Charity registration number IZ074Z4 IEDgland and Wal) CONVENT OF THE ANNUNCIATION ANNUAL REPORT AND UNAIFDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CONVENT OF THE ANNUNCIATION LEGAL AND ADMIf41STRATIVE INFORMATION Tru5tetS Mrs Tatiana James Right ReverendAdrian Baird A Spyroglou G A Turcu R¢v¢rend T Ra50phore IAppointed 5 ApTiI 20251 Charity registr¥tion England and we8 1207424 Pritttipxl #ddress CIO St. Edwards Brotherhood Cemetery Pales Brookwood Woking GU24 OBL Indepelldent exAmiDer Daryen Hardin8ACA FCCA DChA Richard Place Dobson Service5 Limited Ground Floot 1-7 Station Road Crawley West Sussex RHIO IHT
CONVENT OF THE ANNUNCIATION CONTENTS Pagc Trustccs, report Independent examiner'5 report Statcment of financial actiYiti¢s 814n¢e sheet Noies to the finatt¢iai statements 6-10
CONVENT OF THE ANNUNCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trust5 present their aTVal r¢port and financial statements for the year ended 31 December 2025. The fjnancial statetnents have been prepared in accordance ivith th¢ accounting FoliGi¢s set out in note I to th¢ financial statements and comply with the charity's goveming dorumeni, lh¢ Charilies Act 2011, FRS 102 The Financial RepDrting Standatd applicable in the UK and Republic of Ireland" and Ihe Chariti¢s SORP "Accounting and RepDrtinE by ChaTlties'. Staternent of Recominended Practice 3pplicable to charities preparing their accDunts in accoTdance with lh¢ Financial Reporting St3ndatd applicable in the UK and Republic of Ireland (FRS 102)" Objectivts attd activitie5 To advance suGh general charitsblt purposes in connection with the Christian Orthodox re]i8ion as the trustees shall in their discretion think fit. The Charity was founded for the purpose of spiritual suPrt for Christian Orthodox people; fortifying and 5trenEthening them in iheir faiih. those who are ignor3Tht of their Christian faith. those who have fallen away or are indifferent to it. Ai the SDe time providing Spiritual support to others needing help Pvblic benefii The Trustees have paid due reg8Td 10 guidance i55u¢d by the Charity Corntnission in d¢ciding what actLVities the charity should undertake. Achiewtmtnts and perform#n¢e Sigpuficanl ttciiviiies ond Gchievemgnis agaipL¥I objeclives During the year, the CIO received a transfer of investments from the a550ciated irust a5 Part trf the Irust¢e5' long-ienn plan5 to transfer the activiiie5 a55ets of the irust 10 the CIO. Thc e5tablishmerti of the CIO is intended to provide the principal ch8Jitable vehicle through which the charity's objectives will be pursud in the fuiure. The iransfer of investrnents, 3rn0unting to £839,101, reprented the PTincipal activity of the Charity during the year and provid¢5 a financial foundation from whtch the CIO cap furth its charitabl¢ purposes in futur¢ periods. No other incotn¢ was Teceived during the year. Expenditure w&q limited io Professional fee5 associated with the pr¢paration of the fjnancial stat¢m¢nts and the independent examination. The ttustees remain committed to compl¢ting the transition of the charitable activities and assets of the L%sociated trust to the CIO and will continue to review th¢ rllost appropri&e arrangements for achieving this Obje1ve. FiD2ncial review Nel incoming resources for the year toialled £880,23712024.. £nil l a5 shown on the stat¢rnent of financial activities on page 4 of the accounts. Resgryespoliry The trustees recognise the importance of rnaintaining ad¢quate reserves to support the charity'5 Dngoing activities and futur¢ tommiiments. Al thE year end, the ¢harity'8 reserves w¢r¢ represented PTirnarily by (he investtnent asscts transferred from ilie aggociaied trust. The tttjstees will continue io review the charity's re5erve5 policy as the transition of activities 10 the CIO pro8TtsSeS. Irivesimehipoliry The charity's investnient5 are held io provide long-ierm financial support for the achieYem¢ni of it5 chaTitable objectives. Durtng the year, iDvestmenis were received from ihe a550¢iated Irusi as part of the planned tran31tion 10 the CIO. A fLd man2ger has been instructed to ¢nsuTe that invesim¢nts are prof810nl1Y tnanaged, to protert capital and io rnaximise return. All investments ar¢ stated ai market vaJu¢ Bt the ba]anc¢ Sheet date. Plan5 for fure periods The trustee8 iniend to continue the proce55 of transferring the charirablc operations, aciivities and remaining assets of the as50Ci&ted trust to the CIO. Following cornpl¢tion of thi5 Irallsltiort, the CIO will continue io advance the Christian Orthodox faith through the promotion and suprrfjrt of religious, educational 3nd pastoral activiti¢5 for the public benefit. pag# I
CONVENT OF THE ANNUNCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Structure> goverttallte atsd ttLauagcrnent The charity is a public benefit entity registered with the Chariry Commis$iotk [der ¢Fwtty numb¢r: 1207424 and govcmed by a CIO Foundation Constitution The Tnjstees who served during the y¢2r and up w th¢ dat¢ of$iJatUr¢ ofthc firwJGiai statctnents were.. Mrs TatIa James Right Reverend Adrian Btird A Spyrogiou G A Turcu Reverend Tli&%ophore (Apwittted 5ApriL ?0251 Re¢ruifment L7hdi¥polMimÉfv7t ofirzL¥iée$ Apart from the first Charity Trustecs, every tr must k apwlllt by a resolution PEssed at aprop¢rly ¢onv¢ned Tn¢¢ting of the Ciwity frusrees. In stleciing individuals for appointment as Charity Trustees. the Charity Trnstees mst have reg8rd to the sltills, knowledge 4Ad expcTicnce nccdcd for the cffEclive adtninistraiian of the CIO. Orga1$&110aI s(rtsciure Th¢ Tru5t¢es hav¢ a55e55¢d the major risks to which the chariry is expose ortd ar¢ satisfied that systems a in pts¢e to mitige exposure to the m?ior risks. The trustccs, rcport was approvcd by thc Board of Tru8tccs. Mrs TallWrajnt5 Datc.. page 2
CONVENT OF THE ANNUNCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CONVENT OF THE ANNUNCIATION I reportto the TTu8¢s on my ¢x3mination of th¢ financial staleMts of Convent of th¢ A[UnCIation (the charity) for the year tnded 31 D¢c¢tnber 2025. Responsibilities *thd basis of report As the Trustees of the charity you ¢ resronsible for the preparaiion of the financial stateTnents in accoTdance wilh the requirements of the Charities Act 2011. I report in r¢sp¢ct of Tny examination of the charity's financial siaiements cTled out undcr section 145 of the Charities Aci 2011. In carrying out my examination I have followed the DiT¢Ctions given by the Charity Commission under section 14515llb} of th¢ ChaTiiie8Act 2011. Illdependent examiller's statement Since the charity's gr055 income exceeded £250,000. the independent tsxamineT must be a member of a body listed ID $ection 145 of the Charitje5 Act 2011. I confirm that I am qualified to undertake ihe exarnination because l 3m a membcr of ICAEW. wluch ts one of the listed bodies. Your atteniion 15 drawn to the fact that the chaTily has prepared the fin3nci81 &t¢¢t5 in accordance with the relevant version of the Staiement of Recommended Practice applicable to charities preparing their financial siaiements accordance with the Financi Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reportin8 by Charitie5'. Statement of Recomtnended PractlC¢ Issued on l April 2005 which is r¢f¢rr¢d to in the cxtant reEulations but has now been withdrawn. l understand that this has been done in ordtT for the fIclaI 513temenis to provide a true and fair view in accordance wilh UK G¢e[lY Accepted Accounting Prartic¢. I have complet¢d my oxamitution. l GonfJTtn thai no matt¢r5 have come io my attention in connection with the exanJination giving me cau5¢ to believe thai in wjy rnaterial respect.. accounting reeords wer¢ not kept ID respect of the chgTity as required by sertion 130 of the ChaTities Aci 2011. the fin8nCi81 siatements do not accord wath those records", or th¢ financial statements do not cotnply with the applicable requtrement8 conceming the form content of financial slat¢ment5 $ei out in the Charities IAccouni8 and R¢portsl Regulaiioiis 2008 other than any Tequirement thar the financial 8iatetnetJts give a true and fair view, which 18 noi a tnatt¢r considered a5 PaJt of an independent exarnination. I have no conceTn5 and have come across no otheT matters in connection wilh ihe eX&Tninziion to which attention should be drawn in this report in order to enable a proper undetstanding of th¢ fI[l¢JaI siatcments to be reached. Darren HardingACA FCCA DChA Richard Plate Dobson Services Litnited Ground Floor 1-7 Station RvAd Crawley Wesi Sussex RHIO IHT Dat¢.. page 3
COIYVENT OF THE ANNUNCIATION STATEMENT OF FINANCIALACTIVITIES (INCLUDING INcOltEA1¥D EXPEI¥DITURE ACCOUNT) FOJI THE YEAR ENDED 31 DECEMBER 2025 UDrtstiict¢d Unresirltted funds ftsnd$ 2025 2024 Not LhtomÈ from: Donations and legaries 839.101 TotaI illtome 839.101 Expendire on: Chwitable activitie5 1,020 Totsl expendIre 1,02Q N¢t gains on inv¢5tmcnts 42,156 N¢t in¢om¢ and mov¢m¢n¢ ID funds 880,237 Reeoll¢iliation of funds". Fund balanc at l January 2025 Fund bAIances at 31 December2Q25 880,237 The statement of financial acuvitics Includ all gains amd loss ttco8nis¢d in the ycar. All i10m¢ and ¢xpcndiNrc dcrivc frotn ¢ontfftuirt8 activities. page 4
CONVENT OF THE ANNUNCIATION BALANCE SHEET ASA T31 DECEMBER 2025 2025 2024 Note5 Fixed a55ets Investments li 881,257 Current assets Crtditors: amounts fAlliDg due within otte year 12 {1,0201 current liabilities 11.0201 Tot1 $sets less eurrEnt liabilities 880.237 The funds of the thrity UnTestricted funds 13 880,237 880,237 The fmancial statements w¢re approved by the Trustees on . amt ptge 5
CONVENT OF THE ANNUNCIATION NOTES TO THE FINANCIAL STATEMEprrs FOR THE YE4R ENDED 31 DECEMBER 2025 Aeeounting polici¢s Charity illformatiou Convcnt of thcARnuncÈation 15 a public befit entity incorporated in England and Wal. The registered otyice is CIO St. Edwards BToth¢rho¢ Cemetery Pales. Brookwood, Wokits& GU24, GU24 OBL 1.1 Basis of preparatioo The financial statemenrs h&ve been prepared in accordance with the charity's gov¢ming do¢umenL the chl¢S Act 2011, FRS 102'Th¢ Financial KeportÉng Stamd9rd applicabl¢ in ihe UK and Republit of Ir¢land and the Ch111¢5 SORP A¢¢ounting aJ]d R¢tK>rting by ChltIeS.. Statemellt of Recommended Prac(icc 4)plicable (o chtritie5 pr¢paritLg their a¢¢ounts a¢¢ordan¢¢ with the F)rwJaI Reporting stsdd applicable itt the UK atsd Republic of Ire12nd (FR$ 1021 The charity is a Public Bettefit Etttity as defined by FRS 102. The chgJity FLa5 taken advtage of the provisio8 in th¢ SORP for Charities not to prcpate a statement of cash flows. Th¢ financial $tatem¢nts hav¢ departed from th¢ Ch2riiies (Awiunts and R¢portsl R¢gulation$ 2008 only to the cxtcnt required to provide a tnLe and fair view. This departLtre has ittvolved following the Stat¢m¢nt of R¢wtnrnend¢d Practic¢ for clMTities applying FRS 102 rather thart the version of the Statement of Recommetsded Pra¢ti¢¢ whith i5 r¢f¢rrd io in tht Regulations but H,hich has sincc btttt withdr8wn. Th¢ finan¢iai stat¢m¢tts are pr¢par¢d in srerlLll8. whi¢h is th¢ fictiOnal ¢wrtncy of th¢ Gharity. Mon¢tary ajnounts in th¢5¢ fiTwi¢ial $tat¢m¢nts ar¢ Tound¢d to th¢ n¢ar¢st£. The fln9lljcl statetnents have bcen prepared under the historical ¢ost convetIoN. Imodified tts include the revaluation of freehold prop¢nie8 and to include investment protKnies 8nd certarn fi[11¢i#l in5trLWrt¢nts at fair value]. The principal aunting policies adopted are set out below. 1.2 Golng totheer At the (ime of approving the financial statemerlts. the Trustres hav¢ a r¢asonable exp¢tstAOn that th¢ chlty has adequat¢ re80urces to continu¢ in operational existence for the forc5ecable future. Thus the Trustees ntinue to adopt the going concem basis of accounting in prq)ariELg the fin9cial statements. 13 Cbaritable fund5 Unrestrjctcd fund8 are availabl¢ for use at th¢ di$¢r¢tion of th¢ Trustees in fvrtheratkce of thetr charitable objethive5. IA Income Incolne is recoEnised when the charity is legally ¢ntitlcd to it aft Y pfOrma¢e ¢onditions have been the amouttts tan be mc&sured rcliably. and it is probable that income b¢ r¢¢¢ived. Cash donatian5 are recognisd on receipt. OthBr donations ar¢ r¢8]sed once th¢ charÉry h&$ been notified of the donation. unless perforniance rA)ndilions TequLrc dtfeTra] of thc amount. 1.5 Exptndlture Expenditure is r¢cognss¢d ortce there is a legal or constructive oblÉgation to transf¢r econoEni¢ b¢n¢fit to a third porty, it 13 probable thai a transfer of ewnomic bcnefits will bc required in settlemen( and th¢ atThount of the obligation cat) be m¢asured reliably. Expcnditurc is classifLed by activity- The ¢osts of each activity art made up of the total of direct Wsts and shar¢d ¢osts. in¢luding support COsL8 involved in widertaking each aaivity. Direct costs attributable to a single artivity aT¢ allwaied dirwily to that a¢iivity. Shared costs which corjtribute to tnore than ont act(vity and support Costs whi¢h t not atttibut8blc to a singje activity are apportioned beThve¢n those aGtivitie5 on a basis ronsi$t¢nt with ihe use of resources. C¢ntral staff cos15 allocated on the basis of time spent, depreciation ch*g¢s aT¢ l0¢at¢d on the Jx)nion of the ass¢i's use. psge 6
CONVENT OF THE ANNUNCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting polieie5 ICoDtinutd} 1.6 Fixed %$stt investments Fixed assei invE5tmEnts are iniiially tneastsred at transaction price excluding tranSalOn cost$. and are 5ub5equenily measured at fair value at each reporting date. Changes in fair Ylle arc recognised in net incornellexpendiiurel for the year. Transaction costs are expensed a5 incurred. 1.7 Cash and tsh equivalents Cash and cash equivalentg Include cash in hand, deposit5 held ai ¢a]I with bank5, other short-ierm liquid invesimenls ivith original matUTities of three month5 or less. and bank overdraft5. Bank overdraft5 are shown within b)rTowings in current 1.8 Finathcil illstruments The charity ha5 elected to apply th¢ Provisio of Section I I 'Basic Financi31 Instrument5, and Section 12 '0ther Fil)c1a[ Instruments l$$ue8' of FRS 102 to ail of its fjnancl instruments. Financial instrufflents aTe recolS¢d Li) th¢ ¢h2rity'5 balance Sheet when ihe chlty becomes party to the contractual PTovisions of th¢ instrLllnent. BasicfmancEal a55et5 B1¢ financial assets, which include debtors and cash and bank balances. are initially measured at transaction price iDcluding tiansaction costs gnd are subsequcnily carried al amortised cost u5in8 the effective inierest method unless th¢ atrangement constitutes a financing transaction, wheTe the iransaction 15 tneasuTed th¢ present value of Ihe futUTe receipis discounied at a market rate of inier¢5t. Financ2al 8¢1$ classifjed as receivable wiihin one year are not amort15ed. BtssicfiNthNciol liabilities Basic financi liabilities. including creditors and bank loans are irtiiially r¢cognis¢d at transaction price unless the arrangetnent constitutes a ftnancing transaction. where the debt instrumeni is measured at the present value of the future payments discounied ai a market rate of intcrest. Financial liabilities classifjed as payable within one year are noi atnorti5¢d. 1.9 Taxation As a Chlty, the conegation is not 5ubje¢t to ¢oryoration or other taxes on income and ghins arising frorn its tharitable objectives. Tax refundable on investsnent income is accounted for in the year in which the repayment is received. Critical accounting e5tiTh4tes judgement5 In the application of the charity's aCconi1nB polici¢5, the Trustees ar¢ required tts make judgein¢nt5, estimares and 3SSUrnPtiOll3 knut the carrying amount of $t15 and liabilit2es that ate not readily apparetil fiom other sources. The estimate5 ad a550ciated assunJptlOll5 ar¢ based on hisioric81 cxperience and other factOT5 that are considered to be relevant. Actu re5uIt5 tnay ditfer from ihese estimates. The e51imaie5 and underlying assumption5 are revieived on an ongoing b1$. Revision5 to accounting estimates are receiSed in the period in which ihe ¢stimate is revised where the revision affecis only that period, Dr in th¢ period of the revision 9nd future Fwiods where the revision affects both curr¢nt and future periods. Kéy sourees of estimation unttrtainty Investment Value Valuation of invesllnents at maTk¢t value, based on cCUlation by the investment fund manager. The investments held all Sh¢$ liSd on a recogtjised stoGk exchange and hav¢ Jn easily idenlifiable Tnarket va]ue. page 7
CONVENT OF THE ANNIiNCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 DECEMBER 2025 Ibtomt from donations *nd legacies Unrestrieted fuJLds Unre5tri¢ttd fllnd5 2024 2025 Donations 2nd gifts 839,101 EXPedIt on ¢haritgbl¢ activiti Charitsble Activities 2025 Direct costs Share of support and goverllsllcè tosts (sÈt note Sl Govemartc¢ 1.020 Analysis by fund Unrestricttd fijnds 1,020 Support costs #lloeated tts attiviti¢5 2025 2024 Govcrnance LX)Sts 1,020 ADgtys¢d b¢hv¢¢n: Ch4tiiableA¢tiviti¢s 1,020 Ntt mov¢rn¢nt iry fuTEds 2025 2024 The net movement in fjJnds is stated after charwtylcreditingl.. Pces payablc for the independent axnIa0ft of the tharity's fan¢t81 statcmcnts 1,020 Trn5t¢¢s None of the frustees (or any rsonS connected wÉth them) receiv¢d any remuneration or benefits frotn the charity during the year. psge 8
CONVENT OF THE ANNUNCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 E]nployets The averag¢ tnonthly number of employ¢¢s during the year was.. 2025 Number 2024 Number Gaitts losse5 011 Ilhvestments UDre5tricted Unre5tritted funds fund5 2025 2024 Gainslllosse51 arising on.. Revaluation of fftvesunenis 42,156 10 T*xatLOD The charity is exetnpt from t&Kation on it5 activities becaus¢ all its incom¢ 15 applied for charitable pur5¢5. li Fixed itsvestments Listed iDvestmellts Cost orv#luAtioD At l January 2025 Additions Valuation changes 839,101 42,156 At 31 DeGeThber 2025 881,257 Carrying amouttt At 31 Decetnbei 2025 881,257 At 31 December 2024 page 9
CONVENT OF THE ANIYUNCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R EIVDED 31 DECEMBER 2025 li Ffftxed y$5et investmeknts (CotttinCd) Historical cost At 31 Dec&nber 2025.. £817.047 Inv¢51¢t1ts that had a value of Sty/o or mtsic of the mtheL vaEu¢ h¢ld at year end are.. UK (GOVT OF) 0.25ts/o 3 IIQ712031 GBPIOOO.. £87.693 ROYAL LONDON STF.RLING CREDIT Z INC: £75,919 VANGUARD tNVEsfMENT SERtES UK INV GiL4DE BOND.. £66,141 UK {GOVT OF) 0.875/0 31107P033 GBPIOOQ- £60,619 UK (Govf OF) 0.5/0 31101120?9 GBPIOOO-. £60,5! 1 ISHARES S TIPS UCITS BTF GBP HEDGED INC.. £59,971 Cf UK EQTY INCOME L GBP DIS.. £58,109 O FL4MBRO CAPMGT UK EQ INC M GBPDIS.. £49.051 LEGAL & GENELIL SHORT DATED GBP CORP BOND.. £49.019 VONTOBEL FUND TWENTYfouR ABST RETURN CREDIT: £48,386 UK IGOVT OF) 0.375Y. 2211012030 GBPIOOO.- £47.788 12 Creditors: amounts falliDg due within one year 2025 2024 Accruals and def¢tred inwtne 1,020 13 Unr¢strr¢t¢d funds The Unrtricted funds ofthe tharity comprise the unexpendtd balances of donations and grdnts which a not subj¢ct to specific conditiorts by donors and oJarttotS lo how they may be used. Thes¢ include designatrd funds which have bc¢n set aside out of unrestri¢t¢d funds by lh¢ tru¢¢$ for 5pecLfic purrrf)ses. At l January 2025 Illtvrnillg r¢sourr¢s Resources expeudtd Gal5 andAt 31 December losse5 2025 G¢neTaJ funds 839,101 (l.Q20) 42,156 880,237 14 RÈlated pArty transactiots$ During the ye, the CIO received a transfcr of tnvestments with a Tnark¢t valuc of £839.101 from Chrimion Orthodox Convent of thcAnnunciation, a charity established with ch¥ritable obj*tlV¢5 similar to those of th¢ CIO. The CIO attd the ChaTity ar¢ considered related parties two trusie¢s Nfrs Tltiana James & Th¢ Right RevereTLd Adrian Baird served Concurrently for or88nisations duting the year. The trustees COAcern¢d did not receive any rernuneration in relation to the transactton and declar¢d their in1¢rts in accordance wttb the CIO'S ¢onflict of ittterest policy. Atthe Ye en4 there were no outstanding balances betwegn the CIO attd th¢ Charity in respect of thLS trans2ction. pag¢ 10