Charity registration number 243715 Greek Orthodox Archdiocese of Thyateira And Great Britain Report and Audited Accounts 31 December 2024
Greek Orthodox Archdiocese of Thyateira And Great Britain Report and accounts Contents Page Charity information Trustees, Annual report Independent examiners, report Statement of Financial Activities 2to5 6t07 Balance sheet Cash flow statement 10 Notes to the accounts 11to18
Greek Orthodox Archdiocese of Thyateira And Great Britain 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 Mr L. Loizou (Appointed on 25 March 2025) 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 J. T. G Charalambous Mr C. P. Kleanthous Mr A. Antoniou Charity registration number 243715 Accountants Nicholas Peters & Co Limited 2nd Floor 10-12 Bourlet Close London W1W 7BR Solicitors Nicholas & Co Solicitors Ltd 10 Bourlet 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 2024 The trustees have adopted the provision of the Statement of Recommended Practice ISORPI ' Accounting and Reporting by Charttie5" IFRS 1021 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 to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Pfactice applicable to charities preparing their accounts in accordance lo the Financial Reporting Standards applicable in the UK and Republic of Ireland published on 16 JLtly 2014 {as amended by Update Bulletin 1 published on 2 February 20361. Trustees The Iruslees who manage the Charity are named on page 1. Name. registered office and registration number of the Charity The full name of the charrty is Greek Orthodox Archdiocese of Thyateira And Great Britain. The legal registration detsils are The Registered Office is Charity Registration Number 5 Craven Hill. London. W2 3EN 243715 Structure, governance and management The Archdiocese of Thyateira and Great Brltain Trust is a public benefit entity and was established in 1952 with the aim of supporting the Greek Orthodox Archdiocese of that name Ihereinafter 'lhe Archdiocese'l in the advancement of ils ideals. The Archdiocese itself was established in 1922. The Charitable Trust is constituted by Trust Deed. Tru51ees are nominated by His Eminenee Archbishop Nikilas Lioulias and a committee of trustees appoints them. Training and induction for new Truslges is carried out by the existing members. Day lo 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 The freehold land at 5 Craven Hill, London, W2 3EN The following proprietors hold the title.. Nikilas Lioulias, Conslantinos-Alhanasios Theocharous. Antony Panayotis Anloniou and Dionysios Andres Liveras The freehold land at 23 Trinity Road, London, N22 8LB The following proprietors hold the tille.. Archbishop Gregorios of Thyaleira and Great Britain {Deceasedl. Kypros Nicholas IDeceasedl, Michael Peraticos (Deceasedl, Tryphon Kedros (Deceased), Athos Christodoulou, Nlinos Levenlis (Deceased}
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: 243715 Trustees, Annual Report for the year ended 31 December 2024 Objectives, activitles and publlc boneflt statement These aims are". the promotion of the Eastern Christian (or Greek) Orthodox faith and traditions in accordance with Holy ScriptL*re, as practised in the life of the Church, as confirmed by the Oecumenical and Local Councils. and as interpreted 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 be 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 lo adopt it and to live in accordance with its spiritual and moral teaching," tre 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 lo meet Ihe needs of the Community at large. The Archdiocese supports 5 Foodbanks and offers scholarships to students as well as gives financial support to several local charities. The Archdiocese supports and offers seminars against human Irafficking and modern slavery. The Archdiocese also offers retreats, seminars, book reviews, and other for the benefit of the grater community. This past year, the Archdiocese organised programrneslseminars to help people deal with stress,depression and other Challenges. In addition the Archdiocese advocates the establishment of the day schools. in accordance with the laws of the country. Indeed. education - both religious and profane - is one of the main goals of the Apostolic See of Thyateira, the territorial jurisdiclion of which exiends Ihroughout the British Isles. And, in furtherance of its objectives, it publishes books and leaflets for the instruction and further education of its faithful and for th8 benefit 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 Thyateira, pays the wages of the staff and other proper expenses in connection with the Archbishop of Thvateira. Achlevemenls and performance During the year the Charity has continued to promote the Eastem 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 Relats'ons. Along with the new measures and ministries. the Charity continued tr) advocate for the establishment of day schools, continLsed programmes for b8ttgr 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 Charity and Ihose associated with it have also introduced the use of various languages into Ihe lilurgical services and social programmes with which they are associated. The Charity has increased its support for the Food Banks. The Archdiocese has benefited from the strong support of the Greek Orthodox Community for many years. The Trustees recognise that, in the past, there have been instances where there could be more transparency on the loans and payments between church communilies 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 thal the strong internal 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. The Archdiocese has instructed the clergy, parish wardens and all the responsible parties of the following.. All clergy must have DBS safeguarding clearance. Any or all monies senureceived must be done by cheque or bank Iransfer so all financial records show transparency and accountability.
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: 243715 Trustees, Annual Report for the year ended 31 December 2024 Financial Review The Trusvs income is derived Irom periodic gifts. bequests and voltjntary contributions, as well as from collections taken up in the various churches and Communities that recognise the spiritual authority of the Archd10Se, from fees deriving from the performance of the riles of baptism and marriage in the churches of the Archdiocese as well as from other religious and associated activities. OtheDlSe the Archdiocese has no regular fixed source of income and depends on the generosity of the faithful living in the United Kingdom. During the year. the Archdiocese has loaned the Ecclesiastical and Theological Seminary of the Archdiocese of Thyleira and Great Britain £81,501 12023". Nil) for repairs to properties owned by the Ecclesiastical Seminary. In respect of other loans lo the Archdiocese, £60,00012023.' Nil) was held at the year end on behalf of the Association of Greek Communities. These funds will be returned as soon as their new bank account will be opened. The Archdiocese has also been loaned £100,00012023". £100,000) by the St. Nicholas Trust. Donations and Grants Donations are made lo individuals and organi5ations. 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 charrtable causes. Grants can be awarded by the Archdiocese with specific conditions attached following approval by the Twstees. Volunteers and the Greek Orthodox Cornmunity The Archdiocese provides and ceIVeS stjpport from churches wrthin and outside the Archdiocese. There is 8150 significant support provided by volunteers lo assist with the administration of the Charity and in support of its activities. Fundraising standards The Charity carries out fundraising for both general activities and specific causes. All wmmunication wrth 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 ils donors. Investment powers Investments such as bank deposits and investment properties are considered. Future developments The trustees intend lo continue with the activities carried out with a view to generating sufficient future income lo meet the objects of the Charity. The Trustees of the Ecclesiastical and Theological Seminary of the Archdiocese of Thyteira and Great Britain plan to merge their charity with the Archdioeese. Trustees from both organisations are taking the necessary actions to proceed with the merger. 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 reslricled. The policy of the trustees is to continue to maintain unrestricted reserves al a reasonable level to fulfil the objects of the Charity. The Charity should have minimum reserves of 6 months worth of expenditure. The Iruslees review the financial position of the Charity regularly to ensure adequate funds are available lo meet the Charity's obligation. The trustees believe that the trust's assets are available and adequate to fulfil the chur¢h'$ obligations. The was no reslricled funds received and paid during the year. The unreslricled funds were £3.666,963 {2024'.£3,749.8001. Risk management The Iruslees actively review the risks the charity faces on a regular basis and believe that maintaining our free reserves al the levels slated above, combined with our annual review of controls over key financial systems carried out through an internal audit programme, will provide sufficient resources in the event of adverse conditions. The Iruslees have also examined other operational risks which we fa and confirm that they have established systems to miligale the sufficient risks.
Greek Orthodox Archdiocese of Thyateira And Great Britain Registered number: Trustees, Annual Report for the year ended 31 December 2024 Trustses, Responsibilities Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and UK Accounting Standards (UK GAAP), 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 statements 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 finanGial statemenls the Trustees are required to select SLlltable accounting policies and then apply them conslstently., make judgements and estimates that are reasonable and prudent., prepare Ihe financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in business., state whether applicable accounting standards and statements of recommended practi have been followed subject to any material departures disclosed and explained in the financial statements., observe the methods and principles in the Charity Statement of Recommended Practice 'Accounting Reporting by Charities, The trustees are responsible for keeping adequate accounling records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charilies Act 2011 and the Charity {Accounts and Reports Regulations 2008). They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are also responsible for the contents of the trustees, report, and the responsibiSity of the auditors in relation to the trustees, report is limited to examining the report and ensuring that, on the fa of the report, there are no inconsistencies wilh 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. s report was approved and signed on behalf of the board on Archbishop Nikitas Lioulias Trustee Demetrios Dem8triou Trustee
Greek Orthodox Archdiocese of Thyateira And Great Britsin 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 Thyaleira And Great Britain for the year ended 31 December 2024 which comprise of the Statement of Financial Activities, the Balance Sheet and the related notes.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including the Financial Reporting Standard 102 "The Financial Reporting Slandard applicable in the UK and RepLsblic of Ireland" {United Kingdom Generally Accepted Accounting Practi}. In our opinion the financial statements.. give a true and fair view of the state of the Gharity'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 ACpted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republi of Ireland"; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis tor opinion We conducled our audit in accordance with International Standards on Auditing IUKI IISAS IUKI} and applicable law. Our spon5ibililies under those standards are further described in the auditor responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK. including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial slalemenls. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements Is 8ppropriate. Based on the work we have performed. we have not identified any material unrtainlieS relating to events or conditions that, individua51y or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a period of al least bNelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The other inftsrmalion comprises the information included in the trustees, annual report, other than the financial stslemenls and our auditor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial statements does not eover the other information and, except to the extent otherwise explicitly staled in our report, 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 information 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 nTrisslatemenls, we are required lo determine whether this gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this infomialion, we are required to report that fact. We have nothing lo report in this gard. Matters on which we are required to report by exeeption Under the Charities (Accounts and Reports) Regulations 2008 we are reuired lo report in respect of the following mallers if, in our opinion.. •lhe information given in the finanual slalements is inconsislenl in any material respect with the Trustees, Report., or adequale accounting records have not been kept., or •lhe financial statements are not in agreement with the accounting records and returns., 01 certain 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 statements, 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 altemabve but to do so. Auditor responsibilities for the audit of the financial ststements 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 about whether the financial statements are free from material misstatement, whether due lo 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 conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise ffom 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. Irregularities, 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 irregularilies, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the charity and considered the risk of acts by the charity thal were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk. recogni5ing that the risk of not detecting a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment 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 tests induded agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and review of correspondence with legal counsel, where applicable. There are inherent limitations in the aL¢dit procedures described above and, the further removed non-compliance with laws ar)d regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whelher there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. A further description of our responsibilities is available on the FRC'S website at https'.Ilwww.frc.org.ukJauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo 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 slate to the Iruslees those mallers we are required to slate lo 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 lo anyone other than the charity and the trustees as 8 body. for our audit work, for this report or for the opinions we have formed. bj 'LJ- Andrew Georgiades Nicholas Peters & Co Ltd Senior Statutory Auditor 2nd Floor 10-12 Bourlet Closè W1W 7BR
Greek Orthodox Archdiocese of Thyateira And Great Britain ststement of Financial Activities for the year ended 31 December 2024 RESTRICTED UNRESTRICTED FUNDS FUNDS 2024 2024 TOTAL FUNDS 2024 TOTAL FUNDS 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other activities Inveslments income 935,681 122,120 12,184 57,664 935,681 122,120 12,184 57,664 1,601,899 120,804 193,099 49,532 Total 1,127,649 1,127,649 1,965,334 Expenditure on: Raising funds Charitable activities 10,908 1,865,578 10,908 1,865,578 29,968 1,445,536 Total 1,876,486 1,876,486 1,475,504 Net incomel(expenditure) (748,837) (748,837) 489,830 other recognised gainsl{losses): other gainsl(losses) 666,000 666,000 35,000 Net movements in funds (82.837) (82,837) 524,830 Reconciliation of funds Total funds brought forward 3,749,800 3.749,800 3,224,970 Total funds carried forward 3,666,963 3,666.963 3,749,800 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 activitles derive from continuing operations
Greek Orthodox Archdiocese of Thyateira And Great Britain Balance Sheet as at 31 December 2024 Notes 2024 2023 Fixed assets Tangible assets Investments 2,133,906 900,000 3,033,906 2,139,424 234,000 2,373,424 Current assets Debtors Cash at bank and in hand 12 149,590 659,630 809,220 498,702 987,461 1,486,163 Creditors: amounts falling due within one year 13 (76,1631 {9,787) Net current assets 733,057 1,476,376 Total assets less Curnt liabilities 3,766,963 3,849,800 Creditors: amounts falling due after more than one year 14 (100,000) (100,000) Net assets 3,666.963 3,749,800 Funds: Unrestricted funds Total funds 3,666,963 3,666,963 3,749,800 3,749,800 The financial statement were approved and authorised on behalf of the board on.. ed on behalf of the board Archbishop Nikitas Lioulias Trustee Demetrios Demetriou Trustee
Greek Orthodox Archdiocese of Thyateira And Great Britain Cash Flow Statement For the year ended 31 December 2024 2024 2023 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 Decreasellincrease) in debtors Revaluation gain Increase in creditors (82,836) 524,830 5,518 6,865 {35,0001 (403,9311 349,110 (666,OOOJ 66,377 (327,831} 1,987 94,751 Application of cash Proceeds from sale of tangible fixed assets 225,000 225,000 Loans taken out in the period 100.000 Net (decrease)lincrease in cash Cash at bank and in hand less overdrafts at 1 January Cash at bank and in hand less overdrafts at 31 December {327,831) 987,461 659,630 419,751 567.710 987,461 10
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the A¢¢ounts for the year ended 31 December 2024 Accounting policies 1 1.1 Basis of preparation The charity constilules a public benefit enlity 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 prepartng their accounts in accordance wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) published in 2019. The financial slatemenls also comply with the Charities Act 2011 and the Charities (Accounts and Reports) Regulalionsl 2008. The address of the registered Offi is given in the charity information on page 1 of these financial statements. The nature of the charilvs operations and principal activities are as set oul in the Trustees, annual report on page 2 of these financial statements. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include rtain items al fair value. The Trustees have, al the lime of approving the financial slatemenls, a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have considered other risks lo the Charity and Ihey are confident that their currenl reserves and expected future income will support the Charity for the foreseeable future. The Trustees regulady review Ihe incoming and outgoing resources, risks and reserves of the Charity. If incomin9 resources are less than expected, the Charity will reduce its outgoings accordingly. Thus there are no material uncertainties relating to going conr and they continue lo adopt the going conrn basis of accounting in preparing ihe financial stalements.The financial slatemenls are presenled 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 statements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. 1.2 Recognition of incoming resources These are included in the Statement of Financial Aclivilies {SoFA) when.. the charity becomes entitled to the resources., the Iruslees are virtually certain they will receive the resources- and the monetary value can be measured with sufficient reliability. For donations lo be recognised Ihe charity will have been notified of Ihe amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entillemenl can be obtained then income is deferred unlil those conditions are fully met or Ihe fulfilment of those conditions is within the control of the charity and il is probable that they will be fulfilled. Donated facilsties and donated professional seNices are recognised in income al their fair value when their economic benefil is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charily would be willing to pay in the open market for such facilities and setvices. 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 assets for investment purposes e.g shares and property. It 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 nel of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method.
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2024 7.3 Recognition of liabilities All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs relaled to the category. Expenditure is recognised where there is a legal or conslructive 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 cosls are those that assist the work of the charity but do not directly represent charitable activities and include office cosls, govefnance costs, SLAndry 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 costs cannot be directly attributed to particular headin9S they have been allocaled to cost of raising funds and expendilure 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 Ihe nature of the expenditures basis. 1.4 Debtors and creditors receivablpjpayable within one year Deblors and creditors with no slated interest rale and receivable or payable within one year are recorded al Iransaction price. Any losses arising from impairment are recognised in expenditure. 1.5 Fixed assets and depreciation Depreciation is provided al the following annual rates in order to write off the assets over their estimated useful economic life less its residual value. Freehold land and buildings Divine utensils Fixtures, fittings & equipment Motor vehicle Plant and machinery 250/0 reducing balance 250/0 Straight line 10 % straight line Deprecialion is nol charged on Land and Buildings as the assets are continuously maintained and refurbished. 1.6 Structure of funds The charily maintains a general unrestricted fund which represents fvnds which are expendable at the discretion of the truslees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital inveslmenl. Restricted funds have been provided lo 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 reslrictions placed upon Ihem. The aim and use of each reslricled fund is set out in the notes to the financial slatemenls. On completion of any reslricled project funds, any funds not used are transferred to unrestricted funds for the use on the haritvs general objects. Any other proposed transfer beeen funds would be considered on Ihe particular circumstances. 12
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2024 1.7 Financial Instruments The Charity has elected to adopl Seclions 11 and 12 of FRS 102 in respect of the recognttion, measurement. and disclosure of financial inslrumenls. Financial assets and liabilities are recognised when the Charity becomes party to the contractual provision of the instrumenl and Ihey are classified according to the substance of the conlraclual 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 offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a nel basis, or to realise the asset and settle the liability simultaneously. Financial assets Basic financial assels include trade and other receivables, cash and cash equivalents, and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at Iransaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at Ihe presenl value of the future receipts discounted at a market rale of interest. Such assets are subsequently carried at amortised cost using the effedive interest rale method. Financial assets are assessed for indicalors of impairment at each reporting date. If there is objective evidence of impairment, an imp8irmenl loss is recognised in the slatemenl of comprehensive income. For financial assets carried at amortised cost the impairment loss is the differen beeen the carrying amount of the asset and the present value of the eslimaled future cash IEows. discounted at the asset's original effective inlerest rate. Other financial assets, including investments in equity inslrumenls which are not subsidiaries, associates, or joint ventures are initially measured at fair value. which is typically the transaction price. These assets are subsequently carried al fair value and Changes in fair value at the reporting date are recognised in the statement of comprehensive income. Where the investment in equity instrLtments are not publidy traded and where the fair value cannot be reliably measured the assets are measured at cost less impairment. Financial assets are de recognised when the contractual rights lo the cash flows from Ihe asset expire or are settled or substantially all of Ihe risks and rewards of the ownership of the asset are Iranslerred lo another party. Financial liabilities Basic financial liabililies include trade and other payables, bank loans, and intra group loans. These liabilities are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a markel rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rale method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extenl that it is probable that some or all of the facility will be drawn down. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are de recognised when the liability is discharged, cancelled, or expires. 13
Gek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2024 1.8 Investment properties Investment property is slated al market cosl which according to the trustees reflect the fair value al the reporting dale. No depreciation is provided in respect of properties which are classified as investment properties. Such propertie5 are held to earn rentals or for capital appreciation and the trustees consider that lo depreciate them would not give a true and fair view. 1.9 Judgement and key sources of estimatlon 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 Ihe financial statements. No key assumptions concerning the futufe and other key sources of eslimalion uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 1.10 Going concem The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties 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 budgeled income and expendilvre is sufficient with the level of reserves for the charity lo be able to continue as a going concern. 1.11 Taxation As a registered charity, the organisation 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 Ihe charity. and is therefore included in the relevant costs in the SOFA. 14
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for tho year ended 31 December 2024 2 Donations and legacies 2024 2023 Donations and legacies Gift aid Restricted donations 915,701 19,980 1,505,064 61,366 35,469 1.601,899 935,681 3 Charitable activities 2024 2023 WeddirFgs & Baptisms Ecclesiastical court Patriarchate Funeral Certificates 100.393 3.800 1,120 16,807 122,120 94,610 5,000 3,580 17,614 120,804 4 Other activities 2024 2023 Insurance claims Gain on investment property Revaluation gain Calendafs & Herald 1.085 177,331 35,000 666,000 11,099 678.184 15.768 228,099 S Income from investments 2024 2023 Rent Interest 30,205 27,459 32,000 17,532 6 Statement that no expenses were paid to trustees or connected persons No expenses were paid to trustees or persons connected with them. 7 Trustees. and key management personnel remuneration and expenses Archbishop Nikila5 Lioulias received a remuneration of £75,000 {2023.' £75,000) and he was the only trustee who received remuneration. 8 Expenditure on raising funds 2024 2023 Calendars & Herald 10,908 29,968 15
Greek Orthodox Archdio¢ese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2024 9 Expenditure on charitable activities 2024 2023 Wages and salaries Employer's Nl Pensions Travel and subsistence Rates Catering & hospitality Cleaning Prinling, postage and stationery Bank charges Donations Donation restricted Deprecialion Insurance Ecumenical Patriarchate Light and heal Management fees Repairs and maintenance Rent Telephone and fax Accountancy fees Audit fees Legal and professional costs 271,954 21,453 4,889 67,076 5,838 57,941 13,416 60,118 611 258,055 241,538 18,511 4,113 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 5.517 24.597 15,000 23,852 3,147 994,392 17,880 3,799 3,000 6,000 7,043 1,865,578 10 Auditor fees Audit fees amounting to £6.000 (2023.. £4,800) were charged during the year. Accountancy ServIS were also provided during the year. 16
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2024 I l Tangible fixed assets Freehold land and buildings Fixtures.fittings. plant & machinery Motor vehicles Divine utensils Totsl Cost At 1 January 2024 Surplus on revaluation At 31 December 2024 2,345,442 666.000 3,011.442 16.967 92,380 24.080 2.478,869 668,000 3,144,869 16.967 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 81,365 5,518 86.883 24,080 105,445 5,518 110,963 24,080 Net book value At 31 Dernber 2024 At 31 Dernber 2023 3,011,442 2,345,442 16,967 16,967 5.497 11.015 3,033,906 2,373,424 As the propety al 5 Craven Hill is held al cost value. there is a material differen 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 retum of the property to the donor. The property is currently held at a nil value until the situalion can be clarified. The above table includes the investment properties in note 12. 12 Investments 2024 2023 Cost At 1 January 2024 Revaluations Additions Disposals Al 31 December 2024 234,000 666,000 424.000 1190,000) 900,000 The inveslmenl compromised of one investment property which the trustees have valued as at 31 December 2024 and believe the cost shown above reflects the fair value as at the reporting date. 12 Debtors 2024 2023 Other debtors 149,590 498,702 13 Creditors: amounts falling due within one year 2024 2023 Other creditors 76.163 9,787 14 Creditors: amounts falling due after one year 2024 2023 Loans 100,000 100.000 17
Greek Orthodox Archdiocese of Thyateira And Great Britain Notes to the Accounts for the year ended 31 December 2024 15 Movement of restricted funds Christos Lazari Archdiocese Earthquakes Chapel Total restricted funds 2024 Total restricted funds 2023 Ukraine Relief Brought forward 17,429 Received during the year 48,559 Paid out during the year (40,125) Movements between funds Balan as at 31 December 2024 25,863 There is no restricted funds reiVed or paid out during the year ended. 17 Relatsd party transaction There are over 200 churches, Greek schools and other Greek Orthodox Communities entities with the Archdiocese. The Archdiocese provides donalions to several of these enlities and also received support from them. The Charity donated £15.000 to the EcL5menical Patriarchate during the year. The Charity received a tolal of £20.390 from 8 Trustees. 18