REGISTERED CHARITY NUMBER: 1029145 SAINT PANTELEIMON GREEK ORTHODOX CHURCH TRUSTEES. REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Albury Associates Limited Chartered A¢Unn1s & Statutory Auditor 2nd Floor, One Hobbs House, Harrovian Business Village Bessborough Road Harrow Middlesex HA13EX
SAINT PANTELEIPKJN GREEK ORTHODOX CHURCH CONTENTS OF THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 JULY 2024 Page Tru•t•M' R•port 1 to 8 Roport of the Indopondent Audltors 7 to 9 Statsment of Flnanclal Athlvltle8 10 statoment of Flnanalal Po8lllon 11 Nots8 to the Flnanclal Statemeni8 12 to 18
SAipif PApifELEIMON GREEK ORTHODOX CHLIRCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 Ttr trustees present their report with ts financial statements of the ¢hty for the year ended 31 Juty 2024. The trusts88 have adopted th? proiisions of Accounting and Rw'ng by Charities: Statement of Recommended Practic8 applicablg to charities preparing their acwunts in accordance ith the FinarK?al ReportlNJ Starthrd applicabla in the UK 8nd Wblic of Irela {FRS 102) (effeth 1 January 2019). OBJECTIVES AND ACTivrriES Objecllves and a¢tlvltl68 A summary of the objectives of the tharity are Set out in its 90MIng dowment as follchvs: To preseThe arKI prop&3ate the Christian OrthcKlox Faitti aThl traditions as contain8d In Holy ScrIpre, as pr8Ctised in the lrfe ofthe Church, as by the EoJmenical and Local Councils and as interpretsd. Prese and tsught by Great Chur¢ of Christ EuJmenical Pairi8rchate of Constantinople. To preserve the original language of the New Testamenl in Diving tsrshiP and in ts ecdesiastical life of tho fathful. and to minister to the peOe through lonICal seNices ¢cduded according to the Order of the Great Church of Constsntlnople by onoi¥cal wie. arKI thrr#Jgh serwms arnl thrOh catschlsm and Gred< lar#Juago schools. To e8tabli8h (wr¢he8 for the of Triumj G(Ml sthools far the tea(ing of Greek Orthodox education. To recelve htto the Orthodox fallh, all thoge freely deckle sincwdy desire to adopt the OrtIK¥Jox faith. and to live in accordance ¥%ith its spintual and moral leathing. To urwjertake philanthropic for tho bonefft of th8 need protection. assistsn(% and meth1 care. to provide ft>r Mplfare of the P and for thè burial of those Greek Orthodox vtho pass away WbthoLrt financial means. Tf Salnl Ppffjtelelmon Greek Orthodox Community of Hamm Dlsthcis L8 comitted lo maklng vrnhip and p8rl8h Ilfe aCLesb]e lo as many people as wsstsle. In nn1rj our acbwties, take into reful consideration the Charfty Commi881Th1'8 guidance on public tJen8fft. particulaty guidance relating to charities esiabltshed for tha advancomont of retigion. Our aim 1$ to 3UPPQrt individuals in li¥in9 Out their failh as active members of our parish community. ACHIEVEMEKf AND PERFORMANCE The Chrl8llan Orthodox Falth and Trndhlon In fulfilment of our flr8t four stated owlrrfes, Vespers re hèld Sabjrday, thile Matins and the Dlvina Liturgy took place every Sunday. Additional eekdaY ser1 vwe iduCted on the (east days of Saints and other slgnificant religl¢)u8 occworrs, commomorating the life of Christ Uie Virgin Mary. The chaiity has reMaIn committed to providlng the community opportuniti85 lor [ShIP and gpirihl gro1. as as education In the Greak Orthodox tradlllon and laNJu89e. Over the trhelvwonth period cowed ty ths iewl the charity hosted 18 thrlstenlTrJs. 16 fvn•r8b. and seven vlding8. Charflablo actlvllla• Chitdren from the age of attended the charivs school. vknid) (¥)erated M Friday aftemoons and Saturdays. To enhance leaming. additional online cta8ses There held durirKJ the eek, fo(xtsiNJ on Gra8k language, tradition. and cullure. Tho curriculum also induded Greek dancing and Byzantirn thant, ong a elkrounded cultural education. The Conmunty Hall is availabkn ts he. generaliw ad(fftional Income to supi>ort the charitys activities. Additionally, tfh8 Sen¢or Citizens, Club meets every Thursday from 12'.00 to 14.30, woviJiThJ a wular r•o¢ial for oklar ff•mberg of the communlty. Phllanthropl¢ work Members of the St Agatha Greek Orthc¥Jox Ladies &sterhood pYed an acti%e ro in supporting the cimnmunity by visiting eklety and un*ll individuals in hospttab and care hcm85. During the Christmas priod, they also distributed fo(yJ and svmets, with addltion81 food donations fr(xn parthK)ners delivered to elderfy arrfj vulnerable members of tho vJmmunity. The Sisterhood took sp8¢ial care in docryab'r#J Ihe dwrth. partK%larly on Good Fiiday, at Easter. and durlrKJ major feast days and celebrations. Their dedication ar enthusiasm ributed to the success arKI spiritual beauty of the community's feast day events. Pa9e 1
SAiiif PAiifELEIMON GREeK ORTHODOX CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 ACHIEVEMENT AND PERFORMANCE Evonts Sunday, 12th Novembor 2023: A hlstorlc and splrftually uplifting event took place at St Panteleimon's Church. where the Divine Llturgy was celebrated by HIS Beatltude Archbishop Georgios of Cyprus, His Eminence Archbishop Nikitas of Thyatelra aThd Great Bdlaln. Metropolitan Athanasios of Colonia. Bishop Maximos of Melitini, and Bishop lacovos of Claudioupolis, alongside tsvelve priests and deacons. The gervice was attended by numerous distinguished guests and faithlul from across the UK. Arthbi8hop Georgios. who previously SerEd as our parish priest from 1990 to 1992. vlslted London for the first time following his enthronement and was hosted by our Community. The Liturgy was followed by a communty lunch in the Hall. That evening, the 48th Annual Diftner and Dance of the charity took p18ce at a local restaurant, attended by guests from parishes throughout Greater London and even as far as 8irmingh8m. Th18 exceptional event honoured His Beatide and supported tha charity's lundraislng efforts toward repaying bts bank loan. Sundayi 10th Docembar 2023: A Chrfgtrnas Dlnner w88 held at a local regtsurant to raise fvnds for the ¢h8rity. Sunday. 17th Docombor 2023; A festl¥e Chrf3trnas Bazaar was held In the Community Hall, featurlng the singing of Greek RomanlAn Chrfstr)ia8 (arols. 8180 in ald of fundraising. Sunday. 218t January 2024: A free New YeaV8 lunch was offered to over 1(VJ pensioner8 in the Communlty Hall as part of th8 charfty8 Outreach to eklerly members. Frlday. 26th January 2024: A group of Scouis from Vkmbley visited our cfthjrch and attended an Infomallve talk on the Greek orttrd0x Churc. Sunday. 4th February 2024.. A backgammon eompellllon arKI communltyrepared lunch vmre organl8gd, ith all proceed8 dlrncted to the loan repayment fijnd. 8undayp 26th February 2024: Immediatety folkming the Dlvlne Lliurgy, a free communlty lunch was offered to all part8hkner8, ¢ygan188d by the chwch ¢ommltte8. Mondayi 25th March 2024: Our community had tho fK)nour of PICorn1n9 Bishop Gregorfos of Megaoria (CypnJs), calebrnted the Dlvho at our chuf¢h. A dlnner w8s held In the Cornmunlty Hall In his honour. Thurnday. 28th March 2024: 8i81)op Gregorios visited the Sentor Cltizens, Club arKI delIved a talk on the mongsteries of Cypru8. Sundayi 318t March 2024: B18hop Gregorf08 agaln celebrated the Drrflne Llturgy and later gave a second tall( about hls dlocA98e durlng a gatherin9 tn the Communlty Hall. Saturday. 20th Aprfl 2024: The Cholr of the School of By28ntine Mu81¢ of the Archdlocese of Thyateira ofKI Great Brit8ln presented a beautifvl programme of Holy Week hymns, exploring th8 depth and meaning of this sa¢xed lirgIcal period. The concert via8 followad by a complimentary community dinner. P•lm Sundayi 28th Aprll 2024: A furKlraising fish and chip lunch wa8 held In the Cornrnunlty Hall. Sunday. 14th July 2024: Another backgammon cxJmp8tition arKI lunch were org8ni88d, 1th proceeds again deditxted lo repaying the communlty loan. 8undayi 218t July 2024: The charlty hosted its annual 8umm8r b8rf08cue. brlnging togeth8r members of all Ag8S. Saturdayi 27th July 2024: His Emlnence Ar¢hbi$hop Nl<ltas vS$6tad our church for ts celebration of th8 Feast of St Panteleimon. He was lolned by clergy Irom across the Archdiocese and presided over the ordination of Lleacon Demotrios to th8 Pri8Sthood. The celebratlon concluded wSth a lestive dinner in honour of our Patron Sainl the Arc*bishop's fith enthronemenl anniversary, and Fr Demetrios's ordination. Page 2
SAINT PANTELEIMON GREEK ORTHODOX CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 ACHIEVEMENT AND PERFORMANCE Rlsk Man•gement Th8 Trustsas actively monitor and assess the risks facirwJ the charity and 8r8 confmlent that maintaining free reserves at th8 current levels, along annual reviews and intemal audit controls over key financial systsms, provides a suffiaent safeguard against potential adverse condibons. The invesbnent properties at 118 Imnkley Cle Contlnued to b8 let to tenants. generating nts1 Income for the Community. Additionally, the St Panteleimon Playgroup continued to operate from the Communivs premises and Gontrited tthvards the operalional costs of the faCil1@S. The interest rate on our charitvs bank loan stoc¥J at 8.75%. an all-tinie high. As of 31st July 2023. the tstanding loan balance was £515,727. We are pleaged to report that the loan vtss fvlly repatd on 1st October 2024, yth thè Np of interest-free loans generously provided by six members of our ¢ommunlty. The bank had previously ¢onfimied that our account vfiiuld be closed after 7th October 2024 due to a policy change ending servi¢es to charities In anCIpatIOn of thls, the ¢harSty opened a nthv bank account with another institution in March 2IT24. Since May 2022, the Trustees and Managing Commlttee had Implemented a targeted plan to reducè spendiro and make additional unscheduled repayments. Tfds was supported by several succ8ssfvI fundraising evts, which are expectsd to continue into the future. To ensure the loan ojuld be repaid in full, six members of our CLvnmunty agreed to prthide a combined irrterest-free loan of £195.000. Fomal agreements were prepared and slgned, and all necessary due diligen VAS carried OUL Thanks to this generous support and the collective efforts of our communty. charity SU5511Y met its repayment OblatIOns. The Trustees and Managing Committee are deepty grateful to those who stepped foTh¥ard to help and rnain committed to the tharitys long-tenn financial stsbility. The Trustees have also reviewed oth8r op8rattonal risks that the charity may encounter and confim that appropriate system$ and procedures have established to mitigate these risks. These measures are documented aThl are subject to oroJoing review to ensure their continued effectiveness. FINANCIAL REVIEW Reserves pollcy It is the Wicy of the Trustees to maintsin UnstrICted reserves at a pnjdent level to ensure the ongoing fulfilment of the charitls objectives. The Trustees are confident that the charitls assets are both avaiEable and sufficient to meet the Communitys current and frjffjseeable obligations. STRUCTURE. GOVERNANCE AND MANAGEMEKr Governlng document Saint Pant8leimon Orthodox Community of HarTh and Districts was established In 1993. Charws govwning document is a conslitution originally adopted on 24 October 1964 arnl amended on 17 October 1993. Page 3
SAINT PANTELEIMON GREEK ORTHODOX CHURCH TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Appolnljnent of Communlty Board and Trustees The Community Board fflembers are selected from aMg$t the members of the Communlty every 2 years. It is crynposed of not less than 12 Greek Orthc¥lox Christians who are members of the Community. Of the 12. 8 are elecled by members of the Community and 4 are thosen by the Archdior£se. Elections tske pla on the seo)nd Sunday of Dec8mber. and those elected serve for 2 years. The Communty Board is the administrstional body of th8 Communlty. wtjose purpose ss to supeTVtse the Community affairs. and to promote the aims of the Community. The Community Boa offiaally convenes Ihe General Assembly of the Community with the Priest in attendance. The Prestdenl of C¢Jnmunty Board is the chaiman of the Gra1 Assembly. The Communlty Board admlnlsters the affairs of the Comrnunity vthith meets at least onca a month. It collects all monies of the church and issues receipts for any sums entering the Treasury of the CommuiThty. All expenses are paid either by direct debic BAC'S or through ts faster payments scheme. 1Othere BAC'S or faster payments thme payments are being set up, the transaction is entered by one individual {usually the President) and approved by another (usually the Secretary). For a J few cheque payments. these are signed by the President {or in their absence the WThPresident) and the Treasurer. The Treasurer deposits all money paid to the Community at a Bank determined by the Community Board. Thè Treasurer keeps the financial books. as well as a special t)ook for expenses and income. The C*Jrnmunity Board may appoint committees from among its members {active committees are listed bglow): (a) School Committee (b) Memb&rship CommiLte6 (c) Arrangement Committee (d) Social Affairn and Public Relations Committee Tha Communty Board regulates all matters 1¢h a not provtded for in the Constitution, a1 in general whatever is in the intsregts of the Community. The Board has the right to undèrtake financial obligations beyond the provisions of the annual budget, up to th8 limit fixgj by the General Assembly, but thts may only be done on. To use larger sums beyorKI the limit, the Consent of th8 General AssemL4y is required. Tha Community Board, togather with the head teacher. appoints thè teachèrs for the schcol of the Communlty from a Ilst approved by the Central Board ofthe Archdiocese. The Communty Board prepares the annu81 budw for the Community for each fiscal year, 1 January to 31 December. The budget is submitted for approval to the General Assembty of the Comrnunty and a copy sent to the Archthocese. Trustees are appointed by the General Assembly of the Communitss, after consultation Iwth the Arthi(Kese. The General Assembly of the Comrnunty is a meeting of all members of the community. Immovable property is registered accordiNJ to the law of England and Wales in the names of Trustses. All movable and Immovable property is held in trust for the benefit of the Community. Trustees Trpresent the Cornmunty in matters relating to its propety. Trustees arn guided in the perfomance of their Vrt¢ by Charity Regulations and by reference to th8 professional fim$ referred to on page 4. Organlsatlon As indicated al)ove the Community Board members are responsible for the managament and day to day operation of the Communty. Trustees represent the Community in matters relating to its propety vith the c4Jjoctive of safeguarding the Communtys interests. REFERENCE AND ADMINISTrATive DETAILS Reglsterod Charfty nurnbgr 1029145 Page 4
SAipif PANTELEIMON GREEK ORTHOI)OX CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Prlnclpal address 660 Kenton Road Harrow Middlesex HA3 9QN Tru8tee8 Archbishop Nikitas j11a$ miltia5 Papadakis Mr Savvas Andreou Dr Panayiotis A Procopi Christakis OrthcAIoxou lacovos (James> Neophytou Anastasia Andfea Karseras Or Theodora A Chrfst( Community Board memirn". Presldent Wi Preslaent Vice President Df Panayiotis Procopiou Christakis Orth(xJoxou Pdros Chistof Dr Serafim Kiriakidis lacovos {Jarnes) Neophytou Treasurer Member Member Member Member Member Member Panteli8 Demostsnous Demetrios Xioutas Demetrios Parpots Audltor8 Albury Assoaates knmited Chartered AccLuntants & Statthory Ali10r 2nd Floor, One Hobbs House. Harrovian Business Vwe Bessborough Road Harr¢Jw Mlddlesex HA13EX Reglstsred Charlty Name Saint Panielamon Greek Community of Harrow armd Districts STATEMENT OF TRUSTEES. RESPONSIBILrriES Tha trustees are responsible for twariThJ the Ttees. Report arKI financial statements in accordanc8 ryth applicable law and United Kingdom A)Unting Standards {United KiThJd(Th Generalty ACpted Accounting Pra¢tic) indudirKJ Financial Repth'ng Starthrd 102 Yhe Filal Rwbng StaThJard applicable in the UK and RePutC of Irdan(r. The law applicable to charthes in ErvJland aThd Wales, the Chaiitss Act 2011, CFority (Accounts arnl Reports) Regulations 2008 and the prnwsions of the trt deed requires the trS to ppare financial statements for each finarKial year which . give a true and fair view of the state of affa'rs of ts chanty and of the incwing resources and applicatlon of resources. including the incorne a1 expenditure. of the charity for that paiDJ. In weparirvJ those financial statsments. the trustees are required to select $tsb1e accoLmting policies and then aFpty them nSisten, observe the methc#Js and princip* in the Charity SORP; make judgements and estimates that are reasoith and wudenL prepare the financial ststements on going concem basis unless rt is inapFKowats to presum8 that the chanty 111 continue in busness. Paje 5
SAINT PANTELEIMON GREEK ORTHODOX CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - continued The trustees are responsible for keeping proper accounting records which disclose wth reasonable accuracy al any time the financial position of the charity and to enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on 27 May 2025 and signed on ils behalf by.. Dr Panayiolis A Procopiou - Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SAINf PANTELEIMON GREEK ORTHODOX CHURCH Oplnlon We have audited the financial ststements of Saint Panteleimon Greek Orthodox Church (the 'chaiiV) lor the year ended 31 July 2024 which c(Mnprise the Statement of Financial Activities, Ihe Statement of Financial Position and notes to the financial ststements, including a sumrnary of significant accounting poliaes. The financial reporting fraMeOrk that has been applied in their preparation 1$ appli¢8bb law and United Kingdom Accounting Stsndards {United Kingdom Gera[ty Accepted Accounting Pra¢ti¢), induding Financial Reporling Standard 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland,. In our opinion th8 financial statements.. give a true and faw view of the stste of the thariws affairs as at 31 Juty 2024 and of Its incomng rnsources and applicalion of resources, for th8 year then ended; have been prop8rfy prepared in 8ccordance with United Kingdom Generally Accepted Accounting Practi, including Financial Reporting Standard 102 The Finanoal Reporting Standard applicable in the UK and Republic of Ireland.: and have been prepared in accordanc8 With the requirements ofthe Charities Act 2011. Ba818 for oplnlon We conduded our audit in accordance fjth Intemattonal Standards on Authting {UK) (ISA8 (UK)) and applicable law. Our responsibilities under those standards are further described in the Authtors, responsibilitles for the audit of the financtal statements seciion of our report are independent of the charity in accordance with the ethical requirements that are levant to our audit of the financial statements in the UK induding the FRCS Ethical Standard, and we hav8 fulfilled our other ethical responsibifities in acLx¢rdance with these requirements. We believe that the altdit evidence have obtained is sufficient and appr¢)priate to provide a basis for our opinion. Conclu8ion• rèlallng to golng concern In auditing the financtal statements, we have concluded that the trustees, use ofthe going concem basls of accounting in the preparalion of the financial statements Is appropriate. Based on the work have perfOrnd. ha* not idenllfted any materAI unrtaintieS relating to events OT Gonditions that. indimdually or coSlectivety. may cast significant doubl on the chariws ability to continue as a going concem a period of at least e1ve months from vthen the finan¢ial ststsments are authorised for issu& Our resporfjibilities and the responslbilittes of the trustees with fespect to going concern are desuibed in the relevant sections of this reporL Other Infomiallon The trustees are responsible for the other infonnation. The olher infomation comprises the infomiation included in the Annu81 Report, other than the financial statements and our Report ofthe Independent Auditors thereon. Our opinion on th8 financlal ststemenls does not cover the other infomiats'on aThl, except to the extent otherwi$8 expliciuy stated in our report, we do Mt express any fom of assurance conclusion thereon. In connection with our audtt of the financial ststements, our resFonsibilty is to read the other infomiation and. in doirvJ 80. consider wh8th8r the other infonnation is materially inconsistent Yth the financial statements or our knowledge obtained in audit or 0th8Thvise appears to be matsrially misstated. If Klentify such material inconsistencies or apparent material misstatements. we are required to detemine whether this gives rise to a material misstalement in the financial statsments themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, are required to report that fad We ha nothing to report in this regard. Matters on whl¢h wo are requlred to roport by oxcoptlon We have nothing to report in respect of the following matter5 ere the Charittes (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: t infomiation given in the Iwstees Report is inconsistent in any material respect ryth the financial statsmnts. or sufficient accounting records have not beon kept; or the financial statements are Mt In 8gream8nt thè accounting records arm1 retums; or e have not recelved all the infornation and explanatKins we r8quiTr for our audit. Page 7
REPORT OF ThE INDEPENDEiif AUDITORS TO THE TRUSTEES OF SAiTrif PANTELEIMON GREEK ORTHODOX CHURCH Responslbllldes of trustees As explained more fijlly in the Statamènt of Tntsteeg Respolb1. trust88s are resportsible for the pT8pwal of the fin2naal ststements whrch gile a true and fair view, arKI for SLKh intemal contrd as the trustees determi is necessary to enable the preparakn'on of finarrial statements that are free from material misstatemenc vthetsr duè to fraud or error. In preparing the finaniial statements, the trLLStees are responsible assessing the charitls abilty to continue as a going con(m, disclosing. as applicabie. matters related to going concem aThl usirvJ the goirvJ concem basts of ac£ounttng unless the trustees either interKI to l¢quidate Ihe drity orto ase operations. or have no reafistic alternative but to do so. Our re8ponslbllftle8 forthe audft of the financlal •tstaments We hale been appointed as auditors under Section 144 of Charthes Ad 2011 and rem in accordance the Act and relevant regulallons made or hawng effect Ihereuth. Our objectives are to obtain reason assuran ab(Mrt whethw Ihe financial staknents as a 01& are free from material misststernenl vthether due to fraud or error. to issue a Rep)rt of the Independent Audrtors that irtdudes our opinion. Reasonable assuran is a hh levd of assurance. bui is not a guafantee that an audit conducted in accordance with ISAS {UK) viill always detect a material mi55tatement whèn it ex. Misstatements can artse fr(xn fraud or error and are considered matsrial rf, iKlividualty or in the aggregate, they 0)¥ reasonabty t experted to Influen the econ(Mni¢ decisions of users taken on ts basis of these finaniial statlents. extent to vthich tyjr procalwes we capable of detectiThJ irre9arlI1es, irKluthng tra1 is delailed 1¢.. Identifd appcabI9 l$ and regulations throwJh disaw1 ith management comrnerraal knowIge. and sector exFerience. Obtain•J an urKIerStar)ln9 of ts Wl aTrJ regulatory fravrks. Chaiilres Act 2011. Charity SORP. and UK financial rewrting standards issued by ts FinancAal Reporting Ctyjncil. as 11 as those impading financlal ststeffnt amounts, disc)sures, heath aThJ safety. empkye8 matters. and bribery and ¢orrupOon. Assessed ¢¢p[lance ty maknng iTr]uirtes, lnvcti cOrre4Xdenc9. and rnaintsining vigilance for n•0P11an. Communicabj ilentsfd la and wulatiorts ithin ts audii team and femained alert to Instan of nOn4Axnpli8n. Assessed the susceptibilty of fincIal statements to matuial misstatemen( incIa1g fraud. by inquiring about fraud susceplibilty, knvmedge ofacluaVswthJlalleg&Y fraud. and waluatirvJ intemal controb. Addressed the risk of fra1 and management bvas thrOh anatytical procgJures. testi iownal trieS, assessing acc(nting eslimatss for POtial bias. arKI inlwtigating swJnificanVunusual transactions. Designed pmcedures to address the risk of ifregulafilies and nOn&npl1an, induding veiifyirKJ financial statement disdc6ures. reading govemance meeting Minutes. 1rUlnn9 about liligalionlclawns, and revtewing (xrrespondenc£ rebvant authofities. Inquired about knrtn instances or swKiorB of noThvcthnplian¢e ith laws and regUb.On$. RegnIsed limitations in detects'ng nOnn¢ unrekled to finanaat statents and higher risk in det8cling fraud due to deliberate coy1w. There are inherent limitatDns in our audit procedures desalbl The more that laws and regulati$ are from finanaal transaclions. the likely it is that we wjId become aware of non-complianc*. Auditing standards also limti the audit procedures required to identify n0nwc0mpSan 1th I5 and regulalions to enquiry of the directots and other management and the inspection of regulat aTrJ legal c4)rrewdw)ce. rf any. Materiai misstatements that aiise due to fraJd ¢xn b8 harder to detect than those that aw from error as they may imlve deliberate Cortsalment or collusTron. A further desuipkn of tyjf responsbilities for the authi of financial Statnents is located the Finandal Rep)rting Council's vmbsite at vM¥.frocrfg.uklaLwjtkn¥espslb1lltie& This desuption 1mS part of our Report of the Independent Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SAINT PANTELEIMON GREEK ORTHODOX CHURCH Use of our report This report is madè solely lo the charity's tStees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Iruslees those mallers we are required to slate to them in an auditors, report and for no other purpose To the ftjllesl extent pemiitted by law. we do not accept or assume responsibility lo anyone other than the charity and thé charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. ssocia Limited Chartered Accountants & Slalulory Auditor 2nd Floor, One Hobbs House, Harrovian Business Village 8essborou9h Road Harrow Middlesex HA13EX 27 May 2025 Kiran Patel BA BFP FCA (Senior Slalulory Auditor) Page 9
SAINT PANTELEIMON GREEK ORTHODOX CHURCH STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 JULY 2024 2024 Total fund• 2023 Unrnstriciwj Restricted nd INCOME AND ENDOWMEKfs FROM Donations and Woes 229A69 229.569 174.130 Other trading acbvitss In$ent income 53,437 53,437 103.946 29,472 85,553 103,946 Tot•1 283,006 103,946 386,952 289.155 EXPENDITURE ON Raising funds 1.826 Charftsble a¢tlvltlo• Support costs Churth and pastoral acbifjt Sthool and educational acti1118$ Other tr8dlng 8ctsvftle8 100,483 38,383 6.400 100,483 38,383 6,400 31,832 129,788 38.408 5,356 39.876 31,832 Other 101,233 (101.233> T¢)tal 289,743 169,401) 220A42 215,234 Net galnW(10$8es) on inveslnwnts (9,000) (9,000) NET INCOMEIIEXPENDITURE) 16.73n 164,347 167.610 107,921 RECONCIUATION OF FUNDS Total fvnds brought for¥Ard 367.763 4,929.859 6397.622 5.189,701 TOTAL FUND8 CARRIED FORWARD 361,026 8.094.208 6M66,232 5.297,622 nokns foTh part of these finantaal 8latsments Page 10
SAINT PANTELEIMON GREEK ORTHODOX CHURCH STATEMENT OF FINANCIAL POSITION 31 JULY 2024 2024 Total funds 2023 Total funds unstrICted fund Restrcted funds Notes FIXED ASSETS Tangible assets Investment propety 314.716 3,272,897 2,124,000 3.587.613 2,124.000 3,624,322 2,133,000 314,716 5.396.897 5,711,613 5,757,322 CURRENT ASSETS Debtors Cash at bank and in hand 12,188 51,097 12,188 51,097 20,140 48.857 63,285 63,285 68,997 CREDITORS Amounts falling due within one year 10 116.975 {117,691) (134,6661 156,0981 NET CURRENT ASSETS 46.310 1117,691) {71,3811 12,899 TOTAL ASSETS LESS CURRENT LIABILITIES 361,026 5.279.206 5,640,232 5.770.221 CREDITORS Amounts falling due after more than one year 11 {185.000) (185,0001 {472.5991 NET ASSETS 361.026 5.094,206 5,455.232 5.297,622 FUNDS Unrestricted fvnds Restricted fvnds 14 361,026 5.094,206 3S7,763 4,929,859 TOTAL FUNDS 5,455,232 5,297,622 The financial ststements were approved by the Board of Trustees and authorised for issue on 27 May 2025 and were signed on its behalf by.. fVJ, Dr Panayiotis A Procopiou- Trustee The notes fomi part of these financial statements Page 11
SAINT PANTELEIMON GREEK ORThODOX CHiNiCH NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING PWCIES 8a818 of preparlng tho flnanclal Statem The finanaal statements of the charity. is a pubtsc benefit entity undef FRS 102, have been prepared In accordanc8 Vth the Charities SORP IFRS 1021 'Accounting arxl Repoiting by Charities.. Statement of Reeornmended Practi applicable to charit¢es preparing their accounts in accordanc4 vth the Financial Reporbng Stsrtdard applicable Ni UK and Republic ol Irdand (FRS 102) {8ffective 1 January 2019),, Financial Raporting Slandard 102 'The Financial ReportirvJ Star¥Jard applicable in the UK and Repubh'c of ITeld and the Charities Act 2011. The financial statements have been prepared under historical cost cOnntion. as rrKldid by the revaluation of certain assets. Incom• All Incorne is reo)gnised in the Staternent of Financial Acvitieg On[ the charity has entitlement to the fund4 It 18 probable that the income 111 be received and the Ourt can be measured foliably. Expendlturn Liabilities are rocognL8eil as expen(ffture as soon as Ihere is a18gal or conStrtr 0198160n commltting ts tharity to that expendsture. it is probable that a trartsfer of ecor)mic benèfrts will bo requirwj in $8tt18m8nt and the amount of th8 obligation can be measurfyj rdiabty. ExpetUre is coUnted for on an accruab basis and has bèen dasgified under h8adings that aggregate all cost related to the Ca3(y. Whère costs cannot be dire attributsd to particular headings they havo been alk)c4bJ to actbvibes on a ba$ consistent vith the use of re80urces. T•nglble fix a18•t• Depreciation is provMJed at ts folloing annual rats6 In der lo wrttè off each asset Owjr ils •$lmated useful Ilfo. Fre8hokl yopety FlxbJre8 and fittings straht ltr over 1 years 25% on reducing balance Invo8tmont proporlle• Investment properties 8re sh(ym at most ent valuation. Any aggregate surplus w defldt atslng frcffi chang8s In falr value are rwnised in the Statent of Financygl Athities. Taxatlon The charlty is exempt from tax on its charitablo actIlies. Fund accountlng Unrestrithd fund8 can be u8ed Sn aldan 4th the charitable obJ"ecipMs at Ihe dlsrTrt•on of the trustee8. Re8trithd funds can th te used for partiwlar restricted purw within Ihe objects of the charlty. RostrkUon8 arlso vthan spe¢tfied by the donor or fwKls arn rai8ed for particyJJ8r rericba puw. Further explanalion of the nature 8NI purw of each is induded In the notes to the financial statemts. Hlrn pUh•S0 and l•a•lng commltmonl• Rèntals paid under opwating loases are ch8rg8d to the Statam•nt of Finan(ial A(liNilw on a $traht Ilne basls over the perlod of the leose. Pon8lon co8ts and other post4etlremont bonefft• charlty operates g defined contnbution pension scheme. Contribuknons pay8ble to ts charltys r{on sctrme are charged to the Statement of FinarKial Activthes in the to vthich they relats. Page 12
SAiiif PAp¥fELEIMON GREEK ORTHODOX CHURCH NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 JULY 2024 OTHER TrADING ACTIVITIES 2024 2023 FuTrdratsing activitt88 53.437 29,472 INVESTMENT INCOME 2024 2023 Rents rec8iNed 103,946 85,553 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other b8neffts for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustee8' oxpenses TfEre no trustees. expenses paid for the ar ended 31 July 2024 nor for the year ended 31 Juty 2023. STAFF COSTS The average Monthly numbèr of employees during the yaar vfas as follov•B: 2024 2023 Priest Administraiion stsff No employees received emoluments in excess of£60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Totsl funds INCOME AND ENDOWNENTS FROM Donations and legacies 174,130 174.130 other tradfftg activitles Invesbment income 29,472 29.472 85.553 85,553 Total 203,602 85,563 289,155 EXPENDITURE ON Raising funds 1,826 1.826 Charllable acllvltles Support Costs Church and pastoral activitvas School and eduGational activities Other trading activities 129,768 38,40B 5,356 129.768 38.408 5,356 39,876 39,876 Other 33,920 (33,9201 Total 209.278 5,956 215,234 Page 13
SAINf PAKfELEIMON GREEK ORTHODOX CHURCH NOTES TO THE FINANCIAL sTATEMEp - eonllnu FOR THE YEAR ENDED 31 JULY 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES - conllnued Unr8stricled fund Reslricted funds Total fijnds Net g415 on in¥Estments 34,000 34.000 NEf INCOMEI(EXPENDITURE) (5.876) 113,597 107,921 RECONCIUATION OF FUNDS Trtal furkts brought foThArd 373.439 4.816.262 5.189.701 TOTAL FUNDS CARRIED FORWARD 367.763 4.929.&59 5.297.622 TANGIBLE FIXED A8SETS IMprovents to Fixtures and fftts'ThJs Freehold Totals COST At 1 August 2023 Addittor 3,926,929 41,$22 4278.404 4,290 At31 Juty 2024 3.926,929 45.812 4,282.694 DEPRECIATION At 1 August 2023 Charge for year 614,763 39,269 319 1,730 664,082 40,999 At31 July 2024 664,032 41.049 695,081 NET BOOK VALUE At 31 July 2024 3371897 4,763 3.687.613 At 31 Juty 2023 3.312,166 309.953 2,203 3,624,322 INVESTMENT PROPERTY FAIR VALUE At 1 August 2023 Revaluation 1133,000 (9,000) At 31 JU 2024 1124,000 NET BOOK VALUE At 31 July 2024 1124,000 At 31 Juty 23 2,133,000 Page 14
SAINT PANTELEIMON GREEK ORTHOOOX CHURCH NOTES TO THE FINANCIAL STATEMENTS - eontlnued FOR THE YEAR ENDED 31 JULY 2024 INVESTMENT PROPERTY - contlnu Fair value at 31 July 2024 represented by. Valuation in 2019 Valuation in 2022 Valuallon in 2023 Valuation in 2024 1,725.000 374,000 34000 {9.000) 2,124,000 DEBTORS: AMouKfs FALLING DUE WITHIN ONE YEAR 2024 223 Trade deblors Other debtors Prepayments 5.665 7,383 7.092 5,568 6,620 11188 20,140 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loars and overdrafts Is88 note 12) Tr8de creditots Taxation and so(aal security Otrk9r creditors 117,690 11,299 42,708 6,382 5,677 6,407 134,666 56,098 11. CREDrroRS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans {see note 12) Otrr creditors 472.599 185,000 186,000 472.599 11 LOANS An analysis of th8 maturity of loans is given below. 2024 2023 Amounts falling due wthin one ar on demand: Bank loans 117,690 42,708 Amounts falling be88n one and years: Bank loans- 1-2 years 4n,599 Amounts falling dl in more than fve years: Repayable by instalments.. Other loans more 5yrs instal 185,OIXI Page15
SAINT PANTELEIMON GREEK ORTHODOX CHURCH NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 JULY 2024 13. SECURED DEBTS following seojred debts are included wthin creditors: 2024 2023 Bank loans 117,690 515.307 The bank loan Es seujred against the freehold propety. MOVEMENT IN FUNDS Net movem?1 in funds At 118123 31nr24 Unrestrlctsd funds General fund 367,763 {6,737) 361,0 Re8trl¢tsd fund8 St Panteleimon Church Revaluation Reserv8 4,621.869 408.000 672.347 (408,000) 5,094,206 4,929.859 164347 5,094206 TOTAL FUNDS 6,297.622 157,610 5A55.232 Net movement in fvnds, induded in th8 above are as follows: Incoming resources Resources expended Gains and Movement in funds Unro8trlctsd fund8 General fund 283,006 {289,743) 16,n7) R•8trlctod fund8 St Panteleimon Chuwth Revaluation Reserve 103,946 468,401 (399.000> 672,347 1408,000) 19,000) 103,946 69,401 (9,000) 164,347 TOTAL FUNDS 386,952 {220,342> {9,IXIO) 157,610 Page 16
SAINT PANTELEif•lON GREEK ORTHODOX CHURCH NOTES TO THE FINANaAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 JULY 2024 MOVEMENT IN FUNDS- contlnued CornparatlveB for movement In fund8 movement I funds At 31nr23 At 118122 Unre8trlctod fund8 Genwal fund 373.439 (5,676) 367.763 Regtrfcted funds St Panteleimon Church Revaluation Reservg 4,442.262 374.000 487,597 (374,OiJo) 4.929.859 4,816,262 113,597 4,929,859 TOTAL FUNDS 5,189,701 107.921 5,297.622 Comparatr48 net M0ment in funds, induded in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrn8trlcted fund8 Gengral fund 203,602 (209,278) 15,676> R08trlctod funds St Panteleimon Church Ravalualion Reserv8 85,553 402,044 (408,000) 487,597 (374,000) 34,OCM) 85,553 15,956) 34,000 113.597 TOTAL FUNDS 289.155 (215,234) 34.000 107.921 A current year 12 months and prior year 12 fflth$ cornbined position is as follows.. Net movement in funds At 31nr24 At 118122 Unrestrlctod funds Genwal fund 373.439 {12.413) 381.026 Restrlctsd fund8 st Pantelamon Church Rev8luation Reserve 4,442.262 374.000 1,059,944 (782,000) 5.502.206 (408,000) 4,816,262 277.944 5.094,208 TOTAL FUNDS 5,189,701 265.531 5.455,232 Page 17
SAiiif PANTELEIMON GREEK ORTHODOX CHURCH NOTES TO THE FINANCIAL STATEvEpifs - condnugd FOR THE YEAR ENDED 31 JULY 2024 14. MOVEMENT IN FUNDS - conllnuod A current 12 rnonttk8 and wior year 12 Mth5 net movWnt In fd5, induded in the above are as follo. Ino)ming RescAJrces Gains and 1055es Movement in funds Unmtrlcted fund• General fund {499,021} {12.413) R08tr1cted fund8 St Pantoleimon Church Revaluation Resep 189.499 870,445 (807,000) 1,059,944 (782,000) 25,000 189.499 63.445 25.000 277.944 TOTAL FUNDS 676,107 {435.57e) 25,000 2e5.531 15. RELATED PARTY DISCLOSURES There we no related paty tran8adion8 lor the year erKled 31 July 2024. Paje 18