Charity No. 1175793 St Andrew's Greek Orthodox Cathedral Trust IA charitable incorporated organisationl Report and Accounts 31 March 2024 Kentish Town Road London NW19QA St Andrew's Greek Orthodox Cathedral Trust Report of the Trustees For the Year Ended 31 March 2024 The Iruslees present th8ir rèrK)rt and accounts ol the charily for th8 y8ai ended 31 March 2024. Th8 trust8e5 have had due regard (o guidanc8 15sued by the Charity Commission. LEGAL AND ADMINISTRATIVE INFORMATION Charity name.. St Andrews Gr88k Orthodox Cathedral Trust Charity registration number- 1175793 Prln¢ipal addr85S: Kentish Town Road, London NW1 9QA Trustees The Iruslees of the Cathedral are as follows.. Emrnanuel Slavrianakis Revd Dr Kristian Akselberg Andreas Nicolaos Papathomas Maria Lirnnios Antonis loannou Andreas Costas Zertalis Mene180s Pipi5 Vafnavas Symeou Melina Zaharopoulou Slelios Constantinou Slavro8 Christoforou (Chairman of the trus18e51 (Acting secretary) Bankers.. HS8C UK Bank 196 Oxford Street LondonW1D 1NT Independent Examlner: Harry Nieolaou FCA ol Harry Nicolaou & Co Limited Chartered Accountants 21 B￿ndOn Way Erifield EN12LF STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is a charitable incorporated organisalion governed by its constitution dated 14 November 2017. as amended on 9 June 2020, and registered as 8 Charity on 17 November 2017. Recrultmen¢ and appointment of tru5t8es The Iruslees have developed a policy for the recruitment of Iruslees th8t ensures their collective 8XP8ri8nce and skills are best abse to meet the needs of the charity. Trustees are appoint8d by the board ol trustees. St Andrew's Greek Orthodox Cathedral Trust Report of the Trustees For the Year Ended 31 Mareh 2024 Organi5ational structure The Irusle8S tn8et annually and periodically, as and when required, and are responsible for the strategi¢ policy and direction ol the charity. The day to day operations ol the charity a￿ managed by the Chairman, Mr Emmanuel Stavrianaki5. who is as515ted by the dergy of the Cathedral and other Iruslees. OBJECTNES The object of the charity 15 the advan￿ment of the Greek Orthodox religion. ACTIVITIES General remarks The tnain functions of the CIO during the year We￿ the activities of the Cathedral and supervision of the managemenl ol ils adjacent propErtie5, including p￿perationS lor the relurbishrnent of the community hall. A¢tlvltles of the Cathedral The Divine Liturgy is conducted every Sunday and on all rnain feast days. during which a catechetical serrnon is delivered in Greek and Enollsh. Other divine services also take place throughout the week. serving as an opportunity to gather the community. Weddings. Baptisms and Funeral SeNi¢es also tske place throughout the year. Most of these seNi¢es are bilingual (Greek and English) so as lo ac¢omrnodate families of mixed background. To this end, Revd Or Kristian Akselberg continues to hold Divine Liturgy in English two Saturdays a month. Under normal circumstances, the cathedral opens it5 doors to the local community g.0(k5.00 on a daily basis. receiving a constant stream of vi51tors, Orthodox and nor1-orth￿0X alike. The Cathedral's cler9y subrnit written serrnons lin both Greek and English) for publication in the Archdiocese of Thyateira and Great 8rilain'5 8ulletin of Spirrtual Edification, which 15 distributed to all G￿ek Orthodox churches in the UK and are made available to a global audience on the Archdiocese website. The percentage of young peopb attending services conliriues to increase. 3nd it is hoped this trend will continue. A number of adults wishing lo join the Orthodox Christian Church were also baplised into the Church following a period of calechesis. The priests of the Cathedral travelled all over London. and sometirnes beyond, lo b￿Ss, say prayets and counsel the sick, elderly and bgre8ved. They visited hospitals, care and nursing homes, cemeteries. homes and business in accordance with r81evant Safety requirements. A sad loss in the life of the Cathedral w8s the passing aw8y lin Ath&nsl of Mr loannis Lernos, one of the first trustee5 01 the CIO and a magnanimous supporter of the Cathedral. By a resolution of the Trustees meeling of 25 July 2023 al the term ol office of Mr Emmanuel Sl8vrianakis, Chairman ol the board of Trustees, and of Mr Vamavas Syrneou was extended lor another lemi ol four141 years until 23° September 2027,and bl Mr Stavros Chrislolorou. who has served the church for many years, was elected Trustee for a term of lour141 years, starting on 10" September 2023 until 10, September 2027. Rental properties The CIO has eight rental properties.. three flats al 45 Rochester Road and five fL8ts at 46 Rochester Road, NW1 9JJ. The income from said properties constitutes the CIO'S primary source of revenu8. Preliminary work Continued in respect of the refurbishrnent of the Hall on the grDund Ik)or of 46 Rochester Road for its eventual use a5 8 cornmunity centre adjacent and with direct access lo the church building. Loans All rental properti8s ar8 producing a good incom8. The CIO'S financial w)silion is in a very healthy slate. Following the repaytnenl ol the loan of £35.000 from Anthony Karagheorgis last year, the loan of £50,000 from Mr Antony Theodorou was also lully ￿paId. The sum of £10.000 funded to the CIO by Mr Andreas Zertalis remains frozen for the time being at his request. The CIO rernains in a position to continue ils standing order lor £2,000 per month in lavour ol Arislon Properties, for the repayment of th8 financial facility origin81ty in thè sum of £120.793.33. made in order to cover the cost of the building work5 al the properties adjacent tts the Church. by the CIO. The outstsnding balance of this loan facility now stands al £34,793.33. Part4ime clergyman The Very Revd Archimandrile Chrysostomos Michaelides continues his ministy at St Andrews Cathedral on a part-lime basis. with corresponding ￿MUneratIOn. St Andrew's Greek Orthodox Cathedral Trust Report of the Trustees For the Yèar Ended 31 March 2024 PUBLIC BENEFIT The Iruslees have considered and discussed the issue ol Public Benefit which is a ￿quire￿nt undèr the Charities Act 2011 and have concluded that the activities carried out by the charity fulfil this reqU1￿Ment. FINANCIAL REVIEWAND RESERVES POLICY Al the year end the￿ are free reserves of £165.791 comp8r8d lo £68.907 al the end ol the previous year. RISK REVIEW The tru51ees have reviewed the major risks lo which the ch8rity is exposecl and action has been taken where necessary to redu￿ these risks lo a minimum. Approved by the tru tees on 11 and signed on their behalf by.. Emmanuel S ianakis Chairman of the board of trustees Revd Dr Krislian Akselberg Acting Secretary Independent Examiner's Report To the Trustees of St Andrew's Greek Orthodox Cathedral Trust I report on the accounts of the charity for the year ended 31 March 2024 set out on pages 5 to 10. This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Aet 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the oharity's trustees those matters l am required lo slate lo them in this report and for no other purpose. To the fullest extent perrnitted by law. I do not accept or assume responsibility to anyone other than the charity 8nd the charills trustees as a body. for my work, for this report, or for the opinions I have formed. Respectlv• Rè5ponsibillties of the Trust8•s arbd Examiner The charity's trustees are responsible lor the preparation of the accounts. The ehanty's Iruslees Consider that an audit is not required for this year under seetion 144121 of the Charities Act 2011 (the 2011 Acll and that an independent examination is needèd. 11 is My responsibility lo.. exarllirie the accounts under section 145 of the 2011 Act., follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act., and state whether particular matters have co)me lo my atteniion. Basis of Independent Examinerfs Report My examination was carried out in accordance with the general Directions given by th8 Charity Comrnission. An examination includes a rew8w of the accounting records kept by the Charity and a comparistsn of the accourits presented with those records. 11 also includes consideration of any unusual Items or disclosures in the accounts, and seeking explanations frorn you as Iruslees concerning any such matt8rs. The procedures undertaken do not provide all the evidence that would be required in all audit and consequently no opinion is given as to whether the accounts present a 'trug and fair view, and the ￿port is limited lo those mallers set out in the statement below. Independent Examlner's Statèmènt In connection with my examination, no matter has come lo my attention." 111 which gives me ￿asonable cause lo believe that in any material respèct the requirements.. • to keep accounting records in accordance with section 130 of the 2011 Act,, and lo preparè accounts which accord with the aecounting records and comply with the accounting requirements of the 2011 Act have not been rnet., or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Harry Nicol8ou FCA Chartèred A¢¢ountant 21 Brendon Way Enfield EN12LF St Andrew's Greek Orthodox Cathedral Trust Slatement of Financial Activities For the Yèar Ended 31 March 2024 2024 2023 Fund8 Funds Note IUtyrt¥trjcI￿l ILlnreslrKledJ INCOME from: Donations, collections and legacies Investments.. Lett1ngs income other Income 106,241 70,275 192,128 175,030 81 Total income 298,369 245,386 EXPENDITURE on: Raising funds.. Properties insurance eover Lettings expenses lagent's commission, rep8irs etcl 6,924 26,217 6,654 24,838 33,141 31,492 Charitable actrvities= Donations and contributions lo Ecumenical Patriarchate and Greek Orthodox Archdiocese Candles. charcoal.incense and wine Clergy and staff salary costs Religious functions and the advancernent of the faith Water rate5, light and heal Printing, stationery and postage Insurance cover for the Church Repairs, renewals and maintenance Telephone. inlemet and software expenses Cleaning andlaundry Other expenses Depreciation Governance c05t5'. Independent Examinab'on, accountancy and taxalitsn services 4,900 7.775 70.562 7,355 14,693 261 16.142 4,431 2,361 612 419 1,297 9, 185 5, 7Q2 77,922 7,564 11,566 15,118 5,709 2,604 500 1.596 1,526 2,300 2,200 133,108 133,192 Total expenditure 166,249 164,684 Net Income beforè gains on.. 132,120 80,702 Investments Net incomè and nèt movement in funds 132,120 80,702 Reconciliation of funds Total funds at 1 April 2023 4,457,255 4,376,553 Total funds at 31 March 2024 carrled lo￿ard 4,589,375 4,457.255 St Andrew's Greek Orthodox Cathedral Trust Balance Sheet As at 31 March 2024 Note 2024 2023 Fixed assets Tangible assets Investments 247,022 235, 786 4.197,355 4, 197,355 4.444,377 4,433, 141 Current assets Stock Debtors Cash at bank and in hand 12,112 S,336 175,343 12,112 5,241 90,016 192,791 127,0001 107,369 (38,462) Creditors falling due Tmthin one year Net current assets 165,791 68,907 Totsl assets less current liabilities 4,610,168 4,502,048 Creditors falling due after more than one year 120,7931 (44,793) Not a55ets 4,589,375 4.457,255 Unrestrictèd funds General funds 4.589.375 4,457,255 Total fund$ 4,589,375 4,457,255 Approved by the Iruslees on and signed on their behalf by.. Emmanuel Stavriana Chairman of the board of trustees Revd Dr Krislian Akselberg A¢ling Se¢relary St Andrew's Greek Orthodox Cathedral Trust Noles to the Accounts For the Year Ended 31 March 2024 Accountlng policies The principal accounting policies are summarised below. The accounting policies have been applied consistenuy throughout the year and in the p￿Ceding year. lil Basis of accounting The accounts Ilinancial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unlèss otherwise slated in the relevant notelsl to these accounts. The financial slalemenls have been prepar8d in accordance with thè Statement of Recommend8d Practice". Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Staridard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting StarK18rd applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared on a goifjg concern basis as the trustees believe that no 8terial uncertainties exist despite the lockdown arising from the Govid-19 pandemic. Th8 trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from aulhorising these accounts and hav8 decided that the charty is able lo continue as a going concern. 1111 Fund accounting Unrestricted funds are donations, collections and tsther incoming resour￿$ re￿IVab￿ or generated lor the tsbjecls ol the charity wilhoul any further sP8cified purpose and are available as general funds. Designat8d funds are unrestricted funds earmarked by the trustees for particular purwse5. 11111 Incom• recognitlon All income is recognised once the charity has entitlement to the income. there is Suff￿lent certainty ol receipt and so it is probable that the income will be received. 8nd the 8tnount ol income re￿1Vab￿ can be measured reliably Ilvl Expendlture recognition Expenditure is recognised once there is a 18gal or constructive obligation to make a payment to a third party, it is probable that a settlement will be required and the amount ol the obligation can be rneasured reliably. Iv) Fixed assets Fixed assets are stated at cost less accumulated depreciation. Depiecialion is provided al rates calculated to write off the c0510l each asset over ils expected useful life. The rate used for Iixtures and fittings is 15% on the reducing balanGe. Freehold land is not depreciated. An assessment of the nel realisable value ol freehold buikjings al historical cost has been undertaken. On the basi5 that freehold buildings will be well maintained and such repair costs will be charged lo the SOFA it is the view ol the tiustees that the nel realisable value at historical c05t equate5 to cost. Depreciation is charged on freehold buildings on the cost le5S the estimated residual value over 50 years. On the basis ol the above. no charge is deemed nece5sèry. An impairment review is carried out on an annu81 basis lo assess whether the market Value of the buildings is at least as much as the carrying value in the awounts. Provision is made lor any permanent fall in value. Ivll Fixed 35S8t investments Investments are slated al market value at the balance sheet dale. The SOFA includes the nel gains and losses arising on revaluations and disposals during the year. St Andrew's Greek Orthodox Cathedral Trust Notes to the Accounts For the Year Ended 31 March 2024 Accounting policles continued Stock Stock r8 includèd at thè lower ol cost and net realisable value. Debtors Trade arKI other debtors are recognised at the settlement 3rn0unt due after any trade discounts offered. Prepayments are valued al the amount prepaid after taking account of any Irade discounts due. Flnancial instruments The charity only has financi41 assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments ar8 Initially recognised at transaction value and subsequently me8sured al th8ir Settlement value with the 8XC8Ption of bank loans which are subsequently measured at amortised cost using the eff8Ctive interest method. Ixl Credltors Creditors and provis10ns are recognised where the charity has a present obligalion resullino from a past event that will probabty result in the Iransler ol funds lo a third party and the amounl due to settle the obligation can be measured or estimated ieliably. c￿ditOrS and provisions are nom)a15y recognised at their s8tllgtn*llt amount after allowing for any trade discounts due. Penslon Costs Pensions cost5 charged in the SOFA represent pensions paid to retired rnembers of staff and contributions lo defined wntribution arrangements. Staff cosls and number5 2024 2023 Salaries and wages Social security costs Pension costs 69,460 69,5tio 1,102 2,422 Total staff costs 70,562 11,922 No employee recewed emoluments of more than £60,00012022 nill. The average Month￿ number ol rnembers of the clergy and other staff during the year was 5.0 12023 4.81. No trustee ￿TriVed ￿MuneratIon apart from Revd Dr Kristian Akselberg, who is a trustee and receNed remuneration in his capaaty as a clergyman ol the Cathedral. No expenses were reimbursed to the trustees. The contribution of the many volunteers of the church has not been included in the accounts. St Andrew's Greek Orthodox Cathedral Trust Notes to the Accounts For the Year Ended 31 March 2024 Tangible fixed assets Freehold chvrch bulldiny and wound floor Flxtures, filtlW8 8 equipment Total Cost At 1 April 2023 Additions 227.138 12,533 64,404 291,542 12,533 239,671 64,404 304,075 Dopmciation At 1 April 2023 Charge for the year 55,756 1,297 55,756 1,297 At 31 March 2024 57,053 57,053 Net book value at 31 March 2024 239,671 7,351 247,022 Net book value at l April 2023 227, 738 8,648 235. 186 The market value of freehold church building and land is siJnilicanlly more than the carrying value bvl it is not practical for the trustees lo quantify the difference. The church building 15 covered by an insuiènce policy with sum insured of £7.85 Mill￿n. Fix•d ass•t In￿StmentS 2024 2023 UK Investment properties - mBrket value at 1 April 2023 Gains on investments 4,197,355 4, 197,355 Market value at 31 March 2024 4,197,355 4, 197,355 Debtors 2024 2023 Prepayrnenls Other debtors 4,518 818 4,241 1.000 5,336 5,241 Creditors falling due within one year 2024 2023 Loans Other creditors and accnjals 24,000 3,000 35,000 3,462 27,000 38,462 St Andrew's Greek Orthodox Cathedral Trust Notes to the Accounts For the Year Ended 31 March 2024 Creditors falling due after more than one year 2024 2023 Loans 20,793 44, 793 Related party transactions Revd Dr Krislian Akselber9 occupies rent free a flat owned by the charity. io