**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|





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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 ffinan￿aI statements in aw)rdance wth
the requiremènts of the ChariliesAct 2011.
l ￿port in respect of my examination of the d￿ri￿S 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.
Inde￿ndent 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 attent*Jn 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 reqUI￿d 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 statefi￿nts 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. 

- 3 - 



## 

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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. 

- 6 - 



**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**<br>Staff costs<br>Depreciation and impairment<br>Rent<br>Household and cleaning<br>Light and heat<br>Insurance<br>Repairs and renewals<br>Candles, Calendars & Stationary<br>Sundry expenses<br>Bank interest on loans and overdrafts<br>Accountancy<br>Priest expenses<br>Events<br>Charitable donations<br>Greek School<br>**Analysis by fund**<br>Unrestricted funds<br>**7**<br>**Net movement in funds**<br>The net movement in funds is stated after charging/(crediting):<br>Fees payable for the independent examination of the charity's financial<br>statements<br>Depreciation of owned tangible fixed assets|**2025**<br>**£**<br>33,537<br>252<br>-<br>1,668<br>4,396<br>1,287<br>52,535<br>1,996<br>856<br>-<br>800<br>-<br>-<br>3,669<br>4,050<br>105,046<br>105,046<br>**2025**<br>**£**<br>410<br>252|**2024**<br>**£**<br>18,200<br>297<br>7,201<br>1,440<br>9,654<br>1,593<br>2,191<br>2,495<br>330<br>6<br>390<br>3,194<br>13,249<br>3,280<br>-|
|---|---|---|
|||63,520|
|||63,520|
|||**2024**<br>**£**<br>390<br>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**<br>**and buildings**<br>**Computers**<br>**£**<br>**£**<br>**Cost**<br>At 1 February 2024<br>300,000<br>2,728<br>At 31 January 2025<br>300,000<br>2,728<br>**Depreciation and impairment**<br>At 1 February 2024<br>-<br>1,046<br>Depreciation charged in the year<br>-<br>252<br>At 31 January 2025<br>-<br>1,298<br>**Carrying amount**<br>At 31 January 2025<br>300,000<br>1,430<br>At 31 January 2024<br>300,000<br>1,682|**Total**<br>**£**<br>302,728|
|---|---|
||302,728|
||1,046<br>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**<br>**Debtors**|||
|---|---|---|
|**Amounts falling due within one year:**<br>Prepayments and accrued income<br>**13**<br>**Creditors: amounts falling due within one year**<br>Accruals and deferred income|**2025**<br>**£**<br>1,142<br>**2025**<br>**£**<br>410|**2024**<br>**£**<br>856|
|||**2024**<br>**£**<br>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**<br>**2024**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**At 31**<br>**£**<br>**£**<br>**£**<br>General funds<br>430,156<br>94,694<br>(105,046)<br>**Previous year:**<br>**At 1 February**<br>**2023**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**At 31**<br>**£**<br>**£**<br>**£**<br>General funds<br>388,485<br>105,191<br>(63,520)|**January**<br>**2025**<br>**£**<br>419,804<br>**January**<br>**2024**<br>**£**<br>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. 

- 11 -