THE GREEK CATHEDRAL TRUST FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2024
The Gre8k Cathodral Tru¥t Fund Report and Financlal Stalements Forthe year ended 31st December 2024 Page Report of the Churchwarden$ and Truslees Statement of Churchwardens, and Trustee$. Responsibilllies Auditorfs Report Statement of Financial Actwtties 10 Balance Sheet 11 Statement of Cash Flows 12 Notes to the Flnanclal Statements 13-22 Chur¢hwardens' Accounts 23-24 The Cathedral Trust Fund 25-26 List of Subsurbers 27 Pages 2>27 are for management Infomi*ion only and do not fonTt part ofthe audlled financial Statements
The Greek Cathedral Trust Fund Churchwardgns J. Hadjipatsras E. Fafalios C. Mossio$ M.Sakarellou N. Pachf(i N. Tsarouchis {Ch8lrl (Vice Chalr) (Treasurer) (Secretary) (Member} (Member) Trustees of the Cathodral Trust Fund N.J. Fafalios S.J. Fafalios M.C. L8mos M.F. Lykiardopub J.M. Lyras Registered Charity No. 265710 Twstees of tho Land and Vlcarage Trust Mrs M.C. Coccolatos S.J. Fafalios E.J.S. Kulukundis N.J. Paleocrassas Cathedral Admlnlstrntor & Secretary to the Trusto•$ K Georgiadls
The Gre•k Cathedral Trust Fund Address Moscow Road, London W2 4QL Archltects: Auditors: Oliver West & John Scott Architects The Studio. Bath Road Bedford Park London W4 1 LL Moore NHC Audit Limited Eastwing, Goffs Oak House Goffs Lan&, Hertfordshire EN75GE Sollcltors: B4nk•rs: Reed Smrth LLP The Broadgate Tower 20 Primrose Street London EC2A 2RS HSBC 92 Kensington High Street London W8 4SH Withers LLP 20 Old Bailey London EC4M 7AN MetroBank I6166 Kensington High Street London W8 7RG Investment Advlsgrs.. Rathljone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ
The Grnak Cathedral Trust Fund Raport of the Churchwardens and Trustees The Churchwardens and Trustees present their report and audited finan¢ial statements for th8 ygar ended 31st December 2024. The financial statements ar8 prepared in accordan* with 'kcounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing thoir accounts in accordanco with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 1021 leffeclive 1 January 20201" and the Charities Act 2011. 8trurturg, Governance and Managemgnt Govemlng Document The Cathedral is subject to English law arKI is govemed ty The Regulations which were first approved at a general meeting of the Greek Confralemlty of London on 9th March 1879 and subsequenty amended and added to. which determine the ownership, organlsation and management stnjcture of the Cath8dral. There are tsvo trusts and this report and the audited finandal ststements combina the results and overviw of operations thereot The Land and Vicarage Trusl established by declaration of trust dated 31st December 1879 aTr $ubsequenUy 29th September 1915. The Cathedral Trust Fund established by deClaratn of trust dated 8th February 1888. This is also Ihe registered entity Ltnder the Charities Act 2011 (Number 2657101. Appolntmont of Churchwardens, Trustees and Commlttee Members The Cathedral Twst Fund dead provides for at least three trustees who a plaCed on resignation or death. The Land and Vicarage Trust daed provid85 for at least three trustees who are replaced on r8signalion or death. Six Churchwardens are responsible for the sound management of the Cathedral, with Churchwardens appointed each year for a three year term at the Assembly of the Confralemlty. They administer such funds as may be approved by tho Confraternty at tts Annual Geral Meetin9. The confratemity comprises those members of the Cathedral that ¢ontribute an annual subscription and who are 8ntiUed to vote al meetiNJS ofthe Assernbty. Trustge Induclion and Tralnlng The Trustees are guided in th8 perfomiants of their work by charty regulatiorts and by refer&n¢e to the professional firms referred to on page 2. Organisation As indicated above the Churchwardens are responsible ft)r the management and day to day operation of the Church. The investment of the fvnds held by The Trust is delegated to Ralhbong Investment Management Ltd under 8 discretionary fund management agreement.
Th8 Greek Cathedral Trust Fund Report of the Churchwardens and Trustees Rlsk Management The Charity faces a number of risks golng forward.. ever more stringent regulations (particularfy since the Cathedral became Grade I listed) make maintenance both more complicated and more expensive- the changing constitution of the Greek diaspora in Lor)don has implications for the Cathedral'5 revenues- and, the instability of the financial markets lead to uncertainty with investments. The Truslees regularfy monitor and discuss the OPWJthJnities available lo the Charity and the Sk$ to which It Is exposed. As part ofthis prc$ The Trustee5 hava implemented a risk management strategy which comprises: Tho establishment of systems 8nd controls to mitigate the risks identified. The implementation of procedure5 designed to minimise any potentral impact on the charity should any of those risks materialise. An annual review of the risks which the Charity may face and the implementation of any changes lo the ntro that might b& deemed necessary. The Trustees have not identified any $ignifTrnt financial or other risks that have not already been monitored or controlled. Oblectlv•s and ActltIeS The main objectNe of the Charity is the preseNatson of the Gregk Cathedral in London W2. Church Services and the op8ration of the Cathedral are carried oul by fNe empwed staff. Achigvgmgnts of the Pasl Year During 2024, offerings increased to £165.978 from £129,576 in 2023. Fees for services increased to £95.665 from £77,980 in 2023, and income from the crypt increased to £27,668 from £26.863 in 2023. other lunds were raised from filming, a$ well as a conc8rt by the English Chamber Choir. Major works Caled out in 2024 were exclusively to repair the Cathedral pews. Minor works included repair and reproduction of broken Cathedral Window. electrical works around Church, Garden and Vicarage. patio cleaning and pointing work. new lock for main door of crypt and new carpet for Cathedral which was offsel by a donation from Mr Filippos Lemos. The Cathedral has appointed a new Dean. The Very Reverend Archimandrile Nephon Tsimalis. The Very Reverend Archimandrite Father Theonas Bakalis has been appointed Dean Emeritus. Financlal Revlew The Charity continued to receive the majority of its income from subscription fres for services, donatton5 and offerings. Income from these sources was broadly in line with that of Ihe previous year. The Chur¢hwardens and Tnjstees report total income of £504,942 {2023'. £414,854} and total expenditure of, £494,581 (2023.. £384,824} leaving 8 gain of £10,361 12023.. £30,030)- A gain of £120,58512023.' £94,739) arose on realised and unreallsed movements on investments leaving an overall profrt forthe year of£130,946 12023.. £124,769). Investment Powers and Pollcy The Charity's constitution allows the Trustees to invest in accordance wilh the powers set out in the Tnjst Deed. The investment agreement with Rathbone Investment Management Ltd provides for management of the funds on a discretionary basis.
The Grook Cathedral Thist Fund Report of tho Churchwardans and Trustses Re$aNos Pollcy Th8 Cathedral Trust FurKI maintains reserves which the Trustees deem appropriate forthe officient operation ofthe Cathedral and its Trusts and ftr the generation of additional inwme on a prudent basis. Funds held for investrnent are earmarked for thè fuiure repair and maintenance of the property which is a Grade 1 listed building. The Trustees o)nsider that th8y should be able to meet management and administration expenses for a perKJd of four months and as a consequence a level of free reseNes of £100,000 excluding investments held is considered appropriate. The actual reserves exceeded the required laval and amounted to £373.089 {2023- £351,496) excluding investments and Ted assets. Key Managemont Romunoration Poli¢y The key management ofth8 Charty are the Trustees and Churchwardens. Tho Twstees and Churchwardens do rK*t receiv8 any remuneration or ben8fits in kind. Charity's Public B•nofrt The Trustses have had regard to the Charity Commission's guidance on public b6nofit. The TrLEStees 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 histortcal signfficance. Plans for Futuro Poriods Within the available finanaal resources of the Charfty. the Trustees plan to continue with the plann& restoration works in the Cathedral and to encourage increased engagement with and att&ndance at the Cathedral.. The Cemetery En¢l¢)gures Twst In February 2024. the trustees of the Cemetery Endosures Trust submltted thelr proposal for a cy-près scheme to the Charity Commission. Their new scheme would remove the Assemblls d1CtiVe powers and sever the link btheen the charities. The Cathedral had been offered an earty draft to review and submitted comments in February 2023 objecting to the proposal. The Cathedral's lawyers are in the process of registering a fomi81 obj'ection to the 8cheme. In December 2024, the Trustees ofthe cemetery Enclosures Trust infomied the Charty Commission that they were consid8ring making a resolution under Section 280Ato alterthe purpose of trteir Charity. In effect, this has put a pause to their proposal for a cy%Jrès scheme. which they had been preparing since 2021. Regrettably. this course of action will extend the Cathedral's 8XP8nditure on legal advlce throughout 2025 and into 2026. ar of tha ChurdJwardens and Trustees J. Hadjipateras Chair
The Greek Cathedral Trust Fund ststement of ChurGhwardens' and Trustge$' Responsibilities The Trustees are responsible for pparIng the Trustees. Annual Report and the financial statements in accordan with applb¢able law and Uniled lfjngdom Accounting Standards (United Kingdom Generally Accepted kncounting Pffjctice}. The law appli¢able lo Gharilies in England and Wales requlres the Trustees to prepare finanei21 statements for each financial yearwhich give a true and fair view of the slate of affairs ofthe charity and of the incoming resources and application of resour$ of the charty for that period. In preparing these finan¢lal statements, the Trustees are required lo.. select suitable a¢¢ounling policies and then apply them conslstently. observe the methods and principles in the Charities SORP., make judgements and accounting estimate$ that are reasonable and prudent,. State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statement.. and prepare the financial statements on the golng ¢on¢orn basis unless il is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any tlme the flnanci81 position of the Charity and enable them to ensure that the financial statements comply wtth the Charities Act 2011. the Charity IA¢counts and Reports} Regulations 2008 and the provlslons 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.
Indepondent Audltof's Report to tha Trustses of Tho GTggk Cathodral Trust Fund Oplnion on the financial Statgments We have audited the financial statements of The Greek Cathedral Trust Fund (the 'charity') for the year ended 31 Decgmber 2024 which comprise the Statement of Financlal Actwities, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The finanoal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Th6 Financial Reporting standard applicable in the UK and Republi¢ of Ireland. Iunitgd Kingdom Generally Ac¢apted A¢¢ounling Practiee)- In our opinion the financial statements.. give a true and fair view of the state of the charity's affairg as at 31 December 2024 and of its Incoming rnsources and application of resources, for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordan¢e wth the requirement5 of th? Charities Act 2011. Basis for opinion We conducted our audit in accordance with Internalional Standards on Auditing IUKI (ISAS {UKII and applicable law. Our responsibilities under those standards are further descrlbed In tha AuditoRs responsibilities for the audit of the financial ststemenls section of our report. We are indepandant of tho charity in accordance with the ethical requirements that are relevanl to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our ethical responsibilities in accordance with these requirements. We b81ieve that the audit ftvidence we have oblalned is sufficient and appropriate to provide a basis for our audit opinion. Concluslons rolating to going concern In auditing the financial statements, we have Goncluded that the trustees, use of th8 going conc&m basis of accounling in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any rnaterial uncertainlies relating to events or cond(tions that, individually or collectively, may $1 significant doubt on the MpanS ability to continue as a going conrn for a period of al least Ie1ve months from when the financial statements are authorised for issue. Our responslbllltles and the re$ponsibilitie8 of the trustees with respe¢t to going concem are descrlbed in the relevant sections of this report. Other Inforniatlon The trustees a responsible for the other information. The other infOnatIon comprises the information Included in the annual report, other than the financial statements and our audilorfs report thereon. Our opinion on the financiAI statements does not cover the other infomation and, except to the extent olherwise explicidy stated In our rnport, we do not express any form of assurance ¢ondusion thereon. In connection with our audtt of the )Inancial statements, our responsibility is lo read the other infonnation and, in doing so, consider whether the other Infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such mat8rial inconsistencie5 or apparent material misstatements, we arg required to determin¢ whether there is a material misstatement in the financial statements or a material rnisstalement of the other Information. If, based on the work we have performed, we conclude that there is a material misstatemenl of this other infomiation, we are required to report that fact. We have nothing lo reF)Ort in this regard. Matters on which wg are requlred to report by exception We have nothing to report in respect of the following matt&rs wh8re the Charities Act 2011 requiras us to report to you rf. in our opinion: the information given in the financial statements is inconsistent In any material respect wlth the trusteeg, report.. or sufficient accounting records have not been kept.. or the financial statements a not in agreement with the a¢¢ounting records,. or
Ind•p•nden* Audito$ Report to the Trn$tses of The Greek Cathedral Tru¥t Fund (Gontinued) certain disclosures of tnjstees, remuneration specffied by law are not made- or we hava not received all th¢ infomiab'on and explanations we require for our audit. R•sponslbllitlo$ of trustggs As explained more fully in the ststement of ¢hurchwardens' and Iruslees. responslbilltles, the trLSStees are responsible for the preparation of the financial statements and for boing salisfled that they give a true and fair view, and for such intemal control as the trustees deteIne is necessary to enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error.ln pparIng the financial statements, the trustees ar8 responsible for assessing the charity's ability to continue as going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless th8 tfusle8s either intend lo cease opeffjlions, or have no realists'c altemative but to do so. Audltorfs responslbllltias for the audit of the flnancial staterngnts We have been appointed as audiloT under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objective8 are to obtain reasonabl8 assurance about whether the financial statements as a whole are free from material misstatement, whetherdue to fraud or error. and to issue an audf(orfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is rsot a guarantee that an audit conducted in accordance with ISAS (UK} will always delect 8 material mis$talement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis oflhese financial stat8mgnts. Irregularities, including fraud, are inslances of non-complian with laws and regulations. We design procedures in line with our responsibilities, ouuined above. lo detect material misstalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, in¢ludlng fraud is dotalled below. Explanation as to what pxtant tho auditwas Gonsidorgd capablg of delectlng Irregularltles, Includlng fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of malerial Trisstatsmgnl of the financial statements due to fraud., to obtain sufficient appropriate audit gvidenGe regarding the assessed risks of material misstatement due lo fraud, through designing and implementing appropriate responses to those assessed risks: and to respond appropriately to instances of fraud or 5uspeded fraud identified during the audit. However, the primary re$ponsibility for Ihe prevention and deteGtion of fraud rests with both management and those charged wilh govemanGe of the Gompany. Our approach was as follows- We obtained an understanding of the legal and regulatory requirements applicable lo the company and considered that the most signrficant are Ithe Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation] We oblalned 8n understanding of how the company compl188 wSth these requlrements by discussions with managernenl and Ihose Gharged with govemance. We assessed th8 rlsk of material misstatement of the financial statements. including the risk of material misstatement due to fraud and how rt might occur, by holding discussions with managemenl and those charged with govemance. We inquired of management and those charged with govemanGe as to any known Instances of non-¢ompliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures lo identify instances of non-compllance with laws and regulations. This induded making enquiries of management and those charged wlth governance and obtaining additional corroborative evidence as r8quired.
Indopendgnt Auditovs RBport to the Tru$te•s of The Greek Cathedral Trust Fund (contlnued) Other matters which we are requlr8d to address Your attention is drawn to the fact that the charity has pr8pared financial statements in a¢cordanGe 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)° las amended) in preference to the Accounting and Reporting by Charities.. statement of Recommended Practice issued on 1 April 2005 which is referrod lo in the extant r8gulations but has now been withdrawn. This has been done in order for the financial statements to provlde a true and fair vlew In accordance with current Generally Accepted Accounting Practice. A further description of our responsibilits'es is available on Ihe Financial Reportlng Councll's website at= https'.IlwvM.frc.org.uklauditorsresponsibilities. This descriptH)n forms part of our audhorfs report. Uso of our report This report is made solely lo the charity's tnjstees, 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 thos8 mattèrs we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law. w8 do not accept or assume responsibility to anyone other than the charity and Ils trustees as a body. for our audit work, for this report. or for the opinions we have fomed. Francis Corblshloy, (Senlor Statutory AudStor) For and on behalf of Moore NHC Audit Limited, Stslutory Auditor East Wing, Goffs Oak House Goffs Lane, Hertfordshire EN7 5GE Dale..
10 The Greek Cathedral Trust Fund Statement of Financial Activities For the year •ndod 31st Decembgr 2024 2024 Unrestricted Funds 2023 Unrestricted Funds Nol8 Income from: Donaltons and legacies Charitable a¢tivities Investments Other 256.815 123.333 78.261 46,533 207,487 104,843 64.900 37.624 Total 504.942 414.854 Expendlture on: Raising fvnds Charllable actlvities 13,700 480.881 13,200 371,624 Total 494,581 384,824 Net {expenditure) l income befor• gains and losses on investments 10.361 30,030 Realised and unreallsed net {lo$$es) Igains on investments 120.585 94,739 Net Income belng net movement In funds 130.946 124,769 Totsl Fund5 brought forward 3,533,539 3,408,770 Total Fund5 Garrled forward 3,664,485 3,533,539 The Ststement of Financial Activtties indudes all gains and losses rets)gned in the year. All income and expenditure derNed from continuing activities. In respect of both year5, all funds and related inoome and expendf(ure are unrestricted. The notes on pages 13 to 22 fomi part of these nancIal statements.
11 The Greak Cath•dral Trust Fund Balaneg Sheet As at 318t Docemb8r 2024 Fixed Assets Tangible assets Investments 5,292 3,286,104 7,056 3.174,987 3,291.396 3.182,043 Current Assets Debtors Cash at bank and in hand 11,796 402.853 7,158 386,441 14 414,649 393.599 Llabllltles Creditors, amounts falling due wtthin one year 10 141.560) 142.1031 Nèt Curront Assets 373.089 351,496 Creditors, amounts falling Du8 greater than one year 10 Total Net Assots 3,664.485 3.533,539 The Funds of the Charlty Unrestricted funds 11112 3,664.485 3,533,539 Totsl Charity Funds 3,664,485 3.533,539 Approved by the Trustee on Trust88 The notes on pages 13 to 22 form part of Ihese financial statements.
12 The Greek Cathodral Trusl Fund statement of Cash Flows For the year ended 31st Decembèr 2024 Totsl 2024 Total 2023 Cash flows from operatlng activlties.. Net cash froml(usad In) oporatlng actlvltles 13 171,317) 186,281) Cash flows from invèsting activitios: Dividends and irrterest from investsnents 78.261 758,208 1585,4461 1163.294} 64.900 482,462 (560,1211 92,404 Proceeds from sale of investrnents Purchasg of investsnents Transfers tol{from) investments Net cash provld•d by Investlng aGtlvltlgS 87,729 79,645 Change In cash and ¢ash oquivalents in the reporting perlod 16,412 (6,636) Cash and Gash oquivalgnts at the beglnnlng of tho r•porting pgriod 386,441 393.077 Cash and ¢ash oqulvalonts al tho ond of the reportlng period 14 402,853 386,441 The Grnek Cathedral Trust Fund
13 Flnanclal Statements for the year ended 31st Decembèr 2024 Nots8 Prlnclpal accountlng policies (a) Basis of accounting Thg financial statements are prepared in a(xxryrdance wth 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20201" and the Charities Act 2011. The financial ststements have departed from the Charities {Accounts and Reports) Regulations 2008 only lo the extent required lo 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 Staternenl of Recommendéd Practic8 which ig referred to In the Regulations but which has since been withdrawn. The financial statements are prepared in steding, which Is the functional currency of the charity. Monetary amounts in these finan¢ial slatem&nts ara rounded to th8 nea$1 £. The financial statements have been prepared under th8 hlstorical cost convention, modrfied for the revaluation of investments. The financial statements inGlude the income and assets of the Churchwardens, account, the Cathedral Trust Fund, the Cathedral, Land and Vicarage Trust. (bl Fund accounting Unrestricted fvnds are available for use at the discretion of tha Tfuslees In furtherance of the general objeclnies of the Charity. Restricted funds comprise funds receNed from donors forthg puiposes specified by them or by the appeal that gwe rise to the donation. In the reling period and in the prior period all funds received were unrestricted. (c) Income recognition l incoming resources are Included in the Statement of Financial Activities {SOFAI when th8 Charity becomes legally entitled to the income, it is probable that the income will be recelved and the amount ¢an be quantified wrth reasonable accuracy. The frjllowing speofiG policies also apply- Subscrfplions incom is recognised when entiliement is met. Fees for $6rvic85 (weddings. christenlngs. fvneralsl are recognised whon the s8rvi¢e Is perfom)ed. Offerings a recognised when received. Ganeral donations ara credited lo unrestricted funds when received. Legacies are credited lo unrestricted fvnds when it Is probable that the income will bg received. Donation5 rec8Ned fc41owing a specific appeal are credited to restrtcted funds when received. Investment income is creditod on an accrua18 basts.
14 The Grn•k Cathedral Trust Fund Flnandal Statements for the year ended 31st December 2024 Notes (Continued) Prln¢lpal a¢Gtsuntlng pollcles {Contlnuèdl (d) Expenditure recognition Llabllhies are recognlsed as expenditure as soon as there is a legal or constructive obligation committing the Charfty to that expenditure. it is prob8ble that settlemenl will be required and the amount of tha obligalon (an be measured reliably. All expenditure is charged to the SOFA on an accruals basis. Charitable expenditure comprises those costs inCued by the Charity in the delwery of its activities and seThices to ils beneficiaries. It includes goveman¢e and sUPPOrt costs. The costs ofraising funds do not include any allocated costs as these are deemed to arise sdely for the charStable activlties of the thurch. Govemance costs indude those costs associated with meeting the constitutional and statLrtory requirements of the Charity and include the audit fee and any costs linked to the Strateg management of the Charrty. Support and governance o)sts a allocated to costs of raising funds and charitable activities on an actual invoud basis consistent wth the use of these resources. {el Foreign currencigs Transa¢tions denominatsd in foreign currencies are tronslated into sleTling al the rates ruling at the date of transaetion. Assets in foreign currencies are r&translated into sterfing at the rates ruling al the balance sheet dale. Heritage assets The Cathedral, vitsrage, land and sacr&J objects are not capitalised on the balance sheet sinc8, in the opinion of the TTUStees, 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 availabb and the Trustees are of the opinion that to obtain suoh a valuation is not commensurale wllh the benefrt to users of these financial statements. Expenditure incurred after Ihelr aCqLEiSttion has been written off in the year of expeThJiture lo the extent it relates to the malntenance and upkeep of the assets. (g) Tafigle fixed assets Plant and ma¢hinery18 stated at Cost less accumulated depreaation. Depreciation is calculated on a Straight Ilne basis so 8S to write off Ihe cost of the asset over a period of four years. Office equipment is stated at cost less accumulated depwlation. Depreclation is cal¢ulated on a straight line basis so as to write off the cost ol the asset over a period of years. Fixtures and fitbngs is stated al cost less accumulated depretiation. Depreciation is calculated on a straight line basis so as to write off the cost of the asset over a period of three years.
15 The Grgèk Cathèdrnl Trust Fund Financlal Statements for the yoar onded 318t December 2024 Noles Icontinugd) {hl Tangible fixgd ass8ts (Continuodl Assets costiro £1,000 or more are capilalised as tangible fr8d assets and are carrted at cost, net of deprwation and any provisions for impalrm&nl. Valuation of inv8slm8nl assets Inveslments are a fom of basic financial instrumenl and are initialty COgnised al their transaction valu8 and subsequenUy measured at their fair value as at the Balance Sheet date using the closing quoted market pri. The Statement of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughoLrt the year. The Fund does not acquire put options, derivatives or othgr ¢i)mplgx financÈal instnJm8nts. The main form of financial risk fac8d by the FurKJ is that of volatility in equity markets and investment markets due to wider economic conéitions. tho attitude of investors to investment risk and changes in sentiment conc8ming equities and within particular sectors or sub-sectors. (i) Gainslloss8s on investment assets All gains and losses are taken to the Stalement of Financial Activities as th8y arise. Realised gains and losses on investments are calculated as the difference betsveen sales proceeds and their markelvalue althe start of the year orlheirsubsequent cost, and are charged or credited to the Ststement of Financial Activities in the year of disposal. Unrealised gains and losses present the movement In market values during the year and are credited or tharged to the .Statement of Financial ActNities based on the market value at the year end. Ik) Going concem The Trustees assess whetherthe use olgoing concern is appropThate, i.e. whether there are any material uncert8inlies related to ev8nts or condltions that may cast significant doubt on the ability of the charity to continue as a going concem. The Tnjstees make this assessment in Spect of period of one year from the date of approval of the finanaal statements. The Trustees conclude that there are no malerial un¢ertainties aboul the Charrty's abilty to continue and accordingly the financial slalements are prepared on a going concern bÈsi$. Critscal judg8ments and estimate There are no significant areas of judgement or key assumptions that affect items in the financlal statements with respect lo the reporting period for the year endad 31 December 2024. The most signfficant araas of uncertainty that effect the carying value ofassets held by the Chanty are the level of investment retum and the perfomiance of the investment markets and any outcome on the principal risks and unGgrtainlies that face the Charty on a day lo day basis. as explain8d within the investment policy and risk management secttons ofthe Churchward8ns' and Trustees, report.
16 Thè Groek Cathedral Trust Fund Flnanclal Statements for the •r 9nded 31st Oècambgr 2024 Notes (Continued) Incomo and endowments Donallons and legacle8 2024 2023 Subscriplions Offerings Donations 10,250 165,978 80,587 6.500 129,576 71,411 256,815 207,487 Charltable a¢tlvltles 2024 2023 Fees for services Crypt income 95,665 27.668 77,980 26.863 123,333 104.843 Inv•$trngnt Incomg D&posll Snteresl Income from Ilsted Investsmenls= UK 17,270 7.725 60,991 57,175 78,261 64,900 Other In¢ome 46,533 37.624 Total Incorn8 504942 414,854 Donatlons ond legacles Donations to the Church are made by members oflhe Confralernlty, the congregation and others.. Tho Trustees do not consider it approprlate to publlsh details of such donatlons but wlsh lo thank all those who have 98nerousty gfven for the conlinulng malntenan* ofthe Church.
17 Thg Grgek C3thgdral Trust Fund Financial Statemonts for the y8ar ended 31st Decambor 2024 Notes {Continuedl Expgnditure Raising ftjnds Charitable activities Total 2024 Total Stipends and staff costs Choir fees Insurance Audrt fee Printing, postage and stslionery Telephone Church expenses Candles Eleclrlclty and water Healing and fuel Rates. council tax Mlnor repairs Major works Maintenance contracts Legal and professional fees Donations Investment serv5 charge Depreciation Bank chargeslother Subscriptions Loan interest 150,696 34,271 50.731 12,762 2,121 3,351 55,918 4,547 7,266 5,321 3,329 25,152 64,702 16,651 36,184 5.000 150.696 34.271 50,731 12,912 2,121 3.351 55,918 4,547 7,266 5,321 3,329 25,152 64,702 16,651 33,607 5,000 13,700 1,764 785 327 122.235 32.180 43.273 13.260 2,781 5,281 46,220 7,126 5,117 6,317 9,924 21,062 19,071 24,345 8.000 13.200 2.421 705 292 2,014 13,700 1.764 788 327 Totsl expendlturg 13,700 480,881 494.581 384,824
18 Thg Greek Cathedral Trust Fund Flnancial Ststemgnts for thg year ended 31st December 2024 Nolas (Conllnued) Employogs and staff costs 2024 2023 Wages and salaries and other staff costs Social security costs 143,347 7,349 118,026 4.209 150.696 122,235 The average monthty number of persons omployee by the Charity during the year was No employee received employee bertgffts (excluding pension Gontribulions) in excess of £60,000 a year during 2024 or 2023. Key managementofthe Charty are regarded as its Trustees and Churchwardens. They dld not rece8 remuneration or beneffts in kind. Trustees. expenses and remuneratlon As explained above, the Trustees are not remuneraled did they receive any benefits in kind and fterther did they daim gxpenses for attending meetings and dutKgS related to their duties as trustee. Tanglble flxed ayets Plant and machine Fixtur8S and fittin Computer Total Cost At 1st January 2024 Additions 81,985 2,805 28,340 113,130 At 3181 December 2024 81,985 2.805 28,340 113,130 A¢¢umulated depreGiation At 1st January 2024 Charge in year 74.929 1.764 2,805 28,340 106,074 1,764 At 31st DeCemr 2024 76.693 2,805 28,340 107,838 Net book value At 3181 December 2024 5.292 5,292 At 31st Decemter 2023 7,056 7,056 The Cathedral, vicarage, land, and sacred oblects are not capitalised as explained in Note 1{9}. The assels are maintained through a programme of repalrs and are Insured at 8 value of £32.2 million to protect against their loss and damage.
19 The Greek Colhodral Trust Fund Financlal Statements for thg year 8ndgd 31st DgGgmbgr 2024 Notes (Continu) Investments Ltsted investment$= 2024 2023 Shares end securitles.. Market value.. At 1st January 2024 Additions, at cost Disposal proceeds Realised nel Ilossesll gains on disposals Unr8alised net Ilosses>l gains on revaluations 3,092,629 585,446 {758,2081 14,949 105,636 2.920.231 560.121 1482,4621 17,500 77.239 At 31st December 2024 3.040,452 3,092,629 C8sh.' ht 31st December 2024 245,652 82,358 Total Shares. Securities and Cash 3,286,104 3.174.897 Historic cost. At 31st December 2024 2.648.542 2.475,414 The portfolio 1$ spread aeross the following categories of investment and Iheir fair values are as follows.. 2024 2023 Fixed income UK Equities Overseas Equitles Altematlve Equiles Cash 907,765 490,460 1,338,579 303,648 245,652 1,055,857 511,428 1,161,527 363,817 82,358 3,286,104 3,174,987 Al investrnents are held prirnari to provlde an investment retum for the charlty. The fojlowing investments exceed 5% of the total portfolio value.. Market value JPM American Inv Trust PLC 180,800
20 The Gmk Cathedral Trust Fund Financial Ststoments forthe year ended 31st D8cemb9r 2024 Not95 (Contlnugd) Debtors 24 2023 other debtors Prepayments 3.901 7.895 7,158 11,796 7,158 10. Creditor¥ 2024 2023 Trade credftors Accruals and deferred Income Other creditors 6,969 33,331 1,260 4.444 37,659 41,560 42,103 11. statement of funds As 8131 December 2024.. Broughl Fo Gainsl losses nditure . Transfers Total Churchwardens, Fund 350.443 Cathgdral Trust Fund 433,817 1472,148) 66,997 379.109 3.183,096 71.125 122,433) 120,585 166,997) 3.285,376 3,533,539 504,942 1494,581) 120,585 3,664.485 As a131 Dgcember 2023.. Brought Forward Gainsl Ex endllu Income LOLI Transfers ses Total Churchwardens, Fund 296,444 Cathedral Trust Fund 351,470 (362.471) 65,000 350,443 3.112.326 63,384 (22,3531 94,739 (65.000) 3.183,096 3,408,770 414,854 (384,8241 94,739 3,533,539
21 The Gregk Cathgdral Trust Fund Flnanclal Statsrnents for Ihe year endad 31st DeCeMr 2024 Notes (Contlnued) 12. Analysls of net assots betwoen funds As al 37 Dgc9mber 2024.. Nel Current tsi Tangib18 Assets Investm8nts Churchwardens. Fund 5,292 373,817 379,109 Cathedral Trust Fund 3,286,104 (7281 3,285,376 3,286,104 5.292 373,089 3,664,485 As at 31 December 2023.. Net Tangible Assets Current Investments Totsl Churchwardens. Fund 7,056 343,387 350.443 Cathedral Trust Fund 3,174,987 8,109 3,183,096 3,174,987 7,056 351,496 3,533,539 13. Cash fl¢yws from op•rating activltles 2023 Net incomelldeficit} for the reporting period Adjustments for: Depreciation (Gainslllosses on investments Asset ladditionsydisposals Dividends. interest from investments (Inease)/ decrease in debtors Increasel(decrease) in creditors 130.946 124,769 1,764 1120,5851 2,421 194,739) 178,2611 {4,638) (543) {64,900) 2,062 {55,894) Ngt cash froml{u8ed In) operatlng a¢tivltles {71.317) {86.281}
22 The Greek Cathedral Trust Fund Flnanclal Statements for the year ended 31st December 2024 Note5 Iconllnued) 14. Analysls of ¢hangos in not dgbt At 1 January 2024 At 31 December 2024 Cash 11ows Cash at bank and in hand 386,441 16.412 402.853 386,441 16,412 402,853 15. Related party transactlons There were r¢0 related party transactions to report.
Tho Greek Cathedral Trust Fund chhward0ns, Accounts Incomo and Expenditure Account For th8 yoar gndgd 31st Decomber 2024 2024 Unrestri¢tod Funds 2023 Unrestricted Funds Income Cathedral subscripttons Fees for services Offerings Donations Crypt income Other income Contribution from Trust for Church maintenance Interest 10,250 95,665 165,978 80,587 27,668 46,533 66,997 7,136 6,500 77,980 129,576 71,411 26,863 37,624 65,000 1,516 Totsl 500.814 416,470 Expènditurn Stipends and staff costs Choir fees Audit fe8 Printing, postage and stationery Telephone Church expenses Candles Electricity and water Heating and fuel Rates Council Tax Minor Repairs Major Works Maintenance ¢ontracts Cathedral building insurdn¢e Donations Legal and profassSonal ¢ts Subscriptions Bank chargeslother costs Depreciation Loan interest 150,696 34.271 6,381 2,121 3,351 55,918 4,547 7,266 5,321 3,329 25.152 64,702 16.651 50.731 5.000 33.832 327 788 1.764 122,235 32,180 6,630 2.781 5,281 46,220 7,126 5,117 6,317 9,924 21.062 19,071 43.273 8,OCX) 21.822 292 705 2,421 2.014 Total 472.148 362.471 Ngt movements In funds 28.666 53,999 At 1st January 2024 350,443 296,444 At 31sl December 2024 379,109 350,443 In respgGt of both years all funds and relaled Incom8 and exp8ndf(ure ar& unrestrided. This page is for management informats'on only and does notform part of the audited financial statements
24 Th• Grgek Cathedrnl Trust Fund Churchwardens. Accounts Balance Sheet As at 31st December 2024 2024 2023 Flx•d a8$0ts Tangible assets 5,292 7.056 Curront assets Amounts due from Cathedral Trust Fund Prepayments Cash at bank Other debtors 65,105 7,895 326,155 3,901 56.645 7.158 309,743 403,056 373,546 Credltors, amounts falllng due wlthln on• y•ar Trade creditors Accruals and defeed income Other creditors 16,9691 (21,0101 {1,2601 14,4441 (25,4651 (2501 (29,2391 130,1591 Net current assots 373.817 343,387 Total a•ts 379,109 350,443 AGGumulalgd funds Unro5tri¢t•d funds 379,109 350,443 RoStri¢tsd fvnds 379,109 350,443 Approved by Ihe Churchwardens on This page is for management information only and does not fomi part ofthe audited financial statements.
25 The Greek Cathedral Trust Fund Thg Cathgdral Trust Fund Income and Expendlture Account For the year onded 31st Decambor 2024 2024 2023 Incomo Investment income Interest 60.991 10.134 57,175 6,209 Total 71,125 63,384 Expnditure Contribution to Churehwardens for Church maintenance Audit fees Investrnent service charge Other expenses (bank charges etc.} Legal and professional costs 66,997 6,381 13,700 65,000 6,630 13,200 2.352 2.523 Total 89,430 87,353 Net lexpendlturel before gains and losses on investments 118,3051 123,9691 Gainl(lo$$) on invostment assets 120,585 94.739 Net movement In funds 102,280 70,770 At 1st January 2024 3,183.096 3.112,326 At 31st December 2024 3,285,376 3,183,096 This page18 for management information only and does not fomi part of the audited financial slatements.
26 Th• Greek Cathedral Trust Fund Thg Cathedral Trust Fund Balance Sh8gt As at 31st Decemb8r 2024 2024 2023 Investments 3.286.104 3,174,897 Current assets Cash at bank 76,698 76,698 Credltors. amounts falllng due wlthln one year Accruals Amounts due to Churchwardens 112,3211 (85.1051 111,9441 156,6451 177,4261 {68,589) N•t current assetsl(Ilabllltle8) 1728) 8,109 Ngt assets 3.285.376 3,183.096 Accumulatod funds 3,285,376 3,183,096 Approved by the TTUStees on This page is for management infomiation only and does not form part of the audll&d financial statements.
27 The Greok Cathedral Trust Fund Subscrlbors for 2024 to tho Calhodral and to the Constantlnople Patrlarchate Fund Cathedral P triarcha Mr P ANani18kls Mrs C C8roussls Mr A Catsiapis MrJ Chandris Mr M Chandris Mrs T Chandris Mrs M Coccolatos rs M Edgerly Mr N Dananlanas Mr SJ Fafalios Mr DJ Fafalios Mr A Fafalios Mrs E Fafalios Mr J Fafalios Mr N Gavrilov Mr J Hadjlpateras Mrs A Konzotls Mrs R Konzots's Mr G Kountouris Mr EJ Kulukundis Mrs S Kydoniefs Mr M Lemos Mrs E Lemos Mr C Lemos Mrs A Lemos MrA Lemos Mrs M Lemos Mr M Lykiardopulo Mr J Lyras Mrs E Lyras MrA Margaronis Mr K Mossios Mr J Paleoerassas Mrs M Proestos Ms A Protopapas Ms M Sakarellou Mr J Souglides Ms A Spanopoulou Ms l Theodorou Mr N Tsarouchris Mr K Wang 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 220.00 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 30.00 30.00 30.00 30.00 30.00 30.00 £9.020.00 £1,230.00 TOTAL £10,250.00