GREEK ORTHODOX COMMUNITY OF ST KATHERINE FINANCIAL STATEMENTS 31 December 2024 Charity Registration Number 1053294 Philips Chartered Accountants 1160 High Road London N20 ORA GREEK ORTHODOX COMMUNITY OF ST KATHERINE Company Inforniation and Advisors Address of Charity Friern Barnet Lane London N20 OLN Registered Office Friem Barnet Lane London N20 OLN Registered Charty No. 1053294 Trustees His Eminen￿ Archbishop Nikttss 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 Accountsnts 1160 High Road London N20 ORA Bankers Barclays Bank UK PLC GREEK ORTHODOX COMMUNITY OF ST KATHERINE Annual Report of The Charity Trustees for The Year Ending 31st December 2024 The Charity was originally established by way of a deed. The goveming document is a constitution adopted on 2nd January 1984, subsequently amended on 26th December 1995. Publlc Benefit In shaping our objectives for the year and planning our activities. the trustees have considered the Charity Commission's 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 poverty and those in need., d) Undertake charitable work for those who need protection" e} Assistance and medical care., and Provide for the welfare of the poor and elderly. Plans for Future Perlods Utilising available financial resources, the Trustees plan to continue with the refurbishment of the Church premises and to continue encouraging and increasing Church attendance by organising various events. Rlsk Management The trustees regularly monttor 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 th8 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 itnplementation of any changes to the controls that might be deemed necessary. Charity Management The management of the Charity is the responsibility of the Trustees and community board, in line with the provisions of the constitution. The Trustees present their annual report together with the accounts of the Greek Orthodox Community of St. Katherine (the Charity) for the year ended 31 st December 2023. The Trustees confirm 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 December 2024, which are set out on pages 4 to 14. Respective responsibilities 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 examiner's 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 a comparison of the accounts presenled 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 evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. Independent examiner's statement. 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 with 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. M Tjirkalli BA (Hons) ACCA Andrew Steale PO Box 7800 Mayfair London W1A 4GA Date. l_ I l- kn? Charlty No 1053294 Greek Orthodox Community Of St Katherine Annual accounts for the year ended 31 December 2024 Section A Statement of financial activities Restrlcted income nds Unrestricted funds Total thls year Total last year Incomlng resource5 (Note 3) Incoming resour¢e8 from generated funds Voluntary income 122,277 2,500 124,777 121,653 Actlvitigs for generating ￿ndS Inve8lment in¢omg 20,779 20,779 18,247 Incomlng resources from charitable actlvltles Other in¢omlng resources Total incoming resources Resources expended (Notes 4-5) 143,056 2,500 145,556 139.900 Costs of Goneratlng Fund$ Costs of generating voluntary incorne 12,992 12,992 8,274 Fundralslng tradlng co$ls Investment management cosls 2,847 2,847 4,262 Charltsble a¢tlvltles 1.750 1,750 1,850 Governance costs 134,150 134,150 119,685 other resources expendad Total resources expended Net incoming/(outgoing) resources before transfers 151,739 151,739 134,071 (8,683} 2,500 6,183 5,829 Gross transfers between funds Net incoming/(outgoing) resources before other recognlsed gains/(losses) (8,683) 2,500 6,183 5,829 Other recognised galnslllosses) Gains and losses on revaluation of fixed assets for the charity's own use Gains and losses on investment assets Net movement in funds (8,683) 399.169 390,486 2,500 6,183 5,829 Totsl funds brought forward Total funds carried forward 292,420 294,920 691,589 685,406 685,760 691,589 Charity No 1053294 Greek Orthodox Community Of St Katherine As at 31 December 2024 Section B Balance sheet l 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 accounted for at a reasonable estimate of their value to the charity or the amount actually 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 receivable. 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. Incoming resources wlth related expenditure Grants and donatlons Tax reclaims on donations and gifts Gifts in kind Donated seNlces and facilitles Volunteer help Investment income EXPENDITURE AND LIABILITIES All expenditure is accounted for on a accruals basis and has been included under expense calegories that aggregate all costs for allocation to a￿1VItIes. Where costs cannot be directly attributed to particular activities they have been allocated on the basis Consistent with the use of the resources. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Are those incurred in seeking voluntsry contributions and do not included the costs of disseminating information in support of the charitable activities Support costs include central functions and have been allocated to activity cost categories on basis consistent with the use of resources, eg allocating property Costs by flcor areas, or per capita, staff cost5 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. Liability recognition Fundralslng costs Support Costs Governance costs ASSETS Tanglble fixed assets for use These are capitalised rf 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 2024 Section C Notes to the accounts cont Note 3 Analysis of incoming resources Thls year Last year Anal sis Voluntsry income Fundraisin Donations and subscri Restoration fund Other 119,732 5,045 120.943 710 tions Total 124 777 121,653 Activities for generating funds Total Investment income Rental Income from property Hall hire Bank interest received 14,700 5,905 174 14,700 3,390 157 Totsl 20,779 18,247 Incorning resources from charitable activities Sund income Total Other Incomlng resources Cit of London - Covid 19 Grant Insurance c18im Totsl Greek Orthodox Community Of St Katherine Year ended 31 December 2024 cont Section C Notes to the accounts 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 sls Function and fundraising costs Candles Christenin certificates books for sale etc. Costs of generatlng voluntary income 12,992 8,274 Total 12,992 8,274 Fundralsing trading costs Total Investment management costs Flat insurance, light & heat. estate agent fees etc Flat repairs. council tax, service charges et 1,249 1,598 1,137 3,125 Total Charitable activities Donations and contributions Ladies committee -Donations 1,750 1,850 Total 1,750 1,850 Governance costs Wa es, em Accountanc Book kee in Rent, li ht & heat Tele hone Insurance Subscri tions Covid Ex nses General ex nses Re airs and maintenance Governance ex nse pps Altar ex enses Water rates Travellin ex Bank char es De reciation tan er's Nl and nsion costs and review costs 55,693 2,850 1,200 51,431 1,081 5,096 48.479 1,800 43,160 975 4,989 3,874 11,229 600 600 294 2,746 15,993 453 727 264 nses and allowances 99 202 ible fixed assets Total 134150 119685 10 Greek Orthodox Community Of St Katherine Year ended 31 December 2024 Section C Notes to the accounts (cont) Note 5 Details of certain 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 examination 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 1,800 Note 6 Paid employees 6.1 Staff Costs This year Last year Gross wages, salaries and benefits in kind Employer's National Insurance costs Pension costs 54 405 47 473 1288 1006 Total staff costs 6.2 Average number of full-time equivalent employees in the year The parts of the charity in which the employees Fundraising work Charitable Activities Govemance Other This year Number Last year Number Total Greek Orthodox Community Of St Katherine Year ended 31 December 2024 Notes to the accounts cont Section C Note 7 Tanglblg fixed assets 7.1 C08t or valuation Freehold land & bulldlngs Lèasehold Improvaments Ixtures, fittings and IuTniture Officè equipment Devine utensils Works ol Art I l¢on¥ Totsl 3.729 608,349 Balan￿ brought forward Additions Balance Garried foryRrd 371,717 204.498 22.186 1,771 4.448 1,771 3,729 608,349 371.717 204.498 22.186 7.2 Accumulatsd depreciation and impaimient provisi0115 204,498 4,448 231.132 Balance brought fo￿ard Dep￿CIatiOn charge for year Balance carried forward 22,186 231,132 204,498 22,186 4,448 7.3 Net book value Brought forward Carrled foThvard 1,771 3,729 377,217 377,217 371.717 1,771 3,729 371,717 All assets costing more than £100 are capitalised. Depreciation is provided at ratss calculated to write off the cost or valuation less ￿sIdUal value of each asset over its expected useful life, as follows:_ Land and buildin95- In the opinion of the trustees, the cost of the land and buildings is a fair refledion of its curfent market V81ue and therefore no adjusknent to revalualion is considered necessary. Leasehold Improvements- Fixtures, fftting5 and furniture- Office equipment- Over the term of the lease 10% straight line 25% straight line Devine utensils- Not depreciated Works of ArVlcons- Not depr8ci*ed 12 Greek Orthodox Community Of St Katherine Year ended 31 December 2024 Section E Notes to the accounts cont) Note 8 Debtors and prepayments Amounts falling due withln one year This year Last year Amounts falllng due after more than one year This year Last year Analysis of debtors Debtors Prepayments and accrued income 2,678 2,678 2,530 2,025 Total Note 9 Creditors and accruals Analysis of creditors Amounts falllng due wlthin one ear This year Last year Amounts falling due after more than one ear Thls year Last year Other creditors Accruals and deferred income 2.318 2,318 921 921 Total Note 10 Restricted income funds 10.1 Funds held Fund Name Restricted income funds Purpose and Restrictions Pro ert urchase 10.2 Movements of major funds balances brought foThYard balances carrled forward Incoming resources Outgolng resources Transfers Fund name8 Unrestricted income funds Restricled income funds Restricted unrealised fair value revaluations Total Funds 399,169 292,420 100,000 143,056 2,500 151,739 390,486 294,920 100,000 13 Greek Orthodox Community Of St Katherine Year ended 31 December 2024 cont Section C Notes to the accounts Note 11 11.1 Remuneration and benefits Transactions with related Parties Legal authorlty (eg order, goveming document) Amounts pald or benefit value Thls year Last year Name of trustee or connected party None None None 11,2 Loans Amount owlng Thls year Last year Namft of trustse or connected party None Legal authorlty None None Due to trustees and ￿lated parties Due from trUStee5 and relalgd parties None None None 11.3 Other transactlonls) wlth trustees or related parties Doscription of the trangactlon None Name of tho trustee or related None Relationship to chari This year Last year None None 14