**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.
Page 1
## **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|
|---|---|
Page 5
## **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
Page 6
## **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.
Page 7
## **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**|
Page 10
## **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**|
Page 11