Charity registration number 1198699 IEngland and Wales) OLIVE BRANCH AID ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID LEGAL AND ADMINISTRATIVE INFORMATION Trustees K Cottage LA Palmas C Christodoulou S Mossios A R Popescu S H Antoniou-Pamment Charty number 1198699 Prlnclpal address Arch 648 Portslade Road London SW8 3DH Indepgndent gxamlngr JF Francis Ltd Francis House 2 Park Road Barnet Herts ENS 5RN Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID CONTENTS Page Trustees, Annual report Independent Examinerfs report statement of financial activities Statement of financial position Stslemenl of cash flows Notes lo the financial statements 8-14 Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees present their report with the financial slalements of the charity for the period ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their aount$ in a¢¢ord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. FORMATION The charity was registered on 22nd April 2022. OBJECTIVES AND ACTIVITIES Providing relief lo those affected by poverty through.. 11 The collection and distribution of food parcels and other essential products. 21 Working together with other charities of similar purpose Public benefit The trustees are all familiar with and have regard lo the Charity Commission guidance 'The Essential Trustee". what you need lo know, what you need lo do, as well as the guidance on"Public Benefit" ACHIEVEMENT AND PERFORMANCE Charitable activities Olive Branch Aid IOBAI did not employ any staff and delivered its objectives through the work of a dedicated group of unpaid volunteers. Although the provision of food parcels Continues to be the Core activity for OBA, OBA reflects ils aspiration lo be more than a food bank by providing a range of other services for service users. These include wellbeing casework, donations of clothing and household goods and supporting other organisalions with similar aims. OBA continued to provide regular food parcels lo families in need throughout the year. The food parcels were tailored to reflect the size and composition of each household and sought to take into account dietary and cultural requirements where possible. Some of these parcels were delivered In person using a group of unpaid volunteer delivery dnvers. The remainder of the parcels were picked up by the service users themselves. Prior lo the website going live, referrals were emailed to OBA by referring organisations. In addition to individual households, OBA also supports four schools and a housing estate in Southwark at various times during the year. OBA also provides hampers to Servi users fvlice a year to help with additional pressures during longer holiday periods. OBA works closely within the London boroughs of Lambelh, Wandsworth, Soulhwark and Croydon. OBA distributed food parcels in the accounting period that provided food support for the equivalent of more than 89,000 people for a day. This was an increase of 130kn on the previous year. OBA set up a small area for service users lo look through donated clothing and household products. Examples of donated goods Included bedding, small rtems of furniture and cooking utensils. OBA provided a free wellbeing case work support service. This service was delivered through telephone calls and face lo face meetings. OBA'S Wellbeing team continued to provide long term support for a significant number of service users with complex uses during the year. Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 OBA received non-finanaal donations of food products from a variety of partner organisations during the accounting period. OBA functions under the aegis of the Greek Orthodox Archdiocese of Thyaleira and Great Britain. OBA provides its various services lo Servi users of all faiths and no farth service users alike. In addition to the achievements noted above, other significant successes for OBA in the last accounting period included.. Fitted out our new premisès wlh donated heavy duty warehouse shelving to stack the supplies antl facililale packing of the monthly food parcels. In May 2023 OBA formally opened ils new premises with a ceremony attended by various dignitaries including the Greek Orthodox Archdiocese of Thyaleira and Great Britain, the Mayor of Lambelh, the Cypriot High Commissioner and representative of the Greek Embassy, Local Councillors. In July 2023, OBA was delighted to welcome Annita Demetriou, President of the Cypriot House of Representatives and Andreas Kakouris Cypriot High Commissioner. Following grant funding from the National Lottery Fund, OBA developed a new website which was up and running by the end of March 2024. Among the many benefits the website provided, perhaps the one that had the most impact was that It allowed members of the public lo ask for help directly wilhoul having lo go through another organisalion. The self-referral roule now account for 600/0 of our service users. OBA was delighted to win the Mayor's Award for Excellence at the Lambeth Civic Awards in February 2024. OBA was selected from 370 applicants and the award refle¢led ils commitment lo providing wellbeing support for service users. Appointed JF Francis as OBA'S new Independent examiner. Continued lo manage all our financial donations through an online donation platfomi (Goodhubl that is regulated by the Fundraising Regulator. Significant corporate volunteers from three companies helped wth various projects. Increased school referrals and work beginning to expand promotes service5 to local communities. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its constitution, and constitutes a Charitable Incorporated Organisab'on ICIOI registered by the Charity Commission. STRUCTURE, GOVERNANCE AND MANAGEMENT The charity trustees are as follows and are appointed for the following terms S H Antoniou-Pamment- appointed for 4 years lappoinled 22 Apr 20221 A R Popescu- appointed for 3 years (appointed 22 Apr 20221 Father C Christodoulos- appointed for 4 years (appointed 22 Apr 20221 L A Palmas- appointed for 3 years lappointed 22 Apr 20221 K Cottage- appointed for 3 years lappoinled 22 Apr 20221 S Mossios- appointed for 4 years lappoinled 22 Apr 20221 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number CE028843 IEngland and Wales) Registered Charity number 1198699 Reglstered offlce Arch 648, Portslade Road, London SW8 3DH Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 K Cottage LA Palmas C Chrislodoulou S Mossios A R Popescu S H AnlonioLhPamment The Trustees, Annual report was approved by the Board of Trustees. S H Anloniou-Pamment Trustees 30 January 2025 Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OLIVE BRANCH AID I report lo the Iruslees on my examination of the financial slalements of Olive Branch Aid {the charity) for the year ended 31 March 2024. Re5ponsibilitie5 and basis of report As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements ol the Charities Act 2011. I report in respect of my examination of the Charity's financial slalements carried out under section 145 of the Charities Act 2011. In ¢arrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Independent examln&rfs statement Your attention is drawn lo the fact that the charity has prepared the financial slalements in accordance with the relevant version of the Statement of Recommended Practice applicable to charits.es preparing their financial statements in accordance with the Financial Reports"ng Standard applicable In the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Chaiilies." Slalement of Recommended Practice issued on 1 April 2005 which is referred lo in the exianl regulations bul has now been withdrawn. l understand that this has been done in order for the financial stslemenls lo provide a true and fair view in accordance with UK Generally A¢pIed Accounting Practice. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financial slalements do not accord with those records., or the financial statements do not comply wth the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalements lo be reached. JF Francis Ltd Francis HoLJse 2 Park Road Barnet Herts EN5 5RN 30 January 2025 Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds fund$ 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies 70,414 17,486 87,900 98,740 11,882 110,622 Total Income 70,414 17,486 87,900 98,740 11,882 110,622 Expenditure on- Raising funds Charitable activities 637 57,371 9,368 9,825 10.003 67,196 32.963 8,758 5,917 500 38,880 9,258 Total expenditure 58,008 19,191 77,199 41,721 6,417 48,138 Net Incomellexpendlturel and movement in funds 12,406 11,7051 10,701 57,019 5,485 62,484 Reconclllatlon of funds: Fund balances al 1 April 2023 57,019 5,465 62,484 Fund balancos at 31 March 2024 69,425 3,760 73,185 57,019 5,465 62,484 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 10 2,985 Current assets Debtors Cash at bank and in hand 11 26,171 47,068 12,000 50,484 73,239 62,484 CreditoTr: amounts falling due within one year 12 13,0391 Net current assets 70,200 62,484 Total assets less current liabilitios 73,185 62,484 The funds of the charity Restricted income funds Unrestricted funds 13 14 3,760 69,425 5,465 57,019 73,185 62,484 The ¢harily is enliued to exemption from audit under the CharitiesAct 2011. These financial statements have been prepared in accordance wth the provisions applicable lo small charities. The financial statements were approved by the Trustees on 30 January 2025 oAya thloi(iok K Cottage Trustees S H Antoniou-Pamment Trustees Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash (absorbed byllgeneraled from operations 17 11161 50,484 Invg$tlng a1¥111$ Purchase of tangible fixed assets 13,3001 Net cash used in investing activities 13,3001 Net cash ganerat8d from financing activities Net Idecreasevlncrease In cash and cash equivalonts 13,4161 50,484 Cash and cash equivalents at beginning of year 50,484 Cash and cash equivalents at end of year 47,068 50,484 Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity inforniation The charity is registered charty in England and Wales and is a Charitable Incorporated organisalion. The address of the principal office is Arch 648, Portslade Road, London. SW8 3DH 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The charity Is a Public Benefit Enlily as defined by FRS 102. The financial slalements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. Thi5 departure has involved following the Statement of Recommended Piaclice foi charitiès applying FRS 102 rather than the version of the Statement of Recommended practi which is referred lo in the Regulations bul which has since been withdrawn. The financial statements are prepared in slerting, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial slalements have been prepad under the hislori¢al cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the time of approving the financial ststemenls, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestri¢led funds are available for use al the discretion of the Trustees in ftIrtheran of their charitable objectives. Reslricled fjJnds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial slalements. 1.4 Income Income is recognised when the charity is legally entitled lo il after any performance Conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance condV(ions require deferral of the amount. Income lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount Is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in selllemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The c051s of each activity are made up of the lolal of direct cost5 and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated dire¢lly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation. net of depreciation and any impaimient losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment Computers 250/0 reducing balance method 25% reduang balance method The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the 51alement of finanrAal activib"es. 1.7 Impairment of fixèd assets At each reporting end date, the charity reviews the carrying amounts of ils tangible assets to determine whether there Is any indication that those assets have suffered an Impairment loss. If any such Indication exists, the CoVerable amount of the asset is eslimaled in order lo detem)ine the extent of the impaimenl loss lif any). 1.8 Cash and cash equlvalenls Cash and cash equivalents indude cash in hand, deposits held al call wth banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current Iiabililie5. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, w(th the net amounts presented in the financial slatemenls, when there is a legally enforceablè right to sel off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and settle the liability simultaneously. Basie financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amottised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of Interest. Financial Iiabililies classified as payable thin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as CLJrrent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derècognised when the charity's eonlractual oblig8tions expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday enlillement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. Critical accounting Ostimates and judgements In the application of the charity's accounting policies. the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or eslimales involved in the preparation of the financial statements. Income from donatlons and legacles Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrfcted funds funds 2023 2023 Total 2024 2023 Donations and gnls Donated serVIS and 19,318 17,488 36,804 66,572 11,882 78,454 51,096 51,096 32,168 32,168 70,414 17,486 87,900 98,740 11,882 110,622 10- Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fundral$lng and publlclty Other fundraising costs 637 10,003 32,963 5,917 38,880 Expenditure on charitable activities Charitable Charitable Expenditure Expenditure 2024 2023 Direct costs Depreciation and impaimienl Rent Accountancy Fees Cleaning Legal Expenses Printing & Slalionery servi Charges Website Rates Advertising Light and Heal Insurance Reapairs and Maintenance Sundry subscripb.ons 315 47,999 3,780 12 52 186 453 9,866 421 100 1,118 716 1,520 564 94 6,107 1,259 369 367 1.032 124 67,196 9,258 Analy$l$ by fund Unrestricted funds Restricted funds 57,371 9,825 8,758 500 67,196 9,258 Governance costs 2024 2023 Accountancy and legal fees 1,200 1,259 Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Trustees Trustees. remuneration and benefits None of the Trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. Trustee's expenses Expenses of £7,114.52 were paid to trustees for the expenditure on g¢J)ds and services for the delivery of the charitable activities of the charity. Employ99$ The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from laxalion on its ad'vib'es because all ils income is applied for charitable purposes. 10 Tangible fixed assets Plant and equipment Computsrs Total Cost Additions 2,880 420 3,300 Al 31 March 2024 2,880 420 3,300 Depreciation and impairment Depreciation charged in the year 231 315 Al 31 March 2024 231 84 315 Carrying amount Al 31 March 2024 2,649 336 2,985 11 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 26,171 12,000 12- Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 12 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 3,039 13 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as lo how they may be used. At 1 April 2023 Incoming resources Resources At 31 March expended 2024 5,465 17,486 119,1911 3,760 Prevlous year: At 1 Aprll 2022 Incomlng Resources At 31 March resources expended 2023 11,882 16,4171 5,465 14 Unrestrlcted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated ftjnds which have been sel aside out of unreslricled ftjnds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources At31 March expendgd 2024 General funds 57,019 70,414 158,0081 69,425 Previous year: At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 98,740 141,7211 57,019 13- Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA
OLIVE BRANCH AID NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 15 Analysis of net assets between funds Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsllliabililiesl 2,985 66,440 2,985 70,200 3,760 69,425 3,760 73,185 Unrestricted fund$ 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Current assetsllliabililiesl 57,019 5,465 62,484 57,019 5,465 62,484 16 Relatgd party transa¢tlon$ There were no disclosable related paty transactions during the year. 17 Cash (absorbed byllgenerated from operatlons 2024 2023 Surplus for the year 10,701 62,484 Adlustments for: Depreciation and impairment of tangible fixed assets 315 Movements in working capitsl.. Ilncreasel in debtors Increase in creditors 114,1711 3,039 112,0001 Cash (absorbed byllgenerated from operatlons 11161 50,484 18 Analy$l$ of ¢hange$ In net funds The charity had no material debt during the year. 14- Dowmeni Ret. OVTEE-8PSSfy6KC2T-VMtQA