REGISTERED CHARITY NUMBER: 1078008
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FOR GREEK ORTHODOX COMMUNITY OF ST. NICHOLASCARDIFF
LARKOS & PARTNERS 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 to 12 |
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number
1078008
Principal Address
Greek Orthodox Church Greek Church Street Cardiff CF10 5HA
Trustees
His Eminence Archbishop Nikitas Lioulias Mr P. Yiacoumi Mr D. M. C. Asprou Mr A. Attard Mr S. O. Constantinou Mr N. Perdikis
Independent Examiner LARKOS & PARTNERS 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Organisational Structure
The Trustees are responsible for managing and protecting the Charity and its assets, ensuring that all operations are within the Charities Commission legislation. They meet at least once a year and more frequent if the need arises.
The Ladies Philanthropic Committee oversee the Philanthropic and Charitable activities of the Charity as well as organising cultural and recreation events for the benefit of the community as a whole.
The Church Committee undertakes all the day to day operations of the Charity, including the church services, maintenance of the church and community centre / vicarage buildings, fund raising and other recreation activities.
Risk Management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES Objectives and Aims
The objectives of the Charity are to promote the Greek Orthodox Christian Faith and the Greek language and culture in the area of Cardiff and South Wales.
The principal sources of income for the Charity are donations from the community members, collections during church services and from fund raising events and social functions.
The primary expenditure of the Charity is the resident priest's salary, the maintenance and upkeep of the church buildings and the community centre, the provision of regular church services and the support of the philanthropic and charitable activities.
ACHIEVEMENT AND PERFORMANCE Charitable Activities
The Trustees ensured that regular church services took place during the course of the year, as allowed under the Government COVID 19 regulations and on significant dates of the church calendar. The aim is to keep these services in the future and support charitable activities and causes in Cardiff and its environment.
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Reserves Policy
The Trustees are satisfied with the financial position of the Charity as at 31st March 2021 and the Surplus of Funds generated from operations to the level of £18,814 ( 2020 - £39,828 ) which will be added to the Reserves and utilised for future operations.
Approved by order of the board of trustees on 3 October 2021 and signed on its behalf by:
Mr A. Attard Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
We report on the accounts for the year ended 31 March 2021, which are set out on pages four to ten.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
We have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out our examination we have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
-
that accounting records were not kept as required by section 130 of the Act; or
-
that the accounts do not accord with those records; or
-
that the accounts do not comply with the accounting requirements of the Act; or
-
that there is further information needed for a proper understanding of the accounts.
Independent examiner's statement
We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission we have found no matters that require drawing to your attention.
LARKOS & PARTNERS
128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ
3 October 2021
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 31/3/21 | 31/3/20 | ||
|---|---|---|---|
| Unrestricted | Total funds | ||
| fund | |||
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming Resources from Generated Funds | |||
| Voluntary Income | 65,845 | 119,871 | |
| Activities for Generating Funds | 2 | 16,327 | 24,549 |
| Investment Income | 3 | 8,993 | 12,646 |
| Incoming Resources from Charitable Activities | |||
| Government Grants | 17,030 | - | |
| Total Incoming Resources | 108,195 | 157,066 | |
| RESOURCES EXPENDED | |||
| Costs of Generating Funds | |||
| Costs of Generating Voluntary Income | 4 | 35,025 | 27,484 |
| Fundraising and Other Costs | 5 | 11,813 | 27,232 |
| Investment Management Costs | 6 | 5 | - |
| Charitable Activities | 7 | ||
| General | 42,538 | 62,522 | |
| Total Resources Expended | 89,381 | 117,238 | |
| NET INCOMING RESOURCES | 18,814 | 39,828 | |
| RECONCILIATION OF FUNDS | |||
| Total Funds Brought Forward | 1,274,249 | 1,234,421 | |
| TOTAL FUNDS CARRIED FORWARD | 1,293,063 | 1,274,249 |
The notes form part of these financial statements
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
BALANCE SHEET AT 31 MARCH 2021
| 31/3/21 | 31/3/20 | ||
|---|---|---|---|
| Unrestricted | Total funds | ||
| fund | |||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 10 | 1,211,136 | 1,196,784 |
| CURRENT ASSETS | |||
| Debtors | 11 | 13,138 | 20,584 |
| Cash at Bank and In Hand | 161,071 | 122,055 | |
| 174,209 | 142,639 | ||
| CREDITORS | |||
| Amounts falling due within one year | 12 | (1,720) | (1,160) |
| NET CURRENT ASSETS | 172,489 | 141,479 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,383,625 | 1,338,263 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 13 | (90,562) | (64,014) |
| NET ASSETS | 1,293,063 | 1,274,249 | |
| FUNDS | 14 | ||
| Unrestricted Funds | 1,293,063 | 1,274,249 | |
| TOTAL FUNDS | 1,293,063 | 1,274,249 |
The financial statements were approved by the Board of Trustees on 3 October 2021 and were signed on its behalf by:
Mr A. Attard Trustee
Mr P. Yiacoumi
Trustee
Mr S. O. Constantinou Trustee
The notes form part of these financial statements
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Accounting Convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming Resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources Expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible Fixed Assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Fixtures and Equipment | - 10% on reducing balance |
|---|---|
| Computers and Office Equipment | - 25% on reducing balance |
Taxation
The charity is exempt from tax on its charitable activities.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. ACTIVITIES FOR GENERATING FUNDS
| Fundraising Events 3. INVESTMENT INCOME Rents Received Deposit Account Interest |
31/3/21 £ 16,327 31/3/21 £ 8,889 104 8,993 |
31/3/20 £ 24,549 31/3/20 £ 12,533 113 12,646 |
|---|---|---|
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
4. COSTS OF GENERATING VOLUNTARY INCOME
| 31/3/21 £ Staff Costs 26,795 Archdioceses - Diaries, Books 2,450 Support Costs 5,780 35,025 5. FUNDRAISING TRADING:COST OF GOODS SOLD AND OTHER COSTS 31/3/21 £ Purchases 4,240 Commission 675 Travelling 6,204 Candles and Incense 694 11,813 6. INVESTMENT MANAGEMENT COSTS 31/3/21 £ Interest Payable and Similar Charges 5 7. CHARITABLE ACTIVITIES COSTS Direct costs Support costs £ £ General 3,700 38,838 |
31/3/20 £ 21,206 3,968 2,310 27,484 31/3/20 £ 17,633 913 7,293 1,393 27,232 31/3/20 £ - Totals £ 42,538 |
|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid neither for the year ended 31 March 2021 nor for the year ended 31 March 2020.
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
9. STAFF COSTS
| 31/3/21 £ Wages and Salaries 26,273 Other Pension Costs 522 26,795 The average monthly number of employees during the year was as follows: 31/3/21 Priests 2 Cleaner 1 3 No employees received emoluments in excess of £60,000. 10. TANGIBLE FIXED ASSETS Freehold Property Holy Elements and Icons Fixtures and Furnishings Computers & Office Equipment £ £ £ £ COST At 1 April 2020 1,026,287 134,342 114,299 6,442 Additions - 17,980 - - At 31 March 2021 1,026,287 152,322 114,299 6,442 DEPRECIATION At 1 April 2020 - - 78,226 6,360 Charge for Year - - 3,607 21 At 31 March 2021 - - 81,833 6,381 NET BOOK VALUE At 31 March 2021 1,026,287 152,322 32,466 61 At 31 March 2020 1,026,287 134,342 36,073 82 11. DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR 31/3/21 £ Trade Debtors 8,845 Other Debtors 4,293 13,138 |
31/3/20 £ 20,805 401 21,206 31/3/20 2 1 3 Totals £ 1,281,370 17,980 1,299,350 84,586 3,628 88,214 1,211,136 1,196,784 31/3/20 £ 15,382 5,202 20,584 |
|---|---|
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31/3/21 | 31/3/20 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Trade Creditors | 1,384 | 1,160 | |||
| Taxation and Social Security | 336 | - | |||
| 1,720 | 1,160 | ||||
| 13. | CREDITORS:AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 31/3/21 | 31/3/20 | ||||
| £ | £ | ||||
| Other Creditors | 90,562 | 64,014 | |||
| Amounts falling due in more than five years: | |||||
| Repayable by Instalments: | |||||
| Bounced Back Loan | 41,000 | - | |||
| Repayable otherwise then by instalments: | |||||
| Other Loans more 5yrs non-instalments | 49,562 | 64,014 | |||
| 14. | MOVEMENT IN FUNDS | ||||
| Net movement | |||||
| At 1.4.20 | in funds | At 31.3.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General Fund | 1,274,249 | 18,814 | 1,293,063 | ||
| TOTAL FUNDS | 1,274,249 | 18,814 | 1,293,063 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement in | |||
| resources | expended | funds | |||
| £ | £ | £ | |||
| Unrestricted Funds | |||||
| General Fund | 108,195 | (89,381) | 18,814 | ||
| TOTAL FUNDS | 108,195 | (89,381) | 18,814 | ||
| Comparatives for movement in funds | |||||
| Net movement | |||||
| At 1.4.19 | in funds | At 31.3.20 | |||
| £ | £ | £ | |||
| Unrestricted Funds | |||||
| General fund | 1,234,421 | 39,828 | 1,274,249 | ||
| TOTAL FUNDS | 1,234,421 | 39,828 | 1,274,249 |
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement in | |
|---|---|---|---|
| Resources | Expended | Funds | |
| £ | £ | £ | |
| Unrestricted Funds | |||
| General Fund | 157,066 | (117,238) | 39,828 |
| TOTAL FUNDS | 157,066 | **(117,238) ** | 39,828 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted Funds General Fund TOTAL FUNDS |
At 1.4.19 Net Movement in Funds £ £ 1,234,421 58,642 1,234,421 58,642 |
At 31.3.21 £ 1,293,063 1,293,063 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement in | |
|---|---|---|---|
| Resources | Expended | Funds | |
| £ | £ | £ | |
| Unrestricted Funds | |||
| General Fund | 265,261 | (206,619) | 58,642 |
| TOTAL FUNDS | **265,261 ** | **(206,619) ** | 58,642 |
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOMING RESOURCES Voluntary Income Donations Gift Aid Subscriptions Church Services Employers Allowance Activities for Generating Funds Fundraising Events Investment Income Rents Received Deposit Account Interest Incoming Resources Government Grants Total Incoming Resources RESOURCES EXPENDED Costs of Generating Voluntary Income Wages Pensions Archdioceses - Diaries, Books Fundraising and Other Costs Event Costs - Purchases Commission Travelling Candles and Incense Investment Management Costs Bank Charges and Interest Charitable Activities Donations Support Costs Management Rates and Water Carried Forward |
31/3/21 £ 9,624 44,223 4,220 5,730 2,048 65,845 16,327 8,889 104 8,993 17,030 108,195 26,273 522 2,450 29,245 4,240 675 6,204 694 11,813 5 3,700 2,083 2,083 |
31/3/20 £ 10,835 76,910 4,810 25,816 1,500 119,871 24,549 12,533 113 12,646 - 157,066 20,805 401 3,968 25,174 17,633 913 7,293 1,393 27,232 - 4,572 2,065 2,065 |
|---|---|---|
This page does not form part of the statutory financial statements
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Management Brought Forward Insurance Light and Heat Telephone Postage and Stationery Licences and Subscriptions Repairs and Renewals Cleaning and Consumables Other Legal and Professional Depreciation Financial Loan Interest Total Resources Expended Net Income |
31/3/21 £ 2,083 4,986 5,697 899 1,463 381 18,341 4,947 38,797 1,045 3,628 4,673 1,148 89,381 18,814 |
31/3/20 £ 2,065 4,607 6,402 954 1,943 - 29,145 7,411 52,527 2,244 4,035 6,279 1,454 117,238 39,828 |
|---|---|---|
This page does not form part of the statutory financial statements
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