,158 (26,317) 510,585 (508.112) TOTAL FUNDS 2,473 510,585 (508,112) 2.473 Comparatives for movement in funds Net movement in funds Transfers beknn fijnds At 1.1.22 At 31.12.22 Unrestrtcted funds General fund St Mark & Pope Tawadros Fund Youth Fund Benevolent Fund London Di0san Fund 2.976.937 (199.130) 37.179 91,618 1.234,135 (37.187) (9,732) 4,267 (38,380) (50,968) (62.874) (25.000) (4CKI) 2,876,876 (233.862) 41.046 53.238 1.206.169 23.1x12 Restricted funds Refcemi projects Institute of Development Studies 4.140,739 (132.000) (65.272) 3.943,467 (65.272) 65.272 65.272 65,272 TOTAL FUNDS 4.075.467 (66.728) 4,(M)8,739 Page 16 continued...
THE COPTIC ORTHOI)OX CHUR H CENTRE NOTES TO ThE FINANCIAL STATEMENTS _ continued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMENT IN FUNDS - contlnued 17. Comparative net movemerrt in fijnds. induded in the atM)ve are as follows: Incoming resources ReSoUrS expended Unrestrlcted fund8 General fund St Mark & Pope Tawddros Fund Youth Fund Benevolent Fund Lonclon Diotssan Fund Movemenl in fijnds 287,584 599 16.548 114.884 74.419 (324.771) (10.331) (12.281) (153,264} (125,387) (626,034) (37,187) (9,732) 4.267 (38,380) (50,968) Restrict8d funds Refcemi proiects Institute of Development Studies 494,034 (132,000) 65272 65.272 TOTAL FUNDS 559, (626.034) (66.728) A current year 12 months and prior year 12 months Combined position is as follows.. Net movement in funds Transfers betsveen funds At 1.1.22 At 31.12.23 Unrestricted funds General fund St Mark & Pope Tawadros Fund Youth Fund Benevolent Fund London Di0san Fund 2.976,937 (199.130) 37.179 91,618 1.234.135 (25,939) (9.726) 13.645 (30,222) (77.285) (25.0(K)) (2.672) (13.919) {9.373) 3,001,962 (233,856) 48,152 47,477 1,147,477 Restricted ndS Refcemi proiects Institute of Development Studies 4.140.739 (129.527) 4,011.212 (65.272) 65,272 TOTAL FUNDS 4.075.467 (64,255) 4,011.212 A current year 12 months arKI prior year 12 months combined net movement in funds. induded in the above are as follows". Incoming resouros Resources expended Movement in funds Unrestricted funds General fund St Mark & Pope Tawadros Fur)d Youth Fund Benevolent Fund London Diocesan Fund 641,612 (867,551) {10,325) (15,937) (272.751) (167,582) (25.939) (9,726) 13,645 (30.222) 177,285) 29,582 242,529 90,297 Restricted funds Refcemi projects Institute of Development Studies 1.IXH.619 {1.134,146) (129.52n 65.272 65,272 TOTAL FUNDS I.19,891 (1.134,146) (64,255) Page 17 continued...
THE COPTIC ORTHODOX CHURCH CENTRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 RELATED PARTY DISCLOSURES 18. During the year a transfer of funds was made by Ydy of a cwtribubon to the Coptic Orthodox Diocese of London. a Charity registered in England, to the value of £5.t]J).. The parties are related by virtue of having one common Trustee. The transactrons were made in accordance with the terms of the chaiitys goveming document. Page 18