Charity Registration No. 1181071
ST MARY & ST GEORGE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
ST MARY & ST GEORGE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Professor S Saad Dr N P Hanna C Abu-Aita Dr W M Mikhail
Charity number 1181071 Independent examiner Jerroms Lumaneri House Blythe Gate Blythe Valley Park Solihull West Midlands B90 8AH
ST MARY & ST GEORGE
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 11 |
ST MARY & ST GEORGE
TRUSTEES REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity's objects are to advance the Christian faith in accordance with the teachings and practices of the Coptic Orthodox Church and in such other ways as the trustees from time to time may think fit. The promotion of social inclusion for the public benefit, by preventing people from becoming socially excluded and assisting them to integrate into society.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Financial review
The trustees hold cash reserves in low risk funds, as they consider that reserves at this level will ensure that they will be able to continue the charity's current activities, while consideration is given to ways in which additional funds may be raised.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is governed by a declaration of trust deed dated 12 August 2018.
The trustees who served during the year and up to the date of signature of the financial statements were: Professor S Saad
Dr N P Hanna C Abu-Aita Dr W M Mikhail
The Charity's Secretary is responsible for the briefing and training of trustees
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees r eport was approved by the Board of Trustees.
Professor S Saad
Trustees Dated: 13 September 2021
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ST MARY & ST GEORGE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST MARY & ST GEORGE
I report to the trustees on my examination of the financial statements of St Mary & St George (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
Richard Alan Horton F.C.C.A Jerroms
Lumaneri House Blythe Gate Blythe Valley Park Solihull West Midlands B90 8AH
Dated: 13 September 2021
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ST MARY & ST GEORGE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Income from: Donations and legacies 3 Expenditure on: Charitable activities 4 Other Total resources expended Net income for the year/ Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020 |
2020 £ 99,464 79,810 3,055 82,865 16,599 461,581 478,180 |
2019 £ 550,060 84,325 4,154 88,479 461,581 - 461,581 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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ST MARY & ST GEORGE
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets Income funds Unrestricted funds |
2020 £ £ 571,617 30,733 43,482 74,215 (2,474) 71,741 643,358 (165,178) 478,180 478,180 478,180 |
2019 £ £ 589,598 9,908 42,012 51,920 (1,730) 50,190 639,788 (178,207) 461,581 461,581 461,581 |
|---|---|---|
The financial statements were approved by the Trustees on 13 September 2021
Professor S Saad Trustee
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ST MARY & ST GEORGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
St Mary and St George is governed by a declaration of trust deed dated 12 August 2018.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Expenditure
All expenditure is accounted for on an cash basis and has been classified under headings that aggregate all costs related to cost related to the category.
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ST MARY & ST GEORGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% straight line Plant and equipment 2% straight line Fixtures and fittings 15% reducing balance Computers 25% straight line Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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ST MARY & ST GEORGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
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 apparent from other sources. The estimates and associated 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Donations and gifts Gift aid Donated goods and services |
2020 £ 78,640 20,824 - 99,464 |
2019 £ 80,410 9,909 459,741 550,060 |
|---|---|---|
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ST MARY & ST GEORGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Charitable activities
| Staff costs Depreciation and impairment Rates and insurance Light and heat Repairs and maintenance Telephone Motor and travel expenses Sundry expenses Grant funding of activities Share of governance costs (see note 5) Support costs Support costs Governance costs £ £ Accountancy - 2,076 Legal and professional - 960 - 3,036 Analysed between Charitable activities - 3,036 |
2020 £ 24,972 17,980 6,422 6,612 16,579 966 2,751 492 76,774 - 3,036 79,810 2020 Support costs Governance costs £ £ £ 2,076 - 1,934 960 - - 3,036 - 1,934 3,036 - 1,934 |
2019 £ 25,367 19,375 6,307 6,103 5,352 917 14,970 - 78,391 4,000 1,934 84,325 2019 £ 1,934 - 1,934 1,934 |
|---|---|---|
5 Support costs
Governance costs includes payments of £ 2,076 for the independent examiner's report.
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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ST MARY & ST GEORGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| 1 | 1 | |
| Employment costs | 2020 | 2019 |
| £ | £ | |
| Wages and salaries | 24,972 | 25,367 |
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ST MARY & ST GEORGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
8 Tangible fixed assets
| Freehold land and buildings Plant and equipment Fixtures and fittings Computers Motor vehicles £ £ £ £ £ Cost At 1 January 2020 558,876 475 42,174 312 7,136 At 31 December 2020 558,876 475 42,174 312 7,136 Depreciation and impairment At 1 January 2020 11,177 10 6,326 78 1,784 Depreciation charged in the year 11,178 10 5,377 78 1,338 At 31 December 2020 22,355 20 11,703 156 3,122 Carrying amount At 31 December 2020 536,521 455 30,471 156 4,014 At 31 December 2019 547,699 465 35,848 234 5,352 |
Total £ 608,973 608,973 19,375 17,981 37,356 571,617 589,598 |
|---|---|
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ST MARY & ST GEORGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 9 Debtors Amounts falling due within one year: Trade debtors 10 Loans and overdrafts Bank loans Payable after one year The long-term loans are secured by fixed charges over 6 years. 11 Creditors: amounts falling due within one year Other taxation and social security Accruals and deferred income 12 Creditors: amounts falling due after more than one year Notes Bank loans 10 13 Analysis of net assets between funds Fund balances at 31 December 2020 are represented by: Tangible assets Current assets/(liabilities) Long term liabilities |
2020 2019 £ £ 30,733 9,908 2020 2019 £ £ 165,178 178,207 165,178 178,207 2020 2019 £ £ 744 - 1,730 1,730 2,474 1,730 2020 2019 £ £ 165,178 178,207 2020 2019 £ £ 571,617 589,598 71,741 50,190 (165,178) (178,207) 478,180 461,581 |
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