**REGISTERED CHARITY NUMBER: 271439** ## **REPORT OF THE TRUSTEES AND** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2024** **FOR** **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL 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 2024** **----- Start of picture text -----**
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 9
Detailed Statement of Financial Activities 10
**----- End of picture text -----**
**ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **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 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 2024 and the Surplus generated from operations which is added to the Unrestricted Reserves. ## **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. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 271439 ## **Principal address** Thyateira House 5 Craven Hill London W2 3EN ## **Trustees** His Eminence Archbishop Nikitas Mr G. S. Michael Bishop I. Savva (appointed 14/7/2023) Dr. G. Tsourous (appointed 14/7/2023) Mr C. A. Karaolis (appointed 14/7/2023) ## **Independent Examiner** ## **LARKOS & PARTNERS** 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ Page 1 **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** Approved by order of the board of trustees on 16 September 2024 and signed on its behalf by: ## **Dr. G. Tsourous** Trustee Page 2 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** ## **Independent examiner's report to the trustees of St. Nicholas Greek Orthodoox Educational Centre** I report to the charity trustees on my examination of the accounts of St. Nicholas Greek Orthodox Educational Centre (the Trust) for the year ended 31 March 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **Larkos & Partners** The Association of Accounting Technicians ## **LARKOS & PARTNERS** 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ 16 September 2024 Page 3 **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and Legacies
Investment Income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
Charitable Donations
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|31/3/24
Unrestricted
fund
£
1,800
98,502
100,302
80,314
19,988
1,865,595
**1,885,583**|31/3/23
Total
funds
£
1,800
108,635
110,435
241,129
(130,694)
1,996,289
**1,865,595**| |---|---|---| The notes form part of these financial statements Page 4 ## **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** ## **BALANCE SHEET 31 MARCH 2024** |Notes
**FIXED ASSETS**
Tangible Assets
5
**CURRENT ASSETS**
Debtors
6
Prepayments
Cash at Bank
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
8
Unrestricted funds
**TOTAL FUNDS**|31/3/24
Unrestricted
fund
£
336,940
1,304,867
791
250,334
1,555,992
(7,349)
1,548,643
1,885,583
**1,885,583**
1,885,583|31/3/23
Total
funds
£
336,940
1,281,896
690
246,070
1,528,656
(1)
1,528,655
1,865,595
**1,865,595**
1,865,595
**1,865,595**| |---|---|---| ||**1,885,583**|| The financial statements were approved by the Director the Board of Trustees and authorised for issue on 16 September 2024 and were signed on its behalf by: **His Eminence Archbishop Nikitas** Trustee **Dr. G. Tsourous** Trustee The notes form part of these financial statements Page 5 **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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. ## **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
Interest receivable - Loans|31/3/24
£
75,710
22,792
98,502|31/3/23
£
83,912
24,723| |---|---|---| |||108,635| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. continued... Page 6 **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Charitable Donations
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**5.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 April 2023 and 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023
**6.**
**DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR**
Debtors
Other debtors|31/3/24
£
1,303,367
1,500
1,304,867|Unrestricted
fund
£
1,800
108,635
110,435
241,129
(130,694)
1,996,289
**1,865,595**
Freehold
property
£
336,940
336,940
**336,940**
31/3/23
£
1,280,396
1,500
1,281,896| |---|---|---| |||| continued... Page 7 **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade creditors
Other creditors
**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**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.23
£
1,865,595
**1,865,595**
Incoming
resources
£
100,302
**100,302**
At 1.4.22
£
1,996,289
**1,996,289**||31/3/24
£
(1)
7,350
7,349
Net
movement
in funds
£
19,988
**19,988**
Resources
expended
£
(80,314)
**(80,314)**
Net
movement
in funds
£
(130,694)
**(130,694)**|31/3/23
£
1
-
1
At
31.3.24
£
1,885,583
**1,885,583**
Movement
in funds
£
19,988
**19,988**
At
31.3.23
£
1,865,595
**1,865,595**| |---|---|---|---|---| |||||| |||||| |||||| ## **8. MOVEMENT IN FUNDS** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
110,435
**110,435**|Resources
Movement
expended
in funds
£
£
(241,129)
(130,694)
**(241,129)**
**(130,694)**| |---|---|---| continued... Page 8 **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **8. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.22
£
1,996,289
**1,996,289**|Net
movement
in funds
£
(110,706)
**(110,706)**|At
31.3.24
£
1,885,583| |---|---|---|---| ||||**1,885,583**| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
210,737
**210,737**|Resources
Movement
expended
in funds
£
£
(321,443)
(110,706)
**(321,443)**
**(110,706)**|Resources
Movement
expended
in funds
£
£
(321,443)
(110,706)
**(321,443)**
**(110,706)**| |---|---|---|---| ||||**(110,706)**| ## **9. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2024. Page 9 **ST. NICHOLAS GREEK ORTHODOX EDUCATIONAL CENTRE** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** ||31/3/24|31/3/23| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Intangible Income-Accountancy|1,800|1,800| |**Investment income**||| |Rents received|75,710|83,912| |Interest receivable - Loans|22,792|24,723| ||98,502|108,635| |**Total incoming resources**|100,302|110,435| |**EXPENDITURE**||| |**Charitable activities**||| |Donations|51,725|210,000| |**Support costs**||| |**Management**||| |Rates and Water|16|-| |Insurance|2,512|2,175| |Repairs and Maintenance|9,586|3,589| |Equipment and Furnishings|6,396|13,190| ||18,510|18,954| |**Finance**||| |Bank Charges|30|4| |**Other**||| |Accountancy|1,800|1,800| |Agents Fees and Commission|8,249|9,921| |Legal and Professional Fees|-|450| ||10,049|12,171| |Total Resources Expended|80,314|241,129| |**Net income/(expenditure)**|**19,988**|**(130,694)**| This page does not form part of the statutory financial statements Page 10