2023-12-31-accounts - Oinoussai Benevolent Fund

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REGISTERED COMPANY NUMBER: 10847931 (England and Wales)
REGISTERED CHARITY NUMBER: 1180575

`REPORT OF THE TRUSTEES AND`

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

`FOR`

OINOUSSAI BENEVOLENT FUND
(A COMPANY LIMITED BY GUARANTEE)

Gibbons Mannington & Phipps LLP
Chartered Accountants

82 High Street
Tenterden
Kent
TN30 6JG

OINOUSSAI BENEVOLENT FUND

`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023`

	`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`	`10`
`Detailed Statement of Financial Activities`		`11`

OINOUSSAI BENEVOLENT FUND

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31December2023. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

ThesearesetoutintheRulesandintheArticlesofAssociation.Theobjectivesremaintoprevent or
relievepovertyinOinousses,Greeceandforthepublicbenefittopromoteeducation, town/rural
regeneration in areas of social and economic deprivation.

`Public benefit`

ThetrusteeshavereferredtotheguidancecontainedintheCharityCommission'sgeneralguidance on
public benefit when reviewing the charity's aims and objectives and in planning its future activities.

`ACHIEVEMENT AND PERFORMANCE Charitable activities`

The2023annualdinner/dancetookplaceincentralLondoninearly-November2023and was
well-attended,withalargenumberofyoungerguestssupportingonceagain.Asinpreviousyears, the
netincomegeneratedfromthedinner/dancewasanimportantcontributiontowardstheFund's budget
forthefollowingyear,2024.Theincomefromthedinner/dancewasagainsignificantlygreaterthan in
previousyears,largelyduetouseofanonlineauctionandraffleplatform,butalsoduethechange of
venuethatattractedguests.However,theexpensesrelatingtothedinner/dancewerealso significantly
higherthaninpreviousyears,firstlyduetothemoreexpensivevenue,butalsobecausethecostsfor all
elementsoftheeventincreasedduetotheinflationaryeconomicclimate.Despitethis,thenetresult was
animprovementonpreviousyears.Thenumberofdonationsandvoluntarycontributions increased
significantlyinthe2023financialaccountingperiod.Thiswasinresponsetoafund-raising campaign,
wherebymembersandsupporterswererequestedtoconsiderofferinganincreasedcontributiondue to
theshortfallofthepreviousyear.Combinedwiththeregularannualdonations,theFund collected
sufficientmoniestobeabletomakemostofitsusualcharitabledonations.Themajorityofthese were
madetoindividualsandinstitutionsonOinoussai.TheFundgavedirectfinancialsupportto several
compatriotsontheislandformedicalassistance;tothe'FundfortheNeedy'whichisrunbythe Friends
ofOinoussaiSociety;totheteachingstaffintheschools;totheschoolchildren;andtoassistwith the
runningexpensesofSt.Nicholaschurch.TheFundalsocontributedtotherunningexpensesof the
Schools'BoardingHousewhichformsavitalpartoftheisland'scommunitystructure.Financialsupport to
the'subsistencefund',whichprovidessubsidisedmealsforthecadetsoftheNavalAcademy,was not
requiredthisyearasthereweresufficientfundsraisedfromothersources.InLondon,thetraditional holy
breadsweredistributedon6thDecember,StNicholas'sDay,anddespiteappealingforthe usual
donations,limitedamountswerereceived.TheChristmaseventontheislandwasheldinDecember and
asinpreviousyears,giftsfortheisland'syoungchildrenwerepurchasedbytheFundfromthetwo local
giftshopsandgiventoeverychildontheislandtogetherwithrefreshments,supportingthe local
communityasalways.Thewebsiteandsocialmediapageshavecontinuedtoprovepositivein enhancing
awarenessoftheFundanditsactivities,aswellasfacilitatingsomeonlinedonations.Allsupport costs
were consciously kept to a minimum, in order to maximise the amount available for charitable activities.

`FINANCIAL REVIEW`

`Financial position`

Thetotalincomefortheperiodto31December2023amountedto£139,904.Total expenditure
amountedto£127,696,ofwhich£26,353representscharitableexpenditure,whilst1.9%wasspent on
support costs.

`Investment policy and objectives`

Atpresent,thepolicyforthetrustremainstoinvestonlyincashdeposits.Onlycapital-guaranteed, no
risk products could be considered in the future.

`Reserves policy`

Thetrusteeshavedecidedthatitwouldbeprudenttoholdtheequivalentof6monthsexpenditure on
keyoverheadsandkeyannualcharitabledonationsinreserve.Withanannualexpenditureof around
£30,000 in the UK and in Greece, the trust will retain around £15,000 in reserve.

Page 1

OINOUSSAI BENEVOLENT FUND

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023`

`FINANCIAL REVIEW`

`Going concern`

TheTrusteesassesswhethertheuseofgoingconcernisappropriatei.e.whetherthereareany material
uncertaintiesrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheabilityofthe charity
tocontinueasagoingconcern.TheTrusteesmakethisassessmentinrespectoftheperiodofone year
fromthedateofapprovalofthefinancialstatements.Afterreviewingthefund'sforecasts and
projections,theTrusteeshaveareasonableexpectationthattheTrusthasadequateresources to
continueinoperationalexistencefortheunforeseeablefuture.Thekeyfactorsforthisexpectationare as
follows:

1)Theannualdinner/dancefundraisingeventiswellattendedbybetween350and400 people,
generatinganetincomeofaround£23,000eachyear.Theannualdinner/dancefor2024isscheduled to
takeplaceinlate-Novemberandisexpectedtobewell-attendedasitisbeingheldinadifferent venue
with a larger capacity and has become a key event in the calendar of the London Greek community.

2) The annual contributions and donations from members are regular at around £18,000.

`FUTURE PLANS`

Theannualdinner/danceisscheduledtotakeplaceincentralLondoninlateNovember2024. Following
thesuccessofthe80thanniversarydinner/dancein2022,andof2023dinner/danceatanew venue
again,itisanticipatedthatthe2024eventwillbeevenbetterattended.Requestsforannual donations
andcontributionsweresentoutinearly2024andwillbesentoutagaininearly2025.Beingawareof the
continuingincreaseinthecostofliving,itisexpectedthatitwillagainbechallengingtoraise income
fromdonationsandvoluntarycontributions.Forthisreason,anincreasednumberofrequests for
assistance are likely to be received from individuals and institutions on the island.

TheFundhasagainbeenapproachedtoconsiderincreasingitsassistancewiththefinancesrequired to
keeptheisland'sBoardingHouseforstudentsoperational.Thetraditionalsourcesofcharitable support
fortheBoardingHousearenolongerabletocoveralltheannualcostsofthisimportantinstitutionon the
island. The Fund will therefore consider if it is able to further increase its contributions.

Asinpreviousyears,theFundaimstogivefinancialsupporttoseveralneedycompatriots,tothe 'Fund
fortheNeedy'whichisrunbytheFriendsofOinoussaiSociety,tothe'SubsistenceFund' providing
subsidisedmealsforthecadetsoftheNavalAcademy,totheteachingstaffintheschools,tothe school
children on the island and also to assist with the running expenses of St. Nicholas church.

`STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document`

Theorganisationisacharitablecompanylimitedbyguarantee,incorporatedon3July2017 and
registered as a charity on 6 November 2018.

Thecompanywasestablishedunderamemorandumofassociationwhichestablishedtheobjects and
powers of the charitable company and is governed under its articles of association.

Membershipisopentoallpersonswithheritagefrom,oranyfamilyconnectionto,theisland of
Oinoussai,Greece,includingthoselivingintheUnitedKingdom,officesofcompaniesworldwide with
Oinoussians in position of senior management.

`Recruitment and appointment of new trustees`

TrusteesaretheDirectorsofOinoussaiBenevolentFund,whoareelectedtotheExecutiveCommittee in
accordancewiththeArticlesofAssociationandtheRulesoftheOinoussaiBenevolent.Members are
electedtotheExecutiveCommitteeatanAGMoranyothertimeasdeterminedbythe Membership.
MembersoftheCommitteeserveforatwo-yearperiod.Electionsareheldwitheitherofthe procedures
setoutintheRules,aschosenbytheCommittee.Therearenorestrictionsregardingthere-election of
members of the Committee.

Page 2

OINOUSSAI BENEVOLENT FUND

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023`

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Induction and training of new trustees`

NewtrusteesareprovidedwiththerelevantGuidanceNotesandtheGovernanceCodeissuedby the
CharityCommission,toensurethattheyareawareoftheirlegalobligationsundercharityand company
law.IfnotfamiliarwiththecontentoftheArticlesofAssociationandtheRules,theyarebriefedon these
aswellastheGrant-MakingPolicyandthedecision-makingprocesses.Trusteesareencouragedto attend
appropriate external training events where these will facilitate the undertaking of their role.

`Related parties`

MrJMHadjipaterasandMrJPHadjipaterasaredirectorsofmemberofficeJohnC.Hadjipateras& Sons
Ltd.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Company number`

10847931 (England and Wales)

`Registered Charity number`

`Registered office`

24 Baltic Street West
London
EC1Y 0UR

`Trustees`

J M Hadjipateras
J P Hadjipateras
G N C Hadjipateras
G T Lemos

`Independent Examiner`

Mr David Ashby FCCA ACA
Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

`Bankers`

Metro Bank
One Southampton Row
London
WC1B 5HA

`WORKING NAME`

Tameion Efpragias Oinousson

Approved by order of the board of trustees on 15 September 2024 and signed on its behalf by:

J M Hadjipateras - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
OINOUSSAI BENEVOLENT FUND

`Independent examiner's report to the trustees of Oinoussai Benevolent Fund ('the Company')`

IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 December 2023.

`Responsibilities and basis of report`

Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').

HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionunder Section
145(5) (b) of the 2011 Act.

`Independent examiner's statement`

Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentionin connection
with the examination giving 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)).

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.

Mr David Ashby FCCA ACA

Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

17 September 2024

Page 4

OINOUSSAI BENEVOLENT FUND

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023`

`Notes` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `2` `Other trading activities` `3` `Total` `EXPENDITURE ON` `Raising funds` `Other trading activities` `Charitable activities` `4` `Grants in furtherance of the charity's` `objects` `Other` `Total` `NET INCOME/(EXPENDITURE)` `RECONCILIATION OF FUNDS` `Total funds brought forward` `TOTAL FUNDS CARRIED FORWARD`	`2023` `Unrestricted` `fund` `£` `18,711` `121,193` `139,904` `97,615` `97,615` `26,353` `3,728` `127,696` `12,208` `129,853` `142,061`	`2022` `Total` `funds` `£` `3,848` `91,101` `94,949` `73,867` `73,867` `30,223` `3,482` `107,572` `(12,623)` `142,476` `129,853`

The notes form part of these financial statements

Page 5

OINOUSSAI BENEVOLENT FUND

`BALANCE SHEET`

`31 DECEMBER 2023`

`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`	`2023` `Unrestricted` `fund` `£` `6,970` `137,462` `144,432` `(2,371)` `142,061` `142,061` `142,061` `142,061` `142,061`	`2022` `Total` `funds` `£` `17,802` `113,764` `131,566` `(1,713)` `129,853` `129,853` `129,853` `129,853` `129,853`

ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31 December 2023.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 December 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.

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
15 September 2024 and were signed on its behalf by:

J M Hadjipateras - Trustee

The notes form part of these financial statements

Page 6

OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statements have been prepared under the historical cost convention.

Thecharitablecompanyhastakenadvantageofthefollowingdisclosureexemptionin preparing
thesefinancialstatements,aspermittedbyFRS102'TheFinancialReportingStandard applicable
in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Fund accounting`

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

`2. DONATIONS AND LEGACIES`

`DONATIONS AND LEGACIES`
`Donations` `Members voluntary contributions`	`2023` `£` `11,268` `7,443` `18,711`	`2022` `£` `3,848` `-`
		`3,848`

continued...

Page 7

OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

`3.` `OTHER TRADING ACTIVITIES` `Fundraising events` `4.` `CHARITABLE ACTIVITIES COSTS` `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` `Maritime Education Organisation` `Oinoussai Yachting Club` `6.` `SUPPORT COSTS` `Management` `Finance` `£` `£` `Other resources expended` `1,119` `31`	`2023` `£` `121,193` `2023` `£` `26,353` `2023` `£` `9,651` `3,045` `2,714` `-` `870` `3,306` `19,586` `Governance` `costs` `£` `1,284`	`2022` `£` `91,101` `Grant` `funding of` `activities` `(see note` `5)` `£` `26,353` `2022` `£` `30,223` `2022` `£` `11,809` `5,093` `3,694` `119` `-` `-` `20,715` `Totals` `£` `2,434`

`7. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2023 nor
for the year ended 31 December 2022.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31December2023norforthe year
ended 31 December 2022.

continued...

Page 8

OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

`8. STAFF COSTS`

Average number of employees for 2023 - 0 (2022 -  0)

`9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`Other debtors` `Prepayments and accrued income` `10.` `CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Other creditors` `11.` `MOVEMENT IN FUNDS` `At 1/1/23` `£` `Unrestricted funds` `General fund` `129,853` `TOTAL FUNDS` `129,853` `Net movement in funds, included in the above are as follows:` `Incoming` `resources` `£` `Unrestricted funds` `General fund` `139,904` `TOTAL FUNDS` `139,904` `Comparatives for movement in funds` `At 1/1/22` `£` `Unrestricted funds` `General fund` `142,476` `TOTAL FUNDS` `142,476`

continued...

Page 9

OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

`11. MOVEMENT IN FUNDS - continued`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `resources` `£` `94,949` `94,949`	`Resources` `expended` `£` `(107,572)` `(107,572)`	`Movement` `in funds` `£` `(12,623)` `(12,623)`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`At 1/1/22` `£` `142,476` `142,476`	`Net` `movement` `in funds` `£` `(415)` `(415)`	`At` `31/12/23` `£` `142,061` `142,061`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `resources` `£` `234,853` `234,853`	`Resources` `expended` `£` `(235,268)` `(235,268)`	`Movement` `in funds` `£` `(415)` `(415)`

`12. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 December 2023.

`13. LIMITED LIABILITY OF MEMBERS`

The liability of members is limited.

Everypersonwhoisamemberofthecharity/companyundertakestocontributesuchamount, not
exceeding£1asmayberequired,totheassetsofthecharity/companyifitshouldbewound up
whilstthatpersonisamemberorwithinoneyearafterthatpersonceasestobeamember, for
paymentofthedebtsandliabilitiesofthecharity/companycontractedbeforethatperson ceases
tobeamember,andthecosts,chargesandexpensesofwindingupandfortheadjustmentof the
rights of the contributors among themselves.

Page 10