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REGISTERED COMPANY NUMBER: 10847931 (England and Wales)
REGISTERED CHARITY NUMBER: 1180575














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OINOUSSAI BENEVOLENT FUND
(A COMPANY LIMITED BY GUARANTEE)

OINOUSSAI BENEVOLENT FUND

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6

Notes to the Financial Statements 7 to 10

OINOUSSAI BENEVOLENT FUND (REGISTERED NUMBER: 10847931)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 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
These are set out in the Rules and in the Articles of Association. The objectives remain to prevent or relieve poverty in Oinousses, Greece and for the public benefit to promote education, town/rural regeneration in areas of social and economic deprivation.

Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The 2023 annual dinner/dance took place in central London in early-November 2023 and was well-attended, with a large number of younger guests supporting once again. As in previous years, the net income generated from the dinner/dance was an important contribution towards the Fund's budget for the following year, 2024. The income from the dinner/dance was again significantly greater than in previous years, largely due to use of an online auction and raffle platform, but also due the change of venue that attracted guests. However, the expenses relating to the dinner/dance were also significantly higher than in previous years, firstly due to the more expensive venue, but also because the costs for all elements of the event increased due to the inflationary economic climate. Despite this, the net result was an improvement on previous years. The number of donations and voluntary contributions increased significantly in the 2023 financial accounting period. This was in response to a fund-raising campaign, whereby members and supporters were requested to consider offering an increased contribution due to the shortfall of the previous year. Combined with the regular annual donations, the Fund collected sufficient monies to be able to make most of its usual charitable donations. The majority of these were made to individuals and institutions on Oinoussai. The Fund gave direct financial support to several compatriots on the island for medical assistance; to the 'Fund for the Needy' which is run by the Friends of Oinoussai Society; to the teaching staff in the schools; to the school children; and to assist with the running expenses of St. Nicholas church. The Fund also contributed to the running expenses of the Schools' Boarding House which forms a vital part of the island's community structure. Financial support to the 'subsistence fund', which provides subsidised meals for the cadets of the Naval Academy, was not required this year as there were sufficient funds raised from other sources. In London, the traditional holy breads were distributed on 6th December, St Nicholas's Day, and despite appealing for the usual donations, limited amounts were received. The Christmas event on the island was held in December and as in previous years, gifts for the island's young children were purchased by the Fund from the two local gift shops and given to every child on the island together with refreshments, supporting the local community as always. The website and social media pages have continued to prove positive in enhancing awareness of the Fund and its activities, as well as facilitating some online donations. All support costs were consciously kept to a minimum, in order to maximise the amount available for charitable activities.

FINANCIAL REVIEW
Financial position
The total income for the period to 31 December 2023 amounted to £139,904. Total expenditure amounted to £127,696, of which £26,353 represents charitable expenditure, whilst 1.9% was spent on support costs.

Investment policy and objectives
At present, the policy for the trust remains to invest only in cash deposits. Only capital-guaranteed, no risk products could be considered in the future.

Reserves policy
The trustees have decided that it would be prudent to hold the equivalent of 6 months expenditure on key overheads and key annual charitable donations in reserve. With an annual expenditure of around £30,000 in the UK and in Greece, the trust will retain around £15,000 in reserve.

OINOUSSAI BENEVOLENT FUND (REGISTERED NUMBER: 10847931)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023


FINANCIAL REVIEW
Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of the period of one year from the date of approval of the financial statements. After reviewing the fund's forecasts and projections, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the unforeseeable future. The key factors for this expectation are as follows:

1) The annual dinner/dance fundraising event is well attended by between 350 and 400 people, generating a net income of around £23,000 each year. The annual dinner/dance for 2024 is scheduled to take place in late-November and is expected to be well-attended as it is being held in a different venue with a larger capacity and has become a key event in the calendar of the London Greek community.

2) The annual contributions and donations from members are regular at around £18,000.

FUTURE PLANS
The annual dinner/dance is scheduled to take place in central London in late November 2024. Following the success of the 80th anniversary dinner/dance in 2022, and of 2023 dinner/dance at a new venue again, it is anticipated that the 2024 event will be even better attended. Requests for annual donations and contributions were sent out in early 2024 and will be sent out again in early 2025. Being aware of the continuing increase in the cost of living, it is expected that it will again be challenging to raise income from donations and voluntary contributions. For this reason, an increased number of requests for assistance are likely to be received from individuals and institutions on the island.

The Fund has again been approached to consider increasing its assistance with the finances required to keep the island's Boarding House for students operational. The traditional sources of charitable support for the Boarding House are no longer able to cover all the annual costs of this important institution on the island. The Fund will therefore consider if it is able to further increase its contributions.

As in previous years, the Fund aims to give financial support to several needy compatriots, to the 'Fund for the Needy' which is run by the Friends of Oinoussai Society, to the 'Subsistence Fund' providing subsidised meals for the cadets of the Naval Academy, to the teaching staff in the schools, to the school children on the island and also to assist with the running expenses of St. Nicholas church.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 3 July 2017 and registered as a charity on 6 November 2018.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

Membership is open to all persons with heritage from, or any family connection to, the island of Oinoussai, Greece, including those living in the United Kingdom, offices of companies worldwide with Oinoussians in position of senior management.

Recruitment and appointment of new trustees
Trustees are the Directors of Oinoussai Benevolent Fund, who are elected to the Executive Committee in accordance with the Articles of Association and the Rules of the Oinoussai Benevolent. Members are elected to the Executive Committee at an AGM or any other time as determined by the Membership. Members of the Committee serve for a two-year period. Elections are held with either of the procedures set out in the Rules, as chosen by the Committee. There are no restrictions regarding the re-election of members of the Committee.


OINOUSSAI BENEVOLENT FUND (REGISTERED NUMBER: 10847931)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
New trustees are provided with the relevant Guidance Notes and the Governance Code issued by the Charity Commission, to ensure that they are aware of their legal obligations under charity and company law. If not familiar with the content of the Articles of Association and the Rules, they are briefed on these as well as the Grant-Making Policy and the decision-making processes. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Related parties
Mr J M Hadjipateras and Mr J P Hadjipateras are directors of member office John C. Hadjipateras & Sons Ltd.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10847931 (England and Wales)

Registered Charity number
1180575

Registered office
24 Baltic Street West
London
EC1Y 0UR

Trustees
J M Hadjipateras
J P Hadjipateras
G N C Hadjipateras
G T Lemos

Independent Examiner
Mr David Ashby FCCA ACA
Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

Bankers
Metro Bank
One Southampton Row
London
WC1B 5HA

WORKING NAME
Tameion Efpragias Oinousson

Approved by order of the board of trustees on 15 September 2024 and signed on its behalf by:





J M Hadjipateras - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
OINOUSSAI BENEVOLENT FUND


Independent examiner's report to the trustees of Oinoussai Benevolent Fund ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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 enable a proper understanding of the accounts to be reached.








Mr David Ashby FCCA ACA

Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

17 September 2024

OINOUSSAI BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 18,711 3,848

Other trading activities 3 121,193 91,101
Total 139,904 94,949

EXPENDITURE ON
Raising funds
Other trading activities 97,615 73,867
97,615 73,867

Charitable activities 4
Grants in furtherance of the charity's objects
26,353

30,223

Other 3,728 3,482
Total 127,696 107,572

NET INCOME/(EXPENDITURE) 12,208 (12,623 )


RECONCILIATION OF FUNDS
Total funds brought forward 129,853 142,476

TOTAL FUNDS CARRIED FORWARD 142,061 129,853

OINOUSSAI BENEVOLENT FUND (REGISTERED NUMBER: 10847931)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Debtors 9 6,970 17,802
Cash at bank and in hand 137,462 113,764
144,432 131,566

CREDITORS
Amounts falling due within one year 10 (2,371 ) (1,713 )

NET CURRENT ASSETS 142,061 129,853

TOTAL ASSETS LESS CURRENT
LIABILITIES

142,061

129,853

NET ASSETS 142,061 129,853
FUNDS 11
Unrestricted funds 142,061 129,853
TOTAL FUNDS 142,061 129,853

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 15 September 2024 and were signed on its behalf by:





J M Hadjipateras - Trustee

OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation
The charity is exempt from corporation 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.

2. DONATIONS AND LEGACIES
2023 2022
£    £   
Donations 11,268 3,848
Members voluntary contributions 7,443 -
18,711 3,848


OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. OTHER TRADING ACTIVITIES
2023 2022
£    £   
Fundraising events 121,193 91,101

4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
5)
£   
Grants in furtherance of the
charity's objects

26,353

5. GRANTS PAYABLE
2023 2022
£    £   
Grants in furtherance of the charity's objects 26,353 30,223
The total grants paid to institutions during the year was as follows:
2023 2022
£    £   
Junior School 9,651 11,809
Friends of Oinoussai Society 3,045 5,093
St Nicholas Church 2,714 3,694
Panoinoussios Football Club - 119
Maritime Education Organisation 870 -
Oinoussai Yachting Club 3,306 -
19,586 20,715


6. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Other resources expended 1,119 31 1,284 2,434

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.



OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. STAFF COSTS

Average number of employees for 2023 - 0 (2022 - 0)

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 6,970 9,645
Prepayments and accrued income - 8,157
6,970 17,802

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 2,371 1,713

11. MOVEMENT IN FUNDS
Net
movement At
At 1/1/23 in funds 31/12/23
£    £    £   
Unrestricted funds
General fund 129,853 12,208 142,061

TOTAL FUNDS 129,853 12,208 142,061

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 139,904 (127,696 ) 12,208

TOTAL FUNDS 139,904 (127,696 ) 12,208


Comparatives for movement in funds

Net
movement At
At 1/1/22 in funds 31/12/22
£    £    £   
Unrestricted funds
General fund 142,476 (12,623 ) 129,853

TOTAL FUNDS 142,476 (12,623 ) 129,853

OINOUSSAI BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 94,949 (107,572 ) (12,623 )

TOTAL FUNDS 94,949 (107,572 ) (12,623 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/1/22 in funds 31/12/23
£    £    £   
Unrestricted funds
General fund 142,476 (415 ) 142,061

TOTAL FUNDS 142,476 (415 ) 142,061

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 234,853 (235,268 ) (415 )

TOTAL FUNDS 234,853 (235,268 ) (415 )

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

13. LIMITED LIABILITY OF MEMBERS

The liability of members is limited.

Every person who is a member of the charity/company undertakes to contribute such amount, not exceeding £1 as may be required, to the assets of the charity/company if it should be wound up whilst that person is a member or within one year after that person ceases to be a member, for payment of the debts and liabilities of the charity/company contracted before that person ceases to be a member, and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves.