REGISTERED CHARITY NUMBER: 271439
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021 FOR
ST. NICHOLAS GREEK ORTHODOX ECUCATIONAL CENTRE
LARKOS & PARTNERS 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ
ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| Detailed Statement of Financial Activities | 9 |
ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
271439
| Principal address | |
|---|---|
| Thyateira House | |
| 5 Craven Hill | |
| London | |
| W2 3EN | |
| Trustees | |
| His Eminence Archbishop Nikitas | |
| Mr K. Nicholas | |
| Mr A. Ioannides | |
| Mr G. S. Michael | |
| Rev Bishop C. Kyanea | - resigned 31/5/2020 |
| Rev Bishop A. Tropaeou | - resigned 31/5/2020 |
| Mr K. Papadopoulos | - resigned 31/5/2020 |
| Independent examiner | |
| LARKOS & PARTNERS | |
| 128 STOKE LANE | |
| WESTBURY ON TRYM | |
| BRISTOL | |
| BS9 3RJ | |
| STRUCTURE, GOVERNANCE AND MANAGEMENT | |
| Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Organisational structure
The trustees are responsible for managing and protecting the charity and its assets, ensuring that all operations are within the Charities Commission legislation. The trustees meet at least once a year and more often as required.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to promote and support those organisations which in themselves promote the Greek Orthodox Christian Faith and the Geek language and culture in the whole of the United Kingdom.
The principal sources of income for the charity are from donations and rental income from its freehold property.
The primary expenditure of the charity is the maintenance of its property mentioned above and various donations for Christian, Philanthropic and Cultural purposes.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees ensure that the funds available for support or lending to other organisations are not depleted and are utilised wisely to maintain and fulfil the Charities purpose. Unfortunately due to Covid conditions the charities activities were restricted and all the charitable plans were reduced to the minimum.
FINANCIAL REVIEW
Reserves policy
The trustees are satisfied with the financial position of the charity as at 31st March 2021 and the Surplus generated from operations which is added to the Unrestricted Reserves.
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ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Approved by order of the board of trustees on 15 November 2021 and signed on its behalf by:
Mr G. S. Michael Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
We report on the accounts for the year ended 31 March 2021, which are set out on pages four to eight.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
We have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out our examination we have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
-
that accounting records were not kept as required by section 130 of the Act; or
-
that the accounts do not accord with those records; or
-
that the accounts do not comply with the accounting requirements of the Act; or
-
That there is further information needed for a proper understanding of the accounts.
Independent examiner's statement
We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission we have found no matters that require drawing to your attention.
LARKOS & PARTNERS
128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ
15 November 2021
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ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 31/3/21 | 31/3/20 | ||
|---|---|---|---|
| Unrestricted | Total Funds | ||
| Fund | |||
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming Resources from Generated Funds | |||
| Voluntary Income | 1,801 | 1,800 | |
| Investment Income | 2 | 90,401 | 90,878 |
| Total incoming resources | 92,202 | 92,678 | |
| RESOURCES EXPENDED | |||
| Costs of Generating Funds | |||
| Investment Management Costs | 3 | 313 | 275 |
| Charitable Activities | |||
| Charitable Donations | 29,221 | 71,183 | |
| Total Resources Expended | 29,534 | 71,458 | |
| NET INCOMING RESOURCES | 62,668 | 21,220 | |
| RECONCILIATION OF FUNDS | |||
| Total Funds Brought Forward | 1,857,888 | 1,836,668 | |
| TOTAL FUNDS CARRIED FORWARD | 1,920,556 | 1,857,888 |
The notes form part of these financial statements
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ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
BALANCE SHEET AT 31 MARCH 2021
| 31/3/21 | 31/3/20 | ||
|---|---|---|---|
| Unrestricted | Total Funds | ||
| Fund | |||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 5 | 336,940 | 336,940 |
| CURRENT ASSETS | |||
| Debtors | 6 | 828,925 | 870,359 |
| Prepayments | 520 | 523 | |
| Cash at Bank | 754,171 | 650,066 | |
| 1,583,616 | 1,520,948 | ||
| CREDITORS | |||
| Amounts falling due within one year | 7 | - | - |
| NET CURRENT ASSETS | 1,583,616 | 1,520,948 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,920,556 | 1,857,888 | |
| NET ASSETS | 1,920,556 | 1,857,888 | |
| FUNDS | 8 | ||
| Unrestricted Funds | 1,920,556 | 1,857,888 | |
| TOTAL FUNDS | 1,920,556 | 1,857,888 |
The financial statements were approved by the Board of Trustees on 15 November 2021 and were signed on its behalf by:
His Eminence Archbishop Nikitas Trustee
Mr G. S. Michael Trustee
The notes form part of these financial statements
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ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Accounting Convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming Resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources Expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible Fixed Assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 15 % on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Rents Received Deposit Account Interest Interest Receivable - Loans |
31/3/21 £ 73,552 70 16,779 90,401 |
31/3/20 £ 68,590 1,598 20,691 90,879 |
|---|---|---|
3. INVESTMENT MANAGEMENT COSTS
| 31/3/21 | 31/3/20 | |
|---|---|---|
| £ | £ | |
| Interest Payable | 313 | 275 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
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ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
5. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 6. DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Debtors 7. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR Creditors 8. MOVEMENT IN FUNDS Unrestricted Funds General Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted Funds General Fund TOTAL FUNDS |
Freehold Property £ 336,940 336,940 336,940 31/3/21 31/3/20 £ £ 828,925 870,359 31/3/21 31/3/20 £ £ - - At 1.4.20 Net Movement in Funds At 31.3.21 £ £ £ 1,857,888 62,668 1,920,556 1,857,888 62,668 1,920,556 Incoming Resources Resources Expended Movement in Funds £ £ £ 92,202 (29,534) 62,668 92,202 (29,534) 62,668 |
|---|---|
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ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted Funds General Fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted Funds General Fund TOTAL FUNDS A current year 12 months and prior year 12 months combined position is as Unrestricted Funds General Fund TOTAL FUNDS |
At 1.4.19 Net Movement in Funds At 31.3.20 £ £ £ 1,836,668 21,220 1,857,888 1,836,668 21,220 1,857,888 Incoming Resources Resources Expended Movement in Funds £ £ £ 92,678 (71,458) 21,220 92,678 (71,458) 21,220 follows: At 1.4.19 Net Movement in Funds At 31.3.21 £ £ £ 1,836,668 83,888 1,920,556 1,836,668 83,888 1,920,556 |
|---|---|
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above | A current year 12 months and prior year 12 months combined net movement in funds, included in the above | A current year 12 months and prior year 12 months combined net movement in funds, included in the above | are as follows: |
|---|---|---|---|
| Incoming | Resources | Movement in | |
| Resources | Expended | Funds | |
| £ | £ | £ | |
| Unrestricted Funds | |||
| General Fund | 184,880 | (100,992) | 83,888 |
| TOTAL FUNDS | 184,880 | (100,992) | 83,888 |
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ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOMING RESOURCES Voluntary Income Intangible Income-Accountancy Investment Income Rents Received Deposit Account Interest Interest Receivable - Loans Total Incoming Resources RESOURCES EXPENDED Investment Management Costs Bank Interest Charitable Activities Donations Support Costs Management Rates and Water Insurance Repairs and Maintenance Other Accountancy Agents Fees and Commission Total Resources Expended Net Income |
31/3/21 £ 1,800 1,800 73,552 70 16,779 90,401 92,201 313 10,000 - 1,727 6,676 8,403 1,800 9,017 10,817 29,533 62,668 |
31/3/20 £ 1,800 1,800 68,590 1,598 20,691 90,879 92,679 275 40,143 91 1,677 18,958 20,726 1,800 8,515 10,315 71,459 21,220 |
|---|---|---|
This page does not form part of the statutory financial statements
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