ETHIOPIAN ORTHODOX CHURCH
ST. MARY OF ZION
CHARITY REGISTRATION NUMBER 282910
TRUSTEES REPORT AND FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
FOR THE YEAR ENDED 31 AUGUST 2023
CONTENTS
| Page | |
|---|---|
| Trustees’ annual report | 2 – 4 |
| Statement of Financial Activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 – 11 |
| Independent examiner’s report | 12 |
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ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
1 Reference and Administrative Details
The principal administrative details are included below:
Charity 282910 Number Charity Ethiopian Orthodox Church St Mary of Zion Name Registered 61 Coopers Lane Address London E10 5DG
Board of Status Date Elected Trustees Mr. Keith Samuels (Kes Haile Maskel) Priest/ Keyholder 30 April 2008 Mr. Trevor Field (Melaka Sion Habte Mariam) Priest in Charge 30 April 2008 Mr. Guy Tombs (Tekle Wolde) Financial Advisor 26 November 2018 Legal Status Registered with Charities Commission Independent Sam Tanyi: FAAT. MIFS. MCIE Examiner 13 Arkley Road London E17 7PD
2 Objectives and Activities
Ethiopian Orthodox Church St. Mary of Zion (EOCSMZ) is a branch church Of the Ethiopian Orthodox Tewahedo (EOC), based in London UK. EOCSMZ has been catering for the spiritual, social, cultural and educational needs of her membership for the last 48 years. The EOCSMZ was registered as a charity on 23rd May 1981 with the objective of the propagation of the Gospel of Christ by advancing the EOTC faith and, in particular, charitable works within the Greater London, Africa and the Caribbean Islands. Ordained priests and deacons of the EOCSMZ conduct baptisms, marriages, funerals and other services in accordance with canon law. A key objective is to support families and their children by educating them on the orthodox way of life.
A key project is the renovation of the property at 229 Lower Clapton Road into a place of worship/community centre in the traditional Ethiopian Orthodox style. The building is already used for a number of church activities including meetings and classes, but work is required to make it fully suitable for the all the required activities. The project was presented for discussion at the annual general meeting. It was then formally approved by a meeting of the parish council and also by a meeting of the trustees. Planning permission for the proposed development is in place and some work has been completed. A re-design has recently taken place and work commenced which is intended to focus efforts on making full use of the building as soon as resources permit.
3 Structure, Governance and Management
The EOTCSMZ is constituted as a trust. The governing body of the EOTCSMZ is the parish council, the
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ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
membership of which includes a chairperson (the priest in charge), vice chairperson, the General Secretary, Assistant General Secretary, Treasurer and Assistant Treasurer. Selected members of the parish council are also trustees of the charity.
Besides the parish council there are other sub-committees that have been established to carry out the aims and objectives of the EOCSMZ, including:
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Clergy Committee
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Finance Committee
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Funding Application Committee
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Multimedia Committee
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Building Maintenance Committee
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Fundraising Committee
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Sembete (Festival) Events Committee
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St. Mary Mehabre
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Evangelism Committee
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St. Tekle Haymanot Youth Association
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St. Gabriel Mehabre
The annual activities and financial status of EOCSMZ are reported to the congregation every year in September. Our parish council also has a bi-annual meeting in March to monitor the half yearly progress. All sub-committees also submit progress reports at these meetings. All trustees, parish council members, committee members as well as priests and deacons are voluntary workers.
New trustees are appointed from the church membership by unanimous vote of the existing trustees. Every three years there is a formal selection committee formed to manage the re-election of parish council members.
4 Achievements and Performance
Our community continues to support all the fundraising initiated by various committees. This includes events such as auctions of religious items including icons, church outings, major donations, sponsorship of key initiatives by members, selling tea, coffee and refreshments from the kitchen after services, an internal shop selling religious items and a church entrance shop which serves the community prior to entering the church before the liturgical service.
There has been a significant uplift in Fundraising Committee activities, focussed on generating the funds required for the redevelopment of the church at 229 Lower Clapton Road. Key events included the cultural event in March, a sports event in May and again in July. Additionally Barnabas Aid International provided a grant of £100,000 towards the project.
5 Financial Review
There has been an increase in general ministry income, from £66,849 to £79,015 mostly due to increased collections and rent pledges. Restricted fund income has increased from £49,650 to £301,020 due to several successful fundraising events, the successful application for a grant from Barnabas Aid International and a general increases in building donations, sponsorship and shop sales following the announcement that the building work would re-commence.
There has been a small increase in expenses relating to charitable activities, from £37,285 to
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ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
£39,844, due to increased church rent costs. Expenses relating to restricted funds have increased from £44,589 to £246,879, due to the revised development plan commencing as well as increased fundraising expenses and mortgage interest costs.
The cash reserves have increased slightly in the last year, from £126,877 to £205,381. This is due to a substantial increase in fund-raising activities which has exceeded the development costs incurred in the year. The mortgage liability has continued to reduce, falling from £273,485 to £250,199.
This report was approved by the trustees and signed on their behalf by Mr. Trevor Field (Melaka Sion Habte Mariam):
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Signed............................................................Trustee Date...........................................
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THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2023
| Notes Incoming Resources General Ministry Income Project Income Total Incoming Resources 2 Resources Expended Charitable Activities Project Activities Total resources Expended 3 Net Movement in Funds before transfers Transfers between funds Other recognised gains/ (losses) Total Funds Brought Forward Total Funds Carried Forward 9 |
2023 Unrestricted Funds £ 79,015 - 79,015 39,844 - 39,844 39,171 - - 254,983 294,154 |
2023 Restricted Funds £ - 301,020 301,020 - 246,879 246,879 54,141 - (330,000) 726,148 450,289 |
2023 Total Funds £ 79,015 301,020 380,035 39,844 246,879 286,723 93,312 - (330,000) 981,131 744,443 |
2022 Total Funds £ 66,849 49,650 116,499 37,285 44,589 81,874 34,625 - - 946,506 981,131 |
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THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
BALANCE SHEET
AS AT 31 AUGUST 2023
| Notes Fixed Assets Tangible fixed assets 4 Current Assets Debtors 5 Cash at bank and in hand 6 Total current assets Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Creditors: amounts falling due after one year 8 Net assets Funds of the charity Restricted Funds 9 Unrestricted Funds 9 Property Revaluation Reserve 9 Total Funds |
2023 £ 800,000 705 205,381 206,086 (35,915) 170,171 970,171 (225,728) 744,443 350,289 294,154 100,000 744,443 |
2022 £ 1,130,000 2,148 126,877 129,025 (29,093) 99,032 1,229,932 (248,801) 981,131 296,148 254,983 430,000 981,131 |
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The notes on pages 7-11 form part of these accounts
The trustees declare that they have approved the above accounts which are signed on their behalf by Mr Guy Tombs (Tekle Wolde):
Signed............................................................Trustee Date...........................................
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THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
a. Basis of preparation
The financial statements have been prepared on an accruals basis under the historical cost convention, with the exception of property which is included at market value. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in: accordance with the Financial Reporting Standard FRS102.
b. Incoming Resources
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
c. Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
d. Investment income
Interest is included when receivable by the charity.
e. Resources Expended
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. All resources expended are inclusive of irrecoverable VAT.
f. Tangible fixed assets and depreciation
Property is shown at market value and is not depreciated. Other fixed assets costing more than £500, are capitalised and depreciated on a 25% straight line basis.
g. Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
h. Creditors and provisions
Creditors and provisions are recognised where the charity had a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts.
i. Fund accounting
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity. Restricted funds can only be used for the purpose the fund was established.
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THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2023
| 2. Incoming Resources General Ministry Income Dues - Cash Dues - Standing Orders St Mary Mehabre income Collections & Dues Prayers Memorial Funeral Baptism Tithes Clergy Fund Annual/ Church Outings Candle Box Collection Sponsorship/ Pledges Sunday School Miscellaneous Income Total General Ministry Income Project Income Building Pledges Fundraising Committee Auction PayPal Building Fund Donations Bank Interest – Project Account 200 Names Grant - Barnabas Aid International Entrance Shop Event Income Building Project Sponsorship Ecclesiastical Items Miscellaneous Income Total Project Income Total Incoming Resources |
Unrestricted Funds 2023 £ 1,294 24,347 1,310 28,177 300 1,060 - 1,210 2,079 910 1,178 108 13,517 3,409 115 79,015 - - - - - - - - - - - - - - 79,015 |
Restricted Funds 2023 £ - - - - - - - - - - - - - - - - 6,038 597 9,315 8,598 24,921 1,246 16,172 100,000 40,818 65,729 24,840 2,500 246 301,020 301,020 |
Total Funds 2023 £ 1,294 24,347 1,310 28,177 300 1,060 - 1,210 2,079 910 1,178 108 13,517 3,409 115 79,015 6,038 597 9,315 8,598 24,921 1,246 16,172 100,000 40,818 65,729 24,840 2,500 246 301,020 380,035 |
Total Funds 2022 £ 2,782 22,476 1,520 22,192 - 615 849 1,640 3,966 420 3,660 59 6,514 - 156 66,849 2,030 60 1,365 5 7,992 38 14,573 - 11,166 - 1,700 - - 49,650 116,499 |
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THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2023
| 3. Resources Expended Charitable Activities Church Rent Diocese Fundraising Committee Expenses Ministry Insurance Miscellaneous expenses Annual/Church Outings Storage Travel Utility Bills Bank charges Multimedia Donations to Monastery/ Churches Accounts/ Audit Expenses PC Administration Funeral Expenses Repair and Maintenance Clergy Expenses Total Charitable Activities Project Activities Mortgage Interest Payments Legal/Professional Fees Utility/ Security Expenses Building Works Building Insurance Fundraising Events Expenses Building Repairs Miscellaneous Total Project Activities Total Resources Expended |
Unrestricted Funds 2023 £ 28,910 - - 481 620 1,900 645 355 1,897 1,304 1,677 - 360 877 - - 818 39,844 - - - - - - - - - 39,844 |
Restricted Funds 2023 £ - - - - - - - - - - - - - - - - 18,594 48,594 746 167,064 1,574 10,307 - - 246,879 286,724 |
Total Funds 2023 £ 28,910 - - 481 621 1,900 645 355 1,897 1,304 1,677 - 360 877 - - 818 39,844 18,594 48,594 746 167,064 1,574 10,307 - - 246,879 286,723 |
Total Funds 2022 £ 20,875 1,200 283 306 497 2,560 3,089 187 1,790 205 1,322 - 380 442 3,515 45 - 37,285 11,742 31,251 625 100 871 - - - 44,589 81,874 |
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THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2023
4. Tangible Fixed Assets
| Tangible Fixed Assets Property Cost/ Valuation brought forward Revaluation Total Property Valuation carried forward |
2023 £ 1,130,000 (330,000) 800,000 |
2022 £ 1,130,000 - 1,130,000 |
|---|---|---|
The charity owns a property at 229 Clapton High Road which cost £700,000 in 2011. The latest independent valuation indicates this has a market value of £800,000.
| 5. Debtors Prepaid expenses and accrued income Total debtors 6. Cash at bank and in hand HSBC BMM A/C HSBC Current A/C HSBC Deposit A/C HSBC Project A/C Paypal A/C Cash in hand Total Cash at bank and in hand 7. Creditors: amounts falling due within one year Trade Creditors Accrued expenses Provision Mortgage Loan Account Total current creditors 8. Creditors: amounts falling due after one year Mortgage Loan Account Total long-term creditors Amounts falling due between one and two years Amounts falling due between two and five years Amounts falling due after five years |
2023 £ 705 705 2023 £ 139,374 3,590 56,121 4,196 174 1,926 205,381 2023 £ 158 11,286 - 24,471 35,915 2023 £ 225,728 225,728 26,867 92,565 106,296 |
2022 £ 2,148 2,148 2022 £ 94,684 9,389 5,225 14,567 730 2,282 126,877 2022 £ 137 2,172 2,100 24,684 29,093 2022 £ 248,801 248,801 25,935 86,305 136,561 |
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The acquisition of the property at 229 Clapton High Road was part funded by a 20-year repayment mortgage from HSBC.
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THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2023
9. Movement of Funds
| At 1 September 2022 £ Unrestricted Funds 254,983 Restricted Funds 296,148 Property Revaluation Reserve 430,000 Total 981,131 |
Incoming resources £ 79,015 301,020 - 380,035 |
Outgoing resources Revaluation adjustment £ £ (39,844) - (246,879) - - (330,000) (286,723) (330,000) |
At 31 August 2023 £ 294,154 350,289 100,000 744,443 |
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INDEPENDENT EXAMINERS REPORT
TO THE TRUSTEES OF THE ETHIOPIAN ORTHODOX CHURCH ST. MARY OF ZION
FOR THE YEAR ENDED 31 AUGUST 2023
I report to the trustees of the Ethiopian Orthodox Church St. Mary of Zion (Charity Number 282910) on the accounts for the year ended 31st August 2023, which are set out on the attached pages 5-11.
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 for this year. The charity is preparing accounts and I am qualified to undertake the Examination being a qualified member of the association of Charities Independent Examiners
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act,
- to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with 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 the 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 statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect, that the requirements to:
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keep accounting records in accordance with section 130 of the 2011 Act; and
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prepare accounts which accord with the accounting records and 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.
Signed...................................................................
Date.................................................
Sam Tanyi: FAAT. MIFS. MCIE
13 Arkley Road
London
E17 7PD
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