CHARITY REGISTRATION NUMBER: 277078
Greek Orthodox Community of Barnet Unaudited Financial Statements 31 December 2022
V I PARTNERSHIP
Chartered accountants 1278 High Road London N20 9RS
Greek Orthodox Community of Barnet
Financial Statements
Year ended 31 December 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 16 |
| Notes to the detailed statement of financial activities | 17 |
Greek Orthodox Community of Barnet
Trustees' Annual Report
Year ended 31 December 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.
Reference and administrative details
Registered charity name
Greek Orthodox Community of Barnet
Charity registration number 277078 Principal office St Michael's Cathedral Golders Green Road London NW11 8DA
The trustees
The Archbishop of Thyateira and Great Britain Nikitas Loulias Mr Spyros Polemis Dr Alexandros N Comninos Mr Constantinos Kavadas Mr D Stratikopoulos Dr Spyros Seretis Mr George C Rodopoulos Mr Savvas Pavlides Mr Nicholas J Karous Dr Marios Moustras
Company secretary Christopher Yiannakas Independent examiner Vasos E. Ioannou
Structure, governance and management
The Greek Orthodox Community of Barnet is constituted as an unincorporated charity, the activities of which are governed by a trust deed dated 7 December, 1978.
The trustees oversee and authorise all expenditure of the charity as well as the main fund raising events, such as the annual dinner and dance.
The school is run by the school committee, its chairman and the headmaster.
The ladies association is run by its own appointed committee and chairwoman.
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Greek Orthodox Community of Barnet
Trustees' Annual Report (continued)
Year ended 31 December 2022
Objectives and activities
The objectives of the charity are to promote the Greek Orthodox faith and the Greek orthodox charitable institutions, in particular to support, expand and develop a Greek Orthodox School.
The charity's purpose is to run and maintain the church property which is used for the furtherance of religious and charitable community functions. Such premises are also used by the School to provide education for children professing the Greek faith, although nothing precludes the Trustees from providing places for children not adhering to that faith,if the Trustees so decide.
Achievements and performance
The Charity has continued to maintain the buildings and infrastructure and carry out its principal activities.
Financial review
This year the charity saw an increase to its incoming resources.
Plans for future periods
The charity will continue its promotion of the Greek Orthodox faith and culture.
The trustees' annual report was approved on 14 September 2023 and signed on behalf of the board of trustees by:
Mr Nicholas J Karous Trustee
Christopher Yiannakas Charity Secretary
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Greek Orthodox Community of Barnet
Independent Examiner's Report to the Trustees of Greek Orthodox Community of Barnet
Year ended 31 December 2022
I report to the trustees on my examination of the financial statements of Greek Orthodox Community of Barnet ('the charity') for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
Vasos E. Ioannou Independent Examiner
Chartered Accountant
1278,High Road London N20 9RS
14 September 2023
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Greek Orthodox Community of Barnet
Statement of Financial Activities
Year ended 31 December 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 101,772 | 101,772 | 86,780 |
| Investment income | 5 | 123,372 | 123,372 | 114,981 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| Total income | 225,144 | 225,144 | 201,761 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 174,068 | 174,068 | 119,944 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 174,068 | 174,068 | 119,944 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| Net income and net movement in funds | 51,076 | 51,076 | 81,817 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,534,897 | 1,534,897 | 1,453,080 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 1,585,973 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
1,585,973 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
1,534,897 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 14 form part of these financial statements.
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Greek Orthodox Community of Barnet
Statement of Financial Position
31 December 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 10 | 1,283,228 | 1,283,228 | |
| Investments | 11 | 2,001 | 2,001 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| 1,285,229 | 1,285,229 | |||
| Current assets | ||||
| Debtors | 12 | 41,349 | 55,382 | |
| Cash at bank and in hand | 282,850 | 206,676 | ||
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |||
| 324,199 | 262,058 | |||
| Creditors: amounts falling due within one year | 13 | 23,455 | 12,390 | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |||
| Net current assets | 300,744 | 249,668 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 1,585,973 | 1,534,897 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Unrestricted funds | 1,585,973 | 1,534,897 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 14 | 1,585,973 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
1,534,897 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 14 September 2023, and are signed on behalf of the board by:
Mr Nicholas J Karous Trustee
The notes on pages 7 to 14 form part of these financial statements.
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Greek Orthodox Community of Barnet
Statement of Cash Flows
Year ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 51,076 | 81,817 |
| Adjustments for: | ||
| Dividends, interest and rents from investments | (123,372) | (114,981) |
| Interest payable and similar charges | 557 | 805 |
| Changes in: | ||
| Trade and other debtors | 14,033 | (758) |
| Trade and other creditors | 11,065 | 8,101 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | (46,641) | (25,016) |
| Interest paid | (557) | (805) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net cash used in operating activities | (47,198) | (25,821) |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 123,372 | 114,981 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Net cash from investing activities | 123,372 | 114,981 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| Net increase in cash and cash equivalents | 76,174 | 89,160 |
| Cash and cash equivalents at beginning of year | 206,676 | 117,516 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Cash and cash equivalents at end of year | 282,850 | 206,676 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
The notes on pages 7 to 14 form part of these financial statements.
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Greek Orthodox Community of Barnet
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is St Michael's Cathedral, Golders Green Road, London, NW11 8DA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Greek Orthodox Community of Barnet
Notes to the Financial Statements (continued)
Year ended 31 December 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Greek Orthodox Community of Barnet
Notes to the Financial Statements (continued)
Year ended 31 December 2022
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings - NIL Equipment - NIL
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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Greek Orthodox Community of Barnet
Notes to the Financial Statements (continued)
Year ended 31 December 2022
3. Accounting policies (continued)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
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Greek Orthodox Community of Barnet
Notes to the Financial Statements (continued)
Year ended 31 December 2022
3. Accounting policies (continued)
Financial instruments (continued)
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations received | 19,840 | 19,840 | 28,910 | 28,910 |
| Membership | 405 | 405 | 2,535 | 2,535 |
| Church collections, functions & | ||||
| sacrements | 70,200 | 70,200 | 48,252 | 48,252 |
| School Fees & Functions | 10,992 | 10,992 | 7,083 | 7,083 |
| Ladies Association Fees & Functions | 335 | 335 | – | – |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 101,772 | 101,772 | 86,780 | 86,780 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Hall Rental Income | 123,372 | 123,372 | 114,981 | 114,981 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
5. Investment income
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Church | 118,833 | 118,833 | 86,162 | 86,162 |
| Hall | 43,794 | 43,794 | 25,076 | 25,076 |
| School | 10,884 | 10,884 | 7,901 | 7,901 |
| Support costs | 557 | 557 | 805 | 805 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 174,068 ৶৶৶৶৶৶৶৶৶৶ |
174,068 ৶৶৶৶৶৶৶৶৶৶ |
119,944 ৶৶৶৶৶৶৶৶৶৶ |
119,944 ৶৶৶৶৶৶৶৶৶৶ |
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Greek Orthodox Community of Barnet
Notes to the Financial Statements (continued)
Year ended 31 December 2022
7. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Church | 118,833 | – | 118,833 | 86,162 |
| Hall | 43,794 | – | 43,794 | 25,076 |
| School | 10,884 | – | 10,884 | 7,901 |
| Governance costs | – | 557 | 557 | 805 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 173,511 | 557 | 174,068 | 119,944 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
8. Staff costs
The average head count of employees during the year was 2 (2021: 3). The average number of fulltime equivalent employees during the year is analysed as follows:
Number of staff
2022 2021 No. No. 2 3 ৶৶৶৶ ৶৶৶৶
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
9. Trustee remuneration and expenses
No trustee received renumeration for their role.
10. Tangible fixed assets
| Land and | Fixtures and | |||
|---|---|---|---|---|
| buildings | fittings | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2022 and | ||||
| 31 December 2022 | 1,184,874 | 117,174 | 17,487 | 1,319,535 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Depreciation | ||||
| At 1 January 2022 and | ||||
| 31 December 2022 | – | 27,025 | 9,282 | 36,307 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Carrying amount | ||||
| At 31 December 2022 | 1,184,874 | 90,149 | 8,205 | 1,283,228 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At 31 December 2021 | 1,184,874 | 90,149 | 8,205 | 1,283,228 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
With effect from year ended 31 December, 1996, the Trustees have decided not to provide depreciation on Plant, Machinery, Fixtures & Fittings, in the Accounts.
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Greek Orthodox Community of Barnet
Notes to the Financial Statements (continued)
Year ended 31 December 2022
11. Investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2022 | 2,001 |
| Additions | – |
| ৄৄৄৄৄৄৄ | |
| At 31 December 2022 | 2,001 |
| ৶৶৶৶৶৶৶ | |
| Impairment | |
| At 1 January 2022 and 31 December 2022 | – |
| ৶৶৶৶৶৶৶ | |
| Carrying amount | |
| At 31 December 2022 | 2,001 |
| ৶৶৶৶৶৶৶ | |
| At 31 December 2021 | 2,001 |
| ৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
12. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 39,411 | 53,444 |
| Prepayments and accrued income | 1,938 | 1,938 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 41,349 | 55,382 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Trade creditors | 23,455 ৶৶৶৶৶৶৶৶৶ |
12,390 ৶৶৶৶৶৶৶৶৶ |
13. Creditors: amounts falling due within one year
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | January 202 | 31 December | |||
| 2 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 1,534,897 | 225,144 | (174,068) | 1,585,973 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| At | At | ||||
| 1 | January 202 | 31 December | |||
| 1 | Income | Expenditure | 2021 | ||
| £ | £ | £ | £ | ||
| General funds | 1,453,080 | 201,761 | (119,944) | 1,534,897 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
- 13 -
Greek Orthodox Community of Barnet
Notes to the Financial Statements (continued)
Year ended 31 December 2022
15. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 1,283,228 | 1,283,228 |
| Current assets | 302,745 | 302,745 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 1,585,973 | 1,585,973 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 1,283,228 | 1,283,228 |
| Current assets | 252,669 | 252,669 |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 1,535,897 | 1,535,897 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
16. Analysis of changes in net debt
| At | |||||
|---|---|---|---|---|---|
| At | 1 | Jan 2022 | Cash flows | 31 Dec 2022 | |
| £ | £ | £ | |||
| Cash at bank and in hand | 206,676 | 76,174 | 282,850 | ||
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
- 14 -
Greek Orthodox Community of Barnet
Management Information
Year ended 31 December 2022
The following pages do not form part of the financial statements.
- 15 -
Greek Orthodox Community of Barnet
Detailed Statement of Financial Activities
Year ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations received | 19,840 | 28,910 |
| Membership | 405 | 2,535 |
| Church collections, functions & sacrements | 70,200 | 48,252 |
| School Fees & Functions | 10,992 | 7,083 |
| Ladies Association Fees & Functions | 335 | – |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 101,772 | 86,780 | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Investment income | ||
| Hall Rental Income | 123,372 | 114,981 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Total income | 225,144 | 201,761 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Purchases | 5,562 | 2,312 |
| Wages and salaries | 32,071 | 30,748 |
| Rent | 21,607 | 20,989 |
| Rates and water | 2,422 | 94 |
| Light and heat | 28,510 | 18,621 |
| Repairs and maintenance | 33,694 | 15,496 |
| Insurance | 10,205 | 8,954 |
| Telephone | 4,620 | 4,905 |
| Other office costs | 6,163 | 3,821 |
| Other interest payable and similar charges | 557 | 805 |
| Charitable Donations | 1,300 | 2,920 |
| Church Expenditure | 27,357 | 10,279 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 174,068 | 119,944 | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Total expenditure | 174,068 | 119,944 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Net income | 51,076 ৶৶৶৶৶৶৶৶৶৶ |
81,817 ৶৶৶৶৶৶৶৶৶৶ |
- 16 -
Greek Orthodox Community of Barnet
Notes to the Detailed Statement of Financial Activities
Year ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Church | ||
| Activities undertaken directly | ||
| Candles | 5,562 | 2,312 |
| Wages/Salaries | 21,236 | 24,373 |
| Rent and Flat Expenses | 21,607 | 20,989 |
| Rates & Water | 196 | 94 |
| Light & Heat | 15,351 | 4,725 |
| Repairs & Maintenance | 9,334 | 7,361 |
| Insurance | 6,156 | 5,909 |
| Telephone | 4,620 | 4,905 |
| Other Office Costs | 6,163 | 3,821 |
| Church Donations | 1,300 | 2,920 |
| Church Expenses | 27,308 | 8,753 |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 118,833 | 86,162 | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Hall | ||
| Activities undertaken directly | ||
| Rates & Water | 2,226 | – |
| Light & Heat | 13,159 | 13,896 |
| Repairs & Maintenance | 24,360 | 8,135 |
| Insurance | 4,049 | 3,045 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 43,794 | 25,076 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| School | ||
| Activities undertaken directly | ||
| Wages/Salaries | 10,835 | 6,375 |
| School Expenses | 49 | 1,526 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 10,884 | 7,901 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| Governance costs | ||
| Bank Charges and Interest | 557 | 805 |
| ৄৄৄৄ | ৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Expenditure on charitable activities | 174,068 ৶৶৶৶৶৶৶৶৶৶ |
119,944 ৶৶৶৶৶৶৶৶৶৶ |
- 17 -