REGISTERED CHARITY NUMBER: 1145435
Report of the Trustees and Unaudited Financial Statements
for the Year Ended 5 April 2024
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 2024
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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 2024
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 2024. 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 2024
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 2024.
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:
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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
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 2024
| 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 |
5.4.24 Unrestricted fund £ 626,227 45,732 671,959 269,849 1,023 270,872 401,087 4,249,780 4,650,867 |
5.4.23 Total funds £ 721,821 17,482 739,303 437,803 1,364 439,167 300,136 3,949,644 |
|---|---|---|
| 4,249,780 |
The notes form part of these financial statements
Page 4
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Balance Sheet 5 April 2024
| 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 |
5.4.24 Unrestricted fund £ 2,450,200 1,039,965 1,160,702 2,200,667 2,200,667 4,650,867 4,650,867 4,650,867 4,650,867 |
5.4.23 Total funds £ 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 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 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.
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 2024
| 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 |
5.4.24 £ 411,882 411,882 (827,264) 24,767 (802,497) (390,615) 1,551,317 1,160,702 |
5.4.23 £ |
|---|---|---|
| 231,752 231,752 (329,884) 1,170 (328,714) (96,962) 1,648,279 1,551,317 |
The notes form part of these financial statements
Page 6
Notes to the Cash Flow Statement for the Year Ended 5 April 2024
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 Decrease/(increase) in debtors Net cash provided by operations ANALYSIS OF CHANGES IN NET FUNDS At 6.4.23 £ Net cash Cash at bank 1,551,317 1,551,317 Total 1,551,317 |
5.4.24 £ 401,087 1,023 (24,767) 34,539 411,882 Cash flow £ (390,615) (390,615) (390,615) |
5.4.23 £ 300,136 1,364 (1,170) (68,578) 231,752 |
||
|---|---|---|---|---|
| At 5.4.24 £ 1,160,702 1,160,702 1,160,702 |
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 2024
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 |
5.4.24 £ 502,091 67,054 57,082 626,227 |
5.4.23 £ |
|---|---|---|
| 564,075 72,541 85,205 721,821 |
continued...
Page 8
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
3. INVESTMENT INCOME
| Rents received Deposit account interest 4. 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 5. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
5.4.24 £ 20,965 24,767 45,732 5.4.24 £ 64,070 48,953 113,023 5.4.24 £ 21,047 10,398 1,523 11,081 22,896 10,397 17,300 205 6,232 20 55,727 156,826 269,849 5.4.24 £ 1,023 |
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 |
continued...
Page 9
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 721,821 17,482 739,303 437,803 1,364 439,167 300,136 3,949,644 4,249,780 |
|---|---|
continued...
Page 10
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
8. TANGIBLE FIXED ASSETS
| 8. TANGIBLE FIXED ASSETS |
||||
|---|---|---|---|---|
| COST At 6 April 2023 Additions At 5 April 2024 DEPRECIATION At 6 April 2023 Charge for year At 5 April 2024 NET BOOK VALUE At 5 April 2024 At 5 April 2023 COST At 6 April 2023 Additions At 5 April 2024 DEPRECIATION At 6 April 2023 Charge for year At 5 April 2024 NET BOOK VALUE At 5 April 2024 At 5 April 2023 9. DEBTORS Amounts falling due within one year: Other debtors Amounts falling due after more than one year: St. Athanasious Coptic Church Aggregate amounts |
Freehold property £ 628,763 502,831 1,131,594 - - - 1,131,594 |
Long leasehold £ 14,600 - 14,600 - - - 14,600 |
Improvements to property £ 976,502 324,433 1,300,935 - - - 1,300,935 976,502 Totals £ 1,634,852 827,264 2,462,116 10,893 1,023 11,916 2,450,200 1,623,959 5.4.23 £ 80,000 994,504 1,074,504 |
|
| 628,763 | 14,600 | |||
| Plant and machinery £ 10,746 - 10,746 9,533 303 9,836 910 |
Motor vehicles £ 4,241 - 4,241 1,360 720 2,080 2,161 |
|||
| 1,213 | 2,881 | |||
| 5.4.24 £ 30,000 1,009,965 1,039,965 |
continued...
Page 11
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
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 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 6.4.23 £ 4,249,780 4,249,780 Incoming resources £ 671,959 671,959 At 6.4.22 £ 3,949,644 3,949,644 follows: Incoming resources £ 739,303 739,303 |
Net movement in funds £ 401,087 401,087 Resources expended £ (270,872) (270,872) Net movement in funds £ 300,136 300,136 Resources expended £ (439,167) (439,167) |
At 5.4.24 £ 4,650,867 4,650,867 Movement in funds £ 401,087 401,087 At 5.4.23 £ 4,249,780 4,249,780 Movement in funds £ 300,136 300,136 |
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|---|---|---|---|---|---|---|
continued...
Page 12
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.22 £ 3,949,644 3,949,644 |
Net movement in funds £ 701,223 701,223 |
At 5.4.24 £ 4,650,867 4,650,867 |
|---|---|---|---|
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 1,411,262 TOTAL FUNDS 1,411,262 |
Resources Movement expended in funds £ £ (710,039) 701,223 (710,039) 701,223 |
|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2024.
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ST.ATHANASIOUS COPTIC ORTHODOX MONASTERY
Detailed Statement of Financial Activities for the Year Ended 5 April 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid recovery Donated services and facilities |
5.4.24 5.4.23 £ £ 502,091 564,075 67,054 72,541 57,082 85,205 |
|---|---|
| Investment income Rents received Deposit account interest |
626,227 721,821 20,965 16,312 24,767 1,170 |
| 45,732 17,482 |
|
| Total incoming resources EXPENDITURE Raising donations and legacies Annex facility costs Monastery repairs & renewals |
671,959 739,303 64,070 99,949 48,953 17,575 |
| 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 |
113,023 117,524 21,047 145,600 10,398 9,659 1,523 1,308 11,081 12,718 22,896 29,379 10,397 24,563 17,300 13,310 205 294 6,232 18,662 20 8 55,727 64,778 |
| Other Plant and machinery Motor vehicles |
156,826 320,279 303 404 720 960 |
| 1,023 1,364 |
|
| Total resources expended | 270,872 439,167 |
| Net income | 401,087 300,136 |
This page does not form part of the statutory financial statements
Page 14