REGISTERED CHARITY NUMBER: 1049541
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
|
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Page |
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Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
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Statement of Financial Activities |
|
5 |
|
Balance Sheet |
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6 |
|
Notes to the Financial Statements |
7 |
to |
11 |
Detailed Statement of Financial Activities |
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12 |
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THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2023.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharities preparing
theiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective and aims of the charity are:
TopreserveandpropagatetheChristianOrthodoxfaithandtraditionsascontainedintheHolyScriptures,aspractisedinthelifeof the
Church,asconfirmedbytheEcumenicalandlocalcouncilsandasinterpreted,preservedandtaughtbytheGreatChurchofChrist, the
Ecumenical Patriarchate of Constantinople.
TopreservetheoriginallanguageoftheNewTestamentinDivineWorshipandintheEcclesiasticallifeofthefaithful,andtominister to
thepeoplethroughcanonicalservicesconductedaccordingtotheorderoftheGreatChurchofConstantinoplebycanonicalpriests, and
through sermons and through catechism and Greek Language Schools.
To establish schools for the teaching of Greek Orthodox education.
ToreceiveintotheOrthodoxChristianfaith,byBaptismorChrismation,allthosewhofreelydecideandsincerelydesiretoadopt the
Orthodox Christian faith, and to live in accordance with its spiritual and moral teaching.
Toundertakecharitableworkforthebenefitofthosewhoneedprotection,assistanceandmedicalcare,tomakegrants to
organisations (including schools and charities), to provide services (including care/counselling).
The trustees are pleased to report that in their opinion the objectives were generally met.
Significant activities
The charity's significant activities are the administering of the assets of the charity, including the church and its contents.
Public benefit
Thetrusteesconfirmthattheyhavecompliedwiththeirdutytohaveregardtotheguidanceonpublicbenefitpublishedbythe Charity
Commission in exercising their function.
Volunteers
All trustees perform their duties on a voluntary basis.
ACHIEVEMENT AND PERFORMANCE
Theresultsforthefinancialyearofthecharityareshownintheannexedfinancialstatements.Thereceiptsofthecharity have
increasedthisyearmainlyfromtherentalincomeanddonationstocovertheinterestexpensefromthemortgageundertaken.As a
result,thenetincomefortheyearwas£4,081(2022:£2,747).Theexpenditurewassignificantlyincreasedmainlyduetothe interest
expense.
FINANCIAL REVIEW
Principal funding sources
TheCharitygeneratesincomefromdonations,themajoritybeingreceivedfromTheGreekOrthodoxCommunity"TheTwelve Apostles"
HertfordshireTrust,theoperatingcharity,forthepaymentsofitscoststowardsmanagingandadministeringtheassetsofthe charity,
unless specifically specified.
Investment in car park
In2013,aninformalagreementwasmadewiththeexistinglandlordoftheleaseholdpremisestoextendthecarpark.The expenditure
wasapprovedbythetrusteesandlocalauthorityapprovalwasobtained.Thetrusteesexpectaminimumof10yearsuseand the
expenditure has been amortised accordingly.
Review of Charity's financial position
The Trustees highlight the increase in donations from the Trust in the year to cover the relevant expenses £30,000 (2022: £Nil).
TheresultsofthecharityaresetoutonPage5-11.Thefinancialpositionofthecharityisstrongwithunrestrictedfundsof £1,531,540
(2022:£1,527,459)andnetcurrentassetsof£52,700(2022:£119,116).Thetrusteesareconfidentthatsafeguardsareinplace to
preserve the charity's ability to generate forthcoming income.
Witheffectfrom1July2005TheGreekOrthodoxCommunity"TheTwelveApostles"HertfordshireBoardagreedthatThe Greek
OrthodoxCommunity"TheTwelveApostles"HertfordshireTrust(CharityRegistrationNumber1108369)willmaintainallthe operations
fortheCharity(CharityRegistrationNumber1049541)includingallincome,hireandlettingofthepremises,makingallpayments for
running and administration.
Page 1
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
Reserves policy
Thetrusteeshaveconsideredthereservespolicy.TheCharityinvestsinHeritageassets,£2,311,064(2022:£1,540,008)which are
usedforthepromotionofthecharity'sobjectives.Theincomegeneratedbyallassets,togetherwiththeincomefromThe Greek
OrthodoxCommunity"TheTwelveApostles"HertfordshireTrustisactivelymonitoredtoallowsufficientreservestofund the
commitmentsoftheCharity.TheCharityreservesshouldbemaintainedataminimumlevelwhichequatestoapproximatelysix months
ofunrestrictedcharitableexpenditure.TheTrusteesconsiderthatreservesatthislevelwillensurethat,intheeventofa significant
dropinfunding,theywillbeabletocontinuetheCharity'scurrentactivities,whileconsiderationisgiventowaysinwhich additional
funds may be raised. This level of reserves has been maintained throughout the year.
FUTURE PLANS
The Community Board's aims are:
A To increase the Church's capacity
B To attract younger members to our community.
C To improve the church grounds.
D To promote attendance at our Saturday morning services in English.
E To find local accommodation suitable for community and pastoral needs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesanunincorporatedcharitywhichisthe custodial
charity.Theincorporatedcharity,TheGreekOrthodoxCommunity"TheTwelveApostles"HertfordshireTrust,istheoperating charity
and its surplus income is donated to the trust.
Recruitment and appointment of new trustees
ThetrusteesofthecharitywhoarealsotrusteesoftheincorporatedbodyTheGreekOrthodoxCommunity"TheTwelve Apostles"
Hertfordshire Trust (Registered Charity No:1108369) must be members of the Community.
Allmembersareeligibletostandforelection.Applicantsareappointedbyvotingandfourareselectedandappointedbyhis Eminence
theArchbishopofThyateiraandGreatBritaininconsultationwiththeparishpriest.Thetrusteeswillserveatermoftwoyears. The
trustees are familiar with the practical work of the charity.
Organisational structure
ThecharityisgovernedbyitstrusteeswhocomprisetheCommunityBoard.TheCommunityBoardcomprisestheelectedmembers of
theincorporatedbodyknownasTheGreekOrthodoxCommunity"TheTwelveApostles"HertfordshireTrust(Registered Charity
No.1108369).
ThemembersofthecharityarethepersonsservingontheCommunityBoard.EachpersonwhoisamemberoftheCommunity Board
shall,atthetimeofthisappointmenttotheCommunityBoard,becomeamemberofthecharityandonceasingtobeamemberof the
Community Board, for any reason ,shall at the same cease to be a member of the charity.
TheBoardmeetstentimesayeartoadministertheaffairsofthecharity.TheBoardelectaChairman,aVice-Chairman,a Treasurer
and a Secretary to carry out day-to-day functions.
Thepresidingpriestbyvirtueofhiscanonicalordinationadministersthepriestlydutieswhichconsistinshepherdingthe Parish
entrusted to his care, directing its orderly life, preserving its unity and keeping it faithful to its divine purpose.
The Board appoints sub-committees to develop, administer and promote fund raising, religious festivals and charitable causes.
Induction and training of new trustees
Alltrusteesarebriefedontheirlegalobligationsundercharitylaw,thecontentofthedeedoftrust,thecommitteeanddecision making
processes, the projections and recent financial performance of the charity.
AtthefirstboardmeetingthetrusteeswillelecttheChair,TreasurerandSecretary.TheChairco-ordinatesallthecharity's activities
including meetings, functions, fund raising committees and liaises with the priest and staff.
TheTreasurermaintainsthefinancialrecords,managementreports,budgetingandthepreparationoffinancialstatements. The
Secretary maintains the minutes and correspondence.
All other trustees are on a rota for church services, candle sales, collections and fund raising.
Wider network
The Charity is under the auspices of the Greek Archdiocese of Thyateira and Great Britain.
Related parties
ThecharityisgovernedbyitstrusteeswhoarealsoelectedmembersandtrusteesofTheGreekOrthodoxCommunity"The Twelve
Apostles" Hertfordshire Trust, and receives a substantial amount of the surplus funds generated by the incorporated body.
Page 2
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Amendments and additions to the constitution
Aspecialresolutionwaspassedthatthecompanyknownas"TheGreekOrthodoxCommunityTheTwelveApostlesHertfordshire Trust"
(CompanyRegistrationNumber05059031)ofwhichtheCommunityBoardaretheMembersandDirectors,subjecttodelegationto the
company,thecompanymayonbehalfofthecommunityattherequestoftheCommunityBoard,holdthemoneycapitalandassets of
thecommunity(otherthanimmovablepropertyheldbytheTrusteesbutincludingincomeorothermoniesorbenefits derived
therefrom)andenterintocontractsofemploymentandinsuranceandforhiringorlettingofthepremisesofthecommunityor for
repairorimprovementthereoforforanyotherpurposeagreedbetweenthecompanyandtheCommunityBoardandmakeall payments
due under such contracts or to procure the services to be provided thereby or otherwise as the Community Board shall authorise.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1049541
Principal address
Church Kentish Lane
Brookmans Park
Hatfield
Hertfordshire
AL9 6NG
Trustees
Trustees |
|
|
Archbishop Nikitas of Thyateira & Great Britain |
Archbishop |
|
D A Liveras |
Management Trustee |
(resigned 11 March 2024) |
L Loizou |
Custodial Trustee-Chairman |
|
D Habeshis |
Management Trustee |
|
Y Nicholas |
Custodial Trustee |
(resigned 11 March 2024) |
M Pilina |
Management Trustee |
|
S A Savva |
Management Trustee-Secretary |
|
I Chronias |
Management Trustee |
|
E Kritikos |
Management Trustee-Treasurer |
|
C D Constantinou |
Management Trustee |
|
S Economou |
Management Trustee |
|
S Spyrou |
Management Trustee |
|
M Rodosthenous |
Custodial/Management Trustee |
|
T Liousas |
Management Trustee |
|
K Kyriakou |
Management Trustee |
|
Y Ioannou |
Management Trustee |
(appointed 3 January 2024) |
Independent Examiner |
|
|
G Christoforou |
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|
AC Partners LLP |
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|
Chartered Accountants |
|
|
869 High Road |
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|
London |
|
|
N12 8QA |
|
|
Solicitors |
|
|
Nicholas & Co. |
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|
18 Wigmore Street |
|
|
London |
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|
W1U 2RG |
|
|
Bankers |
|
|
Bank of Scotland |
|
|
33 St Andrew Square |
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Edinburgh |
|
|
EH2 2YR |
|
|
Approved by order of the board of trustees on 20 May 2024 and signed on its behalf by:
L Loizou - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE
Independent examiner's report to the trustees of The Greek Orthodox Community The Twelve Apostles Hertfordshire
IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheGreekOrthodoxCommunityTheTwelve Apostles
Hertfordshire (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewiththerequirementsof the
Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145oftheActandincarryingout my
examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwiththe examination
giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattentionshouldbedrawn in
this report in order to enable a proper understanding of the accounts to be reached.
G Christoforou
The Institute of Chartered Accountants in England and Wales
AC Partners LLP
Chartered Accountants
869 High Road
London
N12 8QA
20 May 2024
Page 4
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Other
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2023
Unrestricted
fund
£
30,000
20,589
50,589
46,508
4,081
1,527,459
1,531,540 |
2022
Total
funds
£
-
20,245 |
|
|
20,245 |
|
|
17,498 |
|
|
2,747
1,524,712 |
|
|
1,527,459 |
The notes form part of these financial statements
Page 5
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
BALANCE SHEET
31 DECEMBER 2023
|
|
2023 |
2022 |
|
|
Unrestricted |
Total |
|
|
fund |
funds |
|
Notes |
£ |
£ |
FIXED ASSETS |
|
|
|
Tangible assets |
5 |
409,649 |
412,161 |
Heritage assets |
6 |
2,311,064 |
1,540,008 |
|
|
2,720,713 |
1,952,169 |
CURRENT ASSETS |
|
|
|
Debtors |
7 |
- |
76,263 |
Cash at bank |
|
53,780 |
43,753 |
|
|
53,780 |
120,016 |
CREDITORS |
|
|
|
Amounts falling due within one year |
8 |
(1,080) |
(900) |
NET CURRENT ASSETS |
|
52,700 |
119,116 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
2,773,413 |
2,071,285 |
CREDITORS |
|
|
|
Amounts falling due after more than one year |
9 |
(1,241,873) |
(543,826) |
NET ASSETS |
|
1,531,540 |
1,527,459 |
FUNDS |
12 |
|
|
Unrestricted funds |
|
1,531,540 |
1,527,459 |
TOTAL FUNDS |
|
1,531,540 |
1,527,459 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon20May2024andweresignedon its
behalf by:
L Loizou - Trustee
The notes form part of these financial statements
Page 6
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenpreparedinaccordance with
theCharitiesSORP(FRS102)'AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicable to
charitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReportingStandardapplicable in
theUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeenpreparedunderthe historical
cost convention.
INCOME
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,itisprobable that
the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountofthe obligation
canbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadings that
aggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingstheyhave been
allocated to activities on a basis consistent with the use of resources.
ALLOCATION AND APPORTIONMENT OF COSTS
Costsareallocatedasgeneraloperatingexpensesunlesstheyareinregardtospecificactivitiesgenerationincome,in which
case they are then allocated according to specific cost type.
TANGIBLE FIXED ASSETS AND DEPRECIATION
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property- not provided
Short leasehold- Over the life of the lease
Plant and machinery- 15% on reducing balance
Fixtures and fittings- 10% on reducing balance
Computer equipment- 15% on reducing balance
TheFreeholdPropertyhasnotbeendepreciated,asthelongtermobjectiveistousethispropertywithinthe charity's
mainstreamactivity,asavicarage,andhenceitisstatedatcostandnottreatedasaninvestmentsproperty.The trustees
considerthatthisdeparturefromtherequirementinCharitiesSORP(FRS102)todepreciatedfixedassetsisnecessaryto show
a true and fair view.
Thetrusteescarryoutanannualreviewoftangiblefixedassetsandimpairment.Itistheiropinionthattherehasbeen no
change in value during the current year.
HERITAGE ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritage assets - not provided
Freehold Church
TheFreeholdChurchactsasthespiritualandcommunitycentreforallmembersoftheGreekOrthodoxFaithbased in
Hertfordshire. The Freehold Church is reported in the Balance Sheet at cost and is not depreciated
Icons and Works of Art
TheCharity'sIconsandWorksofArtarereportedintheBalanceSheetatcostandarenotdepreciated.Thecollection is
deemedtohaveindeterminatelivesandhighresidualvalue;hence,theTrusteesdonotconsideritappropriateto charge
depreciation.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 7
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
2. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
|
|
|
|
2023 |
2022 |
|
Unrestricted |
Restricted |
Total |
Total |
|
funds |
funds |
funds |
funds |
|
£ |
£ |
£ |
£ |
Rents received |
20,589 |
- |
20,589 |
20,245 |
3. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2023norfortheyear ended
31 December 2022.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
5.
INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Other
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
TANGIBLE FIXED ASSETS
COST
At 1 January 2023
Disposals
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
Eliminated on disposal
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022 |
Freehold
property
£
388,638
-
388,638
-
-
-
-
388,638
388,638 |
Unrestricted
fund
£
20,245
17,498
2,747
1,524,712
1,527,459
Short
Plant and
leasehold
machinery
£
£
70,954
9,170
(70,954)
-
-
9,170
70,954
6,640
-
379
(70,954)
-
-
7,019
-
2,151
-
2,530 |
Unrestricted
fund
£
20,245
17,498
2,747
1,524,712
1,527,459
Short
Plant and
leasehold
machinery
£
£
70,954
9,170
(70,954)
-
-
9,170
70,954
6,640
-
379
(70,954)
-
-
7,019
-
2,151
-
2,530 |
|
|
|
17,498 |
|
|
|
2,747
1,524,712 |
|
|
|
1,527,459 |
|
|
|
Plant and
machinery
£
9,170
-
9,170
6,640
379
-
7,019
2,151
2,530 |
continued...
Page 8
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
5. TANGIBLE FIXED ASSETS - continued
COST
At 1 January 2023
Disposals
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
Eliminated on disposal
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
6.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2023
Additions
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022 |
Fixtures
and
Computer
fittings
equipment
£
£
150,581
1,982
-
-
150,581
1,982
130,255
1,315
2,032
101
-
-
132,287
1,416
18,294
566
20,326
667 |
Totals
£
621,325
(70,954)
550,371
209,164
2,512
(70,954)
140,722
409,649
412,161
Total
£
1,540,008
771,056
2,311,064
2,311,064
1,540,008 |
|
|
|
TheheritageassetsconsistoftheFreeholdChurchandicons.TheTrusteesensurethatheritageassetsaremaintained and
preserved.
During the year the Charity built an extension to the Church.
The Church and icons are available for viewing by the public when the Church is open.
7.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
2023 |
|
2022 |
|
£ |
|
£ |
Other debtors |
|
- |
76,263 |
continued...
Page 9
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
8. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
Accrued expenses |
|
1,080 |
900 |
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
Bank loans (see note 10) |
|
546,000 |
543,826 |
|
|
Other creditors |
|
695,873 |
|
- |
|
|
|
1,241,873 |
543,826 |
|
10. |
LOANS |
|
|
|
|
|
An analysis of the maturity of loans is given below: |
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
Amounts falling due in more than five years: |
|
|
|
|
|
Repayable otherwise than by instalments: |
|
|
|
|
|
Bank loans more 5 yrs non-inst |
|
546,000 |
543,826 |
|
11. |
SECURED DEBTS |
|
|
|
|
|
The following secured debts are included within creditors: |
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
Bank loans |
|
546,000 |
543,826 |
|
|
The Bank Loan was secured by way of a first legal charge over the freehold property, |
|
granted by the Greek Orthodox |
|
|
|
Community "The Twelve Apostles Hertfordshire". |
|
|
|
|
12. |
MOVEMENT IN FUNDS |
|
|
|
|
|
|
|
Net |
|
|
|
|
|
movement |
At |
|
|
|
At 1.1.23 |
in funds |
31.12.23 |
|
|
|
£ |
£ |
£ |
|
|
Unrestricted funds |
|
|
|
|
|
General fund |
1,527,459 |
4,081 |
1,531,540 |
|
|
TOTAL FUNDS |
1,527,459 |
4,081 |
1,531,540 |
|
|
Net movement in funds, included in the above are as follows: |
|
|
|
|
|
|
Incoming |
Resources |
Movement |
|
|
|
resources |
expended |
in funds |
|
|
|
£ |
£ |
£ |
|
|
Unrestricted funds |
|
|
|
|
|
General fund |
50,589 |
(46,508) |
4,081 |
|
|
TOTAL FUNDS |
50,589 |
(46,508) |
4,081 |
|
continued...
Page 10
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
|
|
Net |
|
|
|
movement |
At |
|
At 1.1.22 |
in funds |
31.12.22 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
1,524,712 |
2,747 |
1,527,459 |
TOTAL FUNDS |
1,524,712 |
2,747 |
1,527,459 |
Comparative net movement in funds, included in the above are as follows: |
|
|
|
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
20,245 |
(17,498) |
2,747 |
TOTAL FUNDS |
20,245 |
(17,498) |
2,747 |
A current year 12 months and prior year 12 months combined position is as |
follows: |
|
|
|
|
Net |
|
|
|
movement |
At |
|
At 1.1.22 |
in funds |
31.12.23 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
1,524,712 |
6,828 |
1,531,540 |
TOTAL FUNDS |
1,524,712 |
6,828 |
1,531,540 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
70,834 |
(64,006) |
6,828 |
TOTAL FUNDS |
70,834 |
(64,006) |
6,828 |
13. RELATED PARTY DISCLOSURES
TheCharityreceivedunrestricteddonationsamountingto£30,000(2022:£Nil)inwayofbothmoniesandassetsfrom The
GreekOrthodoxCommunity"TheTwelveApostles"HertfordshireTrust,whichistheoperatingCharity.Withinother creditors
fallingduewithinmorethanoneyearthereisabalanceof£695,873duefromtheTwelveApostlesHertfordshireTrust (2022:
£76,263 other debtors) that is repayable on demand.
The Trustees of the Charity are also Trustees of The Greek Orthodox Community "The Twelve Apostles" Hertfordshire Trust.
Page 11
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE
INCOME AND ENDOWMENTS
Donations and legacies
Donations -Non Gift Aid
Investment income
Rents received
Total incoming resources
EXPENDITURE
Support costs
Management
Accountancy Fees
Professional Fees
Plant and machinery
Fixtures and fittings
Computer equipment
Finance
Bank charges
Loan arrangement fees
Bank charges and interest
Bank loan interest
Total resources expended
Net income |
DE |
TAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
30,000
-
20,589
20,245
50,589
20,245
1,260
1,080
-
4,488
380
446
2,033
2,258
100
118
3,773
8,390
20
-
2,154
-
-
4,093
40,561
5,015
42,735
9,108
46,508
17,498
4,081
2,747 |
TAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
30,000
-
20,589
20,245
50,589
20,245
1,260
1,080
-
4,488
380
446
2,033
2,258
100
118
3,773
8,390
20
-
2,154
-
-
4,093
40,561
5,015
42,735
9,108
46,508
17,498
4,081
2,747 |
|
|
|
|
|
|
|
20,245
1,080
4,488
446
2,258
118 |
|
|
|
8,390
-
-
4,093
5,015 |
|
|
|
9,108 |
|
|
|
17,498 |
|
|
|
2,747 |
This page does not form part of the statutory financial statements
Page 12