REGISTERED COMPANY NUMBER: 05059031 (England and Wales)
REGISTERED CHARITY NUMBER: 1108369
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
Page |
|
Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
|
6 |
|
Cash Flow Statement |
|
7 |
|
Notes to the Cash Flow Statement |
|
8 |
|
Notes to the Financial Statements |
9 |
to |
15 |
Detailed Statement of Financial Activities |
16 |
to |
17 |
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreportwiththe financial
statementsofthecharityfortheyearended31December2023.ThetrusteeshaveadoptedtheprovisionsofAccountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective and aims of the charity are:
TopreserveandpropagatetheChristianOrthodoxfaithandtraditionsascontainedintheHolyScriptures,aspractisedinthelifeof the
Church,asconfirmedbytheEcumenicalandlocalcouncilsandasinterpreted,preservedandtaughtbytheGreatChurchofChrist, the
Ecumenical Patriarchate of Constantinople.
TopreservetheoriginallanguageoftheNewTestamentinDivineWorshipandintheEcclesiasticallifeofthefaithful,andtominister to
thepeoplethroughcanonicalservicesconductedaccordingtotheorderoftheGreatChurchofConstantinoplebycanonicalpriests, and
through sermons and through catechism and Greek Language Schools.
To establish schools for the teaching of Greek Orthodox education.
ToreceiveintotheOrthodoxChristianfaith,byBaptismorChrismation,allthosewhofreelydecideandsincerelydesiretoadopt the
Orthodox Christian faith, and to live in accordance with its spiritual and moral teaching.
Toundertakecharitableworkforthebenefitofthosewhoneedprotection,assistanceandmedicalcare,tomakegrants to
organisations (including schools and charities), to provide services (including care/counselling).
TosupportandtoassistinthecharitableobjectsoftheunincorporatedbodyknownasTheGreekOrthodoxCommunity"The Twelve
Apostles" Hertfordshire ( Registered Charity No:1049541).
The trustees are pleased to report that in their opinion the objectives were generally met.
Significant activities
The charity's significant activities are the Sunday services, weddings, christenings, dinner and dance functions.
Public benefit
Thetrusteesconfirmthattheyhavecompliedwiththeirdutytohaveregardtotheguidanceonpublicbenefitpublishedbythe Charity
Commission in exercising their function.
Volunteers
Alltrusteesperformtheirdutiesonavoluntarybasis.Ladiesofthecongregationhelpwithancillaryduties,includingcommunity care,
church functions and fundraising.
ACHIEVEMENT AND PERFORMANCE
Theresultsforthefinancialyearofthecharityareshownintheannexedfinancialstatements.TheTrustmanagedtocollect additional
donations from followers for the new Church extension that was under development.
TheTrusteesareoptimisticthatafurtherincreaseindonationsreceivedintheyearendto31stofDecember2024sothatthe new
church extension to be finalised on time and with no financial constraints.
FINANCIAL REVIEW
Principal funding sources
TheCharitygeneratesincomefromavarietyofsources,principallyrelatedtoactivitiesbasedinandaroundtheChurch.Themajority of
incomeisderivedfromdonations,salesofcandles,collectionsandfeesforchurchservices.Inaddition,theCharitynormally organises
two annual Dinner and Dances, and other functions throughout the year which generate additional income.
Review of Charity's financial position
TheresultsoftheCharityaresetoutonPage5-15.TheTrusteesappliedthesamecontrolsonexpenses,andthefinancial statements
showasurplusof£245,494(2022:259,062).TheTrusteesareconfidentthattheexpenditureswillbereducedandsafeguard the
Charity'sabilitytogenerateforthcomingincome.Thedonationsfortheyearincreasedintotal,asthemembersandthegeneral public
supported the Church's activities due to the new extension at the Church.
Witheffectfrom1July2005TheBoardagreedtoacceptdelegationfromTheGreekOrthodoxCommunity"TheTwelve Apostles"
Hertfordshire(CharityRegistrationNumber1049541)thatalltheoperationsfortheCharityincludingallincome,hireandlettingof the
premises, making all payments for running and administration.
Reserves policy
The Trustees reserves policy is to retain surplus funds to maintain sufficient working capital for the charity and its related charity.
Page 1
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
FUTURE PLANS
The Community Board's aims are:
A To attract younger members to our community.
B To improve the church grounds.
C To promote attendance at our Saturday morning services in English.
D To find local accommodation suitable for community and pastoral needs.
E To increase the gift aid donations to repay the mortgage.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limitedbyguarantee,as defined
by the Companies Act 2006.
Recruitment and appointment of new trustees
ThetrusteesofthecharitywhoarealsotrusteesoftheunincorporatedbodyTheGreekOrthodoxCommunity"TheTwelve Apostles"
Hertfordshire (Registered Charity No:1049541) must be members of the Community.
Allmembersareeligibletostandforelection.Applicantsareappointedbyvotingandfourareselectedandappointedbyhis Eminence
theArchbishopofThyateiraandGreatBritaininconsultationwiththeparishpriest.Thetrusteeswillserveatermoftwoyears. The
trustees are familiar with the practical work of the charity.
Organisational structure
ThecharityisgovernedbyitstrusteeswhocomprisetheCommunityBoard.TheCommunityBoardcomprisestheelectedmembers of
theunincorporatedbodyknownasTheGreekOrthodoxCommunity"TheTwelveApostles"Hertfordshire(Registered Charity
No.1049541).
ThemembersofthecharityarethepersonsservingontheCommunityBoard.EachpersonwhoisamemberoftheCommunity Board
shall,atthetimeofthisappointmenttotheCommunityBoard,becomeamemberofthecharityandonceasingtobeamemberof the
Community Board, for any reason, shall at the same cease to be a member of the charity.
TheTrusteesmeettentimesayeartoadministertheaffairsofthecharity.TheTrusteeselectaChairman,aVice-Chairman, a
Treasurer and a Secretary to carry out day-to-day functions.
Thepresidingpriestbyvirtueofhiscanonicalordinationadministersthepriestlydutieswhichconsistinshepherdingthe Parish
entrusted to his care, directing its orderly life, preserving its unity and keeping it faithful to its divine purpose.
The Trustees appoint sub-committees to develop, administer and promote fund raising, religious festivals and charitable causes.
Induction and training of new trustees
Alltrusteesarebriefedontheirlegalobligationsundercharityandcompanylaw,thecontentoftheMemorandumandArticles of
Association,thecommitteeanddecisionmakingprocesses,theprojectionsandrecentfinancialperformanceofthecharity.Atthe first
boardmeetingthetrusteeswillelecttheChair,TreasurerandSecretary.TheChairco-ordinatesallthecharity'sactivities including
meetings, functions, fund raising committees and liaises with the priest and staff.
TheTreasurermaintainsthefinancialrecords,managementreports,budgetingandthepreparationoffinancialstatements. The
Secretarymaintainstheminutesandcorrespondence.Allothertrusteesareonarotaforchurchservices,candlesales,collections and
fund raising.
Wider network
The charity is under the auspices of The Greek Archdiocese of Thyateira and Great Britain.
Related parties
ThecharityisgovernedbyitstrusteeswhoarealsoelectedmembersandtrusteesofTheGreekOrthodoxCommunity"The Twelve
Apostles" Hertfordshire and donates a substantial amount of its surplus to the unincorporated body.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05059031 (England and Wales)
Registered Charity number
1108369
Registered office
Church Kentish Lane
Brookmans Park
Hatfield
Hertfordshire
AL9 6NG
Page 2
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
Trustees |
|
|
Archbishop Nikitas of Thyateira & Great Britain |
Archbishop |
|
D A Liveras |
Management Trustee |
(resigned 11 March 2024) |
L Loizou |
Custodial Trustee-Chairman |
|
D Habeshis |
Management Trustee |
|
Y Nicholas |
Custodial Trustee |
(resigned 11 March 2024) |
M Pilina |
Management Trustee |
|
S A Savva |
Management Trustee-Secretary |
|
I Chronias |
Management Trustee |
|
E Kritikos |
Management Trustee-Treasurer |
|
C D Constantinou |
Management Trustee |
|
S Economou |
Management Trustee |
|
S Spyrou |
Management Trustee |
|
M Rodosthenous |
Custodial/Management Trustee |
|
T Liousas |
Management Trustee |
|
K Kyriakou |
Management Trustee |
|
Y Ioannou |
Management Trustee |
(appointed 3 January 2024) |
Company Secretary |
|
|
Mr S A Savva |
|
|
Independent Examiner |
|
|
G Christoforou |
|
|
AC Partners LLP |
|
|
Chartered Accountants |
|
|
869 High Road |
|
|
London |
|
|
N12 8QA |
|
|
Solicitors |
|
|
Nicholas & Co. |
|
|
18 Wigmore Street |
|
|
London |
|
|
W1U 2RG |
|
|
Bankers |
|
|
Barclays Bank plc |
|
|
33 Darkes Lane |
|
|
Potters Bar |
|
|
EN6 1BA |
|
|
CHARITABLE DONATIONS
Duringtheyearunderreview,thecharitydonated£33,500(2022:£13,677)tocharitablecauses,includingnetdonations £30,000
(2022:£Nil)totheunincorporatedcharityTheGreekOrthodoxCommunity"TheTwelveApostles"Hertfordshire(registeredCharity No.
1049541),£2,050(2022:£5,000)forArchdioceseofThyateiraandGreatBritain,£Nil(2022:£5,000)forEcumenical Patriarch
Constantinople, £150 (2022: £950) for Essex Monastery and the balance of £1,300 to various charitable causes.
Approved by order of the board of trustees on 20 May 2024 and signed on its behalf by:
Mr L Loizou - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE TRUST
Independent examiner's report to the trustees of The Greek Orthodox Community The Twelve Apostles Hertfordshire Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsiblefor the
preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006Actandare eligible
forindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccountsascarriedoutunderSection145of the
CharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowedtheDirectionsgivenbytheCharity Commission
under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbeamemberofalistedbody.IcanconfirmthatI am
qualifiedtoundertaketheexaminationbecauseIamamemberoftheInstituteofCharteredAccountantsinEnglandandWales, which
is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwiththeexaminationgiving me
cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattentionshouldbedrawn in
this report in order to enable a proper understanding of the accounts to be reached.
G Christoforou
The Institute of Chartered Accountants in England and Wales
AC Partners LLP
Chartered Accountants
869 High Road
London
N12 8QA
20 May 2024
Page 4
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Other trading activities
2
512,562
Other income
1,391
Total
513,953
EXPENDITURE ON
Raising funds
3
57,510
Charitable activities
4
Managing and Administering Charity
33,500
Other
243,934
Total
334,944
NET INCOME
179,009
Transfers between funds
17
216,281
Net movement in funds
395,290
RECONCILIATION OF FUNDS
Total funds brought forward
237,638
TOTAL FUNDS CARRIED FORWARD
632,928 |
Restricted
funds
£
66,485
-
66,485
-
-
-
-
66,485
(216,281)
(149,796)
149,796
- |
2023
Total
funds
£
579,047
1,391
580,438
57,510
33,500
243,934
334,944
245,494
-
245,494
387,434
632,928 |
2022
Total
funds
£
553,151
270 |
|
|
|
553,421 |
|
|
|
80,490
13,677
200,192 |
|
|
|
294,359 |
|
|
|
259,062
- |
|
|
|
259,062
128,372 |
|
|
|
387,434 |
The notes form part of these financial statements
Page 5
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
BALANCE SHEET
31 DECEMBER 2023
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
11
7,101
CURRENT ASSETS
Stocks
12
747
Debtors
13
723,998
Cash at bank
7,595
732,340
CREDITORS
Amounts falling due within one year
14
(6,513)
NET CURRENT ASSETS
725,827
TOTAL ASSETS LESS CURRENT LIABILITIES
732,928
CREDITORS
Amounts falling due after more than one year
15
(100,000)
NET ASSETS
632,928
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
- |
2023
Total
funds
£
7,101
747
723,998
7,595
732,340
(6,513)
725,827
732,928
(100,000)
632,928
632,928
-
632,928 |
2022
Total
funds
£
-
1,304
78,175
391,252
470,731
(83,297)
387,434
387,434
-
387,434
237,638
149,796
387,434 |
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006fortheyear ended
31 December 2023.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyearended31December2023 in
accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitablecompaniessubjectto the
small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon20May2024andweresignedon its
behalf by:
Mr L Loizou - Trustee
The notes form part of these financial statements
Page 6
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE TRUST
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
New loans in year
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period |
2023
£
(475,877)
(9)
(475,886)
(7,771)
(7,771)
100,000
100,000
(383,657)
391,252
7,595 |
2022
£
295,208
- |
|
|
295,208 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
295,208
96,044 |
|
|
391,252 |
The notes form part of these financial statements
Page 7
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest paid
Decrease in stocks
Increase in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations |
2023
£
245,494
670
9
557
(645,823)
(76,784)
(475,877) |
2022
£
259,062
210
-
127
(41,494)
77,303
295,208 |
|
|
|
2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)
A
Net cash
Cash at bank
Debt
Debts falling due after 1 year
Total |
t 1.1.23
C
£
391,252
391,252
-
-
391,252 |
ash flow
At
£
(383,657)
(383,657)
(100,000)
(100,000)
(483,657) |
31.12.23
£
7,595
7,595
(100,000)
(100,000)
(92,405) |
|
|
|
|
The notes form part of these financial statements
Page 8
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and
RepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancialstatementshavebeenprepared under
the historical cost convention.
INCOME
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,itisprobable that
the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountofthe obligation
canbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadings that
aggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingstheyhave been
allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasacommitmentbutnot accrued
as expenditure.
ALLOCATION AND APPORTIONMENT OF COSTS
Costsareallocatedasgeneraloperatingexpensesunlesstheyareinregardtospecificactivitiesgeneratingincome,in which
case they are then allocated according to specific cost type.
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- 20% on cost
STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
TAXATION
The charity is exempt from corporation tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictionsarise 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
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayabletothecharitable company's
pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2.
OTHER TRADING ACTIVITIES
Donations
Membership
Books
Other Functions
Candles
Services
Dinner and Dance
Ladies Auxiliary Functions
Greek Evenings
Icons
Collections |
2023
£
332,616
3,280
6,119
14,660
56,327
81,440
2,970
1,445
8,000
2,800
69,390
579,047 |
2022
£
264,695
3,125
7,424
3,834
54,179
85,315
10,908
3,217
8,135
3,900
108,419 |
|
|
553,151 |
continued...
Page 9
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
3. RAISING FUNDS
RAISING DONATIONS AND LEGACIES
Candles
Services
Dinner and dance
Ladies auxiliary functions
Books
Church Trip
OTHER TRADING ACTIVITIES
Opening stock
Closing stock
Interest payable and similar charges
Aggregate amounts
4.
CHARITABLE ACTIVITIES COSTS
Managing and Administering Charity
5.
GRANTS PAYABLE
Managing and Administering Charity
The total grants paid to institutions during the year was as follows:
The Greek Orthodox Community The Twelve Apostles Hertfordshire
Greek Orthodox Archdiocese of Thyateira and Great Britain
Essex Monastery
Other charities |
2023
2022
£
£
20,230
21,140
24,365
56,289
8,379
700
-
200
470
2,034
3,500
-
56,944
80,363
2023
2022
£
£
1,304
1,431
(747)
(1,304)
9
-
566
127
57,510
80,490
Grant
funding of
activities
(see note
5)
£
33,500
2023
2022
£
£
33,500
13,677
2023
2022
£
£
30,000
-
2,050
5,000
150
950
1,300
7,727
33,500
13,677 |
|
|
continued...
Page 10
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. SUPPORT COSTS
6. |
SUPPORT COSTS |
|
|
|
|
|
|
|
|
Governance |
|
|
|
Management |
Finance |
costs |
Totals |
|
|
£ |
£ |
£ |
£ |
|
Other resources expended |
242,554 |
941 |
439 |
243,934 |
|
Support costs, included in the above, are as follows: |
|
|
|
|
|
MANAGEMENT |
|
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
Other |
|
|
|
|
|
resources |
Total |
|
|
|
|
expended |
activities |
|
|
|
|
£ |
£ |
|
Wages |
|
|
126,029 |
125,189 |
|
Social security |
|
|
6,675 |
7,194 |
|
Pensions |
|
|
8,649 |
8,628 |
|
Rent and rates |
|
|
12,818 |
12,783 |
|
Insurance |
|
|
7,383 |
5,550 |
|
Light and heat |
|
|
34,588 |
7,363 |
|
Telephone |
|
|
2,753 |
2,469 |
|
Postage and stationery |
|
|
7,845 |
5,132 |
|
Repairs and renewals |
|
|
21,703 |
6,495 |
|
Computer expenses |
|
|
4,720 |
4,793 |
|
Travelling |
|
|
5,221 |
8,553 |
|
Accountancy Fees |
|
|
3,500 |
3,000 |
|
Depreciation of tangible and heritage assets |
|
|
670 |
210 |
|
|
|
|
242,554 |
197,359 |
|
FINANCE |
|
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
Other |
|
|
|
|
|
resources |
Total |
|
|
|
|
expended |
activities |
|
|
|
|
£ |
£ |
|
Bank charges |
|
|
941 |
1,198 |
|
GOVERNANCE COSTS |
|
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
Other |
|
|
|
|
|
resources |
Total |
|
|
|
|
expended |
activities |
|
|
|
|
£ |
£ |
|
Legal and professional fees |
|
|
439 |
1,635 |
7. |
NET INCOME/(EXPENDITURE) |
|
|
|
|
|
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation - owned assets |
|
|
670 |
210 |
continued...
Page 11
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
8. TRUSTEES' REMUNERATION AND BENEFITS
DuringtheyearTheodorosLiousas,atrusteeofthecompanyreceived£3,000(2022:£3,000)forhisservicesasaChanter of
theChurch.Therewerenoothertrustees'remunerationorotherbenefitsfortheyearended31December2023norfor the
year ended 31 December 2022.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
9.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Priests
Secretarial
Administrative |
2023
£
126,029
6,675
8,649
141,353
2023
2
1
3
6 |
2022
£
125,189
7,194
8,628 |
|
|
141,011 |
|
|
2022
2
1
2
5 |
No employees received emoluments in excess of £60,000.
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Other trading activities
409,855
Other income
270
Total
410,125
EXPENDITURE ON
Raising funds
80,490
Charitable activities
Managing and Administering Charity
13,677
Other
200,192
Total
294,359
NET INCOME
115,766
RECONCILIATION OF FUNDS
Total funds brought forward
121,872
TOTAL FUNDS CARRIED FORWARD
237,638 |
Restricted
funds
£
143,296
-
143,296
-
-
-
-
143,296
6,500
149,796 |
Total
funds
£
553,151
270
553,421
80,490
13,677
200,192
294,359
259,062
128,372
387,434 |
|
|
|
continued...
Page 12
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
11. TANGIBLE FIXED ASSETS
COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
12.
STOCKS
Stocks
13.
DEBTORS
Amounts falling due within one year:
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Nest
Net wages
Accrued expenses |
2023
£
747
2023
£
28,125
695,873
723,998
2023
£
2,798
-
673
42
3,000
6,513 |
Fixtures
and
fittings
£
1,050
7,771
8,821
1,050
670
1,720
7,101
-
2022
£
1,304
2022
£
78,175 |
Fixtures
and
fittings
£
1,050
7,771
8,821
1,050
670
1,720
7,101
-
2022
£
1,304
2022
£
78,175 |
|
|
|
- |
|
|
|
78,175 |
|
|
|
2022
£
3,868
76,929
-
-
2,500 |
|
|
|
83,297 |
continued...
Page 13
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
|
|
|
|
2023 |
2022 |
|
|
|
|
|
£ |
£ |
|
Other loans (see note 16) |
|
|
|
100,000 |
- |
16. |
LOANS |
|
|
|
|
|
|
An analysis of the maturity of loans is given below: |
|
|
|
|
|
|
|
|
|
|
2023 |
2022 |
|
|
|
|
|
£ |
£ |
|
Amounts falling due between two and five years: |
|
|
|
|
|
|
Other loans - 2-5 years |
|
|
|
100,000 |
- |
17. |
MOVEMENT IN FUNDS |
|
|
|
|
|
|
|
|
|
Net |
Transfers |
|
|
|
|
|
movement |
between |
At |
|
|
At |
1.1.23 |
in funds |
funds |
31.12.23 |
|
|
|
£ |
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
|
|
GENERAL FUND |
237,638 |
|
179,009 |
216,281 |
632,928 |
|
Restricted funds |
|
|
|
|
|
|
Church Extension |
149,796 |
|
66,485 |
(216,281) |
- |
|
TOTAL FUNDS |
387,434 |
|
245,494 |
- |
632,928 |
|
Net movement in funds, included in the above are as |
follows: |
|
|
|
|
|
|
|
|
Incoming |
Resources |
Movement |
|
|
|
|
resources |
expended |
in funds |
|
|
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
|
|
GENERAL FUND |
|
|
513,953 |
(334,944) |
179,009 |
|
Restricted funds |
|
|
|
|
|
|
Church Extension |
|
|
66,485 |
- |
66,485 |
|
TOTAL FUNDS |
|
|
580,438 |
(334,944) |
245,494 |
|
Comparatives for movement in funds |
|
|
|
|
|
|
|
|
|
|
Net |
|
|
|
|
|
|
movement |
At |
|
|
|
|
At 1.1.22 |
in funds |
31.12.22 |
|
|
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
|
|
GENERAL FUND |
|
|
121,872 |
115,766 |
237,638 |
|
Restricted funds |
|
|
|
|
|
|
Church Extension |
|
|
6,500 |
143,296 |
149,796 |
|
TOTAL FUNDS |
|
|
128,372 |
259,062 |
387,434 |
continued...
Page 14
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
GENERAL FUND |
410,125 |
(294,359) |
115,766 |
Restricted funds |
|
|
|
Church Extension |
143,296 |
- |
143,296 |
TOTAL FUNDS |
553,421 |
(294,359) |
259,062 |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
GENERAL FUND
Restricted funds
Church Extension
TOTAL FUNDS |
At 1.1.22
£
121,872
6,500
128,372 |
Net
movement
in funds
£
294,775
209,781
504,556 |
Transfers
between
At
funds
31.12.23
£
£
216,281
632,928
(216,281)
-
-
632,928 |
Transfers
between
At
funds
31.12.23
£
£
216,281
632,928
(216,281)
-
-
632,928 |
|
|
|
|
632,928 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
GENERAL FUND
924,078
Restricted funds
Church Extension
209,781
TOTAL FUNDS
1,133,859 |
Resources
M
expended
£
(629,303)
-
(629,303) |
ovement
in funds
£
294,775
209,781 |
|
|
504,556 |
18. RELATED PARTY DISCLOSURES
ThetrustpurchasescandlesforthechurchfromMybeewax,whichisthetradingnameofabusinessofasonoftrustee Sotirios
Economou.IncludedwithintheStatementofFinancialActivitiesarecandlepurchasesfromMybeewaxduringtheyear totalling
£14,863 (2022: £15,249).
Duringtheyear,thetrustmadedonationsamountingto£30,000(2022:£Nil),toTheGreekOrthodoxCommunity"The Twelve
Apostles" Hertfordshire.
Withinotherdebtorsfallingdueaftermorethanoneyearthereisabalanceof£695,873(2022:£76,263othercreditors) due
from The Greek Orthodox Community "The Twelve Apostles" Hertfordshire.
The Trustees of the Trust are also Trustees of The Greek Orthodox Community "The Twelve Apostles" Hertfordshire.
Page 15
INCOME AND ENDOWMENTS
Other trading activities
Donations
Membership
Books
Other Functions
Candles
Services
Dinner and Dance
Ladies Auxiliary Functions
Greek Evenings
Icons
Collections
Other income
Other income
Total incoming resources
EXPENDITURE
Raising donations and legacies
Candles
Services
Dinner and dance
Ladies auxiliary functions
Books
Church Trip
Other trading activities
Opening stock
Interest payable
Closing stock
Charitable activities
Grants to institutions
Support costs
Management
Wages
Social security
Pensions
Rent and rates
Insurance
Light and heat
Telephone
Postage and stationery
Repairs and renewals
Computer expenses
Travelling
Accountancy Fees
Depreciation of tangible and heritage |
|
THE |
G |
REEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
ILED STATEMENT OF FINANCIAL ACTIVITIES
OR THE YEAR ENDED 31 DECEMBER 2023
|
2023
£
332,616
3,280
6,119
14,660
56,327
81,440
2,970
1,445
8,000
2,800
69,390
579,047
1,391
580,438
20,230
24,365
8,379
-
470
3,500
56,944
1,304
9
(747)
566
33,500
126,029
6,675
8,649
12,818
7,383
34,588
2,753
7,845
21,703
4,720
5,221
3,500
670
242,554 |
2022
£
264,695
3,125
7,424
3,834
54,179
85,315
10,908
3,217
8,135
3,900
108,419
553,151
270
553,421
21,140
56,289
700
200
2,034
-
80,363
1,431
-
(1,304)
127
13,677
125,189
7,194
8,628
12,783
5,550
7,363
2,469
5,132
6,495
4,793
8,553
3,000
210
197,359 |
|
|
DE |
TA |
|
|
|
|
|
asse |
F |
|
|
|
|
|
|
ts |
|
|
|
This page does not form part of the statutory financial statements
Page 16
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
|
DETAILED STATEMENT OF FINANCIAL ACTIVITIES |
|
|
|
FOR THE YEAR ENDED 31 DECEMBER 2023 |
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
Management |
|
|
|
Finance |
|
|
|
Bank charges |
|
941 |
1,198 |
Governance costs |
|
|
|
Legal and professional fees |
|
439 |
1,635 |
Total resources expended |
|
334,944 |
294,359 |
Net income |
|
245,494 |
259,062 |
This page does not form part of the statutory financial statements
Page 17