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2023-04-05-accounts

REGISTERED CHARITY NUMBER: 1145435

Report of the Trustees and Unaudited Financial Statements

for the Year Ended 5 April 2023

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 2023

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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
Cash Flow Statement 6
Notes to the Cash Flow Statement 7
Notes to the Financial Statements 8 to 13
Detailed Statement of Financial Activities 14
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ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Report of the Trustees for the Year Ended 5 April 2023

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 2023. 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).

STRATEGIC REPORT

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 Dr L Sidhom 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 2023

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's 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 2023.

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 member of the 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:

  1. 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

  2. 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

  3. 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

Botros & Co Chartered Accountants 4 Northwest Business Park Servia Hill Leeds West Yorkshire LS6 2QH

Date: .............................................

Page 3

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Statement of Financial Activities for the Year Ended 5 April 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 5.4.23
Unrestricted
fund
£
721,821
17,482
739,303
437,803
1,364
439,167
300,136
3,949,644
4,249,780		 5.4.22
Total
funds
£
480,769
-
480,769
276,586
939
277,525
203,244
3,746,400
3,949,644

The notes form part of these financial statements

Page 4

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Balance Sheet 5 April 2023

Notes
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
TOTAL FUNDS		 5.4.23
Unrestricted
fund
£
1,623,959
1,074,504
1,551,317
2,625,821
2,625,821
4,249,780
4,249,780
4,249,780
4,249,780		 5.4.22
Total
funds
£
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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 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

Cash Flow Statement for the Year Ended 5 April 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 5.4.23
£
231,752
231,752
(329,884)
1,170
(328,714)
(96,962)
1,648,279
1,551,317		 5.4.22
£
145,072
145,072
(1,600)
-
(1,600)
143,472
1,504,807
1,648,279

The notes form part of these financial statements

Page 6

Notes to the Cash Flow Statement for the Year Ended 5 April 2023

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase in debtors
Net cash provided by operations
ANALYSIS OF CHANGES IN NET FUNDS
At 6.4.22
£
Net cash
Cash at bank
1,648,279
1,648,279
Total
1,648,279		 5.4.23
£
300,136
1,364
(1,170)
(68,578)
231,752
Cash flow
£
(96,962)
(96,962)
(96,962)		 5.4.22
£
203,244
939
-
(59,111)
145,072
At 5.4.23
£
1,551,317
1,551,317
1,551,317

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 7

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Notes to the Financial Statements for the Year Ended 5 April 2023

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 Motor vehicles - 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. DONATIONS AND LEGACIES

Donations
Gift aid recovery
Donated services and facilities		 5.4.23
£
564,075
72,541
85,205
721,821		 5.4.22
£
441,927
38,842
-
480,769

continued...

Page 8

Notes to the Financial Statements - continued for the Year Ended 5 April 2023

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

3. INVESTMENT INCOME

Rents received
Deposit account interest
RAISING FUNDS
Raising donations and legacies
Annex facility costs
Monastery repairs & renewals
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
Youth Activities
Aggregate amounts
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 5.4.23
£
16,312
1,170
17,482
5.4.23
£
99,949
17,575
117,524
5.4.23
£
145,600
9,659
1,308
12,718
29,379
24,563
13,310
294
18,662
8
64,778
320,279
437,803
5.4.23
£
1,364		 5.4.22
£
-
-
-
5.4.22
£
33,438
29,635
63,073
5.4.22
£
134,000
9,989
2,190
15,694
20,314
3,214
13,325
258
14,504
25
-
213,513
276,586
5.4.22
£
939

4. RAISING FUNDS

5. NET INCOME/(EXPENDITURE)

continued...

Page 9

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Notes to the Financial Statements - continued for the Year Ended 5 April 2023

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.

7. 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
TANGIBLE FIXED ASSETS
COST
At 6 April 2022
Additions
At 5 April 2023
DEPRECIATION
At 6 April 2022
Charge for year
At 5 April 2023
NET BOOK VALUE
At 5 April 2023
At 5 April 2022		 Freehold
property
£
628,763
-
628,763
-
-
-
628,763		 Long
leasehold
£
-
14,600
14,600
-
-
-
14,600		 Unrestricted
fund
£
480,769
276,586
939
277,525
203,244
3,746,400
3,949,644
Improvements
to
property
£
663,859
312,643
976,502
-
-
-
976,502
663,859
628,763 -

8. TANGIBLE FIXED ASSETS

continued...

Page 10

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Notes to the Financial Statements - continued for the Year Ended 5 April 2023

8. TANGIBLE FIXED ASSETS - continued

COST
At 6 April 2022
Additions
At 5 April 2023
DEPRECIATION
At 6 April 2022
Charge for year
At 5 April 2023
NET BOOK VALUE
At 5 April 2023
At 5 April 2022
9.
DEBTORS
Amounts falling due within one year:
Other debtors
Amounts falling due after more than one year:
St. Athanasious Coptic Church
Aggregate amounts
10.
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		 Plant and
machinery
£
10,746
-
10,746
9,129
404
9,533
1,213		 Motor
vehicles
£
1,600
2,641
4,241
400
960
1,360
2,881		 Totals
£
1,304,968
329,884
1,634,852
9,529
1,364
10,893
1,623,959
1,617 1,200 1,295,439
At 6.4.22
£
3,949,644
3,949,644
Incoming
resources
£
739,303
739,303		 5.4.23
£
80,000
994,504
1,074,504
Net
movement
in funds
£
300,136
300,136
Resources
expended
£
(439,167)
(439,167)
5.4.22
£
80,000
925,926
1,005,926
At
5.4.23
£
4,249,780
4,249,780
Movement
in funds
£
300,136
300,136

continued...

Page 11

Notes to the Financial Statements - continued for the Year Ended 5 April 2023

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as
Unrestricted funds
General fund
TOTAL FUNDS		 At 6.4.21
£
3,746,400
3,746,400
follows:
Incoming
resources
£
480,769
480,769		 Net
movement
in funds
£
203,244
203,244
Resources
expended
£
(277,525)
(277,525)		 At
5.4.22
£
3,949,644
3,949,644
Movement
in funds
£
203,244
203,244

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 6.4.21
£
3,746,400
3,746,400		 Net
movement
in funds
£
503,380
503,380		 At
5.4.23
£
4,249,780
4,249,780

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
1,220,072
TOTAL FUNDS
1,220,072		 Resources
Movement
expended
in funds
£
£
(716,692)
503,380
(716,692)
503,380

continued...

Page 12

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Notes to the Financial Statements - continued for the Year Ended 5 April 2023

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2023.

Page 13

ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY

Detailed Statement of Financial Activities for the Year Ended 5 April 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid recovery
Donated services and facilities		 5.4.23
5.4.22
£
£
564,075
441,927
72,541
38,842
85,205
-
Investment income
Rents received
Deposit account interest		 721,821
480,769
16,312
-
1,170
-
17,482
-
Total incoming resources
EXPENDITURE
Raising donations and legacies
Annex facility costs
Monastery repairs & renewals		 739,303
480,769
99,949
33,438
17,575
29,635
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
Youth Activities		 117,524
63,073
145,600
134,000
9,659
9,989
1,308
2,190
12,718
15,694
29,379
20,314
24,563
3,214
13,310
13,325
294
258
18,662
14,504
8
25
64,778
-
Other
Plant and machinery
Motor vehicles		 320,279
213,513
404
539
960
400
1,364
939
Total resources expended 439,167
277,525
Net income 300,136
203,244

This page does not form part of the statutory financial statements

Page 14