Charity number 1139569 SAINT MARY AND ARCHANGEL hlCHAEL COPTIC ORTHODOXCHURCH TRUSTEES. REPORT AND FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
SAiTrrr MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH FOR THE YEAR ENDED 5 APRIL 2024 Contents Page Legal and AdministratNe Infomiation Report of the Trustees Independent Auditorfs Report Statement of Financial Activities Balance Sheet 10 Statement of cash flows 11 Notes fonniro part of the Financial Statements 12-16
Page 1 sAIr MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH CHARITY INFORMATION Trustees Mr M Neoman Dr l Tadros MrA Shahats Mr N Abddsaid MrA Seha Dr G Yanni Mr N Bcrttros Custodlan Trustees Dr G Yanni Dr l Tadros Mr N Boutros Registered Charfty Number 1139569 Reglstered office cranbrne Gardens London NW11 OHS Audltors TC Group The Courtyard Shorham Road Upper Beeding Steyning West Sussex BN44 3TN Bankers HSBC PIC 40 Temple Fortune Parade London NW11 (y
SAINT M4RY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Page 2 REPORT OF THE TRUSTEES FOR YEAR ENDED 5 APRIL 2024 The twslees present their report along with the financial Statements of the charity for the year ended 5 April 2024. The trustees hav8 adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordan with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES The object of the charity is to promote the Coptic Orthodox Church in the United Kingdom and the Republic of Ireland. In furtheran of this object the Trustees may provide and maintain pla$ of public worship, carry out religious services, pay the priesls salaries, hold religious and other meetings in connection with the Coptic Orthodox Church and provide assistan for the needy in the United Kingdom and abroad. Coptic Orthodox Dioceso of London St Mary and Archangel Michael Coptic Orthodox Church is part of the Coptic Orthodox DI0Se of London. ACHIEVEMENT AND PERFORMANCE Charftable activities The church, which is based in Golders Green, is open most days of the week for lebrating the Divine Liturgy, prayer meetings, seminaT5, group discussions, Bible studies. Coptic language lessons, Coptic hymns lessons and other church activities. During the year, the youths of the church attended and organised conferences. retreats and trips in the UK and abroad. The church has sports activities and has football and basketball teams which play and compete against teams of other Coptic churches in the UK. Fundraising activities During the year, the church has collected funds frorn the congregation to pay for its running expenses and to donate to some poor familie5 in the community, also, to pay for the construction of a new church hall to replace Ihe old hall which was becoming too old and not frt to senie the need of the congregation. FINANCIAL REVIEW The statement of financial actNities is set out on page 9 and shows the resutt of the year. The charity incurred costs in furtherance of its objects of £304.728 (2023: £247,845). After taking into account these expenses and other management and administrative expenses of £13,167 {2023.' £8,925) th6 net incoming resources for the year were £333,787 (2023: £1,090.973). At 5 April 2024. es shown on the balance sheet on page 10. the charity has net assets of £2,958,340 (2023.. £2,624,553), which were mainty held in fixed assets as shown on note 6 and on bank deposits and current accounts. Th8 2023 figures stated are after taking into account prior year adjustments as detailed in note 12. Prlncipal funding sources The charty's main source of funding were the payments made by ils members in the form of donations received and church collection.
SAlTrtr MARY AND ARCHANGEL MICHAEL COPTICOThODOX CHURCH Page 3 REPORT OF THE TRUSTEES- CONTINUED FOR YEAR ENDED 5 APRIL 2024 The charity's expenditure The expenditure during the year YRS llicurred in: Church actlvltles Maintaining the church and the temporary hall. making them available to the public to use for worship and social activities; the payment of the priest's salaries and expenses, the provision of Sunday schtr)Is to teach the children the faith of the church and to provide he to the n*dy in the communty. Constructlon of the new hall Payments made to the building contractOTS. enginears and adviser5 as part of the construction costs of building the new hall. Interest paid to banks The church incurred during the year, interest on loans obtained from the bank to pay for the construction of the new hall. Investment policy and objectives The Trustees, investment powers are govemed by the Trust Deed, which pemits the Charty's funds to be invested in properties, any cash investrnents and chattels as they see frt. The Trustees have considered the most appropriate policy for investing the charity's funds and decided to keep it in bank accounls to have it available for paying for the project of building a new hall, that is currently in progress. Reserves policy The Trustees aim to keep in reserves at any point of time three months of expenditure to cover unplanned emergency repairs to the church building and other expenses. The amount of reserves held at the yearend was £2,958,340 (2023: £2,824,553) of which £ nil (2023: £ nil), are regarded as free reserves after allowing for funds ti8d up in tangible fixed assets. Future plans The charity has demolished the old church hall building and are currently in the process of replacing rt with a four-story building. including a basemenl at an estimated cost of £3.2 million. The new building will be used by Ihe church for ts actNities and by the community as a nursery. The chanty reached an agreement with Charty Bank for funding the project. The project is progressing well with an expected completion of Q2 2025 and the total estimated cost will be about £3.2 million.
SAINT MARY ANDARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Pag8 4 REPORT OF THE TRUSTEES. CONTINUED FOR YEAR ENDED 5 APRIL 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity was fomed on 18 November 2010 as an unincorporated trust. registered with the Charity Commission, registration number 1139569 on 30 Decernber 2010 and is govemed by the Charities Act 2011 and its TNst deed dated 18 November 2010. Management of th8 Charity The charity is managed by the Church Council consisting of The Diocesan Bishop, the Priest5 of the Church, and nct less than fwe Council Members, who are appointed time to time by The Diocesan Bishop. Only the Trustees are voting members of the Council. Recruitment and appointment of new Trustees and counc51 Members The Church Trustees The Trustees and other council membets of the Charty are appointed by the Diccesan Bishop. Names of the charity trustees The Trustees who served during the year were as stated belcw. Mr M Neoman Dr l Tadros MrA Shahata Mr N Abdelsaid MrA Seha Dr G Yanni Mr N Boutros Names of the members of the Church Council. who are nottrustses Miss Sarah Henein Mr Hani Salih Mr Hani Bu5hra Mr Kyrillos Abadir Mr Makaricus Girgis Mr Magid Mansour Organisational structure Saint Mary 2nd Archangel Michael Coptic Orthodox Church is an indivisible part of the Coptic Orthodox Church in Egypt which has as its Supreme Head, the Pope of Alexandria and derives its spirtiual authority to function from the Hoty Council of the Coptic Orthodox Patriarchate in Cairo, Egypt. such authority cannot be changed, aftered. modified or revoked. The Coptic Orlhodox Archbishop of LorKJon is appointed by the Holy Synod of the Coptic Orthodox Church by written decree over the area, known as the Diocese of London. which includes this charity.
SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH REPORT OF THE TRUSTEES - CONTINUEO FOR YEAR ENDED 5 APRIL 2024 Pagg 5 DÈ¢ision making The tmstees of St Mary arKI Archangel Michael Coptic Orthodox Church. in consultation with the Coptic Orthodox Bishop of London. the priests of Ihe church and other members of the council, take deusions on all matters conceming Éhe administrab'on of the charity. Deustons on the church spiritual services to the corwJregalion. are taken by the Coptic Orthodox Arthbishop of Lottrjon and the priests. Induction and training of new tntstéés The Iruslees a members of the church and as suth are familiar with the practical work ofthe tharity. New trustees are given trair by existing trustées on: -The Church Constitution, -The current finan(3al posrtion as set wt in the published accounts, -Fulure plans and objèctives. Statement of trustees, responslbllitles in relation to flnanclal statements The Iruslees are responsible for prèparing a truslees. annua report and financial stAlements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Apted A0unting Practice). The law applicable to charkties in England arKI Wales requires the trustees to prepare financial statements fof each financial year which give a true and fair wew of the charrty'8 financtal activitie8 during the year and of its financtal posibon at the end of the year_ In preparing financial ststements givÉng a true and lair view. the Iruslees should folknv best prnctice and.. select suitable accounting politAes and then apply them consistenly" obseNe the methods and prinaples in the applicable Charities SORP; make ludgements and estimates that are rèasonable and prudent stale whether applicable accounting standards and stalements of recommended practFce have been followed. subjecl lo any depariures disclosed and explained in the finanaal stalements., and prepa the financial statements on the gThng Concem basis unless li is inaptyopriate to presume that the charity will continue in operation. Risk management The main risks which may f thè charity is the reduction in donations from the Congregation. The chÈrily relies on donations fA)m a 5arye number of donors, not a few individuals. which redu the risk of huge fluctuations in the income from donations. Approved by the Board of Twstees and signed on bthaEf of the b)ard cn....15. . Ge¢rgF*Yaffti fi<5è4¥f•e4r Trustee
SAIKf MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOXCHURCH Page 6 INDEPENDENT AUDITOR'S REPORT TO THETRUSTEES OF SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Opinlon We have audited the financial statements of St Mary and Archangel Michael copt Orthodox Church (the 'charity'l for the year ended 5 April 2024 which comprise Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: gwe a true and fair view of the state of the charity's affairs as al 5 April 2024 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance wilh the requirements of the Charrties Act 2011. Basis for opinion We have been appointed as auditors under Sl0n 144 of the Charities Act 2011 ar)d report in accordanc8 with regulatsons made under section 154 of that Act. We conducled our audit in accordance with IntematK)nal Standards on Auditing {UK> (ISAS (UK)) and applicable law. Our responsibilrties under those standards are further described in the Auditor's responsibilities for the audtt of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our 8udÉi of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believ8 that the audrt evidence we hw¥E obtained is sufficient and appropriate to provide a basis for our opinion. (Xher Matter The comparative financial statements have not been audited. Concluslons relatlng to going Goncern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going COnM basis of accounting in the preparation of the financial statements is not appropriate- or the trustees have not disclosed in the financial statements any identiFied material UnrtaInt(eS that may cast significant doubt about the charrty's abilty to continue to adopt the going concem basis of accounting for a pericrfj of at least twelve months from the date when the financial statements are aulhorised for issue. Other information The trustees are responsible fy the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditorfs repori thereon. Our opinion on the financial statements does not cover the other infonnation and. we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in éoing so, consider whether the other infomation is materialty inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of Ihe other infomiation.
SAlTrtr MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Page 7 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SAINT MARY ANDARCHANGEL MICHAELCOPTIC ORTHODOX CHURCH If, based on the work we have perfonned, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exceptio We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if. in our opinion= the infonnation given in the financial statements is inconsistent in any malerial respect with the Trustees, Report. or sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records and returns,. or We hav8 not received all the information arKI explanations we require for our audit. Responsibilities of trustees As explained more fvlly in the Statement of Trustees, responsibilities set out on page 6. the truste88 are responsible for the preparation of the financial statements arKI for being 5ali5fied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misslat&ment. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charty or to cease operations, or have no realistic altemative but to do so. Auditorf5 responsibilities for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and fo issue an audtiorfs report thal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wrth ISAS (UK) will always detect a material misstatement when it exisls. Misstatements can arise from fraud or error and are considered malerial ff, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial slatements is provided on the Financial Reporting Council's website at http.'/fvhvw.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs report, Extent to which th8 audit was considered capable of detectlng irregularities, including fraud The objectives of our audit. in respect to fraud, are: to hlentfy and assess the risks of material missiatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses,. and to respond appropriately to fraud or suspected fraud identified during the audit, However, the primary responsibilty for the prevention and detection of fraud rests with both those charged with governance of the group and its management. Our approach was as follows: We identified areas of laws and regulatron5 that coukl reasonably be expected to have a material effect on Ihe financial statements from our general sector experience, and through discussion wth the trustees and other management (as required by audiiing standards), and discussed with the trustees and other management the Frf)licies and prOdureS regarding compliance with laws and regulations {see below)"
SAIKf MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Page 8 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH We identified the following areas as those most likely to hav8 such an effect.. health and saf8ty', General Data Protection Regulation (GDPR)" fraud", bribery and corruption," and employment 18W. Auditing standards limit the required audrt procedures to identify non4omplkqnce with these Saws and regulations to enquiry of the trustees and other management and inspection of regLJlatory and legal correspondence, if any. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Charities Act 2011) and the relevant tax compliance regulations in the UK- We considered the nature of the group's operations. the control environment and financial p6rfoMian. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-complian throughout the audit", We ccnsidered the procedures and controls that the group has established lo address risks identrfied, or that otheNise prevent, deter and detect fraud,. and how senior management monitor5 those procedures and controls. Based on this understanding we designed our audit procedures to identfy non-compliance with such laws and regulations. Where the risk was considered lo be higher. we perfomied audit procedures to address each identified fraud risk. These procedures induded: testing manual joumals,. reviewing the financial statement disclosures and testing to supporting documentation. perfoming analytical procedures., and enquiring of management. and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk thal we may not have detected some material misstatements in the financial statements. even though we have properly planned and perfonned our audit in accordan wilh auditing standards. For example. the further removed non-compliance with laws and regulations {legularitIes) is from the events and transactions reflected in the financial statements, the less likely the inherenlly limited procedures required by audrting standards would identify il. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional ¢onGealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charity's trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required lo state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. do not accept or assume responsibilty to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report. orfor the opinions we have fomed. Mark Cummins FCCA (Senior Statutory Auditor) for and on behalf of TC Group statutory Auditors Office" St8ynings West Sussex Date: 16 SWef tozs
SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Page 9 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Restricted funds 2024 Total 2024 Total 2023 Note INCOME AND ENDOWMENTS FROM Donations and legacies 651.682 651.682 1,347,743 Total incomlng resources 651.682 651,682 1,347.743 Expendlture Charitable acbvittes 317,895 317,895 256,770 Net income 333,787 333,787 1,090,973 Total funds brought forward 10 2,624,401 152 2,624.553 1,533,580 Total funds carried for•vard 5 April 2024 10 2.958,188 152 2,958,340 2.824,553 S* note 12 in reEation to a prty)r year adjustrnent.
SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Page 10 BAiANCE SHEET AT 5 APRIL 2024 AS rtslated Total 2023 Total 2024 Fixed assets Tangibie assets 3,401.595 Current assets Debtors Cash at bank and in hand 2.500,140 30.0 474.281 36.539 522,490 Totsl ¢xrrent assets 504,281 Creditors.. kn?unl$ faiing due Imthin one year Net current assets l (liabiljfies) 559,029 (535,554) 1434.616) (31.273) 124,413 Tol21 assets less currerrt liabllity Creditors". ArTh)unts faling due after more than one year 3.370,3 2.624.553 {411,982) Total net assets 2.958.340 2.624,553 Funds ofthe Charity Unrestricted funds Restrict41 funds 10 10 2.958,188 152 2.624,401 152 Totsl funds 2.958,340 2.624.553 and signed on tehalf of the board by Truste The notes on pages 12 to 16 fom part of these financial statements. See note 12 in relation lo a prior year adjustment.
SAINT MARY AND ARCHANGEL MICHAEL COPTICORTHODOX CHURCH Page 11 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 As restated 2023 2024 Cash flows from operating activiti Cash generaled from operations 11 369.415 1,120,613 Net cash provided by operating activities 369.415 1,120,613 Cash flows from Investing activities Purchase of tsngible fixed assets (921,606) (980,710) Net cash used in investing activttie5 (921,606) (980,710) Cash flows from financing actlvltles New bank loan 411.9&2 vement in other loans 718 92.000 (127,800) Net cash used in financing tiVitIes 503,982 (127,800) Change in cash in the year (48,209) 12.103 Cash at 6 April 2023 522.490 510,387 Cash at 5April 2024 474 281 Analysls of net debt 0610412023 Cash flow 522,490 (48,209) 0510412024 474.281 Cash Debt Debls falling due within 1 year Debts falling due after 1 year (482,000) (92,000) 411,982 503,982 (574,000) 411,982 985.982 482,000 Total nel debt 40,490 511,701
SAINT MARY AND ARCHANGEL MICHAEL COPTIC OThODOX CHURCH Page12 NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcles 1.1 Basis of accountlng The financial statement5 of the chanty, which is a public benefrt entity under FRS 102, have been prepared in accordance with the Charrties SORP {FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practi 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)., Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. 1.2 Golng concern The trustees consider that there are no raterIal uncertainties about the charity's abilty to continue as a going concem. 1.3 Income All income is recognised in the Statement of FInarla1 Activtties once the charty has entitlement to the funds, it is probable that Ihe incom8 will be received and the amount can be measured reliably 1.4 Expenditure Liabilities are recogntsed as expenditure as soon as there is a legal or constructive obligation ommrtting the chartty to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditur8 IS accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resour. 1.5 Tangible fixed assets Depreciation is provided at the following annual rates in order lo write off each asset over its estimated useful lrfe: Freehold buildings Building under construction Fi*ures and fittings Computer equipment 2% straight line not provided 100fi reducing balan for church 150/0 reducing balance 1.6 Debtors The charity has debtors which are measured at settlement amounts less any trade discounts. 1.7 Creditors The charity has credttors which are measured at settlement amounts less and trade discounts. 1.8 TaXaOn The charty is exempt from tsx on ts chariiable actThiitES. 1.9 Fund accountlng Unrestricted funds can be used in accordan with the charitable objectiV88 at the discretDn the trustees. Restricted fvnds can onty be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funrjs are raised for particular restricted purp)ses. Further explanation of the nature and purpose of each fund is included in the notes to the financial ststements.
SAINT MARY ANDARCHANGEL MICHAEL COPTIC ORTHOIX)X CHURCH Pag8 13 NOTES FORMING PART OF THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 1. Accounting policies (Continued) 1.10 Pension costs and other post-retirernent benefits Th8 charity operales a defined conlribution pension scheme. Contributions payable to the charity's pension scheme are Charged to the Statement of Financial Activiknes in the period to which they relate. 1.11 Critical accounting judgement and key sources of estimation uncertainty In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparerrt from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the pertod in which the estimate is revised rf the revision affects On that period or in the period of the revision and future periods if the revision affects both current and future periods. TRUSTEES REMUNERATION AND 8ENEFrrs There were no trustees. remuneration or other benefit5 for the year ended 5 April 2024 nor for Ihe year ended 5 April 2023. Trustees, 8xpenses Th8re were no trustees, expenses paid for the year ended 5 April 2024 nor for the year 8nded 5 April 2023. Trustee donations During the year 4 trustees donated a tota] of £11.750 to the charity. {2023: 3 trustees donated a total of £9,250) STAFF COSTS 2023 Salaries and wages Social swjrity costs Other pension costs 124,341 11,5 2.851 121,710 8.431 2,632 Totsl staff costs 139,157 132.773 The average monthly number of employees during the year was as follows: 2024 2023 Priests The number of employees whose employee benefits (excluding pension costs) exceeded £60,000 was". 2024 2023 £60,001- £70,(K)O
SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH Page 14 NOTES FORMING PART OF THE FINANCIAL STATEmEs- CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Tanglble flxed assets Land and Office Buildings Equlpment Freehold Flxtures, Buildlng Fittings & Under Equipment Construction Total Cost At 6 April 2023 Additions 747.855 12,748 239,840 7.225 1.943.491 2,943,934 914,381 921,606 At 5 April 2024 747,855 12.748 247.065 2,857.872 3,865,540 Depreciailon Basis Straight line Reducing Straight line balance 15% 11,449 195 No Depreciation Rate At 6 April 2023 Charge for the year 2% 265,363 11,948 166,982 8.008 443,794 20,151 At 5 April 2024 277.311 11.644 174,990 463,945 Net book value At 5 April 2024 470.544 1,104 72,075 2,857,872 3,401.595 At 5 April 2023 482,492 1.299 72.858 1,943,491 2,500,140 Substantially all assets are held for chariiable purposes. Debtors 2024 2023 Other debtors 30.000 36,539 30,000 36,539 Cash at bank and in hand 2024 2023 Cash at bank 474.281 522,490
SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHOt)OX CHURCH Page 15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 7. Credltors amounts falling due wlthln one year As restated 2023 2024 Other loans Accruals and deferred income Taxes and social securty Othar creditors 519,000 11,400 3,891 1,263 427,000 2,460 3,681 1.475 535,554 434,616 other loans are loans receNÉd by the church from members of the congregation. 8. Creditors amounts falllng due for more than one year As restated 2023 2024 Bank loans 411,982 411.982 The temi of the bank loan is 25 years form tha date of first utilisalion. The interest rate applicable to the loan is 2.98°h pa above the BOE base rate for Iha first 24 month5, Ihen 2.680/0 pa above the BOE base rate for the remainder of the temi The bank loan is repayable by monthly installments of interest only for the first 24 months after the first utilisation followed by monthty instalments of Capital and interest for the remainder of Ihe t8mi. A fixed charge is held against the Church building as security for the loan. 9. Analysis of net assets between funds As restated 2023 Total funds Unrestricted fund Restricted fund 2024 Total funds Fixed a&sets Current assets Current liabilities Long term liabilities 3.401,595 504,129 (535,554) (411,982) 3,401,595 504,281 {535,554) (411,982) 2.500.140 559,029 (434,616) 152 2,958,188 152 2,958.340 2.624,401 10. Movement in funds As restated At 6A.23 Net movement in funds At 5.4.24 Unrestricted funds Restricted funds 2,624,401 152 333,787 2,958.188 152 Total funds 2.624,553 333.787 2,958,340 Restricted funds relate to mmies raised towards Project Ark.
SAI MARY AND ARCHANGEL MICHAEL COPTIC oKfHODOX CHURCH Page 16 NOTES FORMING PART OF THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 11. Reconciliation of net income to net cash flow from operatlng actlvities As reststed 2023 2024 Net Income {as per statement of financial activities) 333,787 1,090,973 Adjustments for: Depreciation charges Decr8ase in debtor5 {Decrease) I Increase in creditors 20,151 6,539 8,938 13,272 16,248 120 Net cash provlded by operating actlvltles 369,415 1.120,613 12. Prior year adjustment A prior year adjustment has ken made to release deferred irKome totaling £420,206, as this ino)m8 should have been recognised in the year ended 5 April 2023. The charity received a donation in the year ended 5 April 2023 of £840,412, of which 50Yo was recognized as income and deferred at the year end. The tot21 amount met the income recognition riteria of entitlement, measurement and probable. and therefore thè full amount shoukl have been recognized. A prior year adjuslment has been made to reanalys8 £55.(M)O of other loans which should have been recognised as grant and donab'on income. A prior year adjus1ment has also been made to reallocate k*ng lenn other loans of £125,000 to cuent liabilitias. This is due to the fact that the repayment date on the loans tralls prior to 5 Aprtl 2023. The above adjuslments have resurted in an increase in income for the year ended 5 April 2023 frn £872,537 to £1,347,743. Creditors du6 in less than one year have decreased from £784.822 to £434,616, net current assets have increased from {£225.793) to £124.413 and tot21 net assets have increased from £2.149.347 to £2,624,553 as at 5 April 2023. Creditors due in more than one year have deueased fTom £125.000 to £nil as at 5 Apnl 2023. Unrestricted reserves have increased from £2,149, 195 to 2.624.401 and total reserves have increased from £2,149,347 to 2.624,553 as at 5 April 2023. £50,000 of the gtant income reallocated from other loans in 2023 was restricted towards Projed ATk. this was subwuently fuuy spent in yéar ended 5 nI 2023 therefore there has been no impact on tolal restricted fvnds.
SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHODOX CHURCH The following pag88 are for the infonnation of the trustees only and do not form part of the ststutory financial statements.
SAINT MARY AND ARCHANGEL MICHAEL COPTIC ORTHOI)OX CHURCH DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 2024 2024 2023 2023 INCOMING RESOURCES Donations Special donations and grants Church canteen and bookshop Collection and Church Boxes Membership contribution 309,029 220,560 890,412 13,681 91,729 131,361 17,460 91,156 234,037 651,682 1.347,743 RESOURCES EXPENDED Exp8nditur8 Charitsble activities Salaries Sc¢ial security costs Pension Rates and water Light and heat Insurance 124,341 11,965 2,851 1,029 3,400 8,232 121,710 8,431 2,632 661 21,886 9.461 kll Repairs. maintenance and decoration Deprecialion Social s8rvices Church candles and oil Sunday School Church canteen and bookshop London Diocese 1.767 20.151 9.600 34.567 9,256 16,365 61.204 4,701 13,272 15,326 13,229 6.(7 10.713 19.756 304,728 247,845 Support costs Govemance costs: Accountancy f*s Legal & professional Office costs 11,400 240 1.527 2,580 1.440 4.905 13,167 8,925 Totsl resources expended 317.895 256.770 Net income 333.787 1,090,973