Docusign Envelope ID.. E2873471-F4F74587-94C7-1F588EPm3E8 CHARITY REGISTRATION NUMBER: 1053102 St Lazarus Community of East London Trust Unaudited Financial Statements 31 December 2023 ER Chartered Certified Accountants Ground Floor East 30-40 Eastcheap City of London London EC3M 1HD
Docusign Envelope ID.. E2873471-F4F14587-94C7-1F588E8003E8 St Lazarus Community of East London Trust Flnancial Ststemenis Year ended 31 December 2023 Pages Trustees, annual report Independent examinerfs report to the trustees Statement of f inancial activities 1to3 Statement of financial position Notes to the financial statements 7t014 The following pages do nol lorm part of the flnanclal ststements Detailed statement of financial activities 16
DoGuSign Envelope ID: E2873471-F4F74587JJ4C7-1F588E81J)3E8 St Lazarus Community of East London Trust Trustees. Annual Report Year ended 31 December 2023 The trustees present their report and the unaudited financial statements of the charty for the year ended 31 December 2023. Reference and admlnlslratlve dets118 Reglstered eharlty name Charlty reglstraiion numbèr St Lazaws Communty of East London Trusi 1053102 Prlnclpal offlce St. Lazarus and St. Andrews Church Rutland Road Forest Gate London E7 8PH Tho trustees His Eminence Archbishop Nikttas Loulias Mr Alexandros Pelopidas Mr Angelos Zacharia Mr Panayiotis Fokou Mr Chris Alexandrou Mr Alecos Lysardrou Mr Panayiotis Kourtis Mr Peter Zenios Independent examlner David Kay Chartered Certified Accountants Ground Floor East 30-40 Eastcheap City of London London EC3M 1HD
Docuslgn Envelope ID: E28734714F74587-94C7-1F588E8(KJ3E8 St Lazarus Community of East London Trust Trustees, Annual Report (condmKd) Year ended 31 December 2023 Structure. governance and managemenl Legal and Administrative The charity is controlled by a deed of trust which Sets the basis on which trustees operate and control the trust.The trust is an unincorporated entity and governed by the trust deed. Governance The trust is conlrolled and operated in the interest of the local community by elected Irustees.The trustees are appointed for a twelve month period after which they may be re-elected. The trustees meet on a quarterly basis to deliberate on the current issues and make appropriate and majority decisions concerning th8 charitys financlal and social affairs. Risk Management The trustees have a duty to safeguard the charitys assets and to ensure that the charity has adequate funds to meet all its current and futur8 commitments. The trustees ensure that the current procedures in place are able to meet the above duties and are reviewed regularfy to ensure they remain effective and relevanl. ObJectlv8s and acllvltles General Objectives The objects of the charity are to advance the Greek Orthodox faith,to advance public education,to relieve poverty,sickness and distress and to provide facilities in the interest of Ihe social welfare for recreation and leisure time activities with the aim of improving the condition o life for the inhabitants of the London Borough of Newham and its environs. Welcoming and Hospitality The charity has actively encouraged and Implemented a policy which welcomes everybody ragardless of ethnicity and social background who wish to worship and actively participate in the charity's current and future actÉwties. Fund raising activities A sponsored walk held annually where members of the congregation and other volunl8ers partl¢lpate. An annual fete is hekl at the church premises where everybody is inviled to participate. Members of the committee and those from St. Martha and Maria Charity Organisaiion prepare food and assorted sweets which is sold to guests. SupFrf)rters and other members of the public are invited to sponsor those participating. Other activities under consideration are sponsored five side football tournaments 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 bulll a website which it hopes will improve communication betwe8n the charlty and Ihe public and to better promote the charrtrfs objectives.
tlocusign Envelope ID: E2873471-F4F74587-94C7-1 F588E8003E8 St Lazarus Community of East London Trust Trustees, Annual Report (continued) Year ended 31 December 2023 Achlevements and perfomiance During the Current year the trustees worked to maintain the focus of the trust's actlvities as laid out in its objectives. These objectives are the provision of services for the local cornmunity, the understanding of Greek Orthodox faith. the teaching and promotion of Greek language. culture and ethos. It also provides support to members of Ihe community in need through the work of the Ladies Auxiliary committee which provides meals to those in need and visits and comforts pgople in hospitals. Flnanclal revlew Current Results The results for the period are shown on pages 5 to 6 together with the attached notes on pages 7 to 11 in the accounts. The charity has register a net surplus ot £6,119 of donations received over 8xpenditure incurred which was offset agalnst the charty's unrestricted reseNes. Flnanclal Instrumen18 The charity has a loan from the Saint Nicholas Educational Trust which it took out in April 2017 and Is paying back in monthly inslallments. The trustees, annual report was approved on 15 May 2024 and signed on behalf of the board of trustees by: ILL£OS PLtsphs Iy(os 6dL4 Mr Alexandros Pelopidas Trustee Mr Angelos Zacharla Truste&
Docuslgn Envelope ID: E2873471_F4F74587-94C7_1 Fs88EI03E8 St Lazarus Community of East London Trust Independent Examiner's Report to the Trustees of St Lazarus Community of East London Trust Year ended 31 December 2023 I report to the trustees on my examination of the financial statements of St Lazarus Community of East London Trust (Yhe chariv) for the year ended 31 December 2023. Responsibllltles and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of th8 charitls financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have foll0v1 all the applicable Directions given by the Charlty Commission under section 145{51(b) of th& Act. Independent examlnefs statement I have completed my examination. l confirm that no material matters have come to my attention in connection with the examination giving me cause to believa thai in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the th8 flnancial statements do not accord with those records. or the financial siatements do not comply wilh the applicable requirernents 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 fairf view which is not a matter considered as part of an independeni eXaminatn. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. David Kay Chartered Certlfled Accountants Independent Examlner Ground Floor East 30-40 Eastcheap City of London London EC3M 1HD
Docuslgn Envelope ID: E28n471-F4F74587-94C7-1F588E8003E8 St Lazarus Communlty of East London Trust Statement of Financlal Actlvltles Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Donations and legaci8S Other trading activitl8S Investment income 91,640 3,177 607 91,640 3,177 607 61,520 2,566 52 Tolal Income 95,424 95,424 64,138 Expenditure Expenditure on raising funds: Costs of raising donations and legacies Totsl expendlture 89,305 89,305 89,305 89,305 60,791 60,791 Net Income and net movement In funds 6,119 6,119 3,347 Raconclllatlon of lund8 Total funds brought forward Totsl funds carrled forward 1.776,315 1,782.434 1,776,315 1,782,434 1,772,968 1.776,315 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notss on pages 7 to 14 forni part of these flnanclal Statements.
Docusign Envelope ID: E2873471-F4F74587-94C7-1F588E8LN)3E8 St Lazarus Community of East London Trust Statement of Flnancial Position 31 December 2023 2023 2022 Note Flxed assots Tangible fixed assets H8ritage assets 12 13 1,563,747 169,020 1,732,767 1,568,003 169.020 1,737,023 Current assets Stocks Cash at bank and in hand 14 5,500 73,267 78,767 5,000 63.567 68,587 Credltors: amounts lalllng due wfthln one year Nel current a88018 15 3.200 3,375 65,192 1,802,215 75,567 1,808,334 Total ass8ts1888 curr6nt Ilabllltle8 Credllorg: amount8 falllng due after more than one year Nat assets 16 25,900 1,782,434 25,900 1,776,315 Funds ot the charlty Unrestricted funds: Revaluation reserve Other unresiricted income funds 161,600 1,620.834 1 ,782.434 1,782,434 161,600 1,614,715 Totsi unresirlcted funds 1,776,315 Totsl charity funds 17 1.776.315 These financial statements were approved by the board of trustees and authorised for issua on 15 May 2024, and are signed on behalf of the board by: llLLUS PLlyl*S 6JAAYi Mr Alexandros Pelopldas Trustee Mr Angelos Zacharfa Trustee Th nolu on pages 7 to 14 tonn part of these flnanclal g18temenl$.
t)ocuSign Envelope ID: E2873471-F4F74587-94C7-1F588E8003E8 St Lazarus Community of East London Trust Notes to the Flnanclal Statements Year ended 31 December 2023 General Informatlon The charity is a public benefit errtty and a registered charity in England and Wales and is unincorporated. The address of the principal office is St. Lazarus and St Andrews Church, Rutland Road. Forest Gate. London. E7 8PH. Statemeni of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with th8 Financial R8POrting Standard applicable in the UK and Republic of Ireland {FRS 102) {Charities SORP {FRS 102)) and the Charities Act 2011. Accountlng pollcl88 Bas18 of preParlon The financial statements hava bean prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concom There are no material uncertainties about the charitvs abilty to continue. Judgements and k8y Sources ol estlmatlon uncertalnty Judgements 1. The carrying values of property, plant and equipment and intangible assets are assessed annually or more frequently if warranted by a change in circumstance. If it is determined that the carrylng values of assets cannot be recovered, the ungovernable amounts are charged against current earnings. Estimatlon Uncertainty The useful life of key assets are estimated having regard to such factors as asset maintenance and usage. The useful lives of key assets are reviewed annually. Fund accountlng Unrestricted funds are available for use at the discretion of the trusiees to further any of the charity's purposes. Designated funds are unrestricted funds eannarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Docuslgn Envelope ID: E2873471-F4FT4587JJ4C7-1F&88E8(KJ3E8 St Lazarus Community of East London Trust Notes to the Financlal Statements (continued) Year ended 31 December 2023 Accountlng pollcles (conllnu Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity", it is probable that the economic benefits associated wilh the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evldence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical io measure reliably, in which case the value is derived from Ihe cost lo the donor or the estimated resale value. Donated facilities and seniices are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribulion of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure Includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to vthich it relates: expenditure on raising funds includes the costs of all fundraising a1Vities, events, non- charitable trading activrties, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities ihai further its charitable aims for the benefit of its beneficiaries, Includlng those support costs and costs relating to the governance of the charity apportion8d to charitable activltles. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activÈties. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are inib'ally recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairmenl losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairmenl losses.
Docusign Envelope ID.. E2873471*4Ff4587-94C7-1F588E81XJ3E8 St Lazarus Community of East London Trust Notes to the Financial Statements (eonllnuod) Year ended 31 December 2023 Accountlng pollcles (contlnued) Tanglble assets (¢ontlnu6d) 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 statement of financial activities. A decrease in the carrying amount ot an asset as a result of revaluation. is recognised in Oiher recognised gains and losses, except to which it offsets any previous revaluation gain, In which case the loss is shown within other recognised gains and losses on the staiemeni of financial activits'es. Depreclatlon Depreciation is calculated so as to write off the cost or valuaiion of an ass, less its residual value, over the useful economic life of that asset as follows- Freehold Land £1,250,000 not depreciated, Buildlng £300,000 is depreciated at 10/0 5Q/• reducing balance Fixtures and fittings Herltage assels The charity hokls heritag8 assets,which are tangible fixed assets of historical,artistic or scientific importance that are hekl to advance prevention and coseNation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition. Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. In such cases. these assets are excluded from the balance sheet if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in ass8ssing th6 trustees stewardship of the assets. The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is,therefore,not provided. Impalrment ol flxed a8Bel8 A review lor indicators of impairmeni is carried out at each reporting date, wilh the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the r8COV8rable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairrnent testing, when it is not possible to estimate the recov8rable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For Impairment testing of goodwill, the goodwll acquired in a business combination is, from the acquisilion date, allocaied to each ot the cash-generating unFts that are expected to benefit from the synergies of the combination, irrespeciive of whether other assets or liabilities of the charity are assigned to those units.
Docuslgn Envelope ID.. E2873471-F4F74587-94C7-1F588E81J)3E8 St Lazarus Community of East London Trust Notes to the Financial Statements (willnued) Year ended 31 December 2023 Accountlng pollcles (contlnued) Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Flnanclal Instrumenis A financial asset or a financial liability is recognised only when the charlty becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liakiltties are subsequently measured at the cash or other consideration expected to be p&d or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other tinanclal instruments, including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the assel is measured at the present value of the future payments discounted at a market rate of inierest for a similar debt instrument. Other financial instruments are subsequendy measured at fair value, with any changes r8cognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reportlng date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the Inilial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairmerrt. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 10
Docuslgn Envelope ID: E2873471_F4F74587-94C7_1 F588E3EB St Lazarus Community of East London Trust Notes to the Financial Statements (conttn Year ended 31 December 2023 Donatlons and legacles Unrestricted Total Funds Unrestrlcted Total Funds Funds 2023 Funds 2022 Donatlons Congregation contribution & donations 75.950 75,950 61,520 61,520 Legacl88 Legacies 15,690 91,640 15,690 91,640 61,520 61,520 Other tradlng aetlvftles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Parklng Incom8 School Fees 3,177 3,177 2,016 550 2,016 550 3,177 3,177 2,566 2,566 Investment Income Unrestricted Toial Fundg Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 607 607 52 52 Costs of ralslng donatlons and legacle8 Unrestrithed Totsi Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of raising donations and legacies Donations 89,305 89,305 60,791 60,791 Net Ineome Net income is stated after chargingllcrediting): 2023 2022 Depreclation ol tangible fixed assets 4,256 4,357 11
DoGuSign Envelope ID.. E2873471-F4F74587-94C7-1F588E8¢Y)3E8 St Lazarus Community of East London Trust Notes to the Financial Statements (cortinu6d) Year ended 31 December 2023 1nd8pond6 examinatlon fees 2023 2022 Fees payable to the independent examiner for: Independent examination of the financial statements 1,260 600 10. Statt co$ The total staff costs and employee benefits for the reporting period are analysed as follovts: 2023 2022 Wages and salaries 10.850 17,080 The average head count of employees during the year was 2 (2022: 2). No employee received employee benefits of more than £60,000 durlng the year (2022: Nill. 11. Trustee remuneratlon and exp8n888 No remuneration, expenses or other benefits from the charity were received by the trustees. 12. Tanglble fIX ass8t8 Freehold Fixtures and propety fFttings Total Cost At 1 January 2023 and 31 December 2023 Depreclallon At 1 January 2023 Charge for Ihe year Al 31 December 2023 1.550,000 90.713 1,640,713 8,910 2,911 63,800 1,345 72,710 4,256 76,966 11,821 65,145 Carrylng amount At 31 December 2023 1,538,179 1.541,090 25,568 26,913 1.563.747 1,568,003 At 31 December 2022 13. Herltage a880ts The heritage assets are the sculptures, icons and other rellgious omaments made from precious metals that are utilised in the church. These ttems are acquired by the trustees and are looked after and maintained by a group of 8 volunteers. 12
Docuslgn Envelope ID.. E2873471-F4F74587-94C7-1F588E8003E8 St Lazarus Community of East London Trust Notes to the Financial Statements (conrfnued) Year ended 31 December 2023 13. Herltsge assots (conrfnu•dJ Herltage asset 1 Cost or valuatlon At 1 January 2023 and 31 December 2023 Accumulated depreclatlon At 1 January 2023 and 31 December 2023 Carrylng amount At 31 DeCeMr 2023 At 31 December 2022 169,020 169.020 169.020 The statues, icons and ornaments have all been reported at cost. 14. Stocks 2023 2022 Raw materials and consumables 5.500 5,000 15. Credltors: amounts talllng due wlthln one yoar 2023 2022 Accruals and deferred income Social security and other taxes 3,200 1,506 1,869 3,375 3,200 16. Credltors: amounts falllng due after more than one year 2023 2022 Bank loans and overdrafts 25,900 25,900 13
Docu&gn Envelope ID: E2873471-F4F74587-94C7-1 F588E8A)03E8 St Lazarus Community of East London Trust Notes to the Financial Statements (¢ortinued) Year ended 31 December 2023 17. Analysls of charltable fun(ts Unrestrlctod funds At 1 January 202 At 31 December 2023 Income Expenditure General funds Revaluation reserve 1,614,715 161,600 1,776,315 95,424 {89,305) 1,620,834 161,600 (89,305) 1,782,434 95,424 At 1 January 202 At 31 December 2022 Income Expenditure General funds Revaluation resen4e 1,611,368 161,600 64,138 (60,791) 1,614,715 161,600 1,772,968 64,138 (60,791) 1,776,315 18. Analysls of net assets between funds Unrestrict8d Total Funds Funds 2023 Tangible fixed assels Heritage assets Net asseis 1,563,747 169,020 1,563,747 169,020 1,732,767 1,732,767 Unrestricted Total Funds Funds 2022 Tangible fixed assets Heritage assets Net a88et8 1,568,003 169,020 1,568,003 169,020 1,737,023 1.737.023 19. Flnanclal InrUments The carrying amount for each category of financial instrument is as folloyts: 2023 2022 Flnanclal Ilabllllles measured al falr value through Ineome and expondlture Financial liabilities measured at fair value through income and expenditure 25,900 25,900 The loan will be derecognised once it has been paid off in full. The current carrying value of the loan to Saint Nicholas Educational Trust is £25.900. 14