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2020-12-31-accounts

THE GREEK CATHEDRAL TRUST FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020

The Greek Cathedral Trust Fund

Report and Financial Statements For the year ended 31st December 2020

Page
Report of the Churchwardens and Trustees 3 - 6
Statement of Churchwardens’ and Trustees’ Responsibilities 7
Auditor’s Report 8 - 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 23
Churchwardens’ Accounts 24 - 25
The Cathedral Trust Fund 26 - 27
List of Subscribers 28

Pages 24-28 are for management information only and do not form part of the audited financial statements

1

The Greek Cathedral Trust Fund

Churchwardens

C. Varsis (Chair) A.J. Fafalios (Vice Chair) M. Antoniou (Treasurer) N. Pachiti (Secretary) D. Horne (Member) S. Anagnou (Member)

Trustees of the Cathedral Trust Fund

A.N.J. Fafalios S.J. Fafalios M.C. Lemos M.F. Lykiardopulo J.M. Lyras Registered Charity No. 265710

Trustees of the Land and Vicarage Trust

Mrs M.C. Coccolatos S.J. Fafalios E.J.S. Kulukundis N.J. Paleocrassas

Cathedral Administrator & Secretary to the Trustees

K Georgiadis

2

The Greek Cathedral Trust Fund

Address

Moscow Road, London W2 4QL

Architects:

Auditors:

Oliver West & John Scott Architects The Studio, Bath Road Bedford Park London W4 1LL

Moore Northern Home Counties Limited Nicholas House River Front, Enfield EN1 3FG

Solicitors:

Bankers:

Reed Smith LLP The Broadgate Tower 20 Primrose Street London EC2A 2RS

National Bank of Greece 75 King William Street London EC4N 7BE

Withers LLP 20 Old Bailey London EC4M 7AN

HSBC 92 Kensington High Street London W8 4SH

Investment Advisers:

Rathbone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ

3

The Greek Cathedral Trust Fund

Report of the Churchwardens and Trustees

The Churchwardens and Trustees present their report and audited financial statements for the year ended 31st December 2020. The financial statements are 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) (effective 1 January 2019)” and the Charities Act 2011.

Structure, Governance and Management

Governing Document

The Cathedral is subject to English law and is governed by The Regulations which were first approved at a general meeting of the Greek Confraternity of London on 9th March 1879 and subsequently amended and added to, which determine the ownership, organisation and management structure of the Cathedral. There are two trusts and this report and the audited financial statements combine the results and overview of operations thereof:

Appointment of Churchwardens, Trustees and Committee Members

Six Churchwardens are responsible for the sound management of the Cathedral, with two Churchwardens appointed each year for a three year term at the Assembly of the Confraternity. They administer such funds as may be approved by the Confraternity at its Annual General Meeting.

The confraternity comprises those members of the Cathedral that contribute an annual subscription and who are entitled to vote at meetings of the Assembly.

Trustee Induction and Training

The Trustees are guided in the performance of their work by charity regulations and by reference to the professional firms referred to on page 2.

Organisation

As indicated above the Churchwardens are responsible for the management and day to day operation of the Church. The investment of the funds held by The Trust is delegated to Rathbone Investment Management Ltd under a discretionary fund management agreement.

4

The Greek Cathedral Trust Fund

Report of the Churchwardens and Trustees

Risk Management

The Charity faces a number of risks going forward: ever more stringent regulations (particularly since the Cathedral became Grade I listed) make maintenance both more complicated and more expensive; the changing constitution of the Greek diaspora in London has implications for the Cathedral’s revenues; and, the instability of the financial markets lead to uncertainty with investments. Furthermore, the unexpected crisis caused by COVID-19 has put significant pressure on the Cathedral’s operations.

The Trustees regularly monitor and discuss the opportunities available to the Charity and the risks to which it is exposed.

As part of this process The Trustees have implemented a risk management strategy which comprises:

The Trustees have not identified any significant financial or other risks that have not already been monitored or controlled.

Objectives and Activities

The main objective of the Charity is the preservation of the Greek Cathedral in London W2.

Church services and the operation of the Cathedral are carried out by five employed staff.

Achievements of the Past Year

During 2020, the Cathedral managed to transform into a Covid-secure venue and thus re-open whenever Government permitted. Two Sunday services were offered following the first lockdown to accommodate as many of the faithful as possible inside the Cathedral while maintaining social distancing. Live-streaming of Sunday and other major Liturgies was set up during the first lockdown and continued to operate postlockdown via a dedicated YouTube channel. Three new contactless mobile card payment readers (two free standing and one fixed display) were ordered which facilitated cashless offerings & online donations were made possible via the St Sophia website. The Cathedral also succeeded in attracting over £100,000 in donations through two fundraising appeals.

Financial Review

The Charity continued to receive the majority of its income from subscription fees for services, donations and offerings. Income from these sources was broadly in line with that of the previous year.

The Churchwardens and Trustees report total income of £478,195 (2019: £398,802) and total expenditure of £368,498 (2019: £518,885) leaving a gain of £109,697 (2019: deficit of £120,083). A gain of £12,007 (2019: gain of £248,522) arose on realised and unrealised movements on investments leaving an overall gain for the year of £121,704 (2019: gain of £128,439).

Investment Powers and Policy

The Charity’s constitution allows the Trustees to invest in accordance with the powers set out in the Trust Deed. The investment agreement with Rathbone Investment Management Ltd provides for management of the funds on a discretionary basis.

5

The Greek Cathedral Trust Fund

Report of the Churchwardens and Trustees

Reserves Policy

The Cathedral Trust Fund maintains reserves which the Trustees deem appropriate for the efficient operation of the Cathedral and its Trusts and for the generation of additional income on a prudent basis.

Funds held for investment are earmarked for the future repair and maintenance of the property which is a Grade 1 listed building.

The Trustees consider that they should be able to meet management and administration expenses for a period of four months and as a consequence a level of free reserves of £100,000 excluding investments held is considered appropriate. The actual reserves exceeded the required level and amounted to £225,336 (2019: £67,063) excluding investments and fixed assets.

Key Management Remuneration Policy

The key management of the Charity are the Trustees and Churchwardens. The Trustees and Churchwardens do not receive any remuneration or benefits in kind.

Charity’s Public Benefit

The Trustees have had regard to the Charity Commission’s guidance on public benefit.

The Trustees have ensured that all activities throughout the year have been in the interest of public benefit. This is evidenced by the continuing work undertaken to keep the building open to the general public, provide religious and educational experience and to maintain a building of religious and historical significance.

Plans for Future Periods

Within the available financial resources of the Charity, the Trustees plan to continue with the planned restoration works in the Cathedral and to encourage increased engagement with and attendance at the Church.

The Cemetery Enclosures Trust

The legal situation around the relationship between the Cemetery Enclosures Trust and the Cathedral has been explored extensively since the de-linking of that Trust in 2016. The Trustees of the Greek Cathedral Trust Fund initially took the lead.

A hearing in the High Court took place in April 2020 to clarify the Cemetery Trust's governing documents and the interpretation of some of the terms therein. The Judgement found that the Assembly representing the Members of the Confraternity of Aghia Sophia is entitled to make rules and regulations directing the Cemetery Trustees how the funds held by them should be spent and administered in the furtherance of the charity’s purposes. It was ruled that all legal costs incurred by the Cathedral Trust should be paid out of the funds of the Cemetery Trust.

The Churchwardens, as representatives of the Assembly, are now taking matters forward in order to ensure the Cemetery trustees comply with the Judgement. As there appears to be some resistance from the Cemetery trustees to do so, the Churchwardens have instructed the same firm of solicitors that had been advising the Trust (Withers) to assist. This involves communication with the Charity Commission and continued efforts to engage the Cemetery trustees productively. There is no expectation that this matter will need to go to court again and the intention is to keep legal expenditure to a minimum. At a recent EGM, the Assembly was informed that this would hopefully not exceed £10,000.

6

The Greek Cathedral Trust Fund

Report of the Churchwardens and Trustees

Post Balance Sheet Events

The Trustees have considered the potential impact of the COVID-19 pandemic. In line with government guidelines, the Cathedral closed temporarily in March 2020 and started broadcasting weekly services on-line to its congregation. As such, income from charitable activities is expected to be significantly lower in 2021 than normal. The adverse effect on future investment income is impossible to determine. At this stage, the Trustees do not see the viability of the Charity and its operations to be unduly affected over the long-term.

By Order of the Churchwardens and Trustees

A J Fafalios Vice Chair

7

The Greek Cathedral Trust Fund

Statement of Churchwardens’ and Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

8

Independent Auditor’s Report to the Trustees of The Greek Cathedral Trust Fund

Opinion

We have audited the financial statements of The Greek Cathedral Trust Fund (the ‘charity’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our 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 audit opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

9

Independent Auditor’s Report to the Trustees of The Greek Cathedral Trust Fund (continued)

Responsibilities of trustees

As explained more fully in the statement of churchwardens’ and trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 charity’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 cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 conducted in accordance with ISAs (UK) 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.

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 irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

10

Other matters which we are required to address

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s 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 responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Francis Corbishley , Senior Statutory Auditor

For and on behalf of Moore Northern Home Counties Limited, Statutory Auditor

Moore Northern Home Counties Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Nicholas House, River Front Enfield, Middlesex EN1 3FG Date:

11

The Greek Cathedral Trust Fund

Statement of Financial Activities

For the year ended 31st December 2020

Note
Income from:
2
Donations and legacies
Charitable activities
Investments
Other
Total
Expenditure on:
4
Raising funds
Charitable activities
Total
Net (expenditure) / income before
gains and losses on investments
Net (losses) /gains on investments8
Net income being
net movement in funds
Total Funds brought forward
Total Funds carried forward		 2020
Unrestricted
Funds
£
215,975
46,258
53,758
162,204
478,195
12,242
356,256
368,498
109,697
12,007
121,704
3,221,991
3,343,695		 2019
Unrestricted
Funds
£
163,997
121,151
71,352
42,302
398,802
13,078
505,807
518,885
(120,083)
248,522
128,439
3,093,552
3,221,991

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derived from continuing activities.

In respect of both years, all funds and related income and expenditure are unrestricted.

The notes on pages 14 to 23 form part of these financial statements.

12

The Greek Cathedral Trust Fund

Balance Sheet As at 31st December 2020

Fixed Assets
Tangible assets
Investments
Current Assets
Debtors
Cash at bank and in hand
Liabilities
Creditors, amounts falling
due within one year
Net Current Assets
Creditors, amounts falling
due greater than one year
Total Net Assets
The Funds of the Charity
Unrestricted funds
Total Charity Funds		 Note
7
8
9
14
10
10
11/12		 2020
£
207
3,118,152
3,118,359
5,976
343,397
349,373
(30,704)
(93,333)		 2020
£
318,669
3,343,695
3,343,695
3,343,695		 2019
£
-
3,154,928
3,154,928
-
112,865
112,865
(45,802)
-		 2019
£
67,063
3,221,991
3,221,991
3,221,991

Approved by the Trustee on

) Trustee

The notes on pages 14 to 23 form part of these financial statements.

13

The Greek Cathedral Trust Fund

Statement of Cash Flows For the year ended 31st December 2020

Note
Cash flows from operating activities:
Net cash from/(used in) operating activities
13
──
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Transfers to/(from) investments
─
Net cash provided by investing activities
─
Change in cash and cash equivalents in the reporting
period
─
Cash and cash equivalents at the beginning of the
reporting period
─
Cash and cash equivalents at the end of the reporting
period
14		 Total
2020
Total
2019
£
£
127,991
(193,133)
─────
───────
53,758
71,352
371,228
153,579
(394,830)
(185,159)
72,385
(113,970)
──────
───────
102,541
153,742
──────
───────
230,532
(39,391)
──────
───────
112,865
152,256
──────
───────
343,397
112,865

14

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes

1. Principal accounting policies

The financial statements are 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) (effective 1 January 2019)” and the Charities Act 2011.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified for the revaluation of investments. The financial statements include the income and assets of the Churchwardens' account, the Cathedral Trust Fund, the Cathedral, Land and Vicarage Trust.

(b) Fund accounting

In the reporting period and in the prior period all funds received were unrestricted.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity becomes legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies also apply:

15

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

1. Principal accounting policies (Continued)

(d) Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants are recognised in respect of Coronavirus Job Retention Scheme (CRJS) as other income and are recognised as the related costs are incurred.

(e) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is charged to the SOFA on an accruals basis.

Support and governance costs are allocated to costs of raising funds and charitable activities on an actual invoiced basis consistent with the use of these resources.

Transactions denominated in foreign currencies are translated into sterling at the rates ruling at the date of transaction.

Assets in foreign currencies are re-translated into sterling at the rates ruling at the balance sheet date.

(g) Heritage assets

The Cathedral, vicarage, land and sacred objects are not capitalised on the balance sheet since, in the opinion of the Trustees, they are inalienable or historic assets and there are material restrictions on their realisation. Due to their nature, the cost or reliable valuation of such assets is not available and the Trustees are of the opinion that to obtain such a valuation is not commensurate with the benefit to users of these financial statements. Expenditure incurred after their acquisition has been written off in the year of expenditure to the extent it relates to the maintenance and upkeep of the assets.

16

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

Plant and machinery is stated at cost less accumulated depreciation. Depreciation is calculated on a straight line basis so as to write off the cost of the asset over a period of three years.

Office equipment is stated at cost less accumulated depreciation. Depreciation is calculated on a straight line basis so as to write off the cost of the asset over a period of three years.

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provisions for impairment.

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

The Fund does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Fund is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors.

All gains and losses are taken to the Statement of Financial Activities as they arise.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the year of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of period of one year from the date of approval of the financial statements. The Trustees conclude that there are no material uncertainties about the Charity’s ability to continue and accordingly the financial statements are prepared on a going concern basis. The Trustees have considered the impact of the Covid-19 pandemic and does not believe there to be any change in the going concern status of the Charity.

There are no significant areas of judgement or key assumptions that affect items in the financial statements with respect to the next reporting period for the year ended 31 December 2020. The most significant areas of uncertainty that effect the carrying value of assets held by the Charity are the level of investment return and the performance of the investment markets and any outcome on the principal risks and uncertainties that face the Charity on a day to day basis, as explained within the investment policy and risk management sections of the Churchwardens’ and Trustees’ report.

17

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

2. Income and endowments

Donations and legacies
Subscriptions
Offerings
Donations
Charitable activities
Fees for services
Crypt income
Investment income
Deposit interest
Income from listed investments:
UK
Other income
Grant income
Total income		 2020
£
9,000
45,167
161,808
215,975
2020
£
31,468
14,790
46,258
889
52,869
53,758
155,304
6,900
478,195		 2019
£
11,750
114,959
37,288
163,997
2019
£
98,904
22,247
121,151
2,106
69,246
71,352
42,302
-
398,802

3. Donations and legacies

Donations to the Church are made by members of the Greek Confraternity in London. The Trustees do not consider it appropriate to publish details of such donations but wish to thank all those who have generously given for the continuing maintenance of the Church.

18

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

4. Expenditure

Stipends and staff costs
Choir fees
Insurance
Audit fee
Printing, postage and stationery
Telephone
Church expenses
Candles
Electricity and water
Heating and fuel
Rates, council tax
Minor repairs
Major works
Maintenance contracts
Legal and professional fees
Donations
Investment service charge
Depreciation
Bank charges/other
Subscriptions

Total expenditure		 Raising
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,242
-
-
-
12,242		 Charitable
activities
£
110,673
9,196
31,397
10,800
90
3,152
34,566
3,586
7,396
4,247
1,858
5,923
4,034
12,397
110,107
6,049
-
69
500
216
356,256		 Total
2020
£
110,673
9,196
31,397
10,800
90
3,152
34,566
3,586
7,396
4,247
1,858
5,923
4,034
12,397
110,107
6,049
12,242
69
500
216
368,498		 Total
2019
£
124,963
46,494
32,852
20,400
1,279
2,764
51,125
3,075
7,151
5,923
2,328
22,862
100,110
8,398
65,670
10,300
13,078
-
113
-
518,885

19

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

5. Employees and staff costs

Wages and salaries and other staff costs
Social security costs
The average monthly number of persons
employed by the Charity during the
year was		 2020
£
105,182
5,491

110,673

4
 2019
£
119,300
5,663
124,963
5

No employee received employee benefits (excluding pension contributions) in excess of £60,000 a year (2019: none).

Key management of the Charity are regarded as its Trustees and Churchwardens. They did not receive remuneration or benefits in kind.

6. Trustees’ expenses and remuneration

As explained above, the Trustees are not remunerated nor did they receive any benefits in kind and neither did they claim expenses for attending meetings and duties related to their duties as trustee.

7. Tangible fixed assets

Cost
At 1st January 2020
Additions
At 31st December 2020
Accumulated depreciation
At 1st January 2020
Charge in year
At 31st December 2020
Net book value
At 31st December 2020
At 31st December 2019		 Plant
and
machinery
£
72,577
-
72,577
72,577
-
72,577
-
-		 Computer
equipment
£
2,529
276

2,805

2,529
69

2,598

207

-
 Fixtures
and
fittings
£
28,340
-
28,340
28,340
-
28,340
-
-		 Total
£
103,446
276
103,722
103,446
69
103,515
207
-

The Cathedral, vicarage, land, and sacred objects are not capitalised as explained in Note 1(f). The assets are maintained through a programme of repairs and are insured at a value of £32.2 million to protect against their loss and damage.

20

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

8. Investments

Listed investments:

Shares and securities:
Market value:
At 1st January 2020
Additions, at cost
Disposal proceeds
Net (losses) / gains on disposals and revaluations

At 31st December 2020

Cash:
At 31st December 2020
`

Total Shares, Securities and Cash

Historic cost:
At 31st December 2020
 2020
£
2,751,825
394,830
(371,228)
12,007

2,787,434


330,718


3,118,152


2,388,028

 2019
£
2,471,723
185,159
(153,579)
248,522
2,751,825
403,103
3,154,928
2,498,919

The portfolio is spread across the following categories of investment and their fair values are as follows:

Fixed income
UK Equities
Overseas Equities
Alternative Equities
Cash

 2020
£
897,606
480,222
1,179,004
230,602
330,718
3,118,152		 2019
£
948,000
706,628
881,271
215,926
403,103
3,154,928

All investments are held primarily to provide an investment return for the charity. The following investments exceed 5% of the total portfolio value:

Market value
£ %
Treasury 1/8% indexed linked stock 22/3/2024 167,122 5.4
Treasury 1/8% indexed linked stock 22/3/2029 159,195 5.1
Finsbury Growth and Income Trust 175,000 5.6
Findlay Park PLC 174,878 5.6
Aberdeen Standard Fund Managers 168,925 5.4

21

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

9. Debtors

Prepayments

10.
Creditors
Trade creditors
Accruals and deferred income
Loan
Other creditors

Loan greater than one year
 2020
£
5,976
2020
£
3,054
20,636
6,667
347
30,704
93,333		 2019
£
-
2019
£
-
45,802
-
-
45,802
-

11. Statement of funds

As at 31 December 2020:

Brought
Forward
£
Churchwardens’ Fund
98,990
Cathedral Trust
Fund
3,123,001
3,221,991		 Income
£
289,063
226,088

515,151
 Expenditure Gains/
(losses)
£
-
12,007

12,007
 Transfers
£
-
-
-		 Total
£
131,947
3,211,748
3,343,695
£
(256,106)
(149,348)

(405,454)

As at 31 December 2019:

Brought
Forward
£
Churchwardens’ Fund 130,025
Cathedral Trust
Fund
2,963,527
3,093,552		 Income
£
423,114
71,352

494,466
 Expenditure Gains/
(losses)
£
-
248,522

248,522
 Transfers
£
-
-
-		 Total
£
98,990
3,123,001
3,221,991
£
(454,149)
(160,400)

(614,549)

22

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

12. Analysis of net assets between funds

As at 31 December 2020:

Churchwardens’ Fund
Cathedral Trust
Fund
As at 31 December 2019:
Churchwardens’ Fund
Cathedral Trust
Fund		 Investments
£
-
3,118,152
3,118,152
Investments
£
-
3,154,928
3,154,928		 Tangible
Assets
£
207
-
207
Net
Tangible
Assets
£
-
-
-		 Net
Current
Assets/(liabilities)
£
131,740
93,596
225,336
Current
Assets/(liabilities)
£
98,990
(31,927)
67,063		 Total
£
131,947
3,211,748
3,343,695
Total
£
98,990
3,123,001
3,221,991
  1. Cash flows from operating activities
Net income/(deficit) for the reporting period
Adjustments for:
Depreciation
(Gains)/losses on investments
Asset (additions)/disposals
Dividends, interest from investments
(Increase) in debtors
Increase/(decrease) in creditors

Net cash from/(used in) operating activities
 2020
£
121,704
69
(12,007)
(276)
(53,758)
(5,976)
78,235
127,991		 2019
£
128,439
-
(248,522)
-
(71,352)
-
(1,698)
(193,133)

23

The Greek Cathedral Trust Fund

Financial Statements for the year ended 31st December 2020

Notes (Continued)

14. Analysis of changes in net debt

Analysis of changes in net debt
At 1 January At 31 December
2020 Cash flows 2020
£ £ £
Cash at bank and in hand 112,865 230,532
 343,397
112,865 230,532
 343,397

15. Related party transactions

There were no related party transactions to report.

16. Events after the reporting date

The Trustees have considered the potential impact of the Covid-19 pandemic, and the various measures taken to contain it. The adverse impact upon its future income is impossible to determine. At this stage the Trustees do not see the long term viability of the Charity and its operations to be unduly affected.

24

The Greek Cathedral Trust Fund

Churchwardens' Accounts Income and Expenditure Account For the year ended 31st December 2020

Income
Cathedral subscriptions
Fees for services
Offerings
Donations
Crypt income
Other income
Contribution from Trust for
Church maintenance
Total
Expenditure
Stipends and staff costs
Choir fees
Audit fee
Printing, postage and stationery
Telephone
Church expenses
Candles
Electricity and water
Heating and fuel
Rates Council Tax
Minor Repairs
Major Works
Maintenance contracts
Cathedral building insurance
Donations
Legal and professional costs
Subscriptions
Bank charges/other costs
Depreciation
Total
Net movements in funds
At 1st January 2020
At 31st December 2020		 2020
Unrestricted
Funds
£
9,000
31,468
45,167
111,808
14,790
39,874
36,956

289,063

110,673
9,196
5,400
90
3,152
34,566
3,586
7,396
4,247
1,858
5,923
4,034
12,397
31,397
6,049
15,819
216
38
69

256,106

32,957
98,990

131,947
 2019
Unrestricted
Funds
£
11,750
98,904
114,959
37,288
22,247
42,302
95,664
423,114
124,963
46,494
10,200
1,279
2,764
51,125
3,075
7,151
5,923
2,328
22,862
100,110
8,398
32,852
10,300
24,237
-
88
-
454,149
(31,035)
130,025
98,990

In respect of both years all funds and related income and expenditure are unrestricted.

This page is for management information only and does not form part of the audited financial statements .

25

The Greek Cathedral Trust Fund

Churchwardens' Accounts
Balance Sheet
As at 31st December 2020
2020
£
Fixed assets
Tangible assets
207
Current assets
Amounts due from Cathedral Trust Fund
33,569
Prepayments
5,976
Cash at bank
205,352
244,897
Creditors, amounts falling due
within one year
Trade creditors
(2,574)
Accruals and deferred income
(10,236)
Loan
(6,667)
Other creditors
(347)
(19,824)
Net current assets
225,073
Creditors, amounts falling due
within one year
Loan
(93,333)
Total assets
131,947
Accumulated funds
Unrestricted funds
131,947
Restricted funds
-
-
131,947		 2019
£
-
26,369
-
103,823
130,192
(31,202)
-
-
-
(31,202)
98,990
-
98,990
98,990
-
98,990

Approved by the Churchwardens on

This page is for management information only and does not form part of the audited financial statements.

26

The Greek Cathedral Trust Fund

The Cathedral Trust Fund Income and Expenditure Account For the year ended 31st December 2020

2020 2019
£ £
Income
Investment income 52,869 69,246
Other income 122,330 -
Donation 50,000 -
Interest 889 2,106
Total 226,088 71,352
Expenditure
Contribution to Churchwardens
for Church maintenance 36,956 95,664
Audit fees 5,400 10,200
Investment service charge 12,242 13,078
Other expenses (bank charges etc.) 462 25
Legal and professional costs 94,288 41,433
Total 149,348 160,400
Net (expenditure) before
gains and losses on investments 76,740 (89,048)
Gain/(loss) on investment assets 12,007 248,522
Net movement in funds 88,747 159,474
At 1st January 2020 3,123,001 2,963,527
At 31st December 2020 3,211,748 3,123,001

This page is for management information only and does not form part of the audited financial statements.

27

The Greek Cathedral Trust Fund

The Cathedral Trust Fund Balance Sheet As at 31st December 2020

Investments
Current assets
Cash at bank
Creditors, amounts falling
due within one year
Trade creditors
Accruals
Amounts due to Churchwardens
Net current liabilities
Net assets

Accumulated funds
 2020
£
3,118,152
138,045
(480)
(10,400)
(33,569)
(44,449)
93,596
3,211,748
3,211,748		 2019
£
3,154,928
9,042
9,042
-
(14,600)
(26,369))
(40,969)
(31,927)
3,123,001
3,123,001

Approved by the Trustees on

This page is for management information only and does not form part of the audited financial statements.

28

Subscribers for 2020 to the Cathedral and to the Constantinople Patriarchate Fund

Mrs
M
Antoniou
Mr
P
Arvanitakis
Mrs
C
Calliope
Mrs
T
Chandris
Mr
J
Chandris
Mr
M
Chandris
Mrs
G
Chazan
Mrs
M
Coccolatos
Mr
Y
Demopoulos
Mrs
M
Edgerly
Mr
S
Fafalios
Mr
D
Fafalios
Mr
A
Fafalios
Mrs
E
Fafalios
Mr
J
Fafalios
Mrs
C
Fafalios
Mr
N
Gavrilov
Mr
P
Goulandris
Mr
N
Konialidis
Mr
E
Kulukundis
Mr
M
Lemos
Mrs
M
Lemos
Mr
M
Lykiardopulo
Mr
J
Lyras
Mrs
E
Lyras
Mr
A
Margaronis
Mrs
M
Margaronis
Mrs
N
Pachiti
Mr
N
Paleocrassas
Mr
P
Pallikaropoulos
Mrs
M
Proestos
Mrs
A
Protopapas
Ms
A
Spanopoulou
Mr
I
Stylianos
Ms
I
Theodorou
Mr
N
Tsarouhis
TOTAL		 Cathedral
£
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
220.00
7,920
9,000.00		 Patriarchate
£
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
1,080.00