ARCHANGEL MICHAEL & ST. MINA
COPTIC ORTHODOX CHURCH
SWANSEA
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 March 2023
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31st March 2023
CONTENTS
| PAGE | |
|---|---|
| Contents | 1 |
| CHARITY INFORMATION | 2 |
| TRUSTEES REPORT | 3-4 |
| STATEMENT OF FINANCIAL ACTIVITIES | 5 |
| BALANCE SHEET | 6 |
| EXPENDITURE | 7-8 |
| NOTES | 9 |
PAGE 1
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
Charity Information
For the Year Ended 31st March 2023
TRUSTEES
-
His Grace Bishop Anthony
-
Dr. Saad Roufail
-
Dr. Ashraf Mikhail
-
Dr. Adel Demian
-
Dr. Raed Roman
-
Ms. Sue Williams
-
Mr Tamer Guirguis
-
Dr Josephine Attia
TREASURER Dr. Ashraf Mikhail
CHARITY NUMBER 1174444
BANKERS NATWEST
PAGE 2
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
TRUSTEES REPORT FOR THE PERIOD ENDED 31st March 2023
Trustees
Appointment of Trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorized to appoint new trustees when needed.
Investment Powers
The Trust Deed authorizes the trustees to make and hold investments using the general funds of the charity
Constitution, Objects and Policies
Trust Deed constitutes the Charitable Trust, and its objects are to provide worship for believers of the Coptic Orthodox Faith. The policy of the Charitable Trust continues to be the provision of additional finance in order that its objects stated above might be further achieved.
Policies reviewed/ updated during the period ending 31/3/2023:
-
Complaints handling
-
Conflicting interests
-
Risk management
-
Safeguarding vulnerable beneficiaries
-
Volunteer management
Vulnerable beneficiaries’ officer roles and responsibilities reviewed.
Current interim Safety Officer: A Mikhail
Development, Activities and Achievements
The trustees consider that the performance of the charity this period has been most satisfactory. The trust would not be able to provide such a wide service to our beneficiaries without the continued support of a small number of willing members.
Serving Local Community:
The Charity adopts an open-door policy, welcoming all members of the public who may be interested in knowing about the origin/ethos of our ancient faith. Given the current hardship facing the local community, the trustees are committed in providing support to the most need in our society. The trustees agreed to provide regular contributions to the local food bank. Such contribution will be in the form of tangible assets to the food bank or direct monetary support.
Performance of fundraising activities against objectives:
During the year, the church has collected funds from the congregation to pay for its running expenses and donate to some poor families in the community.
Restricted donation:
A donation was received by the charity for the sole purpose of purchasing a church/ property to be the base/centre of the charity. The charity board agreed to recognise the amount deposited for this purpose as a restricted fund until a property is purchased.
PAGE 3
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
The charity’s expenditure
The expenditure during the year was incurred in providing a rented place of worship, as well as hiring a living accommodation for the visiting priest, paying for travel expenses the provision of Sunday schools to teach the children the faith of the church and to provide help to the needy in the Community. The current income almost matches the monthly expenses. It is hoped, once a permanent church building is established, a fund-raising activity will be initiated to ensure the sustained activities of the charity.
Financial Review
The account report was reviewed by the trustees. The financial position of the charity is considered satisfactory. It is hoped the financial status will improve in the next year as the charity activities continue to expand.
Future Developments
Currently, the church conducts its activities by renting local churches. We are grateful to the support provided by local Christian organisations which were always welcoming to allow us to use their churches/ premises. The church hopes, and is planning to, purchase a building in West Wales area to enable the charity to continue to provide services on Sundays and other days of the week. Negotiation with local Christian organisations to purchase a redundant church are still ongoing.
A local church in West of Swansea has been identified, the sale price with the current holder has been agreed. It is expected that the final sale and contact exchange will complete by May/June 2023. Once the sale is complete, the charity will discuss possible fund-raising measures and formal steps needed to develop the purchased property and modify its internal design to that compatible with that of the orthodox faith.
Statement of Trustees Responsibilities
The trustees are required under the constitution of the charity to prepare financial Statements for each financial year, which give a true and fair view of the state of affairs of the charity and of its results for that period. In preparing those financial statements: -
The trustees are required to:
-
(a) Select suitable accounting policies and apply them consistently.
-
(b) Make judgments and estimated that are reasonable and prudent.
-
(c) Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in business.
-
(d) The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity. 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.
Approval
The trustees approved this report on 19/09/2023.
PAGE 4
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
Statement of Financial Activities for the period Ended 31th March 2023
| Note. | Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2023 | 2023 | 2023 | 2022 | ||
| INCOMING RESOURCES | £ | £ | £ | £ | |
| Membership contribution | 19390 | 0 | 19,390 | 23059 | |
| Collection & Church Boxes | 1274 | 0 | 1,274 | 1370 | |
| Sales/Donation | 9376 | 0 | 9,376 | 6250 | |
| Gift Aids recovered | 12623 | 0 | 12,623 | 0 | |
| Total Incoming Resources | 42,663 | 0 | 42,663 | 30,679 | |
| RESOURCES EXPENDED | |||||
| Charitable expenditure | |||||
| Management and administration of the charity | 1 | 34,321 | 0 | 34,321 | 23,988 |
| Total Resources Used | 34,321 | 0 | 34,321 | 23,988 | |
| Net Movement in Funds for the period | 8,342 | 0 | 8,342 | 6,691 | |
| Balance Brought Forward at 31th March 2022 | 292,636 | 0 | 292,636 | 285,944 | |
| Total Funds C/F at 31th March 2023 | 300,978 | 0 | 300,978 | 292,636 |
PAGE 5
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
BALANCE SHEET AS AT 31st March 2023
| BALANCE SHEET AS AT 31st March 2023 Note Fixed Assets Tangible Assets 2 Free hold Property CURRENT ASSETS Cash at Banks and in Hand Total Assets CURRENT LIABILITIES Trade Creditors Long Term Liabilities Loan Total Current Liabilities NET ASSETS Funds Unrestricted & Restricted Funds Total Funds |
2023 £ 5625 0 295,353 |
2022 £ 7500 0 285,136 |
|---|---|---|
| 300,978 |
292,636 | |
| 0 0 300,978 300,978 |
0 | |
| 0 | ||
| 292,636 | ||
| 292,636 | ||
| 300,978 |
292,636 |
This financial statements were approved and authorised for issue on 19/09/2023 and signed on behalf of the Trustees by
Ashraf Mikhail
PAGE 6
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
NOTED TO THE ACCOUNTS FOR THE PERIOD ENDED 31ST MARCH 2023
| 1. Charitable Expenditure Management & Administration of Charity Priest Accommodation, Salaries & Expenses Property Rent Electricity, Water & Council Tax Utility Bill Clergy Living expense Travelling Expense Motor Exp Depreciation Church Expenses Church Rental Charitable Activities Other Expenses Net Movement in Funds |
2023 £ 5,385 1625 551 6300 1,475 1,016 1,875 4,890 4,691 5,683 |
18,227 15,264 |
2022 £ 5088 1728 537 8400 1569 937 0 3,480 936 1313 |
18,259 5,729 |
|---|---|---|---|---|
| 33,491 | 23,988 |
PAGE 7
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
Year ended 31st March 2023
| 2. Tangible Assets Cost At 31th March 2022 Addtions At 31th March 2023 Depreciation At 1st March 2023 Charge for the year At 31th March 2023 Net Book Value At 31th March 2023 At 31th March 2022 |
Motor Car £ 7,500 |
|---|---|
| 7,500 | |
| 1,875 | |
| 1,875 | |
| 5,625 | |
| 0 |
PAGE 8
ARCHANGEL MICHAEL & ST. MINA COPTIC ORTHODOX CHURCH SWANSEA
Year ended 31st March 2023
Accounting Policies
Basis of Preparation of Accounts
-
The accounts are prepared under the historical cost convention and include the results of the charity’s operations.
-
The accounts have been prepared accordance with the Statement of Recommended Practice for Charity Accounts
-
The charity has taken advantage of the exemption to produce a cash flow statement on the ground that it qualifies as a small charity
Fixed Assets
No fixed assets. The Charity is still looking for a church to purchase.
Income
Voluntary income and donation are accounted for as received by the charity and from Gift aid tax recovered.
Management and Administration Expenditure
Expenditure on management and administration of the charity includes all expenditure not directly related to the charitable activity.
Members of the church council who served during this period are stated below.
Dr. Ashraf Mikhail Treasurer
Dr. Saad Roufail
Dr. Adel Demian
Dr. Raed Roman
Ms. Sue Williams Mr Tamer Guirguis Dr Josephine Attia
Accountant
Mahir Tawfig FMAAT
PAGE 9