REGISTERED CHARITY NUMBER: 1078008
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
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 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 11 |
| Detailed Statement of Financial Activities | 12 | to | 13 |
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).
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 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.
FINANCIAL REVIEW
Reserves policy
The Trustees are satisfied with the financial position of the Charity as at 31st March 2024 and the Surplus of Funds generated from operations to the level of £52,745 ( 2023 - £39,910 ) which will be added to the Reserves and utilised for future operations.
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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1078008
Principal address
Greek Orthodox Church Greek Church Street Cardiff CF10 5HA
Trustees
Archbishop N. Lioulias Mr P. Yiacoumi Mr D. M. C. Asprou Mr A. Attard Mr S. O. Constantinou Mr N. Perdikis
Page 1
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Approved by order of the board of trustees on 17 November 2024 and signed on its behalf by:
Mr N. Perdikis
Trustee
Page 2
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Donations Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31/3/24 Unrestricted fund £ 107,280 29,642 14,540 151,462 69,670 29,047 98,717 52,745 1,359,479 1,412,224 |
31/3/23 Total funds £ 85,143 28,733 15,499 129,375 81,212 8,253 89,465 39,910 1,319,569 1,359,479 |
|---|---|---|
The notes form part of these financial statements
Page 3
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
BALANCE SHEET 31 MARCH 2024
| Notes FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 15 Unrestricted funds TOTAL FUNDS |
31/3/24 Unrestricted fund £ 1,507,807 16,148 1,523,955 29,130 33,784 62,914 (1,360) 61,554 1,585,509 (173,285) 1,412,224 1,412,224 1,412,224 |
31/3/23 Total funds £ 1,233,295 - 1,233,295 11,261 169,800 181,061 (1,693) 179,368 1,412,663 (53,184) 1,359,479 1,359,479 1,359,479 |
|---|---|---|
The financial statements were approved by the Director the Board of Trustees and authorised for issue on 17 November 2024 and were signed on its behalf by:
Mr N. Perdikis Trustee
Mr D. M. C. Asprou
Trustee
Mr P. Yiacoumi Trustee
The notes form part of these financial statements
Page 4
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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 fittings | - | 10% on reducing balance |
|---|---|---|
| Computers & 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. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31/3/24 | 31/3/23 | |
| £ | £ | |
| Fundraising events | 29,642 | 28,733 |
continued...
Page 5
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
3. INVESTMENT INCOME
| Rents received Deposit account interest Share Dividends 4. RAISING FUNDS Raising donations and legacies Staff costs Archdioceses - Diaries, Books, Certificates Support costs Other operating activities Purchases Commission Travelling Candles and Incense Aggregate amounts 5. CHARITABLE ACTIVITIES COSTS Donations |
31/3/24 31/3/23 £ £ 12,443 15,150 1,919 349 178 - 14,540 15,499 31/3/24 31/3/23 £ £ 25,138 29,151 2,265 1,200 16,753 31,628 44,156 61,979 31/3/24 31/3/23 £ £ 18,433 13,281 - 849 3,780 590 3,301 4,513 25,514 19,233 69,670 81,212 Direct Support Costs costs Totals £ £ £ 5,960 23,087 29,047 |
|---|---|
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
continued...
Page 6
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31/3/24 | 31/3/23 | |
|---|---|---|
| Priests | 1 | 1 |
| Cleaner | 1 | 1 |
| 2 | 2 |
No employees received emoluments in excess of £60,000.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 85,143 |
| Other operating activities | 28,733 |
| Investment income | 15,499 |
| Total | 129,375 |
| EXPENDITURE ON | |
| Raising funds | 81,212 |
| Charitable activities | |
| Donations | |
| 8,253 | |
| Total | 89,465 |
| NET INCOME | 39,910 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 1,319,569 |
| TOTAL FUNDS CARRIED FORWARD | 1,359,479 |
continued...
Page 7
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. TANGIBLE FIXED ASSETS
| 9. TANGIBLE FIXED ASSETS |
|||||
|---|---|---|---|---|---|
| Freehold Holy Elements and Property Icons £ £ COST At 1 April 2023 1,026,287 180,677 Additions 271,796 5,354 At 31 March 2024 1,298,083 186,031 DEPRECIATION At 1 April 2023 - - Charge for year - - At 31 March 2024 - - NET BOOK VALUE At 31 March 2024 1,298,083 186,031 At 31 March 2023 1,026,287 180,677 10. FIXED ASSET INVESTMENTS MARKET VALUE Additions NET BOOK VALUE At 31 March 2024 At 31 March 2023 There were no investment assets outside the UK. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Debtors Prepayments |
Freehold Holy Elements and Property Icons £ £ 1,026,287 180,677 271,796 5,354 1,298,083 186,031 - - - - - - 1,298,083 186,031 1,026,287 180,677 |
Fixtures and Furniture £ 114,299 - 114,299 88,002 2,630 90,632 23,667 26,297 |
Computers & Office Equipment £ 6,442 - 6,442 6,408 8 6,416 26 34 |
Totals £ 1,327,705 277,150 1,604,855 94,410 2,638 97,048 1,507,807 1,233,295 Shares in group undertakings £ 16,148 16,148 - 31/3/23 £ 11,079 182 11,261 |
|
| ONE YEAR | 31/3/24 £ 23,228 5,902 29,130 |
continued...
Page 8
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 12. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other creditors 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due in more than five years: Repayable by instalments: Bounced Back Loan Kingdom Bank Loan Repayable otherwise than by instalments: Other loans more 5yrs non-instalments 15. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 1,359,479 TOTAL FUNDS 1,359,479 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 151,462 TOTAL FUNDS 151,462 |
31/3/24 £ 1,360 31/3/24 £ 173,285 31/3/24 £ 28,852 140,000 168,852 4,433 Net movement in funds £ 52,745 52,745 Resources expended £ (98,717) (98,717) |
31/3/23 £ 1,693 31/3/23 £ 53,184 31/3/23 £ 33,407 - 33,407 19,777 At 31.3.24 £ 1,412,224 1,412,224 Movement in funds £ 52,745 52,745 |
|---|---|---|
continued...
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GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 1,319,569 1,319,569 |
Net movement in funds £ 39,910 39,910 |
At 31.3.23 £ 1,359,479 |
|---|---|---|---|
| 1,359,479 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 129,375 129,375 |
Resources Movement expended in funds £ £ (89,465) 39,910 (89,465) 39,910 |
Resources Movement expended in funds £ £ (89,465) 39,910 (89,465) 39,910 |
|---|---|---|---|
| 39,910 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 1,319,569 1,319,569 |
Net movement in funds £ 92,655 92,655 |
At 31.3.24 £ 1,412,224 |
|---|---|---|---|
| 1,412,224 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 280,837 280,837 |
Resources Movement expended in funds £ £ (188,182) 92,655 (188,182) 92,655 |
Resources Movement expended in funds £ £ (188,182) 92,655 (188,182) 92,655 |
|---|---|---|---|
| 92,655 |
continued...
Page 10
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 11
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 31/3/24 | 31/3/23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 27,173 | 11,226 |
| Gift aid | 58,588 | 55,394 |
| Subscriptions | 6,180 | 5,585 |
| Church Services | 14,110 | 11,614 |
| Employers Allowance | 1,229 | 1,324 |
| 107,280 | 85,143 | |
| Other operating activities | ||
| Fundraising events | 29,642 | 28,733 |
| Investment income | ||
| Rents received | 12,443 | 15,150 |
| Deposit account interest | 1,919 | 349 |
| Share Dividends | 178 | - |
| 14,540 | 15,499 | |
| Total incoming resources | 151,462 | 129,375 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Wages | 21,938 | 22,735 |
| Locum Priest and Assistants | 2,445 | 5,605 |
| Pensions | 755 | 811 |
| Archdioceses - Diaries, Books, Certificates | 2,265 | 1,200 |
| 27,403 | 30,351 | |
| Other operating activities | ||
| Event Costs - Purchases | 18,433 | 13,281 |
| Commission | - | 849 |
| Travelling | 3,780 | 590 |
| Candles and Incense | 3,301 | 4,513 |
| 25,514 | 19,233 | |
| Charitable activities | ||
| Donations | 5,960 | 6,114 |
| Support costs | ||
| Management | ||
| Rates and water | 2,063 | 2,024 |
| Insurance | 6,825 | 4,633 |
| Light and heat | 4,898 | 5,031 |
| Telephone | 718 | 591 |
| Postage and stationery | 948 | 968 |
| Carried forward | 15,452 | 13,247 |
This page does not form part of the statutory financial statements
Page 12
GREEK ORTHODOX COMMUNITY OF ST. NICHOLAS CARDIFF
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 31/3/24 | 31/3/23 | |
|---|---|---|
| £ | £ | |
| Management | ||
| Brought forward | 15,452 | 13,247 |
| Licences and Subscriptions | 429 | 194 |
| Repairs and Renewals | 9,730 | 10,454 |
| Cleaning and Consumables | 3,722 | 3,377 |
| 29,333 | 27,272 | |
| Other | ||
| Legal and Professional | 1,160 | 2,104 |
| Depreciation | 2,638 | 2,934 |
| 3,798 | 5,038 | |
| Other 2 | ||
| Bank Charges and Interest | 35 | - |
| Loan Interest | 6,173 | 1,457 |
| Investment Loss | 501 | - |
| 6,709 | 1,457 | |
| Total resources expended | 98,717 | 89,465 |
| Net income | 52,745 | 39,910 |
This page does not form part of the statutory financial statements
Page 13