**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. Page 1 **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 Page 2 **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: 1. that accounting records were not kept as required by section 130 of the Act; or 2. that the accounts do not accord with those records; or 3. that the accounts do not comply with the accounting requirements of the Act; or 4. 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 Page 3 **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 Page 4 **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 Page 5 **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| |---|---|---| Page 6 **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. Page 7 **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| |---|---| ||| Page 8 **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**| Page 9 **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**| Page 10 **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 Page 11 **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 Page 12