CHARITY REGISTRATION NUMBER: 277078 Greek Orthodox Community of Barnet Unaudited Financial Statements 31 December 2023 V I PARTNERSHIP Chartered accountants 1278 High Road London N20 9RS
Greek Orthodox Community of Barnet Financial Statements Year ended 31 Docember 2023 Pagg Trustees, annual report Independent examineffs report to the trustees Statement of financial a¢tivitie5 Statement of financial position Statement of cash flows Notes to the financial ststements Tho followlng pages do not fomi part of the flnanclal slatsments Detailed ststement of financial acbvities 16 Notes to the detailed statement of financial activities 17
Greek Orthodox Community of Barnet Trustees. Annual Report Year ended 31 Decamber 2023 The trustees present their report and ihe unaudited financial statements of the Charity for the year ended 31 Dember 2023. Referene¢ aud admlllls¢ralfve detgiis Registered ebarity name Greek Orthodox Community of Barn¢t Charlty registratlon number 277078 Prin¢ipal office St Michael's Cathedral Golders Green Road London NWII 8DA The truste¢$ The Archbishop of Thyateira and Great Britain Nikitos Louli&8 Mr Spyros Polemis Dr Alexandros N Comninos Mr Cor]5t8mtinos Kavad&s Mr D Strydtikopoulos Dr Spyr05 Seretis Mr George C Rodopoulos Mr Savvas Pavlides Mr Nichola5 J Karous Dr Marios Moustras Company sècretary Christopher Yiannakas Independent examlner Vasos E. loannou Structur4 governanc¢ and management The Gk Orthodox Community of Barnd is constituted as an Uninco0rated charity, the a¢tivities of which are governed by a tst deed dated 7 December, 1978. The trustees overs¢¢ and authorise all expenditure of the charity as well &s the main fund rdising evellts, such as the annual dinner and dan¢e. The school is rtsn by the h0o] committee, its chairn]an and the headmaster. The ladies association is run by its own pointed committee and chatrwoman.
8124r24, 6..14 PM Emoil- k8rtyJs- Greek Orthodox Communlty of Barnet Yèar onded 311)K•mb•r 2023 Th¢ obtly oftht clmrity e to tho {1. Othodox fartP'."sd ihc eirmk d imtslutsons. ltt wticyl•rto Suppo •ywJ d¢wlop& Gre¢k Ortho&5x sch1. Ibe ¢hvWs pwp05e ¢hw¢h wr•Yty vknlrdj is thB of r8[0 omd ohrithl¢ c¥ttnmuttlty fiMlor& Swh premiw iff Jlao by the Schty)I to prol& for ¢hI1& profo65in8 th¢ Greek altrffjugh Trclhll the fiom wovidhry Pl fgrthildT•R vknvinlto fai1fttTfth so deddc. Thi5year ihe ch&rii¥ s&w Lncrease iu its incowung resourccs. PIJDS for ful¥rr PÉhriod$ ThrtyIl tts of 7Jx Ontk Orthcdox fgith attd ¢ultur•. The true&g' Jon71 Port was approved tsn 52 Augusi 2024 and ¥iyird on khalf of th¢ of tyusiees br. Mr Ni¢lK)12s J Kam Christopher I'i&inakas Chariry Sccrciwy VJ hUp8Jloulook.l%*.tyJrthFalVOrfnboxfi(YAQMkADAwATYwMAJtOTZiMYffQYLTAwIAoAR9pA44Dwo2D4XFBrJss8rtQJlFW%2FUCz...
Greek Orthodox Community of Barnet Indendent Examinerfs Report to th• Trustees of Greek Orthodox Communlty of Barnet Year ended 31 D•¢emb•r 2023 I report to the trust¢es on my examination of the financial statements of Greek Orthodox Community of Barnet (Yhe charity) for the year ended 31 December 2023. Responsibilities And basfis of report As th¢ trSte£S of the charity you are responsiblc for the PTeparation of the financial slatements in ordance with th¢ r¢quirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of ihe charity's financial statements carried out under section 145 of the 2011 A¢1 and in wying out my examination I have followed all the applicable Directions given by the Charlty Commission under section 145{5Xb) of the Act. Independent enmlner's Statement I have complded my examination. l ¢onfim) that no material matters have come to my attention in connection with ihe examination giving me ¢ause to believe th in any material respect: accounting records were not kepl in resp¢ct of the charity as required by seclion 130 of the ACL the fncIal statements do not with those reeords. or the financial slatemenls do nol wmply with the applicable requirements conceTning the forn) and conlent of a¢¢ounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requir¢m¢nt that the accounts give a 'lrue and fail vt¢w which is not a matter considered as part of an independent examination. I hav¢ no concerns aTtd have come across no other matters in connection with the examination to which attention should be dTawn in this report in order to enable a prop¢r understanding of ihe accounts io reached. Vasos E. loan Independent E. er Chart¢red Acc 1278,High Road London N20 9RS 12 August 2024
Greek Orthodox Community of Barnet Statement of Flnancial Activities Year ended 31 December 2023 2023 Unr¢stri¢led funds Totsl ndS 2022 Totsl funds Note In¢ome aDd endowmeDts DOnlOnS and lega¢ie5 Ittve5tment income 101,348 143,332 IOlJ48 143,332 244,680 101.772 123,372 225,144 Total kncome 244.680 Expenditsre Expendittjre on charitable activities Total expenditure 240.950 240,950 240,950 174,068 174.068 240,950 N¢t illcome and net movemeDt ID thnds 3,730 3.730 51.076 Re¢oocS1SAtlon of fllnds Total funds brought forward Totsl funds carried forward 1.585.973 lJ85,973 1.589,703 1,534,897 1,585.973 1.589,703 The statement of financial ¥tivities includes all gains and losses rrfognised in the year. All income and expenditure derive from ¢ontinuing activities. The notes on pages 7 to 14 forni part of these flnanclal $tstsments.
Greek Orthodox Community of Barnet Statsment of Financial Position 31 December 2023 2023 2022 Fixed aets Tangible fixed a8s¢ts Inveslmenls 10 11 1283J28 2,1Kll 1285229 1.283,228 2,(K)I 1,285,229 Currtttt assets Debtors Cash & bank and in hand 12 48,089 269,176 41,349 282,850 324,199 317265 Creditors: amounts falliD% due wlthln one year Net eurrent 8&sets 13 12,791 23.455 300,744 1.585.973 31M,474 1,589,703 Total assets less eurr¢nt liabilities Funds ofthe charlty Unrestricted funds I89,?03 I89,703 1,585,973 1.585.973 Totsl charity funds 14 These financial statements w¢r¢ approved by the board of trustees and authorised for issue on 12 August 2024. and are signed on behalf of the board by: Mr Nichola5 J Karous Trustee The notes on pages 7 to 14 fomi part of these financial statements.
Greek Orthodox Community of Barnet Statsm•nt of Cash Flows Year ended 31 December 2023 2023 2022 Cash flow5 from operating 8¢tfvl1les Nd incorne 3,730 51.076 Adjwlmenlsfor.. Dividends, interest and rents from investments Interest payable and similar charges (143J32) {123,J72} 557 Chang*s in.. Trade and other debtors Trdde and other creditors (6,740) (10,664) (156.519) 14,033 11,065 (46,641) C&sh genCed from operotions Inlerest paid Net Cash used in opetzting a¢tivilies (487) (157,006) (557) (47,198) Cash flows from investing ¥etivi¢ies Dividends, inteTes1 and nts from inYe5tment5 Net Cath from investing activities 143J32 143J32 123,372 123,372 Net (dcerexse)fincrea8e Ind easb equiyalents Cash and c#$h equivalent5 Slt beginDing of year Cksb and cash equfv4l¢Dts at end of ye4r {13,674) 282,850 269,176 76,174 206.676 282,850 The notes on pages 7 to 14 form part of these flnanclal statements.
Greek Orthodox Community of Barnet Nots8 to the Financlal Statements Year ended 31 December 2023 General information The charity is a public benefit entity and a registered charity in Engjand and Wales 8nd is univKorporated. The address of the principal office is St Michael5 Cathtyjral, Golders Green Ro. London, NWI 18DA. Stltemellt of eomplitt¢e These financial ststements have been prepared in ¢omplian¢e with FRS 102, The Financial Reporting Standard applicable in the UK and ihe R¢public of Ireland,, the Statement of Recommended Ptxctice applicoble to charities preparing their a¢ullts in accordance with ihe Financial Reporting Standard applicable itt the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charlties Act 2011. AeeountiDg policies Si8 of prepgratloD The financial stalements have been prepared on th¢ hislorical cost basis, &8 modified by the tEVUatiOn of certain financial &ss¢ts and liabilities and investment properties measured at fair value through income or expenditure. The financial statement5 are prepared in sterlin& which is the funrtional currency of the entity. Going cone¢rn There ar¢ no material uncertaintles about the charitys abilily to continue. Fund c¢ounting Unrestri¢ied fund5 are available for use at the discretion of the trustees to further any of the Charity's purposes. Designated funds are unrestricted fijnds eamiarked by the trStee$ for particular fUre project or commitment. Restried fun(ts are subjeded to restrictions on their expenditure de¢lared by the donor or through Ihe tern)s of an appeal, and fall into one of suilaSSeS.. restricted income fijnds or endowm¢nt funds.
Greek Orthodox Community of Barnet Notes to thè Flnancial Statsmonts l¢onJnuedJ Year ended 31 December 2023 ID¢omiDg resourees All incoming resources are included in the statement of financial a¢tivilies when entitlement has p&gsed the ¢hariry' it is probable that the economic b¢nefits a&sociat¢d with th¢ transactii>n will flow to the charity and the amount can b¢ Teliably measured. The following specific policies o applied lo parti¢ular categories of income.. income from doT]ation5 or granis is r¢cognised when there is evidence of entitlement to the gift, receipt is probable and its amouni can be measured reliably. legacy income is recogni5¢d when receipt is probable ond entitlement is established. incom¢ 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 lo ihe donor or tILe estimated resale value. Donated facilities and services ar¢ recognised in the accounts when received if th¢ value be reliably measured. No amounts are included for the contribulion of general volunteers. income from contracts for the supply of services is r¢cognised with the delivery of the contracted service. This is classified &8 unrestricted fund5 unless there is a contra¢tual requir¢ment for it lo be spenl on a particular purpose and returned if unspenL in which case it may be regarded as restricted. Resources expeDded Expenditure is Tecognised on an accruajs basis as a liability is in¢uTred. Expenditure includes any VAT which cnot be fully recovered, and is C]1ficd under headin of the ststement of finala1 activities to which it relates.. expenditure on rdising funds includes the costs of a]1 fundraisiftg activities. events, no charitable trading activities. and the sale of donated good$. expetldilure on charitable a¢livities includes all costs in¢unEd by a charty in undertaking a¢livilies that further its charitable aims for the ben¢fit of its b¢neficile& including those support costs and costs relating to the governance of the Charity apportioned io charitable a¢tivities. other expendilure includes all expenditure that is neither tEled to rdising funds for the ¢harity nor part of its exp¢nditure on charitable activities. All costs are alloc8te4 to expenditure categories refl¢cling the use of the resource. DiTWt costs attributable to a %ingle activity are allocated directly lo that activity. Shared wsts are apportioned between the a¢iivities they Contribute to on a reasonable. j$1]rIable and ¢onsistent basis. Tgible 4ssets Tangible assets are inilially recorded at cost. 8t]d subsequently stated at Cosi les5 any accumulated depreciation and impairnTrent losses. Any tangibl¢ assets carried at revalued amounts a tEcorded at the fair value at the date of revaluation less any subsequ¢nt accumulated deprectation &nd subsequent accumulaied impairn)ent losses.
Greek Orthodox Community of Barnet Nots8 to the Financial Statements (conllnuod) Y•ar ended 31 Dgcember 2023 Accounting li¢jeS (C11¥ Tanglble assets {¢••¥¢) An increase in th¢ carying amounl of an assa & result of a revaluatioN is recognised in her recwised gdins and losses, unless it reverses a Charge for impairnlent that h&$ previously been recognised ILS expenditure within the statement of firkancia] a¢tivilie5. A decrease in the cwing amount of an asset as a result of revaluation, 15 recognised in oiher TognISed g8ins and Ios5e except to whi¢h it off5els any previous reVuatIon gain, in which case the 1055 ts shown within other recognised gains and losses on the statement of financial activities. DepreeiatK)n Depreciation is cal¢ulat&J so &s to lte off the cost or valuation of an asseL less its residual value. over the SefUl economic life of that asset as follows- Fixtures & Fittings Equipment NIL NIL Investments Unlisted equity investments are initially re¢orded at cosl, and subsequentty measured at fair value. If fair value cannot be reliably measured, assets are me&8uTed at cost less impairn)ent. Listed investments are measured at f&ir v8]ue with changes in fair value being recognised in income or expenditure. Investments In Assoelates Investments in associates accounted for in accordance with the cosi model are recorded at cosi less any accumulal¢d impaiTrn¢nt10sses. Investments in assoctat¢s accounted for in a¢¢ordance with the fair va]ue model are initi&lly Corded ai the tr&n5action pri¢¢. At each reportin8 dat¢, the inveslments are ffteasured at fair value. with hanges in fair valu¢ tsken through income or ¢xpenditure. Where li is impracticable to measure fair value reliably witlM)ut undue cost or effort. the cost model will be adopted. Dividends arkd other distribuiions received from the investment are ognISed &$ income without regard to whether the distributions are from accumulated profits of the associate aristng befo or after the date of acquisilion. InvutmeDts Ill Jotht veMlure8 Investhients in joinlly controlled enlilies accounted for in accordance with the cost mixkl are record¢d ¢osl less any auMUlated impairn]ent losses. Investments in jointly controlled entities arxounted for in a¢¢ordance with the fair Ve m(Trdel are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, wilh Changes in fair vaiue taken through income or expenditure. Where it is impracticable to me&8ure fair value reliably without undue ¢osi or efforl the cost model will be adopted. Dividends and other distributions rec¢iv¢d from the investment are recognised &$ income wiihout regard to whether the distributions are from acculnulaled profits of the joint venture arising b¢fore OT afier ihe date of a¢quisition.
Greek Orthodox Community of Barnet Notes to the Financial Statsm•nts (conllnu•t¥ Y•ar ended 31 December 2023 AetoutttiDg policies fLVW I1rment of nxed 888ets A revi¢w for indicators of Impa]rnnt is Carried out at each reporting da@ with the recoverabl¢ amount being estimated wheTe such indi¢atOTS ¢XiSt. Where the canying value exceeds the rec4)ver&ble amount, the 24et is impaired accordingly. Prior impairnients are also reviewed fol POSStble reversal at ea¢h reporting dat¢. For the purposes of impairnient lest1 when it is not possible to estimate the recoverable amount of an individuai asset, an estimate is made of the r¢coverable amount of the cash-generating Ltnit to which the &sset belongs. The c&sh-generattng unit is the smallest ideniifiable group of assets that include5 the &8sel and generths cash inflows that largely independent of the c&8h inflows from oth¢r assets or groups of a5set& For impairnjent testing of goodwill. the goodwill acquireAI in a business combination is, from the acquisition dat¢, allocated to each of the cash-generating units that are expected to benefit from the syneoies of the combination. irrespective of whether other Lssets or liabililies of the chlty are assigned to thos¢ units. Flnaneial instruments A financial asset or a financiaI liability is reCO)Ised only when the charity becom¢s a paty to the nlractual provisions of the instrumenL Basic financial instruments are initially recognis¢d at the amount receivable or payable including any related transaction wsls. CuTtEnt assets and ¢utYent liabilities are subsequently me&sured at the cash or other consideration expected to be paid or received and noi discounted. Debt instNments are subsequently measured at amortised cost. Where investtnents in shares are publicly tradoj or their fair vue can otherwise be me&sured reliably, the inve5knent is subsequently measured at fair value with changes in fair value recognis&l in income and expenditure. All other such inves1ments are subsequently me&sured at C4)st less impairnienl. Other financial instTument5. including derivativ¢& are initially recognised at fair value, unless payment for an asset is deferred beyond nomjal 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 futll payments discounted at a market rafr of interest for & similAr debt instNment. Other financial inslrumenls are subsequently measured at fair value, with any changes recogni5ed in the statement of financigl activities. with the exception of hedging instmments in a designated hedging r¢lationship. Financial &ssets that are measured at Cost or amortised cost are reviewed for objective evidence of impairment ai the end of each reporting d&t¢. If there is objective ¢vid¢nce of impairn)enL an impainnent loss is recognised under the appropriate heading in the $ement of financial a¢tivities in which the initial gain was recognised. 10-
Greek Orthodox Community of Barnet Notes to the Financlal Ststements (contiftu•d) Y•ar ended 31 Dacomber 2023 Aceountlng pollcles Financial instruments (CO#d) For all equity instruments TEgardless of signifi¢an¢< and other fjnancial assets that are indiwdually significant, th¢s¢ are assessed individually for impairnient. Other financial assets are either asse&sed individually or grouped on the basis of similar credit risk characteristics. Any tEversals of impairment are Tecognised immediately. to the extent that the reversal does not Ul1 in a carrying amoufti of the financial asset that exceeds what the carying amount would have been had the impairnleni previously en recognised. Donations and legacles Unre51ricied Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 DonatlDns Donations received Mernbership Church collections, functions & sacrements Sch(M)l F¢¢5 & Functions Ladies Association Fees & Functions 7.080 19,840 405 19.840 405 70.304 23.964 70J04 23,964 70200 10.992 335 70.200 10,992 335 101,348 i0iJ48 101,772 101.772 Jnvestment lllcome UnrestrÈcteAJ Totsl Funds Unrestricted Tolai Funds Funds 2023 Funds 2022 Hall Rentsl Income 143.332 143J32 123,372 123,372 EipeDditure ehari¢able *cttvitie5 by fund type Unrestricted Total Funds Unr¢stri¢ted Tota] Funds Funds 2023 Funds 2022 Church Hall School Support costs 177,041 33.454 29,968 487 177,041 33,454 29,968 118,833 43,794 10,884 557 118,833 43.794 10,884 557 240,950 240,950 174.068 174,068 11
Greek Orthodox Community of Barnet Notes to the Financial Statements (conllnuedj Year ended 31 Decembor 2023 Kxpenditure on charitable a¢tiYities by gcttvity type A¢tivities undertaken directIy Support costs TotAI funds 2023 Total fvnd 2022 Church Hall School Governance costs 177,041 33,454 29,968 177,041 33,454 29,968 118,833 43,794 10,884 557 487 240.463 487 240,950 174,068 Stsff eosts Th¢ iotal sthff Costs and employee benefits for the Teporting period a analysed as follows: 2023 2022 Wages and sa]aries 37¥0 32.071 The average head count of ernployees during the year was 2 (2022: 2). The av¢rAge numbeT of full- time equiva]ent employees during th¢ year is ana]y5ed as follows.. 2023 No. 2022 NuMr of staff No employee received employee benefits of more than £60.OIK> during Ihe Y (2022.. Nil). Trn$tse remuneration and expen8¢8 No truslee rec¢iv¢d renumeration for iheir rol¢. 10. T#Dglble flxed a&sets Land and Fixtures and buildings fittings Equipment Totsl C(vJt At l JanuAry 2023 and 31 Deeember 2023 ,184,874 117,174 17,487 lJ19,535 Depr¢¢iation At I January 2023 alld 31 De¢ember 2023 27.025 9.282 36.307 Carrying amouut At 31 Deeember 2023 1,184.874 90,149 90,149 8,205 l J83328 At 31 December 2022 1,184,874 8.205 1.283.228 With effect from year ended 31 December, 1996. the Trustees have decided not to provide depreciation on PlanL Machineryy Fixtures & Fittings. in the Accounts. 12-
Greek Orthodox Community of Barnet Notas to the Flnancial Statoments (¢onUnu•d) Year onded 31 Decembor 2023 11. Investments Other iDvestm¢nts Cost or valuatloD At l January 2023 Additions 2,1 At 31 December 2023 2,001 Impairnient A¢ l January 2023 ad 31 December 2023 Carrying amount At 31 December 2023 2,001 Al 31 December 2022 2,IK)I All investments shown above are held at valuatio 12. Debtors 21123 2022 Trnde debtors Prepayments al acced income 45.724 2J65 39,411 1,938 4&089 41,349 13. Creditors: Hmounts falllDg due witbin one year 2023 2022 Trade creditors 12,791 23.455 14. Anatysis of cbaritable funds iJnrestricted funds At l January 202 At 31 December 2023 Income Expenditure General funds ,585,973 244.680 (240,950) IJ89,703 At l January 202 At 31 December 2022 Income Expendityre Generdl funds 1,534,897 225.144 (174.068) 1,585.973 13-
Greek Orthodox Community of Barnet Nots8 to the Financial Statements (contlnu8dJ Year ended 31 DeMber 2023 15. Analysi5 of net 2&8ets between funds Unrestri¢ted Total Funds Funds 2023 Tangible fixed &8sets Current assets 1,283.228 306.475 1283228 30(475 IJ89,703 Net 95sets 1.589,703 Unrestri¢ted Total Funds Funds 2022 Tangible fixed &ssets Current assets 1283228 302,745 1,585,973 1283.228 302.745 1.585,973 Net 458¢ts 16. Anatysis of ehxnges in net debt At l Jan 2023 C&sh flows 31 D¢¢ 2023 Cash at bank and in hand 282.850 (13.674} 269,176 -14-
Grnek Orthodox Community of Barnet Management Inforniation Year •nded 31 DaGember 2023 The following pages do not form part of the financlal ststements. -15-
Greek Orthodox Community of Barnet Detailed Statsment of Financlal Activities Year Onded 31 December 2023 2023 2022 Ineome endowmeDts l)onatioDs aDd legacie5 Donations received Membership Church collections. fvnctions & Sa¢ents School Fees & TrunrtiOllS Ladie5 Association Fees & Functions 7.080 19,840 405 70,200 10,992 335 70J04 23,964 i0iJ48 101,772 lthvestmeDt ineome Hall Rental In¢ome 143J32 123.372 Total iDcome 244,680 225.144 Expendl¢4re Expenditure on eharliable ietiviti Purchases Wages and salaries Rent Rates and water Light and heat RepaiTS and maintenan¢¢ Insurance Telephon¢ Other oifire costs Other interest payable and similar charges Charitable Donatii>ns Church Expendtture 963 37,540 17,477 2,828 40,868 39a59 10,405 &191 5.562 32.071 21,607 2,422 28,510 33.694 10,205 4,620 6.163 557 1,300 27,357 174,068 69087 240.950 Total expenditure 240,950 174,068 Net iDcome 3,730 51,076 -16-
Greek Orthodox Community of Barnet Notss to the Dotalled Statament of Financlal Activities Year ended 31 Decomber 2023 2023 2022 Expendithre ott £haritsbk actfvlties Church AdivhiÈs Mnderthken dlredty Candles Wageslsalaries Rent and Flat Expenses Rates & Water Light & Heal Repai & Maintenance Insurdn¢e Telephone Other Office Costs Chur¢h Donations Chur¢h Expenses 5.562 21,236 21.607 196 15,351 9.334 6,156 4,620 6.163 1.300 27.308 118,833 23,740 17A77 263 25.860 27,734 6,149 5,191 4,685 2.660 53.719 177,041 Adivities undertaken diredlv Rates & Water Light & Heat Repairs & Maintenance Insurance 2,226 13,159 24,360 4,049 43,794 15,iM)8 11,625 4256 33,454 Scbool Aelivilies undertaken dlrecrfly Wageslsalaries Sch(M)l Expenses 13WO 16,168 29,968 10,835 49 10,884 Governanee costs Batth Charges and Infrrest 487 557 Expenditnre OD charitable *¢tivitles 240950 174.068 -17-