REGISTERED COMPANY NUMBER: 05730024 (England and Wales) REGISTERED CHARITY NUMBER: 1120272
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2023
for
Omonia Youth (UK) Limited
Omonia Youth (UK) Limited
Contents of the Financial Statements for the Year Ended 30 June 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
Omonia Youth (UK) Limited
Report of the Trustees for the Year Ended 30 June 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The Charity is governed by its Memorandum and Articles of Association. Its objects are to provide facilities for healthy recreation and sport for young people between the ages of 6 to 18.
Once the charity obtained its charitable status, it took over the activities of Omonia Youth (UK), a youth club, with similar objects. All the assets were donated from that club to the new charity on the understanding that the charity would continue to provide similar facilities and recreation as the old club.
Under the Memorandum and Articles of Association, the charity has the power to make any investments which the trustees see fit.
FINANCIAL REVIEW
Financial position
The statement of financial activities for the period is set out on page 4 of the financial statements. The trustees are optimistic that the following years will generate similar incoming resources.
The policy of the trustees is to continue to maintain unrestricted reserves at a reasonable level to fulfil the objects of the charity and to provide these facilities for healthy recreation in subsequent years. The charity should have minimum reserves of six months' worth of expenditure. It is also their policy to try to build up reserves when an opportunity arises for the charity to acquire its own ground and provide even better facilities for these youngsters and that the charity has sufficient reserves to be in a strong position to take advantage of these opportunities.
As at 30 June 2023 readily accessible reserves of the charity were £141,162 (2022: £135,800) in the form of cash, as shown on the balance sheet.
The trustees actively review the major risks faced by the charity and confirm that they have established systems to mitigate financial risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05730024 (England and Wales)
Registered Charity number
1120272
Registered office
Woodgate House 2-8 Games Road Cockfosters Hertfordshire EN4 9HN
Page 1
Omonia Youth (UK) Limited
Report of the Trustees for the Year Ended 30 June 2023
Trustees
A Antoniou J Castignetti A P Charalambous E Constanti K Kyprianou N C Zimaras M Pieri D Shiamishis
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 11 May 2024 and signed on its behalf by:
N C Zimaras - Trustee
Page 2
Independent Examiner's Report to the Trustees of Omonia Youth (UK) Limited
Independent examiner's report to the trustees of Omonia Youth (UK) Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michael Omiros FCCA
11 May 2024
Page 3
Omonia Youth (UK) Limited
Statement of Financial Activities for the Year Ended 30 June 2023
| 30.6.23 | 30.6.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2,089 | 720 | |
| Charitable activities | 4 | ||
| Income from charitable activities | 147,257 | 163,248 | |
| Other trading activities | 2 | 11,707 | 12,085 |
| Investment income | 3 | 453 | 20 |
| Total | 161,506 | 176,073 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Expenditure on Charitable activities | 146,904 | 139,195 | |
| Other | 9,241 | 6,768 | |
| Total | 156,145 | 145,963 | |
| NET INCOME | 5,361 | 30,110 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 135,800 | 105,690 | |
| TOTAL FUNDS CARRIED FORWARD | 141,161 | 135,800 |
The notes form part of these financial statements
Page 4
Omonia Youth (UK) Limited
Balance Sheet 30 June 2023
| 30.6.23 Unrestricted fund Notes £ CURRENT ASSETS Debtors 8 - Cash at bank and in hand 141,161 141,161 CREDITORS Amounts falling due within one year 9 - NET CURRENT ASSETS 141,161 TOTAL ASSETS LESS CURRENT LIABILITIES 141,161 NET ASSETS 141,161 FUNDS 10 Unrestricted funds 141,161 TOTAL FUNDS 141,161 |
30.6.22 Total funds £ 11,451 148,569 160,020 (24,220) 135,800 135,800 135,800 135,800 135,800 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 May 2024 and were signed on its behalf by:
N C Zimaras - Trustee
The notes form part of these financial statements
Page 5
Omonia Youth (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| Tournament income | 11,707 | 12,085 |
continued...
Page 6
Omonia Youth (UK) Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
3. INVESTMENT INCOME
| Deposit account interest INCOME FROM CHARITABLE ACTIVITIES Activity Sponsorship Income from charitable activities Subscriptions Income from charitable activities Grants Income from charitable activities |
30.6.23 £ 453 30.6.23 £ 7,977 138,280 1,000 147,257 |
30.6.22 £ 20 30.6.22 £ 9,890 149,758 3,600 |
|---|---|---|
| 163,248 |
4. INCOME FROM CHARITABLE ACTIVITIES
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 720 |
| Charitable activities | |
| Income from charitable activities | 163,248 |
| Other trading activities | 12,085 |
| Investment income | 20 |
| Total | 176,073 |
| EXPENDITURE ON | |
| Charitable activities | |
| Expenditure on Charitable activities | 139,195 |
| Other | 6,768 |
| Total | 145,963 |
| NET INCOME | 30,110 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 105,690 |
continued...
Page 7
Omonia Youth (UK) Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 7. TANGIBLE FIXED ASSETS COST At 1 July 2022 and 30 June 2023 DEPRECIATION At 1 July 2022 and 30 June 2023 NET BOOK VALUE At 30 June 2023 At 30 June 2022 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 10. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
Unrestricted fund £ 135,800 Fixtures and fittings £ 4,484 4,484 - - 30.6.23 30.6.22 £ £ - 11,451 30.6.23 30.6.22 £ £ - 24,220 Net movement At At 1.7.22 in funds 30.6.23 £ £ £ 135,800 5,361 141,161 135,800 5,361 141,161 |
|---|---|
continued...
Page 8
Omonia Youth (UK) Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 161,506 (156,145) 5,361 161,506 (156,145) 5,361 |
Incoming Resources Movement resources expended in funds £ £ £ 161,506 (156,145) 5,361 161,506 (156,145) 5,361 |
|---|---|---|
| 5,361 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1.7.21 in funds 30.6.22 £ £ £ 105,690 30,110 135,800 105,690 30,110 135,800 Incoming Resources Movement resources expended in funds £ £ £ 176,073 (145,963) 30,110 176,073 (145,963) 30,110 |
At 30.6.22 £ 135,800 |
|---|---|---|
| 135,800 | ||
| 30,110 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.7.21 in funds £ £ 105,690 35,471 105,690 35,471 |
At 30.6.23 £ 141,161 |
|---|---|---|
| 141,161 |
continued...
Page 9
Omonia Youth (UK) Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 337,579 (302,108) 35,471 337,579 (302,108) 35,471 |
Incoming Resources Movement resources expended in funds £ £ £ 337,579 (302,108) 35,471 337,579 (302,108) 35,471 |
|---|---|---|
| 35,471 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
Page 10
Omonia Youth (UK) Limited
Detailed Statement of Financial Activities for the Year Ended 30 June 2023
| 30.6.23 | 30.6.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 2,089 | 720 |
| Other trading activities | ||
| Tournament income | 11,707 | 12,085 |
| Investment income | ||
| Deposit account interest | 453 | 20 |
| Charitable activities | ||
| Sponsorship | 7,977 | 9,890 |
| Subscriptions | 138,280 | 149,758 |
| Grants | 1,000 | 3,600 |
| 147,257 | 163,248 | |
| Total incoming resources | 161,506 | 176,073 |
| EXPENDITURE | ||
| Charitable activities | ||
| Kits and equipment | 27,280 | 11,380 |
| Training facilities | 72,847 | 88,873 |
| Ground maintenance | 11,739 | 6,443 |
| Pitches and referees | 13,318 | 11,611 |
| Tournament expenditure | 9,116 | 9,381 |
| Subscriptions and affiliations | 8,751 | 6,580 |
| Internet services | 250 | 534 |
| Stationery and printing | - | 61 |
| Insurance | 267 | 590 |
| Repairs and renewals | 361 | 2,700 |
| 143,929 | 138,153 | |
| Other | ||
| Presentation day expenses | 4,842 | 5,417 |
| Coaching and other courses | 3,564 | 641 |
| Other | 135 | 210 |
| Donations | 700 | 500 |
| 9,241 | 6,768 | |
| Support costs | ||
| Finance | ||
| Bank charges | 2,975 | 1,042 |
This page does not form part of the statutory financial statements
Page 11
Omonia Youth (UK) Limited
Detailed Statement of Financial Activities for the Year Ended 30 June 2023
| 30.6.23 | 30.6.22 | |
|---|---|---|
| £ | £ | |
| Total resources expended | 156,145 | 145,963 |
| Net income | 5,361 | 30,110 |
This page does not form part of the statutory financial statements
Page 12
Issuer
Michael Omiros
Document generated Mon, 17th Jun 2024 14:07:31 UTC
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Tue, 18th Jun 2024 14:15:32 UTC Mr Nicholas Christos Zimaras - Signer (c88f24ea5cd52363075df411457ad8ad) Tue, 18th Jun 2024 17:38:55 UTC Mr Elia Constanti - Signer (294bbfeb6234425b14675029d5253008) Tue, 18th Jun 2024 17:38:55 UTC Mr Demetrios Shiamishis - Copied In (b0f078d7a70d611773e063ae66aa39e9) Tue, 18th Jun 2024 17:38:55 UTC Mr Andreas Pantelis Charalambous - Copied In (5f36ec64370a7f27772def0ae3ab55cf) Tue, 18th Jun 2024 17:38:55 UTC Mr George Constant - Copied In (79e9a7cc6e4914c73ae4d9dd878c94a3)
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Mon, 17th Jun 2024 14:07:35 UTC Mon, 17th Jun 2024 14:07:35 UTC
Sent the envelope to Mr Elia Constanti for signing (77.102.123.32) Mr Nicholas Christos Zimaras signed the envelope (77.102.123.32) Mr Nicholas Christos Zimaras viewed the envelope (77.102.123.32) Document emailed to party email (18.132.201.50) Sent Mr Nicholas Christos Zimaras a reminder to sign the document. () Document emailed to party email (35.176.181.149) Sent the envelope to Mr Nicholas Christos Zimaras for signing. (3.9.190.161)
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Mr Elia Constanti has been assigned to this envelope. (3.9.190.161) Mr Nicholas Christos Zimaras has been assigned to this envelope.
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