REGlS'fERED CHARI'I"Y NUiVIBER: 273J04 REPORT OF THE TRUSTEES AIYD FINANCIAL STATEMENTS ST. BARNABAS GREEK ORTHODOX COMMUNrrY FUTr47) G. George Associates Limited Charteyed Certified Actountsnts and StatyLOry Auditors 12 Gaieway Mews Ring Way London Nll 2ur
ST. BARNABAS GREEK ORTHODOX COMMuf+41TY FUI%D COPTENTS OF THE FIPiMNCL4L STATEMENTS R THE YEAR ENDED 31 Deee P8%e Refere¢e and Admfnlstratlve DetlLry Report of the Trustees Report ofthe Ind¢p¢ndent Audltors Statement of Financi Activities Ballce Sheet 10 Cash Flow Ststemtnt Notes to the Ciih Floyrf Statsmtnt 12 ot¢S to th¢ FlnAodg1 S¢4¢ements 13 to 21 Detlllcd Statement of Flttan¢ll Aetfvltiel 22 to 23
ST. BARNABAS CREEK ORTHODOX COMML'r*y REFERECE ADMINISTIL4'fivE DkTAtLS FOR THE YEAR EP4DFD 31 December 2023 TRUSTEES Ar¢hbisbop Nikitas Lioulias Bishop lakovos Savvas Mr Panayiotis Miltiadou Dr Andre2$ Pelendrides Mr Mhrios Minaides Mr Gregory Palos Mr Prodroinos Adamou Mr Anasthsios Herod'otoll MT Anthony Burton (resigned 30.11.23} ,Vr Polis Polycarpou Mr Christopher Christofi Mr Andreas Vasili Mr Andreas Consiantinides Mr Dimitrios Angeletos Mrs Mary Meropt KyriaLou (appointed 6.3.23) PRI]%CIPAL ADDRESS 22 Trinily Road London N22 8LB REGISTERED CHAlU'tY NUMBER 273104 II%DEPENDEI¥T ALTDITORS G. George A$50Ciat¢s Limited Chgrtered Certified Ac¢ouAtants and Ststutory Auditors 12 Gatewty Mews Ring Way London NII 2UT SOLICITORS Ni¢holas & Co Solicit(>rs 10 Bourlet Close London WIW 7BR BANKERS Metro Bank ODe Southampton Row Lond(>n WCLB SHA Page I
ST. BARNABAS CREEK ORTHODOX COMML'>ilTY FLT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DecembEr 2023 The tsustees present their report with the financial ststements of the charity for thc ycar ended 31 Dec¢mbeT 2023. The trustees have adopted the provi5iOD5 of Acroullting and Reporting by Charities.. Stst¢ment of Recomrnended Pra¢ti¢¢ applieable to charities preparin8 their accounts in accordance with the Fitiancial Reponing Standard applicable in the LIK and Republic of treland IFRS 1021 leffeetive l January 2019). OBJECTIVES AI¥D ACTIVITIES Oblectlve8 ond alms The objectives of the ¢harity is pronk)te the Greek Orthodox religion and education as set out in its governing doGurnEtLt. A SuMnry of the obje¢ts of tbt ¢hiity a$ itt out in Its governlng document The objectives of ihe St. Barnabas Greek Orthodox Cornmunity Fund are to pro0t¢ the Gre¢k Orthodox faith and Greek OrtId0X charitable iu5titution5 for th¢ old and sick p¢ople, the sdellts and thc poor of the Gtttk Orthodox faith living in the Eorougbs of HaLill8ey and Enfield or elsewhere and in parti¢ular to suppo¢ expand a1 develop a Cffeek Orthodox school financially and otherwise. Signifitant A¢tivilies During the year, the ¢harity continued to run the ¢buh¢S of St Barnab85 and St Marfs Cathedral which ar¢ used to protTM)te the Orthodox faith. Mernorials. weddings. baptisms and oth¢r church fvn¢tion8 have been regularly held. Jn the Ix]ilding attBched to the churche4 thc charity has run Schools which are used io pmmote edwation accotding io the Orthodox faiih and education in g¢neral. Assistan¢¢ has been 8i%en to studenis in i)TdEr tts help ih¢rn to afford the edu¢auon. The charity also uses its propcrties in Trinity Road and Finsbury Road tt> belp poor people, elderly and vulnerable people. Public benefit The tDJstees havc given due regard to guidance i5sucd by thc Charity Commission in de¢iding what activities the charity should uttdertake. The tsustees have complied with the duty in section 17{5) of thc 2011 Charities Act to have du¢ r¢gard to guidance published by the Charity Commxssion. Details of how the charity's activiii¢s ar¢ for the public I)¢DefJL are delail¢d in this report and the tnLStees have given due consideratiott Éo the Chatity Commission guidance on public benefit. FINAlCIAL REVIEW Vkn&n¢l81 posttlo Th¢ charily'$ strategy to promote the Greek Orthodox faith is to attract people to its prerni5e5 throvgh its church and school activities. The Activiiies UDdffwkeo during the year to achi¢Ye the above strategies have be¢n th¢ free meal given to tb¢ elderly* sick, and vulnerable people with food cooked oll its premibes. Families unable to afford the tyiiion fe¢s are being given rinancial help in order to have their children using the chariW5 Orthodox school. Every year on ihe fe&8t day of th¢ Dorniition of St Mary. the charity holds an event where the Greek ambassador and the Cyprus High Commissioner and the Mavor otHIngeY and the coullcil cotnmittee are Inlted in order to h¢lp the Charity to raise fuThJ8. Thc Gharity COtkiinu¢d to gcn¢Tate to Jn¢¢t its ¢baritabl¢ obj¢Gts. During the year, the charity's income increased by £254,355 and its eipenditUT¢ increascd by £3.821 r¢5ultsng in a SUTplus of £215,4811. The increas¢ sn income is mainly du¢ to the incre&%e irt don&iion eollections. Page 2
ST. BARNABAS GREEK ORTHODOX COMMUP¥lTY REPORT OF THE TRUSTEES FOR TIIE YEAR F,NDFD 31 Deeember 2023 p¥ANcL REvw ReseTh'es pollcy The tnLStees m¢et regularly to examine the r4uirements for free reserves which are those unrestricted fijnds tt inyesled in fixed AsseK not designaled for specific purposes or otheN'ise restricted. According to the needs set up by the Bishop they decide the fimds needed for th¢ projectslactivities to be financed. The trustees have delemlined ihat the level of current res¢rves to secure ad¢qu4t¢ fvnding and workin8 capithl for the core costs should be a rninirnum of $ix months expenditure. The tnjstees believe that the chlS assets are avglilable and adequate to fulfil th¢ chaTity% liabilities atxl ubligalions. At tbe end of the ycar the charity r¢5ervrs were as ftsllows: General UDrcstrictcd fimd: £4,545,339 (2022- £4.329,851). N¢t inmmillgloutgoiDg resour¢¢s were: inwming £213,488 {2022 - outgoing £35,046). STRUCTURE, GOVERTrqATCE AIW MANAGEIMEr GoverninE do¢umen¢ The charity is controllcd by its 8ovcrnin8 dwutnent, a deed of trust and ¢onstittltes on unin¢0ordted charily. Rt¢ryltmeDI and appolntm¢Dt of nev4 trustees The method ofrecniiting and appointing Irustees is by majority dccision of thc trustees currently in officc. Organlsatknnal Strncture The tru5tee5 aTe responsible for th¢ rnallageuIt alld day io day operation of the chur¢hes and schools and a]so to athninister the trust fiLll¢ts. Decisions are taken with 2 majority vote amongst the trnstees. Indw¢tion trglolfjg of new trusle¢5 FollowiTh8 appointmen¢ new tnjstees are introduced to their new, role and given copie5 of the 1ry51 deed. The tnjsttts are guided in the perf0mnCe of their work by charity relIationS and by refercncc to the prof¢ssionhl rtm)s referred to onpage l. Key m#ngeJnellt retnuneratloD Thc trustecs arc regatdd key mallawent of the charity. Bishop lakovos receiyed a remutteration of £35,432 (2022.. £31281). Mr Polis Polycarpou, as a hewjmaster of the school, received & remlerAtiOn of £l2,0{2022.. £11.000). No othertrnstee received remuneration. Rlsk mngernent The tru5tr¢s actively review the risks the chority faces on a regular basis and believe that maintaining our free ery at the levels st2ted atK)ve. cornbined with our anThual rcview of controls over key finantial systcms carried out through an internal Alit programme. wtlj provide sufficient resources in the tvent of adverse condtlions. The have A150 ¢X8mitied other operatii)nal ri5k5 which we facc and confirni that they have established systenks to miligate th¢ risk. STATEMEI4T OF TRUSTEES, RESPOLISIBILfTIES The ttwskes we responsible for preparing the Report of the Trustees and the financial statements in a¢¢ordan¢e with applicable12w and United Kingdom A¢¢ouniing Standds (Uijittd Kingdom G¢n¢Tally Ac¢ept¢d Accounting Practicc). Page 3
ST. BARNABAS CREEK ORTHODOX CO411Urry Fuf¥l) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 Deeember 2023 STATEJMENT OF TRUSTEES, RESPO*SIBILITIES- contlnMed The law appli¢abl¢ to charitie5 in Engla]Jd and Wales, the Charities A¢t 2011. a)arity (Accounts and Reports) Re8ulatiorks 2(K)8 and the provisions of the mt deed requires the trustee5 to Prepa fJnan¢I sratements for each fJn8ncial year 'h1¢h gile a rn¢ and fair vi¢w of the state of affairs of the charity and of the incoming resources and appli¢ation of resources, in¢luding the in¢om¢ and expendine. of the charity for that peri(. In preparing those financia] slat¢ments, the t[tee5 are quired to sel¢ct suirable accounting policies and then apply them ¢onsisi¢nrly' observe the and principtcs the Charity SORP.. make judgements and estimates that are reasonable and prudeD¢ stste whether appli¢zbl¢ ac¢outtting stsndards hav¢ been followed, subject to any rnaterial d¢partu¥es dis¢los¢d and explained in the financial slatements. preparc th¢ fmancial Statcmcts on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustecs are responsible for keepin8 Proper accounting records which di5closr with reasonabl¢ accuracy at any time the financial posilion of the charity and to enable them (o ensure that the financial statemcnt5 Cotnply wilh the Charitie5 Act 2011, the Charity {A¢¢ounts and Reports) R¢]latiOnS 2008 2nd the provisions of the itusi dccd They are also responsiThle for saf¢guthing the assets of thc charity and hence for tsking reasonable step5 for the preveniion and detection of fiBud and other i¢gularitieS. Approved by order of the Ix)ard of tnLStces on .. 24..40...QD.4 . arjd 5i8ntd on it5 behalf by.. Bishop Jakov vvas- Trustee Page 4
REPORT OF THE IM)EPENDENT AtJDITORS TO THE TRUSTEES OF ST. BARNABAS GREEK URTHODOX COMMUNITY Oplnlo WE have audited the finan¢Éal staternents of ST. BARNABAS GREEK ORTHODOX COMMUN'ITY FUND {the charity) for the year ¢Dd¢d 31 December 2023 which Mprise th¢ Ststement of Financial Activitie5. thr Balan¢¢ Sheet, the C&sb Flow Stat¢nMt al nol¢s to th¢ fmzncial $talements, illcludin8 a suMry of 5iÈnificant accountit]g policies. The finoncial ryorting framework that h&8 been applied in their pr¢paration is applicable law and Ullitsd Kingdom Accounting Standanls (United Kittgdom Generally Accepted A¢¢ollnting Pr&ctice). In our opinion the financial ststements= give a true and fair view of Ibe slate of the chariWs affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended; hav¢ beet) pr¢)p¢rly prcpare4J in aordanCe ith Unitcd Kingdom G¢n¢rally A¢¢ept¢d Accounting Pra¢kn"c< and hav¢ heen prepared in acc(Jrdance 7th the requirementg nf the Charities Act 2011. B$i$ for Dpinion We ci)nducted our adit in accordance with Intern&tional Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our respothsibilities under those stsndards are further described in The Auditors, rcsponsibililies for the alIt of the financial Ststeellts section of our report. We are independent of the dwity in accordance with the ¢thi¢aE requiTem¢nls that ar¢ r¢l¢vant to our audit of the fThan¢ial 51at¢ments in Ibe UL illcluding the FRC'S Ethical Standard, and we have lfilled our other ethical responsibilities in accordaDce with these requircrnents. We bcli¢Ye that th¢ audit evidence we have obtained 1$ 5uffi¢irnt and appropriate to proi'ide a basis for our opinion. Coneluslons relatlthg to golng c•ncern audttlllg the financial statements. we have concluded that th¢ trustee5' use of the goillg CODCErn basis of a¢couniin8 in the PTep4r4tion of the fin4n¢ial st&tements is appropriate. Based (pn the work we have perfornjeil, we have not rdeniified any materrial un¢¢rtaintie$ relating to evcnts or conditions that, individw4lly or collectively. njay cast sigtLifL¢ant doubt the ch8rity's ability to continue as 8 going eoneern for a period of ai leasi Thvelve months from when the finattcial statements are thorised for issue. Our respOlbIliti¢s and th¢ r¢sponsibiliti¢s of tbe tnLSte¢5 wlth T¢sPt to going concern are described iti the r¢l¢vant sections of this rK)rt. Other in(ortnation The trustee5 are responsible for the other lafOrnli0n. The other inforn)ation comprises the inf0rDtIo in¢lthJed in the Annual keporL other the financial $la(ements ¥nd uur Report v)f the IndependenL Auditors ihereon. Our opinion on the financial ststements does not cover the other inforniation and. except to thc extent otherwise explicit]y Btated in our reForL we do not express any fonn of &8surance eonclwion thereon. In cotjneclion our audit of the finoncitsl statejnents., our responsibility is to read the other infotTAation and, in doin8 50, cOsder whcthcr the othcr infomution is materially in¢onsist¢nt with the firtan¢ial ststements or our knowledge obtained in the audit or othenyise appears to be materially misstated. If we idetttify surh material in¢onsist¢ncie$ or apparent material Misslaternell we are requircd to detcnninc w,heihcr this yvcs rise to a material misstatement in the rcial 8tat¢tnents ihemselves. If, based on the work we have pErform¢d. w¢ conclude that th¢re is a mai¢rial misstalement of this othEI infoTnthtion, we ale required to report that faet. We have nothing to report in tlhis reganl. M8tter4 on whlch we are requlred to report by exceplion W¢ hav¢ nothing to rryrt in respecl of the followin8 mattcrs whcrc thc CharitiL3 (Accounts and Rcports) Regulations 21)08 requires u$ to rqJvTi to you if. ill our optnion.. the infomiatiotj given in the Report of the Trustees 15 inconsistenl in any material respeet with the fin&ncial sratcm¢nts,' or wffi¢ient Accounting records have not been kept. or the financial statE¢llts are not in a¢mcnt w'ith thc accounting rccords and rett]rns" or we have not r¢ceived all the illformauon and explanations we require for our audit. Pog¢ 5
REPORT OF THE 114T4 EPENDENT AUDITORS TO THE TRUSTEES OF ST. BARII ABAS GRKEK ORTHODOX COMflblilTY FL.ND Respothsibilitie5 of trustee5 As explained rnore fully in the Ststemeht of Ttusiees, Rcsponsibilities. the trustees are reSlK>Dsibl¢ for the prepdr¥tion of the finallcial statements which give & and fair vi¢w, and for Such int¢nMI wntrol as the trustees determine is nece55ary to enable the preparation of financial 5taten]ents that are free from material mi5StatetDenl, whether due to fraud or error. In preparing the fmancial statements, the ¢nlee$ ar¢ r¢5poThsible for asseill8 the charity's ability lo conlinue as a goin8 concern, di5Ctosin8, as applicable, rnattets related to Boing cot)¢ern and using the going concem basis of ounting unless the tNstees eithcr intend to liquidatc thc charity or to Cease op¢ratLons. or have no realistic altemative but to do so. Page 6
REPORT OF THE EPEIDETrT AUDITORS TO THE TRLTSTEES OF ST. BARNABAS GREEK ORTHODOX COMMI UNITY FbfD Our re5ponslbllltle5 for the audlt ofthe flnancll $tateMent5 ¢ hav¢ been appointed as auditors u[tr Section 144 of the Charitie$ A¢t 2(Jll al report in a¢¢ordan¢¢ with the Act aNI r¢levarLt re8uJations made or havill8 effect thereunder. Our objectii'es ar¢ to obtain reasonable &ssurance about whether the fuJan¢ial slatem¢nis as a whole are fr¢e £rorn at¢riAI misstatement. whether due to fraud or error, and to issue a Report of the Ind¢pend¢ni Auditor5 that itlclud our opinioD. Reasonable assurance is a high level of assu¥anc¢, but is not a guarantee that an audit conducted in accordance M'ith ISAS (UK) will alway5 detect 8 mattrial rnisstatement when it exists. Misstatements can 8rise from fraud or ermr and are considered material if. individually or in thc aggregate, they could reasonably b¢ ¢xpe¢L¢d to influenc¢ the economic d]siOnS of lls taken on thc basis of these financi 8tat¢menls. Irregularities including fraud, are instanees of non-compliance w'iih laws atjd regulations. We design proGedures in line with our r¢sponsibiliti¢s. outlin¢d above, to detect matcrial misstatcmcnts in respect ofirregularities, in¢ludirtg ftaud. The extertt to which our proeedures are capable of detecting ]e8U1&rlts¢$, illcluding fraud is detsiled below.. -The engagement partna ensur¢d that th¢ ¢nga8emenl team collecti%¢ly had the appropriate competence, ¢apabiliti& and skills to identify or r¢¢ognise Don-¢ompliance with applieable laws regulauons. -Wc gained uttderstandiDg of the legal and regulatory framework applicable to the charity and the sector in which it operatcs. We identified the princkpal laws and regulations as relating lo DBS checks alld the General Dots Protection Regulation. We also considered those laws and iegulation5 that bav¢ a diiTxi impact on the preparation of Ihc financial ¥laleTnents such as r¢potling legislation. We eonsidered the extent to which any non-ry)mpliance with the law$ 8nd regulationR may have a negative impa¢t on th¢ charity's ability to continue operating and the risk of a Misstateent in the fitsathcial statements. -we assessed the 5U5ceptibiiity of the charity's fillancial sthtements to material mis5tatern¢nt due to non-compliance, it)cluditig obtaining an undcrstanding of how fraud rnight occur. by makL"ng enquiries of management as to wh¢re th¢y ¢onsidered there was susceptibility lo fraud, their knowlcdge of acwal. %u8pecd and alleged fraud. and considering the internal ¢ontrols in pla¢e to n)itigate risks of fraud aDd non-cottTrpliattce with laws and regulations. -we addressed the risk of fraud throu8h rnana8ement bia5 and oi'eTride of Controls. Our procedure5 includcd, but were not limited to, perfomiing analytical proceduTes to identify any unusual or unexpected relationships and testirtg jounlal ¢nlries to identify unusual tr8ttsa¢tiotts. -In response to the risk of iLTegularities and non-¢omplian¢¢ with laws and re8ulations. we designed procedures which in¢lud¢¢L but were not limit¢d to agreeing financial statemcnt disclosures to underlying 5UPPOrtitbg docum¢nt&tion and enquiring of maDagement a$ to a¢al and potential litigation and claim5. The are illhei¢nt li[Ditatio in our al1 procedures described obov¢. Th¢ mor¢ r¢rnoved the laws and regulHIioDS ar¢ fmm financi1 transactions. the le likely it is that we would awar¢ of non-coohpliance. Auditing stAtJdards also limit the audÈt procedure5 required to identify non-compliance ith laws and regulation5 to Cnquiry olthe tnJstees and other m8ndgemeTht and the inspection of regulatory And legal correspondence. if any. Malerial misstatements thai arise due to fraud be haT(kr to dect than those that aris¢ from error as they ]nay involve deliberate concealrnent or collusion. A fi]rther description of our resp¢)n$ibilities for the audit of ihe fjnancial statements is loeaied on th¢ Financial Reporting Council's websile at www.frc.or8.uklauditorsrespoDsibilities. This desGriptiOn fomis part of our liepon of the IndepEnd¢ni Auditor5. Page 7
REPORT OF THE INDEPEEll AUDITORS TO THE TRUSTEES OF ST. BAILYAB.4S GREEK ORTHODOX COhiMLfNITY FL.ND Use of report This rcport is made solely w the charity's trustees, as a body, sn acwrdan¢e with Part 4 of the Charities (Accounts and Rew>rts) Regulations 2008. Our audit M'ork has been und¢ttsken so tha( we mighl state to the clwity's trustees those matt¢rs we are required to stale to them an auditors, repon alld for DO other purpose. To the fullest extent pemiitt¢d by law, we do not accept or assllD responsibility to &nyone other thall tbe charity and ihe charity'5 trusteE5 45 8 b(Kiy1 for our audit work, for this repor¢ or for the opinions we have forn)ed. Philip Onissiphorou {Senior Story Auditor) for and on behalf of G. George Assts¢iates Limited Chart¢red Certified Accountthjts and S¢dfUtory Auditorg 12 Gateway Mews Bing WAY London NII 2UT Page 8
ST. BAHNI ABAS GREEK ORTHODOX Co11[u11rry STATEMEI)'I' OF FINA)I CIAL ACTIVITIES R THE YEAR E DE l Defember 2023 31.12.23 LTTJrestricted fund 31.12.22 Totsl fjjnds Notes INCOME YD Eh4D0WMEEs FROM Donations and l¢gaci¢5 608.700 375,880 Charltable Setfvltles Church School 111,603 62,926 117,951 57,676 Other activiti¢$ Inv¢stsnenl income 43,213 99,911 11387 108,104 926 353 671998 EXPEf*DITURE ON Raising fimds 50,564 32,036 Charitabk aetlvltlt$ Church School 654.498 9,719 678.186 3.789 3,916 6,967 Total 710865 NET LYCOMEI(EXPENDITURE) 215,488 (3S,046) RECOliClLIATION OF Fuf4DS Totsl fund$ bmught forward 4,329,851 4,364,897 TOTAL FUNDS CARRIED FORWARD 4 545.339 4329851 The notes fom] part of these fmancial stat¢m¢nt5 Pagc 9
ST. BAR,ABAs GREEK OHTHODOX COMMUNrrY FUFID BAL.41NCE SHEET 31 December 2023 31.12.23 Unrestricted fijnd 31.12.22 Total funds Notes FIXED ASSETS Tanbryble assets Investments Investments Investment prnperty 12 1,195.654 1,161,287 13 14 35,047 3.133.700 31.131 3 133,700 4,364,401 4,326,118 CURRELYT ASSETS Debtors Cash at bank and in Imnd 34,654 207,927 31,397 36.377 242,581 67.774 CREDITORS Amounts falling due withill one year 16 (32,210) (26,948) ET CL'RREtT ASSETS 210 71 TOTAL ASSETS LESS CURREliT LIABILITIES 4,574,772 4,366.944 CREDITORS Amounts talling du¢ after more than onE year 17 {29,433) (37,093) NET ASSETS 4,545,339 4 329,851 FU.YDS Untestricted lld$ 19 4,545 339 4.329,851 TOTAL Fuf4DS 4,545 339 4.329,851 The financial ststements were opprovcd by the B0d of Tn]stee5 and authoris¢d for issue on ..Q.I'wt**.aol+ and w¢re sign¢d on its behalf by.. Bishop lak vos Mr Anastasios Herod'otou- TTUStce The notes forni part of these fuwi¢ial staternents Page 10
ST. BARNABAS CREEK ORTHODOX COMTrILryTTY HFL W STATEI¥IEPiT R THE VE.4R E,DED 31.12.23 31.12.22 Notes Cash flowj from operatlng act111¢$ Cash generated from operations Inlerest paid 248.436 847 (21,3761 Net casb provided byl(used in) operatin8 activitie5 247.589 Cash nows from ittYe8ting activities Purchase of tibIC fed asscts 170.2641 52 309) Nel c&sh used in inv¢sting a¢tiYiti¢s 52 309) Cash Ilows from financing activities New loans in y¢ar Loan repayments in year 5,062 10,8371 50,0(KI Net cash (used inN'provided by financing aCtitieS 46,805 Chnge in cash and cth equlvalents" the reporting period Cnsh eA5h equivlent$ At the beglnning of th¢ reportlng perlod 171,550 (27.205) C*sh and eA5h equivalenls 8t the end of the reporting period 207 927 The ttotes forn) part of th¢s¢ fJnan¢ial st2tem¢nts Page 11
ST. BARNABAS GREEK ORTHODOX COMML'NThY NOTES TO THE CASH FLOW STATEIE&T FOR THE YEAR EYDED 3] De¢emb¢r 2023 RECOYI CILIATIOè+ OF.YET If4COMEI{EXPKP¥DITliRE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.23 31.12.22 Net in¢omel{expenditure) for the reporting period {a3 per the Staternent of Financial Activitie5) Adju$tm¢nts for: Depr¢¢110 ¢harg¢s Loss on disposal of fixed oss¢ts Interest paid Gain on revaluation of investrnents Incrcase in debtOTS IncT¢asfy(d¢cr¢ase) in creditors 215,488 (35,046) 35,897 28.306 688 325 (6,967) (2.502} 13.916) (3.257) Net cash provlded byl(wed (n) operat5ons 248 436 213761 ANALYSIS OF CHANGES IN NET (DEFTYFUYDS At 1.1.23 Cath flow At31.12.23 r¥et ¢*$h Cash at bank and in hand 36.377 171,550 207 927 171.550 207 927 Ikbt Debts falling due within l year Debts falling du¢ aft¢r l year (14,713) 11,883) (16,5961 29,433) (46,029) Total 15.429 177327 161898 Thc notes forni part of these financial statements Page 12
ST. .ABAs GREEK ORTHODOX COMMUYITY NOTES TO THE FINANCIAL STATEMEfyTS FOR THE YEAR ENDED 31 De¢ember 2023 ACCOUNTUG POLICIES Basls ofpreparlng the Ilnanel&l stgt¢menls The financial swemenis of ihe charity. whi¢h is a pubbc benefit eDtity under FRS 102, have been prepar¢d in aGcordance with the Charities SORP IFRS 102) 'Accountin8 and Reporting by Charities= Statement of Recotnmended Practice applible to ¢hariiies preparing their accaunts in aecordan¢e with the Financial Reporting Standard applicablc in thc UK and R¢publi¢ of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Finallcial Rep)rling Standard appli¢able in the UK and Republic of IrelatMI' and Ihe Chariiies Act 2011. Th¢ fanCIal statements have been prepared under the historical cost conventLOTI. with the exception of illVESlKLkn which are iucluded at market value. as modifled by the revaluation of certain assets. The address of the registered officc is given in the eharity inforn)ation on page l of these financial ststejnents. The nature of the charity's operations and principal aetivliies ar¢ as s¢t out in the TrusteEs' annuul rtyort oll pagc 2 of th¢5¢ fn¢la1 statejnents. The financial staiemenis have bc¢n prcpar¥J on a going concern basis as the rnstee5 belicve that no material uncertainties exisL The trustees have considered the level of fi]nds held and the expe¢ied level of tncome and expenditure for 12 months from authorisirtg these finan¢ial stat¢ments. The budgeled income and expcnditure L5 5uffEcient with the level of reSeTh, for the charity lo be abl¢ to contillue as & going concern. The finan¢iAI st&lement$ are pr¢s¢ni¢d in sterling which is the funetional currency of the clmrity and are not rtsund¢d. The signifLCant accounting poli¢i¢s applied in the prcparation of these fanGi91 statements sct out below. These policte5 have been con5is(ently applied ¢0 all years pr¢seTrted unle&8 Othcrwisc stated. R¢¢ogDition olin¢oming ruiur¢es These are iocludeLI in the Sta*menl of Finwiai Activities (SOFA) when: - the chariry becomes entitled io the resources. - the tnJste¢s are vimjally certatn they will receive the rcsources. ad - the mone(ary value can be measur&J with suffictent reliabilty. chlty activiiies from the LhurLh include fftostly wedding8 ft]nera15 and baptisms, wher¢ the incorne is recogtLi5ed when payment L5 made after the futJrtion$. Income frorll school &s paid inthree instalment8 &t)d r¢¢ogniscd whcn the p&>ryDellt is reeeived by the ¢barity. Raisin8 filnds activities nCOrne is recogDised on pthi¢ular oc¢asions whett the charity or8ani%s cvvnls and at the end of the day when the c&sh donations are banked the incotn¢ L5 rerogtLi$ed. Donations are in cash and colne mainly from the mass trays and the memb¢r5 of the church who pay a fixed OUnt every month. Thc donations are OgnISed as soon as ar¢ banked. Investment income is earned through holdhng &%scts for investment purpos¢3 such as shares and propcty. It include$ dikid¢nds rent and small amount of interesL The income is includcd when the amount ¢an be measured reliably. No amout)t is includ¢d in th¢ fjnancial statements for volunteer tinJ¢ in line w'ith the SORP (FRS 102). Expendlture recognltlon All rxp6n(Jiture is acwunted for oll an A¢cNal b&3is and has been classfftfied UDder headings th&t aggregate #ll costs related to the ¢ategory. Expenditure is reco¥nis¢d N'h¢r¢ th¢re is a leg or CoiLstru¢tiY¢ obli8ation to make paents to third parties, it is probable that the settlement will be required and the amount of the obligation cthn be measured reliably. Page 13 continued...
ST. BAIUIABAS GREEK ORTHODOX CONIMUNrrY Tr4OTES TO THE FifAliCIAL STATEMELYTS- coThtirtued FOR THE YEAR EINDED 31 De¢ember 2023 ACCOUIYTIf4G POLICIFS- eoDthiued Expendlture retDgnltlon Support costs are those thAt lst the work of the charity but do Dot directly represent ¢haritable activities and include otrice costs. g0vennCe eost$. admit)istrative payroll costs. They are ineurred directly in support of expenditure on ihe objeets of the charity. Wher¢ supp)rt Costs ¢aThnot be Ibrectly attributed to pallicular heading they haTr'e been allocated to cost of ratsing fimds and expenth"tur¢ on Charitable tiVitieS on a basis Consistent with use of the resources. T8ngible fiKed Depre¢iition is provided at the following annual rates rn order to wriie off ea¢h ass¢t ov¢r its estilnated Us¢1 Fre¢hold propeny Fixture5. fittinBS & equipment 15 /0 on redu¢ing balance nve$tm¢nt property Investment properties are staled al markei value which according to the ttth%ttts reflect the fair value at the r¢porting date. o depreciation is provided in respect of properties which are c1]fied as invc51rnclll propert1¢5. Such propcrtics arc hcld to carn rcnta18 or lor capital apprcciation and the truste¢s ¢onsider that to depT¢¢iaie ihem would not give a true and fair view. Tfixatlon As a rc.8ted charity. the organisation is cxcmpt from income and ¢OTporatjQD t&x to the extent that its incom¢ and gaiL% are applicable to charitabl¢ purposes only. VAlue Added Tax is not WCOVCTBbk by the Chariry. and is tbcrefore included in the releN'allt Costs in the SOFA. Fund acfouDting Uttrewieted futtds cart used in a¢cord&nce with the charitable objectivcs at tho discretion of the trslee5. Restricted fvnds can onlv be used for paTiicu]ar restri¢d purposes within the objects of the charily. Restrictions arise wheD specified by the donor or whcn fimds are raised for particular restricted purposes. Further explanliion of the nature and purtK>se of each fund is included in the 0t¢S to the financi81 stst¢ment5. Investments Invesimcnts are listed glwes recognised initially at fair value which is norrndly the transaction prite cxcluding transaction costs. Subsequently, they are measured at fair valuc with changes reco8ni5cd in lJ¢t gains I Ilossu) on investments, in the SOFA if th¢ shares are publicly traded. Lo¥0$ #nd borroifrlngs Loans and borrowings are initially recogttig&l at the transaction price includin8 transaction costs. Subsequently, they are measured at amortised ¢ost using the effective interest ra¢¢ method 1¢$$ impaim)ent. If an arrangemeni c{sn$tite5 a finance trallsa¢tioll it is measured at present va]ue. P¢nslon ¢o$¢$ ond other po$t-rttlrement benefits Thc charitv opCras a defithed corttributioTJ pension schemc. Contributions payablc to the charitys pensitsn s¢h¢me ar¢ Charged to th¢ Statement of Firt8n¢iAI A¢livities in th¢ period to whi¢h they rclatc. Page 14 continuc&..
ST. BARTriABAS GREEK ORTHODOX COMMUNI ITY OTES TO THE FINAf*CIAL STATEMENTS- CDntinued FOR THE YEAR EINDED 31 December 21123 CRITICAL ACCOUNTING JL'DGEMENTS AND KEY SOURCES OF ESTIMATIOF4 NCERTAINTY lio judg¢m¢nts (apart from those involving e5timatesl have bcen made in the process of applying the above unting poli¢ies that have had the most significant ¢ffect on amounts reco]iSed in the [anCial stal¢ments. No key &ssumptions concerning the future and other key source5 of ¢5timation uncertainty ai ihe reporting date that have a significant risk of eausing a material adjll5tme to the carrying amounts of &85ets and liabilities within the next financial ycar. DONATIONS AND LEGACIES Jl.12.23 31.12.22 Donations Gift azd 584,689 366,865 375.1180 OTHER ACTIVITIES 31.12.23 31.12.22 Fundraising evts 43 INVESTMEFIT ThCOLIIE 31.12.23 31.12.22 Rental, dividends and interest income 99.911 108.104 INCO,ME FROL¥I CHARITABLE AcnviTIES 31.12.23 31.1222 Activity Church hool Church School 111,603 62,926 117.951 57.676 174 S29 175627 Page 15 continued...
ST. BARNABAS GREEK ORTHODOX COI¥IIIIUNITY OTKS TO THE FINAP4CIAL STATEfvIELNTS- CO¢5ed FOR THE YEAR F.TrIDF.D 31 December 2023 RAISLW. G FUP4DS Rgising doThatloDS 4nd kg•ele$ 31.12.23 31.12.22 C8tering and hospitality Chiistening and marrtages 3fl,319 12.245 20,793 CHARITABLE ACTIVITIES COSTS Dlrect Costs Cbutch School 654.498 TRL'STEES, REMUNERATION AIYD BENEFITS Bishop lakovos received a remuneration of £35,432 (2022.. £31,281) and a pcn5ion contribution of £876 (2022.. £710). Mr Polis Poly¢aoU received & re)DUll¢ration of £]2,)0 (2022: £1 1,000) and a pension ¢olltribution of £173 (2022: £158). No oth¢r uustee received remuneration. Trujtees expenses There were no im8tees' expens¢s paid for th¢ year ended 31 December2023 for the year ¢Dd¢d 31 D¢cemb¢r 2022. 10. STAFF COSTS 31.12.23 31.12.22 Wages al s#laries School w8g&% Social sxurity costs Other p¢nsion costs 286,654 41.414 13,454 285.928 45,185 14,650 348 559 The average monthly number of emplo$ during the vear was &$ follows.. 31.12.23 42 31.12.22 37 Aver4e employees No employees receiNed ¢xrtolummts in ¢xce8s of £60,000. Page 16 eontinued...
ST. BAILIABAS CREEK ORTHODOX COMMuyrrY FL'ND TE TO THE FINANCIAL sTATEIENTS- continued THE YEAR F,NDF.D 31 December 2023 11. COMPAIL4TIVFS FOR THE STATEMET*T OF FINANCIAL ACTIVITIES Ulc5tr1cted nd INCOME AND EYDOWMEPQ3 FROM Dottations and le8aeies 375.880 CrItIle activitie Chllrch School 117.951 57,676 Other aclivities Investm¢nt in¢om¢ 12.387 I08.104 Totsl EXPENDITDRE ON RaisTDg fuDds 31036 Charl¢4ble a¢tlvlties Churth School 678,186 3.789 Other 707,OM NET LWCOMEI(EXPENDITURE) {35.046) RECONCILIATIONI, OF FUYDS Total funds broughi forward 4,364,897 TOTAL FLThTIS CARRIED FORWARD 4,329,851 Pglge 17 eohtittud..
ST. BARNABAS GREEK ORTHODOX CONIfvIUNrrY NOI'ES TO THE FINANCIAL STATEMEf*TS- covtiDued R THE YEAR 12. Tth'GIBLE FLXED ASSETS FiXttS, fittings & equipmellt Freehold propety Totals COST At l January 2023 Additlons 1,598,130 7.860 415,037 62.404 2,013,167 70,264 At 31 Deeember 2023 1605.95M) 477,441 2.083.431 DEPRECIATIO At l January 2023 Charge for year 506.683 345.197 19.837 851,880 At 31 December 2023 522,743 365 034 887.777 NET BOOK VALUE At 31 Dcccmbcr 2023 1,083,247 112.407 1 195 654 At 31 DeCernb 2022 1,091,447 69.840 1.161287 13. FIXED ASSET IP4VESTIIIENTS Listed invcsthjents MARKET VALUE At l January 2023 Revaluation8 31,131 3,916 Ai 31 Decernb¢r 2023 PIET BOOK VALUE Ai 31 December 2023 At 31 Ikccmb¢r 2022 There were no inv¢Jbnent assets outside the UK. Cost or valuation al 31 D¢c¢mber 2023 is TepF¢S¢nt¢d by: Listcd investrnents valtion ID 2023 35,047 The fair valuc of li5tryJ investments is d¢tennined bv reference to the quoted price in the active market ot the balance 5beet dat¢. Page 18 continued...
ST. BARNABAS GREEK ORTHODOX CONIMLIP¥lTY NOTES TO THE FINANCIAL STA TEIE7S- Continued R THE YEAR 14. LIVESTMLNT PROPERTY FAIR VALUE At l January 2023 and 31 December 2023 3 133 7Tr) NET BOOK VALUE Ai 31 December 2023 3,133,71KI At 31 tkcember 2022 3,133,71KI The prof¢&sional valuation of propertLC5 took place oll 23 July 2019 by Mylako Limited Chartered Surveyors. The trustees have cOnf¢d that at Balance Sheet date the value showtl in the Flnancial sratemeJLts reflects the fair value of th¢ properti¢s. 15. DEBTORS: AMOUNTS FALLIP4G DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade debrS Other debtors Prepaytnents 1,350 2.042 I& CREDrroRS: AMOUNfs FALLINC DUE wrrHtN ONE YEAR 31.1223 31.12.22 Trnde Creditors Taxatioll and socRal security Other cr¢ditors 2,597 727 S79 26.948 17. CREDITOILS: AMOUNTS FALLif4G DUE AFfER MORE THAN ONE YEAR 31.12.23 31.12.22 Other creditor5 18. LOANS An analysis of the matiwity of loans is giv¢n b¢low.' 31.12.23 31.12.22 Amounts falling du¢ within onc year on demand: Other loans 14.713 ATnoun15 falling between one and two v¢ars: Other loans- 1-2 )'ears 9.909 Amollnts falling due bctween two and five years.. Other loans- 2-5 years Page 19 continued...
ST. BARNABAS GREEK ORTHODOX COI¥ITrIUNITY FUh'D NOTES TO THE FINAliCIAL STATEIENTs- continued 23 18. LO¥s- r•lltiTrued In 2022. the charity receiTred a loan of £50,000 fro]n SL Nicholas Gre¢k Onbodox Educational Ttusl. The rate of inter¢st applicable on the loan is 2 per annum. Th6 charity will make the minimum payments towards r¢paymet)t of the loan ¢ach month to the Sum of £880. Art amouni of £37,093 of ihis loan ts out8tanding at balan¢¢ 5h¢et dat¢ out of which an amount of £9,909 is repayable within 12 months. £10.109 is repayable between 1-2 years, atMI the remaininjj £17,075 1$ repayable between 2-5 years. The loan and accrued interes( are fillly repayable by 31 Au8USt 2027. 19. MOVEMENT IN Fb'N'DS Net tnovement itl fi]nds At 31.12.23 At l.la3 LTnrestrieted funds General thnd 4.329.851 215.488 4.545J39 TOTAL FUNDS 4.329.851 215,488 4.545 339 N¢t movement in funds, included in the above are as follows.. Incoming resources Resourccs expended Mov¢ment ill fijnds L'nrestrlcted funds G¢[£1 fuT 926,353 (710.865) 21S,488 TOTAL VUNDS 926.353 710.865 215 488 Compgr4tives for movement in funds Net tDovement in funds At 31.12.22 Ai 1.1.22 UDre$trieted lund$ Gcncnl fitnd 4.364.897 {35,046) 4,329.851 TOTAL FUNDS 4 329.IS51 Page 20 coDtirtlle(L..
ST. BARNABAS GREEK ORTHODOX COMMLI. qrry NOTES TO THE FINLYCIAL STATEMENTS- eonthiued FOR THE YEAR ENDED 31 December 2023 19. MOVEMENT LN FUs. eolltknued Comporativ¢ net mov¢meni in fimd& ill¢hed in the above or¢ follows.. Incoming Resources expend Movement in fiAnd5 Unre¥tricted fuDdi Gencr41 fillKI 671,998 (707,044) (35.046) TOTAL FI1 S 671998 A curfftli y¢aT 12 rnont]k8 and prioryear12 monihs Combined FKisition is as follow8.' Net ]noveme At 31.12.23 At 1.1.22 Unrestrlcted fulldi 4,3fj4,897 180,442 4.545,339 TOTAL FUI¥DS 4 545 339 A Cuent jr 12 mot)ths and prior year 12 months combined net movement in fijnds, included in the above a as follows.. Incoming Resowce5 expended Movement Unr¢8tri¢¢¢d fwids Gen¢ral fiwd 1.598.3Jl {1.417.909) 180,442 TOTAL FUL¥DS 1598 351 (].417.) 180.442 20. RELATED PARTY DISCLOSUIiES IDcMded in creditors fallillg the within one year is m amount of £5.000 as a loan payable to Marios Minaid4 a tru$tee of St. Barnabas Grttk Orthodox Community Fund. Marios Minaide5 is also a partrAer irt Nicho1&8 & Co Solicitors Limited, a law firm that acts as solicitors foT St. Ban)abas Greek Orthodox Community Fund. This is an intercst free 104D repayabk on demand. Lhjritig the year. the c]wity r¢ceived donations from lated parties without conditiODS for all aggrege amounl of £47.195. Pag¢21
ST. BAIiNABAS GREEK ORTHODOX COMMVNtTY FUND DETAILED STA TEMEPIT OF FINAN FOR THE YEAR ENDED 31 D IAL ACTIVITIES 31.1223 31.1122 Ir¥COME ATr4D EIDOWmELITs Don1io and legAties t)onauons Gift aid 584,689 24,011 366.865 9.015 608,700 375.880 Other Y4etivitie Fundraising events 43.213 12,387 Investment Sneome Rentsl. dividends and intrrest income 99,911 108,104 ChArltAble 4edvlll¢$ Church School 111,603 117.951 174 175 627 To¢•1 kncomlDg re8ource9 926.353 671,998 EXPENDITLIRE donations and legacies Catering hospita]iry chris1elli alld Driag£ 38.319 12.245 20,793 11243 50,5fA 32.036 Ch4rlt*bl¢ 4etiYi15e$ Chuwh wages Solial sLKurity Pensions Raies and water Insurance Ligbt aTrd heat Telepholle Postage and stationery Mana£ement fees Repairs and mainterwice Donations Candle5 and other expenses AudiLors' remuneration School wages Sch¢1 expenses AontUn¢Y f¢es Bank charges Carri¢d fonvard 286.654 13.454 3,418 8,467 37,708 44.979 6.698 8.871 10,639 67,185 26.478 51,057 6,0( 4l.414 9,719 1,200 3,532 627,473 285,928 14,650 2,796 6.859 34.706 39,005 6,908 6,438 104.828 12,970 65,856 6,000 45,185 3.789 2.868 2.049 652,656 Thi5 page does not form part of the statutory fiDancLal 5ratCTnents Page 22
ST. BARNABAS GREEK ORTH UMLIIULYITY DETAILED STATEMEIT OF FIP¥ANCIAL ACTIVITIES R THE YEAR ENDED 3 31.12.23 31.12.22 Chgritable acthrflles Brought forward Depreciation of freehold property DepTecAation of fixtures alld fittig$ Los5 on disposal of motor vehicle5 Other loan intercs¢ 627,473 16.060 19,837 652.656 15,981 12,325 688 325 847 664217 681,975 Other Loss {Gain) on reVUatIon of investments J.91 Total resautce5 cxpended 710.865 incomeJ(expenditure) 215488 This page does noi fonn part of the 5talutory fanCIal staternents Page 23