**REGISTERED CHARITY NUMBER: 0293042** ## **REPORT OF THE TRUSTEES AND** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** **FOR** **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** LARKOS & PARTNERS 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ||**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 11| |**Detailed Statement of Financial Activities**|12 to 13| **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 the Greek Orthodox Christian Faith and the Greek language and culture in the area of Weston Super Mare and supporting the local community and other minority groups. The principal sources of income for the charity are donations from the community members, collections during church services and from fund raising events and social functions. The principal expenditure of the charity is the maintenance and upkeep of the church buildings and community centre, the provision of regular church services and the priest's salary and the support of the philanthropic and charitable activities. ## **ACHIEVEMENT AND PERFORMANCE Charitable activities** The trustees ensured that regular Sunday church services took place as well as on important church calendar dates. The aim is to keep these services and support charitable activities and causes in Weston Super Mare and environment. ## **FINANCIAL REVIEW** ## **Reserves policy** The trustees are satisfied with the financial position of the charity as at 31st March 2023 and the surplus generated in the year of £15,874 (2022 - £13,081) which is added to the 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 the operations are within the Charities Commission legislation. They meet once a year and more often if required. The Ladies Philanthropic Committee is elected to oversee the Charitable and Philanthropic activities of the charity. The church committee undertakes all the day to day operations of the charity, including the church services, maintenance of the buildings, fund raising and recreation activities, overseeing the daily activities at the community centre and the children's education. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 0293042 ## **Principal address** Grove Road Milton Weston-Super-Mare BS22 8HE ## **Trustees** Archbishop N. Lioulias Mr G. S. Michael Mr C. Constantinou Mr C. Chrisostomou Mr K. Michael Mr V. K. Kimitri Mr A. Kyriacou Page 1 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Independent Examiner** ## **LARKOS & PARTNERS** 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ Approved by order of the board of trustees on 22 November 2023 and signed on its behalf by: **Mr A. Kyriacou** Trustee Page 2 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** ## **Independent examiner's report to the trustees of Greek Orthodox Community of Weston-Super-Mare** We report to the charity trustees on our examination of the accounts of Greek Orthodox Community of Weston-Super-Mare (the Trust) for the year ended 31 March 2023. ## **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'). We report in respect of our examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out our examination we have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us 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. We 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** 128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ 22 November 2023 Page 3 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023** |||31/3/23|31/3/22| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and Legacies||90,092|88,648| |**Charitable Activities**|||| |General Activities|||| |||203|3,146| |Other Activities|2|7,512|7,238| |Investment Income|3|3,647|84| |Other Income||3,400|-| |**Total**||104,854|99,116| |**EXPENDITURE ON**|||| |Raising Funds|4|38,893|16,482| |**Charitable Activities**|||| |General Activities|||| |||50,087|69,553| |**Total**||88,980|86,035| |**NET INCOME**||**15,874**|**13,081**| |**RECONCILIATION OF FUNDS**|||| |Total funds brought forward||584,290|571,209| |**TOTAL FUNDS CARRIED FORWARD**||**600,164 **|**584,290**| The notes form part of these financial statements Page 4 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** ## **BALANCE SHEET 31 MARCH 2023** |Notes
**FIXED ASSETS**
Tangible Assets
8
**CURRENT ASSETS**
Debtors
9
Cash at Bank and In Hand
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
11
**NET ASSETS**
**FUNDS**
13
Unrestricted Funds
**TOTAL FUNDS**|31/3/23
Unrestricted
fund
£
850,539
21,537
58,465
80,002
(280)
79,722
930,261
(330,097)
**600,164 **
600,164
**600,164 **|31/3/22
Total
funds
£
475,572
13,852
97,270
111,122
(2,404)
108,718
584,290
-
**584,290**
584,290
**584,290**| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 22 November 2023 and were signed on its behalf by: **Mr C. Constantinou** Trustee **Mr A. Kyriacou** Trustee The notes form part of these financial statements Page 5 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **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. |Holy Elements and Icons|- 10% on reducing balance| |---|---| |Fixtures and Furnishings|- 15% on reducing balance| |Community Centre Fixtures and Equipment|- 15% on reducing balance| ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **2. OTHER TRADING ACTIVITIES** |**OTHER TRADING ACTIVITIES**||| |---|---|---| ||31/3/23|31/3/22| ||£|£| |Fundraising events|7,512|7,238| continued... Page 6 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **3. INVESTMENT INCOME** |**3.**|**INVESTMENT INCOME**|||| |---|---|---|---|---| |||31/3/23||31/3/22| |||£||£| ||Rents Received|3,578||-| ||Deposit Account Interest||36|55| ||Amazon Smile||33|29| |||3,647||84| |**4.**|**RAISING FUNDS**|||| ||**Investment management costs**|||| |||31/3/23||31/3/22| |||£||£| ||Interest Payable||230|74| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **6. STAFF COSTS** The average monthly number of employees during the year was as follows: ||31/3/23|31/3/22| |---|---|---| |Priest|1|2| |Teacher|1|1| |General Assistant|1|1| ||3|4| No employees received emoluments in excess of £60,000. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and Legacies|88,648| |**Charitable activities**|| |General Activities|| ||3,146| |Other trading activities|7,238| |Investment Income|84| |**Total**|99,116| |**EXPENDITURE ON**|| |Raising Funds|16,482| continued... Page 7 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** ||Unrestricted| |---|---| ||fund| ||£| |**Charitable Activities**|| |General Activities|| ||69,553| |**Total**|86,035| |**NET INCOME**|**13,081**| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|571,209| |**TOTAL FUNDS CARRIED FORWARD**|**584,290**| ## **8. TANGIBLE FIXED ASSETS** |**COST**
At 1 April 2022
Additions
At 31 March 2023
**DEPRECIATION**
At 1 April 2022
Charge for Year
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022|Improvements
Freehold
to
Holy Elements
and
Property
Property
Icons
£
£
£
310,100
110,396
124,977
340,739
15,280
20,500
650,839
125,676
145,477
-
-
87,823
-
-
3,863
-
-
91,686
**650,839**
**125,676**
**53,791 **
310,100
110,396
37,154| |---|---| continued... Page 8 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **8. TANGIBLE FIXED ASSETS - continued** |**8.**|**TANGIBLE FIXED ASSETS - continued**|||| |---|---|---|---|---| ||||Community|| |||Fixtures|Centre|| |||and|Fixtures|| |||Furnishings|& Equipment|Totals| |||£|£|£| ||**COST**|||| ||At 1 April 2022|56,764|31,823|634,060| ||Additions|5,000|-|381,519| ||At 31 March 2023|61,764|31,823|1,015,579| ||**DEPRECIATION**|||| ||At 1 April 2022|42,600|28,065|158,488| ||Charge for year|2,125|564|6,552| ||At 31 March 2023|44,725|28,629|165,040| ||**NET BOOK VALUE**|||| ||At 31 March 2023|**17,039**|**3,194**|**850,539**| ||At 31 March 2022|14,164|3,758|475,572| |**9.**|**DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||31/3/23|31/3/22| ||||£|£| ||Debtors||12,846|13,440| ||Prepayments||8,691|412| ||||21,537|13,852| |**10.**|**CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||31/3/23|31/3/22| ||||£|£| ||Trade Creditors||280|2,404| |**11.**|**CREDITORS:AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|||| ||||31/3/23|31/3/22| ||||£|£| ||Other Creditors||330,097|-| |**12.**|**LOANS**|||| ||An analysis of the maturity of loans is given below:|||| ||||31/3/23|31/3/22| ||||£|£| ||Amounts falling between one and two years:|||| ||Other Loans - 1-2 years||90,000|-| ||Amounts falling due in more than five years:|||| ||Repayable by instalments:|||| ||St Nicholas Trust Loan||240,097|-| continued... Page 9 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **13. 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**
Comparative net movement in funds, included in the above are as follows:
**Unrestricted Funds**
General Fund
**TOTAL FUNDS**
A current year 12 months and prior year 12 months combined position is as
**Unrestricted Funds**
General Fund
**TOTAL FUNDS**|Net
movement
At
At 1.4.22
in funds
31.3.23
£
£
£
584,290
15,874
600,164
584,290
15,874
600,164
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
104,854
(88,980)
15,874
104,854
(88,980)
15,874
Net
movement
At
At 1.4.21
in funds
31.3.22
£
£
£
571,209
13,081
584,290
571,209
13,081
584,290

Incoming
Resources
Movement
resources
expended
in funds
£
£
£
99,116
(86,035)
13,081
99,116
(86,035)
13,081
follows:
Net
movement
At
At 1.4.21
in funds
31.3.23
£
£
£
571,209
28,955
600,164
**571,209**
**28,955**
**600,164 **| |---|---| continued... Page 10 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **13. MOVEMENT IN FUNDS - continued** 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
£
203,970
**203,970**|Resources
Movement
expended
in funds
£
£
(175,015)
28,955
**(175,015) **
**28,955**| |---|---|---| ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2023. Page 11 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023** ||31/3/23|31/3/22| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and Legacies**||| |Donations|83,736|69,662| |Subscriptions|2,260|1,980| |Sunday Collection and Services|4,096|3,672| |Covid Grants|-|13,334| ||90,092|88,648| |**Other Activities**||| |Fundraising Events|7,512|7,238| |**Investment Income**||| |Rents Received|3,578|-| |Deposit Account Interest|36|55| |Amazon Smile|33|29| ||3,647|84| |**Charitable Activities**||| |Employers Allowance|203|3,146| |**Other Income**||| |Insurance Claim|3,400|-| |**Total Incoming Resources**|104,854|99,116| |**EXPENDITURE**||| |**Other Activities**||| |Fund Raising Costs|2,202|1,929| |Travel and Carriage Costs|2,442|3,208| |Candles and Incense|479|733| |Archdiocese of Thyateira|1,200|1,200| |Repairs and Maintenance|28,822|6,374| |Cleaning and Consumables|1,364|873| |Flowers and Garden Keep|2,154|2,091| ||38,663|16,408| |**Investment Management Costs**||| |Bank Charges and Interest|230|74| |**Charitable Activities**||| |Rates and Water|1,760|2,680| |Insurance|9,306|4,956| |Light and Heat|4,318|3,242| |Donations|3,075|8,374| ||18,459|19,252| This page does not form part of the statutory financial statements Page 12 **GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023** ||31/3/23|31/3/22| |---|---|---| ||£|£| |**Support Costs**||| |**Management**||| |Telephone|1,222|1,745| |Books, Postage and Stationery|588|555| |Sundries|164|108| |Licences and Subscriptions|306|217| ||2,280|2,625| |**Other**||| |Depreciation|6,552|7,292| |**Other - Financial**||| |Bank Loan Interest|4,947|-| |**Governance Costs**||| |Wages|15,683|37,591| |Pensions|186|849| |Accountancy and Legal Fees|1,980|1,944| ||17,849|40,384| |Total Resources Expended|88,980|86,035| |**NET INCOME**|**15,874 **|**13,081 **| This page does not form part of the statutory financial statements Page 13