REGISTERED CHARfTY NUMBER: 294631 REPORT OF THE TRUSTEES AND UNAiJDrfED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR ST ELEFTHEIUOS TRUST Freemans Parthership Ltp Chartered Certified A¢¢ountallts Solar House 282 Chase Road London N14 6NZ
ST ELEFTHERIOS TRUST CONTENTS OF THE FINATr4CIAL STATEMETrITS FOR THE YEAR ENDED 31 MARCH 2024 P#ge Report of the Trustees Ind¢ptndent Examiner's Report Statement of Flll8neial Attlvsties Balanc¢ Sheel Note5 to tbe Flll*nclal Statements 7 to 11 Det#ll¢d Statement of Financial Activitles 12
ST ELEFfHERIOS TRUST REPORT OF THE TRUSTEES FOR THE YEAR Ef4DED 31 MARCH 2024 Th¢ tntee$ present their rep)rt wtth the financial Statements of the cljarity for the year ended 31 March 2024. The Itee$ have adopted tbe provisions of Accoulltillg and Reporting by Charities.. Sta*meM of ReeonunCd Pwtice applicable to charities preparing their accounts in a¢cordan¢e with the FitMticia] Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES ObJeetlves aims The objective and ain]s of the charity are: To preserve and propa8ate the Christian OrtIdA faith and traditions contsined in the Holy Scriptures, practised tn the life of the Churem conftrllrd by the Ecumenical and loeal cowicils and as inteetel preserved and taught by the Great C]wrch of ChrisL the Ecumenieal Patriarchat¢ of Constantinople. To preserve the origittsl language of the New Testament in Divine Worship al in the Ecclesiastical life of the faithful, and to minister to the people thmugh canontcai services conducted a¢¢ordiDg to tbe order of the Great chUh of Constantinople by ¢anonieal pries¢ atsd through Sernm. To receive into the Orthodox Christian fait14 by Baptism or Charismatic, all those who freely decide and sincerely desir¢ to adopt the Orthodox Christian faith, and to live in accordance with its SPiTiftwl and moral th]ng. To uttdertake charitable work for the benefit of those who need protection, assistsnce and tnedi¢al eare, to tnake grnits to organisations (including schoo15 and chan"ties), to provide setvices {in¢luding ¢ar&l¢ouDsellin8). Slgnifi¢ant aetlylties The charitys si8nificant activities are the admiter]llg of tb¢ &85ets of the ¢harity, iwluding the church and its contents. PublRc benellt The Trusttts confirni that they have complied with their duty to have regard to the guidane¢ on public benefit published by the Clwtty Commission in exercising their fi]nciion. Volunteers All Tru5te¢s perforn thetr duties on a voluntary basi5 ex¢¢pt for the presiding priest who is provided with a salary and the use of the vicrye as accomrnodation. ACHIEVEMENT AND PERFORMANCE DonatAon8 During the year the charity made charitsble donations of £600 {2023.. £3,050). The donatiolls during tbe year were to Greek Orthodox Arehdiocese of Thyateird & Great Britain. The results for the financial year of the charity are shown in the annexed financial statements. Th¢ trnstees are plused with the overall perfornw]¢e. FINANCIAL REVIEW Ree of Charity's flnanelai posldon The results. of th¢ charity are set out on Page 5-11. The chaxity incrwed its reseryes by £125,364 {2023.. £59.9601, the Trnstees are pleased with the results. The Tnle¢S are consistently tying to increase reserve5 through promotion of the Chur¢h and the Christian Faith and are ever mitidful of redu¢in8 expenses. Reserves poll¢y The Trustee5 have Considered the reserves poli¢y. The income genernted by all assets, together with the incom¢ from collections and donation& is actively monitored to Allow Suffici reserves to fund the ¢ommitTn¢nts of the CIJarRty. Pa8e I
ST ELEFTHERIOS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FirruRE PLAf4S The Trustees aims ar¢.. A To promote the Christian Orthodox faitb B To aitrdct yout)ger men)bers of the comn)unity. C To generate resources to be able to provide support and guidance to the community STRUCTURE, GOVERNANCE AND MANAGEMENT GoverDing document The ¢harity is controlled by its governing document, a deed of trust and constitut¢9 an Iinincorporated ¢lwity. Recruitment and Appointment of new tTUStees The trnste£s of th¢ chariry must be members ofthe Community. All members are eligible to stand fr>r election. Five appli¢allts are appointed by voting and approved by his Eminence tbe Archbishop of Thyateira and Great Britain in consultation wilh the parish priest. Th¢ Tnte¢S wTrll serve a terni of two years until re-electLOll. The Trnsteeg are familiar with the prdCti¢al work of the Charity. OrgaDjSAtlonal strlltture The chariiy is governed by its Trugttts under the guidan¢e and wisdom of his En)inence the Archbishop of Thyateirn and Great Britain. The Board meets T¢8ularly during the year to admxnisfrr the affairs of the chan'ty. The Board elect a Chairrnati and Treasurer to carry out day-lo-day fill0Ls. The priest by Virtt of his canonical ordination administers the priestly duties which con51St in shepherding the Parish entrusted to his care, dirlIng its orderly life, preseNing its unity alld keeping it faith1 to its divine purpose. The Board nY appoint volunteer 5ub-¢on]mittees to develop. admiDiSter and promote fimd nising, religious festivals nd charitable causes. Indurtlon and tralning of llew trustees All Trusttts are briefed oll their le881 obligations under charity and wmpany law, th¢ content of the deed of tsust. the c¢)mmittee and decision nmking processes, ihe projections and r¢¢ent financial perfonnance of the charity. At the first board meeting the Trustees will eleci the Chair and Treaswer. The Chair co-ordina$ all the cl)arity'S activities including tneetings. fimctsons, fimd rdising committees and liaises with the priest and Sff. The Treasurer maintsins the f]nan¢ial rccoTds, Tnanagement reports, budgeting and th¢ prepardtson t)f financial statement5. The Trustees llvdintain the minutes and correspondence. The Trustees are on a rot8 for ¢hurch se1¢e$, ¢alldle sales, collections and fund raising. Wlder nehvork The Chariiy is under the auspces of the Greek Archdio¢ese of Thydteira and Great Brithin. REFEREf4CE AND ADMINISTRATIVE DETAllS Registered Charltv number 294631 Prlnclpal address 113 Ruokbolt Road t£yton IA)ndon E105Nr Page 2
ST ELEPTIRIos TRUST REPORT OF THE TRUSTEES FOR THE YEAR EF4DED 31 MARCH 2024 Trustee5 Archbishop Nikit&s of Thyateira Archbishop Mr J Chimon&s Treasurer Mr G Solomonides Chairrnan Dr M Petridou (appointed 19.10.23) Mr A Gkoutzinis (appointed 19.10.23) Mr A Karageorgkn's (appOited 19.10.23) Independent ExamiD¢r Freemalls Partllership LLP Chartered Certified Accountants Solar House 282 Chase Road London N146NZ BaDkerg Barclays Bank Pl¢ l]ford High Road Ilford Gioup Approved by ord e board of trustees on 23 AUg8t 2024 and signed on its beha]f by.. MrG on es- Tnlee P88¢ 3
INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES OF ST ELEFTHERIOS TRUST Independent examiner's report to the tru5tee5 of St Eleftherios Tru3t I report to the charity ttiistees on my ¢xamiThation of the accounts of Si Eleftherios Trust (the TTU$t) for the year ended J l March 2024. Responslbllities and basis of report As the charity tnLStees of th¢ Trust you are responsible for the preparation of the acwunts in accordance with th¢ r¢quirements of the Charitie5 Act 2011 I'the ACV). I report in respect of my examination of the TNsr's a¢counts Carried out under Section 145 of the Act and in carrying out my examillation I have followed all applicable DiTections given by the Clwity Cojwnission ullder Section 145(5)(b) of th¢ Aci. Independent examlner's stalernellt I have completed my exaTnination. I confirn) that no material matters have come to rny at¢en(ion ill connection the examination giving me cause to believe tbaÈ in any rnaterial respect.. accounting records were not kept in respect of the Trust as required by Se¢tion 130 of the Act. or the accounts do not accord Mryth those records. or the accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Ac¢ounts' and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view W"¢h is not a nTrtt¢r considered part of an independent eraJninatioTL 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 ¢nable a proper ut)derstallding of the accounts to be reach¢d. Theocbaris Tsinstpis Freemans Partnership LLP Chartered Certifjed Accouniants Solar Ho 282 Chase Road London N146NZ 23 August 2024 Page 4
ST ELEFTHERIOS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31J.24 UDrestrieted fund 31.3.23 Total Notes INCOME Af4D ENDOWMETr4TS FROM Donations and legacies 143,941 69,290 39,996 39,392 Total 183,937 108.682 EXPENDITURE O Raising funds 152 Charltsble 4¢tivities Managin8 and Administering Charity $8,144 48,134 Other 429 436 Totsl 58,573 48,722 NET INCOME 125JO4 59,960 RECONCILIATION OF FNDs Total funds brought fonvard 455,625 395,665 TOTAL Fuf4DS CARRIED FORWARD 580,989 455,625 Th¢ notes forni part of these Ethala1 statrm¢nts Page 5
ST ELEFTHERIOS TRUST BALANCE SHEET 31 MARCH 2024 31J.24 Unrestrieted fund 31.3.23 Total funds Notes FIXED ASSETS Tangible assets 018,565 556,263 CURRENT ASSETS Debtors Cash at bank 1,427 91,495 1,016 47,902 92,922 48,918 CREDITORS Amounts falling due within one year (1.0561 NET CURRENT ASSETS 92,922 47,862 TOTAL ASSETS LESS CURRENT LIABILITIES 711,487 6114,125 CREDITORS Amounts falling due after more than ooe year (130A98) (148,5(Kl} NET ASSETS 580.989 455,625 FUNDS Unrestricted fimds io 580,989 455.625 TOTAL FUNDS $80,989 455,625 The finallc signed o dffjemerits were approved by the BoaTd of Tnle¢S and authorised for issue on 23 August 2024 and s behalf ides- Trustee Mr J Chimona$- Trustee The notes forn] part of thes¢ fJnancAal statements Pag¢ 6
ST ELEFTHERIOS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Ba81$ of preparlng the flnAnelaJ statements The financiel stktements of the charity, which is a public benefi¢ entity uD(kr FRS 102, have been prepared in accordance the Charities SORP IFRS 102) 'AoUntIng alld Reporting by Clwities.. Ststement of Rxornmended Practice applicable to chan'ties preparing their ae¢ounts in accordance with the Financial Reponing Standard applicable ID the UK and Republic of Ir¢lond (FRS 102) (effeetive l January 2019),, Financial Reporting Standard 102 'The Fitiaucial Reporting Standard applicable in the UK and Republic of Ireland, and the Ctmrities Act 2011. The f]nan¢ial statements have been prepared under the historical cosi convention. Infome All income is recognised in the Staternent of Financial Aclivities once the eharity has entitlemetlt to the fillth, it 15 probable that the incorne will be Te¢eived and the amount can be measured reliably. Expenditure Liabilities are reco8tiised expendibJr¢ as sLy)n as there is a legyl or COnStrtiVe obligation committing the charity to thai expendilure. 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 Ès accounted for on an accruals basis and has b¢en classified under headings that aggregale all cost related to th¢ ¢ategory. Where costs cannot be direcdy attributed to parti¢ular headmgs they haye been allocated to acts'vities on a basis consistent with the use of resources. Allocatlon and ¥pportionment of costs Costs are allocated as general operating expenses un]ess they are in regard to spe¢tfic activities generdtion income, in whtch they are then allo¢ated according io specific cost type. Tattgible fjxed assets Depreciation is pn)vided at the following annual ra in order to write off ¢ach asset over Its estinuted usefi life. Fixtures and fittings Computer equipment 25 /0 redu¢ing balance 330/0 on reducing balallce Th¢ Freehold Properti¢$ have noi been depreciated, as the long terni objective is to use this properties within the charitys mainstr¢am activity. attd h¢n¢e they 8tt Stated #i cost and not treated as An investment properties. The trustees consider that ihis departure from the requir¢nwii in SORP 2005 to depreciated fixed ass¢ts is necessary to show a tNe attd fair view. The tsijstees carry Out an at)nual review of tangible fixed assets and impairnt. It is their op110n that there has been DO change in value during the cuTht year. Freehold Church The Fr¢¢hold Church aets as the spiritual and conUnitY centre for all members of the Si.Eleftherios Trwt. The Freehold Church is reported in the Balanee Sheet at cost and is not depreciated T*x#tion The charity is exempt from tax on ats charitable activities. Fund accounthi8 Unrestricted funds ¢an be used iti attordan¢e with the charitable objectives at the discretion of the trustees. Page 7 eontinued..
ST KLEFfHERIOS TRUST NOTES TO THE FINANCIAL STATEMENTS- eondnued FOR THE YEAR EP4DED 31 MARCH 2024 INVESTMENT INCOME 313.24 UDre$triettd funds 31.3.23 Tolal fimds Rents r¢c¢ived 39,996 39,392 TRUSTEES. REMUNERATION AND BENEFITS There were no trlees, remunerdtion or otheT benefits for the year ended 31 March 2024 nor for the year ended 31 MaTch 2023. Truste¢$' expenses Th¢re were Do trustees, exp¢nses paid for the year ended 31 Matrh 2024 nor for the y¢ar ended 31 March 2023. STAFF COSTS The avernge monthly number of employees during the year was as follows.. 31.3.24 31.3.23 Priest No etnployee5 received emolutnents in excess of £60,000. TANGIBLE FIXED ASSETS Fixtures and fittitjgs Freehold property Conwuter equipment Totals COST At l April 2023 Additions S55376 62,549 1,639 71MI 557,615 62.549 At 31 March 2024 617.825 1,639 700 620.164 DEPRECIATION At l April 2023 Charge for year 947 173 405 74 lJ52 247 At 3 l March 2024 1.120 479 1.599 NET BOOK VALUE At 31 March 2024 617,825 519 221 618565 At 31 MaTch 2023 555,276 692 295 556,263 Page 8 continued...
ST ELEFTHERIOS TRUST OTES TO THE FINANCIAL STATEMENTS - contillued FOR THE YEAR Ef4DED 31 MARCH 2024 DEBTORS: AMOUNTS FALLING DiIE MH1 ONE YEAR 31.3.24 31.3.23 Other d¢b¢ors Social security 1,016 1,427 1,427 1,016 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31J.24 31.3.23 Social seLurity and other taxes Net Wdges Pension control 869 83 1.056 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31J.24 31.3.23 Other loans (see note 9) 130.498 148.500 LOAI¥S An atys18 of the tnaturity of loaw is given below.. 31J.24 31.3.23 Amounts falling due in morc than fiv¢ years: R¢payable by instalmetjts.. Other lo$ niore SS instal 130,498 148,500 io. MOVEMEL¥T IN FUL¥DS Net movement At 1.4.23 31.3.24 Unrestricted funds General fund 455,625 125J64 580.989 TOTAL FiryDS 4S5,625 125J64 5811,989 Page 9 eontinued...
ST ELEFTHEIUOS TRUST IYOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- tOntIned Net rnovement in fill8, ijKluded the above ar¢ as follows.. Incomin8 esource5 Resources expended Moven)¢nt in funds Unrestricted fuDds G¢neral fund 183,937 158,573) 125J64 TOTAL FUNDS 183,937 (58573) 125a04 Comparatlves for movement in fund$ Net mov¢meDt iu funds At 31.3.23 At 1.4.22 Unrestricted funds G¢nernl fund 395,665 59,960 455,625 TOTAL FUNDS 395,665 59,960 455,625 Comparative net movem¢llt in funds. in¢luded in the above are as follows.. Incoming resources Resouwes expended Movement in fimds Unrestricted funds General fund 108,682 (48,722) 59.960 TOTAL FUNDS 108.682 (48.722) 59.960 A CUTrent year 12 rnonths and prior yeaT 12 mollths combined position 1$ &% follows.. Nei moyemeni in fimds At 31.3.24 At 1.4.22 Unregtricted funds G¢neral Sjnd 395,665 185,324 580.989 TOTAL FUNDS 395,665 185.324 580,989 Page 10 contiDued...
ST ELEFTHERIOS TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS- conthiued A wrr¢nt year 12 months and prior year 12 rnthS combined n¢1 movement in fimds. included in the above are as follows.. Incoming resOueS ROurceS Movement Unrestrlcted fund8 General fithd 292,619 {107295) 185,324 TOTAL FUNDS 292,619 {107.295) 185.324 The total amount received during th¢ ye¥r amounied to £183,937 (2023.. £IO8.682). Of this tolal. £143,881 (2023.. £69,290) was from colle¢tions and donations, £39,996 (2023.. £39,992) was from renis received attd £60 (2023.. Nil) from bank interest. RELATED PARTY DISCLOSURES Ther¢ w¢r¢ no related pty transactions for the year ended 31 Mareh 2024. Pagell
ST KLEwfHERIOS TRUST DET AILED STATEMENT OF FU4ANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 INCOME AND ENDOIVMENTS DonAtiDDS and legacle5 DonatiOILS Exceptional it¢n 143.881 69,290 143,941 69290 Investment Income Rents received 39,996 39,392 Total incoming resouries 183,937 108,682 EXPENDITURE Charlt*ble actliltles Fixtures and fiitings Conjpuier equipment 173 74 230 98 247 328 Other Pensions 429 436 Support costy Management Wages Rent and Rates Insurance Light aud heat I'elepbone Sundries Admim"sirative expenses DonatiQDg Collsutnables 20,550 3,187 6,247 2.247 537 205 16,027 60 8,297 20.925 1.544 5,507 3.381 355 205 11,579 3,050 1.412 57,897 47,958 Total re80urces expended 58,57J 48,722 Net in¢ome 125J64 59,960 Thi5 page does not forn) part of the statutory financial statements Page 12