REGISTERED CHARITY NUMBER: 1183077
The Holy Innocents Indian Orthodox Church, Wales Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023
Thomas David Accountancy & Taxation 557 Filton Avenue Bristol BS7 0QH
for the Year Ended 31 March 2023
The Holy Innocents Indian Orthodox Church, Wales Contents of the Financial Statements
| Report of the Trustees | 1 to 2 |
|---|---|
| Independent Examiner’s Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Detailed Statement of Financial Activities | 10 to 11 |
The Holy Innocents Indian Orthodox Church, Wales
Report of the Trustees
For the year ended 31[st] March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims.
Objective of the Church is to promote the Indian Orthodox Christian faith.
The trustees have considered a charity commission’s guidance on public benefit including the guidance ‘public benefit running charity (PB2).’
Significant activities
Holy Qurbana
Regular services (Mass) were conducted on every Sundays of the month Followed by the Sunday School classes which conducted for the younger members up to age 15. OVBS (Orthodox Vacation Bible School) was conducted by the Sunday School of the church for three days for the recreation and spiritual development for the children with an yearly theme 'Abide in God'. OVBS of this year was enriched with songs, dance, group games and theme based classes and retreat.
Christmas eve (Family get together) was conducted in the church during Christmas season with the talent shows of the church members. House visits with the christmas messages (Carol Service) were conducted for four days.
MMVS: Martha Mariyam Vanitha Samajam is the organization for the spirirual upliftment of women in the parish. They were conducting prayer meetings on every Sundays after the Holy Qurbana.
OCYM: Orthodox Christian Youth Movement is the organisation of the church aiming the spiritiual development and procreation the youth in the church. They have conducted a food fest in the church.
PRAYER MEETING: The church was organising two cottage prayer meetings every months.
FINANCIAL REVIEW
Reserves
The Church reserves are held to help its current and future activities including maintenance of the church building. The retained surplus of parish as on 31/03/2023 was £367,412 (£350,118 on 31/03/2022)
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, constitution adopted on 13 November 2013 and as amended on 13 March 2019 and constitutes an unincorporated charity.
Recruitment and appointment of trustees
The vicar is appointed by the diocesan Bishop and his term will until further order from the Diocesan Bishop. The Secretary,
Treasurer and other committee members are elected at the annual general body meeting of the charity.
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The Holy Innocents Indian Orthodox Church, Wales
Report of the Trustees
For the year ended 31[st] March 2023
Reference and Administrative Details
The Holy Innocents Indian Orthodox Church, Wales
Name of Charity : Charity Registration Number : 1183077 Principal address : Graig Road Briton Ferry Neath, Wales SY11 2YY
Trustees / Committee
The Trustees and Oficers serving during the year and since the year end were as follows:
- Fr. Varghese T Mathew : Vicar and President Mrs. Bincy Anu Subin : Secretary Mr. Jimson George : Treasurer Mr. Joyson George : Committee Members Mr. Shibu P. Mathew : Committee Members Mr. Titty Tarian : Committee Members Mr. Josemon Kochukoshy : Committee Members Mr Jacob Samuel : Committee Members Mr Eapen Abraham : Committee Members Mr. Jibin John : Committee Members Mrs. Angel Shibu : Committee Members Mrs. Bency Lancy : Committee Members
Independent Examiner
Thomas David Accountancy & Taxation Limited 557 Filton Avenue Bristol BS7 0QH Approved by order of the board of trustees only: and signed on its behalf by: Mrs. Bincy Anu Subin - Secretary Dated :
Page 2
The Holy Innocents Indian Orthodox Church, Wales Independent Examiner’s Report to the Trustees of
The Holy Innocents Indian Orthodox Church, Wales
Report on the accounts for the year ended 31 March 2023 set out on pages five to thirteen.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
-
examine the accounts under Section 145 of the 2011 Act
-
toAct); andfollow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011
-
to state whether particular matters have come to my attention.
Basis of the independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view ‘ and the report is limited to those matters set out in the statements below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. (2)
Mr Thomas David FCCA Thomas David Accountancy & Taxation Limited 557 Filton Avenue Bristol BS7 0QH Date :
Page 3
The Holy Innocents Indian Orthodox Church, Wales
Statement of Financial Activities
| Current Year Surplus / Deficit Transfer Between Funds RECONCILIATION OF FUNDS NET INCOME Other Total TOTAL FUNDS CARRIED FORWARD Total funds brought forward Donations and legacies Investment Income Total EXPENDITURE ON Charitable activities Church Running Costs INCOME AND ENDOWMENTS FROM |
Unrestricted funds Notes £ 2 91,864 3 108 91,973 (74,678) (74,678) 17,294 350,118 17,294 367,412 for the Year Ended 31 March 2023 |
Restricted fund £ - - - - - |
2023 Total funds £ 91,864 108 91,973 (74,678) (74,678) 17,294 350,118 17,294 - 367,412 |
2022 Total funds £ 47,437 2 |
|---|---|---|---|---|
| Notes 2 3 |
||||
| 47,439 (28,643) |
||||
| (28,643) | ||||
| 18,796 331,322 18,796 - |
||||
| 350,118 |
CONTINUING OPERATIONS
All income and expenditure have arisen from continuing activities.
The notes part of these financial statements
Page 4
The Holy Innocents Indian Orthodox Church, Wales
| Unrestricted fund Notes £ 7 371,423 8 22,350 14,150 36,500 9 (8,199) 28,301 399,724 (32,312) 367,412 10 Mr. Jimson George Mrs. Bincy Anu Subin (Trustee-Accountant) (Secretary) The financial statements were approved by the Board of Trustees on FUNDS Unrestricted funds Balance Sheet At 31 March 2023 FIXED ASSETS Tangible assets Cash at bank and in hand CURRENT ASSETS Debtors NET ASSETS TOTAL FUNDS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after one year Amounts falling due within one year NET CURRENT ASSETS Restricted funds CREDITORS |
2023 2022 Restricted fund Total funds Total funds £ £ £ - 371,423 - 22,350 19,067 14,150 25,483 - 36,500 44,550 - (8,199) (7,399) - 28,301 37,151 - 399,724 402,546 - (32,312) (52,428) - 367,412 350,118 367,412 350,118 - 367,412 350,118 and were signed on its behalf by: Fr. Varghese T. Mathew (Vicar and President) 365,395 |
|---|---|
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The Holy Innocents Indian Orthodox Church, Wales
Notes to the Financial Statements
for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'EFA, the and the Charities Act 2011. 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
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at
the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided Fixtures and fittings - 15% on reducing balance basis Computer Equipment - 33.33% on reducing balance basis
The trustees have carried out a full impairment review in accordance with FRS 102, as a result of which no depreciation charge is made in respect of Freehold Property on the ground that the estimated residual value is not materially different from its carrying value in the Balance Sheet.
Taxation
The charity is exempt from 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.
Secure Loan
Bank loan wth HSBC bank is secured against a first legal change over the free hold property at Graid Road, Briton Ferry, Neath, Wales, SY11 2YY
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The Holy Innocents Indian Orthodox Church, Wales
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
2. Income From Donations
| Income From Donations | ||
|---|---|---|
| Bank Interest INVESTMENT INCOME Donations Received |
2023 £ 91,864 2023 £ 108 |
2022 £ 47,437 |
| 2022 £ 2 |
3. INVESTMENT INCOME
4. TRUSTEES REMMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022 other than the ministerial stipend and other related living expenses paid to the vicar for his pastoral duties.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
5. INVESTMENT POLICY
The trustees have the power to transfer money from the current account to a deposit account to maximise the income received from interest.
6. RISK MANAGEMENT
The trustees have assessed the major risks to which the charity is exposed, in particular those related to it's operations, personnel and finances, and are satisfied that the systems are in place to mitigate our exposure to major risks. The trustees to ensure that they still meet the needs of the charity periodically review these procedures.
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The Holy Innocents Indian Orthodox Church, Wales
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
| 7. Land & Building Fixtures and fittings £ £ 346,457 25,103 10,541 - - 346,457 35,644 - 6,664 - 4,347 - - - 11,011 346,457 24,633 346,457 18,439 8. 9. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Bank Loan (Secured) COST At 1 April 2022 Additions Disposal At 31 March 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Gift Aid Tax Receivable Debtors/Prepayments CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals Page 8 TANGIBLE FIXED ASSETS Eliminated on Disposal At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 DEPRECIATION At 1 April 2022 Charge for year Creditors |
Motor Vehicles £ - - - - - - - - - - |
Computer equipment £ 1,120 - - 1,120 621 166 - 787 333 499 2023 £ 22,350 22,350 2023 £ 810 7,389 8,199 32,312 |
Totals £ 372,680 10,541 - |
|---|---|---|---|
| 383,221 | |||
| 7,285 4,513 - |
|||
| 11,798 | |||
| 371,423 | |||
| 365,395 | |||
| 2022 £ 16,763 2,304 |
|||
| 19,067 | |||
| 2022 £ 990 6,409 |
|||
| 7,399 | |||
| 52,428 | |||
The Holy Innocents Indian Orthodox Church, Wales
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
10 MOVEMENT IN FUNDS
| Funds Funds General fund Charity - Designated Fund TOTAL FUNDS TOTAL FUNDS Charity - Designated Fund Net movement in funds, included in the above are as follows: General fund |
At 01.04.22 £ 350,118 - 350,118 350,118 |
Net Movement In Funds £ 17,294 - 17,294 17,294 Incoming Resources £ 91,973 - 91,973 91,973 |
Transfers between Funds £ - - - Resources Expended £ (74,678) - (74,678) (74,678) |
At 31.03.23 £ 367,412 - |
|---|---|---|---|---|
| 367,412 | ||||
| 367,412 | ||||
| Movement In Funds £ 17,294 - |
||||
| 17,294 | ||||
| 17,294 |
Page 9
| Investment Income Other income Donations Offertory MOMS Youth Holy Week Donation from Other parishes Total Donation - Building Fund INCOME AND ENDOWMENTS Donations and legacies The Holy Innocents Indian Orthodox Church, Wales Gift Aid Subscription Christmas Carol for the Year Ended 31 March 2023 Light & Heat refund Detailed Statement of Financial Activities Total Incoming Resources OVBS Charity Sunday School Bank Interest HIIOC Feast Auction |
2023 £ 17,791 11,772 14,129 22,095 822 940 60 1,897 3,317 1,555 9,852 2,083 5,552 91,864 108 91,973 |
2022 £ 7,860 7,380 6,800 9,302 13,866 130 929 1,170 |
|---|---|---|
| 47,437 2 |
||
| 47,439 |
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The Holy Innocents Indian Orthodox Church, Wales
| EXPENDITURE Charitable Activities Repairs and Maintenance Telephone & Website Cost Diocese Day UK Vicars Salary & Allowances Sundry & Cleaning Visiting Priest MOMS Youth Refreshments Vehicle Expenses Insurance Light & Heating Accountancy Printing & Stationary Vicars Sent Off Donations to Guest Bank Loan Interest Depreciation Sunday School OVBS Bank Charges Holy Week Consumables Total Resources expended Net income Curch Consecration Expenses Church Festival & Annual Day Gifts and Presentation Charity Christmas |
Detailed Statement of Financial Activities for the Year Ended 31 March 2023 |
2023 £ 16,600 3,343 2,032 19 2,761 50 2,430 1,656 640 2,374 287 4,844 270 40 2,543 22,875 70 3,095 4,513 800 130 551 208 81 365 2,101 74,678 17,294 |
2022 £ 11,900 617 1,765 24 550 200 522 390 2,471 450 268 847 10 2,328 3,502 2,306 493 28,643 |
|---|---|---|---|
| 18,796 |
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