Charity registration number 243715 Greek Orthodox Archdiocese of Thyateira And Great Britain Report and Audited Accounts 31 December 2023
Greek Orthodox Archdiocese of Thyateira And Great Britain Report and accounts Contents Page Charity informalion Trustees, Annual report Independent examiners, report Statement of Financial Activities 2to6 7t08 Balance sheet Cash flow statement Notes to the accounts 12to19
Greek Orthodox Archdiocese of Thyateira And Great Britsin Charity Information Trustees Archbishop Nikitas Lioulias Mr A. P. Yerolemou Mr C. S. Kavvadas Mr M. Minaides Mr G. Michael Mr. D. Demetriou Mr C. A. Karaolis Mr L Lazari Mrs. S. Dennis (Resigned on October 2023) Mr. P. Demetri Mr D. A. Liveras Mrs S. E. Scoufarides Mr A. D. Papageorgi (Resigned on 7 February 2024) Mr G Papagiannopoulos Mr S. M. Polemis (Deceased on 21 July 2024) Mr N. Skinitis Mr E. Embiricos Mr Jason Theo George Charalambous Mr C P Kleanthous Mr A. Antoniou Charity registration number 243715 Accountants Nicholas Peters & Co Limited 2nd Floor 10-12 BoL*rlet Close London W1W 7BR Solicitors Nicholas & Co Solicitors Lld 10 Bourlel Close London W1W 7BR Registered office 5 Craven Hill London W2 3EN
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: 243715 Trustees, Annual Report for the year ended 31 December 2023 The trustees have adopted the provision of the Slalemenl of Recommended Practice (SORPI ' Accounting and Reporting by Charities" IFRS 102) in preparing the annual report and financial statement of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes lo the accounts and comply wilh the Gharity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance to the Financial Reporting Standards applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016). Trustees The trustees who manage the charity are named on page 1. Name, registered office and registration number of the charity The full name of the charity is Greek Orthodox Archd10se of Thyateira And Great Britain. The legal registration details are The Registered Office is Charity Registration Number 5 Craven Hill, London, W2 3EN 243715 Structure, governance and managernent The Archdiocese of Thyateira and Great Britain Trusl is a public benefit entity and was established in 1952 with the aim of supporting the Greek Orthodox Archdiocese of that name Ihereinafter 'the Archdiocese'} in the advancement of its ideals. The Archdiocese itself was established in 1922. The Charitable Trust is constituted by Trust Deed. Trustees are nominated by His Eminence Archbishop Nikitas Lioulias and a committee of trustees appoints them. Training and induction for new Trustees is carried oul by the existing members. Day to day decisions within the Charity are made by the Archbishop and management team members. Key strategic issues are considered and decided by the Trustees. Administrative details Thè freehold land at 5 Craven Hill, London, W2 3EN The following proprietors hold the title.. Nikitas Lioulias, Constantinos-Athanasios Thèocharous. Antony Panayotis Anloniou and Dionysios Andres Liveras The freehold land at 23 Trinily Road, London, N22 8LB The following proprietors hold the title.. Archbishop Gregorios of Thyaleira and Great Britain (Deceased), Kypros Nicholas (Deceased), Michael Peraticos {Deceased), Tryphon Kedros (Deceased), Athos Christodoulou, Ntinos L8ventis (Deceased)
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: 243715 Trustees, Annual Report for the year ended 31 December 2023 Objectives. activities and public benefit statement These aims are.. the promotion of the Eastern Christian (or Greek) Orthodox faith and traditions in accordance with Holy Scripture, as praclised in the life of the Church, as Gonfirmed by the Oecumenical and Local Councils, and as interpréted and taught by the Great Church of Christ, the Oecumenical Patriarchate of Constantinople (to which the Archdiocese is subject}; the establishment of churches and other places where Divine Worship may bè offered and the conducting of such worship in accordance with the rites and ceremonies of the Eastern Orthodox Church,. the reception into Orthodox Faith of those who, after due instruction, freely wish to adopt it and to live in accordance with its spiritual and moral teaching,. the undertaking of philanthropic work for the benefit of those who need protection, assistance and medical care, and providing for the welfare of the poor and for the burial of those Orthodox Christians who pass away without financial means,. and the instruction of young people (and others} in the Greek language and in the history and culture of the Greek- speaking lands through the provision of part - time schools. In order to meet the needs of the Community at large, The Archdiocese supports 3 Foodbanks and offers scholarships lo students. The Archdiocese supports and offers seminars against human trafficking and modern slavery. The Archdiocese also offers retreats, seminars, book reviews, and other for the benefit of Ihe grater community. In addition the Archdiocese advocates the establishment of the day schools, in accordance with Ihe laws of the country. Indeed, education - both religious and profane - is one of the main goals of the Apostolic See of Thyateira, the territorial jurisdiction of which extends throughout thè British Isles. And, in furtherance of its objectives, it publishes books and leaflels for the instruction and further education of its faithful and for the benefil of the public in general. To be able to accomplish the above, the charity pays emoluments for the Archbishop of Thyateira, the residence of the Archbishop of Thyateira, pays for the travelling incurred for the discharge of his spiritual duties by the Metropolitan of Thyaleira, pays the wages of the staff and other propèr expenses in conneGtion with the Archbishop of Thyateira. The truslees have had regard lo Charity Commission guidance on public benefit.
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: 243715 Trustees, Annual Report for the year ended 31 December 2023 Achievements and performance During the year the Charity has continued to promote the Eastern Orthodox faith (aka Greek Orthodox). through new programmes and measures. Some of these include online teaching sessions, Bible studies, seminars for the clergy in the liturgical matters, the establishment of several new committees, and the establishment of an Office of Youth Ministry and an Office for Ecumenical Relations. Along with the new measures and ministries. the Charity continued to advocate for the establishment of day schools, continued programmes for better quality education. and strengthened the existing school of Byzantine music. The Charity has also taken a more active role in the Sl. Cyprian's School by coordinating the visits of clergy and other professionals, who can meet and reach out to the diverse student and teacher population. The Charily and those associated with it have also introduced the use of various languages into the liturgical services and social programmes with which they are associated. The Charity has increased its support for the Food Banks and currently operates five Food Banks. The Archdiocese has benefited from the strong support of the Greek Orthodox Community for many years. The Trustees reco9nise that, in the past, there have been instances where there could be more transparency on the loans and payments between church communities and the Archdiocese. Significant work has taken place in recent years to strengthen financial controls and reporting in the Archdiocese to provide greater transparency and accountability. The Trustees recognise that the strong intemal controls over the Archdiocese's finances protect its reputation and helps to ensure that the best use is made for the donations received from the Community. During the year, the Trustees have reviewed iwo transactions in prior years which have been of interesl lo the Community- the first related to a loan made from the Greek Orthodox Community of St Athanasios Cambridge and the second related to an insurance payment received. Loan In 2015, the Greek Orthodox Community of St Athanasios Cambridge lent the Greek Archdiocese of Thyaleira and Great Britain. a total of £131.773 was outstanding as at 31 December 2015. This was accounted for as a creditor within the 2015 accounts of the Archdiocese. On 20 November 2018, the Archdiocese repaid an amount of £30,000 and the remaining balance of £101,773 was included in the creditors shown in the 2018 financial statements. In 2020, a further repayment of £50.000 was made, reducing the creditor balance to £51,773 which was included within the creditors of the 2020 accounts. In June 2021, a further repayment of £50,000 was made and the balance of £1,773 was donated to the Archdiocese and recorded as income in the 2021 financial statements. Insuran Receipt In November 2016, the Archdiocese's insurer made a payment of £40,903.74 to the Archdiocese in settlement of a claim for Subsiden on the Archdiocese's property at 5 Craven Hill, London. This money was included within the summary of accounting records as donations and included in the 2016 financial statements as such. As they were specified as donations they were not identified as anyihing but donations and included in unrestricted funds. The Archdiocese did not utilise these or other funds to address the subsidence issues effecting the property. As a result, Ihe Archdiocesè does not have any insurance coverage for the property at 5 Craven Hill for subsidence issuas. Since that date no claims have been made with regard to this issue.
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: 243715 Trustees, Annual Report for the year ended 31 December 2023 Financial Review The Trust's income is derived from periodic gifts, bequests and voluntary contributions, as well as from colleclions taken up in the various churches and Communities thal recognise the spiritual authority of the Archdiocese, from fees deriving from the performance of the rites of baptism and marriage in the churches of Ihe Archdiocese as well as from other religious and associated activities. Otherwise the Archdiocese has no regular fixed source of incorne and depends on the generosity of the faithful living in the United Kingdom. Donations and Grants Donations are made to individuals and organisalions. Requests for donations are reviewed by the Trustees and approved by the Archbishop. Donations are made to support the wider Greek Orthodox Community, food banks, scholarships and other charitable causes. Grants can be awarded by the Archdiocese with specific condilions attached following approval by the Trustees. Volunleers and the Greek Orthodox Community The Archdiocese provides and receives support from churches within and outside the Archdiocese. There is also significant support provided by volunteers to assist with the administration of the Charity and in support of ils activities. Fundratsing standards The Charity carries out fundraising for both general activities and specific causes. All communication with potential donors is open and transparent regarding the purpose for and use of the donation. The Charity ensures all fundraising activities are legal. The Charity continues to be grateful for the support of all of its donors. Investment powers Investments such as bank deposits and investment properties are considered. Future developments The trustees intend to continue with the activities Carried oul with a view to generating sufficient future income lo meet the objects of the Charity. Reserve policy The trustees have examined the requirement for free reserves which are those unrestricted funds not invested in fixed assets, designated for specific purposes or otherwise restricted. The policy of the trustees is lo continue to maintain unrestricted reserves at a reasonable level to fulfil the objects of the Charity. The Charity should have minimum reserves of 6 months worth of expenditure. The trustees review the financial position of the Charity regularly to ensure adequate funds are available to meet the Charity's obligation. The trustees believe that tha trust's assets are available and adequato to fulfil the church's obligations. The lotsl restricted funds brought forward was £25,863, collected during the year £35,469 and spent £61,332 leaving a nil balance at year end. The unrestricted funds were £3,749,800 as at 31 December 2023. The free reserves as of 31 December 2023 were £1,476,376 {2022.' £654,681). Risk management The truslees actively review the risks the charity faces on a regular basis and believe that maintaining our free reserves at the levels stated above, combined with our annual review of controls over key financial systems Garried out through an internal audit programme, will provide sufficient resources in the evenl of adverse conditions. The trustees have also examined other operational risks whiGh we face and confirm that they have established syslams to mitigate the sufficient risks.
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: Trustees, Annual Report for the year ended 31 December 2023 Trustees, Responsibilities Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and UK Accounting Standards (UK GAAPI, including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland}. The Law applicable to Charities in England and Wales requires the Trustees to prepare financial slatements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the Charity for that period. In preparing those financial statements the Trustees are required to select suitable accounting policies and then apply them consistently., make judgernents and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business., state whether applicable accounling standards and statements of recommended practice have been followed , subject to any material departures disclosed and explained in the financial statements., observe the methods and principles in the Charity Stalement of Recommended Practice 'Accounting Reporting by Charities, The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the finanGial posilion of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports Regulations 2008}. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. The trustees are also responsible for the contents of the trustees, report. and the responsibility of the auditors in relation to the trustees, report is lifnited to examining the report and ensuring that. on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements. Statement of disclosure of information to auditor So far as the Trustees are aware there is no relevant audit information of which Charity's auditor is unaware. The Trustees have taken all steps that they believe they ought to have taken to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. This report was approved and signed on behalf of the board on LP Archbishop Nikitas Lioulias Trustee Demetrios Demetriou Trustee
Greek Orthodox Archdiocese of Thyateira And Great Britaln Independent auditors. report to the trustees of Greek Orthodox Archdiocese of Thyateira And Great Britain Opinion We have audited the financial statements of Greek Orthodox Archdiocese of Thyateira And Great Britain for the year ended 31 December 2023 which comprise of Ihe Statement of Financial Aclivities, the Balance Sheet and the related notes.The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2023. and of its incoming resources and application of resources. including its income and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and have been prepared in acGordance wilh the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK}} and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. oncluslons relating to going concern In auditing the financial slalements, we have concluded that the trustees, vse of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and Ihe responsibilities of the Iruslees with respect lo going conrn are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the trustees, annual report, other than the financial slalemenls and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our pOrt, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this give5 rise to a material misstatement in the financial slalements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this information. we are required lo report that fact. We have nothing lo report in this regard. Matter$ on whlch we are required to report by exception Under the Charities {Accounls and Reports) Regulations 2008 we are reuired lo report in respect of the following matters if. in our opinion.. .the information given in the financial statements is inconsistent in any material respect with the Trustees, Report,. or •8dequale accounting records have not been kept.. or .the financial statements are not in agreement with the accounting records and returns., or rtain disclosures of trustees, remuneration specified by law are not made., or *we have not received all the information and explanations we require for our audit.
Responsibilities of trustees As described in the Statement of Trustees, Responsibilities on page 4 the Charity's trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made of having efect thereunder. Our objectives are to obtain reasonable assurance aboul whelher the financial statements are free from material misstatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularilies, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicab5e to the charity and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate conGealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011. Our tesls included agreeing the financial statement disclosures to underlying supporting documenlation, enquiries with management and review of correspondence with legal counsel, where applicable. There are inherenl limitations in the audit procedures described above and, the further removed non- compliance with laws and regulations is from the events and Iransactions reflected in the financial statements, the less likely we would become aware of il. We did not identify any key audit matters relating to irregularities, including frasjd. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. A further descriplion of our responsibilities is available on the FRC'S website at hltps:IMw.frc.org.uklauditorsresponsibilities. This description foms part of our auditor's report. Use of our report This report is made solely to the trustees, as a body. in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of the Act. Our audit work has been undertaken so that we might stale lo the trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume liability to anyone other than the charity and the Iruslees as a body, for our audit work, for this report or for the opinions we have formed. Andrew Georgiades Nicholas Peters & Co Ltd Senior Statutory Auditor 28 October 2024 2nd Floor 10-12 Bourlet Close W1W 78R
Greek Orthodox Archdiocese of Thyateira And Great Britaln Statement of Financial Activities for the year ended 31 December 2023 RESTRICTED UNRESTRICTED FUNDS FUNDS 2023 2023 TOTAL FUNDS 2023 TOTAL FUNDS 2022 Notes Income and endowments from: Donations and legacies Charitable activities other activities Investments income 35,469 1,566.430 120,804 193.099 49,532 1,601,899 120,804 193,099 49,532 1,142,582 335,578 56.361 34,816 Total 1,929,865 1,965,334 1,569,337 Expenditure on: Raising funds Charitable activities 29,968 1,384,204 29,968 1,445,536 37,650 1,177,961 61,332 Total 1,414,172 1,475,504 1,215,611 Net incomel(expenditure) (25.863) 515,693 489,830 353,726 Other recognised gainsl(losses): Other gainsl{lossesl 35,000 35.000 Net movements in funds (25,863) 550,693 524,830 353,726 Reconciliation of funds Total funds brought forward 25,863 3,199.107 3,224,970 2,871,244 Total funds carried forward 3,749,800 3,749,800 3,224,970 The net movement in funds referred to above is the net incoming resources as defined in the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commission for England & Wales and is reconciled to the total funds as shown in the Balance Sheet on page 10 as required by the said statement. All actlvities derive from Gontlnuing operations
Greek Orthodox Archdiocese of Thyateira And Great Britain Balance Sheet as at 31 December 2023 Notes 2023 2022 Fixed assets Tangible assets Investments 2,139,424 234,000 2,373,424 2,146,289 424,000 2,570,289 Current assets Debtors Cash at bank and in hand 13 498,702 987,461 1,486,163 94,771 567.710 662,481 Creditors: amounts falling due within one year 14 {9.787) (7,800) Net current assets 1,476,376 654,681 Total assets less current liabilities 3,849,800 3,224,970 Creditors: amounts falling due after more than one year {100,000) Net assets 3,749,800 3,224,970 Funds: Restricted funds Unrestricted funds Total funds 25,863 3,199,107 3,224,970 3.749,800 3,749,800 The financial statement were approved and authorised on behalf of the board on- Signed on behalf of the board 28 October 2024 Archbishop Nikitas Lioulias Trustee Demetrios Demetriou Trustee 10
Greek Orthodox Archdiocese of Thyateira And Great Britain Cash Flow Statement For the year ended 31 December 2023 2023 2022 Cash generated from operations Net movement in funds for the reporting period Reconciliation to cash generated from operations: Depreciation Profit on disposal of tangible fixed assets Increase in debtors Increase in creditors 524,830 353,726 6,865 (35,000) (403,931) 1,987 13,700 (71,381) 5,220 301,265 Application of cash Proceeds from sale of tangible fixed assets Purchase of tangible fixed assets 225,000 (200,888) (200,888) 225,000 Loans taken out in the period 100,000 Net increase in cash Cash at bank and in hand less overdrafts at 1 January Cash at bank and in hand less overdrafts at 31 December 419,751 567,710 987,461 100,377 467,333 567,710
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2023 Accounting policies 1 1.1 Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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} published in 2019. The financial statements also comply with the Charities Acl 2011 and the Charities (Accounts and Reports} Regulations) 2008. The address of the registered office is given in the charity information on page 1 of these financial stalemenls. The nature of thè charity's operations and principal activities are as set out in tha Trustees, annual report on page 2 of these financial statements. The financial statements are prepared on a going concern basis under the historical cost convontion, modified lo include certain items at fair value. The Trustees have. at the lime of approving the financial statements, a reasonable expectation that the Charity has adequate resources to Continue in operational existence for the foreseeable future. The Trustees have considered other risks to the Charity and they are confident that their current reserves and expected future income will support the Charity for the foreseeable future. The Trustees regularly review the incoming and outgoing resources, risks and reserves of the Charity. If incoming resources are less than expected, the Charity will reduce its outgoings accordingly. Thus there are no material uncertainties relating to going concern and they continue to adopt the going concern basis of accounting in preparing the financial statements.The financial slatements are presented in sterling which is the functional currency of the charity and are not rounded. The significant accounting policies applied in the preparation of these financial statemènts are set out below. These policies have been consistenlly applied to all years presented unless otherwise stated. 1.2 Recognition of incoming resources These are included in the Statement of Financial Activities {SoFA} when.. the charity becomes entitled to the resources., the trustees are virtually certain they will receive the resources- and the monetary value can be measured with suffiGient reliability. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If ther8 are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on Ihe basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. Donated assets will be valued and recorded as tangible assets in the appropriate asset category. Investment income is earned through holding assels for investment purposes e.g shares and property. 11 includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can bé measured reliably. Interest income is recognised using the effective interesl method. 12
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2023 1.3 Recognition of liabilities All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where Ihere is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Support costs are those that assist the work of the Gharity but do nol directly represent charitable activities and include office costs, governance costs, sundry administrative costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support Gosts cannot be directly attribuled to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on accrual basis and other overheads have been allocated according to the nature of the expenditures basis. 1.4 Debtors and creditors receivable/payable within one year Debtors and creditors wilh no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.5 Fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful economic life less ils residual value. Freehold land and buildings Divine utensils Fixtures, fittings & equipment Motor vehicle Plant and machinery 25% reducing balancè 25 % straight line 10°/o Straight line Depreciation is not charged on Land and Buildings as the assets are mntinuously mainlained and refurbished. 1.6 Structure of funds The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment. Restricted funds have beèn provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully the monitor the application of those funds in accordance with the restrictions placed upon them. The aim and use of each restricted fund is set out in the notes to the financial statements. On completion of any restricled project funds, any funds not used are transferred to unreslricled funds for the use on Ihe charity's general objects. Any other proposed transfer belween funds would be considered on the particular circumstances.
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2023 1. 7 Financial Instruments The Charity has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement, and disclosure of financial instruments. Financial assets and liabilities are recognised when the Charity becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into. All of the Charitie's financial instruments are classified as 'basic' in accordance with section 11 of FRS102. A financial asset and a financial liability are offsel only when there is a legally enforceable right to sel off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets Basic financial assets include trade and other receivables. cash and cash equivalents, and inveslmenls in commercial paper (i.e. deposits and bonds). These assets are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reoeipls discounted at a markel rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are assessed for indicators of irnpairment at each reporting date. If there is objectiv& evidence of impairment, an impairment loss is recognised in the statement of comprehensive income. For financial assets carried al amortised cost the impairmont loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted al the asset's original effective interest rate. Other financial assets, including investments in equity instruments which are not subsidiaries, associates, or joint ventures are initially measured al fair value. which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at Ihe reporting date are recognised in the slalemenl of comprehensive income. Where the investment in equity instruments are not publicly traded and where the fair valuè cannot be reliably measured the assets are measured al cost less impairment. Financial assets are de reoognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of the ownership of the asset are transferred to another party. Financial liabilities Basic financial liabilities include trade and other payables, bank loans, and intra group loans. These liabililies are initially recognised at transaclion price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Debt inslruments are subsequently Garried at amortised cost using the effective interest rate method. Fees paid on tha establishmenl of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. Trade payables are obligations to pay for goods and serVIS that have been acquired in the ordinary course of business from suppliers. Accounts payab5e are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabililies. Trade payables are recognised initially at transaction price and subsequently measured at amortised cosl using the effective interest rate method. Financial liabilities are de recognised when the liability is discharged, cancelled, or expires. 14
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2023 1.8 Investment pmpertles Investment property is stated at market cost which according to the truslees reflect the fair value al the reporting date. No depreciation is provided in respect of properties which are classified as investment properties. Such properties are held to earn rentals or for capital appreciation and the trustees consider that to depreciate them would not give a true and fair view. 1.9 Judgement and key sources of estimation uncertainty No judgements {apart from those involving estimates} have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements. No kèy assumptions concerning the future and other key sources of estimation uncertainty at the reporting dale that havè a significant risk of causing a material adjuslment to the carrying amounts of assets and liabilities within th8 next financial year. 1.10 Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainlies exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going Goncern. 1. Iq Taxation As a registered charity, the organisalion is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the charity, and is therefore included in the rèlevant costs in the SOFA.
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2023 2 Donations and lega¢ies 2023 2022 Donations and legacies Gift aid Restricted donations 1,505,064 61.366 35,469 1,601,899 1,049,063 44,960 48,559 1,142,582 3 Charltable activities 2023 2022 Weddings & Baptisms Ecclesiastical court Centennial Banquet Patriarchate Funeral Certificates 94,610 5,000 118,135 5.400 177,070 16,566 18,407 335,578 3,580 17,614 120,804 4 Other activities 2023 2022 Insurance claims Gain on investment property Calendars & Herald 177,331 35,000 15.768 228,099 2,361 54,000 5 Income from investments 2023 2022 Rent Interest 32,000 17.532 33,710 1,106 6 Statement that no expenses were patd to trustees or connected persons No expenses were paid lo Irustees or persons connecled with them. 7 Trustees, and key management personnel remuneration and expenses Archbishop Nikilas Lioulias received a remuneration of £75,000 {2022'. £75,000) and he was the only trustee who received remuneration. 8 Expenditure on raising funds 2023 2022 Calendars & Herald 29,968 37,650 16
Greek Orthodox Archdiocese of Thyatelra And Great Britain Notes to the Accounts for the year ended 31 December 2023 9 Expenditure on charitable activities 2023 2022 Wages and salaries Employer's Nl Pensions Archbishop's office and Archbishop's House Travel and subsistence Rates Catering & hospilality Cleaning Printing, poslage and stationery Bank charges Donations Donation restricted Depreciation Insurance Ecumenical Patriarchate Light and heat Management fees Repairs and maintenance Rent Telephone and fax Accountancy fees Audit fees Legal and professional costs 241,538 18,511 4,113 205,854 15,545 3.174 8,000 93,906 10.099 167,537 7,754 32,747 488 205,558 40,125 13.700 18,253 142,635 22,996 3,333 164,920 81,585 5.817 66,978 7,283 49,187 618 428,101 61,333 6,865 21,328 94,031 25,644 4,068 294,776 2,767 3,603 3,000 4,800 19.590 1,445,536 2,722 2,904 5,160 10.551 1,177,961 10 Auditor fees Audit fees amounting to £4,800 (2022: £5,160) were charged during the year. Accountancy services were also provided during the year. 17
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2023 11 Tangible fixed assets Freehold land and buildings Fixtures,fittings, plant & machinery Motor vehicles Divine utensils Total Cost At 1 January 2023 Disposals At 31 Décember 2023 2,535,442 {190,0001 2,345.442 16,967 92,380 24.080 2,668,869 (190.0001 2,478,869 92,380 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 74,500 6,865 24,080 98,580 6,865 105.445 24.080 Net book value At 31 December 2023 At 31 December 2022 2,345,442 2.535,442 16.967 16,967 11,015 17,880 2,373,424 2,570,289 As the property at 5 Craven Hill is held at cost value, there is a material difference beeen its carrying value and its current market value. The land and buildings include a donated property which is subjecl to a covenant that cannot be practically complied with by the Charity. Discussions with the donor will be sought which will result in the removal of the covenant or the return of the property to Ihe donor. The property is currently held at a nil value until the situation can be clarified. The above table includes the investment properties in note 12. 12 Investments 2023 2022 Cosl At 1 January 2023 Additions Disposals At 31 December 2023 424,000 234,000 190,000 (190,000) 234,000 424,000 The investment compromised of one investment property which the trustees have valued as at 31 December 2023 and believe the cost shown above reflects the fair value as at the reporting date. 13 Debtors 2023 2022 Other debtors 498,702 94,771 14 Creditors: amounts falling due within one year 2023 2022 Other creditors 9,787 7,800 15 Creditors: amounts falling due after one year 2023 2022 Loans 100,000 18
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2023 16 Movement of restricted funds Christos Lazari Archdiocese Earthquakes Chapel Total restricted funds 2023 Total restricted funds 2022 Ukraine Relief Brought forward 25,000 863 25,863 17,429 Received during the year 35,469 35.469 48,559 Paid out during the year (35,469) 125,0001 {863) (61,332} (40,125) Movements beeen funds Balance as at 31 December 2023 25,863 During the year the Archdiocese recèived restricted fund donations for victims of the Earthquake amounting to £35,469 which were fully distributed in the year 2023. The remaining amount of Ukraine Relief was distributed for victims of the war. The remaining Chapel funds were used during the year for its reconstruction. Therè is no restricted funds remaining at year ended. 17 Related party transaction There are over 200 ohurches, Greek schools and other Greek Orthodox Communities entities with the Archdiocesa. The Archdiocese provides donations lo several of these entities and also receivèd support from them. The charity donated £94,031 to the Ecumenical Patriarchate during the year. The Charity received a total of £44,420 from 8 Truslees. 19