Charity registered number 1082067 Ecclesiastical & Theologlcal Seminary Of the Archdiocese of Thyateira And Great Britain Report and Accounts 31 December 2023
Eccleslastlcal & Theological Semlnary Of the Archdiocese of Thyateira And Great Britain Report and Accounts Report and a¢¢ounts Contents Page Legal and administrative infomialion TNstees' Annual Report Independent Examinerf8 Report Statement of Financial Actwities Balance sheet Notes foThning part of the financial statements 7-11
Ecclesiastical & Theological Semlnary Of the Archdiocese of Thyateira And Great Britain Report and Accounts Legal and admlnlstratlve Infomiatlon Trustees Archbishop Nikllas Lloullas Mr Antonis Yerolemou Miss Marina Kaloghirou Father Chrislodoulos Christodoulou Father Nikolaos Tsimalis A¢untsnts Nicholas Peters & Co Llmited 2nd Floor 10-12 Bourlet Close London W1W7BR Charlty Offlces Thyateira House 5 Craven Hill London W2 3EN Charity registewd number 1082067
ECCIlaSt1cal & Thgological Saminary Of the Ar¢hdloce80 of Thyatelra And Great Britain Report and Accounts Trust88s' Annual Report forthe year ènded 31 December 2023 The trustees present thelr report and accounts for the year ended 31 December 2023. The trustses have adopted the provision ofthe Sialemenl of Recommended Practice ISORPI" Accounting and RoportSng by Charfties" IFRS 1021 in preparing the annual report and financial 8talernenl of th8 ejharty. The financial statements have been prepared in accordance wth the accounting policies set out In note$ lo the accounts and comply with the charity's goveming document, the Charities Act 2011 and Acctsunllng and Raporting by Chadtles.. Statement of Recommended Practice applicablg lo charllles preparlng their accounts In 8¢cordance lo the Financial R6portlng Siandards appllcable In the UK and Republ¢c of Ireland published on 16 JU 20141 as amènded by Update Bulleln 1 published on 2 February 20161. R•ferenea and admlnlstratlon dgtalls Charity name- Ec¢leslastkal and Thgobglcal S&mSnary of th8 Archdlocese of Thyaleira and Great Britain 1082[7 ThyBtelra House, 5 Craven Hill, London. W2 3EN Registratn number- Prlndpal address- Tn1*9$ The trustees who manage the charty are named on pag8 1. Structure, governance and managornont Tho char[tab Trust Is constituted by Tnjst Deod dated 26 ri1 2000. The Trust obtalned tharItab stslu$ on 17 August 2000 {No. 10820671. Truste&s are nominated His Emlnence Archblshop Nikitas Lioulias and a committee of trustees appolnts them. Obiectiws and aetiYiti•s The charity was formed to ete people who intènd tts ba ordalned as prlesls andlor serve in the Greek orthodox knhdiocese Of Thyalglra And Grèat Brit8ln. At psent the Charity is sponsoring men for studies. It also educates men belongbng to any other Orlhodox Diocesè or Archdk>cese In communlon with the Olcumenlcal Patrfarchale of Constantinople on Ihe recommondalon of the dlo¢e$an blghop th Ihe agreement of the trustees. Conlnulng education is provided to the Greek Orthodox Clergy who alTeady 8erv# in the Archdlocese. For example, the priest in Dublin, Ireland, is supported by the CharTty. Tho ¢harfty Iralns lay people of the Greek Orthodox falth 80 as to undertake responBible pos11ions in the 1gachin9 and instructlon of the Orthodox falth, worship and sacred tradthon. Lastly, training of lay people of the Greek Orthodox fallh 1$ pded so a$ to take part In the adminislralvjn and support of the orthodox wmmunllles In the Brits5h Is108. The Archdlocese has InSUated four aducatlonal programmes on Zoom and established a religious educauonal ¢ommltto0. The provision of the PToperties held by the Charity lo indiwduals training to bg ordained a$ pdests helps lo provide an adequate and stable enwronment helping these individuals gel the mo$1 out of thelr Ir8inlng. Thls 11 help Immensety for the fuiure and allow Ihem lo pass on to the members of the Greek OrthodDX Archdlocese Of Thyatelra And Great Brttaln the benefits ol the wsdom and experience obtalned durfng their Irdining. The trustees have had regard to Charity Commi$sitin guld#nc6 tsn publlc beneflL
Ec¢lg$la$tlcal & Thgologlcal Somlnary Of the Ar¢hdiocos0 of Thyateira And Great Britain Report and Accounts Trustees, Annual Report for tho year 8ndgd 31 D9Mb•r 2023 Pl#n$ for future p¢rlod¥ The trustees intend to continue their current strategies Df mainlalnlng the charlty p0sOn by providlng hlgh quallty educauon for the people who inlend to be ordained as prtests. Achlevlng a hlgh standard of academlc results is a constsnl alm. Achlov•ments and p•rfomiancè During the year the charrfcy has continued lo provide training and education to those mentioned above. The ChaTity 8150 hostod an open evèning to communicate vrith those who feel a call to the vocation of the prie8th00d. Attendance al the seminary during the year was good. His Emlnence NIk$ Lloullas contlnued lo provlde 9uKlance and supeNise the works of the seminary. Flnon¢l)l Rtrvl•w The rental Incom& inGreased and conequenty runnlng expenses 81so Increased. Thls togother don8tk)n8 recelved resuwed In an Increase In the net Income compared to 18St yeai. Somè major rop8ir$ ond knprovements were undertaken on the InsIMent propèrtiès but th858 costs wer8 carried out frorn reserve Ihe Charity had accumulated over the years. Thls had an Imp8et on the cash b8lAncè but Ihè expalls8s were adequateEy budgeted for hence the oontinued in¢rease In net In¢ome. Thè policy of tha trustaes Is to conlinug lo maintsin unrestrid9d restrtvtrs at a reasonabl& levgl lo fulfil tho objects of the tharlty. The chaAty should hav6 mlnlmum r6s8rves of ona yearf5 worth of expenditure. The trustees review the financial posrtj.on of the chartty Fegularfy to ènsure adequate funds are avail8bla to moet Ihe charws obllg8tion. Thg lotsl unièstrirled fvnds of the Gharity as al the balance sheet dale were £1,075,58012022 £1,051,3091 of whiGh £41,03012022 £87,902) w6r8 fre9 rèserves. is reportwa5 approved by the board of trustees on 22 October 2024. Archblshop Nlkltas Lloullas Trust90 Fathèr Nlkolaos Tslmalls Trustee
Independenl Examlnefs Report to the Trusteos of Ecclesiastical And Thoologlcal Semlnary Of Tha Archdiocese Of Thyateira And Groat Britain I report on the accounls of the Trust for the year ended 31 December 2023, which are Set out on pages 5t011. Rgspgctlvo rgsponsibllltles of tru$tg9s and examlnar As the charills truStS you are responsible for the preparation of the accounts., you conslder that tha quirement of 8tIOn 144{21 of the Charities Act 2011 {the 2011 Acll doe8 not apply, and that an independent examination is needed. It is my responsibility lo.. - examine the accounts under section 145 of the Act, - to follow the procedures la down in the General Directions gThien by the Charity Ccffimission under section 14515)(bl of the Ac¢ and - whether parlicular matters have come to my attention. Basls of Ind8ponden¢ oxamlngrfs r9POrt My examination was carried out in accordance with general Directions given by the Charity Cornmission. An examlnalion includes a review of the accounting records kept by the charity and a comparison of the accounts presenlod wf(h those records. 11 also includes consideratn of any unusual ftems or disclosures in the accounts, and seeking explanations from you as trustees coneeming any Such matters. The procedures undertaken do not provide all thè eMdenc8 that would be required in an audit, and consequently no opinion is given as lo whether the accounts present a and fairf view and the report is limited b those matters set gut in the statement bel¢Jw. Independent examlnerf$ statement In connection with my examination, no matter has come lo my allention.. 1. which grves me reasonable cause lo believe that in any material respect the requirements (al lo keep accounting records in accordance with section 130 of the 2011 Act,. and Ibl to prepare 8¢counts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met.. or 2. to whKh, in my opinion, attention should be drawn in order to 8nablo a proper understanding of the &counts lo be reached. Mr Andrew Georglades FCCA Nlcholas Peters & Co Llmlted Independgnt Examinor 2nd Floor 10-12 Bourlet Clos8 London W1W 7BR 22 October 2024
Eccleslasll¢al & Theologl¢al Seminary Of the Ar¢hdlo¢ese of Thyateira And Great Britain Report and Accounts Statement of Flnanclal Actlvltles for the year ended 31 Decembèr 2023 Unrestictsd Funds 2023 Unrestlcted Funds 2022 Notes Income Donations Income from Investments Total 59,875 17,765 77,640 12,075 63,254 Expendlture on: Experlture on charltable actNitlas Donations 24,869 28,500 29,628 15,787 Totsl 45,415 Net income 24.271 29,914 Transfers between fvnds Net movements In funds 24.271 29,914 Total funds brought forward 1,051,309 1,021,395 Tc¥tal funds carrlod foNiard 1,075,580 1,051,309 The net movement in funds referred to above is the nel incoming resources as defined in tha Slal&mont of Recommonded Practice for Accounting and Reporting issued by the Charity CommissDn for England & Wales and is TnCIled lo the total funds as Shown in the Balance Sheet on page 8 as rèquired by th8 said statement. All income and expendlture dèrive from continuing actlvltles
Ecclgslastlcal & Thoologlcal Semlnary Of the Archdiocese of Thyateira And Great Britaln Report and Accounts Balance Shaat as at 310ecember 2023 Nots¥ 2023 2022 Flxed assets Taryible a88ets 1.034,550 963,407 Current a$8et$ Debtors Cash at bank and In hand 2,063 58,467 107,342 107,342 Credltors.. amounts falllng due wlthln y•ar 119,5001 119.440) Net current assets 41.030 87,9)2 Net a68ets 1,075,580 1,051,309 Funds: Unrestrided funds 1,075,580 1,051,309 1,051,309 Total lund$ The financSal statsmenls were approved and aulhorised for is8ue by the Board on 22 October 2024. Signèd on bèhalf of th8 board of truste88. Archbishop Nikilas Lioulias Trustee Fath•r Nlkolaos Tsimalis Trustee
Eccleslastlcal & Thoological Sominary Of the Archdlocese of Thyatelra And Great Brltaln Report and Accounts Notes to tho Accounts forthe year ended 310ecember 2023 Accounting policies a$ls ofpréparatlon of accounts The charity constitutas a pU1C benefit entity as defined by FRS 102. Th& finanud statements have been prepared in accordance wlh Accounb'ng 8nd ReporOng by Charities.. Stakment of Recommended Practice applicable lo chariti98 prèparfng their accounts in accordall wlh th& Finanaa1 Reporting Stsndard p1¢able In the UK and Rgpublic ol Ireland IFRS 1021 issuèd on 16 July 2014 las upd8ted through Update Bulletin 1 publish i)n 2 Febru8ry 20161. The address of the gIstered Offi is given in the charty information on page l of these finan statements. The nature of the charivs operations and prln(xp81 aets"vlties are as sel out in I Trustses, annua report on page 2 of these fin8ncial st8toments. The finanaal statements are presented In sterling %%*ich is the lunctSona5 wffency of the ¢harity and are not rounded. Th6 finanaal statements are prepared on a going coneem basis under the historical e081 convents'on, modified to indude certain items al falr value, The financial statements are prostrnt in sterfing which is the fvjnctional currency ollhg charity and ar& not rounded. The signifi1 accounting pdiaes applied in the preparation of thes8 linÈnaal statements are set out bebw. These policies have been consislenuy applied to all year8 presented unless otherwise stated. R•¢ognltlon of Incomlng rnsources These are in(auded in the Statement ol Financial Activities ISOFAI when.. thè charity becomes entitled to the reSOUTces,' the trustees are VirtUty certain tsy wll re¢8ive lh& re8ources'. and the monetsry value can bts measurgd sufllcl&rt rellality. For donation5 to be rèccgnised the charity wll have been notified of the amounts and the setuement dats In writing. If the a conditions attached to the donation 8nd this requires a level ol perfoTTnan¢6 bèfore entitlement can be obtained then incotne 1$ dolerred until those conditions ar$ fully met or Ihe fulfilment ol those conditions is within Ihg eontrol ol the tharity and il is probable Ihat they will be fulfilled. Donated facilitie5 and donated profe$$ional seM¢es a recognised in irKune at their fair value en their economic benefit is probable, it ean be measured reliably and the tharity has wntrol over the item. Fair value is determinèd on the basis ol the value of the gt'ft to the charity. For example the amount the charity would be lling to pay in the open m8rk¢l for suth faallties and servic0& A correspondiry amount is recognised In expenditure. No amount Is Included in the Ilnanciaj statements lor volunteer time in linè with the SORP IFRS 1021- Furthardetail is given in the Trustees, Annual ReporL R•ntsllncome Rental Iorne is accounted for C aru ba815. Llabllllyrncognltlon l expenditure is acc¥unled for on an aeeruals basis and Mas been classified under he8dlng$ that aggregate all co315 related to the category. Expenditure is recognised where the is a I31 or constructive ob1ig8tion lo mak& payments to third parties, it is probable that the s&ttlemant will be requir8d and tho amount of the obligation can be measured reliably.
EccleslastlGal & Theological Sgminary Of the Archdlocese of Thyatelra And Great Brltaln Report and Accounts Notes to the Accounts for the year ended 31 December 2023 Tangible fixedassets forts$e by the ¢harlty and d•pra¢latlon No depredation is targ6d on freehold18nd and bulldlngs. Taxallon As 8 re915tèrèd charity, the organisation is exernpl from income and corporation tax to the extènt thBI its income and gains are applicable to charitable purposes only. Valuts A(Ided Tax Is not recoverable by the charity, and 18 therefore induded in the rel8v3nl co$18 Sn thè SOF Manpm•nt and admlnlstrauon •xpendlturo Support eosls ara thosa that asslst the work ol the charty bul do not directly represent charitable activities and include office costs, govemance costs, administralwe payroll costs. They are incurred diredly in support ol expenditure on the objects ol the charity and include prtslect management carried out at Headquarters. Where 8uPrt ¢osts cannot bè dlrecdy Rttribuled to parti<r headings they have boon allocated to cost of raising funds and axpendityjre on charitakle activili&s On a basis consist6nt wth use ol the resources. Premises overheads h8V8 be@n allocAted on an insert detail basis and other oveffteads have been allocated on an insert detall b8SiS. StrÉthro of funds The d)arity maintains a general unrestricied nd lch repr88ents fund8 which aro exndable at the discretion ol the trustees in furtherance of the object8 of the tharity. Sud) fvnds may b8 held in order to finance both Work1r rapitsl and capital invastmènL R88tiictè(l thnd9 have been provided to the charty for partIClar purpose8. and it is the policy of the board of trustees to carefully the motwtor the ap1¢tion of those funds in acwrdance wth th6 restricons aCed upon them. On completion of any fftstr(aed project fund8, any lund$ not used Brè transfeed to unrestnct8d funds foT the ustr on the ¢harfly'8 genor81 obj¢¢ts. Any other proposed transfer bebNeen fvnds would be con&dered on the particular cirwmstsn¢e$. Invostmgntpn)p8rties Investrfienl properties ar8 stÈd * market value thich according to the trustees refiect the fair value al the r¢pord"ng d*e. No depreciafjon Is provided in respact ol prowties which are da5sified as investment propertie¥. Such propertt&s are held to eam rentsls or lor capital appreuation and the trustee8 considèr that to depreciate them would not give a true and lair view.
EcGlesiastlcal & Theologlcal Semlnary Oftho Archdlocese of Thyateira And Great Brltaln Rgport and Accounts Notes to the Account8 for tha year on(1od 31 Docombgr 2023 Debtors oftd crgdltors r8celvablo /payablg vAthln onoyoor Debtors (xeditors with no stated intero81 role and r1vable or payable V1n one ar are reconjed al transaction pr6¢e. Any losses arfsSng from impairrnenl arg r8cognig8d In expenditure. Golng ¢iJn¢em The ftnane1al statern8nts have been prepared on a going conc&m basis as the Irustegs bdieve that no material uncertainli88 exst. Tha trustees have considered the18vd of funds held and the expected 18vg1 of ineome and expenditure for 12 months from authoris1 these financoal statements. The budgeted incorne and expandlture Is sufficient wlh the level of resorves for the charity to be able lo continuè ès 2 going concem. Judg8monts and key sourcss of sstlmatlon uncertalnfy No judgements (apart from thoso involvSng estlmalesl have been made in th8 pr(thss of applying the abov6 auntIng pollc16s that have had the rnosl 81gnrficanl &ffect amounts rec(unisèd In the ffinancSal statements. No kgy 8SsumptlfS conceming the fure and othèr key sourcES of estimation un¢&talnty at the repuung date Ihat havg a signffitAnt rlsk of causing B material adjustment to the (8rrying amounts of as8ets and Ilabllltles whhln the next finarKial year. The fixej assets ar8 1nv>mtt Pmpertles. ConcessNonaryloan$ Conc8ssfionary108ns Ilde those payable a thlrd paty whlch are Interast free or b81ow market Interest rates and are mado to 1Vance charttable purposes. All loans are repayablo on demand 7thin one ygar. the loan Is measured al cost, less Impaiment. Where the loan is rnpayable than one year. the loan is initoally measured at falr valug and subsequenUy measured al amortised cost using the effective inlorest rate method. less ImpalmienL Expondltur? on charltsblg actlvlti•s 2023 2022 7,829 1,141 7,650 942 2.132 6,835 1.497 8,426 3,454 7,591 205 1,620 Insurance Llght and heat RepaiTS arKI malnltrnani% Managomenl fees ststlonery and prinllng AcLountancy fees Other legal and profosslonal 1,740 3,435 24,869 29.628
Eccleslastlcal & Theologlcal Semlnary Of tha Archdiocese of Thyateira And Great Britain Report and Accounts Notgs to the Accounts for the yoar ended 31 December 2023 Indepondent examlnor remuneratlon The independent examiner8 remun8ration amounts lo an ind8pand6nt èxamination fee of £1,740 12022.. £1,6201. No other 8eMces are provlded. rru$te88' aNI key manag•mont pgrsonngl remuneratlon and oxpen89s The Iruslees neither received nOr1ved any rsmunèratlon during the year12022.' £Nill. Th8 IrustÈèS the key management personnel. There are no other staff costs. Tangible flxed a8$0ts for u$$ by th• ¢hartty Freehold land and bulldSng8 At 1 January 2023 Adth"ons 3,407 71,143 1034 550 At 31 Decèmbar 2023 D•prOclaon At 31 Deeember 2023 Not book valu At 31 December 2023 1.034,550 At 31 Dernb 2022 963,407 The tnJslee3 have valued th8 freehold land and buildings as at 31 December 21Y23 and believe the cost shown above lIe(X$ the folrv91ue as atthÈ reporting date. 10
EcclesiastTcal & Theological Seminary Of the Archdioc6se of Thyatalra And Great Brltaln Report and Accounts Notes to the Accounts for the yoar ended 31 December 2023 Debto 2023 2022 oth debtors 2,063 CreditOT¥- am¢unts lalllng due wlthln one year 2023 2022 Accruas and delgrred income 19,500 19,440 Transaction8 wtth trustses There are no related party tran8athon8 to al$dose.