THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD Accollnts - 31 December 2020
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
Charity number: 1122035
Accounts – Year ended 31 December 2020
INDEX
| 1-3. | Report of the Trustees and General Information |
|---|---|
| 4. | Independent Examiner’s Report to the directors |
| 5. | Statement of Financial Activities |
| 6. | Balance Sheet |
| 7-11. | Notes to the Accounts |
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
REPORT OF THE TRUSTEES for the year ended 31 December 2020
The Trustees are pleased to present their annual report and financial statements of the charity for the year ending 31 December 2020.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1st January 2015).
Reference and Administration Details
The charity’s name is The Orthodox Parish of the Annunciation in Oxford.
Charity Registration Number: 1122035 Principal Office: 1 Canterbury Road Oxford OX2 6LU
Trustees
The Trustees and officers of the charity who served during the year and since the year end were as follows:
L Swanton (resigned 7[th] August 2020) J Hyndman (resigned 7[th] August 2020) S Crisp (resigned 1[st] July 2020) Reverend Father S Vänttinen-Newton M Raceanu J Ross (Secretary) (resigned 7[th] August 2020) T Vänttinen-Newton K Alton-Honeywell (appointed 27[th] October 2019)
C Bordea I Baleanu (appointed 29[th] September 2020) M Cunningham (appointed 29[th] September 2020) J Townson (appointed 21[st] February 2021)
Objects and Activities
The main objects of the charity are:
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a) To advance the Orthodox Christian Faith within the county of Oxfordshire and adjacent counties
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b) To maintain a church where canonical Orthodox liturgical worship is celebrated
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c) To promote the teaching of the Orthodox Christian Faith
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d) To make possible the reception into the Orthodox Christian Faith of all those who freely decide to adopt the Orthodox Christian Faith and to live in accordance with its teaching
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e) To promote the practice of the Orthodox Christian Faith through the organisation of youth groups and educational activities
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
REPORT OF THE TRUSTEES
for the year ended 31 December 2020 ( Continued)
In planning the activities of the charity, the Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.
Achievements and Performance
The Orthodox Parish of the Annunciation in Oxford (the Parish) is a member of the Deanery of Great Britain which is itself under the Greek Archdiocese of Thyateira and Great Britain headed by Archbishop Nikitas. The Archdiocese itself is part of the Ecumenical Patriarchate of Constantinople.
During the year the charity continued to pursue its main objectives by seeking to advance and promote the Orthodox Christian Faith in the community of Oxford and the surrounding area. However, these activities and services were severely limited after the Covid lockdown in March. By observing the government’s tight restrictions of safe distancing and sanitization the Community managed to maintain Sunday services for a major part of the year except when churches were forced to close. Fortunately, there was only one case of Covid during the year in a young boy who did not transmit the virus even to his family. Track and trace was scrupulously observed at every service. A Sunday zoom meeting was initiated early on in the lockdown to maintain contact with Parish Members, especially the elderly. And these continue on a regular basis.
As a result, there was a natural decline in our income from collections but not from donations as the number of donors increased to nineteen. Given the financial situation the Trustees made the decision in August to reduce the salary of their priest by 20% until services were restored to a more normal pattern after the country’s emergence from the pandemic. Despite the situation the Parish accounts at the bank show that it had just moved into the black at the end of the year after the heavy costs of 2019 on the thorough renovation of the property at 3 St Mary’s Road, Oxford, the main source of income.
In 2019 it was agreed to hand over the treasurer’s duties to Mr Alton-Honeywell. This proved impossible to effect as contact with the bank by phone was extremely difficult and when appointments were made after several hours of waiting, they were subsequently cancelled mainly because of the ban on face-to-face meetings. The new rigorous laws on charities are proving a considerable obstacle to completing the changeover.
Four of the trustees resigned in 2020 for a variety of reasons. The present number is eight.
Financial Review
The Parish has liquid assets of around £60,000 and more fixed assets of just under £476,000, giving a total asset level of just over £536,000. This level of assets has dropped by £4,700 over the year.
The total income for the year was £30,975 and total expenditure on charitable activities amounted to £36,599 leaving a deficit of £5,624.
Reserves Policy
The trustees have decided that any significant expenditure should at all times be covered by the Parish’s liquid reserves, without relying on income from donations or from other sources. The aim of this policy is to protect the Parish from the risks associated with the uncertainty of future income from donations or property rental.
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD 3.
REPORT OF THE TRUSTEES
for the year ended 31 December 2020 ( Continued)
Structure, Governance and Management
Governing Document
The charity is governed by its constitution as adopted on 29 November 2006 and the founding Trust deed dated 18 August 1975. It is registered as a charity with the Charity Commission
Appointment of Trustees
The Trustees are elected at the Annual General Meeting to serve a term of three years. They regularly review the composition of its members and will seek to appoint additional members with appropriate skills and expertise should the need arise. Interested parties are given details of the background of the charitable company in order to make them aware of current activities.
Approved by the Trustees on 22nd September 2021 and signed on its behalf by:
Fr S Vanttinen-Newton ………………………….. Treasurer
…………………………..
Oxford
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report on the accounts of the Orthodox Parish of the Annunciation in Oxford for the year ended 31st December 2020.
Responsibilities and Basis of Report
As the charity’s trustees 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 2011 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A P Williams FCCA CTA A J Carter & Co Chartered Accountants
22b High Street Witney Oxon OX28 6RB
27th September 2021
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
STATEMENT OF FINANCIAL ACTIVITIES
(including an income and expenditure account) for the year ended 31 December 2020
| Note Income from: Donations and legacies 2 Investments 3 Other Total incoming resources Expenditure on: Charitable activities 4 Total expenditure Net income/(expenditure) and net movement in funds for the year Transfer between funds Unrealised gains on investments Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total Funds Funds Funds 2020 £ £ £ 13,247 - 13,247 17,728 - 17,728 - - - 30,975 - 30,975 36,599 - 36,599 36,599 - 36,599 (5,624) - (5,624) - - - 913 - 913 (4,711) - (4,711) 541,352 - 541,352 £536,641 £- £536,641 |
Total Funds 2019 £ 14,138 15,633 - |
|---|---|---|
| 29,771 | ||
| 47,396 | ||
| 47,396 | ||
| (17,625) - 1,660 |
||
| (15,965) 557,317 |
||
| £541,352 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 7 to 11 form part of these financial statements
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
BALANCE SHEET
as at 31 December 2020
| Note Fixed assets Tangible assets 7 Total fixed assets Current assets Debtors 8 Investments 9 Cash at bank and in hand Total current assets Liabilities Creditors falling due within one year Net current assets Total assets less current liabilities Creditors:falling due after more than 1 year Provisions for liabilities Total net assets 10 The funds of the Charity Unrestricted income funds 11 Total unrestricted funds Total charity funds |
2020 £ 465,000 465,000 1,250 10,241 60,150 71,641 - 71,641 536,641 - £536,641 536,641 536,641 £536,641 |
2019 £ 465,000 |
|---|---|---|
| 465,000 | ||
| 1,250 9,328 65,774 |
||
| 76,352 - |
||
| 76,352 | ||
| 541,352 - |
||
| £541,352 | ||
| 541,352 | ||
| 541,352 | ||
| £541,352 |
These accounts were approved by the Trustees on: 22nd September 2021 and are signed on their behalf by:
Fr S Vanttinen-Newton
…………………………….. Treasurer
The notes on pages 7 to 11 form part of these financial statements
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
NOTES TO THE ACCOUNTS
for the year ended 31 December 2020
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation and uncertainty in the preparation of the financial statements are as follows:
a) Basis of Preparation
The 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) issued on the 16th July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
b) Public Benefit Entity
The Orthodox Parish of the Annunciation in Oxford meets the definition of a public benefit entity under FRS 102.
c) Going Concern
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
d) Income Recognition Policies
Items of income are recognised and included in the accounts when all of the following criteria are met:
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The charity has entitlement to the funds;
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any performance conditions attached to the items of income have been met or are fully within the control of the charity;
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there is sufficient certainty that receipt of the income is considered probable; and
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the amount can be measured reliably.
For legacies entitlement is taken as the earlier of:
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The date on which the charity is aware that Probate has been granted;
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the estate has been finalised and notification has been made by the Executors to the Trust that a distribution will be made; or
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when a distribution is received from the Estate.
Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the Executors intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of the probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income received in advance of a specific performance or provision of other specified service is deferred until the criteria for income recognition are met.
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
NOTES TO THE ACCOUNTS
for the year ended 31 December 2020 ( Continued)
e) Donated Services and Facilities
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Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with a donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
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f) Interest Receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
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g) Fund Accounting Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the particular areas of the Charity’s work or for specific projects being undertaken by the Charity.
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h) Expenditure and Irrecoverable VAT
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Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
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i) Tangible Fixed Assets
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The charity holds a property at 3 St Mary’s Road. This property is not depreciated.
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j) Debtors
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Trade and other debtors are recognised at the settlement amounts due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
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k) Cash at Bank and in Hand
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Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
NOTES TO THE ACCOUNTS
for the year ended 31 December 2020 ( Continued)
l) Creditors and Provisions
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
2. Income from donations
| Gifts and donations Gift aid Disbursement from joint parishes |
2020 £ 6,852 895 5,500 £13,247 |
2019 £ 6,461 677 7,000 |
|---|---|---|
| £14,138 |
3. Income from investments
| Rental income Interest received |
2020 £ 17,590 138 £17,728 |
2019 £ 15,321 312 |
|---|---|---|
| £15,633 |
4. Analysis of expenditure on charitable activities
| Clergy stipend Clergy expenses Deanery precept Exarchate precept Sundry Property expenses Independent examination Total |
2020 Total £ 32,943 326 1,000 1,000 133 585 612 £36,599 |
2019 Total £ 34,125 1,426 - - - 11,245 600 |
|---|---|---|
| £47,396 |
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
NOTES TO THE ACCOUNTS
for the year ended 31 December 2020 ( Continued)
5. Analysis of staff costs and trustee remuneration and expenses
| Analysis of staff costs and trustee remuneration and expenses | ||
|---|---|---|
| Salaries and wages Social security costs |
2020 £ 32,943 - £32,943 |
2019 £ 34,125 - |
| £34,125 |
No employees had emoluments in excess of £60,000 (2019: Nil).
The following charity trustee received remuneration (as permitted by the constitution) and reimbursement of expenses as follows:
| Father S Vanttinen-Newton Salary Expenses |
2020 £ 32,943 326 £33,269 |
2019 £ 34,125 751 |
|---|---|---|
| £34,876 |
6. Staff numbers
The average monthly number of employees during the year was as follows:
| Tangible fixed assets Cost: As at 1 January 2020 Additions As at 31 December 2020 Depreciation: As at 1 January 2020 Charge for year As at 31 December 2020 Net book value: As at 31 December 2020 As at 31 December 2019 |
2020 Number 1 Plant, Freehold machinery, land and and motor Fixtures buildings vehicles and fittings £ £ £ 465,000 - - - - - 465,000 - - - - - - - - - - - £465,000 £- £- £465,000 £- £- |
2019 Number 1 Total £ 465,000 - |
|---|---|---|
| 465,000 | ||
| - - |
||
| - | ||
| £465,000 | ||
| £465,000 |
7. Tangible fixed assets
THE ORTHODOX PARISH OF THE ANNUNCIATION IN OXFORD
NOTES TO THE ACCOUNTS
for the year ended 31 December 2020 ( Continued)
| 8.Debtors Loans 9.Current asset investments Other investments 0.Analysis of net assets between funds Tangible fixed assets Cash at bank and in hand Other net current assets/(liabilities) Total |
General Designated Fund Funds £ £ 465,000 - 60,150 - 11,491 - |
2020 £ 1,250 £1,250 2020 £ 10,241 £10,241 Restricted Funds £ - - - |
2019 £ 1,250 |
|---|---|---|---|
| £1,250 | |||
| 2019 £ 9,328 |
|||
| £9,328 | |||
| Total £ 465,000 60,150 11,491 £536,641 |
|||
| £536,641 £- |
£- |
10. Analysis of net assets between funds
11. Analysis of charitable funds
Analysis of movements in unrestricted funds
| General fund Total |
Balance Incoming Resources Unrealised Funds 31/12/2019 resources expended Gains 31/12/2020 £ £ £ £ £ 541,352 30,975 (36,599) 913 536,641 |
|---|---|
| £541,352 £30,975 £(36,599) £913 £536,641 |