``` 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 ```