GREEK ORTHODOX COMMUNITY OF ST KATHERINE FINANCIAL STATEMENTS 31 December 2023 Charity Reglstration Number 1053294 Philips Chartered Accountants 1160 High Road London N20 ORA GREEK ORTHODOX COMMUNITY OF ST KATHERINE Company Information and Advisors Address of Charity Friem Barnet Lane London N20 OLN Registered Office Friern Barnet Lane London N20 OLN Registered Charity No. 1053294 Trustees His Eminence Archbishop Nikitas Lioulias Mr T Avraamides Mr J Behiri Mr P Charamlambous Mr C P Christou Mr A Lapourides Mr G Loizou Mr K Hadjikyriacou Ms M Papanicolaou Mr S Petrides Mr P Soteri Mr G Stratis Mr S Tjirkallis Mr A N Vourou Mr M Yiannaki Independent Examiner M Tjirkalli BA (Hons) ACCA Andrew Steale PO Box 7800 Mayfair London W1A 4GA Accountants Philips Chartered Accountants 1160 High Road London N20 ORA Bankers Barclays Bank UK PLC GREEK ORTHODOX COMMUNITY OF ST KATHERINE Annual Report of The Charlty Trustees for The Year Ending 31st December 2023 The Charity was originally established by way of a deed. The governing document is a constitution adopted on 2nd January 1984, subsequently amended on 26th December 1995. Public Benefit In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commi88ion'8 guidance on public benefit. The principal object of the Charity is to: a) Preserve and propagate the Christian Orthodox faith and traditions-, b) Establish Churches for the worship of the Triune God and schools for the Greek Orthodox education,. c) The relief of povety and those in need., d) Undertake charitable work for those who need protection., e) Assistance and medical care-, and 0 Provid8 for the welfare of the poor and elderly. Plans for Future Perlods Utilising available financial resources, the Trustees plan to continue wtth the refurbishment of the Church premises and to continue encouraging and increasing Church attendance by organising various events. Rlsk Management The trustees regularly monitor and discuss the opportunities available to the Charity and the risks to which it is exposed. As part of the process the Trustees have implemented a risk management strategy which includes.. The establishment of systems and controls to mitigate the risks identified. The implementation of procedures designed to minimise any potential impact on the Charity should any of those risks materialise. An annual review of the risks which the charty may face and the implementation of any changes to the controls that might be deemed necessary. Charity Management The management of the Charity is Ihe responsibility of the Trustees and community board, in line with the provisions of the conslitution. The Trustees present their annual report together with the accounts of the Greek Orthodox Community of St. Katherine (the Charity) for the year ended 31st December 2023. The Trustees confimi that the annual report and accounts of the Charity comply with the current statutory requirements. the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005. This report was approved by the Trustees on: and signed on their behalf by.. C.P. Christou Independent Examiner's Report to the Greek Orthodox Community of St Katherine I report on the accounts of the Trust for the year ended 31 De￿rnber 2023, which are set out on pages 4 to 14. Respective responsibilitles of trustees and examiner. The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to- examine the accounts under section 145 of the Charities Act" to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act", and to state whether particular matters have come to my attention. Basis of independent examinerfs report. My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the eviden￿ that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. Independent examiner's statemenL In the course of my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in. any material respect, the requirements: . to keep accounting records in accordance with section 130 of the Charities Act. . to prepare accounts which accord wilh the accounting records and comply with the accounting requirements of the Charities Act have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Date: M Tjirkalli BA (Hons) ACCA Andrew Steale PO Box 7800 Mayfair London W1A 4GA Charlty No 1053294 Greek Orthodox Community Of St Katherine Annual accounts for the year ended 31 December 2023 Section A Statement of financial activities Restrlcted income funds Unrestricted funds Total this year Total last year Incoming resources (Note 3) Incomlng resources from gonerated funds Voluntary income 112,282 9,371 121,653 96,290 #ivittes for generating lunds Investment incorne 18,247 18,247 20,156 Incoming resources from haritsble actlvlties Other incoming resources Total incoming resources Resources expended (Notes 4-5) 130,529 9,371 139,900 116,446 Costs of Genoratlng Funds Costs of genwating voluntary incDme 8,274 8,274 9,592 Fundraising trading costs Investment managemenl costs 4.262 4,262 14,055 Charltsble actlvltles 1,850 1,850 2,544 Governance costs 119.685 119,685 104,253 w(her resources expended Total resources expended Net incoming/(outgolng) reSoU￿eS before transfers 134,071 134.071 130,444 (3.542) ,371 5,829 (13.998) Gross transfers between funds Net Incoming/(outgoing) resources befora other recognised galns/(losses) (3,542) 9,371 5,829 (13,998) Other recognised gainsl(losses) Gains and losses on revaluation of fixed assets for the charity's own use Gains and losses on investment assets Net movement in funds (3,542) 402,711 399,169 9.371 5,829 (13,998) 699,764 685,766 Totsl funds brought forward Total funds carried fonvard 283,055 292,426 685,766 691,595 Charlty No 1053294 Greek Orthodox Community Of St Katherine As at 31 December 2023 Section B Balance sheet estricte income funds Unrestricted funds Total this year Total last year Fixed assets Tanglble assets (Note 7) 49,300 327,917 377,217 377,217 Investments Total fixed assets Jrrent assets Stock and work in progress Debtors (Note 8) (Short term) investments Cash at bank and In hand Total current assets 2,530 2,530 2.025 419,530 Creditors: amounts falling due withln one year {Note 9 921 921 10,987 Net current assets/(liabilities) 414,372 Total assets less current liabilities 5,760 Creditors: amounts falling due after one year Provlslons for Ilabllitles and charges Net assets 785,760 Funds of the Charity Unrestrlcted funds (Note 10) Restricted income funds (Note 10) Restrlcted unreallsed funds {Note 10) Endowment funds 399,169 399,169 292,420 100,000 402,711 283.049 100,000 292,420 100.000 Total funds 399,169 392,420 791,589 785,760 Signed by one the trustees on behalf cf all the trustees Signature Print Name Date of roval Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section C Notes to the accounts Note 1 Basls of preparation 1.18asis of accounting These accounts have been prepared on the basis of historic cost (ex￿pt that investments are shown at market value) in accordance with.. Accounting and Reporting by Charities- Statement of Recommended Practice (SORP 2005)., and with Financial Reporting Standards for Smaller Enterprises {FRSSE)' and with the Charities Act 2011. 2 Change in basis of accounting There has been no change to the accounting policies (valuation rules and methods of accounting) since last year. 1.3 Changes to previous accounts No changes have been made to accounts for previous years. 1.4 Taxation The Charity is a registered charity and accordingly is exempt from tsxation on its income and gains where they are applied for charitable purposes. Income tsx recoverable in relation to donations received under Gift Aid or Deeds of Covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.5 Fund accountlng General funds are unrestricted funds which are available for use at the direction of the trustees in furtheran￿ of the general objectives of the Charity and which have not been designated for other purposes. Designaled funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the accounts. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cosl of raising and administering such funds are charged against a specific fund. The aim and use of each restricted fund is set out in the notes to the accounts. Investment income, gains and losses are allocated to the appropriate fund. Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section C Notes to the accounts (cont Note 2 Accounting policies INCOMING RESOURCES Recognition of incoming resources These are included in the Statement of Financial Activities (SOFA) when.. the charitv becomes entitled to the resources., the trustees are virtuallv certain they will receive the resources,. and the monetary value can be measured with sufficient reliability. Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA. Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. Gifts in kind are a¢￿Unted for at a reasonable estimate of their value to the charity or the amount actualty realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when recelvable. These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. This is included in the accounts when receivable. Incomlng resources wlth related expendlture Grants and donations -x reclalms on donations and glfts Gifts In kind Donated servlce8 and facilities Voluntser help Investment Income -XPENDITURE AND LIABILITIES Ail expenditure is accounted for on a accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on the basis consistent with the use of the resources. Liabillty recognltlon Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay OLrt resources. Are those incurred in seeking voluntary contributions and do not included the costs of disseminating information in support of the charitsble activities Support costs include central functions and have been allocated to activity cost categories on a basis consistent wtth the use of resources, eg allocating property costs by floor areas, or per Capita. staff costs by the time spent and other costs by their usage. Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on govemance or constitutional matters. Fundraising costs Support Costs Governance costs ASSETS Tangible fixed assets for use These are capitslised if they can be used for more than one year, and cost at least £100. They by charity are valued at cost or a reasonable value on receipt. Depreciation policy These are valued at the lower of cost or market value. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimate residual value, over their expected useful lives. Additional information on the depreciation rates are shown in note 7. Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section C Notes to the accounts (cont) Note 3 Analysis of incoming resources This year Last year Anal sis Voluntary income Fundraisin Donations and subscri Restoration fund Other 120,943 710 95,600 690 tions Total 121653 96,290 Actlvities for generating funds Total Investment Income Rental Income from propety Hall hire Bank interest received 14,700 3,390 157 14,700 5,300 156 Total 20,156 Incoming resources from charitable activities Sundry income Total "her incomlng resources of London - Covid 19 Grant Insurance claim Total Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section C Notes to the accounts cont Note 4 Analysis of resources expended Resources expended may be further analysed if this would help the reader of the accounts. This year Last year Anal Function and fundraising costs Candles Christenin certificates books for sale etc. is Costs of generating voluntsry income 8,274 9,591 Total 8,274 9,591 'Indralslng tradlng -4)sts Total Investment management costs Flat insurance, light & heat, estate agent fees etc Flat repairs, council tax, service charges etc 1,137 3,125 1,064 12,991 Total Charitable activities Donations and contributions Ladies committee -Donations 1,850 2,544 Total 1.850 2,544 Governance costs Wa es, em erfs Nl and nsion costs Accountanc and review costs Le al and rofessional Rent, li ht & heat Tele hone Insurance Subscri ions Covid Ex nses General ex nses Re airs and maintenance Governance ex ense pps Altar ex nses Water rates Travellin ex Bank char es De reciation tan 48,479 1,800 44,260 1,638 43,160 975 4,989 46,244 1,048 5,071 2,746 15,993 453 727 264 2,086 3,418 155 237 nses and allowances 99 96 ible fixed assets Total 119 685 104 253 10 Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section C Notes to the accounts (cont) Note 5 Details of certaln Items of expenditure 5.1 Trustee expenses This year Last year None Number of trustees who were paid expenses Nature of the expenses Totsl amount paid None £ None £ None 5.2 Fees for examinatlon or audit of the accounts This year Last year Independent examiner's or auditors, fees for reporting on the accounts Other fees (for example" advice, consultancy. accountancy services) paid to the independent examiner or auditor None None 1,800 1,638 Note 6 Paid employees 6.1 Stsff Costs This vear Last year Gross wages, salaries and benefits in kind Employer's National Insurance costs n•nsion costs 732 396 Total stsff costs 6.2 Average number of full-tlme equivalent employees in the year The parts of the charity in which the employees Fundraisin work Charitable Activities Governance Other This year Number Last year Number Totsl 11 Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section C Notes to the accounts conti Note 7 Tangible fixed assets 7.1 Cost or valuatlon Freehold land & bulldlngs Leasehold Imprrwoments Ixlures, ffttings and fumlture Offlce equipmant Devln9 utensils Works olArtI Icons Totsl Balan￿ brought forward Additions 371,717 204,498 22,186 4,448 1,771 3,729 608,349 Balance carried forward 371,717 204N98 22,186 4,448 1,771 3,729 608,349 7.2 A¢cumulatod deprgciation and impairment provislon8 Balan￿ brought forward 204,498 precTation charge for year Balance carried forward 22,186 4,448 231,132 204.498 22.186 4,448 231,132 7a Net book value Brought forward 371,717 1,771 3,729 377,217 Carried forward 371,717 3,729 377,217 All assets costing more than £100 are capitalised. Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over ils expecled useful life, as follows:_ Land and buildings- In the opinion of the trustees, Ihe cost of the land and buildings is a fair reflection of its current m8t*et value and therefore no adjustment to revaluation is considered necessary. Over the tsrm of the lease Leasehold Improvements- Fixtures, fittings and miture- 100kn straight line Offi￿ equipment - 25% slraighl line Devine utensils- Not depreciated Works of ArVlcons- Not depreciated 12 Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section E Notes to the accounts {cont Note 8 Debtors and prepayments Analysis of debtors Amounts falling due wlthin one year This year Last year Arnounts falling due after more than one year This vgar Last year Debtors Prepayments and accrued income 2.530 2,530 2,025 2,025 Total Jte9 Creditors and accruals Analysis of creditors Amounts falling due wlthin one year This year Last year Amounts falling due after more than one year This year Last year Other creditors Arxruals and deferred inGome 921 921 3,843 3.843 Total Note 10 Restricted income funds 10.1 Funds held Fund Name %stricted income funds Purpose and Restrictions Pro ert urchase 10.2 Movements of major funds balances brought forward balances carrled fO￿ard Incoming resources Outgoing resources Transfers Fund names Unrestricted income funds Restricted income funds Restricted unrealised fair value revaluations 402,711 283,049 100,000 130,529 9,371 134,071) 399,169 292,420 100.000 Total Funds 13 Greek Orthodox Community Of St Katherine Year ended 31 December 2023 Section C Noles to the accounts conl Note 11 Transactions wlth related parties 11.1 Romuneratlon and benefits Legal authorlty {eg ordor, goveming document) Amounts pald or beneflt value This yoar Last year Narne of trustee or connected party None None None 11.2 Loans Amount owlng Th1$ yoar Last year Name of trustee or connectgd party Legal authorlty ustse$ and related Non8 None None part￿t+ Due from trustees and ￿lated arties None None None 11.3 Oth&r transaction(s) wlth trustees or relatsd parties Name of the trustee or related art None Relatlonshlp to charl Des¢rlptlon of the transa¢tlon None Thls year Last year None None 14