REGISTERED CHARITY NUMBER: 0293042
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
GREEK ORTHODOX COMMUNIY 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 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to promote 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, the priest's salary, support of 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 2024 and the surplus generated in the year of £22,833 (2023 - £15,874) which is added to the reserves.
The Community has had a new priest in charge as of December 2023.
The works and improvements at the new Community hall have progressed and its use has increased, generating a small income for future works to be done.
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
Page 1
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Trustees
Archbishop Nikitas Lioulias Mr G. S. Michael Mr C. Constantinou Mr C. Chrisostomou Mr K. Michael Mr V. K. Kimitri Mr A. Kyriacou
Independent Examiner
LARKOS & PARTNERS
128 STOKE LANE WESTBURY ON TRYM BRISTOL BS9 3RJ
Approved by order of the board of trustees on 22 April 2024 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 Com. 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 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 April 2024
Page 3
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 31/3/24 | 31/3/23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 75,295 | 90,092 | |
| Charitable activities | |||
| General Activities | |||
| Employers Allowance | 401 | 203 | |
| Other Activities | 2 | 14,401 | 7,512 |
| Investment Income | 3 | 13,418 | 3,647 |
| Other Income | - | 3,400 | |
| Total | 103,515 | 104,854 | |
| EXPENDITURE ON | |||
| Raising Funds | 4 | 27,234 | 38,893 |
| Charitable Activities | |||
| General Activities | |||
| 53,448 | 50,087 | ||
| Total | 80,682 | 88,980 | |
| NET INCOME | 22,833 | 15,874 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 600,164 | 584,290 | |
| TOTAL FUNDS CARRIED FORWARD | 622,997 | **600,164 ** |
The notes form part of these financial statements
Page 4
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
BALANCE SHEET 31 MARCH 2024
| 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 |
31/3/24 Unrestricted fund £ 885,623 24,742 38,238 62,980 (646) 62,334 947,957 (324,960) 622,997 622,997 622,997 |
31/3/23 Total funds £ 850,539 21,537 58,465 80,002 (280) 79,722 930,261 (330,097) 600,164 600,164 **600,164 ** |
|---|---|---|
The financial statements were approved by the Director the Board of Trustees and authorised for issue on 22 April 2024 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 COM. OF WESTON-SUPER-MARE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| 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 ACTIVITIES
| OTHER ACTIVITIES | ||
|---|---|---|
| 31/3/24 | 31/3/23 | |
| £ | £ | |
| Fundraising events | 9,397 | 7,512 |
| Hall Hire | 5,004 | - |
| 14,401 | 7,512 |
continued...
Page 6
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
3. INVESTMENT INCOME
4.
| 31/3/24 | 31/3/23 | |
|---|---|---|
| £ | £ | |
| Rents Received | 13,200 | 3,578 |
| Deposit Account Interest | 190 | 36 |
| Amazon Smile | 28 | 33 |
| 13,418 | 3,647 | |
| RAISING FUNDS | ||
| Investment management costs | ||
| 31/3/24 | 31/3/23 | |
| £ | £ | |
| Bank Charges and Interest Payable | 192 | 230 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31/3/24 | 31/3/23 | |
|---|---|---|
| Priest | 1 | 1 |
| Teacher | 1 | 1 |
| General Assistant | 1 | 1 |
| 3 | 3 |
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 | 90,092 |
| Charitable activities | |
| General Activities | |
| Employers Allowance | |
| 203 | |
| Other Activities | 7,512 |
| Investment Income | 3,647 |
| Other Income | 3,400 |
| Total | 104,854 |
| EXPENDITURE ON | |
| Raising Funds | 38,893 |
continued...
Page 7
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| Charitable Activities | ||
| General Activities | ||
| 50,087 | ||
| Total | 88,980 | |
| NET INCOME | 15,874 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 584,290 | |
| TOTAL FUNDS CARRIED FORWARD | 600,164 | |
| 8. | TANGIBLE FIXED ASSETS |
| COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for Year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Improvements Holy Elements Freehold to and Property Property Icons £ £ £ 650,839 125,676 145,477 - 36,151 8,163 650,839 161,827 153,640 - - 91,686 - - 6,195 - - 97,881 650,839 161,827 55,759 650,839 125,676 53,791 |
|---|---|
continued...
Page 8
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. TANGIBLE FIXED ASSETS - continued
| 8. | TANGIBLE FIXED ASSETS - continued | ||||
|---|---|---|---|---|---|
| Community | |||||
| Fixtures | Centre | ||||
| and | Fixtures | ||||
| Furnishings | & Equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 April 2023 | 61,764 | 31,823 | 1,015,579 | ||
| Additions | - | - | 44,314 | ||
| At 31 March 2024 | 61,764 | 31,823 | 1,059,893 | ||
| DEPRECIATION | |||||
| At 1 April 2023 | 44,725 | 28,629 | 165,040 | ||
| Charge for Year | 2,556 | 479 | 9,230 | ||
| At 31 March 2024 | 47,281 | 29,108 | 174,270 | ||
| NET BOOK VALUE | |||||
| At 31 March 2024 | 14,483 | 2,715 | 885,623 | ||
| At 31 March 2023 | 17,039 | 3,194 | 850,539 | ||
| 9. | DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31/3/24 | 31/3/23 | ||||
| £ | £ | ||||
| Debtors | 22,913 | 12,846 | |||
| Prepayments | 1,829 | 8,691 | |||
| 24,742 | 21,537 | ||||
| 10. | CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31/3/24 | 31/3/23 | ||||
| £ | £ | ||||
| Trade Creditors | 347 | 280 | |||
| Taxation and Social Security | 299 | - | |||
| 646 | 280 | ||||
| 11. | CREDITORS:AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 31/3/24 | 31/3/23 | ||||
| £ | £ | ||||
| Other Creditors | 324,960 | 330,097 |
continued...
Page 9
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling between one and two years: Other loans - 1-2 years Private Loan Amounts falling due in more than five years: Repayable by instalments: St Nicholas Trust Loan 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 |
31/3/24 31/3/23 £ £ 90,000 90,000 10,000 - 100,000 90,000 224,960 240,097 Net movement At At 1.4.23 in funds 31.3.24 £ £ £ 600,164 22,833 622,997 600,164 22,833 622,997 Incoming Resources Movement resources expended in funds £ £ £ 103,515 (80,682) 22,833 103,515 (80,682) 22,833 Net movement At At 1.4.22 in funds 31.3.23 £ £ £ 584,290 15,874 600,164 584,290 15,874 **600,164 ** |
31/3/23 £ 90,000 - |
|---|---|---|
| 90,000 | ||
| 240,097 At 31.3.24 £ 622,997 |
||
| 622,997 | ||
| 22,833 | ||
| At 31.3.23 £ 600,164 |
||
| **600,164 ** |
13. MOVEMENT IN FUNDS
continued...
Page 10
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted Funds General Fund TOTAL FUNDS |
Incoming resources £ 104,854 **104,854 ** |
Resources Movement expended in funds £ £ (88,980) 15,874 (88,980) **15,874 ** |
Resources Movement expended in funds £ £ (88,980) 15,874 (88,980) **15,874 ** |
|---|---|---|---|
| **15,874 ** |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted Funds General Fund TOTAL FUNDS |
Net movement At 1.4.22 in funds £ £ 584,290 38,707 584,290 38,707 |
At 31.3.24 £ 622,997 |
|---|---|---|
| 622,997 |
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 £ 208,369 208,369 |
Resources Movement expended in funds £ £ (169,662) 38,707 (169,662) 38,707 |
Resources Movement expended in funds £ £ (169,662) 38,707 (169,662) 38,707 |
|---|---|---|---|
| 38,707 |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 11
GREEK ORTHODOX COMMUNITY OF WESTON-SUPER-MARE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 31/3/24 | 31/3/23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and Legacies | ||
| Donations | 67,623 | 83,736 |
| Subscriptions | 2,480 | 2,260 |
| Sunday Collection and Services | 5,192 | 4,096 |
| 75,295 | 90,092 | |
| Other Activities | ||
| Fundraising Events | 9,397 | 7,512 |
| Hall Hire | 5,004 | - |
| 14,401 | 7,512 | |
| Investment Income | ||
| Rents Received | 13,200 | 3,578 |
| Deposit Account Interest | 190 | 36 |
| Amazon Smile | 28 | 33 |
| 13,418 | 3,647 | |
| Charitable Activities | ||
| Employers Allowance | 401 | 203 |
| Other Income | ||
| Insurance Claim | - | 3,400 |
| Total Incoming Resources | 103,515 | 104,854 |
| EXPENDITURE | ||
| Other Activities | ||
| Fund Raising Costs | 3,565 | 2,202 |
| Travel and Carriage Costs | 4,363 | 2,442 |
| Candles and Incense | 307 | 479 |
| Archdiocese of Thyateira | 300 | 1,200 |
| Repairs and Maintenance | 13,937 | 28,822 |
| Cleaning and Consumables | 1,859 | 1,364 |
| Flowers and Garden Keep | 2,711 | 2,154 |
| 27,042 | 38,663 | |
| Investment Management Costs | ||
| Bank Charges and Interest | 192 | 230 |
| Charitable Activities | ||
| Rates and Water | 2,349 | 1,760 |
| Insurance | 8,986 | 9,306 |
| Light and Heat | 8,894 | 4,318 |
| Donations | 1,550 | 3,075 |
| 21,779 | 18,459 |
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 2024
| 31/3/24 | 31/3/23 | |
|---|---|---|
| £ | £ | |
| Support Costs | ||
| Management | ||
| Telephone | 1,197 | 1,222 |
| Books, Postage and Stationery | 280 | 588 |
| Sundries | 147 | 164 |
| Licences and Subscriptions | 150 | 306 |
| 1,774 | 2,280 | |
| Other | ||
| Depreciation | 9,230 | 6,552 |
| Other - Financial | ||
| Bank Loan Interest | 4,664 | 4,947 |
| Governance Costs | ||
| Wages | 13,894 | 15,683 |
| Pensions | 127 | 186 |
| Accountancy and Legal Fees | 1,980 | 1,980 |
| 16,001 | 17,849 | |
| Total Resources Expended | 80,682 | 88,980 |
| Net Income | 22,833 | **15,874 ** |
This page does not form part of the statutory financial statements
Page 13