CHARITY REGISTRATION NUM8ER: 1053102 St Lazarus Community of East London Trust Unaudited Financial Statements 31 December 2022 KAY TERS Chartered Certified Accountants Ground Floor East 3040 Eastcheap Ctty of London London EC3M 1HD St Lazarus Community of East London Trust Financial Stat•m•nts Year ended 31 December 2022 Pages Trustees, annual report Independent examinefs report to the trustees 1to3 Statement of financial activities Statement of financial position Notes to the financial statements 7t016 The followlng pages do not forni part of the flnanclal ststsments Detailed statement of financial activities 18 St Lazarus Community of East London Trust Tru8tees' Annual Report Year ended 31 December 2022 The trustees present their ￿port and the unaudrted financial statements of the charrty for Ihe year ended 31 December 2022. Refvrgn¢e and admlnlstrallvè d•lall8 Roglslored ¢harity name St Lazarus Community of East London Trust Charlty regl8tratlon nUM￿r 1053102 PrIn¢l￿1 offlce St. Lazarus and SL Andrews Church Rutland Road Forest Gale London E7 8PH The IrustO08 His Eminence Arch￿'ShoP Nikitas Loulias Mr Aexandros Pelopidas Mr Angelos Zacharia Mr Panawotis Fokou Mr Chris Mexandrou Mr A18cos Lysardrou Mr Panayiots"s Kourtis Mr Peter Zenios Independent examlner David Kay Chartered Cerlified A¢¢ountants Ground Fbor East 3040 Easlcheap City of London London EC3M 1HD St Lazarus Community of East London Trust Tru8tees' Annual Report (conllftu•dJ Year ended 31 December 2022 Structure. governance and management Legal and Administrative The charity is controlled by a deed of trust which sets the basis on which trustees operate and control the Irusl.The trust is an unincorporated entity and govemed by the trust deed. Govemance The trust 1$ controlled and operated in the Interest of the local community by elected trustees.The Iruslees are appointed for a tsvelve month period after which they may be re*lected. The Iruslees meet on a quarterty basis lo deliberate on the current issues and make appropriate and majority decisions conceming the charitys financial and socrdl affairs. Risk Management The twstees have a duty to safeguard the charws assets and lo ensure that the charity has adequate funds lo meet all Ils current and future commitments. The trustees ensure that the current procedures in place are able to meet the above dutses and are reviewed regularly lo ensure they remain effectsve and relevant. Objectlves and actlvltle8 General Objectives The objects of the charity are to advance the Greek Orthodox faith.lo advance public eduoation,lo lieve povety,sickne$$ and distress and to provhle facilitses in the interest of the social welfare for recreation and leisure tsme aclivib'es Wblh the aim of improving the condib'on of life for the inhabitants of the London Borough of Newham and its environs. Wekorning and Hospital The charity has aclwely encouraged and implemented a policy which welcomes everybody regardless of ethnicity and sccial background who wsh to worship and actsvely parb"¢ipate in the ¢harity's current and future acbvibes. Fund raislng activrties A sponsored walk held annually Whe￿ members of the congregats'on and other volunteer$ part￿CIpate. An annual fete is held at the church premises where everybody is invited to particlpale. Members of the commtttee and those trom St Martha and Maria Chanty Organisalion prepare food and assorted sweets which 1$ sold to guests. Supporters and other members of the public are invited to sponsor those participatr"ng. Other aclivibes under cons￿erab"On are sponsored five side football loumamenls and annual day trips.The Committee is open and welcomes new ideas to improve and increase fund raising. Improving communication The charity is hoping to built a website vthich it hopes wll improve communication be￿en the charity and the public and lo better promote the charity's objectives. St Lazarus Community of East London Trust Truslees. Annual Report Iconthued) Year ended 31 December 2022 Achlovom•nts and pertomian¢o During the Current year the trustees worked to maintain the fo¢us of the trust's activities as laid out in ils objectives. These obje¢b"ve5 are the proVis￿n of services for the local community, the understanding of Greek Orthodox faith, the teaching and promots.on of Greek language, culture and ethos. It alw provides 5UPPOrt to members of the communty in need through Ihe work of the Ladies Auxiliary committee which provides meals to those in need and visits and comforts people in hospitals. Flnanclal revlew Current Results The results for the perfod are shown on pages 5 to 6 together wrth the attached notes on pages 7 to 11 in the accounts. The chanty has register a net surplus of £3347 of donab'ons received over expendrture incurred which was offset against the charitls unr8stricted reserves. Flnanclal In8trumonl• The charity has a loan from the Salnl N￿hOlaS Educational Trust whlch tt look out In April 2017 and is paying back In monthly installments. ,I.I&Ts. The trustees, annual report was approved on ...... trustee and signed on behalf of the board of elopidas Mr Angelos Zacharia Trustee TN St Lazarus Community of East London Trust Independent Examlnerfs Report to the Trustees of St Lazarus Community of East London Trust Year ended 31 December 2022 I report to the trustees on my examination of the financial statements of Sl Lazarus Community of East London Trusl ('the chariv) for the year ended 31 December 2022. Responslbllltl•s and basis of report As the trustees of the charity you are respon51ble for the preparatbon of the financial statements in accordance with the Tequirements of the Charitses Act 20111'the A¢r>. I report in respect of my examination of the chartys financral statements carried out under sects'on 145 of the 2011 Act and in carying out my examinatK)n I have followed all the applicable Diwtions given by the Charity Commi$$K)n under $￿tIon 14515)(bl of the ACL Independent examlnerf8 Statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination gNing me cause to believe that in any matenal respect. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial stal8m8nts do not accord with thosé records.. or the linancial slatemenls do not comply vAth the applicable requirements ccn¢erning the form and content of accounts set out in the Charities IA¢¢ounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'true and fairf view which is not a rnatter considered as part of an independonl examination. I have no concerns and have come across no other matters In connection with the examination to which attentio uld be drawn in this report in order to enable a prO￿r understanding of the accou ere hed. David Cha In erbfied Accountants ndent Examiner Ground Floor East 3040 Eastcheap Cty of London London EC3M 1HD St Lazarus Community of East London Trust Statsment of Financial Activities Year ended 31 December 2022 2022 Unrestricted funds Total funds 2021 Total funds Note Income and gndowments Donab'ons and legacies Other trading activities Investment income 61,520 2.566 52 61.520 2.566 52 57,940 3,095 Total Incom• 64,138 64,138 61,040 Exponditure Expenditure on ralsln9 funds.. Costs of raising donations and legacies Total expendltu 60,791 60,791 60,791 60,791 60,910 60,910 Ngt Income and not movam•nt In funds 3,347 3.347 130 Recon¢lllatlon of funds Total funds brought forward as previt)usty reported Prior year adjustment Total funds brought forward as restated Totsl fund8 carrfed forword 1,772,968 1,772,968 1,771,926 912 1,772,968 1.778,315 1,772,968 1.776,315 1,772,838 1.772,968 Th& statement of financbal activities includes all gains and bsses recognised in Ihe year. l in¢ome and eX￿ndItUre derive from Continuing activrfies. The notes on 7 to 16 form part oftheBe flnanclal statsments. St Lazarus Community of East London Trust Statement of Flnanclal Position 31 December 2022 2022 2021 Flxed assets Tangible fixed ass8ts Heritage assets 12 13 1.568.003 169,020 1,572,360 169,020 1,741,380 1,737,023 Curront assets Stocks Cash at bank and in hand 14 5,000 63.567 4,250 54,869 68,567 59,119 Credltor•: amounts falllng duo wlthln on• y•ar Net currant assots 15 3,375 65,192 1,802,215 27,347 31,772 1,773,152 Total assots1o88 current Ilabllltl•• Crodltorn: amounts falllng due after more than one year Not a88tsts 16 25,900 1,776,315 1.772,968 Funds ofthe ¢harfty Unrestricted funds.. Revaluation reseNe Other unrestricted income funds 161,600 1,614,715 1,776,315 1,776,315 161.600 1,611,368 1,772.968 1.772,968 Total unre8trlcted funds Total ¢harlty fund• 19 Thes stslements were approved by the board of tru8te8s and authorised for issue on and are $yned on behaff of the toard by: MI s Petowd88 Mr Ange￿S Zacharia Truste8 Thè notes on pages 7 to 16 forni part of these financlal statements. St Lazarus Community of East London Trust Notes to the Financial Statements Year ended 31 December 2022 General Inlormatlon The Charity is a public benefft entity and a registered charity in England and Wales and is unincorporated. The address of the principal offiGe is SL Lazarus and St Andrews Church, Rutland Road, Forest Gate, London. E7 8PH. Statgment of compllance These financial slalements have been p￿pared in compliance wilh FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Siatem8nl of Recommended Practice applicable to charities preparing Ihwr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP IFRS 10211 and the Charibes Act 2011. Accountlng pollcles Ba818 of preparatlon The financial statements have been prepared on the historical Cost basis, as modified by the revaluation of certain financial assets and liabilibes and inve$lm&nt properties measured al fair value through income or expenditure. The financial statements are prepared in steding. which is the functs'onal Currency of the entity. Golng concem There are no material uncertainties at#)ut the chariiY8 abilty to continue. Judgements and key •ouv¢e8 of e•tlm•tlon uncertalnty Judgements 1. The carrying values of property. plant and equipment and intangible assets are assessed annLtalty or more fffjquenty if warranted by a change in circumstance. If it is determined that the carying values of assets cannot be recovered, the ungovernable amounts are charged against Current earning5. Eslimalion Uncertainty The useful lrfe of key assets are 8Stimated having regard to Such factors as asset maSntenanoe and usage. The useful lives of key assets are reviewed annually. Fund accounllng Unrestricted fiJnd$ are available for use at the discretion of the trustees to further any of the chaiity's purposes. Des￿nated funds are unrestricted funds eannarked by the trustees for particular future project or commitment. Restricted fvnds are Subjected to restri¢tJons on th&ir expenditure declared by the donor or Ihrough the terms of an appeal. ar￿ fall into one of tsvo Su￿laSseS.. restrtcted income funds or endowment funds. St Lazarus Community of East London Trust Note3 to tha Financial Statements I¢c￿l￿￿•￿) Year ended 31 Dec6mber 2022 Accountlng policies (¢onUnuod) Incomlng mources All incoming resources are included in the statement of financial acts"vities when entidement has passed to the charity." it is probable that the economic benefits ossccialed Tr*vilh the transaction will fiow to the charity and the amount can ￿ relobty measured. The following specific polick8s are applied to pa￿'CUlar categories of income.. income from donatms or grants is recognised when there is evidence of enb'uement to the gift, receipt is probable and its amount can be measured reliably. legacy income is re￿niSed when r￿elpt is probable and enlrtlement is established. income from donated gcods is measured al the fair value of the goods unless this is impractical to measure reliabty. in which case the value is derived from the c05110 the donor or the estimated resale value. Donated facilities and serv￿5 are recognised in the accounts when received if the value can be ￿liablY measured. No amounts are included for the contribution of general volunleers. income from contracts for the suppty of services Is recognised with the delivery ol the contracted service. This is classified as unrestricted funds Un￿$$ there is a contractual requirement for il to be spent on a pa￿.¢￿lar purpose and returned rf unspent. in which case il may be regarded as restricted. R￿oUr¢•* •xpended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fvlty recovered. and is classthed under headings of the statement of financial activities to which rt relates.. expenditure on raising funds includes the costs of all fvndraising activities, &ven15. non- Charitable trading activities. and the sale of donated goods. expenditure on chantable aCtiv￿e$ includes all Costs incurred by a chanty in undertaking activities that fvrther ils chantable aims for the benefit of its benefi¢iaries, including those support costs and costs relating lo the govemance of the charity apportioned lo charitable acts'vits'es. other expenditure includes all expendrture that is nerther related to raising funds for the charity nor part of its expenditure on charitable activrbes. All costs are allocated to expendrture categories reflecting the use of the resoLtrce. Direct costs attributable to a single actsvity art allocated directly lo that actsvty Shared costs are apportioned befv￿n the activities they Contribute to on a reasonable, justifiabbe and consislenl basis. Tanglble assots Tangible assets a￿ initially recorded al cost. and subsequenty staled at cost less any accumulated depreciats'on and impaimient losses. Any tsngible assets caffled al revalued amounts are recorded al Ihe fair value at the date of revaluation less any subsequent accumulated depreciatson and 5ubsequenl a¢¢umulated impaiThenl losses. St Lazarus Community of East London Trust Notes to the Financial Statements (eonllnuedj Year ended 31 December 2022 Accounting pollcles (conllnued) Tanglble assets (conllnu•d) An increase in the carrying amount of an asset as a result of a revaluation, Is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the ststement of financial aclivits'es. A decrease in the carrying amount of an asset as a result of revaluab"on, is recognised in other recognised gains and losses, except to which rt offsets any p￿VIouS revaluation gain. in which case the loss 1$ shown within other recognised gains and losses on the statement of financial acts'vitses. Deprèclatlon Depreciation 1$ calculated so as to wrlte off the cost or valuation of an assel, less its residual Value. over the useful economic life of that asset as folkjws.. Freehold Land £1,250,WO not depreciated. Building £300.0001s depreciated at 1% 5% reducing balance Fixtures and fittings Herftsgo assets The Chanty holds heritage assets,whbch are tangible fixed assets of hislorical.artistic or s¢lentifk importance that ar8 held to advance preVent￿n and ¢oservalion objectives of the charity. Newly purchased heritage assets are capitalised and included at Cost Including any incidentsl expenses of acquisition. Where heritage assets were acquited in pa81 accounts'ng periods and not capttalised, it can be dlfficull or costly to attribute a cost or value lo them. In such cases, these assets are excluded from the balance Sheet if reliable cost information is not available and conventional valuats'on approaches lack sufficienl reliability or signrficant ￿$ts are invofved in the reconstruction or analysi$ of past accounting recofds or in valuatson, which are onerous Compared with the additional benefit derived by users of the accounts in assessing the trustees Stewardship of the assets. The very long expected Iwes of heritage assets, due to their nature. value and need to be protected and preserved means that depr￿latIOn is not material and is.therefore,nol provided. Impalrment of Ilxed assets A review for indicators of impaiment is carried out at ea¢h reporting date. with the recoverable amount being estimated where such indicators exisl Where the Carrying valu& exceeds the recoverable amount. the asset is impaired ￿ordIngty. Prior impaimients are a150 reviewed for Possible reversal at each reporting date. For the purposes of impaiment testing, vthen rt 1$ not p)s$ible lo estimate the recoverable amount of an indwidual asset. an ests.mate is made of the recoverable amount of the cash- generating unrt to which the asset bebngs. The caSh￿enerating unit is the smallest identifiable group of assets that includes the asset and generates cash infl¢)ws that largely independent of the cash inflows from other a55ets or groups of assets. For impaimenl testing of gc%thll, the gcodw'll acquired in a business combination is, from the acquisttion dale, allocated lo each of the cash-generaling units that are expected to benefit from the synergies of the combination, irrespective of wheth&r other assets or liabilities of the charity are assigned to those units. St Lazarus Community of East London Trust Notes to the Financial Statements (candnu Year end•d 31 Decamber 2022 Aceountlng policl8S (conllnuod) Sto¢ks Stccks are measured al the lower of cost and estimaled selling price ￿s$ costs to complete and sell. Cost includes all ¢0sts of purchase, costs of conversion and other costs incurred in bringing the stock lo its present l¢)cakn'on and condition. Govemment grants Government grants are recognised at the fair value of the asset recelved or receivab￿. Grants are not ￿COgnised unts'l there is reasonable assurance that the charity wlll comply with the conditions attaching lo them and the grants will be received. Where the grant does not impose specffied futu￿ perfomance-related conditions on the récipient it is recognised In income when the grant proceeds are received or receivable. Where the grant does impose spec1r￿ future performanc&relaled conditsons on the recipient, it is recognised in income onty when the perfOrman￿(elated conditsons have been met. Where grants received S￿ prior to Sati$￿'ng the revenue ￿Qgnit￿n criteria, they are recognised as 8 Flnanclal In8trum8nts A finan¢ial asset or a financial liability is recognised only when the charity becomes a paty lo the contractual provisions of the Inslrumenl. Basic financial Instruments are initialty recognised al the amount r￿1Vable or payable including any related transaction costs. Current assets and Current liabilities are subsequenlty measured al the cash or other ¢onsideralion exrected to be paid or receNed and not discounted. Debl instruments are subsequenlty measured al arnorti$ed cosL whe￿ investrnents in sha￿S are publicly traded or their fair value ¢an otherwise be measured reliably. the investrnenl is subsequentiy measured al fair value wtth Changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivab"ve$. are init￿llY recogni$ed al fair value, unless payment for an assel is deferred beyond normal business lemis or financed al a rale of interest that is not a market rate, in whrch ease the asset 15 measured at the present value of the fvture payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequentiy measured al tsir value, with any changes recognised in the statement of financ*l activth"es. the exception of hedging Instruments in designated hedging relats"onship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objecb've evidence of impaimienl, an impairment loss is recognised under the appropnate heading in the statement of financial activrties in which the initial gain was recognised. 10 St Lazarus Community of East London Trust Notes to the Financial Statsments Year ended 31 December 2022 Accountlng pollclos (¢¢>ftJnu•d) Finan¢lal In$trnments (conilnu•rfJ For all equity instruments regard￿$5 of significance, and other financial assets that ar& individually S￿nIfiCant, these are assessed individually for Impainnent. Other financial assets are either assessed individualty or grouped on the basis of simiLqr credit risk ch8raclerislics. Any reversals of impairment are recognised immediately. to the extent that the reversal does not resu￿ in a carrying amount of the finan￿al asset Ihal exceeds what the carrying amount would have been had the impairment nol prev￿uSIY been wognised. Defined contrlbutlon plans Contributions to defirsed contributs'on plan5 are recognised as an expense in the period in whith the relatèd servi¢e is provided. Prepaid contributK)ns a￿ ￿cogniSed as an asset to the extent that the prepayment will lead to a Teduction in fvture payments or a ￿$h refund. When contributions are not expected lo be sethed whdly wrthin 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the dL8count is recognised as an expense in the period in which it anses. Donatlons and leg•¢les Unrestricted Total Fund8 Unrestricted Total Funds Funds 2022 Funds 2021 Donatlon$ Congregation contributK*n & Donations Sponsored Walk 61.520 81,520 52,989 2,865 52.989 2,865 Grants Govemm&nt grant income 2,086 57.940 2.086 61,520 81,520 57,940 Other tradlng actfvltlos Un￿strICted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Fundraising events Parking Income School Fees 935 2,160 935 2,160 2.018 550 2.016 550 3,095 3,095 11 St Lazarus Community of East London Trust Notss to the Financial Statements (Conllnt￿rf) Yoar ended 31 Decemb•r 2022 Investment Incomo UnreStr￿ed Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Bank interest receNable 52 52 Costs of rahlng donatlon8 and1ogacle• Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Costs of raising dijnalions and legacies Donallons 60,791 60,791 60,910 60.910 Net Income Nel income is staled after chargingllcred￿ngl'. 2022 2021 Depreciation of tsngibl8 fixed assets 4,357 4,461 Indopondont examlnatlon 1008 2022 2021 Fees payable to the independent examiner for.. Independent examinats'on of the financ￿1 statements 600 600 10. Staff co8ts The total staff costs and empbyee benefits for the reporting per￿￿ are anatysed as follows.. 2022 2021 Wages and salaries Employer ¢ontributKryns to pension plans 17,080 16,985 50 17,080 17,035 The averag& head count of employees during the year vras 2 (2021.. 2). No employee received employee beneffts of more than £60,000 dunng the year {2021. Nill. 11. Trustee rnmuneratlon and oxpenses No remuneration, expenses or other benefits from the charity were re¢eNed by the trustees. 12 St Lazarus Community of East London Trust Notss to the Financial Statements (conllftu•dJ Year ended 31 December 2022 12. Tangible flx•d as8el8 Freehold Fixtu￿S and pro￿ty frttin95 Total Cost At 1 January 2022 and 31 Decern￿r 2022 Deprnciatlon At l January 2022 Charge for the year At 31 DeceM￿r 2022 1,550,000 90.713 1,640,713 5.970 2,940 62,383 1.417 63,8CN) 68.353 4,357 8.910 72,710 Carrylng arnount At 31 December 2022 At 31 December 2021 1,541.090 26,913 1,588,003 1,572,360 1.544,030 28.330 13. Horftage as80ts The heritage assets are the Sculptures. icons and other religious omaments made from precious metals that are utilised in the church. These rtems are acquir•J by the trustees and are looked after and maintsined by a group of 8 volunteers. Herllago asset 1 Cost or valuatlon At 1 January 2022 and 31 D•cember 2022 Accumulat•d d•pr•clatlon At 1 January 2022 and 31 DK•mbor 2022 Carrylng amount At 31 December 2022 At 31 December 2021 169,020 169,020 169,020 The statues, icons and omaments have all been reported at cost. 13 St Lazarus Community of East London Trust Notss to the Financlal Statements (contru•dJ Year ended 31 December 2022 13. Herltage as$ets (¢oiilinu•dJ Heritage aststs ro¢ognhed at valuallon In respect of heritage assets recognised at valuation. the aggregate cost, d8precialion and comparable carying amount that would have been recognised rf the a$sels had been carried under the historical cost model are as follows.. Herltago asset 1 At 31 De¢embor 2022 Aggregate cost Aggregate depreeiatK Carrylng value 169,020 169.020 At 31 December 2021 Aggregate cost Aggregate depreciatlon Carrying value 169,020 169,020 14. Sto¢k8 2022 2021 Raw materials and consumables 5,000 4,250 15. Credltor8: amounts falllng due wllhln one year 2022 2021 Bank loans an