Charity number: 1040908
ST ATHANASIOS CAMBRIDGE
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ST ATHANASIOS CAMBRIDGE
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 19 |
| The following pages do not form part of the statutory financial statements: | |
| Charity Detailed income and expenditure account and summaries |
ST ATHANASIOS CAMBRIDGE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees Archbishop Nikitas Lioulias, Chair (appointed 16 January 2022) Rev. Costakis Andreou Garibaldinos (appointed 16 January 2022) Andreas Socratous Constantinides (appointed 24 August 2021) George Gregory Pippas (appointed 24 August 2021) Nicholas Demos Harris (appointed 24 March 2011)
Charity registered number 1040908 Principal office 154 Cherry HInton Road Cambridge CB1 7AJ
Page 1
ST ATHANASIOS CAMBRIDGE
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the financial statements of the Greek Orthodox Community of St Athanasios Cambridge for the 1 January 2023 to 31 December 2023.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The activities of the Charity is that of advancing the Christian Orthodox faith, Greek Language, Civilisation, ideals and public education. To provide facilities in the interest of social welfare for recreation and leisure time activities with the object of improving the condition of the life of the parishioners of Cambridge and the surrounding districts.
Achievements and performance
a. Main achievements of the Charity
The Charity provides weekly church services and a Greek School, together with facilities for the elderly.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Constitution
St Athanasios Cambridge is a registered charity, number 1040908, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Page 2
ST ATHANASIOS CAMBRIDGE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.
Approved by order of the members of the board of Trustees on 18 December 2024 and signed on their behalf by:
Mr G Pippas
Page 3
ST ATHANASIOS CAMBRIDGE
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Report to the Trustees of St Athanasios Cambridge ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that 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 accounts do not accord with those records; or
-
the accounts 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Disclosure Section
The activities of the Greek School of St Athanasios Cambridge are dealt separately by a Governing Committee elected by parents of the School, overseen by the Trustees. As the school comes under the Charity the results over the years have been included in this year's accounts,
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Page 4
ST ATHANASIOS CAMBRIDGE
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Marios Tjirkalli
Dated: 18 December 2024
M A S Tjirkalli FCCA P O Box 7800 Mayfair London W1A 4GA
Page 5
ST ATHANASIOS CAMBRIDGE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Other trading activities 3 Investments 4 Other income 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 46,039 10,840 4,233 61,112 1,068 48,957 50,025 11,087 1,349,030 11,087 1,360,117 |
Total funds 2023 £ 46,039 10,840 4,233 61,112 1,068 48,957 50,025 11,087 1,349,030 11,087 1,360,117 |
Total funds 2022 £ 50,967 78,620 25,000 |
|---|---|---|---|
| 154,587 | |||
| 2,626 37,799 |
|||
| 40,425 | |||
| 114,162 | |||
| 1,234,868 114,162 |
|||
| 1,349,030 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 19 form part of these financial statements.
Page 6
ST ATHANASIOS CAMBRIDGE
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
269,757 269,757 (3,000) |
2023 £ 1,093,360 1,093,360 266,757 1,360,117 1,360,117 1,360,117 - 1,360,117 1,360,117 |
259,170 259,170 (1,500) |
2022 £ 1,091,360 |
|---|---|---|---|---|
| 1,091,360 257,670 |
||||
| 1,349,030 | ||||
| 1,349,030 | ||||
| 1,349,030 | ||||
| - 1,349,030 |
||||
| 1,349,030 |
The financial statements were approved and authorised for issue by the Trustees on 18 December 2024 and signed on their behalf by:
Mr G Pippas
The notes on pages 8 to 19 form part of these financial statements.
Page 7
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
Enter text here - user input
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St Athanasios Cambridge meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 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 allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 8
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
- Freehold property - Long-term leasehold property - Office equipment Other fixed assets -
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.7 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 9
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from other trading activities
Income from fundraising events
| Ceremonies Candles and collection Donations Ceremonies Candles and collection Donations |
Unrestricted funds 2023 £ 6,210 24,039 15,790 46,039 Unrestricted funds 2022 £ 6,000 22,280 22,687 50,967 |
Total funds 2023 £ 6,210 24,039 15,790 |
|---|---|---|
| 46,039 | ||
| Total funds 2022 £ 6,000 22,280 22,687 |
||
| 50,967 |
Page 10
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. Investment income
| Unrestricted funds 2023 £ Hire of hall/parking 12,000 Greek school activites (1,177) Bank interest 17 10,840 Unrestricted funds 2022 £ Investment income - local investment properties 9,622 Investment income - subsidiaries, associates and connected companies 68,988 Investment income - interest 10 78,620 |
Total funds 2023 £ 12,000 (1,177) 17 |
|---|---|
| 10,840 | |
| Total funds 2022 £ 9,622 68,988 10 |
|
| 78,620 |
5. Other incoming resources
| Insurance claim Insurance claim |
Unrestricted funds 2023 £ 4,233 Unrestricted funds 2022 £ 25,000 |
Total funds 2023 £ 4,233 Total funds 2022 £ 25,000 |
|---|---|---|
Page 11
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Candles | 1,068 | 1,068 |
Page 12
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Expenditure on raising funds (continued)
Costs of raising voluntary income (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Candles | 2,626 | 2,626 |
7. Analysis of expenditure on charitable activities Summary by fund type
| Direct costs - Activities Water rates |
Unrestricted funds 2023 £ 48,957 Unrestricted funds 2022 £ 37,799 |
Total 2023 £ 48,957 |
|---|---|---|
| Total 2022 £ 37,799 |
8. Analysis of expenditure by activities
| Activities | ||
|---|---|---|
| undertaken | Total | |
| directly | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Administration, cleaning, insurance and salaries | 48,957 | 48,957 |
Page 13
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Analysis of expenditure by activities (continued)
| Activities | ||
|---|---|---|
| undertaken | Total | |
| directly | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Administration, insurance and salaries | 37,799 | 37,799 |
9. Independent examiner's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 1,500 | 1,500 |
10. Staff costs
| Wages and salaries | 2023 £ 21,452 21,452 |
2022 £ 7,200 |
|---|---|---|
| 7,200 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Administration | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
The main work force offer their services voluntarily.
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
Page 14
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
11. Trustees' remuneration and expenses (continued)
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .
12. Tangible fixed assets
| Cost or valuation At 1 January 2023 Additions At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Freehold property £ 720,000 - 720,000 720,000 720,000 |
Long-term leasehold property £ 356,576 - 356,576 356,576 356,576 |
Office equipment £ 14,784 - 14,784 14,784 14,784 |
Iconography £ - 2,000 2,000 2,000 - |
Total £ 1,091,360 2,000 |
|---|---|---|---|---|---|
| 1,093,360 | |||||
| 1,093,360 | |||||
| 1,091,360 |
13. Creditors: Amounts falling due within one year
| Accruals and deferred income 14. Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2023 £ 3,000 2023 £ 269,757 |
2022 £ 1,500 |
|---|---|---|
| 2022 £ 259,170 |
Financial assets measured at fair value through income and expenditure comprise….
Page 15
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Statement of funds
| Statement of funds - current year | ||||
|---|---|---|---|---|
| Balance at | ||||
| Balance at 1 | 31 | |||
| January | December | |||
| 2023 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds - all funds | 1,349,030 | 61,112 | (50,025) | 1,360,117 |
Page 16
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Statement of funds (continued)
Statement of funds - prior year
----- Start of picture text -----
Balance at
Balance at 31
1 January December
2022 Income Expenditure 2022
£ £ £ £
Unrestricted funds
General Funds - all funds 1,234,868 154,586 (40,424) 1,349,030
----- End of picture text -----
16. Summary of funds
Summary of funds - current year
| General funds Summary of funds - prior year General funds |
Balance at 1 January 2023 £ 1,349,030 Balance at 1 January 2022 £ 1,234,868 |
Income £ 61,112 Income £ 154,586 |
Expenditure £ (50,025) Expenditure £ (40,424) |
Balance at 31 December 2023 £ 1,360,117 |
|---|---|---|---|---|
| Balance at 31 December 2022 £ 1,349,030 |
Page 17
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 1,093,360 Current assets 269,757 Creditors due within one year (3,000) Total 1,360,117 |
Total funds 2023 £ 1,093,360 269,757 (3,000) 1,360,117 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 1,091,360 259,170 (1,500) 1,349,030 |
Total funds 2022 £ 1,091,360 259,170 (1,500) 1,349,030 |
|---|---|---|
18. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Net cash provided by operating activities |
2023 £ 11,087 11,087 |
2022 £ 114,162 |
|---|---|---|
| 114,162 |
Page 18
ST ATHANASIOS CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
19. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents Analysis of changes in net debt Cash at bank and in hand |
At 1 January 2023 £ 259,170 259,170 |
2023 £ 269,757 269,757 Cash flows £ 10,587 10,587 |
2022 £ 259,170 |
||
|---|---|---|---|---|---|
| 259,170 | |||||
| At 31 December 2023 £ 269,757 269,757 |
|||||
20. Analysis of changes in net debt
Page 19
ST ATHANASIOS CAMBRIDGE
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 £ Income Trading and fund raising expenditure 61,112 Investments and other income - Gains on investments Gross income in the reporting period Less: Trading and raising funds expenditure - Trading and raising funds expenditure Total expenditure Net income before taxation for the reporting period Tax payable Net income for the reporting period Surplus for the reporting period Surplus brought forward at 1 January 2023 Surplus carried forward at 31 December 2023 The notes on pages 8 to 19 form part of these financial statements. |
2023 £ 61,112 - 61,112 - 50,025 50,025 11,087 - 11,087 11,087 114,162 125,249 |
2022 £ 50,967 103,619 40,424 |
2022 £ |
|---|---|---|---|
| 154,586 | |||
| - | |||
| 154,586 | |||
| 40,424 | |||
| - | |||
| 40,424 | |||
| 114,162 | |||
| - | |||
| 114,162 | |||
| 114,162 - |
|||
| 114,162 | |||
Page 20