Charity No. 1175793 St Andrew's Greek Orthodox Cathedral Trust {A charftable incorporatèd organlsatlon) Report and Accounts 31 March 2025 Kentish Town Road London NW1 9QA St Andrew's Greek Orthodox Cathedral Trust Report of the Trustees For the Year Ended 31 March 2025 The trustees present their report and accounts of St Andrews Gieek Orthodox Cathedral Trust lor the year ended 31 Mafch 2025. The trustees have had due regard to guidan￿ Issued by the Charity Commission. LEGAL AND ADMINISTRATIVE INFORMATION St Andrews Greek Orth(Klox Cathedral Trust Charity name.. Charlty r8glstratlon number: 1175793 Principal address.. Kentish TO￿￿ Road. London NW1 9QA Trusteès The Irustses ol the Cathedral are as follow5. Emmanuel Stavrian8kis (Chairman of the Irustetrsl Revd Dr Kristian Akselberg IAding secretsryl And￿a$ Nicolaos Papathomas Maria Limnios Antonis loannou Andreas Costas Zertalis Menelaos Pipis Vamavas Symeou Melina Zaharopoulou Stelios Constantimu Stavros Chnstoforou Bankèrs". HSBC UK Bank 196 Oxford Street London W1D 1NT Independent Examiner: Harry Nicolaou FCA of Harry Nicolaou & Co Limited Chartered Accountants 21 Brendon Way Enlield EN1 2LF STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document St AndreWs Gieek Orthodox Cathedral Trust Ihereinafter referred to as the GIOI is a charitable incorporated organisation govemed ty Its constitution dated 14 November 2017. as amended on 9 June 2020, and registered as charity on 17 November 2017. Recrultmont and appointment of trustee$ The trustees have developed a policy for the reGruitm8nt ol trustees that ensur8S thoir collective experien￿ and skills are best able to meet the needs ol the CIO Trustees are appointed by the board ol truslees. st Andrew's Greek Orthodox Cathedral Trust Report of the Trustees For the Year Ended 31 March 2025 Or9ani$atlon#l structur• The trustees meet annually 8nd periodically. as and when rÉquir8d. afid are responsible for the strategic policy and direction ol the CIO. The day to day operations of the CIO are managed by the Chairman, Mr Efflmanuel Stavrianakis. who is aSSlSted by the dergy of the Cathedral and other trustees. OBJECTIVES The object ol the CIO is the advancement of the Greek Orttr￿d0x ieligion. ACTIVITIES General remarks The main lundions ol the CIO during the year were the 8ctrvities of the Cathedral and supervision ¢1 the man8gem&nt of Its adjacent properties owned by the CIO, including preparalions for the refurbishment ol the community hall Actlvlties of the Cathedral The Divine Liturgy is conduded every Sunday and on all rnain feast days. during thich a catechetica1 sem)on is delivered In Greek and English. Other divine serVI￿S a130 take place throughout the week, serving gs an opw)rtunily to gathei the community Wedding5, Baptisms and Funeral Ser41ces also take place throughout the yeaf. Most of these seNices are bilingual (Gieek ancl English) so as to accommodate families ol mixed background. To this end. Revd Dr Kristian Ak5elber9 Continues to hold Divine Liturgy in English two Saturdays a month. Under normal circurnstanoes, the cathedral opens its doors to the local cornmunity 9.0(k5.00 on a daily basis, receiving a constant stream of visltors. Orthodox and non-orthodox alike. The Cathedral's dergy submit bmitten sermons lin both Greek and English) for publication in the Archd10￿Se ol Thyateiia and Great Britain's Bulletin of Spiritu81 Edific21ion, which 15 distributed to all Greek Orthodox churche5 in the UK and are made available to a global audien￿ on the Archdiocese website. The perc8ntag8 ol young peopl8 attending services wntinuès to Increase. and it is hoped this trend wll continue. A number of adults wishing to join the Orthodox Chiistian Church were also b8p11sed 1nto Ihe Church Idlowing 8 t￿riod of catechesis. The priests (>1 the Cathedral travelled a11 over London. and sometimes beyond, to bless. say prayers and ¢ounsè1 the sick. elderly and bereaved. They visited hospitals. cale and nursing hornes, Trmeteries. homes and business in acCt)[dan￿ wth ielevant safety requirements. Renial propèrties The CIO has sev8n rental properties.. three flats at 45 Rtthester Road and four flats at 46 R0d￿star Road, NW19JJ The income from said propèrties constitutes the CIO'S piimary source of ievenue. Preliminary works Induding invitations to building contradofs for lenders continued in respect ol the refurbishment of the Hall on the 9round floor of 46 R¢)chester Road lor its eventual use as a community centre adjacent anij wth direct a￿$5 to the church building Loans All rental properties are producing gothy income. Thè CIO'S financial position is in a very healthy statè. The CIO remain5 In a position to conb.nue its Standing order for £2.000 per month in f8vour of Ariston Properties, for the ￿paYment of the financial facility originally in the sum of £120.793.33. made in order to cover the cost of the building works at the propertyes adj8cent to the Church. by the CIO. The outstanth'ng balance of this loan facility now Stands at £10,793.33. The sum of £10,000 f4nd&d to the CIO as an Ints￿$t free loan by A Zertalis remains outstandin9. Clergymen On the 15th ol March 2025. His Eminence Archbishop Nikitas of Thyateira and Great 8rii8in celebrated the Divinè Lilurgy at our Cathedral, during which he ￿￿aIned Mr Alfredos Theodorou lo tte older ol the holy diaconate, giving him ihe name Ambrosios. Deacon Ambrosios 15 to be permanently attached to thè Cathedral on a voluntary basis. By a letter dated 19 Marth 2025, His Eminence Archbishop Nikitas formally appointed the Revd Dr Kristian Akselber9 to the position ol Piiest-iTFCharge Iproistamenosl of the C8thedra1. The Very Revd Archimandrite Chrysostomos Michaelides conlinues his ministry at St And￿￿$ Cathedral on a part- time basis. with corresponding iemun8ralion St Andrew's Greek Orthodox Cathedral Trust Report of the Trustees For the Year Ended 31 March 2025 PUBLIC BENEFIT The trustees have considered and discussed the issue ol Public Benefit which is a requirement under the Charities Act 2011 and have concluded that the activlties c8rried out by the CIO fulfil this requirement. FINANCIAL REVIEW AND RESERVES POUCY At the year end there a￿ free reserves of £280,088 ¢ompared to £165.791 at the end of the previous year. RISK REVIEW The truste8s have reviewed the major risks to which the CIO is exposed and action has been taken where ￿e￿ssary to reduce these risks lo a minimurn. 902 Approved by the truslees on . and signed on their ehalf by.. Revd Dr Kri5tian Akselberg Acting Secretary Chairman ts the boafd of trustees Independent Examiner's Report To the Trustees of st Andrew's Greek Orthodox Cathedral Trust I report on the accounts ol the CIO for the year ended 31 March 2025 set out on poges S to 10. This report 18 rnade 501ely lo the CIO'S trustees, as a body, in arKordance with section 144 01 the Chariti&s Aci 2011 and regulations mado under section 154 01 Ihal Act. My work has been undertaken so that I might $18ie to the CIO'S trustees those matters l am required l(> state lo them in IhI5 report and lor no other purpose. TO th• fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the CIO and thè CIO'S trustees as a boty. for my work, for Ihis report, or lor the opinions I have formed. Respectlve Responslbilities of the Trustees and Examlner The CIO'S Irustees ar8 rasponsible for the preparation ol the accounts. The CIO'S trustèes consider that an audit is not required lor this year under section 144121 of Charities Act 2011 Ithe 2011 Actl and that an independent examination is needed. It is my responsibility lo.. examine the atsounls under section 145 of the 2011 Act., follow the procedures laid dowrn in the general D1￿ctIonS given by the Charity Commission under section 14515llbl of the 2011 Act.. and stale whether particular rnatters have ¢ome to rny attention. Basis of Independent Exami￿18 R•port My examinats.on was carried tyjt In accordance with the general D1￿CtionS given by the Charity Commission. An examination inclucses a revi￿ of the accountillg records kept by the CIO and a comparison ol the accounts presented with those records. It also includes consideration ol any unusual items or disclosures in thè accounts. 8nd $￿kIng explanation5 from you as trustees concerning any such matters. The procedures undertaken do nol promde all the evidence that would be required in an audit and Consequenly no opinion is given as lo whether the accounts wesent a Irue and fair thew, and the report is limited to Ih05e rnatlèrs set out in thè Statement below. Independent Examin•¢s Statement In conne¢tson with my examin8tlon, no rnaltw has come to rny attention. 111 which gives me re850nable cause to beliève that in any material resp8cI the roquirements.. to keep accounting records in 8￿rdance with section 130 of the 2011 Act, and to prepare accounts which aword with the a¢¢ounting records and comply with the aecounling requir8menls ol the 2011 Act have not been met.. or 121 to which, In my opinion, attention should be drawn in order to enable a proper underslanding of the accounts to be rea¢hed. Harry Nicol8ou FCA Chartered Accountant 218rendon Way Enfield EN12LF St Andrew's Greek Orthodox Cathedral Trust Statement of Financial Activitles For the Year Ended 31 March 2025 2025 2024 Funds IUnrestri¢tedl Funds Note (Unrgsiricleé) INCOME from: Donations, collections and legacies Investments.. Lettings income Other income 106,241 115.201 208,693 792, 128 323,894 298,369 Total incomè EXPENDITURE on.. Raising funds: Pioperties insurance cover Lètlings expenses {agent's ￿mMISSion, repairs etcl 7.371 23.759 6,924 26,217 31.130 33,141 Charltablè activlties- Donations and Contributions to Ecumenical Patriarchate and Greek Orthodox Archdiocese Candles. charcoal,incense and wine Clergy and staff salary Gosts Religiou5 functions and the advancement ol the faith Water rates, light and heal Printing. stationery and postage Insurance cover foi the Church Repairs. ienewals and mainlenance Telephone. internel and sofMare expenses Cleaning and laundry Other expenses Dep￿ciatIon Governance costs.. Independent Examination, accountancy 8nd taxation services 4.310 9,170 64,664 10,557 16,441 144 16,145 2,509 2,270 4,900 7,775 70,562 7,355 14,693 261 16, 142 4.431 2,361 612 419 1,29T 3,842 1,103 2,400 2,300 133,555 133,108 164,685 166,249 Total expenditure 732. 120 Nèt income before gains on- 159,209 Investments 159,209 132. 120 Net income and net movèment in funds Reconciliation of funds The main fun¢lions of the CIO during the year were the activities of the Calhedral and $1 4,589,375 4,748,584 4,457,255 Total funds at 31 March 2025 ¢arried forward 4,589,375 St Andrew's Greek Orthodox Cathedral Trust Balance Sheet A$ at 31 March 2025 Note 2025 2024 Fixed assets Tangible assets Investments 271,141 247,022 4,197,355 4,197,355 4,468,496 4,444,377 Current assets Stock Debtors Cash at bank and in hand 12,112 8,805 283,009 12,112 5,336 175,343 303,926 123,8381 192,791 (27.000) Credifors falling due within one year 280,088 165, 791 Net current assets Total assets less current liabllities 4.748.584 4.610, 168 Creditors falling due after more than one year (20,793) 4,748,584 4,589,375 Net assets Unrestrfcted funds General funds 4,748,584 4,589,375 Totsl funds 4,748,584 4,589,375 Approved by the Iruslees on . Q4)Z£. 8nd signed on their behaff by.. Emmanu St rianaki Chairman of the board of trustees Revd Dr Kristian Akselberg Acting Secretary st Andrew's Greek Orthodox Cathedral Trust Notes to the Accounts For the Year Ended 31 March 2025 Accountin9 policles The principal accounting poliaes are summarised below. The accounting policies have been applied consistently throughout the year and in the pre￿dIng year. lil Ba¥is of accounting The accounts If1nanaal statements) have been prepared under the historical ￿st convenllc with items iecognised at cost or transaction value unless Othe￿Is￿ staled in the relevant note{sl to these accounts. Th¢ financial statements have been prepared in accordance with the Stslement of Recommended Practice". Accounting and Reporting by Ch8rities preparing Ihèir accounts in accordan¢e with the Financial Reporting St8ndard applicable in the UK and Republic of I￿land IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The CIO constitutes a public benefit entity as defined by FRS 102. The aceounls have beeri prepared on a going concem basis as the trustees believe that no matèrial uncertainties exist despite lh8 lockdown arising from the covid-19 pandemic. The tiustees have considered the level of funds held and the expected level of incorne and expenditure for ￿e1ve month5 from aulhorising these acwunls and have decided that the CIO is able to continLJe as a going concern 1111 Fund accountlng Unrestricted funds 8re donations, collections and other incoming resources receivable OT 9eneiated for the objeds of the CIO without any further specrfied purpose and are available as general funds. Designatéd funds are unTe8tricted funds earmarked by the trustees ftsr particular purposes. liill Incorne recognition All income is recognised onc8 the CIO has entitlement to the income. there is suffiaenl ￿rtaInty of receipt and so il is probable thai the income will be receivwl, and the amount ol in¢ome receivable can be measured i&liably. liv) Expenditure recognition Expendituie is re¢ognised on¢e there is a Legal or conslrudive obligation lo make a payment to a third party, il is probable thal a settlement will be required and the amount ol the obligation can be measured reliably. Iv) Fixed assets F￿ed assets are stated at cost less 8ccumulated depreciation. Depreciation is provided at rates calculated to wrrte off the cost of each asset over its expected useful life. The rale used lor fixtures and fittings is 150/0 on the rèducing balance. Freehold land is not depreciated. An assèssment of the n8t realisable valué of fréehold buildings 8t historical eosl has been undertaken. On the basis that freehold buildings will be well maintained and such repair costs will be charged to the SOFA it is the view of the trustees that the net realisa￿e value at historical cost equates to cost. Depieaation is charged on freehold buildings on the cost le5S the estimated residual value over 50 years. On the basis ol the above, no char9e is deemed necessgry. An impairment review is carried out on an allnual basis to assess whether the market value of the buildings is at least as much a5 the carying value in the acojunts. Provision Is made for any permanent fall in value. Ivll Fixed asset investments Investments are stated at market value at the balance Sheet date. The SOFA include5 the net 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 2025 Accounting policies Gontinued stock StoGk is included at the lower of cost and net realisable value. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid after taking account ol any trade discounts due. Flnancial instrum8nts The CIO only has financial assets and finanaal liabilities of a kind that qualify as basic financial instruments. Basic finanual instruments are initially recognised at transaction value and subsequently measured at thèir settlement value with the exception of bank loans which a subsequently measured at amortised cost using the effe¢twe interest method. Creditors Creditors and provisions are recognised where the CIO has a present obligation resulting frorv a past event that will probably result In the transfer of funds to a third party and the amount due to settle the oblig8tion can be measured or estsmated reliably. Creditors and provisions are normally re¢ognised al théir settlement amount after alkiwing for any trade discounts due. Pen51on costs Pensions costs charged in the SOFA represent pensions paid to retired members ol staff and contributions to defined contribution arrangementg. Staff costs and numbers 2025 2024 Salar￿s and wages S￿ha1 security ¢OSts Pension costs 63,266 69,460 7, 702 1.398 64,664 70.562 Totsl stsff costs No employee received emoluments of more than £60.00012024 nill. The average monthly number of members of the clergy and other staff during the year was 5.9 12024 5.01. No trusteè received remuneration apart from Revd Dr Kristian Aksdbèrg. who is a trustee and receivad iemuneration in his capa¢rty as a clergyman of the Cathedral. No exp8nses We￿ feimbursed to the trustees. The contribution ol the many volunteers of the church has not been induded in the accounts. / st Andrew's Greek Orthodox Cathedral Trust Notes to the Accounts For the Year Ended 31 March 2025 Tangible fix¢d assets Freehold church bulldlng and ground floor of odlacent buildirbg Fixtures. filtirys & equipmènt Totsi Cost At 1 April 2024 Additions 239,671 304,075 25,222 25,222 239,671 89,626 329.297 Depreciation At 1 April 2024 Charge for the year 57.053 1,103 57.053 1.103 At 31 Ma￿h 2025 58.156 58,156 Net book valuè at 31 March 2025 239.671 31,470 271.141 Net book v&lue at l Apnl 2024 239,671 7,351 247,Q22 The market value tsf freehold ehurch building and land is significantly more than the carrying value but it is not practical for the trustees to quantify the diHerence. The church building is covered by an insurance policy with sum in3ured of £8.118 million. In addrtion, contents. including icons and litufgy artefacis. are insured for a surn of £592.OLY). Fixed as8et Investments 2025 2024 UK Investment properties- market value at 1 April 2024 Gains on investmen15 4,197,355 4, 197.355 Mark•t value at 31 March 202S 4,197,3SS 4, t97,355 Debtors 2025 2024 Prepayments Other debtors 4.805 4,000 4,518 818 8,805 5,336 Creditor¥ falling due within one yèar 2025 2024 Loans Other creditors and accruals 20,793 3,045 24,000 3,000 23,838 27,QOQ St Andrew's Greek Orthodox Cathedral Trust Notes to the Accounts Forthe Year Ended 31 March 2025 Crgditors falling due after more than one year 2025 2024 Loans 20, 793 Relatgd party transactions Revd Dr Kristian Akselberg occupies rent free accomodalion owned by the charity. io