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 2024
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 2024
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Page |
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Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
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4 |
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Statement of Financial Activities |
|
5 |
|
Balance Sheet |
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6 |
|
Cash Flow Statement |
|
7 |
|
Notes to the Cash Flow Statement |
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8 |
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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 2024
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreportwiththe financial
statementsofthecharityfortheyearended31December2024.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£72,357(2023:245,494).TheTrusteesareconfidentthattheexpenditureswillbereducedandsafeguard the
Charity'sabilitytogenerateforthcomingincome.Thedonationsfortheyeardecreasedintotal,astheChurchdidnotmakeany major
fundraising activities.
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 2024
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 of the related charity.
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 2024
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 |
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|
Chartered Accountants |
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|
869 High Road |
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|
London |
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|
N12 8QA |
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Solicitors |
|
|
Nicholas & Co. |
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|
18 Wigmore Street |
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London |
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|
W1U 2RG |
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Bankers |
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Barclays Bank plc |
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|
33 Darkes Lane |
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Potters Bar |
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EN6 1BA |
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|
CHARITABLE DONATIONS
Duringtheyearunderreview,thecharitydonated£32,500(2023:£33,500)tocharitablecauses,includingnetdonations £30,000
(2023:£30,000)totheunincorporatedcharityTheGreekOrthodoxCommunity"TheTwelveApostles"Hertfordshire(registered Charity
No.1049541),£2,000(2023:£2,050)toGreekOrthodoxArchdioceseofThyateiraandGreatBritain,£500(2023:£150)to Essex
Monastery and the balance of £nil (2023: £1,300) to other charitable causes.
Approved by order of the board of trustees on 12 May 2025 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 2024.
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
12 May 2025
Page 4
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Other trading activities
2
443,689
Other income
87
Total
443,776
EXPENDITURE ON
Raising funds
3
77,319
Charitable activities
4
Managing and Administering Charity
39,500
Other
254,600
Total
371,419
NET INCOME
72,357
RECONCILIATION OF FUNDS
Total funds brought forward
632,928
TOTAL FUNDS CARRIED FORWARD
705,285 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
- |
2024
Total
funds
£
443,689
87
443,776
77,319
39,500
254,600
371,419
72,357
632,928
705,285 |
2023
Total
funds
£
579,047
1,391 |
|
|
|
580,438 |
|
|
|
57,510
33,500
243,934 |
|
|
|
334,944 |
|
|
|
245,494
387,434 |
|
|
|
632,928 |
The notes form part of these financial statements
Page 5
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
BALANCE SHEET
31 DECEMBER 2024
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
11
20,924
CURRENT ASSETS
Stocks
12
886
Debtors
13
775,807
Cash at bank
15,266
791,959
CREDITORS
Amounts falling due within one year
14
(7,598)
NET CURRENT ASSETS
784,361
TOTAL ASSETS LESS CURRENT LIABILITIES
805,285
CREDITORS
Amounts falling due after more than one year
15
(100,000)
NET ASSETS
705,285
FUNDS
17
Unrestricted funds
TOTAL FUNDS |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
- |
2024
Total
funds
£
20,924
886
775,807
15,266
791,959
(7,598)
784,361
805,285
(100,000)
705,285
705,285
705,285 |
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 |
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006fortheyear ended
31 December 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyearended31December2024 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.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon12May2025andweresignedon 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 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in 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 |
2024
£
25,522
-
25,522
(17,851)
(17,851)
-
-
7,671
7,595
15,266 |
2023
£
(475,877)
(9)
(475,886)
(7,771)
(7,771)
100,000
100,000
(383,657)
391,252
7,595 |
|
|
|
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 2024
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
(Increase)/decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations |
2024
£
72,357
4,027
-
(138)
(51,809)
1,085
25,522 |
2023
£
245,494
670
9
557
(645,823)
(76,784)
(475,877) |
|
|
|
2. ANALYSIS OF CHANGES IN NET DEBT
A
Net cash
Cash at bank
Debt
Debts falling due after 1 year
Total |
t 1.1.24
C
£
7,595
7,595
(100,000)
(100,000)
(92,405) |
ash flow
At
£
7,671
7,671
-
-
7,671 |
31.12.24
£
15,266
15,266
(100,000)
(100,000)
(84,734) |
|
|
|
|
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 2024
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.
Plant and machinery- 15% on reducing balance
Fixtures and fittings- 20% on cost
Computer equipment- 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 |
2024
£
226,483
3,720
7,867
10,645
60,532
79,750
11,651
-
720
-
42,321
443,689 |
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 |
continued...
Page 9
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
3. RAISING FUNDS
RAISING DONATIONS AND LEGACIES
Candles
Services
Dinner and dance
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
Non-charities |
2024
2023
£
£
23,474
20,230
40,291
24,365
10,896
8,379
750
470
2,027
3,500
77,438
56,944
2024
2023
£
£
747
1,304
(866)
(747)
-
9
(119)
566
77,319
57,510
Grant
funding of
activities
(see note
5)
£
39,500
2024
2023
£
£
39,500
33,500
2024
2023
£
£
30,000
30,000
2,000
2,050
500
150
-
1,300
7,000
-
39,500
33,500 |
|
|
continued...
Page 10
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
6. SUPPORT COSTS
Management
£
Other resources expended
246,661
Support costs, included in the above, are as follows:
MANAGEMENT
Wages
Social security
Pensions
Rent and rates
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Repairs and renewals
Computer expenses
Travelling
Accountancy Fees
Depreciation of tangible and heritage assets
FINANCE
Bank charges
GOVERNANCE COSTS
Legal and professional fees
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets |
G
Finance
£
926 |
overnance
costs
£
7,013
2024
Other
resources
expended
£
137,938
8,498
8,804
12,500
7,690
12,255
7,900
3,955
170
21,216
2,825
15,883
3,000
4,027
246,661
2024
Other
resources
expended
£
926
2024
Other
resources
expended
£
7,013
2024
£
4,028 |
Totals
£
254,600 |
|
|
|
2023
Total
activities
£
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 |
|
|
|
2023
Total
activities
£
941
2023
Total
activities
£
439
2023
£
670 |
continued...
Page 11
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
8. TRUSTEES' REMUNERATION AND BENEFITS
DuringtheyearTheodorosLiousas,atrusteeofthecompanyreceived£3,700(2023:£3,000)forhisservicesasaChanter of
theChurch.Therewerenoothertrustees'remunerationorotherbenefitsfortheyearended31December2024norfor the
year ended 31 December 2023.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
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 |
2024
£
137,938
8,498
8,804
155,240
2024
2
1
3
6 |
2023
£
126,029
6,675
8,649 |
|
|
141,353 |
|
|
2023
2
1
3
6 |
No employees received emoluments in excess of £60,000.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
|
Unrestricted |
Restricted |
Total |
|
fund |
funds |
funds |
|
£ |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Other trading activities |
512,562 |
66,485 |
579,047 |
Other income |
1,391 |
- |
1,391 |
Total |
513,953 |
66,485 |
580,438 |
EXPENDITURE ON |
|
|
|
Raising funds |
57,510 |
- |
57,510 |
Charitable activities |
|
|
|
Managing and Administering Charity |
33,500 |
- |
33,500 |
Other |
243,934 |
- |
243,934 |
Total |
334,944 |
- |
334,944 |
NET INCOME |
179,009 |
66,485 |
245,494 |
Transfers between funds |
216,281 |
(216,281) |
- |
Net movement in funds |
395,290 |
(149,796) |
245,494 |
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
237,638 |
149,796 |
387,434 |
TOTAL FUNDS CARRIED FORWARD |
632,928 |
- |
632,928 |
continued...
Page 12
THE GREEK ORTHODOX COMMUNITY THE TWELVE APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
11. TANGIBLE FIXED ASSETS
Fixtures
Plant and
and
Computer
machinery
fittings
equipment
£
£
£
COST
At 1 January 2024
-
8,821
-
Additions
8,025
-
9,826
Disposals
-
(1,050)
-
At 31 December 2024
8,025
7,771
9,826
DEPRECIATION
At 1 January 2024
-
1,720
-
Charge for year
1,009
1,555
1,464
Eliminated on disposal
-
(1,050)
-
At 31 December 2024
1,009
2,225
1,464
NET BOOK VALUE
At 31 December 2024
7,016
5,546
8,362
At 31 December 2023
-
7,101
-
12.
STOCKS
2024
£
Stocks
886
13.
DEBTORS
2024
£
Amounts falling due within one year:
Prepayments and accrued income
50,947
Amounts falling due after more than one year:
Other debtors
724,860
Aggregate amounts
775,807
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Social security and other taxes
3,857
Nest
741
Net wages
-
Accrued expenses
3,000
7,598 |
|
|
|
continued...
Page 13
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other loans (see note 16)
2024 |
2023 |
£ |
£ |
100,000 |
100,000 |
16. LOANS
17.
An analysis of the maturity of loans is given below:
Amounts falling due between two and five years:
Other loans - 2-5 years
MOVEMENT IN FUNDS
Unrestricted funds
GENERAL FUND
TOTAL FUNDS
Net movement in funds, included in the above are as follow
Unrestricted funds
GENERAL FUND
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
GENERAL FUND
Restricted funds
Church Extension
TOTAL FUNDS
Comparative net movement in funds, included in the above
Unrestricted funds
GENERAL FUND
Restricted funds
Church Extension
TOTAL FUNDS |
s:
At 1.1.23
£
237,638
149,796
387,434
are as follows: |
At 1.1.24
£
632,928
632,928
Incoming
resources
£
443,776
443,776
Net
movement
in funds
£
179,009
66,485
245,494
Incoming
resources
£
513,953
66,485
580,438 |
2024
2023
£
£
100,000
100,000
Net
movement
At
in funds
31.12.24
£
£
72,357
705,285
72,357
705,285
Resources
Movement
expended
in funds
£
£
(371,419)
72,357
(371,419)
72,357
Transfers
between
At
funds
31.12.23
£
£
216,281
632,928
(216,281)
-
-
632,928
Resources
Movement
expended
in funds
£
£
(334,944)
179,009
-
66,485
(334,944)
245,494 |
2023
£
100,000 |
|
|
|
|
632,928 |
|
|
|
|
ovement
in funds
£
179,009
66,485 |
|
|
|
|
245,494 |
continued...
Page 14
THE GREEK ORTHODOX COMMUNITY THE TWELVE
APOSTLES HERTFORDSHIRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
17. MOVEMENT IN FUNDS - continued
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 1.1.23
£
237,638
149,796
387,434 |
Net
movement
in funds
£
251,366
66,485
317,851 |
Transfers
between
At
funds
31.12.24
£
£
216,281
705,285
(216,281)
-
-
705,285 |
Transfers
between
At
funds
31.12.24
£
£
216,281
705,285
(216,281)
-
-
705,285 |
|
|
|
|
705,285 |
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
957,729
Restricted funds
Church Extension
66,485
TOTAL FUNDS
1,024,214 |
Resources
M
expended
£
(706,363)
-
(706,363) |
ovement
in funds
£
251,366
66,485 |
|
|
317,851 |
18. RELATED PARTY DISCLOSURES
Duringtheyear,thechurchmadedonationstotalling£6,000(2023:£nil)toSchoolofByzantineMusicLtdand£1,000 (2023:
£nil)toHellenicMusicCentreLimited,bothofwhicharenon-charitableorganisationswhereJPPaliouras,thechurch’s priest,
serves as a director.
ThedonationtoSchoolOfByzantineMusicLtd,acompanylimitedbyguarantee,supporteditsactivitiesintrainingstudents to
becomechantersintheUK.TheArchdioceseiscurrentlyconsultingwithitssolicitorsregardingtheschool’spotential conversion
tocharitablestatus.ThedonationtoHellenicMusicCentreLtdcontributedtowardsexpensesformusiceventsorganisedby Fr.
Paliouras. Both donations were made on an arm's length basis, with no further obligations or conditions attached.
ThetrustalsopurchasescandlesforthechurchfromMybeewax,whichisthetradingnameofabusinessofasonof trustee
SotiriosEconomou.IncludedwithintheStatementofFinancialActivitiesarecandlepurchasesfromMybeewaxduringthe year
totalling £19,878 (2023: £14,863).
Duringtheyear,thetrustmadedonationsamountingto£30,000(2023:£30,000),toTheGreekOrthodoxCommunity "The
Twelve Apostles" Hertfordshire.
Withinotherdebtorsfallingdueaftermorethanoneyearthereisabalanceof£724,860(2023:£695,873)duefromThe 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
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
Sundries
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 2024
|
2024
£
226,483
3,720
7,867
10,645
60,532
79,750
11,651
-
720
-
42,321
443,689
87
443,776
23,474
40,291
10,896
750
2,027
77,438
747
-
(866)
(119)
39,500
137,938
8,498
8,804
12,500
7,690
12,255
7,900
3,955
170
21,216
2,825
15,883
3,000
4,027
246,661 |
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 |
|
|
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 2024 |
|
|
|
|
2024 |
2023 |
|
|
£ |
£ |
Management |
|
|
|
Finance |
|
|
|
Bank charges |
|
926 |
941 |
Governance costs |
|
|
|
Legal and professional fees |
|
7,013 |
439 |
Total resources expended |
|
371,419 |
334,944 |
Net income |
|
72,357 |
245,494 |
This page does not form part of the statutory financial statements
Page 17