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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023_Charity
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13788391
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2023-12-31
COMPANY REGISTRATION NUMBER:
13788391
CHARITY REGISTRATION NUMBER:
1203850
THE XENOPHON PROTOPAPAS FOUNDATION |
|
Company Limited by Guarantee |
|
Unaudited Financial Statements |
|
THE XENOPHON PROTOPAPAS FOUNDATION |
|
Company Limited by Guarantee |
|
Year ended 31 December 2023
Trustees' annual report (incorporating the director's report) |
1 |
|
|
Statement of financial activities (including income and expenditure account) |
3 |
|
|
Statement of financial position |
4 |
|
|
Notes to the financial statements |
5 |
|
|
THE XENOPHON PROTOPAPAS FOUNDATION |
|
Company Limited by Guarantee |
|
Trustees' Annual Report (Incorporating the Director's Report) |
|
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended
31 December 2023
.
Reference and administrative details
Registered charity name |
THE XENOPHON PROTOPAPAS FOUNDATION |
|
|
Charity registration number |
1203850 |
|
|
Company registration number |
13788391 |
|
|
Principal office and registered |
Queens House |
office |
180 Tottenham Court Road |
|
London |
|
W1T 7PD |
|
|
The trustees
|
Mr Georgiou |
|
|
Mr A Ioannou |
|
|
Mr A S Triteos |
|
|
Mr C S Protopapas |
|
|
Mr M C Votsis |
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|
Mrs Z Protopapas |
|
|
Mr C X Protopapas |
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|
|
|
Company secretary |
Queens House UK Limited |
|
|
Accountants |
V I PARTNERSHIP |
|
Chartered accountants |
|
1278 High Road |
|
London |
|
N20 9RS |
|
|
Structure, governance and management
The Xenophon Protopapas Foundation is a company limited by guarantee. It is governed by a Memorandum and Articles of Association The charity is governed by a Board of Trustees Subject to the provisions Act, the memorandum and the articles and to any directions given by special resolution. The business of the Charity is managed by the trustees whom exercise all the powers of the Charity. The Board of trustees also ensure that the funds of the charity are expended in such a manner as they shall consider most beneficial for the achievement of the objects and to invest in the name of the Charity such part of the funds as they may see fit.
Objectives and activities
To provide education, training and grants to individual and organisations which meet the criteria as set out in it's charter.
Achievements and performance
The charity is organising fund raising events for the coming year as well as considering grant applications submitted to them in the last year.
Financial review
The charity has raised money from volunteer donations in previous year. The results for the year show the donations collected.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on
11 July 2024
and signed on behalf of the board of trustees by:
THE XENOPHON PROTOPAPAS FOUNDATION |
|
Company Limited by Guarantee |
|
Statement of Financial Activities |
(including income and expenditure account) |
|
Year ended 31 December 2023
|
Year to 31 Dec 23 |
Period from 8 Dec 21 to 31 Dec 22 |
|
Unrestricted funds |
Total funds |
Total funds |
Note |
£ |
£ |
£ |
|
|
|
|
Income and endowments
Donations and legacies |
5 |
– |
– |
28,246 |
|
---- |
---- |
-------- |
Total income |
– |
– |
28,246 |
|
---- |
---- |
-------- |
|
|
|
|
|
|
---- |
---- |
-------- |
Net income and net movement in funds |
– |
– |
28,246 |
|
---- |
---- |
-------- |
|
|
|
|
Reconciliation of funds
Total funds brought forward |
28,246 |
28,246 |
– |
|
-------- |
-------- |
-------- |
Total funds carried forward |
28,246 |
28,246 |
28,246 |
|
-------- |
-------- |
-------- |
|
|
|
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
THE XENOPHON PROTOPAPAS FOUNDATION |
|
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
8 |
– |
11,137 |
Cash at bank and in hand |
28,246 |
17,109 |
|
-------- |
-------- |
|
28,246 |
28,246 |
|
-------- |
-------- |
Net current assets |
28,246 |
28,246 |
|
-------- |
-------- |
Total assets less current liabilities |
28,246 |
28,246 |
|
-------- |
-------- |
|
|
|
|
Funds of the charity
Unrestricted funds |
28,246 |
28,246 |
|
|
-------- |
-------- |
Total charity funds |
9 |
28,246 |
28,246 |
|
|
-------- |
-------- |
|
|
|
|
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the
board of trustees
and authorised for issue on
11 Jul 24
, and are signed on behalf of the board by:
THE XENOPHON PROTOPAPAS FOUNDATION |
|
Company Limited by Guarantee |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Queens House, 180 Tottenham Court Road, London, W1T 7PD.
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 Companies Act 2006.
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.
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, non-charitable 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.
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. 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.
Limited by guarantee
The guarantee of members is described in its charter and in it's Memorandum of Articles of Association.
5.
Donations and legacies
|
|
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
|
|
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Donations
|
Donations |
– |
– |
28,246 |
28,246 |
|
|
---- |
---- |
-------- |
-------- |
|
|
|
|
|
|
6.
Staff costs
The average head count of employees during the year was Nil
(2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
7.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
– |
11,137 |
|
---- |
-------- |
|
|
|
9.
Analysis of charitable funds
Unrestricted funds
|
At 1 January 2023 |
Income |
At 31 December 2023 |
|
£ |
£ |
£ |
General funds |
28,246 |
– |
28,246 |
|
-------- |
---- |
-------- |
|
|
|
|
|
At 8 December 2021 |
Income |
At 31 December 2022 |
|
£ |
£ |
£ |
General funds |
– |
28,246 |
28,246 |
|
---- |
-------- |
-------- |
|
|
|
|
10.
Analysis of net assets between funds
|
Unrestricted Funds |
Total Funds 2023 |
|
£ |
£ |
|
Current assets |
– |
– |
|
|
---- |
---- |
|
|
|
|
|
Unrestricted Funds |
Total Funds 2022 |
|
£ |
£ |
|
Current assets |
28,246 |
28,246 |
|
|
-------- |
-------- |
|
|
|
|