REGISTERED CHARITY NUMBER: 1145435
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2022
for
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Botros & Co Chartered Accountants
4 Northwest Business Park Servia Hill Leeds West Yorkshire LS6 2QH
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Contents of the Financial Statements for the Year Ended 5 April 2022
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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 10
Detailed Statement of Financial Activities 11
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ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Report of the Trustees for the Year Ended 5 April 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5 April 2022. The trustees have adopted the provisions of 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
1145435 (England and Wales)
Registered Charity number 1145435
Registered office
40 Kingston Drive Whitley Bay Tyne & Wear NE26 1JJ
Trustees
H G Bishop Antony Chairman Dr S S S Asaad Secretary Rev. A N Fr. Awadallah Dr Z Boulis Fr Engelos El Antony Treasurer Dr M S Massoud
Company Secretary Dr S S S Asaad
Independent Examiner
Botros & Co Chartered Accountants 4 Northwest Business Park Servia Hill Leeds West Yorkshire LS6 2QH
Bankers
Lloyds Bank plc 69 Bedford Street North Shields Tyne and Wear NE29 0AU
Committee
H G Bishop Antony NA Chairman Dr Seif S S Asaad MB BCH FRCS Secretary Rev Fr Antonius N Awadallah NA Dr Boulis MB BS MRCS LRCP FRCS DMRD FRCR FR. Engelos NA Treasurer Dr Mamdouh S Massoud MB BS Secretary
Page 1
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Report of the Trustees for the Year Ended 5 April 2022
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 5 September 2022 and signed on its behalf by:
Dr S S S Asaad - Trustee
Page 2
Independent Examiner's Report to the Trustees of St.Athanasious Coptic Orthodox Monastery
Independent examiner's report to the trustees of St.Athanasious Coptic Orthodox Monastery ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Samir Botros FCA,ACMA,CTA Institute of Chartered Accountants in England and Wales Botros & Co Chartered Accountants 4 Northwest Business Park Servia Hill Leeds West Yorkshire LS6 2QH
5 September 2022
Page 3
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Statement of Financial Activities for the Year Ended 5 April 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds 2 Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.22 Unrestricted fund £ 480,769 276,586 939 277,525 203,244 3,746,400 3,949,644 |
5.4.21 Total funds £ 480,531 227,772 719 228,491 252,040 3,494,360 |
|---|---|---|
| 3,746,400 |
The notes form part of these financial statements
Page 4
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Balance Sheet 5 April 2022
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Unrestricted funds TOTAL FUNDS |
5.4.22 Unrestricted fund £ 1,295,439 1,005,926 1,648,279 2,654,205 2,654,205 3,949,644 3,949,644 3,949,644 3,949,644 |
5.4.21 Total funds £ 1,294,778 946,815 1,504,807 2,451,622 2,451,622 3,746,400 3,746,400 |
|---|---|---|
| 3,746,400 3,746,400 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 5 September 2022 and were signed on its behalf by:
S S S Asaad - Trustee
The notes form part of these financial statements
Page 5
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Notes to the Financial Statements for the Year Ended 5 April 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity 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. Expenditure 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 resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery
- 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. RAISING FUNDS
Investment management costs
Donation payable House council & water charges Telephone Clergy living expenses House light & heat Premises insurance Motor & travelling expenses Stationery & postage Legal & Professional Bank charges |
5.4.22 £ 134,000 9,989 2,190 15,694 20,314 3,214 13,325 258 14,504 25 213,513 |
5.4.21 £ 98,000 7,750 1,235 22,884 18,793 5,520 6,133 289 4,579 15 |
|---|---|---|
| 165,198 |
continued...
Page 6
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets | 5.4.22 5.4.21 £ £ 939 719 |
|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 480,531 227,772 719 228,491 252,040 3,494,360 |
|---|---|
| 3,746,400 |
continued...
Page 7
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
6. TANGIBLE FIXED ASSETS
| Improvements Freehold to property property £ £ COST At 6 April 2021 628,763 663,859 Additions - - At 5 April 2022 628,763 663,859 DEPRECIATION At 6 April 2021 - - Charge for year - - At 5 April 2022 - - NET BOOK VALUE At 5 April 2022 628,763 663,859 At 5 April 2021 628,763 663,859 7. DEBTORS Amounts falling due within one year: Other debtors Amounts falling due after more than one year: St. Athanasious Coptic Church Aggregate amounts 8. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Freehold property £ 628,763 - 628,763 - - - 628,763 |
Improvements to property £ 663,859 - 663,859 - - - 663,859 |
Improvements to property £ 663,859 - 663,859 - - - 663,859 |
Plant and machinery £ 10,746 - 10,746 8,590 539 9,129 1,617 |
Motor vehicles £ - 1,600 1,600 - 400 400 1,200 |
Totals £ 1,303,368 1,600 1,304,968 8,590 939 9,529 1,295,439 |
||
|---|---|---|---|---|---|---|---|---|
| 628,763 | 663,859 | 2,156 | - | 1,294,778 | ||||
| At 6.4.21 £ 3,746,400 3,746,400 Incoming resources £ 480,769 480,769 |
5.4.22 £ 80,000 925,926 1,005,926 Net movement in funds £ 203,244 203,244 Resources expended £ (277,525) (277,525) |
|||||||
| 5.4.21 £ 80,000 866,815 946,815 |
||||||||
| At 5.4.22 £ 3,949,644 3,949,644 Movement in funds £ 203,244 203,244 |
continued...
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ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.20 £ 3,494,360 3,494,360 |
Net movement in funds £ 252,040 252,040 |
At 5.4.21 £ 3,746,400 3,746,400 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 480,531 480,531 |
Resources Movement expended in funds £ £ (228,491) 252,040 (228,491) 252,040 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.20 £ 3,494,360 3,494,360 |
Net movement in funds £ 455,284 455,284 |
At 5.4.22 £ 3,949,644 3,949,644 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 961,300 961,300 |
Resources Movement expended in funds £ £ (506,016) 455,284 (506,016) 455,284 |
|---|---|---|
continued...
Page 9
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2022.
Page 10
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Detailed Statement of Financial Activities for the Year Ended 5 April 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid recovery |
5.4.22 5.4.21 £ £ 441,927 439,485 38,842 41,046 |
|---|---|
| 480,769 480,531 |
|
| Total incoming resources EXPENDITURE Raising donations and legacies Annex facility costs Monastery repairs & renewals |
480,769 480,531 33,438 13,426 29,635 49,148 |
| Investment management costs Donation payable House council & water charges Telephone Clergy living expenses House light & heat Premises insurance Motor & travelling expenses Stationery & postage Legal & Professional Bank charges |
63,073 62,574 134,000 98,000 9,989 7,750 2,190 1,235 15,694 22,884 20,314 18,793 3,214 5,520 13,325 6,133 258 289 14,504 4,579 25 15 |
| Other Plant and machinery Motor vehicles |
213,513 165,198 539 719 400 - |
| 939 719 |
|
| Total resources expended | 277,525 228,491 |
| Net income | 203,244 252,040 |
This page does not form part of the statutory financial statements
Page 11