THE GREEK CATHEDRAL TRUST FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023
The Gyeok Cathedral Trust Fund Rèport and Flnanclal Statement$ For the year endad 31$t Docomber 2023 Paoe RePt of th6 Chufchwardens and Truslees Stalem8nl ofchurchwdrdens, and Trustees, ResponsibleS Audilorf$ Report statement of FlnBnolal Activifjes 10 Balance Sheet 11 Slatemonl of Cash Fk)w8 12 Ntstss Its the Financial Statements 13-22 Chur¢hwardens' Accoun18 23-24 The Gafhedral Trust Fund 25-26 List of SubscTibers Pages 23-27 are for management infomiauon only and do notfom part of the audited statements
The Greek Cathe(tral Trust Fund Churchwardgns P. Pallikaropoulos (Chalrl J. Hadjipateras (Vica Ch8ir} E. Zerva$ ITreasur8rl E. Fafalios (Secretary)) C. Mossios (Mèmbèr) M Sakordlou IM&mbor) Trust•Ès of tha Cathedral Trust Fund N.J. Fafalios S.J. Fafalios M.C. Lemos M.F. Lyklardopulo J.M. LyTa8 Registered Charlty ND. 265710 Truste95 of th? Land and lficarage Tn Mr8 M.C. Coccolat05 S.J. Fafalios E.J.S. Kulukundls N.J. Pal8ocvassas Cathedral Admlnlstrator& Secretary to th• Trustee$ K Georgladls
The Greok Cathodral Trust Fund AddreBS Moscow Road, London W2 4QL Ar¢hltects: Audltors: Oliv8r West & John Scott Architects The Studio, Bath Road B8dford Park Londot) W4 1LL Moore NHC Audit Llmiled East Wing. Goffs Oak Hou88 Goffs Lane, H8rtfL)rdshlre EN75GE Sollcltors: Bankers: R08d Smith LLP The Br03dgate Tower 20 Primr05e Street Londcm EC2A 2RS HSBC 92 Kensingto)n Hlgh Street London W8 4SH Wtthers LLP 20 Old Bailey London EC4M 7AN M&lro Bank 160-166 Konsinglon High Street Lot)don W8 7RG Inv•8tment Advls*rs: RathbLX)& Investment MBnauem8nt Ltd 8 Flnsbury Clrcus London EC2M 7AZ
The Grèek Cathedral Trust Fund Report ofthe Churchwardens amd Trusts The Churchwardens 8nd Twstees present theit report and audlled flnancial st8l&mÈnts for th8 yèar ended 31st December 2023. The fin8ncial Statements ere prep¥red In accordanee wilh "Accounting ond R¢portlng by Charttle8'. Statemenl of RecDmmended Praclico applicablo lo charflips Prepariny tholr a¢wunts In accordancè wllh Ihe FinanGial R8POrtlng StandaTd applicablg in the UK and Republic of Ireland IFRS 1Q121 leffecllve 1 January 2020)" and the CharSlles Act 2011. Structurè, G(wamano8 and Manag•m¥nt Governlng Do¢um•nt The Cathedral h sublect to English law and Is govemed by The Rogulatlons whlch were flrsl 8pproY$d al a general meeting of the Greek Confralemlly of London 9th March 1879 and subsequently @mended and added to, whlch dètemilne th6 ownership, organisalion and manag8m8nl structure of tho Cathedral. There Bre two trusts and Ihls rèport 8nd Ihe audited flnancial st8tsm8nls ¢x)mbine the results and overview of opwall<>ns tharaof.. The Land and Mcarage Trust established by declaration of twst dated 31$1 De¢ember 1879 and subsequenlty 291h September 1915. The Cathedral Trust Fund 88tabllsh8d by deBlaratlon of trust dated 8th FetXU8ry 1888. Th181s also the regislergd entity under the Charities Act 2011 (Number 265710). Appolntment of Churchwardèns, Tru5t8#s and Commlttee Members The Cathedral Trust Fund deed provides for al least three trustees who are repjaced on resignatton ordeath. Tha Land and Vtcardge TTUSt deed prov69 for at joast thr80 INslees who are rgplaced on reslgnation or death. SIX Churchwkrdens aro respon8ible for the sound managémènt of thé Cathodral, with t0 Churchward@ns appolnted each ye8r for a three yeaT t8rm al the Assembly of tho Confraternlty. Thay admlnlster suth funds as may be approved by thÈ Confralelnity at its Annual General Me81ing. The nfraternIty comprfses those mambers ol tha calra1 that eonlrfbule an annual subscrlpllon and who are enllllgd to vote al meetlngs of the Ass6mbly. Trustee Inducilon and Tr*lning Th8 Trustees a guid8d In thè pÈrfnrmancè of thejr work by charlty r8gulafjons and by réfer0nc8 lo the professial Ilrms referred lo on pago 2. Oryanlsatlon As Indated above th6 Churchwardens are responslblg forlhe managem8nt atKI day to day oparatlon ofthe Church. The Inveslmont ofthe funds held by The Trust is delegated to Rathboné Investment Manag&rnont Ltd undera dlscretionaryfund management agreem8nl.
Th• GY•èk Cathèdral Trust Fund Roport of the ChuTchwaTdens and TrusteeB Rlsk Managgm•nt The Charity la$ a number of rlsks golrvJ forward.. ever more stringonl regulations Iparti¢ula¥ly since the Cathedral became Grade I Ilsted) make malntenance bDth more complicated and more expenslve,. the changing constitution of lh& Grèek diaspora In London has irnplicalions forlhe Cathedral's revenues,. and, the instsbility of th6 financièl markets lead to uncertainty with inveslments. Furthwmore, thB unexpected crisls ¢OU8?d by COVID-19 h88 put significant pressLwe on the Cathedml's operatlong. The TTUStees regularfy monitor and dlscuss th8 OPP(xtuniti¢s av8112blo lo the Charity and the risks lo whlch11 s exposed. A8 part ofthis process The Trustaès havè Implèmgnled a risk management strategy whtoh comprlwd: Tho establlshment ofsystems and ¢onlrol8 lo mli gale the risks idenlfled. The implementatlon of procedures de3igned to mlnlmise any potential Impact on the ¢harity8hould any otlhog6 rbks malorialise. An annual review of the rfsks which the Ch2rlty m8y face and the implementation of ony chan90S to tho controls that might be deemed necessary. The Trusl¢es have not identified any significant financ181 or othw risk8 that have not AlrdY been monitored or controlled. object1 and A¢tlvltles The main (*)jeolwe of the Charfty Is th8 prèsarvalion of the Greek Cathedral in London W2. Church services and thè operallon ufthe Cathedral ore carrted out by fwe employed stsff. A¢hlevem&nts of tha Past Yèar During 2023, offerlngs increasad lo £129,576 from £113.203 In 2022. Incume from the crypt Increased lo £26.863 from £16,920 in 2022. Funds were raisad from Ilming, as well as two concerts. by the Canlicum Choir and the Christmas Concert. Majorworks cariied oul in 2023 Included replacing the fire alarm system. finlshlng flre.proofing all thè int8rnal doors of Ihe Presbytery and ¢onducling an AtsGQ$$ Audit. Minorworks includgd repairing the Cathedr81's boiler, installing a new 9a8 meter and cupboard In the Crypt whlch had be8n tliere stnce Ihe 19508 and repairs to Flat 2, now occupled by Father Gèotge and hFS re. Flnanclal Rèvl Tho Charty contlnued to re¢¢lvg the majority of its incomè from subsGdptlon fees ft)r donalon$ and offerings. Incorne from thes8 gour¢gs was broadly In lin&with that of thè prevlous year. The Churchwardens and Twstees reporttotal Incomo of£414.854 (2022.. £486,826) and total expendsture of. £384,824 {2022.' £431,8711 leaving a galn 01 £3Ql,03012022.' £54,955). A galn or £94,73912022'. loss of £274,297) arose on realised and unrealised movernenls on Inv¢slmonts leaving an ovèrall pmfft fortha year of £124.769 (2J22.' loss of £219,342>. Investmant Powers ahd Pollcy Th& Charity's conslilullon allows th8 Trustees to invest In awordance th the powers set out In the Trust Deed. The inv&slmenl agreement wilh Rathbone Investment Management Lld provides for management of Ihg funds on a dls¢relonary bksis.
Tho Grèek Cothgdr41 Tru¥t Fund Rèport ofthe Churchwardens and Trugtegs Rese0$ Pollcy Th8 Cath8dralTiust Fund maintains reserves whlch Ihg Trusloes degm appropriate forlhe effiGienl oparatlon of the Cathedral and ils Trusts and for the genwall of addilDnal income on a prudant b8s1s. Funds held for Investment arg eamarked for the future repair and m81ntsn8nce of the property whl¢h 5$ a Grada 1 lisl8d buildlng. The Trusl¢ès wrL8ider Ihal they should b6 abla tr) m881 managemeiil and admlnSslr8tlon gxpgnses for perlod of four months and as a cansequ6ncè a lèvel offree reserves of£100.ODO ¢xBludlng Inveslrnents held Is consldgred appmpriate. The aolual reserves exceededthe rèqulred1ovo1 anrt allUnted fo£351.49812022'. £304,300) excluding Inveslmollts and fixed assets. Kèy angÉmènt Remuneratlon Pollcy The key management ofthe Charity areth8Truslees and Churchwardens. TheTrusteesand ChurchwArdens do not receive any remun8Tation or benefits In klnd. Charlty's Publlc 8gn•flt The Trustees havé had règard to the Chartty Commlsslon's guidance on publlc bgnofil. The Trustee8 have en8ur8d that all 8CtlvltlÉs throughout the year have been In the Interest of publlc bèn8fit. Thls èvidenced by Ihe continuing wotl( undertgkon lo keep the buil¢Jlng opon to the general publlc, providg rÈllgk>v$ and educational experlencg and to maintain B buildlng of rdigious historical 8Sgnlficanc8. Plans for Futura Pèrlods Within the avallable financlal resources of the Charity, the Trust8es plan lo conlnu¢ wllh the planned re5toratlon works w) the Cathedral 8nd lo encouwe Increased 6ngagement with and attendarw al the Church. The C•m8tery Enclosures Trust In February 2024. th8 Iriistees of tha Camatery Enclosures Trust submltted Ihe5r proposal for a cy-prés scheme to the Charity Commisslon. Thalr new schemo would romove the Assembly's dlrectTve powers and sever tha link between the charlties. The Cathedral had beon offered an early dr*ft to revlew and submltted ¢ommenls in FebrLEary 2023 objecting to the proposal. The Calhedr81'8 lawyers are now In th proces8 of T8gistering a formal objectlon lo thg 8clieme. As such, thero wlll be addllional legal ctssts throughout 2024 and possibly into 2025. By Order of thè Churchwfjrdons and Trustees P. Pallikaropouk)s Chair
The Greek Cathedral Trust Fund statement of Churchwardens, and Tru$l8è$' Rosponslbillties The Trustees are responsibla for proparing the Truslo98' Annual Report and th& finanthal slalements In accordanc8 with appllcable law and United Klnudom Accountlng Standard$ (United Kingdom Gw)erally Accèptéd Accounllng Practic8}. The law applicable IL) charftles in England and Wales requires the Tnjsleas to prapare fTnancSal slaloments for8ach financial year whi¢h give a true and lairvltsw of the slate ol affairs of the charity and of the Incomlng resources and application of resources of the ¢harity lor ihel parlod. In preparing th8$8 flnancia slalemenls, the Trustees ar8 required lo.. selocl sultabl8 accounllng pollcl8S 8nd then appty thgm con8iStent4y', observe th$ methods and prlnciples in th8 Charlllès SORP,. makeludgements and ac¢ounllng eslimetes that are reasonable and prudent.. stale whélh&r applleablè accounllng slgndards have be6n followed, subJact to any material dgpgrtures disdosed and Bxplalned In th8 finanaal stalemenl,. and proparo the finan¢lal $talemer>ls on th8 going ¢oncem ba8is unless it Is Inappropriate to prgsum that the Charity wlll conlinug in operallon. The Trustees arè responslble ft>r keeping adequatè accounllng racords that dlscjosg wlh reasonab accuracy al any time the financial position of tha Charity and enable them to Ènsurè that the flnan¢ial slalements comply wbth the Charflies Act 2011, th6 Charity IAccounls and Repc>rtsl Regulatlon$ 2008 and Ihe provlslons of Ilte trust deed. They aro also responsiblè for safeguardSno the assets of th* Charty and honc8 for taking reasonable steps for the prevenllon and dolectlon of fraud and other Irregularities.
Independent Audltor's R6POrt to the Trugt•&s of Tho Greek Cathedral Trust Fund Oplnlon We havè audited the financl81 statements of The Greek Cathedral Trust Fund (the 'charity'l for thé yéar ended 31 D8mber 2023 whl¢h comprise the Statement of Fynandal Aclivi1198, Statement of Financlal Position. Slatemant of Cash Flows and notes lothe financlal statements, including a summary olsignificanl accounting pollclgs. The financial reporting Iramewtsrk that has bcon applied in their preparatlon Is appli¢ablg 13w and United Kingdom Accounting Standards, induding FRS 102 'The Flnpn¢ial Reporting standard applicable In Iha UK and Republlc of Ireland" Iunlled Klngdom Genorally Acceptèd Accounting Praclicel. In our opinion the finanaal Statements.. glve a Irue and lalr vlew of the slate ol the charlly's affalrs a8 al 31 December 2023 and of its incoming resources and applleation of iesources, for tho yoar thsn 8ndéd,' havè beèn pTop8rty prepared In accordanco wllh UnileLI Klngdom Gan6rally AcEeptgd Accounttng Practlce,. and have been prepared In occordanco wllh the requlramènts of th8 Cfiarflies Act 2011. Bas1$ for oplnlon We conducted our 8udK In acctsrLlance th Inlernat4onal St#ndards on Auditing {UK) IISAS (UKI) and app5icable law. Our rè$ponsibllllies under Ihose standards are further des¢rlbed In lh8 Audttols respDnslblllllès for the audit of the finandal 81al8ments secuon of our report. We are IndèpendBnt of the chprity in accordance with the ethlc81 requirtsmgnts that are Yel8V8nt to our audit of Ihe financS8l stalpmenls in the UK including the FRC'$ Elhittal Standard, an(1 wo have fulfilled our elhlcal r¢sponsibililies In accordance with th6s6 rèquirements. Wa bellev$ that the audit evidencè we have obtained is sufficlo1)t and apprtsprlat9 to provide a basis for our aLKISt opinion. concluslons relatlng to golns ¢ohcern In auditlng Ihg financial 81alements, we havè conduded that Ihg Irustses, use of thè gDINJ concgm basls of accounllng in Ihe pieparalion of tha financial slalementsls appropriate. Yased on the work we have p&rformeLI, we have not Idèntified any material un¢ortainlie8 relallng lo events or condllions that, individually or Collectively, may cast signlficanldoubl on the ¢ompany6 abllitylo ¢onlnue as a going concem for a p8rlod of at least twefv& months from whan Ihoflnancial slalements arè aulhorlsed for Issue. Our r8sponsibililias and tho responsibilities of thè trustees wlth r¢spect to going concem ara described In th8 re18vant sections of this report. other Infom]atlon The trustees arè responsible for the other information. The other Informatton comprfses the infomallon Included in the annual report, other than the finandal statements and our &udilor's report th&r8on. Our oplnion on thgfinancial statements do8$ not cov&rlho other Information and, ex¢epl to the extent olhorwlse explicltly ststed in our report. we do not express any fom of assurance COllGlusion Ihereon. In conneGlion wllh our audit of tho financlal stalemgnls, our responslbilily Is to read the other Informatlon &nd, in dulng so. considbr whether the other inbrmalion is m8terlally Inconslslonl with tha financial staternenls or our knawledge obtsined In the audll or olh6rwls8 appears to b6 malerislty mlssta16d. If we Id&nlify such malpfial inconslslendes or apparent material misstatem8nts, w8 ore requlred lo detèrmlne whether there Is g material misslatemanl In the finÈnclal statements or a material mlsslaterngnl of the othar Information. If, basèd ON tha work we hovg perfom)ed. we concludB that there is a mateiial misslatem6nl of this other Infomiallon. we are required lo report Ihat fa¢l. We hava nothing lo report in thls rggaTd. Matt8r4 on whrch we are requlred to rèport by èxcèption We have nothiny IL) reporl rtr8pecl of the following matters where the ChBrilles Act 2011 requires US to report lu you If, In our oplnlon.. adequa16 accounting records have nol bgen kept., gr the financial slBl8menls are not In agreamenl wtth the accountsng records and ratums. or
Ind&pendent Audltor's Report to the Trustoes of The Greek Cathedral Trust Fund {contlnuedl ¢erlaln disclosur88 of trusle¢8' remuneration speoiffied by18W 8r6 not m#d$,' or we have not reeoived all tha infomiation and 8xplanations wè raqulr8 fr>r our audiL Responsibilitios tsf trustees As èxplalnèd more fully In th8 Stat8merkt of churchwardgns, and trusloes, responsibilities, Ihe Iru$lees are rpOnSible for the preparalion of the financial statements and for beSng sallsfied that they glve a true end fair view, 8nd for such Inlernal control as the trustees delemilne Is necessary to enablè the preparatlon of financial statements that ara fr88 from m81aiial mSsstatèmènl, whethor duè lo fmud or error. In preparlng the financlal statements. the trustees are r8sponsib18 for assasslng th8 charlty's ablllty to continue as a golng concern. di5c105ing. as applicable, matters rglatgd to golng ¢oncem and using the going concern basls ol accountlng unless the truste&$ 6ilher Inlond to cease operations. or have no reallslic alternale bul lo do so. Auditor's responsib51illes for the audlt of th8 flnanelal statomènts WÈ havè been appolntad a$ auditor undar section 144 of the ChaTilles Act 2011 and report In 8ccord&n¢g WI the Acl and rel&vtnt r8gulations ra3de or having effect thereunder. Our objeclwes are to obtaln roasonablo assuronco about whether th8 flnanclal statements a5 a whol8 are freefrom materfal mlsstalement. wholh$r du¢ lofraud orerror. and to issue an auditor's report that Includè& our opinlon. Reasonable a3suran¢o is a high level of assurgnce, but is not 8 9uarant80 that an audit conducted In aecord8nee wlth 18As IUKI will always delect a malerlal mlsslalemonl when il exists. Misslatèmenls can arlsÉ from frgvd Dr Èrror and are considered rnalerlal 51, IndSvldua15y or in the aggregat&. thoyeould rtrasonably bg expected to influence the economlodèclslon$ of usgrs taken on th9 basls oflhesg financial stalernenls. Irregularities, including fraud, 4Ta ingtancès ol non-comp11an wllh w$ end regulations. We design procedures in Ilna wlth our réspon$lbllllle$, outlined above. to delect mmlorial misstatements in respect of Irregularfties, Includln9 fr8ud. The extent lo which our procedures 2re ¢apoblts of del8Cting irregularities. Including fraud 15 detailgd bgk>w. Explanatlon a$ towhat axtentlhg audltwa$ cohsldered capable of dèteetlng Irregularits. Includlng fraud The objectives of osjr audit In rospgcl offraud, are., to Identify and a$s¢ss the ri8ks of mater4al misststgmont of the financlal statemènts duè to fraud,. lo obtain Suffient appropriate audit evid8nce regarding th8 assessed risks of material mi8statèm8nt duè to fraud, through deslgnlng 8nd implernenling approprikt8 responses to those assessed risks., and lo respond opproprlately tr) In$tan¢ès of fraud or suspectad fraud Identified during the audlt. H(>wovor, the primary responslblllty for the preventlon detedion OT fraud rests wlh both manag8menl and thos6 charged wlth 9ov¢rnance of the company. Our approach was as follows.. W• obtainèd an tsnderslandlng of the legal and regulatory requiremènts 8ppli¢abl& lo the company Ind Eon5iderod that the most slgnlfleBnl ar9 Ithe Companies Attt 2006. UK financial repjrtlng stsndards as issued bythe Financial Rsporting Council, and UK taxation1ggisSationJ We obt8lnod an underslandlng of how thg company complies with these requlremonts by dlscugsSons with management and thosa charged wlth govemonce. We ?sses5ed the risk of m8lerfal mtgstalement of the ffnancial stat&menl$, including the risk of malerlal mlsglalomenl due to fraud and how 11 m1ght Ocr, by holdlng di%¢ussions wlth management and thosg charged wlth govgmance. We inqulrod of rnariagemenl and those charged with governance as lo any known inslancos of on-compliance or suspected non-c0mp1iae with laws and regulallons. Based on thSs un¢X4rslanding, we dèsigned spe¢1fl¢ appropriate audll procedures to identify instances of non-compliance wlth laws and r8gulalions. Thls InclLJded maklng enqulries of manag&menl and those charged with governancè and obtalnlng addllional corroboraflv8 evldence as required.
Independent Auditor's R&port to the Trustees of The Greek Cathedral Trust Fund letsntinuèd) other matters whlch we are requlrod to addre$$ Your altent40n is drawn lo Ihg fact that the charity has prepared financial stslemants in accordance with "Accounting and Reportlng by Charllies- Slalemenl of Recommended Practice appllcable to charities prèparing Ih&ir accounts in accordanc& with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) In preference lo thè Accounting and Reportlng by Charltlès.. Slalement of Recommended Pr8Ctl¢e Issued on 1 Aprll 2005 whl¢h18 referred lo In the &xtanl regulatlons bul has now been withdrawn. This has bè8n donè in ordér fDr thè financial st8t8m8nts to provid8 a tru8 and fair vi8w in 8ccord8ncè with current Genera15y Ac¢ept8d Accounting Practice. Usg of our réport Thls report is m8dg solely lo tho ch8rity's trustees, as a body, in accordancewilh C17apler 3 of Part 8 of the Charities Act 2011 and regulations made under secllon 154 of that Act. Our audlt work has been undertaken so that we mlght state lo the charlty's trustees those matters wè required to state lo Ihern In 8n audliorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or a$8ume rts$pon$ibility lo anyone other than the charity and ils Iruslees as a body. for our audlt work. for this report, orfor the opinions we have formed. <c. Francls C shley, Seftlor StsluloryAuditor For and on behalf of Moore NHC Audit Llmiled. Slalutory Audltor Moore NHC Audlt Llmlted Is ellgible to aet 0$ an auditor in terms of secllon 1212 of the Companles A¢1 2006 East Wing, Goffs Oak House Goffs Lane. Hertfordshlre EN7 5GE Date..
10 The Greek Cathedral Trust Fund statement of FlnancSal Actlvttlos FDr th8 y8ar anded 31st Decembev 2023 2023 2022 Unrestricted Unreslrlcled unds Funris Ineom• from: Donatlons and lÈg8CI8S Charitable activities InveslmBnl8 Other 207,487 104,843 64,900 37,624 271,911 115.450 57,632 41.833 Total 414,854 486,826 Expendlture on: Rèlslng funds Charitable 8CtNities 13,200 371,624 13,272 418,599 Total 384.824 431.871 Not lexpondEturt} l income befoTe galns and loss•s on invèstment$ 30,030 54.955 Rea11sed and unreali8ed nel Ilossesl Igalns on Inv88lmenls 94,739 {274,2971 Net Income bèlng net movémènt In funds 124,769 {219,342} Total Funds brought foNard 3,408,770 3,628,112 Total Funds ¢arri•d forward 3,533.539 3.408,770 The Statement of Flnanctal A¢tiwlies indudes all uains and tosses rewgnlsod in the year. l incomg and expendtfur¢ derived from conllnulng activities. In respect of both years, all funds a1 related income and expendUrQ ara unreslricterS. Tho notes on pagas 13 to 22 form part of these financlal statements.
Th& Greek Cothedral Trust Fund Balance Sheet As at 31st DÈeèmbÈr 2023 ol 2023 FIKod Assets Tangiblè assets Investments 7.056 3,174,987 9,4TI 3.094,993 3,182,043 3,104,470 Currènt Assets Debtois Cash al bank and in hand 7,158 385,441 9,220 393,071 14 393.599 402.297 Llabllltles Credilors, amounts falllng due wlthin one year 10 (42,1031 (58,730} Nèt Current Asset$ 351,496 343,567 Creditors, amounts falling Due greater than one year 10 139,267} Totsl Not As$gt8 3,533.539 3.408,TIO The Funds ofthe Charlty Unrestrlcled funds 11112 3,S33,539 3,408,770 Total Charlty Funds 3,533,539 3.405,770 Approv8d by th8 Trusl$o on ZD/g114 Trustee Thè noles on pag 13 to 22 form part ofthes8 financial stalemènls.
12 Thè Greek Cathedral Trust Fund Statement of Cash Flows For the ye&r ended 31st De¢emher 2023 Total 2023 Totsl Ntste Cash flow$ from opèrallng actlvltles: Nat cash fromllused In) op•ratlng actlvltlès 13 (86,2811 (49,0111 Cash flows from InvestFng actl¥htlès.' Dlvidends and interest from Investments 64,900 482,462 {560,121} 92,404 57.e32 55,571 1203.844) 249,389 Proceeds from sale of Inv&stmnts Purchase of investments Transfer8 lollfroml investrnents Net cash provldod by Investlng acllvlt]es 79,645 168,748 Change in cash and cash equlvèl•nts in th• rtrportlng perlod 16,8361 109,737 C•8h and cash equivalents at tho bgglnnlng of fhe reportlng pgrlod 393.077 283,340 Cash and cash oqulvalants at the ond ofthe roporttng perkjd 14 386,441 393,077
q3 Th• Greek Cathedral Trust Fund Financial Stat•mont8 for the year endod 3qst December 2023 Nots Princlpal accountlng pollcles lal Basis of a¢untIng The financval statements are prepBred in accordance wth "Accounllng and Reporting by Charilles.. Slalemont of R8commended Practice applicable to ¢harltles preparing thelr accounts in accordancè Wth th6 Financial Reporting Standard appll¢able In the UK and Republic ol Ireland IFRS 802) leffeatlve 1 January 20201" and the Charltlès Act 2011. Tha flnanclal stat&rnenls hav8 dtsparted from th8 Charities (Accounts and RepDrts} Re9ulalion5 2008 only lo the extent required lo provid6 a true and fair view. This departure ha8 involved followlng the Statement of Recommend8d Pr8Cticè for charilles applying FRS 102 rather than the vw3lon Dfthè Statement of Recommended Practkè whlch Is refvrr to In the Regulations bLEt whSch hag 81ncè b66n wilhdrawn. The flnand81 slatements are prepared in slerfing, whlch is th? fvn¢tl¢nal rrencY of tho charity. Monatary amounts in these financlal slalem8nts aro rounded lo naare8t £. The financial stalelnents have been prepared under the hislorlcal ¢ost ¢onvenUon, modlfied for the revaluation of inveslmenls. Thg financlal slatemonls include th& in¢omts and assets Qf Ihg Chufchwordens, account. the Cathedral TrustFund, the Cathedral, Land and Vlcarage Trust. (b) Fund acLounting Unreslrlcted lunds aTe available for use at the dlscrelion otth& Trustees in furtherance of the general objectives of the Charlty. Reslrlcied funds comprise fLFnds reiVed from donors forthe pwposes specSfled bythem or by Ihg app8al that gfve rise to the donatlon. In the reporttng p9rlod and Hi tho prbr period all funds reCed were unTestrlBtsd. (¢1 In¢om& recognllbn Al Incomlng resourcgs are Includpd In Ihe Statement of Financial Activilles {SOFAI vjhan thb Charlly becomes legally enlllled to the irwme, il is probable that the Income will be Teceived and the amountcan be quantifièd wllh reasonablg aiyuracy. Th8 follcpwing speclffic pollGtes also apply.. Subscrlpilons income Is recognlsed whén én14Uèmènt Is MSL FeBs for setvice5 Iwedding5, christenings. funerals) are recognlsed wh8n the sorvlce18 perforrned. Offwings arè récognised when recelved. Ganeral donatlL)ns aro uediled to unrestricted funds wh8n rac8lvèd. Lagacie$ ar8 credited to unrestrEoted fundg when h18 probable that th8 will be recoiV8d. Donallon8 rec9fved follovAng a sp[fIC oppeal are credlted to restrlcted I6 when r8¢&ived. Investm6nt incomè 18 Crlited on an accniats b8StS.
15 The Gregk C*hgdral Trust Fund Financial Stal&ments forthe year ended 31st December 2023 Note5 (Continued} (h} Tangiblè flxed ass8ts IContlnu8dl Assets cosllng £1,000 ¢x mor8 arg capitali58d a5 tang11)le fixed assets and are carAed at cost, net of depreBialK)n and any prov¢sions for impairtllonl. li} Valuatlon of Inv6slm&nt assets Investmsnl$ 8re 8 fom of ba$lc fln8nclal InglnJm&nt and are Inlually recognlsed at Ihek transacbon value and subsequ8nlly mgasuTed at Ih&lr fair valua 89 at IhÈ Balance Sli8at date uslng the Llosing quoted markel pri. The Statement of Financlal Activities includes th& nèt galns and losses arlslng on th8 revaluallon and digposals throughout the year. Th8 Fund does not acquire pul options, deTivatives or otrer complex finawal In8trum8nts. Tha maln form of flnanclal rtsk faced by the Fund Is that of voSallllty In equlty markets and Investmentmarkeis due to wSdereeonotllic conditions. the otlitudeof inv8stOTSto investmant ri$k Btid chang&s In senllment concerning pouitios and wrfhln parti¢ularse¢tor3 or 8ub-se¢ior¥. u) Gainwlosses on inv&slm8nl asset8 I galn8 arKI losses are taken to the Statement of Financlal Aclivllles as th arise. Reallsed galns and 105ses on invB51tnonts are r8lculated as the drfference between sales proceeds and their marketvalueatthe stsrt0ftheyearorlhe1rsubqUent C051, and are charged or credited lo the Slatem&nt of Flnan¢ial Ad1vil$ in thg year of disposal. Unmllsed galns and losses represent the movement In market valu0$ durfng th¥ year and aTe credilgd or charued lo the Statement of Flnanciql Actlvltlès baged on the market valua at the year ond. (kl Golng COnM The Trusteas assess whètherlhè use of going corK8rn 18 appropriate. i.e. whetherthèrè are any materi81 uncertalrrtiès rèlat8d to 8V8nts orcondillons that may c&st signifantd0ubloll tho ability of the charty lo continu6 as a golng conrn. The Trustees make thls ass&ssmont In respect L)f p&dod ofong y8arfrom tre dale ofapproval of the financlal statsmgnts. The Trustees conclude that there are no material unrtainlieS about th8 Charity'¥ abilty lo Contin and accordln9ly the financial statements are prepared on 8 golng ¢oncern basls. Crlllcalludgernents and ¢8timale There are no slgnifKanl arèas ofludgement or key assumpllons that 8ffecl il8ms In the financial slalements with respect tothè rèporbng P8Tiod for the yearended 31 December 2023. The most 8ignificantar&as of uncertalnty thaleffecllhe carrylng value of ossats hèld bylh8 Charity are th levol of Investment relum and the performance of the Investment markets and any outcome on the principal risks and unrtaIntleS that faix the Charty on a day to day basi8. as explalned Ihln the Inv¢slmentpolicy and risk management soctitsns ofthechurchwardens, 8nd Trustees, report.
Tho Greèk Cathadral Trust Fund Flnanclal Stalgm8nts ft>rth• y#ar8nded 31st December 2023 Notes Icontlnuedl Income and endowments Donatlons and legacles 2023 2022 Subscriptlons Offerings Donatk)ns 6,SOO 129,576 71,411 7,250 113,203 161,458 207.487 271,911 Charllable acllvltlg5 23 022 Fees for services Crypt income 77,980 26,863 98.530 16,920 104,843 115,450 Invp$tmgnt incoma DeposSt Interest Incomg from Ilst6d Inv¢slmenls: UK 7,725 1,192 57.17S 56.440 64,900 57,832 oth&r Incomè 37,624 41,B33 Total Incoma 414,854 4B6,B26 Donatlons ¥nd1ogscJas Donatlons tr) tho Church are made by m&mb*8 of fh& Grè8k Confralernity tn London. The Twstees do not consider il appropriats to publish detaib of such donallons butwlsh tofhank all thos6 who havg ggnerously given forthe continuing maintenance of the Chkjrch.
17 Thg Gr*èk Cathbdr&l Trust Fund Flnancial Statemonts forthè raded 31st D8c8Mber 2023 Notes IContlnuod} Expendituye Raislng un Charttable actlvl'es Tolgl 023 Total stippnds and 8tsff costs Choir fees Insurance Auditfee Printing, poslage and statlonery Telephone Church expenses Candles Eleclriclty and water He$llng fu@1 Rates, council tax Minor repairs Major works Malnlanance contracts Legal and prof&sslonal fèÈs Donations Invostmonl $gNlce charge Depreciation Bank chargeslother Subscrlptlons Loan interest 122,235 32.180 43.273 13,260 2,781 5,281 46.220 122,235 32.180 43,273 13.260 2.781 5,281 46,220 93,665 37,294 40.363 11,880 1,420 4,885 62,060 6,941 6.717 5,142 2,413 15,222 67,096 13.392 33,24S 12,000 13,272 69 7,126 5,117 6.317 9.924 21,062 19,071 24,345 8,000 7,126 5,117 6.317 9.924 21.062 19.071 24,345 8,000 13,200 2.421 705 292 2,014 13,200 2,421 705 292 2.014 139 3,815 Total expondlturn 13,200 371,624 384,824 431,871
18 The Greek Cathedral Trust Fund Flnanclal Statement6 fortheyear ended 31st D¢¢omber 2023 Notes (Con15nuedl Employees and staff co8t$ 2023 022 Wag8s and 3alaria$ and ott)er staff ¢osts ial security costs 118,026 4,20 91,334 2.331 122,235 93.665 Th8 average n)onlhly number of persons employgd by the Charity during the yearwas No gmploygo r8cslved 8mployeo benefits (excludlng p&nslon conlrfbullons) Sn exc&8$ of £60,OQO a year during 2023 or 2022. Key managemenloflhe Charfty are regarded as Its Trustees and Ghurchwardens."fhpydld nol rece5ve remunerallon or banefits In nd. Trustèès, èxpeftsÈ$ ttnd rèmunèrdt1on A8 explalned abov8. the TTUStees are not remunerated nor dld they recefv8 any b6neflts In klnd and nellher dld they clalm expenses for attending meelSngs and dut16s relBted lo thelr dutles ag trusta8. Tanglblo fixe(l assets Plant and machine Flxturos And fittin Computer ui ment Total Cost Al 1st January 2023 Additions 81,985 2,805 28,340 113,130 At 31st D8e8mb8r 2023 81,985 2.805 28,340 113,130 Accumulated d8preciallon At 1st January 2023 Chtruè in year 72.577 2.352 2,736 69 28,340 103.653 2.421 At 3181 December 2023 74,929 2.805 28.340 106,074 Net book valuo Al 31st Decgmb8r 2023 7,056 7,056 At 31st DwmbeT 2022 9,408 69 9.477 The CathÈdral, vicaTag8, land, and sacrod oL4ects are not capltallsèd ag èxplainod In Note 1lgl. The assets are maintalned through a programmè of ropalrs and are insured at a valu8 of £32.2 mlllion lo protect against Ihelr Joss and damage.
19 The Greek Cathedral Trust Fund Flnanclal Statements forth& year ended 31st December 2023 Note3 Icontlnued} Investmonts Listed in¥estments= 023 2022 Shas ands8cuiili9S.' Market valuo.. At 1st January 2023 Addltlons, at cost Oisposal proceeds Realised net Ilossesy gains on disposxlÈ Unreallsed net Ilo$s881l galns on revalualtons 2,920,281 560.121 {482,462} 17.500 77,239 3,046,255 203,844 {55.5711 19.6361 1264,6611 Al 3181 December 2023 3.092,629 2,920,231 Cash.. hl 3181 December 2023 82.358 174,782 Totsl Sharo8, SeCUres and Cash 3,174.987 3.094.993 Hlslorfc eost At 31st Dècèmbgr 2023 2,475.414 2.384.254 The portfolKs is spmad across fha fttllawing caleg0rf¢s of Investment and their fair v21ug9 aro as follows.. 2023 20 Fixed incom9 UK Equilles Overseas Equilles Allematlve Equltlgs Cash 1.055,857 511.428 1.161,527 363,817 82,358 837,040 S19,724 1,189,782 373,885 174.782 3,174,987 3.094,993 All investments are held prlmarfly to provide 3n Inveslment r¢tuin for the charity- The following Investments exceed S% of the total portrollo vÈlu8'. Market valuè Trgasury 118OA irtd8xed linked stock 221312024 Flnsbury Growth and Income Trust Treasury1180h indoxed Ind&xed stock 2210312029 ABRON OEIC Index linked Governmenl Bonds 193,141 171.400 160,857 160,096
20 The Greek Cathedyal Trust Fund Flnanclal Statemttnl$ for th6 year ended 31st December 2023 Notes {¢ontinued) Debtors 23 2022 Olher Debtors Prepaymonls 2,812 6,608 7,158 7.158 9,220 10. Credltors 2023 2022 Tradè crÈdltors Accrua15 and def8rred income Loan 4,444 37,659 4,775 38.755 15,200 42,103 58,730 Loan greater than one year 39,267 11. Statement of funds As al 31 Deoember 2023.. Brought Fon8 Gainsl losses co ChuichwaTdpns' Fund 296,444 Cathedral Trust Fund 351,470 1362.471) 65,000 350,443 3,112,326 63,384 (22,353) 94.739 165.000) 8.183,098 3.408.770 414.854 1384,824) 94,739 3.533,539 . As at31 De¢&mbèr 2022.. Brought Inco FoFward LQ Ex Gainsl losses Total Churchw8rdèns' Fund 209,277 Cathedral Tru$1 Fund 497.633 1410,466) 296.444 3,418,835 57,632 {89.8441 1274.2971 3,112,326 3.628,112 555,265 1500.3101 1274.2971 3,408,770
21 The Gréèk Cttthèdral Trust Fund Financial Stat•manls forthe year ended 31st Decembgr 2023 Notos Icontlnued} 12. Analygls of net assets between funds As al 31 DeGember2023.. N8t Current tsl T3nglbl8 Assets Investm8nts Churchwardens, Fund 7,05S 343.387 350,443 Cathedral Trust Fund 3,174,987 1109 3,183,096 3.174,987 7.058 351.496 3,533,539 As at31 Decamb8r 2022.. N81 Tanglb10 A8s8Is Current Investments Total Churchwardens. Fund 9.477 286.967 2,444 Cathedral Trust Fund 3.094,993 17.333 3,112,326 3,094,993 9,477 304,300 3.408,770 13. Cash Ilows from oparatlng aetlvltlès 2023 2022 Nèt Sneomelldèfidll fortho reporting pfyriod Adjustmgnts for.. Depreclation IGains}11088es on investment Asset ladditionslldlsposals Divldends, Interest from investments {Inerè8sèy dècrèase in debtors IncreaslI8¢r0•s8) In creditors 124.769 {210,342) 2,421 (94,7391 69 274,297 19,4081 157,6321 13.4151 {33.58O1 (64,900) 2,062 155,894) Net cash froml(used In) operallng aetlvltltrs 186.2811 {49,0111
22 Th• Gmék Cathèdral Trust Fund Hnanclal Statements for the yèar ènd8d 31st De¢omber 2023 Notes (Continued) 14. Analysls of changes In net debt At 1 January 2023 At 31 December 2023 Cash ttows C88h at bank and in hand 393.D77 (6,6361 386,441 393,077 16,6361 3B6,441 15. Relatsd party transactlons There were no related PBrty Iransaclk)ns to report.
23 The Greek Cathedral Trust Fund Churchwardens. Accounts Income and Expendttum Aecounl Fortho year end8d 31st December 2023 2023 Unreslri¢led Funds 022 Unre$lrict8d Funds Inwne C8thedral subscrspllons Feos for s8Nlces Offerings Donations Crypt income Olher income Contributlon from T1 for Church maintenance nteresl 6,500 77,980 129,576 71,411 26,863 37.624 7,250 98,530 113,203 151.458 16,920 41,833 65,000 1,516 68,439 Total 416.470 497,633 Expendllura Stipends and staff eosts Choir fè8s Audit fea Prinllng, postsge and stsllonery Telephons Church &xp&ns68 Candles Electrlcity and water Heating and fuel Ratss Councll Tax Minor Repairs Major Works maintenan contracts Cathedral bulldlng Insurance Donations Legal and professlonal ia)sls Subscripllons Bank chargeslother costs Depreciatlon Laan interest 122,235 32,180 6,$30 2,781 5,281 48,220 93.665 37,294 5,94Q 1.420 4.885 62,060 6,941 6,717 5.142 2,413 15,222 67,096 13,392 40,363 12,000 31,052 139 7,126 5,117 6,317 9.924 21,062 19,071 43.273 8,000 21.822 292 705 2,421 2,014 3.815 362,471 410.466 Net movement$ In funds 53.999 87,187 Al 131 January 2023 296,444 209,277 Al 31st Dgcomber2023 350,443 296.444 In rè$pecl of both years all funds and related Inme and expenditure ara unTeslrlcted. Thls pagelg ts management Informaln only and does not fctTh part of the audllod flnancial statemnls
Thè Greèk Cath6dro1 Trust Fund Churchwardens. Accounts Balance Sh88t As at 31st Dgcembef 2023 Fixed a88ets Tangible assets 7.056 9,477 Curront a$$gt8 Amounts due from Calhèdtal Trust Fund Pr&paym8nts Cash at b8nk Other Debtor8 56,645 7,158 309,743 48,452 6,608 316,379 2,612 373,546 374.051 Credltors, amounts falllng du? within one y88r Trada cr8ditors Acoruals and def8rred Incoma Loan 14.4441 125.7151 {4,7751 127.8421 115,200) 130,15gi {47.8171 Net current assets 343,387 326,234 Credltors. amounts falllng due wlthln onè year Loan 139,2671 Total assets 350.443 298,444 A¢¢umulated funds Unréstrl¢ted fund8 350,443 296.444 Re$trl¢ted fund$ 350,443 296,444 Approved by the chhward8fts on 8,9 SAeYnLÉr IAUq- Thls page is for m8nauemenl InfoTmallon onty arml does not form part oftho audrfed fin8nelal statements,
25 The Groek Cathedral Tru¥f Fund The Cathedral Trust Fund Irkcom& and Expendlture ACufit FOT the year endèd 31st December 2023 2023 Income Investment incom8 Inlarest 57,175 6,209 56,440 1,192 Total 63,384 57.632 Expenditure Contribution to Chur¢hwarden$ for Church malnlenane Audlt fees Invéstmènt service charge Oih6r expenses (bank charges elc.) Leyal and professlonal c08ts 65,000 6,630 13,200 68,439 5.940 13,272 2,523 2,193 Total 87,353 89,844 Net lexpendlturel before gains and losses on Investmonts 123.969) 132,2121 Galnl{1088) on Investment assets 94.739 (274,2971 Net movemènt In funds 70,770 1306,5091 At 1st January 2023 3,112,326 3,418,835 At 31st D¢¢gmber 2023 3.183.096 3,112,326 This pag9 Isfor management Informauon onty arvj does not form part of the audlled llnanclal sl8lements.
26 The Grotrk Cathedral Trust Fund The Calhedral Trust Fund Balance Sh6&l As at 31st D*¢gmber 2023 Inv¢sfmenls 3,174,987 3,094,993 Current asssts Cash at bank 76,698 76,698 Credltors, amounts fallln9 dut within tsnt year Accruats Amounts due lo Chur¢hward&ns 111,944} (56,645} 110,913} 148.4521 168,5891 159,3651 Net eurrent assetsllliabllltlesl 8.109 17.333 Ngt assets 3,183.096 3.112.326 Aecumul•ted lunds 3,183,096 3,112.326 Approved bythe Trust885 on l O ¢ Thls page Is for fflanagement Informatton onty and dogs not form part of the audited financial ststaments.
27 Thè Gregk Cathedral Trust FutKa Sub3crlbers for 2023 to the Cathtdial and to th& Ctyislantinople Patrlarchate Fund Cathedral Patriarchate Mr M Anlonlou Mr P Arvanitakls Mr M ChandrFS rs M Coccolalos Mrs M Edg8rly Mr N Dananlanas Mr SJ FAfallDS Mr OJ Fafalios Mr A Fafalio$ r8 E Falalios Mr J FafallDS Mr N Gavrilov Mr J Hadjipateras Mrs A Konzotls Mr8 R Konzolls Mr G Kountouris Mr EJ Kulukundis MTS S Kydonlof& Mr A Margaronis Mr J Paleocrassas Mrs M Proestos M8 A Protopapas Ms M Sakarellou Ms A Spanopoulou M5 1 Theodorou Mr N Tsarouchrls 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.0 220.00 22Q.00 220.00 220.1)0 220.00 220.00 220.00 220.00 220.00 220.00 220.OD 220.00 220.00 30.00 80.00 30.0 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 £5,720.00 £780.00 TOTAL £6.500.00