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2022-12-31-accounts

Charity registration number 1185911

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

HG Bishop Antony Mr N G Zakher CPFA Rev Father A Elantony Dr I A Bishai Dr A F S Metias Dr M M Hanna Mr S Hennes-Boulos

Charity number 1185911 Independent examiner R M Holland BSc (Econ) FCA Holland Harper LLP 26 High Street Battle East Sussex TN33 0EA

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 13

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the period ended 31 December 2022.

The previous accounting reference date of 15th September has been changed to 31st December and this report covers the period from 16th September 2021 to 31st December 2022.

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)" (effective 1 January 2019).

Objectives and activities

The main object of the charity is to provide pastoral and spiritual support to the Coptic Christians who live in the area of East Sussex and promote the values and teachings of the Coptic Orthodox Church.

It has the following specific investment powers:

The aim of the charity is to promote Christian faith through:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The church of St John the Evangelist Hollington is kindly allowing our church to provide mass services at Upper Church Road, St Leonards on Sea, TN37 7AT.

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022

To promote Christian faith through:

The structure of the Church comprises of one Priest, Deacons and Sunday school teachers.

The Church holds regular conferences for different age groups of the congregation:

Apart from the Priest, all of the church committee and trustees are volunteers.

Financial review

The charity did achieve financial surplus which is being kept in reserves with the intention of buying its own premises to provide weekly mass services and possible accommodation for a resident priest.

The Charity performed very well during the year; The church has a healthy balance sheet due to the support of Coptic Orthodox Christians locally and from the whole of the UK as well the support of the Diocese of Ireland, Scotland, Northeast of England & Its Affiliated Areas. A seconded priest from the diocese to serve in the church, Fr Yousef Yassa, has been leading an active campaign to collect donations to support the purchase of a local church which has been very successful.

All the expenses of the church are closely monitored and vetted by the committee of trustees.

The church pays a nominal sum to St John's church each month for the use of the church.

Gift Aid claims

The Charity submitted a claim of Gift Aid donations of £141,420 from 16th September 2021 until 31st December 2022 plus total value of GASDS collected £12,953.5 until 5[th] April 2022 and 2023 i.e. 3 months and 5 days from the new year 2023.

Reserves policy

The trustees have determined that the charity should aim to hold unrestricted cash of no less than £15,000 (which equates to about 12 months' of unrestricted expenditure) so that the charity could continue to operate should income and/or expenditure vary adversely. At the period end, the charity held unrestricted cash of £238,839 and the charity is complying with its reserves policy.

Investment selection policy

Short term - short term fixed deposit and money market account.

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022

Review of major risk

Health and safety, annual fire inspection to comply with fire regulations.

The Charity has building and public liability insurance covering the buildings.

Plans for future periods

The church is actively seeking to buy its own premises and has made an offer on the Methodist Church in Bexhill and the offer has been accepted and with a conveyancing process is still ongoing on.

Structure, governance and management

The charity is governed by a constitution and is a registered charity (number 1185911) at the Charity Commission.

The trustees who served during the period and up to the date of signature of the financial statements were:

HG Bishop Antony Mr N G Zakher CPFA Rev Father A Elantony Dr I A Bishai Dr A F S Metias Dr M M Hanna Mr S Hennes-Boulos

HG Bishop Antony appoints the church committee who in turn nominate three to five trustees as per the church constitution.

Funds held as custodian trustee

The charity’s custodian trustee is HH Pope Tawadrous II, who holds the title to property belonging to the charity, without having any management responsibilities.

The trustees' report was approved by the Board of Trustees.

Dr M M Hanna

Trustee

24 October 2023

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD ENDED 31 DECEMBER 2022

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees 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 the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

I report to the trustees on my examination of the financial statements of St Mary & St Theodore Coptic Orthodox Church, Hastings (the charity) for the period ended 31 December 2022.

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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

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:

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.

R M Holland BSc (Econ) FCA Holland Harper LLP

26 High Street Battle East Sussex TN33 0EA

Dated: 24 October 2023

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
250,383
232,663
Expenditure on:
Charitable activities
4
13,478
2,980
Net income for the period/
Net movement in funds
236,905
229,683
Fund balances at 16 September 2021
39,684
-
Fund balances at 31 December 2022
276,589
229,683		 Total Unrestricted
funds
2022
2021
£
£
483,046
28,963
16,458
9,109
466,588
19,854
39,684
19,830
506,272
39,684		 Total Unrestricted
funds
2022
2021
£
£
483,046
28,963
16,458
9,109
466,588
19,854
39,684
19,830
506,272
39,684
9,109
19,854
19,830
39,684

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within
one year
10
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
11
Unrestricted funds		 2022
£
38,202
468,522
506,724
(900)		 £
448
505,824
506,272
229,683
276,589
506,272		 2021
£
-
39,684
39,684
-		 £
-
39,684
39,684
-
39,684
39,684

The financial statements were approved by the Trustees on 24 October 2023

Dr M M Hanna Trustee

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

St Mary & St Theodore Coptic Orthodox Church, Hastings is an unincorporated charity registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

1.1 Reporting period

These financial statements cover the 15½ month period from 16th September 2021 to 31st December 2022. The revised accounting reference date has been put into place to line it up with the calendar year. Since the previous period was for 12 months, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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. The principal accounting policies adopted are set out below.

These financial statements for the period ended 31 December 2022 are the first financial statements of St Mary & St Theodore Coptic Orthodox Church, Hastings prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 16 September 2020. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.3 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.

1.4 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.

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.5 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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.6 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.

1.7 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:

Fixtures and fittings 15% 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.

1.8 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).

1.9 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.

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.10 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.

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.

1.11 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.

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022

3 Donations and legacies

Unrestricted Restricted **Total ** Unrestricted
funds funds funds
2022 2022 2022 2021
£ £ £ £
Donations and gifts 206,559 232,663 439,222 27,364
Other 43,824 - 43,824 1,599

4 Charitable activities

Payments to priest
Church hire
Donations
Monastery visit
Share of governance costs (see note 5)
Analysis by fund
Unrestricted funds
Restricted funds
Support costs
Depreciation
Independent Examiner fee
Analysed between
Charitable activities		 Specific
Activities
Specific
Activities
2022
2021
£
£
7,059
2,599
2,980
-
3,440
1,300
2,000
3,500
-
1,710
15,479
9,109
979
-
16,458
9,109
13,478
9,109
2,980
-
16,458
9,109
Support
costs
Governance
costs
2022
£
£
£
-
79
79
-
900
900
-
979
979
-
979
979		 Specific
Activities
Specific
Activities
2022
2021
£
£
7,059
2,599
2,980
-
3,440
1,300
2,000
3,500
-
1,710
15,479
9,109
979
-
16,458
9,109
13,478
9,109
2,980
-
16,458
9,109
Support
costs
Governance
costs
2022
£
£
£
-
79
79
-
900
900
-
979
979
-
979
979
9,109
-
9,109
9,109
-
9,109
2022
£
79
900
979
979

5 Support costs

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022

6 Trustees

Apart from the payments detailed below, none of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

£7,060 (2021: £2,600) was paid to the trustee Rev Father Angelos Elantony for his services as the church's priest.

7 Employees

The average monthly number of employees during the period was:

The average monthly number of employees during the period was:
2022 2021
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.
8 Tangible fixed assets
Fixtures and fittings
£
Cost
Additions 527
At 31 December 2022 527
Depreciation and impairment
Depreciation charged in the period 79
At 31 December 2022 79
Carrying amount
At 31 December 2022 448
9 Debtors
2022 2021
Amounts falling due within one year: £ £
Other debtors 38,202 -
10 Creditors: amounts falling due within one year
2022 2021
£ £
Accruals and deferred income 900 -

ST MARY & ST THEODORE COPTIC ORTHODOX CHURCH, HASTINGS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022

11 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
16 September resources expended 31 December
2021 2022
£ £ £ £
Fund for purchase of church - 232,663 (2,980) 229,683
Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted
funds funds funds
2022 2022 2022 2021
£ £ £ £
Fund balances at 31 December 2022 are
represented by:
Tangible assets 448 - 448 -
Current assets/(liabilities) 276,141 229,683 505,824 39,684
276,589 229,683 506,272 39,684

12 Analysis of net assets between funds

13 Related party transactions

There were no disclosable related party transactions during the period (2021 - none).