CharSty roglstration number 519300 COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr R Saad Dr. E Morgan (Secretary) Dr. N LA2iZ Dr J S Maximous Mr S Dimilri Dr S Saad Charlty number 519300 Prlnclpal address The Coptic Orthodox Church of Sl Mary the Virgin and St Mina Heaton Moor Road Stockport Cheshire United Kingdom SK4 4PB Independent examlnor Azets Audit Services Alpha House 4 Greek Sl Stockport Cheshire United Kingdom SK3 8AB 8anker8 HSBC Bank PIC 24 Sl Anns Square Manchester United Kingdom M2 7HD Priests Father Bishoy Naguib Father Hedra Gerges
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER CONTENTS Pag• Truslee8' report Statement of trust••s' reiponsibllitie8 Independenl •xamln•rf8 report Statem•nt of financlal actlvltle8 8alanGe sheet Notes to the financlal stat•m•nts 8-15
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Irustees have pleasure in presenting their report and financial statements for the year ended 31 March 2024. 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 goveming document, the Charities Acl 2011 and "Accounting and Reporting by Charilies.- Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {effeclive 1 January 2019>. Obje¢tiv•$ and actlvltl The main purpose of the charity is lo promote the Coptic Orthodox Church in the UK and Egypt. In furtherance of the objecl the Trustee may provide and maintain places of worship, carry on Teligious services, pray and provide housing of prie51s and hold religious and other meetings in connection with the Coptic Orthodox Chufch. The charity runs a church in Manchester, has established a second church in North Wales and further churches in Liverpool, Bolton, and Kidsgrove. A monthly service is also established in Chester, wilh a view to establish a church there. The constitution was updated in 2003 to specifically include the object of relief of poverty in Egypl and amongst the Egyplian community in the United Kingdom. The foundation is an indivisible part of the Coptic Orthodox Church of Egypt. which has as ils supreme head Pope Tawadio$ 11, The Pope of Alexandria and the Patriarch of the Sea of Saint Marks. Publ1¢ ben¢flt 8tatsment Dunng ihe year the trustées have considered the publi¢ benefil guidance issued by the Charily Commission together with the supplemenlal guidance on application of the public benefit test to charities whose alms include advancing religion. The Trustees afe aware of their legal duty lo have regard lo the public benefit guidance and to report on the charity's compliance wilh the public benefrt obligation. Since the main church is open to the public and no charge is made for attendance, there is the witssl possible reach from the charity's activities. Grant maklng poIIcy It is the poliGy of the church to make grants that relieve poverty in Egypt and amongst the Egyptian community in the United Kingdom. Achlevements and porfomianco The church has continued to provide ils main role of spiritual services to all members of its congregation. religious 5pirilual input and education to children and young people and support in various ways to all members in need. Regular servi$ and lrturgies are cafried out regularly during the week on Wednesdays, Fridays, and Sundays, occasionally on Saturdays. Our church also held regular services on Saturdays in the new churches ol Kidsgrove in Stoke-on-Trenl and Chester. Youth meetings are regularly held on Thursday evenings. Vesper prayers. language studies, and Coptic hymns are also carried out for youths on Saturday nighls. The church continued to have a good relationship with olher denominations and other chruches. The church members saw an increase in numbers due to a lot of young doctors joining the work force in the NHS from Egypt. Sunday schools prospered as the number of children had increased and joined the El Kraza programme of teachin9 and competition. The Mayor and other dignitaries shared with us the services during Easler and Christmas mass. The church continued lo help the visiting priests in getting treatment and medical attention as they couldn't gel in Egypt. Two fundraising events were held during the year whith were well attended by the communty.
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial revlew During the year. income increased from £255,343 in 2023 to £275.202 in 2024. The thnds were used in updating a few things in the churches bolh in Stockport and Llandudno. The funds helped the church in meeting the ever growing expenditure and the ¢ashflow and meeting all the medical bills of Ihe visiting priests. Helping Ihe poor in Egypt with their treatments and social needs continued through sending fund5 to their churches. During the year the charity made a net surplus of £21,871 (2023.. Sufplus of £48,454) The principal funding source during the year was from the donations through standing orders, fundraising events and the attributable GiftAid Claims. Reserves pollcy It is the policy of the charity that unrestricted free funds should be maintained al a minimum level equivalent lo Ihree month's expenditure, excluding the discretionary grant. In prior years, funds were identified as restncted that had been ulilised and so were no longer restricted., these fvnds have now been reallocated to unrestricted. Prlnclpal rlsk3 The trustees have assessed the major risks lo which the charity is exposed. and are satisfied that systems are in place to mitigate exposure lo the major risks. Financial.. The risk of not raising sufficienl funds to cover annual runnlng costs, which 1$ mitig*ed by a very broad support base and adequale reserves. Skills and Knowledge.. The charity relies on a broad range of skills and abilities to deliver ils a1Vities. The charity Is well served by its small staff team., by its Trustees who bring a broad mix of theological, business knowledge and experience; and by many volunteers. Reputation. Areas of reputational risks include - ministry, morality, health and safety. child protection, company and charity compliance. We are well served by the Truslees and by our professional advisors. Plans for futurn porlods The Church plans to continue to develop ils ministry in the North Wesl of England, North Wale5, Liverpool and Bolton. Structure, govornance and management The charity was consliluted by Deed of Trusl dated 3 September 1987 as amended 16 October 2003 and is registered with the Charity Commission wrth the number 519300. The trustees who seNed during the year and up to the date of Signatu of the financial statements were.. Dr R Saad Dr. E Morgan (Secretary) Dr. N LA2iZ Dr J S Maximous Mr S Dimitri Dr S Saad
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Appointment of trustees Trustees are appointed after obtaining the congregation's views. The Bishop and the priests then appoint them accordingly. The key management personnel of the charity comprise Ihose priests of the ¢hurch who are responsitje for managing the spiritual side of the charily. Changes in Temuneralion are agreed by the board of Trustees, who compare salaries to averages a¢ross the sector. The Twslees are also deemed to be key managemeni personnel, but do not receive remuneration of any form. The Irustees, report was proved by the Board of Trustees. Dr J S Maximous Trusttè Date: 20-11-2024
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees, Report and the financial stalements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally ACpted 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 Irue 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 slatements, the trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the melhods and principles in Ihe Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable a¢¢ounting slandards have been followed, Gubject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basi$ unless it is inappropriate to presum8 thal the charity will continue in operation. The Irustees are responsible for keeping SLffi¢ienl accounting records that disclose with reasonable apxuracy al any time the financial position of the charily and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Re9ulalions 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 pr8venllon and detection of fraud and other irregularities.
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER I report to the trustees on my examination of the financial statements of Coptic Orthodox Church Foundation Manchester (the charity) for the year ended 31 March 2024. Re8ponslbilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial ststements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the ¢harity'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 Charty Commission under section 145(5)Ib) of the 2011 Act. Independent examlnerfs statement Since the charity's gross income exceeded £250.000 your examiner musl be a membef of a body listed in section 145 of the 2011 Act. l confimi thal l am qualified lo underlake the examination because l am a member of Institute of Chartered Accountants in England and Wales, which is one of the lisled bodies. Your attention is drawn to the fact that the charity has prepared financial slalements in accordance with Accounting and Reporting by Charrties preparing their accounts in accordance with the Financial Reporting Standaid applicable in the UK and Republic of Ireland IFRS 102) in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Pradice issued on 1 April 2005 which is referred lo in the extant regulations but has now been withdrawn. l undersland that this has been done in order for financial statements lo provide a true and fair view in accordance wlth Generally Accepted Accounting Practice effective for reporting penods beginning on OT after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connedion wilh the examination giving me cause lo believe Ihal in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial slalemenls do not a¢Gord with those records. or the financial statements do nol comply with the applicable Tequirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihal the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concern5 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 lo be reached. Jonathan Ward - FCA Azets Audit Services Alpha House 4 Greek St Stockport Cheshire SK3 8AB United Kingdom Dated..
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrnstri¢ted Unre$tri¢tsd funds funds 2024 2023 Notes Donations and legacies Investments Other income 275.183 19 255.287 51 Total income 275,202 255,343 Charitable activities 253,331 206,889 Net income for the yearl Not mov•m•nt In funds 21,871 48,454 Fund balances al 1 April 2023 7S2,639 704,185 Fund balances at 31 March 2024 774,510 752,639 The statement of financial activities includes all gains and losses re¢ognised in the year. All income and expenditure derive from conlinuing activities.
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed a•$ets Tangible assets 11 595.555 601,248 Current assets Debtors Cash el bank and in hand 12 238,298 29,783 Z23.9r2 27,056 268.081 250.978 Credllor8: amouTht8 falllng due wlthln one year 13 (76.656) (77.173> Nel Current as$èts 191,425 173,805 Tot•1 18iets It8• eurrent Ilabllttle8 786,980 775.053 Cr•dltors: amounts Iolllng due after morè th•n on• y•ar 14 {12,470) 122,414) N•t a81èts 774,510 752.639 Income funds Unrestricted funds 774,510 752.639 774,510 752.639 The ffinanci81 statements were approved by the Trustees on .... .. Dr. E Morgan (Secre Tru•t Dr J S Maximous Tru8tee
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charlty Inforniatlon Coptic Orthodox Church Foundalion Manchester is an unincorporated registered charity. 1.1 Ac¢ountlng conventlon The finan¢ial stalemenls have been prepared in accordance with the charity's governing documenl, the Charities Act 2011 and 'A¢counling and Reporting by Charitie5.' Statement of Recommended Practice applicable to Charities preparing IheiT accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {as amended for accounting periods ¢ommencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The charity has laken advantage of the provisions in the SORP for charities applying FRS 102 Updak Bulletin 1 not to prepare a Slalement of Cash Flows. The financial statements have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following the Slalemenl of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulalions bul 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 stalements are rounded to the nearesl £. The financial statemenls have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng con¢¢m Al the time of appioving the financial statements, Ihe trustees have a reasonable expectation that the charity has adequate resources to conlinue in operational existence for the foreseeable future. Thus the trLKStees continue lo adopt the going concern basis of accounting in preparing the finan¢ial statements. 1.3 Charitable funds Unrestricted funds are avallable for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subJe¢t lo specific conditions by donors as to how they may be used. The purposes and uses of the re$lri¢ted funds are set out in the notes to the financial statements. Endowment funds are subject to Specific condrtions by donors that the capital must be maintained by ihe charity. 1.4 Income Income is recognised when the charrty is legally entitled to il after any performance conditions have been met. the amounts can be measured reliably. and it is probable thal in¢ome will be received. Cash donalions are re¢ognised on receipt. Other donations are Tecognised once Ihe charity has been notified of the donation, unless performance conditions require deferral of Ihe amount. Income lax recoverable in relation lo 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 Ihe amount is not known, the legacy is Ireated as contingent asset.
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 1.5 Expendlture Expenditure is reco9nised on¢e there is a legal or constructive obligation lo transfer economic benefit to a third party. il 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 adivity. The costs of èach activity are made up of the lotal of dIrt costs and shad Costs, including support costs involved in undertaking ea¢h aclivily. Dired costs attributable lo a single activity are allocated directly lo that activity. Shared costs which conlnbule to more than one activity and support costs which are not attributable lo a single a¢tivity are apportioned beeen those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion ol the asset's use. 1.6 Tanglblè fixed a88•ts Tangible fixed assets are initially measured at cost and subsequently measured 81 cost or valuation, net of dèprerA'ation and any impairment losses. Depre¢ialion is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Buildings Churches Fixtures and fittings 5•A straight line Not depreciated 20Q/o straight line The gain or loss arising on the disposal of an asset is delermined as the difference behveen the sale proceeds and the carrying value of Ihe asset, and is recognised in the statement of financial aclivilies. 1.7 Impalrmont of fixed assets Al each reporting end date, the charity reviews the carying amounts of ils tangible assets to determine whether there is any indication Ihal those assets have suffered an impairmenl loss. If any such indiation exists, the recoverable amount of the asset is eslimated in order to detemiine the extent of Ihe impairmenl loss Irf any). 1.8 Cash and cash equivalents Cash and cash equivalen15 include cash in hand, deposrts held al call wrth banks, other short-leim liquid investmen15 Wlth original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnancial 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 rts financial instruments. Financial instruments are recognised in the charity's balance Sheet when the charity becomes party lo the conlraclual provisions of the inslrumenl. Financial assets and liabilities are offsel, wrth the nel amounts presenle¢J in the financial statements, when there is a legally enforceable righl lo set off the recognised amounts and there is an intention lo settle on a net basis or lo realise the asset and settle Ihe liability simultaneously.
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policiès (Contlnuedl Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaclion price including transaction costs and are subsequently carried at amortised cosl using the effective interest method unless the arrangement constilules a financing transa¢tion, where the transaction is measured al the present value of the futurè receipts discounted at a market rate of interest. Financial assels classified as receivable within one year are not amortised. 8asl¢ flnanclal Ilabllltles 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 nol amortised. Oebt instruments are subsequently carried at amortised cost, using the effective intere51 rate method. Trade creditOTS are obligations to pay for goods or seIce$ thal 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 al transaction price and subsequenlty measured at amortised cost using the effective interest method. Derecognition of flnanclal Ilablllties Financial liabililies are d8recogni$ed when Ihe charity's contradual obligations expire or are dis¢harged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's sep4ices are received. Termination benefrts are recognised immediately as an expense when the chaflty is demonstrably committed lo lerminale the employment of an employee or to provide lerminalion benefits. 1.11 Retlrement beneflts Payments lo defined ¢onlribution retirement benefit schemes are charged as an expense as Ihey fall due. 1.12 Prfor year adjustment In prior years, funds were identified as restricted that had been utilised and $0 were no longer iestricted., these funds have now been reallocated to unrestricted. Crltlc41 accounting estlmatss and Judgements In the applicalion of the charity's accounting policies. the trustees are required lo make judgements, estimates and assumptions about the TryIng amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on hislorical experience and other factors that are considered lo be relevant. Actual resuFt5 may differ from these eslimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whith the estimate is revised where the revision affects ffily that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no critical accounting estimates or judgements. 10-
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacles Unrn8trlcted Unrestricted funds funds 2024 2023 Donations and gifts Governmeni grants 275.183 254.037 1.250 275,183 255,287 Investmènts Unre8trictsd Unrestrfcted funds funds 2024 2023 Interest receivable 19 other Income Total Unrestricted funds 2024 2023 Refund received 51 11
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable a¢tFvlll•s Churches Rellef of poverty and asylum 2024 Priests Total Chur¢hes 2024 Relief of poverty and asylum 2023 Prlests Total 2023 2024 2024 2023 2023 Slaff costs Depreciation and impairmenl Repairs and maintenance Heat and light Telephone Insuran Rales Travel and expenses Donations to olher Coptic Orthodox Churches Coffee machine lease 136.335 136,335 6.497 5.227 60.094 2,260 13.878 6.029 137.254 137,254 6,401 4.464 19.790 1.786 11,690 4,653 8,405 4.183 664 6.497 5.227 60.094 2.260 13.878 6.029 6,401 19.790 1.786 11.690 4.653 8.405 4.183 11.607 11.607 105.592 136.335 244,271 49.448 12.588 137,254 199.290 Share of support costs {see note 7) Share of governance costs (see note n 1.392 1.392 7.668 2.883 4.716 2.883 4.716 114.652 136.335 253,331 57.047 12.588 137.254 206,889 12-
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Govemance costs costs 2024 Support Governance ¢osts costs 2023 Bank ¢harges and other inlerest TV licence Loan inleresl 688 688 1,781 159 943 1,781 159 943 704 704 A¢countancy Legal and professional 6,168 1,500 6,168 1,500 3,816 900 3,816 900 1,392 7.668 9,060 2,883 4.716 7,599 Analysed betsveen Charitable activities 1,392 7,668 9,060 2.883 4.716 7.599 Govemance costs includes payment for the Indep8ndenl Examination of Ihe accounts £4.3201202& £3,720). Tru•tees None of the trustees lor any persons connected with them) received any remuneration or benefrts from the charity during the year. Employees The average monthly number of employees during the year was 2024 Number 2023 Numb•r Employment costs 2024 2023 Wages and salarie5 Other pension costs 132,640 3,695 133,559 3.695 136,335 137,254 The number of employees whose annual remuneration was more Ihan £60,000 is as follows.. 2024 Number 2023 Number £60.000- £70,000 13
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation The charity is exempl from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objecls. 11 Tanglble flxed assets Bulkllng8 Church•s Flxtur•s and Ibttlngs Total Cost Al 1 April 2023 Additions 136,000 491,068 231.452 804 858,520 804 At 31 March 2024 136.000 491,068 232.256 859.324 Depreclatlon and Impalrnient At 1 April 2023 Dep¥ecialion charged in the year 32.500 5.000 224.772 1.497 257,272 8,497 At 31 March 2024 37,500 226,269 263,769 Carrylng amount Al 31 March 2024 98,500 491,068 5,987 595,555 Al 31 March 2023 103.500 491,068 6.680 601,248 12 D•btors 2024 2023 Amounts falllng due within ono year: Olher deblors 238,298 223.922 Included in deblors is a balance totalling £76,000 (2023 £76,000) due from individuals associated with the charity. The truslees are in the process of drawing up formal agreements. 13 Credltorn: amounts falllng duo wlthln one ygar 2024 2023 Notes Bank loans Other taxation and social security Other creditors Accruals and deferred income 15 9,975 3.609 58.752 4.320 9,975 4,726 58,752 3,720 76.656 77,173 14-
COPTIC ORTHODOX CHURCH FOUNDATION MANCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Crnditors: amounts falling due aftor more than ono year 2024 2023 Notes Bank loans 15 12,470 22.414 15 Loans and overdraft3 2024 2023 Bank loans 22.445 32,389 Payable within one year Payable after one year 9,975 12,470 9,975 22,414 16 R•latod party transactlon8 Included in credltors Is a balance of £58,75212023 £58,752) due lo Dr J S Maxlmous, a Iruslee of the charity. 15-