Charity number: 1122343
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023
Trustees
Bishop P. Benjamin, Chair Andy Y Darmoo, Secretary H.G. Mar Awa Royel Fredoun Benjamin, Treasurer USA Reverend William Tooma Deacon D Daniel
Charity registered number
1122343
Principal office
4 Kennet Road, Dartford, Kent, DA1 4QN
Accountants
Bayar Hughes & Co Ltd, 4 Green Lane Business Park, 238 Green Lane, New Eltham, London, SE9 3TL
Page 1
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023
The Trustees present their annual report together with the financial statements of the Charity for the 1 August 2022 to 31 July 2023.
The charity trades under the name A.C.E.R.O.
Objectives and activities
a. Policies and objectives
During the period the Trust has operated in accordance with its stated objectives. The objectives of the Trust are to develop projects within the following fields:
-
The advancement of the Christian religion in accordance with the beliefs and teachings of the Assyrian Church of the East,
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The relief of financial hardship, in particular, but not exclusively, in Assyrian Church communities, by making grants of money for providing or paying for items, services or facilities.
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The relief of sickness and preservation of good health by providing or assisting in the provision of equipment, facilities and services.
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The relief and assistance of people in any part of the world who are the victims of war or natural disaster, trouble or catastrophe.
-
The promotion of religious harmony by:
i. Educating the public in different religious beliefs including an awareness of their distinctive features and their common ground to promote good relations between persons of different faiths,
ii. promoting knowledge and mutual understanding and respect of the beliefs and practices of different religious faiths.
There have been no changes in the objectives since the last annual report
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The charity provides accomodation, relief materials and food items to refugees.
The charity's activities were curtailed due to issues with the charity's bankers. These issues have been subsequently resolved and we are hopeful that operations will return to normal in the near future.
Achievements and performance
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023
b. Reserves policy
The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees review the amount of reserves that are required to ensure that they are adequate to fulfil the charity’s continuing obligations on a regular basis at their board meetings.
c. Financial Review
As of 31 July 2022 the charity held fund balances comprising £190,375 (2022:£138,905) of restricted funds (excluding fixed assets) and £350,932 (2022:£359,132) of general unrestricted funds. The Fixed Assets of £981,814 (2022:£1,005,190) are not available for spending as it represents the net book value of fixed assets.
Structure, governance and management
a. Constitution
The charity was formed through a constitution dated 19 September 2007 and commenced activity on that date. The principal object of the charity is to provide accomodation, feeding and emergency relief to war refugees and those suffering from any form of disaster in any part of the world.
There have been no changes in the objectives since the last annual report
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Policies adopted for the induction and training of Trustees
The induction and training of the trustees will depend on the expertise and experience of the individual. All trustees keep themselves conversant with all matters necessary for them to perform their duties effectively.
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
e. Trustees' indemnities
Each Trustee of the charity undertakes to contribute to the assets of the charity in the event of it being wound up while they are a Trustee, or within one year after they cease to be a Trustee, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a Trustee.
Funds held as custodian
No funds are held as custodian trustees on behalf of others by the charity.
Page 3
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees on 30 April 2024 and signed on their behalf by:
A.Y.Darmoo Secretary
Page 4
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2023
Independent examiner's report to the Trustees of Assyrian Church of the East Relief Organisation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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 Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 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 2011 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 30 April 2024
B Chakarto FCCA
Page 5
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
| Note Income: Investment income Donations Total income Expenditure on: Direct costs Total expenditure Other recognised gains: Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ - 50,000 50,000 21,906 21,906 28,094 1,144,095 28,094 1,172,189 |
Unrestricted funds 2023 £ - 18,438 18,438 26,638 26,638 (8,200) 359,132 (8,200) 350,932 |
Total funds 2023 £ - 68,438 68,438 48,544 48,544 19,894 1,503,227 19,894 1,523,121 |
Total funds 2022 £ 155 16,984 17,139 27,166 27,166 (10,027) 1,513,254 (10,027) 1,503,227 |
|---|---|---|---|---|
Page 6
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
BALANCE SHEET AS AT 31 JULY 2023
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
79,457 464,116 543,573 (2,266) |
2023 £ 981,814 981,814 541,307 1,523,121 1,523,121 1,523,121 1,172,189 350,932 1,523,121 |
83,892 417,191 501,083 (3,046) |
2022 £ 1,005,190 |
|---|---|---|---|---|
| 1,005,190 498,037 |
||||
| 1,503,227 | ||||
| 1,503,227 | ||||
| 1,503,227 | ||||
| 1,144,095 359,132 |
||||
| 1,503,227 |
The financial statements were approved and authorised for issue by the Trustees on 30 April 2024 and signed on their behalf by:
A Y Darmoo
Trustee
The notes on pages 8 to 17 form part of these financial statements.
Page 7
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
1. General information
The charity was formed through a constitution dated 19 September 2007 and commenced activity on that date. The principal object of the charity is to provide accomodation, feeding and emergency relief to war refugees and those suffering from any form of disaster in any part of the world.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Assyrian Church of the East Relief Organisation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 8
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
2. Accounting policies (continued)
2.4 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 institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Land & Buildings
2% Straight line
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and 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.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 9
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
2. Accounting policies (continued)
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
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 and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Total 2022 |
Restricted funds 2023 Unrestricted funds 2023 £ £ 50,000 16,506 - 16,984 |
Total funds 2023 £ 66,506 16,984 |
Total funds 2022 £ 16,984 |
|---|---|---|---|
4. Investment income
| Unrestricted funds 2023 £ Investment income 1,932 Total 2022 155 |
Total funds 2023 £ 1,932 155 |
Total funds 2022 £ 155 |
|---|---|---|
Page 10
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
5. Analysis of expenditure on charitable activities
Summary by fund type
| Direct costs Total 2022 |
Restricted funds 2023 Unrestricted funds 2023 £ £ 21,906 26,638 23,376 3,790 |
Total 2023 £ 48,544 27,166 |
Total 2022 £ 27,166 |
|---|---|---|---|
6. Analysis of expenditure by activities
| Direct costs Total 2022 |
Activities undertaken directly 2023 £ 45,361 26,266 |
Support costs 2023 £ 3,183 900 |
Total funds 2023 £ 48,544 27,166 |
Total funds 2022 £ 27,166 |
|---|---|---|---|---|
Page 11
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Activities 2023 £ Depreciation 23,376 Donations 233 Legal and Professional Fees 7,644 Travel, accomodation etc 1,030 Exchange rate differences 4,883 Bank charges 532 Project costs 6,425 Sundry expenses 1,238 45,361 Total 2022 26,266 7. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect of: Taxation compliance services |
Total funds 2023 £ 23,376 233 7,644 1,030 4,883 532 6,425 1,238 45,361 26,266 2023 £ 900 360 |
Total funds 2022 £ 23,376 - 10,000 - (8,832) 553 - 1,169 26,266 2022 £ 900 - |
|---|---|---|
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 July 2023, no Trustee expenses have been incurred (2022 - £NIL) .
Page 12
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
| 9. Tangible fixed assets Cost or valuation At 1 August 2022 At 31 July 2023 Depreciation At 1 August 2022 Charge for the year At 31 July 2023 Net book value At 31 July 2023 At 31 July 2022 10. Debtors Due within one year Other debtors 11. Creditors: Amounts falling due within one year Accruals and deferred income |
2023 £ 79,457 79,457 2023 £ 2,266 |
Freehold property £ 1,168,822 |
|---|---|---|
| 1,168,822 | ||
| 163,632 23,376 |
||
| 187,008 | ||
| 981,814 | ||
| 1,005,190 | ||
| 2022 £ 83,892 83,892 2022 £ 3,046 |
Page 13
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
12. Statement of funds
Statement of funds - current year
| Balance at 1 August 2022 £ Unrestricted funds General Funds 359,132 Restricted funds Restricted Fund - General 60,918 Dohuk Apartments 1,005,190 Dohuk - General 77,987 Seminary - 1,144,095 Total of funds 1,503,227 |
Income £ 18,438 - - - 50,000 50,000 68,438 |
Expenditure £ Balance at 31 July 2023 £ (26,638) 350,932 - 60,918 (23,376) 981,814 1,470 79,457 - 50,000 (21,906) 1,172,189 (48,544) 1,523,121 |
Expenditure £ Balance at 31 July 2023 £ (26,638) 350,932 - 60,918 (23,376) 981,814 1,470 79,457 - 50,000 (21,906) 1,172,189 (48,544) 1,523,121 |
|---|---|---|---|
| 60,918 981,814 79,457 50,000 |
|||
| 1,172,189 | |||
| 1,523,121 |
Page 14
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Restricted Fund - General Dohuk Apartments Dohuk - General Total of funds |
Balance at 1 August 2021 £ 345,783 60,918 1,028,566 77,987 1,167,471 1,513,254 |
Income £ 17,139 - - - - 17,139 |
Expenditure £ (3,790) - (23,376) - (23,376) (27,166) |
Balance at 31 July 2022 £ 359,132 |
|---|---|---|---|---|
| 60,918 1,005,190 77,987 |
||||
| 1,144,095 | ||||
| 1,503,227 |
13. Summary of funds
Summary of funds - current year
| Balance at 1 August 2022 £ General funds 359,132 Restricted funds 1,144,095 1,503,227 |
Income £ 18,438 50,000 68,438 |
Expenditure £ Balance at 31 July 2023 £ (26,638) 350,932 (21,906) 1,172,189 (48,544) 1,523,121 |
Expenditure £ Balance at 31 July 2023 £ (26,638) 350,932 (21,906) 1,172,189 (48,544) 1,523,121 |
|---|---|---|---|
| 1,523,121 |
Page 15
ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
13. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 August 2021 £ 345,783 1,167,471 1,513,254 |
Income £ 17,139 - 17,139 |
Expenditure £ (3,790) (23,376) (27,166) |
Balance at 31 July 2022 £ 359,132 1,144,095 |
|---|---|---|---|---|
| 1,503,227 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total Analysis of net assets between funds - prior year Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2023 Unrestricted funds 2023 £ £ 981,814 - 190,375 353,198 - (2,266) 1,172,189 350,932 Restricted funds 2022 Unrestricted funds 2022 £ £ 1,005,190 - 138,905 362,178 - (3,046) 1,144,095 359,132 |
Total funds 2023 £ 981,814 543,573 (2,266) |
|---|---|---|
| 1,523,121 | ||
| Total funds 2022 £ 1,005,190 501,083 (3,046) |
||
| 1,503,227 |
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ASSYRIAN CHURCH OF THE EAST RELIEF ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
15. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 July 2023.
Page 17