REGISTERED COMPANY NUMBER: 10847931 (England and Wales) REGISTERED CHARITY NUMBER: 1180575
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
FOR
OINOUSSAI BENEVOLENT FUND (A COMPANY LIMITED BY GUARANTEE)
Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE
OINOUSSAI BENEVOLENT FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
| Page | Page | Page | |
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
OINOUSSAI BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
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 31st December 2021. 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
Objectives and aims
These are set out in the Rules and in the Articles of Association. The objectives remain to prevent or relieve poverty in Oinousses, Greece and for the public benefit to promote education, town/rural regeneration in areas of social and economic deprivation.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The 2021 annual dinner/dance took place in central London in mid-November 2021 and was a success, largely because the guests were keen to attend a formal event after a prolonged period of lockdowns and restrictions on large gatherings due to the COVID-19 pandemic, which had resulted in the cancellation of the 2020 dinner/dance. As in previous years, the income generated from the dinner/dance was an important contribution towards the Fund's budget for the following year, 2022. Combined with the regular annual donations, the Fund collected sufficient monies to be able to make most of its usual charitable donations. As expected, the number of donations decreased in the 2021 financial accounting period. This was due to the increased cost of living and the aftermath of the COVID pandemic restrictions. The majority of charitable donations were made to individuals and institutions on Oinoussai. The Fund gave financial support to several needy compatriots directly, to the 'Fund for the Needy' which is run by the Friends of Oinoussai Society, to the teaching staff in the schools, to the school children and also to assist with the running expenses of St. Nicholas church. The Fund also contributed to the running expenses of the Schools' Boarding House, though this had remained closed for part of the year due to COVID restrictions. Financial support to the 'subsistence fund', which provides subsidised meals for the cadets of the Naval Academy, was not required this year as the Academy was closed for part of the year due to the pandemic, and there were sufficient funds carried forward from 2020. Sadly, the island's long-serving priest passed away from COVID in September and the Fund contributed to his funeral expenses, and also made a donation to St Nicholas Church in his memory, as a mark of gratitude and respect for his 55 years of service to the island. In London, the traditional holy breads were distributed on 6th December, St Nicholas's Day, and despite appealing for the usual donations, limited amounts were received. Regrettably the Christmas event on the island was cancelled due to a flash outbreak of COVID, however gifts for the island's young children were purchased by the Fund from the two gift shops on the island, as in previous years, and given to every child on the island in early January 2022, supporting the local community as always. The website and social media pages have proved positive in enhancing awareness of the Fund and its activities, as well as facilitating online donations. All support costs were consciously kept to a minimum, in order to maximise the amount available for charitable donations.
FINANCIAL REVIEW
Financial position
The total income for the period to 31 December 2021 amounted to £81,855. Total expenditure amounted to £68,547, of which £23,923 represents charitable expenditure, whilst 3% was spent on support costs.
Investment policy and objectives
At present, the policy for the trust remains to invest only in cash deposits. Only capital-guaranteed, no risk products could be considered in the future.
Reserves policy
The trustees have decided that it would be prudent to hold the equivalent of 6 months expenditure on key overheads and key annual charitable donations in reserve. With an annual expenditure of around £30,000 in the UK and in Greece, the trust will retain around £15,000 in reserve.
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OINOUSSAI BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
FINANCIAL REVIEW
Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of the period of one year from the date of approval of the financial statements. After reviewing the fund's forecasts and projections, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the unforeseeable future. The key factors for this expectation are as follows:-
1) The annual dinner/dance fundraising event is well attended by between 350 and 400 people, generating a net income of around £15,000 each year. The annual dinner/dance for 2022 is scheduled to take place in mid-November and is expected to be well-attended as the Fund is celebrating its 80th anniversary and has become a key event in the London Greek community.
2) The annual contributions and donations from members are regular at around £15,000.
FUTURE PLANS
The annual dinner/dance is scheduled to take place in central London in mid-November 2022. Following the success of the 2021 dinner/dance, which took place after a prolonged period of lockdowns and restrictions on large gatherings, and noting that 2022 marks the 80th anniversary of the Fund, it is anticipated that the event will be well-attended. The requests for annual donations and contributions will be sent out in early 2023. As part of the Fund's 80th anniversary celebrations, an event is being co-organised with Naftika Chronika in mid-November to celebrate Oinoussian Maritime Heritage. Being aware of inflationary pressures and the increased cost of living, it is expected that it will be challenging to raise income from donations and voluntary contributions. For the same aforementioned reasons, an increased number of requests for assistance are likely to be received.
The Fund has again been approached to consider increasing its assistance with the finances required to keep the island's Boarding House operational. The traditional sources of charitable support for the Boarding House are no longer able to cover all the annual costs of this important institution on the island. The Fund will therefore consider if it is able to increase its contribution.
As in previous years, the Fund aims to give financial support to several needy compatriots, to the 'Fund for the Needy' which is run by the Friends of Oinoussai Society, to the 'Subsistence Fund' providing subsidised meals for the cadets of the Naval Academy, to the teaching staff in the schools, to the school children on the island and also to assist with the running expenses of St. Nicholas church.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The organisation is a charitable company limited by guarantee, incorporated on 3 July 2017 and registered as a charity on 6 November 2018.
The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.
Membership is open to all persons with heritage from, or any family connection to, the island of Oinoussai, Greece, including those living in the United Kingdom, offices of companies worldwide with Oinoussians in position of senior management.
Recruitment and appointment of new trustees
Trustees are the Directors of Oinoussai Benevolent Fund, who are elected to the Executive Committee in accordance with the Articles of Association and the Rules of the Oinoussai Benevolent. Members are elected to the Executive Committee at an AGM or any other time as determined by the Membership. Members of the Committee serve for a two-year period. Elections are held with either of the procedures set out in the Rules, as chosen by the Committee. There are no restrictions regarding the re-election of members of the Committee.
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OINOUSSAI BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
New trustees are provided with the relevant Guidance Notes and the Governance Code issued by the Charity Commission, to ensure that they are aware of their legal obligations under charity and company law. If not familiar with the content of the Articles of Association and the Rules, they are briefed on these as well as the Grant-Making Policy and the decision-making processes. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Related parties
The current trustees are directors of member office John C. Hadjipateras & Sons Ltd.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10847931 (England and Wales)
Registered Charity number
1180575
Registered office
24 Baltic Street West London EC1Y 0UR
Trustees
J M Hadjipateras J P Hadjipateras
Independent Examiner
Carol Barfoot FCA Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE
Bankers
Metro Bank One Southampton Row London WC1B 5HA
WORKING NAME
Tameion Efpragias Oinousson
Approved by order of the board of trustees on 27th September 2022 and signed on its behalf by:
J M Hadjipateras - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OINOUSSAI BENEVOLENT FUND
Independent examiner's report to the trustees of Oinoussai Benevolent Fund ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2021.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Carol Barfoot FCA Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE
28th September 2022
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OINOUSSAI BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Total EXPENDITURE ON Raising funds Other trading activities Charitable activities 4 Donations Grants in furtherance of the charity's objects Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted fund £ 23,226 58,629 81,855 42,250 42,250 431 23,492 2,374 68,547 13,308 129,168 142,476 |
2020 Total funds £ 83,752 16,424 100,176 (2,343) (2,343) 2,758 30,267 2,766 33,448 66,728 62,440 129,168 |
|---|---|---|
The notes form part of these financial statements
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OINOUSSAI BENEVOLENT FUND
BALANCE SHEET 31ST DECEMBER 2021
| Notes CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2021 Unrestricted fund £ 6,367 145,030 151,397 (8,921) 142,476 142,476 142,476 142,476 142,476 |
2020 Total funds £ 5,366 124,907 130,273 (1,105) 129,168 129,168 129,168 129,168 129,168 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 27th September 2022 and were signed on its behalf by:
J M Hadjipateras - Trustee
The notes form part of these financial statements
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OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
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.
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
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.
continued...
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OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
| 2. DONATIONS AND LEGACIES Donations Members voluntary contributions 3. OTHER TRADING ACTIVITIES Fundraising events 4. CHARITABLE ACTIVITIES COSTS Donations Grants in furtherance of the charity's objects 5. GRANTS PAYABLE Grants in furtherance of the charity's objects The total grants paid to institutions during the year was as follows: Junior School Friends of Oinoussai Society St Nicholas Church Panoinoussios Football Club |
Direct Costs £ 431 - 431 |
2021 £ 23,226 - 23,226 2021 £ 58,629 Grant funding of activities (see note 5) £ - 23,492 23,492 2021 £ 23,492 2021 £ 7,929 5,176 4,197 863 18,165 |
2020 £ 83,152 600 |
|
|---|---|---|---|---|
| 83,752 | ||||
| 2020 £ 16,424 |
||||
| Totals £ 431 23,492 |
||||
| 23,923 | ||||
| 2020 £ 30,267 |
||||
| 2020 £ 1,554 6,791 16,271 - |
||||
| 24,616 |
continued...
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OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
6. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Other resources expended | 916 | 34 | 1,140 | 2,090 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
8. STAFF COSTS
Average number of employees for 2021 - 0 (2020 - 0)
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1/1/21 £ Unrestricted funds General fund 129,168 TOTAL FUNDS 129,168 |
2021 £ 6,367 2021 £ 8,921 Net movement in funds £ 13,308 13,308 |
2020 £ 5,366 2020 £ 1,105 At 31/12/21 £ 142,476 142,476 |
|---|---|---|
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 81,855 | (68,547) | 13,308 |
| TOTAL FUNDS | 81,855 | (68,547) | 13,308 |
continued...
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OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/20 | in funds | 31/12/20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 62,440 | 66,728 | 129,168 |
| TOTAL FUNDS | 62,440 | 66,728 | 129,168 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 100,176 100,176 |
Resources expended £ (33,448) (33,448) |
Movement in funds £ 66,728 66,728 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/20 £ 62,440 62,440 |
Net movement in funds £ 80,036 80,036 |
At 31/12/21 £ 142,476 142,476 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 182,031 | (101,995) | 80,036 |
| TOTAL FUNDS | 182,031 | (101,995) | 80,036 |
continued...
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OINOUSSAI BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2021.
13. LIMITED LIABILITY OF MEMBERS
The liability of members is limited.
Every person who is a member of the charity/company undertakes to contribute such amount, not exceeding £1 as may be required, to the assets of the charity/company if it should be wound up whilst that person is a member or within one year after that person ceases to be a member, for payment of the debts and liabilities of the charity/company contracted before that person ceases to be a member, and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves.
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OINOUSSAI BENEVOLENT FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Members voluntary contributions Other trading activities Fundraising events Total incoming resources EXPENDITURE Other trading activities Event expenses Charitable activities Donations Grants to institutions Grants to individuals Other Currency exchange difference Support costs Management Advertising and website Postages Room hire Catering Finance Bank charges Governance costs Accountancy fees Independent examination fees Total resources expended Net income |
2021 £ 23,226 - 23,226 58,629 81,855 42,250 431 18,165 5,327 23,923 284 916 - - - 916 34 762 378 1,140 68,547 13,308 |
2020 £ 83,152 600 83,752 16,424 100,176 (2,343) 2,758 24,616 5,651 33,025 202 916 237 144 162 1,459 1 736 368 1,104 33,448 66,728 |
|---|---|---|
This page does not form part of the statutory financial statements
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