Company regist8r8d number 03753032 ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Company registered by guarantee no. 03753032, registered charity no. 1075807) REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NfP Accountants Ltd
ARACHNE GREEK CYPRIOTWOMEN'S GROUP (Company Ilmlted by guarantee no. 03753032; reglstered charlty no. 1075807) REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2024 CONTENTS Page Legal and administrative information Chair's inlroduclion Trustees, annual report Independent Examlnevs report 11 Statement of tlnanclal acllvltles 13 Balance sheel 14 Notes to the financial statements 15
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Company limited by guarantee no. 03753032; reglslered charlty no. 1075807) REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2024 Trustees Mrs C Savva (Chair) Mrs K Papamichaal (Company Secretary) Mrs M Georgoulas Charlty reg. no. 1075807 Company no. 03753032 Regislered office 13-15 Hercules Street London N7 6AT Independent examiner Charles SsemplJIa, FCA NFP Accountants Ltd 3rd Floor, 86-90 Paul Slraet London EC2A 4NE Bankers Unity Trust Bank pic Four Brindleyplace Birmlngham B12JB
ARACHNE GREEK CYPRIOT WOMEN'S GROUP CHAIR'S INTRODUCTION For the year ended 31 March 2024 Dear colleagues and friends. This has been an important and pivotal year for Arachne Greek Cypriot Women's Group - during which we have recruited a new CEO and taken vital steps to consolidate our financial position and develop our new strategic direction. We are enormously proud of the commitment and focus our staff and volunteers have shown throughout this year. Our Christmas gala event was a wonderful moment to reflect on the past few years and bring our community together to celebrate everything Arachne has achieved. It was also a moment to look to the future as we welcomed our new CEO. Catherine Dgakin, who joined us in May 2023. One of Catherine's firs1 tasks has been to lead a Strategic Review. consulting wtth our community and partner organisations to ensure thal we are responding to Ghanging needs and can have the greatest possible impact and reach for the future. Our new Strategic Plan. which begins in 2024125, will see us redouble our efforts to help women improve their lives and reach their full potential, through a strong focus on providing effective, impaGtlul servlce5 and increasing the visibility and awareness ol Arachne and the women we support. I would like to end by extending my thanks to our much-valued donors and tunders. We could not achieve our aims without you. Thank you to those trusts and foundadons. companles and indlvlduals who have dernonstratad their commitment to supporting women and their families in Islington and across London. Mrs C Savva Chair of tha Board of Twstees Date:...
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, reglslered charlty no. 1075807) TRUSTEES. ANNUAL REPORT tor the year ended 31 March 2024 The Trustees, who are the directors of the company for the pUoseS of company law, present thair annual report and financial statements of the charity for the year ended 31 March 2024. This Trustees, Annual Report is also the director's report for company law purposes. The Reference and administrative information set OLrt on page 1 forms part of this report. The financial statements comply with current statutory requirernents. the charitys governing document, and the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (SORP FRS 1021 {edition October 2019. effective January 20191, and ttje Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS Income and expenditure have been analysed on a 'natura] basis,. taking advantage of sections 4.6 and 4.22- 4.26 of this SORP. In preparing this report, the Board of Trustees have taken advantage ol the small companies. exemption5 provided by section 415A of the Companies Act 2006. Slruclure, Governance and Management Structuré and overnin documerrt Arachne Greek Cypriot Women's Group is a charitable company limited by guarantee, and without share capital, registered in England. The company number is 03753032. The Charity registration number is 1075807. No changes were made to our status during the year. The charty's governing document Is Its Memorandum and Articles dated at tts Incorporation on 15 April 1999. The Board of Trustees Is responsible for managlng the activity of the charity. It was composed of three Trustees at 2024 . with skills and experience including strategic planning, organlsatlonal development, social work. finance and fundra]sing. The Board maintains control over all strategic and policy decisions, including the approval of budgets. risk management and governance arrangements. The board meets at least four times per year to regullY review and direct Arachne's strategy, budget, and performance. Certain matters are reseNed lor Board approval. including changes to strategy and budget. ointmenl of Trustees Appointments to the Board of Trustees are managed by Trustees. Trustees are recnjited through a process of advertisement. application. and interview. Selection is based on set criteria to ensure a broad range ol skills and experience. Trustee induction and trainin New Trustees are provided with a formal induction programme incoTporating the opportunity to meet key staff, and an induction pack of documerrtation including the charitys constitution, recent Annual Reports and Accounts. recent Board minutes and the current Strategic Plan. Opportunities for training are offered to Trustees. and budget is provlded for this purpose.
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, registered charlty no. 1075807) TRUSTEES, ANNUAL REPORT for the year ended 31 March 2024 Public benafit The Trustees believe the charity has fully met the requirement to provide benelit to the public and have paid due regard to Charity Commission guidance on this matter. Arachne's seNices are widely publicised and available to women in London who would benefit, free of any cost. Related relatio shi None of the Trustees receive remuneratlon or other benefit for their work as Trust6es. Any connection between a Trustee or staff ol the charity and a contractor, supplier or Customer to the charity must be disclosed to the full Board of Trusteès. Details of related party transactions in th8 yaar are disclosed in Notes olic for senior staff The Directors consider that the Board of Directors, who are the charity's Trustees. and the Community Developmènt Manager comprise the key management personnèl of the charity in charge of directing and controlling. running and operating the charity on a day to day basis. All Directors gtve their time freely and no Director recetved remuneration during the year. Details of Diroctors, expenses are disclosed In note 8 to the accounts. Arachne seeks to set its salary levels for all paid stsff, including management, by reference to market rates, within the conlext of voluntary sector organisations of a similar size. Arachne is an accredited Living wage employer. Risk Mana ement The Board of Trustees has overall responslblllty for risk management at Arachne. It is responsible for éstablishing the charity's risk appetrte. ensuring that major risks are identified and approving approprlate procedures to detect, prevent and manage major risks. Arachne's risk management programmes are designed to mitigate risks appropriately, rather than to eliminate all risk. The major risks idenlrfied and monitored by Arachne are-. direction, strategy and forward planning, management of financial performance, loss of key staff. fundraising, hea]th, safety and environment, information and t8chnology. budget control. regulatory and legal compliance.
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Reg]ered company no. 03753032, regislered chariiy no. 107580n TRUSTEES. ANNUAL REPORT for the year ended 31 March 2024 Objectlves and activities Established in 1984, Arachne is a communty-based charity in Islington. Our mission is to empower women and help them reach their full potential. We do this by providing frèe welfare advice and support. h&alth awareness and information, employmenl advice and training. accessible groups and classes, and volunteering opportunities. We also worf( to increas8 the understanding of and celebrate Greek and Greek Why our work Is needed We work with vulnerable women and their families across Islington and Greater London experiencing difficutt situations such as debt, poverty, housing. ill health. immigration problems and dornestic violence. These women are often stressed, anxious and feel isolated. They lack confidence and they often feel like they have nowher8 else to turn. Many of the women we help have English as a second language. and face additional barriers accessing the support they need, such as digital exclusion. How does Arachne help. Arachne welcomas women of all ages, ethnlclties and backgrounds from across Greater London. From our centra in Holloway, we provide.. welfare advice and advocacy, information and support to women in difficult sltuatlons, Includlng debt. poverty and domestic violence. employability skills classes and training to empower women, food distribution. women's health and wellbeing actlvltles and education, work experience and skills through volunt88ring, regular recreational and cultural events which bring women from all communities togelher. Arachne provides emollonal and practical support tallored to women's needs. We take a holistic approach to supporting women. Women receive advice with the issue they originally present with. but through a needs assessment they are also signposted to other support from Arachne and other slatutory and non-statutory providers.
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Reglstered company no. 03753032, registered charfty no. 1075807) TRUSTEES. ANNUAL REPORT tor the year ended 31 March 2024 Achlevements and performance Lasi year, we were proud to support 650 vulnerable women and their families; an increase of 20% compared to 2022-23. Wellare advice "I fe81 so happy that my daughter and I have com8 to Arachne. It brings me to tears when I come to the Centre becausa of the happinéss I feel. With the help you have given me it has changed my life. It is like Goming home." Pamela (name changed for Confidentiality). aged 80 from Enfield Arachne advlsed and supwrted Pamela throughout the process to successfully apply for disabilily benefits and gave advice regarding applying to the Windrush scheme. Pamela's daughter attends digital sessions at Arachne. As an AQS and Financial Conduct Authority reglstered welfare and debt advic8 provider. worklng in partnership with statutory and non-statutory seNices across London. Araohne helped women to navigate the complex UK welfare system and access what they are entilled to. Cllents received fraè, confidential informatlon, advice and support to access beneflts like Universal Credit, Personal Independence Payment and Employment and Support Allowance. We delivered bi-weekly WeWare Advice sessions, alongside immigration, housing and employment advice appointmenls. Welfare advice clienls wore offered a face-lo-face appointmanl at our centre or a telephone appointmant. We also arrangad home visits if the client had complex needs. is disabled or housebound. We ware successful in ranewing our Advice Quality standard {AQS) accreditation for w8lfar8 advice. We have Level One accreditation with tha Office of the Immigration Service Commissioner IOISC}. We continue to support clients with ongolng advice and advocacy In relation to their EU Settlement. Windrush Scheme In December 2023 wa were successlul in securing some funding from the UK Government to raise awareness and address any misinformation about the Windrush Compensation and Windrush Schémes (Documentation), with a focus on the Greek Cypriot community. Between December 2023 and March 2024. we supported 11 cliants to understand rf they are eligible for the Windrushl Windrush Compensation Schemes, supported them to complete appll¢ationl claim forms, collated supporting documents and evidence and where necèssary signposted them to further immigratlon We ran an information campa]gn across our social medla, our stakeholder neOrk and press securing coverage on London Greek Radio, Hellenic TV and the Parikiaki waakly Cypriot newspaper - and reaching over 700 people. We delivered three in-person brieling events for 171 Cypriot and other Commonwealth citizens without status and their families. Thase were held at our centra and as pop ups in local community and faith venués.
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Reglstered Company no. 03753032, reglslered ¢harlty no. 1075807) TRUSTEES, ANNUAL REPORT for the year 8nd8d 31 Mar¢h 2024 Employmenl and tralning 'Thank you so much for all the supportyou have given me, l Gan tell how much you care and that has made a huge drfference to me. It has really helped me to get out of my home each week and to intera¢t and communicate wtth other people. l am learning new skllls whlch will help me In the future. Thank you for all your support, I leel like l am moving loard again."Marekhi, ag8d 38, from Westminster Marekhi was referred to Arachne by Westminster Employment Service to get help to improve har reading, writing. listening and speaking skills. During her first call with her support worker, Marekhi explained that she was looking for an administrative job working 3-4 days a week in a hotel or any similar settings. Marakhi also mentioned that sha needed to acquire essential digital skills e.g. to use devices like a computer, tablet or moblle phone for simple, personal and work tasks. Arachne supported Marekhi to attend our Digital sassions where she learnl how to Ilnd and use Inlormation on the Internet, und8rsland how to be safe and responsible online, communicate socially and professionally using email, messaging and social media. This will now enable Marekhi to progress onto more advanced computer courses e.g. Essential Digital Skills Entry Level 3 and Level 1. enl advice We provided one-to-one advice and support with CV writing, intarview techniques and saarching for jobs online. Cllents were signposted to varlous tralnlng sessions within our centre or local colleges and training Personal develo ment trainin This year, our Personal Development curriculum included courses like English as a second languaga IESOL), British Sign Language, 'Women and money,, 'Sewing' and 'Food Safety & Hygiene Level 1. courses. ital Skills trainin We halped clients to access digilal skills training, including courses on Using Email and Using the Internet. We also offered weekly Digital Skills drop in sessions, generously funded by Clarlon Futures. Supported by volunteer digital champions, clients recelved the help they need to get online and connect to friends, family, and the services and support they need to stay w811. Health awareness and education We conlinued lo see high demand for health advl¢e and advocacy from our clients. particularly in relation to accessing prescriptions. GP appointments. and the cancellation or rainslatement of medical procedures and operations. We partnered with the North Gentra] London Integrated Care System to support 268 clients to understand about and access targeted lung health checks.
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, r8glslered charity no. 107580n TRUSTEES, ANNUAL REPORT for the year ended 31 March 2024 Partnership worklng We conllnued to work in close partnershlp w]th local voluntary sector and statutory providers in Islington. We continued to attend sector networks including the Islington council Strategic Advice Partnership, Healthwatch Islington Diverse Communities Health Voice nelwork. and UCL Hospital Patient and Public We continue to benefit from being part of the Advice UK 'Measuring what matters, partnership. This will see us benefit from supporl, expertise and shared learning and sector best practice in monitoring and evaluating our advice service. Volunleers hankyou Agnes. l am pleased. thankfvl and gratefvl, when I come here I feel secure and I tnistArachne. I never recoiv8d such help from anyone in my lrfe" Welfare Advice Client We continued our partnership with the charity Pro Bono Communty to support our welfare advice servtce. We benefited from two law student volunteers volunteering for two days a week. We wore also fortunate to be supported by two volunteers who provide administrative support and support trainers with our digit skills drop in and BSL classes. Looking io the future Followlng consultation this year with our community, partner organisations and Arachne staff, Trustees and volunteers, wa have developed a new three-year strategic plan to help us develop our charity so that we can have the greatest posslble impact - always keeping the volces of women at the heart of our approach. Our new strategy will see us deliver our charitable PLtrpose through four new strategic themes: 1. Improving the lives of women across Islington and Greater London. We will provide a range of support to all women who need it. in a seamless, sensttive and SUPF)Ortiva way. We will ensure that all our services are professional. effective, accessible and able to demonslrate their impact. We will ensure our servicas ara responsive to the evoEving needs of the women we support. including the cost-of-living crisis. 2. Increasing visibility and support for Arachne. We will increase awareness of the issues affecting our communty and the services and support available from Arachne. We will build stronger donor relationships and patherships that enable our work and maximise our impact. 3. Being a highly efficient and effective charity. We will fflanage the charty in ways that help everyone understand both what is importanl and their part in that. We will have a transparent and effective governance structure and a working environment that prioritises learning and innovation. We will focus on and evaluate what is critical to our success and report regularly on our perfomiance. 4. Achieving long term financial sustainabilty- We will manage our finances responsibly to ensure we can continue to be here for wotnen in the fLrture and thal help us meet growing need. We wtll minimise risk by diversifying our funding sources. Theso Ihemes will guide everything we do as a charity. Our new strategy will go live in spring 2024.
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032. reglstered charity no. 1075807) TRUSTEES, ANNUAL REPORT lor the year ended 31 March 2024 Our year in numbers 403 Benoficlaries were supported with welfare advice and advocacy. Clients were able to immediately claim a total of £60,250 In benefits. equivalent across the year to a value of £423,895. 271 Beneficiaries accessed employment advice and guidance, skills training and courses. 349 Beneficiaries were supported with health advice and information, including help accessing NHS seNices and applying for a disability blue badge. 820A of our clients identified as Greek or Graek Cypriot. 28% of our clients idenlifled as disabled. 10°h of our cllents were over 74 years old. Financial rev18W The charity achieved £189.079 total inoome for the year 2024 {2023 total income was £662,590, including the £500,000 gift of a property freehold). Total expanditure for the year 2024 amounted to £172,21312023 total expendllure was £127,931). Tha charity achieved net income for the year of £16,866 {2023 - nat incorne of £534.659}. details of which are shown in the Statement of Financial Activities on page 13. This brings the charity's total funds to £1,219,432 {2023 - £1,202.566). Of this, £1,127,835 was unrestricted funds (2023 £1,159,863), Including the property freehold value of £1.000.000. Free reserve5 Stood at £119,81412023- £151.030}. Reserves Policy The charity's existing reseNes pollcy requires free reserves to cover at least 6 months, operational expenditure. Al the year end, this amounted to £83,138. Free reseNes of £119.814 are well above Ihis lovel, however the Trustees are satisfied that this is a necessary cushion provislon at this time of continuing uncertainty. Golng Concern The Trustees have a reasonabla axpectation that the charitable company has adequale resources to continue in operational èxistence for the fores8eable firture. For this reason. they continue to adopt the going concern basis in preparing the flnancial statemenls. Further detalls regarding the adoption of the going concern basis can be found in the Accounllng Pollcle5.
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, regislered charity no. 1075807) TRUSTEES, ANNUAL REPORT for Ihe year ended 31 March 2024 Trustees, responslbllltles Company and Charity Law requires the Trustees to prepare financial statements that give a true and falr view of the state of affairs of the charity at the end of the financial year and of its surplus or deficit lor the financial year. In doing so the Trusteas are required to: Select suitable accounting policles and then apply them consistenlly. Make judgm8nts and estimates that ara reasonable and prudent. State whether applicable accounting standards have been followed, subject lo any materia] departures disclosed and explaned in the financial statements: Follow the methods and principles of the Charlty SORP., and Prepara the flnancial statements on the going concern basis unlass It Is Inappropriale to assume that the charity wll continué In operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tlme the financial poslllon of the charty and to enable thèm to ensure that Ihe flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for talang reasonable steps for the prevention and delection of fraud and other irreoularities. The Trustees are responsible for the maintenance and integrty of the corporate and financial information includod on the charitable company's website. Legislation in tha United Klngdom governing the preparation and dissemination of the financial statements may differ trom legislation in other jurisdictions. Preparation ol the report This report was prepared taking advantage of Part 15 of the Companies Act 2006 in relalion lo small companles. Approval This report was approved by the Trustees on by: 27 and signod on its behall Mrs C Savva Trust88 10
ARACHNE GREEK CYPRIOT WOMEN'S GROUP INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES For the year ended 31 March 2024 I report on the accounts of the charity for the year ended 31 March 2024 set out on pages 13 to 22. Respective responslbllltles of the Trustees and examlner The Trustees (who also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charily's Trustees consider that an audit is not required for this year under section 144 of the Charities Acl 2011 (the Charities Act) and that an independenl examination is It is my responsibility to.. examine the accounts under section 145 of the Charities Act. follow the procedures laid down in the genera] Directions given by the Charity Commission (under section 145{5llbl of Ihe Charities Act. and state whether particular matters have come to my attentlon. Basis of ind8p8ndent examiner's slatement My examinatlon was carried out in accordance wtth general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by ihe charlty and a comparlson of the accounts presented wth 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 undertakan 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, vlew and the report is limited to those matters set out in thé statement below. Independenl examlner's statement In ¢onneclion with my examination, no material matters have come to my attantion which givas me cause to believe that in, any material respect: accounting records were not kept in accordance with section 386 of the Companies Act 2006. or the accounls do not accord with such records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Acl olher than any requirement that the accounts give a Irue and fair view which is not a matter considered as part of an independent examination,- or the accounts have nol been prepared in accordance wth the Charities SORP {FRS102). /Continued..,
.IContinued l understand that the financial statements have been prepared to give a Irue and falr, vlew, and have departed from the Charities (Accounts and Reports) Regulations 2008, only to the extent required to provida a Yrue and fair view. This departure has involved following SORP FRSI 02 leffeclive January 2019), rather than the Accounting and Reporting by Charities: Statement of Recommended Practice elfectwe Irom 1 Aprll 2005 (SORP 2005}. which is referred to in the exltant regulations. but has slnce been wRhdrawn. 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. Charles Ssempllia. FCA NfP Accountants Ltd Chartered Accountants 3rd Floor, 86-90 Paul Street London EC2A 4NE 28 January 2025 12
ARACHNE GREEK CYPRIOTWOMEN'S GROUP (Reglstered company no. 03753032, reglstered charity no. 107560n STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 Unrestrlctsd Restricted Total Funds Funds Funds 2024 Unr&slrlcled Flestrlct8d Total Funds Funds Funds 2023 Notes INCOME FROM Donations received Grant funding Renta income Operational income Investrnenl income Other incomè 25,226 22.621 30.000 25,226 130.479 30.000 107.858 507,387 18, 149 105.818 613,205 18, 149 31,000 236 31,000 3,075 299 3,075 299 236 TOTAL INCOME 81.221 107,858 189.079 525.772 136.818 662.590 EXPENDrruRE ON Staff salaries 125.100 12,192 125,100 15,712 86.099 1.090 86.099 2.390 Other staff costs 3.520 Other expenditure in the furtherance ol the charity's objectives FurKlraising costs 5.565 Independent examination 960 Computer mainlainence and sofvar8 4,994 Repairs and renewals 2,680 Rates and water 334 Llght and heat Telephone, website and internet Insurance Prfntlng, postage & Slallon8ry Premises Empensès Refreshments DBS Checks MembershipslSubs¢rfptlons Accreditations Affvertising Professional lees Bank charges DelatIOn Loss on diswsal of flxed assets Sundry expenses 7.300 5.565 960 4,994 2,680 334 1,320 4.888 8,696 983 1,882 3,797 2.718 995 370 5,258 13, 196 963 1,882 3,791 2,716 1,782 4,500 1,432 2,607 1,994 £807 277 787 64 430 135 $6S 293 1,971 2,301 41 1,971 2.301 S56 157 813 1,512 1,512 717 717 3, 184 72 1,224 122 1.224 122 3, 184 1,416 1,774 1,416 1,7T4 224 1,555 677 677 TOTAL EXPENDITURE 34.468 137,745 172.213 33.416 94.515 127,931 N81 Incorne before Iranslers Translers bethen funds MOVEMENT IN FUNDS 46.753 17B,781 (32.028) (29.8871 78,781 48,894 16,866 492,356 42,303 534.659 11 16,866 492,356 42,303 534.659 TOTAL FUNDS AT 01 APRIL 1,159,863 42,703 1,202,566 667.507 400 667,907 TOTAL FUNDS AT 31 MARCH 1.127.835 91,597 1.219,432 1, 159,863 42,7Q3 1,202,566 All Incoming resources and outgoing resources derive from contlnuing activities. Tha annexed notes lomi part of these financial statements 13
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, registered charity no. 1075807) BALANCE SHEEr As al 31 March 2024 2024 2023 Noles FIXED ASSETS Tangible assets 1.008,021 1,008.833 CURRENT ASSETS Deblors Cash at bank and in hand 3.466 218,861 222.327 3.480 201,649 205. 129 CREDITORS: amounts falling due withln one year (10.916) (11,396) NEf CURRENT ASSETS 211A11 193.733 NET ASSETS £ 1,219,432 £ 1,202.566 FUNDS Rgstrlcted funds General fund {unreslri¢ted) 91,597 1,127,835 42,703 1,159,863 TOTAL FUNDS £ 1.219N32 £ 1,202,566 For the year ended 31 March 2024 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members hav8 not required the charitable company to oblain an audit of its accounts for thé year in question in accordance with section 476. The Directors acknowledgè thelr responsibilities for complying with the requirements of the Act with respect to accounllng records and the preparation of accounts. The financial statements hava been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (Charities SORP FRS 102, edition October 2019. effective 01 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. They were approved, and authorised for issue. by the Directors on and signed on their behalf by:_ 17 01 ZS Mrs C Savva Trustee The annexed notes fom part of these financial statements 14
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, registered charily no. 1075807) NOTES TO THE FINANCIAL STATEMENTS lor the year ended 31 March 2024 1. ACCOUNTING POLICIES Basis of preparatlon of fjnancial statements The financial statements have been prepared undgr the historical cost convention with items recognised al c05t or transaction value unless otherwise stated in the relevant nolels) to Ihese accounts. The financial statemenls have been prepared in accordance with the Slatement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP FRS 1021 {edilion October 2019, effective January 2019), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2011. Income and expenditur8 have been analysed on a 'natural basi5', taking advantage of section5 4.6 and 4.22-4.26 of the SORP. The effect of ovenls relating to the year ended 31 March 2024 which occurred before the date of approval of Ihe financial statements by the Trustees has been included in th8 financial statements to the extent required to show a true and fair view ol the state of affairs at 31 March 2024 and the results for the year ended on thal date. The financial stalements have been prepared to gtve a 'true and fair, viéw and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. Thls departure has involved following SORP 2015 rather than the Accounting and Reporting by Chariti&s'. Statement of Recommended Practice effective frorn 1 April 2005 ISORP 20051 which has since been withdrawn. Tha company is limited by guarantee and has no share capital, and is a public benefit entity within the meaning ol FRS102. The liability of mernbers in the evenl of a winding up is limited to £1. Tho members are the trustees of thè charity. Golng concem The Trustees Consider that there are no material uncertainties about the charity's ability to contlnue as a going concern. Key judgements that the charity has made which have a significant effect on the accounts include estimating income and expenditure for the next 12 months. Statement of Cash Flows The Company has taken advantage ol the exemption conferred by Section 1 of FRS102 in relation to the Slatement of Cash Flows. 15
ARACHNE GREEK CYPRIOT WOMEN'S GROUP {Registered company no. 03753032, registered charliy no. 1075807) NOTES TO THE FINANCIAL STATEMETrirs for the year ended 31 March 2024 Income All income is recognised once th8 Charity has enlitlement, it is probable that incom& will be received, and the amount of income receivable can be measured rèliaJ)ly. Legacy income is rgcognised when it Is probable it wlll be received and the amount can be measured reliably. Grants are accounted for as income when they are receivable. Where the grant making body specifies that amounts given should be utilised in a fulure accounting period, the income is delerred to that period. If certain conditions have to be lultilled belore the charity becomes entitled to the use of the grant. then tha income is deferred until such conditions have been met. The value ol servlcas provided by volunleers has not been included in the accounts. Fund accountlng General funds are unreslrictad funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity and which have not baen designated for other purposes. Restricted funds ar8 funds which ara to be used in accordance with specific rastrictions imposed by donors which have been raised by the Charity for particular purpos8s. The cost of raising and administering such funds are chargad against the specific fund. The aim and use of each restricted fund Is set out in the notes to tha financial statéments. Expendlture and irrecoverablo VA T Expenditure 15 recognised once there is a legal or constructive obligation to make a payment lo a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All the expanditure of the charity is in the lurtherance of its charitable activities and includes the costs of delivering services undertaken to further the puosS of the charity and their associated support costs. Irrecoverable VAT is included in expenditure as part of the gross cost of items. Tanglble flxed assets Land and buildings are held at market value, and are not depreciated. Furniture, fixtures, and off ice equipment costing more than £500 is capitalised. Computer and oflice equipment is depreciated so as to write them off over Iheir anticipated useful Sives at an annual rate of 15Ya reducing balance. Donated assets are capitalised al a value equivalent to market value as at the date of donation. 16
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Reglstered company no. 03753032, registered charlty no. 1075807) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Pensions The company operates a defined contribution pension schame on behalf of its staff. Contributions are charged to the statement of flnancial activities as they become payable in accordance with the rules of Ihe scheme. Employee benefits Short term benefits.. Short term benefits including holiday pay are recognised as an expense in the period in which the seNice is received. Employee lermination benefits= Termination benefits are accounted for on an accrual basis and in lino with FRS 102. Debtors Trade and other debtors are recognised at the settlemont amount dua after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid invaslmanls with a short maturtty of threa months 01 less from the date of acquisition or opening of the deposit or similar account. Cr8dltor$ and provislons Creditors and provlsions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer ol funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognlsed at their settlement amount after allowing lor any trade dlscounts due. The charity only has financial assets and linancial liabilities of a kind Ihat qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Taxation No provision has been made for laxalion as the companls charitable status renders il exempt from UK direct taxation. 17
ARACHNE GREEK CYPRIOT WOMEN'S GROUP {Reglstered company no. 03753032, reglstered charity no. 107580n NOTES TO THE FINANCIAL STATEMENTS for Ihe year ended 31 March 2024 2. TANGIBLE FIXED ASSETS Furniture, f ixtures, & oflice equipment Land and buildings Total Cost At 1 April 2023 Additions Surplus on revaluation Disposals At 31 March 2024 1,000.000 101,923 2,378 1,101,923 2,378 (84,990) 19,311 (84,990) 1,019,311 1,000,000 Deprecialion At 1 April 2023 and 31 March 2024 Charge for the year On disposals At 31 March 2024 93,090 1,416 (83,216) 11,290 93,090 1,416 (83,216) 11,290 Nel book value At 31 March 2023 At 31 March 2024 £ i,ooo,000 £ £ 1,000,000 £ 8,833 £ 1,008,833 8,021 £ 1,008,021 3. DEBTORS Due within on8 year 2024 2023 Prepayments Other d8btors 1,219 2,247 3.480 3,466 3,480 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security and other taxes Pensions payable Accruals 9,256 9.256 1,660 2, 140 10,916 11.396 18
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, registsred charity no. 1075807) NOTES TO THE FINANCIAL STATEMETrrrs fi)r the year ended 31 March 2024 5. STAFF COSTS AND NUMBERS Unrestricled Funds 2024 Reslricted Funds 2024 Total Funds 2024 Total Funds 2023 Gross pay Employer Nl Employer pension 118,020 5,050 2,030 118,020 5,050 2,030 &3.772 1.056 1.271 Nil £ 125,100 125,100 86,099 The average number of staff in the year (headcountl was 5 {2023 51. That k8y management staff member received total remuneration of £42,529 (2023 - £34,875). No employees racgived remuneralion in ex¢gss of £60.000 (2023 - the same). 6. OTHER STAFF COSTS Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Tutors Consultancy Fees Other freelance staff Recruitment Volunteer expenses 3,100 150 950 4,050 150 3,899 6,393 1,220 2,250 3,899 6,393 950 270 140 3,520 £ 12,192 15.712 £ 2,390 7. PENSIONS The company operates a defined contribution scheme in respect of salaried employees. Contributions are charged in the accounts as incurred and there were no outstanding or proposed contributions as at the balance sheet date. Pension costs charged in the year were £2,03012023- £1,271). 8. TRUSTEES No Trustees received remuneration in th8 year {2023 reimbursement of expgnses during the year {2023- the same). the sarne}. No trustees received 19
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Reglslered company no. 03753032, registered charity no. 1075807) NOTES TO THE FINANCIAL STATEMENTS lor the year ended 31 March 2024 9. OTHER RELATED PARTY TRANSACTIONS There were no other related party transactions to report {2023 - the sarnel. 10. CORPORATION TAX The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 11. STATEMENT OF FUNDS Brought Forward Incoming Resources Resource5 Transfers & Expended Gains l Loss8S Carried Forward 2024 Restricted lunds- National Lottery Community Fund Islington Council Welfare Advice Islington Council ACL Postcode Soclety Trusl UK Government: Home Off ice 42,703 42,167 (101,142) 78,781 62,509 31,000 (29,326) 1,674 5,383 (950) 4,433 19,642 (570) 19,072 9,666 (5.757) 3,909 Total restrlcted funds Unrestricted fund 42,703 1,159,863 107.858 81,221 (137.745) (34.468) 78,781 (78,781) 91,597 1,127,835 Total funds £1,202,566 £ 189,079 £ (172,213) £ Nil £ 1.219,432 Statement of fvnds - continued- 2023 Restricted funds National Lottery Community Fur3d IslingtOfF Council.- Welfare grant Other 400 101.852 (59,549) 42, 703 31.496 (31,496) (3,470) 3.470 Total restricted funds Unrestrictgd fund 400 667.507 136.818 525,772 (94,515) (33.416) 42, 703 7, 159,863 Tor funds £ 667,907 £ 662.590 £ (727,951) £ NII £ 1.202,566 20
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, registered charlty no. 1075807) NOTES TO THE FINANCIAL sTATEMErs for the year ended 31 March 2024 Descrlptlon of funds Natlonal Lottery Community Fund: A grant of £300.000 over 4 years from September 2020 lo August 2024, to support Arachne including the recruitment of a Chief Executive post and refurbishment of the upper floors of your building for residential letting. Islington CDuncil Welfare Advice- A grant of £31.000 towards Aiachne's welfare advice seNice costs and core costs for the grant period 1 April 2023 to 31 March 2024. ACL: A grant 01 £5,383 towards Arachne's training programme costs lor the grant period 1 February 2023 to 31st July 2023. Postcode Society Trust.. A grant of £19,642 towards Arachne's welfare advice service costs for the grant period 1 December 2023 to 31 November 2024. UK Government: Home Office.. A grant of £9,666 to raise awareness, address any rnisinformation, and encourage and 5UPPOrt the Greek Cypriot community lo apply to Ihe Windrush Compensation and Windrush Scheme IDocumentalion} between th8 grant period 1 December 2023 10 31 March 2024. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS General Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 2024 Tangible fixed assets Current assets Creditors due withln one year 1,008,021 130,730 (10,916) 1,008,021 222,327 (10,916) 1,008,835 205, 729 (11,396) 91,597 £ 1,127,835 £ 91,597 £ 1,219,432 £ 1.202,566 2023 Tangible fixed assets Current assets Creditors due within one year 1.008.833 162,426 (11,396) 1,008,835 205, 129 (11,396) 42, 705 £ 1, 159,863 42, 703 £ 1,202,566 21
ARACHNE GREEK CYPRIOT WOMEN'S GROUP (Registered company no. 03753032, reglstered charity no. 1075807) NOTES TO THE FINANCIAL STATEMEMrs for the year ended 31 March 2024 13. OTHER LEGAL INFORMATION Arachne Greek Cypriot Women's Group is a charttable company limited by guarantee without share capital, with use of 'Limited' exemption. and registered in England with registration number 03753032. Its registered off ice address is 13-15 Hercules Street, London. N7 6AT. The accounts are presented in GBP rounded to £1. 22