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 pU￿oseS 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 regul￿lY 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 ne￿Ork 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 lo￿ard 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
De￿latIOn
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 pu￿os￿S 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 sTATEME￿rs
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