FRIENDS OF MOUNT ATHOS (Registered Charity No. 1047287) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 Report of the Trustees Independent Examinerfs Report Financial statements Page 1 FRIENDS OF MOUNT ATHOS (Registered CharEty No. 1047287) REPORT OF THE TRUSTEES TRUSTEES Dr Graham Speake (Hon. President and Chairman) Christopher Thomas (Vice Chairman) Peter Lea (Secretary) Peter Stevenson (Treasurer) Dr Dimitri Conomos Dr Nicholas Fennell Hugo Grimwood Dr Nicholas Harff Aphrodite Papayianni Fr Stephen Platt REGISTERED OFFICE Ironstone Famhouse Milton Banbury OX15 4HH INDEPENDENT EXAMINER Tony Wolstenholme The Stables Mill Lane Clewer Village Windsor SL4 5JE BANKERS Lloyds Bank plc Piccadilly Branch Key Bank PO Box 22114 Albany New York 12201-2114 USA Page 2 FRIENDS OF MOUNT ATHOS REPORT OF THE TRUSTEES The trustees present their rel￿ for the financial statements for the year ended 31 December 2023. Charitsble Status The Friends of Mount Athos is a chanty. registered in England. number 1047287. Trustees The Trustees vtho have held office at any point during the year ended 31 December 2023 and to the date of this report are as follows.. Dr Graham Speake (Hon President. Chainnan from 5 August 2023) Revd Douglas Dales (resigned 5 August 2023, Chai￿an to that date) Christopher Thomas (Vice Chairman) Peter Lea (Secretary) Peter Stevenson FCA (Treasurer) Dr Dimitri Conomos Peter Desmond (resigned 8 October 2023) Dr Nicholas Fennell Hugo Grimwood Dr Nicholas Harff Dr Aphrodite Papayianni (coyted 9 January 2024) Fr Stephen Platt (co-opted 5 October 2023) Structure, Governance and Management The Friends of Mount Athos is established under a fomal written Constitution, as revised on 4 June 2016. The management of the charity is vested in the Executs"ve Committee which is responsible for the day to day running of the charty, organising various events and maintaining contact with the Friends to ensure they are kept up to date with events and issues. The Executive Committee also constitutes the body of truslees of the charity, and is responsible for the report made on their behalf and for the preparation of the annual accounts. All new Trustees are recruited on the recommendation of organisations and people with whom the charity works, or by exists'ng Trustees: they are given an induction pack and offered appropriate training in order to fulfil their role. Objective8 and activitles The main object of the Friends during 2023 has been the advancement of religion and of public education through the support of and the study and knowledge of the history, culture, arts, architecture, natural history and literature of the Orthodox monasteries of Mount Athos. A further object provides for the advancement of religion through the encouragement and support of religious communits'es outside Mount Athos but connected to the Holy Mountain by religious affiliation, dependency or tradition. The Executive Committee has continued to promote an appeal first launched in December 2017, in support of the restoration of the historic cell of Axion Estin; grants of £6,000 were made In the year to the Holy Monastery of Pantokrator, for transfer to the cell. An appeal in support of the thousands of Greeks who lost everything as a result of stonns and floods in central Greece in September has raised over £5,000. Achievements and perfonnance The annual Summer Conference and AGM took pla￿ as usual at St Anne's College, Oxford in June. A successful autumn meeting was held in London this year. A number of other tslks and events took place via Zoom during the year, and a successful footpath clearing project took place in the autumn. Sales of books. maps and Christrnas cards Sales of books, maps and Christmas cards conkn'nue to provide an additional source of income for the charity. Page 3 FRIENDS OF MOUNT ATHOS- REPORT OF THE TRUSTEES (continuedl Member sub8crlptk•M and donations The charity has continued to raise funds from rnulbple sources throughout the year Members. subscriptions and donatbons (induded as voluntary income in these accounts) continue to be a ste•dy source of fvnding and the Executive Committee would like to express their grattlude to those indivTrduals vtho have donated to the chanty during the course of year. Annual pllgrimago A small. but very successful, pilgrimage to Bulgaria took place in the autumn. In the trustees. view, these pilgrimages contribute to the fulfilment of the charity's objeth'ves by promoting ts religious and educab'onal purposes through visils and donations to monasteriès in some way related to Mount Athos. Publlc Bonefft The Trustee3 of the charity have had due regard both to the obpcbves of the charity. as set out above, and also to the guidaDce on public benefrt published by the Chanty Commission, in exercising their rx)wers and duties. All activities ar8 carried ￿t in pursuance of the Chanty's objects. Flnanclal Review Incom• Gross income for the y8ar frcxn all source5 totalled £37,940 (2022.. £48.2201. The unrestricted fvnds comprise subscriptions and donations fr(xn members: sales of lyjoks, maps arKI Christrnas cards.. and Income 98nerated from carrying on activities to lurthef the chanty's obiectNes. Exp•ndliurn Expenditure for the year totalled £42.286 (2022.. £43.635), and included £10,508 {2022. £NIL) spent on the redevelopment of the charity's website. Donated expenditure from the Restricted Funds of £6.000 comprised monies sent to the *￿10n Estin cell. R•8uIt for th• y••r The defKIt for the year was anti￿pated. and amounted to £4,348 (2022 surplus £4,585), giving total funds carried foTrvard of £42,445 (2022 £46.791). Futur• plans Trustees do not Fyopose lo deviate from tho Current objecbves and actNities of the charrty. as set out above, and have reinstated as full a programme of live events as possible for 2023. The Summer Conference will také place in Oxlord on 8 June 2024. and the bienn￿1 Madingiey Conference Is arranged for the weekend of 11-13 October 2024. Additicffial events will continue via physical meetings, Zoom or other appropriate Tftedia. R•8•rv•8 The trustees believe that the charity's assets are available and adequate to lultd the Obl￿a￿.0nS of the charity as a whole for at least twelve months frixn date of sKJning this report Rl8k manag•m•nt A risk assessment has been undertaken vthose primary elements are an annual review of the risks th2 charity may fac8, and a specific risk assessment routinely undertaken for the Fo3tpath cl8aring project," given the nature of this ath'vrty; trustees are sabsf*d that there are no additi'onal major rtsks at the date of these financial statements. IndO￿ndont examinatlon The independent examinats'on ol the chariils accounts has been undertaken by Tony Wolstenholme. Approved by the Trustees on 8 June 2024 And soned order of the board ty Peter Lea, Secretary Page 4 REPORT OF THE INDEPENDE1￿ EXAMINER TO THE TRUSTEFS OF THE FIUENDS OF MOUNT ATHOS I report on the financial statements of The Friends of Mount Athos for the year ended 31st De(￿M￿r 2023, as set out on pages 5 to 7. Respective responsibilities of officers and independent examiner The trustees of The Friends of Mount Athos are responsible for the preparation of the financial statements and for maintaining proper accounting records. They are also responsible for making available to me the charitys a(rounting records and all other records and inforn￿ti0n, induding minutes of meetings, rdevant to my examI￿tion. The trustees ￿nSider that an audit is not required for the year under section 44 of the Charities Act 2011 ("the Act"). and that an independent eXamI￿tion is need￿. Having satisfied myself that the charity is not subject to audit and is eligible for independent eXami￿tion, it is my rw)nsibilityto: examine the accounts under section 145 of the Act; follow the pro(Edures laid down in the General Directions given by the Charity Commission undersection 45ts)(b) of theAL*; and state whether particu]ar matters have come to my attention. Basis of independent examiner's report My examination was &2rried out in accordance with the General Directions given by the Charity CbmmissiotL An eKqmi￿ti0n indudes a review of the a(u)unting ￿(X)rdS kept by the charity and a LY)mparison of the accounts presented with those records. It also includes consideration of any unusual items or disdosures in the financial statements, and seeking explanations from you as t￿￿eeS (X)n￿rning any such matters. The procedures undertaken do not provide all the evidence that would ￿ wuiral in an audiL and (r)nsequendy no opinion is given as to whether the fAnancial statements pr￿nt a "true and fair view" and the rew)rt is limit￿ to those matters set out in the statement k]ow. Independent examiner's statement In cOnn￿tIon with my exami[￿tion, no matter has (x)me to my attention, which gives me reasonable cause to believe that in any material reSI￿rt the requirements to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not Tr￿ell met; or (2) to which, in myopinion, attention should ￿ drawn in order to enable a proper undertanding of the a(u)unts to be achieve (3) I have drawn attention to sorne minor Mem1￿rshIp1webs1te matters, which may merit (r)nsiderdtio ¥th May 2024 00 0¢ 00 POO FRIENDS OF MOUNT ATHOS Charity No 1047287 BAIANCE SHEET AS AT 310ECEMBER 2023 2023 2022 FIXED ASSETS CURRENT ASSErs Oebtor5 and wepaymgnts Cash at bank 5.325 40.501 4.554 59,325 63,879 CURRENT UABIUTIES CreditoTr and a￿n￿lS 17, NET CURRENT ASSETS 42,445 46,791 NET A3SEf8 FUNDS OF THE CHARITY Restricted funds unre8tn.cled funds 12.881 16.592 Tru8t•••' r••poMlbllltl•• Charity law requlres the Iru8to8s to prepare acco￿1& ftr e8¢h fiTrarKial p8rityJ vthieh gNe a true and fair view of the state of affairn of the tharty and of the ros￿ for thal period. In weparing these accounts. the trustees are required to Select Sullab￿ accounting and lo apply them con$l$tenty. make judgements and estimates that are reasonable and pru¢Jeni'. and prepare Ihe aCC￿nts on ts W'NJ concem basis unless il is inaw)ropriate to assume Ihal Ihe charity *ill conb.nue in business. Tha trustees are responsible for keeplng proper rectyds Ithich dmdose t*th reasonatAe accuracy at any lirne the finandal poSi￿n of the chahty. They are also responsibk lor safeguarding the assets ol the ¢harlty. and hence 18kirtg reasonable steps the Ime￿lOn ￿ ly￿8¢￿.￿ of fraud and other ifregularities. These accounts ¥ffjre apwJ¥ed by the tW8taès ￿ 8 June 2024 rkPI~. Peter Lea Tre8SU Peter Stevens FRIENDS OF MOUNT ATHOS Charty No 1047287 Page 7 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 1. Basis of accountlng These financial statements have been prepared in accordan￿ with the Statement of Recommended Practice.. knunbng and ReportJ"ng by Charities applicabk to charities preparing their accounts in accordance with the Financial Reporbng Stsndard applicable in the UK and Ireland {FRS 1021. and with the Charthes kt 2011. 2. A¢countlng poll¢l•¥ lal Income: Life membership subsuiptions are wKILKled as income in full in the year of receipL of 31 December 2023 there v*re 285 lrfe ￿￿lber$ out of 87212022.. 269 out of 790 membe￿￿. Income from the fflain btennial Conferenc£ is I￿41￿d as a restricted income source. Ib} Llabllftlu are recognised as 500n as there 18 a *al or constructive obl￿atiOn committing the charity lo pay out resources. 2023 2022 3. Donatlons and grnnts pald Restrlctod Hilandar Ap￿81 lfinall Holy Monastery of Panlokralor for A¥￿n Estsn Cell 7.067 2.575 4.492 Unre•trl¢tod Donation for Syndesmos re annual c4mp Other unfestricted Total don•tlon• and grants pald 2023 2022 4. Oth•r •xp•ndltur• {Unre•trfCt￿l Publicafjon and prfnting costs Contribution lo Footpaths Propct rninistrator costs IT and database Other costs 8.478 2.624 5.793 4.262 3.175 1,455 1,773 3,214 No trustee remunerats'on was paK112022.' £NILI', three trustees ￿Te pa￿3 exFenses totaming £419 {2022. £438. 1 trustee). The average number of empbyees was NIL12022. NIL). 2023 2022 S. Oebtor8 and pr•paymenls Debtors '. HMRC, gift aKJ Deblor¥.' Footpaths project Oebtors & prepayments.. other 1.943 3.362 3.499 210 £4,554 . Cash at bank Of Ihe loLql slated, £16.401 {2022 £15.5511 was hehj in Euro or Dollar accounts. and converted at the exchange fate prevailing on 31 DecÉmber. 2023 2022 7. Cr•dltors Madingley Conference {Nov 20221 Subscriptions reeeNed in advance Olher Creditors and advan￿ receipts 14,726 1.176 1,186 £17.088 1.387 8. Contingent liabilitles and rglated paty trartsactions There were no Contingent liabilibes in eithgr year. Relaled paty transacbons consksled of payment of £5,OCM)12022 £3,175) for the provision of administrative services at ann's length commercial rates by the wife of Dr NicJ)olas Harff, one of the trustees.