**Moscow Patriarchate – Diocese of Sourozh** 

# **Orthodox Parish of St. Ephraim the Syrian Worshipping at: Saint Clement’s Church, Bridge Street, Cambridge, CB2 1UF** 

_Treasurer:_ 

Mr Simon Connell, Treasurer Orthodox Parish of St Ephraim the Syrian Cambridge C/O 40 Carlyle Road, Cambridge, CB4 3DH 

## **ACCOUNTS FOR YEAR ENDING 31[st] JANUARY 2023** 

Registered Charity No. 1111702 in England and Wales 

This note should be read in conjunction with the Balance Sheet and Profit and Loss comparisons for the 2022/2023 and 2021/2022 financial years. 

## **OVERVIEW** 

The Treasurer of the Orthodox Parish of St. Ephraim the Syrian Cambridge (and author of this report) is Mr Simon Connell. 

Here we outline the state of our parish finances and the main things that have changed between February 1[st] 2022 and January 31[st] 2023. 

As at 31[st] Jan 2023, the Parish had total assets of £278,472.22 

## **INCOME** 

The  parish’s  total  income  for  the  2022/2023  financial  year  was  £136,017.18 (excluding  payments  into  the  Building  Fund, Discretionary Fund, Ukraine  Fund, Birthday Fund and interest from our savings accounts).  This total income was up 150.2% on the previous year due largely to a generous Bequest from a parish member. 

Specifically: 

General  parish  income  through  standing  orders  and  one-off  donations  was £20,930.00, which is down 12.5% on the previous year. 

In-church collections (the collection bowl and our contactless ‘GoodBox’ donation machine) are up by 52.6% at £13,850.04. 

Candle money is up by 43.8% at £8466.78. 

The PayPal account was opened in early 2012 and since then has been receiving donations made by donors using the 'Donate' button on our website. This year £8,096.57 was given to the parish through the 'Donate' button.  This is up on the previous year by 7.7%. Some donors continue their recurring payments through the PayPal system. 

Our Reserved Funds are discussed below under a separate heading. 

## **GIFT AID** 

A claim to HMRC for a Gift Aid refund was made this year for the year beginning April 6[th] 2021. We also made a Gift Aid Small Donation Scheme claim (GASDS) on the collection money (up to the maximum amount which is on £8,000 of collection 

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money giving a GASDS refund of £2000).  In total then the Gift Aid refund was £9,673.79. 

## **CHARITABLE DONATIONS** 

Our usual charitable donations this year (£1,500 to Jimmys night-shelter, £1000 to the  Institute  for  Orthodox  Christian  Studies  and  £1,500 to  the  Cambridge  City Foodbank)  were  made  a  few  days  later  than  usual  and  thus  fell  outside  the timeframe of this report.  They will show up on next years Profit and Loss report. 

Similarly, and because we use cash-based accounting, three of the previous years donations (£1,000 to the Diocese of Sourozh, £1000 to the Institute for Orthodox Christian Studies and £1,500  to the Cambridge City Foodbank) were made just before  the  end  of  the  financial  year  last  year  and  the  cheques  were  actually redeemed in this financial year.  They therefore show up on this years Profit and Loss report. 

£1,100 of a £2,500 loan made in the previous year to a parish member has been paid back within this report’s financial year. 

In  summary,  total  charitable  donations  made  in  the  previous  year  that  were redeemed late (£3,500) plus GA on Ukraine donations (£1,611.60, see next section) plus the £5  rounding-up  minus the  loan  repayments  (£1,100) therefore  totalled £4016.60.  This is the figure that shows up as Charitable Donations on the Profit and Loss report. 

## **UKRAINE REFUGEE RELIEF** 

In early March 2022 we set up a fund to provide relief for refugees fleeing the Ukraine to Poland. 

The amount set-aside for the Ukraine crisis from parish funds was £2,500 and the amount subsequentially donated by parishioners was £8133.40.  These two amounts do not show up as a Charitable Donation on the P&L because the fund is recorded within the Quickbooks accounting software as a short-term liability.  As with the Building Fund and all of our other reserved funds (short-term and long-term liabilities; see next section) incoming and outgoing amounts do not show up as income or expenditure.  Put another way changes to these funds are not considered as profit or loss.  Current amounts in these reserved funds do however appear on the Balance Sheet. 

We ended collections for the Ukraine Fund at Pascha (April 24th 2022). 

The Ukraine Fund was sent in two portions to our sister church in Oxford (the Parish of St. Nicholas the Wonderworker) and they in turn sent it on to ELEOS on the Polish Border to support those fleeing the Ukraine.  We decided to add notional Gift Aid proceeds from the funds raised to make the amount donated for the Ukraine relief even greater.  The GA amount added on totalled £1,611.60 over the two transfers.  A further £5 was added to the second transfer to our sister church to round up the amount transferred on that occasion to £4,000. 

The two amounts sent for Ukraine relief in Poland were £8,250 initially (March 2022) followed later by a further £4,000 (May 2022).  So a total of £12,250 was sent to help Ukrainian refugees in Poland. 

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The Ukraine Fund does not even show up on the Balance Sheet because the money set-aside and donated by parishioners for this purpose was all collected and then sent out during the same financial year.  Zero-balance reserved funds do not appear on the Balance Sheet unless there was a non-zero amount in the fund to display for the year previous. 

## **RESERVED FUNDS** 

Since 2005, the parish has had a Building Fund, intended to assist in the purchase of a church building and hall, or the sharing of a building.  We are now well established renting and sharing St. Clements church in Cambridge, and we have no plans to move. 

Some parishioners prefer that their donations should continue to be set aside for church building related expenses (Icons etc). This varies from person-to-person, though most prefer to pay into our general funds. 

We continue to make Building Fund payments of £4,000 pa, to St. Clements PCC towards the church building renovation work, the final payment will be made in March 2023.  All the money for the custom-built Iconostasis has been paid so apart from this £4,000 we have no major outgoings from the Building Fund. 

We also pay church rent which is £1,250 per month. The rent however comes out of our general funds, not the Building Fund. 

The Building Fund on 31/1/2023 stands at £494.80. 

Funds reserved for the Building Fund do not show up on the Profit and Loss report, because whilst funds have been donated for this purpose they are not considered as profit since they were designated for our use of a designated church building. They do however appear as long-term liabilities on the Balance Sheet and comparisons can be made with the previous year. 

The Ukraine Fund has already been discussed in the previous section. 

We have a Pilgrimage Fund which is money set-aside for a pilgrimages in general. A visit to Walsingham has already taken place.  There is £276.93 left over for future pilgrimages – this has not changed since the previous year. This can also be seen on the Balance Sheet. 

The ‘Xmas Fund’ was collected for the purpose of buying our Priest and his family Christmas presents for Christmas December 2021.  These funds were released to Fr. Raphael during the financial year 2022/23 and therefore now stands at £0.00. 

The ‘Birthday Fund’ was collected for the purpose of buying our Priest a birthday present.  A present was purchased for Fr. Raphael during the financial year 2022/23 and therefore the fund now stands at £0.00. 

We have a ‘Discretionary Fund’ set aside for helping parishioners suffering financial hardship through the current Cost of Living crisis.  We started the fund on 25/8/2022 with an allocation of £2,000 from parish funds.  Since then parishioners have made generous donations bringing the fund up to its current value of £4,969.  Nobody has yet come forward to request a grant from the fund. 

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All transactions in and out of all the reserved funds have been included in the overall income and expense figures submitted to the Charity Commission, although as already discussed they do not appear on the Profit and Loss report. 

## **DEVELOPMENTS SINCE THE END OF THE FINANCIAL YEAR** 

Some donors still choose to make regular standing-order payments specifically for the Building Fund.  We are encouraging migration of these donations to the general funds as the Iconostasis is now complete. 

On 19/2/2023 we started a new ‘Earthquake Fund’ with £3,000 from parish funds to help those affected by the earthquakes in Syria and Turkey.  Parishioners have come forward with donations bringing the total Fund value up to £4,651.  We are on the cusp of sending the full fund value to a charity to help relief efforts there. 

## **FINANCIAL PROCEDURE** 

On the 31[st] Jan 2023 the Parish had five operating bank accounts: a Barclays current account, a savings account with Santander, a PayPal account, a Treasurers Reserve account with Triodos and an instant access charity account with Virgin Money.  See the Balance Sheet for the amounts in each of these five accounts. 

We can claim Gift Aid tax refunds on all donations by Standing Order, Individual donations and donations made through the Donate button on the website.  The donors must  be  paying  sufficient UK tax  and  have  completed  a  Gift  Aid  form provided by the treasurer. 

We will not be attempting to claim Gift Aid on the Pilgrimage fund, Discretionary fund or similar where donors or parish members get something back for their money, as this would be inappropriate or even considered money laundering.  We do however claim Gift Aid on money collected for the Ukraine Fund and the new Earthquake Fund. 

We  also  continue  to  take  advantage  of  the  Gift  Aid  Small  Donations  Scheme (GASDS)  where  we  can  claim  tax  back  on  donations  made  in  Church  to  the collection pot which is passed around the congregation.  As of April 6[th] 2019 GASDS donations must be £30 or less.  We cannot use the GASDS mechanism for candle money or Prosphora because the rules state that if something is received for a donation then that donation is not eligible.  Because of this the candle money and collection money are counted and paid into the Barclays Bank account separately. This GASDS refund is capped at £2,000.00. 

We use ‘Quickbooks Online’ to track our finances and generate financial reports. 

Normal expenses are authorised by the Treasurer and the Parish Priest (or possibly the Churchwarden or Secretary).  Any two signatures are required.  Major expenses (those over £1000) require authorisation of the Parish Council, while any transaction relating to real estate is authorised by the Trustees. 

As far as I am aware the financial reports I have produced are compliant to the Charities Act 2011. 

Simon Connell (Treasurer), June 5[th] 2023. 

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## Orthodox Parish of St Ephraim 

## Financial Activities 

February 2022 - January 2023 

|||TOTAL||
|---|---|---|---|
||FEB 2022 - JAN 2023|FEB 2021 - JAN 2022 (PY)|CHANGE|
|Income||||
|Candle Money|8,466.78|5,887.95|2,578.83|
|Collections|13,850.04|9,077.85|4,772.19|
|Donate Button|8,096.57|7,514.91|581.66|
|Gift Aid Refund|9,673.79|7,966.04|1,707.75|
|Legacies & Bequests|75,000.00||75,000.00|
|Standing Orders|20,930.00|23,910.00|-2,980.00|
|**Total Income**|**£136,017.18**|**£54,356.75**|**£81,660.43**|
|TOTAL|**£136,017.18**|**£54,356.75**|**£81,660.43**|
|Expenditures||||
|Administrative Expenses||302.51|-302.51|
|Bank Service Charges|659.81|708.39|-48.58|
|Insurance|2,538.37|2,475.38|62.99|
|**Total Administrative Expenses**|**3,198.18**|**3,486.28**|**-288.10**|
|Charitable Causes||||
|Charity Donations|4,016.60|3,650.00|366.60|
|**Total Charitable Causes**|**4,016.60**|**3,650.00**|**366.60**|
|Choir-Related Expenses||||
|Choirmaster's Honorarium||1,000.00|-1,000.00|
|**Total Choir-Related Expenses**||**1,000.00**|**-1,000.00**|
|Consumable Supplies|208.68|2,911.80|-2,703.12|
|Equipment and Non-Consumables|537.99|1,021.56|-483.57|
|Hospitality Expenses|240.54|235.55|4.99|
|Rent||||
|Church Rent|15,000.00|15,000.00|0.00|
|Room Rent|168.00||168.00|
|**Total Rent**|**15,168.00**|**15,000.00**|**168.00**|
|Stipends||||
|Parish Priest's Stipend|16,800.00|16,800.00|0.00|
|Treasurer's Stipend|4,800.00|3,900.00|900.00|
|Visiting Clergy's Stipend|200.00|200.00|0.00|
|**Total Stipends**|**21,800.00**|**20,900.00**|**900.00**|
|Sunday School Expenses|105.60|262.75|-157.15|
|Travel Expenses|1,013.06|1,012.24|0.82|
|**Total Expenditures**|**£46,288.65**|**£49,480.18**|**£ -3,191.53**|
|NET OPERATING INCOME|**£89,728.53**|**£4,876.57**|**£84,851.96**|
|Other Income||||
|Interest Income|383.03|207.46|175.57|
|**Total Other Income**|**£383.03**|**£207.46**|**£175.57**|
|NET OTHER INCOME|**£383.03**|**£207.46**|**£175.57**|
|NET INCOME/(EXPENDITURE)|**£90,111.56**|**£5,084.03**|**£85,027.53**|



Cash Basis  Monday, 5 June 2023 04:18 pm GMT+01:00 

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## Orthodox Parish of St Ephraim 

## Balance Sheet Comparison 

As of January 31, 2023 

|||TOTAL|||
|---|---|---|---|---|
||AS OF JAN 31, 2023|AS OF JAN|31, 2022 (PY)|CHANGE|
|Fixed Asset|||||
|Tangible assets|||||
|Candle Stands|1,200.00||1,200.00|0.00|
|Choir Music|1,000.00||1,000.00|0.00|
|Furniture|4,000.00||4,000.00|0.00|
|Garments and Coverings|7,200.00||7,200.00|0.00|
|Iconostasis|110,000.00||110,000.00|0.00|
|Icons|18,000.00||18,000.00|0.00|
|Vessels|2,000.00||2,000.00|0.00|
|**Total Tangible assets**|**£143,400.00**||**£143,400.00**|**£0.00**|
|**Total Fixed Asset**|**£143,400.00**||**£143,400.00**|**£0.00**|
|Cash at bank and in hand|||||
|Barclays Current|85,454.37||24,334.90|61,119.47|
|PayPal|6,321.48||1,243.42|5,078.06|
|Santander|35,719.54||13,689.75|22,029.79|
|Triodos Treasurer's Reserve|75,102.53||74,749.29|353.24|
|Virgin Charity Dep Acct|75,874.30||75,874.30|0.00|
|**Total Cash at bank and in hand**|**£278,472.22**||**£189,891.66**|**£88,580.56**|
|NET CURRENT ASSETS|**£278,472.22**||**£189,891.66**|**£88,580.56**|
|Creditors: amounts falling due within one year|||||
|Current Liabilities|||||
|Discretionary Fund|4,969.00|||4,969.00|
|Xmas Fund|0.00||190.00|-190.00|
|**Total Current Liabilities**|**£4,969.00**||**£190.00**|**£4,779.00**|
|**Total Creditors: amounts falling due within one year**|**£4,969.00**||**£190.00**|**£4,779.00**|
|NET CURRENT ASSETS (LIABILITIES)|**£273,503.22**||**£189,701.66**|**£83,801.56**|
|TOTAL ASSETS LESS CURRENT LIABILITIES|**£416,903.22**||**£333,101.66**|**£83,801.56**|
|Creditors: amounts falling due after more than one year|||||
|Building Fund|494.80||2,304.80|-1,810.00|
|Pilgrimage Fund|276.93||276.93|0.00|
|**Total Creditors: amounts falling due after more than one year**|**£771.73**||**£2,581.73**|**£ -1,810.00**|
|TOTAL NET ASSETS (LIABILITIES)|**£416,131.49**||**£330,519.93**|**£85,611.56**|
|Charity funds|||||
|Opening Bal Equity|148,583.26||153,083.26|-4,500.00|
|Retained Earnings|177,436.67||172,352.64|5,084.03|
|Surplus/(Deficit)|90,111.56||5,084.03|85,027.53|
|**Total Charity funds**|**£416,131.49**||**£330,519.93**|**£85,611.56**|



Monday, 5 June 2023 04:12 pm GMT+01:00 

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## ORTHODOX PARISH OF ST EPHRAIM THE SYRIAN, CAMBRIDGE 

## Charity No: 1111702 Principal Office: 40 Carlyle Road, Cambridge CB4 3DH 

Trustees as at 1 June 2023: 

Archpriest Raphael Armour (Stewart Francis Armour)  - Chair Ms Valentina Futoryanova (Churchwarden) Mr Simon Connell (Treasurer) Ms Elena Lileeva (Secretary) 

## **REPORT FOR THE YEAR ENDED 31 JANUARY 2023** 

The Trustees are the Rector, Churchwarden, Treasurer and Secretary of the Parish, for the time being. 

The parish continues to worship at St Clement’s Church, Bridge Street Cambridge, in accordance with the Licence Agreement, sign with the Parish Church Council of St Clement’s, in March 2018. The arrangement with St Clement’s has worked well during the year under review. 

In addition to services, the parish was able to resume its usual Maslenitsa (Pre-Lent Party) and Feasts at Pascha, Christmas and St Ephraim’s Day. 

In the year to 31 January 2023, there were 16 baptisms and three funerals in the parish. 

As a result of new people coming to the church, a Catechesis Course was held after the Liturgy for 12 weeks, beginning in October 2022. 

Due to problems finding enough helpers, in became impossible to continue the Church School after the 2022 Summer Holidays. It is hope that this will be able to resume in the near future. 

A member of the Parish Works part-time as a lay Chaplain at Addenbrooke’s Hospital. Members of the parish are also available to visit sick and housebound parishioners. 

The parish received £75,000 under the terms of the will of a parishioner, who died in January 2022. As a result of a donation from Parish Funds and collections during Lent and Pascha, £12,000 was sent for relief work among Ukrainian Refugees. 

Various charitable donations made were agreed during the year, but as shown in the Report of the Treasurer, payment of them was not made until after the end of the 2022/2023 year. 

Archpriest Raphael Armour Chair of Trustees 

6 June 2023 



## **Independent Examiners Report to the Church Council** 

Report on the financial statements for the year ended 31st January 2023 are set out below. 

## **Respective responsibilities of Church Council and Examiner** 

The members of the Council are responsible for the preparation of the accounts. The Council considers that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 

## It is my responsibility to: 

- examine the accounts under section 145 of the 2011 Act 

- to follow the procedures aid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act 

- to state whether particular matters have come to my attention 

## **Basis of independent examiners report** 

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records, It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. 

## **Independent examiner’s statement** 

In connection with my examination, no matter has come to my attention: 

1.   Which gives me reasonable cause to believe that in any material respect the requirements~ 

- to keep accounting records in accordance with section 130 of the 2011 Act 

- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met or; 

2.    to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

Adrian Dean. 11 Lowlands Road, Pinner, HA5 1TY.