**Charity registration number 1181071** ## **ST MARY & ST GEORGE** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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 - 12| ## **ST MARY & ST GEORGE** ## **TRUSTEES REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The Trustees present their annual report and financial statements for the year ended 31 December 2023. 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 have 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 report was approved by the Board of Trustees. ## **Professor S Saad** Trustees Dated: 12 July 2024 - 1 - ## **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 2023. ## **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: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 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: 12 July 2024 - 2 - ## **ST MARY & ST GEORGE** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Notes**
**Income from:**
Donations and legacies
**3**
**Expenditure on:**
Charitable activities
**4**
Other
**Total resources expended**
**Net (expenditure)/income for the year/**
**Net movement in funds**
Fund balances at 1 January 2023
**Fund balances at 31 December 2023**|**2023**
**£**
87,327
81,860
8,351
90,211
(2,884)
490,810
487,926|2022
**£**
92,439| |---|---|---| |||81,773| |||3,823| |||85,596| |||6,843
483,967| |||490,810| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 3 - ## **ST MARY & ST GEORGE** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**9**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**13**
**Net assets**
**The funds of the charity**
Unrestricted funds|**2023**
**£**
**£**
529,640
14,073
76,978
91,051
2,005
89,046
618,686
(130,760)
487,926
487,926
487,926|**2022**
**£**
**£**
539,414
16,242
77,946
94,188
2,441
91,747
631,161
(140,351)
490,810
490,810
490,810| |---|---|---| The financial statements were approved by the Trustees on 12 July 2024 Professor S Saad **Trustee** - 4 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **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 amounts 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 or grantors 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. - 5 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. 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. ## **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 the statement of financial activities. ## **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. - 6 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## _**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. ## _**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 payments 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. - 7 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **3 Donations and legacies** |**2023**
**£**
Donations and gifts
73,254
Gift aid
14,073
87,327
**4**
**Charitable activities**
**2023**
**£**
Staff costs
31,382
Depreciation and impairment
15,135
Rates and insurance
8,190
Light and heat
11,174
Repairs and maintenance
6,091
Telephone
1,067
Motor and travel expenses
6,131
Sundry expenses
292
79,462
Share of governance costs (see note 5)
2,398
81,860
**5**
**Support costs allocated to activities**
**Charitable**
**activities**
**2023**
**£**
Governance
2,398|**2022**
**£**
76,919
15,520| |---|---| ||92,439| ||**2022**
**£**
31,849
15,914
7,273
7,458
7,106
1,001
8,892
144| ||79,637
2,136| ||81,773| ||**Total**
**2022**
**£**
2,136| - 8 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**5**
**Support costs allocated to activities**
**Governance costs comprise:**
Accountancy|**(Continued)**
**2023**
**2022**
**£**
**£**
2,398
2,136
2,398
2,136|**(Continued)**
**2023**
**2022**
**£**
**£**
2,398
2,136
2,398
2,136| |---|---|---| |||2,136| Governance costs includes payments of £2,398 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. ## **7 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| ||1|1| |**Employment costs**|**2023**|**2022**| ||**£**|**£**| |Wages and salaries|31,382|31,849| There were no employees whose annual remuneration was more than £60,000. ## **8 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 9 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**9**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**£**
**£**
**Cost**
At 1 January 2023
558,876
1,035
42,174
312
Additions
-
-
5,000
359
At 31 December 2023
558,876
1,035
47,174
671
**Depreciation and**
**impairment**
At 1 January 2023
44,710
58
20,159
312
Depreciation charged in the
year
11,178
21
3,365
7
At 31 December 2023
55,888
79
23,524
319
**Carrying amount**
At 31 December 2023
502,988
956
23,650
352
At 31 December 2022
514,165
977
22,015
-
**10**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
**11**
**Loans and overdrafts**
Bank loans
Payable after one year|**Motor**
**vehicles**
**£**
7,136
-
7,136
4,878
564
5,442
1,694
2,257
**2023**
**£**
14,073
**2023**
**£**
130,760
130,760|**Total**
**£**
609,533
5,359| |---|---|---| |||614,892| |||70,117
15,135| |||85,252| |||529,640| |||539,414| |||**2022**
**£**
16,242| |||**2022**
**£**
140,351| |||140,351| The long-term loans are secured by fixed charges over 6 years. - 10 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **12 Creditors: amounts falling due within one year** |Other taxation and social security
Other creditors
Accruals and deferred income
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**11**|**2023**
**£**
146
-
1,859
2,005
**2023**
**£**
130,760|**2022**
**£**
656
58
1,727| |---|---|---| |||2,441| |||**2022**
**£**
140,351| ## **13 Creditors: amounts falling due after more than one year** ## **14 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |**At 1**
General funds
**Previous year:**
**At 1**
General funds|**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
490,810
87,327
(90,211)
487,926
**January**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2022**
**£**
**£**
**£**
**£**
483,967
92,439
(85,596)
490,810| |---|---| ## **15 Analysis of net assets between funds** ||**Unrestricted**| |---|---| ||**funds**| ||**2023**| ||**£**| |**Fund balances at 31 December 2023 are represented by:**|| |Tangible assets|529,640| |Current assets/(liabilities)|89,046| |Long term liabilities|(130,760)| ||487,926| - 11 - ## **ST MARY & ST GEORGE** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**15**|**Analysis of net assets between funds**|**(Continued)**| |---|---|---| |||**Unrestricted**| |||**funds**| |||**2022**| |||**£**| ||**Fund balances at 31 December 2022 are represented by:**|| ||Tangible assets|539,414| ||Current assets/(liabilities)|91,747| ||Long term liabilities|(140,351)| |||490,810| ## **16 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). - 12 -