Charity registration number 1202013 (England and Wales)
SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs Eleftheria Thanawalla |
|---|---|
| Mr Christopher Chryssafi | |
| Mr Michael Papageourgiou | |
| Mr Panagiotis Ioannou | |
| Mr Anthony Papageorgiou | |
| Charity number | 1202013 |
| Principal address | 8 St. Peters Road |
| Great Yarmouth | |
| Norfolk | |
| England | |
| NR30 3AY | |
| Registered office | 8 St. Peters Road |
| Great Yarmouth | |
| Norfolk | |
| England | |
| NR30 3AY | |
| Independent examiner | Lynn Mandari ACCA |
| Aston Shaw Limited | |
| Chartered Certified Accountants | |
| The Union Building, 51-59 Rose Lane | |
| Norwich | |
| Norfolk | |
| England | |
| NR1 1BY |
SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 11 |
SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY I rgPQrt lo the trustees on my examination of the finanud statèmènts of Sainl Spyridon Greek ort)do¥ Church Community {the charity) for thè wr ènded 31 January 2025. Responsibilitie$ and basis of report As the trustees of the tharity you are resFxJnsible for the prgp3ration of the ffinanaI statements in aw)rdance wth the requiremènts of the ChariliesAct 2011. l port in respect of my examination of the driS financial statements ¢arried txrt under sect¥)n 145 of the Charities Act 2011. In carrying out my examinatx)n I have folknved Dire¢ons given by the Charity Commission under sedion 145151(b} of the CharibesA¢t 2011. Indendent gxamineffs statement Your attention is drawn to the f8d that the tharity has prepared Ihe finarrial statements in accordance with the relevant version of the Statement of Recommended Prdciice applicable to charibes preparing their financial statements in accordance wth the Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities". Statement of Re(x)mmended Practice issued on 1 April 2005 which is referred to in the extant regulations but has n¢Jw been thdrdwn. l understand that thi$ has been done in order for the finana81 ststements to pfovide a Irue and fair View in accordance UK Generalty Accepted Accounting PractKX. I have o)mpleled my examination. I confim Ihal no matters have cx)m8 to my attentJn in connection the examination giving me cause to belie that in any material respgd.. 8ccountiro records were not kept in resp8rt of the charity as reqUId by secbon 130 of the ChariknesAct 2011. thg financial 5tatemenis do not accord wilh ttrK)se rewTds.' or the financi stslernents do not mplY wth the applirable requirements conceming the form and content of financial stslements set out in the Charibes {Acyx•unts and Reports) Regulations 2008 other than any requirement that the f1nanaal statefints gwe a true and fair wew. whith is rKJt a matter considered as part of an independent examination. I have no concerns and have o)me across no other matters in connection wlh the 8xaminatson to which attention should be drawn in this report in order to enabl$ 8 proper understan<JirwJ of thg finanryal statements to be reached. Lynn andarl ACCA Aston Shaw Limited Ch8rter8d Certffied Accountsnts The Union Building, 51-59 Rose Lane NoThvich Norfolk NR1 1BY England Date.. If 111145
SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and contributions | 3 | 68,535 | 52,349 |
| Charitable activities | 4 | 24,948 | 52,842 |
| Investments | 5 | 1,211 | - |
| Total income | 94,694 | 105,191 | |
| Expenditure on: | |||
| Charitable activities | 6 | 105,046 | 63,520 |
| Total expenditure | 105,046 | 63,520 | |
| Net income/(expenditure) and movement in funds | (10,352) | 41,671 | |
| Reconciliation of funds: | |||
| Fund balances at 1 February 2024 | 430,156 | 388,485 | |
| Fund balances at 31 January 2025 | 419,804 | 430,156 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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| 2026 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixedassets | |||||
| Tangibleassets | 11 | 301,430 | 301,682 | ||
| Currentassets | |||||
| Debtors | 12 | 1,142 | 856 | ||
| Cashatbankandinhand | 117,642 | 128,008 | |||
| 118,784 | 128,864 | ||||
| Creditors:amountsfalllngduewithin | 13 | ||||
| oneyear | (410) | (390) | |||
| Netcurrentassets | 118,374 | 128,474 | |||
| Totalassetslesscurrent llabllltles | 419,804 | 430,156 | |||
| -- | |||||
| -- | |||||
| Thefundsofthecharity | |||||
| Unrestricted funds | 14 | 419,804 | 430,156 | ||
| 419,804 | 430,156 | ||||
| -- | -- |
SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
Charity information
Saint Spyridon Greek Orthodox Church Community is a Charitable incorporated organisation.
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” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, 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
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds 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 statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it 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 conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time 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 a contingent asset.
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SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to 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 at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Fair Value Computers 15% reducing balance
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 statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised 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 at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate 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 current 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 subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates 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 to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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.
3 Income from donations and contributions
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 45,910 | 52,349 |
| Grants | 6,000 | - |
| Gift Aid Recoverable | 16,625 | - |
| 68,535 | 52,349 |
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SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
4 Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rents received | 12,570 | 14,765 |
| Diskos/ Bangari | - | 32,759 |
| Weddings/ Baptisms | 2,100 | 5,318 |
| Greek School | 10,278 | - |
| 24,948 | 52,842 |
5 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Interest receivable | 1,211 | - |
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SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
6 Expenditure on charitable activities
| Direct costs Staff costs Depreciation and impairment Rent Household and cleaning Light and heat Insurance Repairs and renewals Candles, Calendars & Stationary Sundry expenses Bank interest on loans and overdrafts Accountancy Priest expenses Events Charitable donations Greek School Analysis by fund Unrestricted funds 7 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets |
2025 £ 33,537 252 - 1,668 4,396 1,287 52,535 1,996 856 - 800 - - 3,669 4,050 105,046 105,046 2025 £ 410 252 |
2024 £ 18,200 297 7,201 1,440 9,654 1,593 2,191 2,495 330 6 390 3,194 13,249 3,280 - |
|---|---|---|
| 63,520 | ||
| 63,520 | ||
| 2024 £ 390 297 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 |
|---|---|
| Number | Number |
| 1 | 2 |
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SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
| 9 | Employees | (Continued) | |
|---|---|---|---|
| Employment costs | 2025 | 2024 | |
| £ | £ | ||
| Wages and salaries | 33,537 | 18,200 |
There were no employees whose annual remuneration was more than £60,000.
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Tangible fixed assets
| Freehold land and buildings Computers £ £ Cost At 1 February 2024 300,000 2,728 At 31 January 2025 300,000 2,728 Depreciation and impairment At 1 February 2024 - 1,046 Depreciation charged in the year - 252 At 31 January 2025 - 1,298 Carrying amount At 31 January 2025 300,000 1,430 At 31 January 2024 300,000 1,682 |
Total £ 302,728 |
|---|---|
| 302,728 | |
| 1,046 252 |
|
| 1,298 | |
| 301,430 | |
| 301,682 |
The Trustees consider that the value of the two freehold properties was revalued upwards to £300,000 as at the 31st January 2025, to reflect the fair value of the properties. The estimate was arrived at by considering current market rates.
12 Debtors
| 12 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Prepayments and accrued income 13 Creditors: amounts falling due within one year Accruals and deferred income |
2025 £ 1,142 2025 £ 410 |
2024 £ 856 |
| 2024 £ 390 |
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SAINT SPYRIDON GREEK ORTHODOX CHURCH COMMUNITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 February 2024 Incoming resources Resources expended At 31 £ £ £ General funds 430,156 94,694 (105,046) Previous year: At 1 February 2023 Incoming resources Resources expended At 31 £ £ £ General funds 388,485 105,191 (63,520) |
January 2025 £ 419,804 January 2024 £ 430,156 |
|---|---|
15 Related party transactions
The charity is associated with the Greek Orthodox Charity Organisation, a sub-branch of the parish council, whereby the Greek Orthodox Charity Organisation holds funds on behalf of the church in a registered bank account.
The funds are held for the purpose of the church's Women's Association division.
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