Charity registration number 299660
ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr A Gorgy Dr B Maxwell Dr E Morgan Dr M Moawad
Charity number 299660 Principal address St Mary & St Shenouda Coptic Orthodox Church Rickman Hill Coulsdon Surrey CR5 3OS Independent examiner R M Holland BSc (Econ) FCA Holland Harper LLP 26 High Street Battle East Sussex TN33 0EA
ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 - 17 |
ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 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 Constitution, 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 charity is a trust and is governed by its Trust Deed. The objects of the charity,as set out in the governing document are to promote the religion of the Coptic Orthodox Church in the south of England.
The trustees note that the Church is not a building,but a gathering of ordinary people of different ages and backgrounds,whose lives have been changed by Jesus Christ,the Son of God. The New Testament reveals the Church as a community of people, properly taught and cared for, who by loving and serving Jesus Christ, were also committed to love and care for each other and to bring a blessing to the area in which they lived. St Mary and St Shenouda Coptic Orthodox Church; its trustees, elders and members are committed to the restoration of those New Testament principles. It is not alone in this, it is one of many Churches in the area, country and all over the world that is re-discovering the excitement of knowing Jesus Christ. The vision is to see the people of the South of England come into this experience of knowing Jesus as their Lord, Saviour and friend.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
To further the above objects and vision, the charity's main activities and achievements were as follows:
The holding of regular church services, Sunday school teaching, bible study classes and youth activities.
Most of the charity's activities are undertaken by volunteers and the charity could not operate effectively without their efforts.
Financial review
During the year income increased by £36,002, to £342,834 and expenditure decreased by £13,520 to£192,787. As a result the surplus for the year increased by £49,522 to £150,047 and the charity's net assets increased by the same amount to £2,973,638. Net current assets increased by £152,174 to £1,440,825.
The trustees have determined that the charity should aim to hold unrestricted cash of no less than £100,000 (which equates to about 8 months' of unrestricted expenditure) so that the charity could continue to operate should income and/or expenditure vary adversely. At the year end, the charity held unrestricted cash of £1,345,591 and the charity is complying with its reserves policy.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Plans for future periods
The Building Project is currently in a redesign phase due to the necessity to adjust initial plans due to the rising costs of building materials in the current economic climate.
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were: Dr A Gorgy
Dr B Maxwell Dr E Morgan
Dr M Moawad
Responsibility for setting policy and for making operating decisions rests with the trustees who meet regularly to monitor the activities of the charity. HH Pope Tawadrous II appoints the church committee who in turn nominate three to five trustees as per the church constitution.
The charity's custodian trustee is HH Pope Tawadrous II, who holds the title to the property belonging to the charity, without having any management responsibilities.
Statement of trustees' responsibilities
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 year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
Key risks and uncertainties
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees' report was approved by the Board of Trustees.
Dr A Gorgy Trustee
26 October 2023
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR 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 year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
I report to the trustees on my examination of the financial statements of St Mary & St Shenouda Coptic Orthodox Church (the charity) for the year 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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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.
R M Holland BSc (Econ) FCA Holland Harper LLP
26 High Street Battle East Sussex TN33 0EA
Dated: 26 October 2023
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income and endowments from: Donations and legacies 3 313,916 16,409 Investments 4 12,509 - Other income 5 - - Total income 326,425 16,409 Expenditure on: Charitable activities 6 164,803 27,984 Gross transfers between funds - - Net income/(expenditure) for the year/ Net movement in funds 161,622 (11,575) Fund balances at 1 January 2022 2,175,044 648,547 Fund balances at 31 December 2022 2,336,666 636,972 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 330,325 265,328 18,050 12,509 15,454 - - 8,000 - 342,834 288,782 18,050 192,787 138,560 67,747 - (69,728) 69,728 150,047 80,494 20,031 2,823,591 2,094,550 628,516 2,973,638 2,175,044 648,547 |
Total 2021 £ 283,378 15,454 8,000 |
|---|---|---|
| Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 6 Gross transfers between funds Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 January 2022 Fund balances at 31 December 2022 |
||
| 306,832 | ||
| 206,307 | ||
| - 100,525 2,723,066 |
||
| 2,823,591 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
| Notes Fixed assets Tangible assets 10 Investment property 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Restricted funds 14 Unrestricted funds |
2022 £ £ 1,349,363 183,450 1,532,813 58,443 1,388,736 1,447,179 (6,354) 1,440,825 2,973,638 636,972 2,336,666 2,973,638 |
2021 £ £ 1,351,490 183,450 1,534,940 - 1,295,461 1,295,461 (6,810) 1,288,651 2,823,591 648,547 2,175,044 2,823,591 |
2021 £ £ 1,351,490 183,450 1,534,940 - 1,295,461 1,295,461 (6,810) 1,288,651 2,823,591 648,547 2,175,044 2,823,591 |
|---|---|---|---|
| 1,534,940 1,288,651 |
|||
| 2,823,591 | |||
| 648,547 2,175,044 |
|||
| 2,823,591 |
The financial statements were approved by the Trustees on 26 October 2023
Dr A Gorgy Trustee
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
St Mary & St Shenouda Coptic Orthodox Church 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 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.
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 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.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
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.
1.5 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.
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 Is not depreciated (because it is not consumed by use) Leasehold land and buildings Is not depreciated (because it is not consumed by use) Fixtures and fittings 15% reducing balance basis
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 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure.
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.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR 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.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
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.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Donations and legacies
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 253,473 | 16,409 | 269,882 | 250,734 | 18,050 | 268,784 |
| Other | 60,443 | - | 60,443 | 14,594 | - | 14,594 |
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
4 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Rental income | 9,058 | 12,258 |
| Interest receivable | 3,451 | 3,196 |
| 12,509 | 15,454 | |
| Other income | ||
| **Total ** | Unrestricted | |
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Government grants Job Retention | ||
| Scheme | ||
| - | 8,000 |
5 Other income
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
6 Charitable activities
| Specific | Specific | |
|---|---|---|
| Activities | Activities | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 96,905 | 99,589 |
| London Diocesan Fund Contribution | 24,339 | 15,254 |
| Building Project Professional Fees | 27,984 | 67,747 |
| Costs relating to the running and maintenance of the church and its buildings. | 32,244 | 14,418 |
| Donations | 1,838 | - |
| 183,310 | 197,008 | |
| Share of support costs (see note 7) | 4,113 | 3,722 |
| Share of governance costs (see note 7) | 5,364 | 5,577 |
| 192,787 | 206,307 | |
| Analysis by fund | ||
| Unrestricted funds | 164,803 | 138,560 |
| Restricted funds | 27,984 | 67,747 |
| 192,787 | 206,307 |
7 Support costs
| Support costs | ||||
|---|---|---|---|---|
| Depreciation Insurance Management and administrative costs Independent Examiner Fee Analysed between Charitable activities |
Support costs Governance costs £ £ - 2,127 3,279 - 834 - - 3,237 4,113 5,364 4,113 5,364 |
2022 £ 2,127 3,279 834 3,237 9,477 9,477 |
Support costs Governance costs £ £ - 2,127 2,919 - 803 - - 3,450 3,722 5,577 3,722 5,577 |
2021 £ 2,127 2,919 803 3,450 |
| 9,299 | ||||
| 9,299 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
9 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Other pension costs |
2022 Number 3 2022 £ 90,117 6,788 96,905 |
2021 Number 3 |
|---|---|---|
| 2021 £ 87,912 11,677 |
||
| 99,589 |
There were no employees whose annual remuneration was more than £60,000.
10 Tangible fixed assets
| Freehold land and buildings £ Cost At 1 January 2022 1,336,289 At 31 December 2022 1,336,289 Depreciation and impairment At 1 January 2022 - Depreciation charged in the year - At 31 December 2022 - Carrying amount At 31 December 2022 1,336,289 At 31 December 2021 1,336,289 |
Leasehold land and buildings Fixtures and fittings £ £ 3,150 91,643 3,150 91,643 - 79,592 - 2,127 - 81,719 3,150 9,924 3,150 12,051 |
Total £ 1,431,082 |
|---|---|---|
| 1,431,082 | ||
| 79,592 2,127 |
||
| 81,719 | ||
| 1,349,363 | ||
| 1,351,490 |
11 Investment property
| Investment property | |
|---|---|
| 2022 | |
| £ | |
| Cost | |
| At 1 January 2022 and 31 December 2022 | 183,450 |
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
12 Debtors
| Amounts falling due within one year: Other debtors Creditors: amounts falling due within one year Accruals and deferred income |
2022 £ 58,443 2022 £ 6,354 |
2021 £ - |
|---|---|---|
| 2021 £ 6,810 |
13 Creditors: amounts falling due within one year
14 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 | |||||
|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | |||
| 1 January 2022 | resources | expended | 31 December | |||
| 2022 | ||||||
| £ | £ | £ | £ | |||
| Building Fund | 648,547 | 16,409 | (27,984) | 636,972 | ||
| Analysis of net assets between funds | ||||||
| Unrestricted | Restricted | Total Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 31 | ||||||
| December 2022 are | ||||||
| represented by: | ||||||
| Tangible assets | 755,536 | 593,827 | 1,349,363 | 757,662 | 593,828 | 1,351,490 |
| Investment properties | 183,450 | - | 183,450 | 183,450 | - | 183,450 |
| Current assets/(liabilities) | 1,397,680 | 43,145 | 1,440,825 | 1,233,932 | 54,719 | 1,288,651 |
| 2,336,666 | 636,972 | 2,973,638 | 2,175,044 | 648,547 | 2,823,591 |
15 Analysis of net assets between funds
16 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Aggregate compensation | 77,091 | 76,828 |
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ST MARY & ST SHENOUDA COPTIC ORTHODOX CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
16 Related party transactions (Continued)
Transactions with related parties
There were no disclosable related party transactions during the year (2021 - none).
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